N-30D 1 form.htm Money Market Obligations Trust N-30D 6/28/01

Federated Investors
World-Class Investment Manager

Arizona Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.3%¹

Arizona--98.3%

750,000

Apache County, AZ IDA, (Series A 1983), Weekly VRDNs (Tucson Electric Power Co.)/(Toronto - Dominion Bank LOC)

750,000

2,300,000

Arizona Agricultural Improvement & Power District, 3.20% CP (Salt River Project, AZ), Mandatory Tender 8/10/2001

2,300,000

3,000,000

Arizona School District, COP, (Series 2000), 4.875% TANs (AMBAC INS), 7/31/2001

3,003,891

1,050,000

Arizona State Transportation Board, (Series 1991A), 6.55%, Bonds (United States Treasury PRF), 7/1/2001 (@102)

1,069,882

2,195,000

Central Arizona Water Conservation District, (Series B), 6.20%, Bonds (MBIA INS), 5/1/2001

2,195,000

2,999,000

Chandler, AZ IDA, (Series 1999A), Weekly VRDNs (South Bay Circuits, Inc.)/(Comerica Bank, California LOC)

2,999,000

2,500,000

Cochise County, AZ Pollution Control Corp., (Series 1994A), 3.70% TOBs (Arizona Electric Power Cooperative, Inc. Project)/(National Rural Utilities Cooperative Finance Corp. GTD), Optional Tender 9/1/2001

2,500,000

615,000

Cochise County, AZ Unified School District No. 68, (Series B), 9.00%, Bonds (FGIC INS), 7/1/2001

619,736

2,400,000

Coconino County, AZ Pollution Control Corp., (Series 1998), Daily VRDNs (Arizona Public Service Co.)/(KBC Bank N.V. LOC)

2,400,000

3,400,000

Eloy, AZ IDA, (Series 1996), Weekly VRDNs (The Marley Cooling Tower Co.)/(First Union National Bank, Charlotte, NC LOC)

3,400,000

4,341,000

Flagstaff, AZ, (Series 1999), Weekly VRDNs (Joy Cone Co.)/(Mellon Bank N.A., Pittsburgh LOC)

4,341,000

1,000,000

Maricopa County, AZ Community College District, (Series 1994-C), 5.25%, Bonds, 7/1/2001

1,001,799

3,020,000

Maricopa County, AZ Community College District, PT-388, 4.50% TOBs (Merril Lynch & Co., Inc. LIQ), Optional Tender 6/14/2001

3,020,000

3,740,000

Maricopa County, AZ IDA, (Series 1984), Weekly VRDNs (Gannett Co., Inc.)

3,740,000

1,250,000

Maricopa County, AZ IDA, (Series 1999), Weekly VRDNs (Redman Homes, Inc.)/(PNC Bank, N.A. LOC)

1,250,000

1,535,000

Maricopa County, AZ IDA, (Series 1999A), Daily VRDNs (Orangewood CCRC)/(Banque Nationale de Paris LOC)

1,535,000

1,900,000

Mesa, AZ Municipal Development Corp., (Series 1985), 3.35% CP (Westdeutsche Landesbank Girozentrale LOC), Mandatory Tender 6/6/2001

1,900,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Arizona--continued

475,000

Mohave County, AZ Unified High School, (Series B), 6.00%, Bonds (FGIC INS), 7/1/2001

476,192

2,500,000

Phoenix, AZ Civic Improvement Corp., (Series 2001B), 3.20% CP (Dexia Public Finance Bank S.A. LOC), Mandatory Tender 9/10/2001

2,500,000

4,000,000

Phoenix, AZ IDA, (Series 1997), Weekly VRDNs (Interface Data Systems, Inc.)/(Bank One, Arizona N.A. LOC)

4,000,000

1,300,000

Phoenix, AZ IDA, (Series 1998), Weekly VRDNs (Standard Printing Company, Inc.)/(Bank One, Arizona N.A. LOC)

1,300,000

1,860,000

Pima County, AZ IDA, (Series 2000 A-3), 4.30%, Bonds (Trinity Funding Co. INV), 5/15/2001

1,860,000

1,000,000

Pima County, AZ IDA, (Series 2001A-3), 3.45% BANs, 4/15/2002

1,000,000

Pima County, AZ IDA, (Series 2001A-5), 3.35% BANs, 4/15/2002

1,000,000

1,785,000

Pima County, AZ IDA, FR/RI-L21, (Series 2000), Weekly VRDNs (Tucson Electric Power Co.)/(FSA INS)/(Lehman Brothers, Inc. LIQ)

1,785,000

5,140,000

Pima County, AZ IDA, Single Family Mortgages, Roaring Fork, (Series 1999-6), Weekly VRDNs (GNMA COL)/(Bank of New York, New York LIQ)

5,140,000

1,000,000

Tempe, AZ IDA, (Series 1992), 3.20% TOBs (Safeway, Inc.)/(Bankers Trust Co., New York LOC), Mandatory Tender 10/15/2001

1,000,000

2,450,000

Tempe, AZ IDA, PT-466, 4.25% TOBs (Elliot's Crossing Apartments)/(FHLMC GTD)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 12/6/2001

2,450,000

3,000,000

Tucson and Pima County, AZ IDA, Single Family Mortgage, Roaring Fork, (Series 2000-13), Weekly VRDNs (GNMA COL)/(Bank of New York, New York LIQ)

3,000,000

3,100,000

Tucson, AZ IDA, (Series 1989), Weekly VRDNs (Lincoln Garden Tucson LP)/(FHLMC LOC)

3,100,000

950,000

Yavapai, AZ IDA, (Series 1997B), Weekly VRDNs (Yavapai Regional Medical Center)/(FSA INS)/(Credit Locale de France LIQ)

950,000

2,900,000

Yuma County, AZ Airport Authority, Inc., (Series 1997A), Weekly VRDNs (Bank One, Arizona N.A. LOC)

2,900,000

TOTAL

70,486,500

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Puerto Rico--1.0%

725,786

Commonwealth of Puerto Rico Municipal Revenues Collection Center, (Series 1997A), LeaseTOPS Trust Weekly VRDNs (ABN AMRO Bank N.V., Amsterdam LIQ)/(State Street Bank and Trust Co. LOC)

725,786

TOTAL INVESTMENTS (AT AMORTIZED COST)³

71,212,286

Securities that are subject to alternative minimum tax represents 50.6% of the portfolio as calculated based on total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, are all considered rated in one of the two highest short-term rating categories.

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 April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

100.00%

0.00%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the Fund's Board of Trustees. At April 30, 2001, these securities amounted to $5,470,000 which represents 7.6% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($71,700,679) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
BANs	--Bond Anticipation Notes
COL	--Collateralized
COP	--Certificates of Participation
CP	--Commercial Paper
FGIC	--Financial Guaranty Insurance Company
FHLMC	--Federal Home Loan Mortgage Corporation
FR	--Floating Rate
FSA	--Financial Security Assurance
GNMA	--Government National Mortgage Association
GTD	--Guaranteed
IDA	--Industrial Development Authority
INS	--Insured
INV	--Investment Agreement
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
PRF	--Prerefunded
TANs	--Tax Anticipation Notes
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

71,212,286

Cash

35,456

Income receivable

663,065

TOTAL ASSETS

71,910,807

Liabilities:

Income distribution payable

202,115

Accrued expenses

8,013

TOTAL LIABILITIES

210,128

Net assets for 71,700,679 shares outstanding

71,700,679

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

$71,700,679 ÷ 71,700,679 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

1,423,514

Expenses:

Investment adviser fee

183,244

Administrative personnel and services fee

61,928

Custodian fees

2,560

Transfer and dividend disbursing agent fees and expenses

7,094

Directors'/Trustees' fees

351

Auditing fees

722

Legal fees

3,727

Portfolio accounting fees

17,799

Shareholder services fee

91,622

Share registration costs

12,236

Printing and postage

5,942

Insurance premiums

1,865

Miscellaneous

338

TOTAL EXPENSES

389,428

Waiver:

Waiver of investment adviser fee

(156,081

)

Net expenses

233,347

Net investment income

1,190,167

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

1,190,167

2,454,117

Distributions to Shareholders:

Distributions from net investment income

(1,190,167

)

(2,454,117

)

Share Transactions:

Proceeds from sale of shares

116,092,191

248,928,035

Net asset value of shares issued to shareholders in payment of distributions declared

312,627

841,039

Cost of shares redeemed

(115,501,812

)

(212,904,722

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

903,006

36,864,352

Change in net assets

903,006

36,864,352

Net Assets:

Beginning of period

70,797,673

33,933,321

End of Period

71,700,679

70,797,673

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

Period
Ended

4/30/2001

2000

1999

10/31/1998

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

0.01

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.01

)

Net Asset Value, End of Period

$1.00

Total Return³

1.63

3.66

2.76

1.28

Ratios to Average Net Assets:

Expenses

0.64

%⁴

0.59

0.58

0.32

%⁴

Net investment income

3.25

%⁴

3.61

2.73

3.24

%⁴

Expense waiver/reimbursement⁵

0.43

%⁴

0.54

0.95

2.21

%⁴

Supplemental Data:

Net assets, end of period (000 omitted)

$71,701

$70,798

$33,933

$34,728

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 Reflects operations for the period from June 10, 1998 (date of initial public investment) to October 31, 1998.

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

4 Computed on an annualized basis.

5 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Arizona Municipal Cash Trust (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 to provide current income exempt from federal regular income tax and Arizona income taxes consistent with stability of principal and liquidity.

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 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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the ``Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

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 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.

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 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 Investment Company Act of 1940.

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:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Shares sold

116,092,191

248,928,035

Shares issued to shareholders in payment of distributions declared

312,627

841,039

Shares redeemed

(115,501,812

)

(212,904,722

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

903,006

36,864,352

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 and/or reimburse certain operating expenses of the Fund. The Adviser can modify or terminate this voluntary waiver and/or reimbursement 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

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary, FSSC serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

Interfund Transactions

During the period ended April 30, 2001, 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 $85,066,350 and $93,499,000, respectively.

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 60.6% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 11.5% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

EDWARD C. GONZALES

Executive Vice President

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

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

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated
World-Class Investment Manager
Arizona Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N450

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

G02372-04 (6/01)

Federated Investors
World-Class Investment Manager

California Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.3%¹

California--86.0%

8,900,000

ABAG Finance Authority for Non-Profit Corporations Weekly VRDNs (Lucile Salter Packard Children's Hospital at Stanford)/(AMBAC INS)/(Bayerische Landesbank Girozentrale LIQ)

8,900,000

8,710,000

ABAG Finance Authority for Non-Profit Corporations, (Series 1998), Weekly VRDNs (The Harker School Foundation)/(U.S. Bank, N.A., Minneapolis LOC)

8,710,000

9,700,000

ABAG Finance Authority for Non-Profit Corporations, (Series 2000), Weekly VRDNs (Episcopal Homes Foundation)/(Wells Fargo Bank, N.A. LOC)

9,700,000

4,000,000

ABAG Finance Authority for Non-Profit Corporations, (Series 1999), Weekly VRDNs (Marin Academy)/(Allied Irish Banks PLC LOC)

4,000,000

16,705,000

ABN AMRO MuniTOPS Certificates Trust (California Non-AMT), (Series 1998-10), Weekly VRDNs (San Diego, CA Water Utility Fund)/ (FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

16,705,000

6,500,000

ABN AMRO MuniTOPS Certificates Trust (California Non-AMT), (Series 1998-17), Weekly VRDNs (Sacramento County, CA Airport System)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

6,500,000

12,000,000

ABN AMRO MuniTOPS Certificates Trust (California Non-AMT), (Series 1998-25), Weekly VRDNs (Los Angeles, CA Wastewater System)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

12,000,000

14,000,000

ABN AMRO MuniTOPS Certificates Trust (California Non-AMT), (Series 1999-7), Weekly VRDNs (Los Angeles, CA Unified School District)/ (MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

14,000,000

4,356,000

ABN AMRO MuniTOPS Certificates Trust (California Non-AMT), (Series 1999-8), 3.95% TOBs (Contra Costa, CA Water District)/(FGIC INS)/ (ABN AMRO Bank N.V., Amsterdam LIQ) Optional Tender 5/30/2001

4,356,000

18,220,000

Anaheim, CA Public Financing Authority, MERLOTS, (Series 2000 B1), 3.90% TOBs (Anaheim, CA Electric Utility)/(FGIC INS)/(First Union National Bank, Charlotte, NC LIQ) Optional Tender 11/1/2001

18,220,000

2,600,000

California Educational Facilities Authority, Floater Certificates, (Series 1998-147), Weekly VRDNs (University of Southern California)/ (Morgan Stanley, Dean Witter Municipal Funding, Inc. LIQ)

2,600,000

8,550,000

California HFA, Variable Rate Certificates, (Series 1998E), Weekly VRDNs (Bank of America, N.A. LIQ)

8,550,000

10,000,000

California Infrastructure & Economic Development Bank, (Series 2001), 2.75% CP (Salvation Army)/(Bank of America, N.A. LOC) Mandatory Tender 9/12/2001

10,000,000

California School Cash Reserve Program Authority, 2000 Pool Bonds, (Series A), 5.25% TRANs (AMBAC INS), 7/3/2001

10,037,372

9,000,000

California State, MERLOTS, (Series 2000 MMM), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

9,000,000

13,500,000

California State, MERLOTS, (Series 1999M), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

13,500,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

California--continued

9,645,000

California State, (PT-1194), 3.80% TOBs (Merrill Lynch Capital Services, Inc. LIQ) Optional Tender 10/25/2001

9,645,000

4,500,000

California State, (PT-1256), Weekly VRDNs (Merrill Lynch Capital Services, Inc. LIQ)

4,500,000

10,705,000

California State, Roaring Fork, (Series 2001-1), Weekly VRDNs (MBIA INS)/(Bank of New York LIQ)

10,705,000

10,840,000

California State, Trust Receipts, (Series 1997 SG 90), Weekly VRDNs (MBIA INS)/(Societe Generale, Paris LIQ)

10,840,000

7,725,000

California State, Trust Receipts, (Series 2000 FR/RI-A10), Weekly VRDNs (Bayerische Hypotheken-und Vereinsbank AG LIQ)

7,725,000

18,000,000

California State, Trust Receipts, (Series 2000 FR/RI-A17), 3.85% TOBs (FGIC INS)/(Bank of New York, New York LIQ) Optional Tender 5/1/2001

18,000,000

7,640,000

California State, Trust Receipts, (Series 2000 FR/RI-L14), Weekly VRDNs (Lehman Brothers, Inc. LIQ)

7,640,000

6,320,000

California State, Trust Receipts, (Series 2000 FR/RI-L15), Weekly VRDNs (Lehman Brothers, Inc. LIQ)

6,320,000

2,700,000

California State Public Works Board, Variable Rate Certificates, (Series 2000B), Weekly VRDNs (Regents of University of California)/ (MBIA INS)/(Bank of America, N.A. LIQ)

2,700,000

4,015,000

California Statewide Communities Development Authority, (Series 2000), Weekly VRDNs (Institute for Defense Analyses)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)

4,015,000

1,780,000

California Statewide Communities Development Authority, (Series 2000A), Weekly VRDNs (Nonprofits' Insurance Alliance of California)/(Banque Nationale de Paris LOC)

1,780,000

2,500,000

California Statewide Communities Development Authority, (Series 2001), Weekly VRDNs (Robert Louis Stevenson School)/(Allied Irish Banks PLC LOC)

2,500,000

2,200,000

California Statewide Communities Development Authority, (Series A), Weekly VRDNs (Barton Memorial Hospital)/(Banque Nationale de Paris LOC)

2,200,000

4,715,000

California Statewide Communities Development Authority, MERLOTS, (Series 1999E), Weekly VRDNs (Sutter Health)/(FSA INS)/(First Union National Bank, Charlotte, NC LIQ)

4,715,000

18,305,000

California Statewide Communities Development Authority, (PT-483), Weekly VRDNs (Whispering Winds Apartments)/(FHLMC GTD)/(Merrill Lynch Capital Services, Inc. LIQ)

18,305,000

16,485,000

Clipper Tax-Exempt Trust (California Non-AMT), (Series A), Weekly VRDNs (California HFA)/(MBIA INS)/(State Street Bank and Trust Co. LIQ)

16,485,000

6,000,000

Compton, CA, Solid Waste Management Facilities, (Series 2000), Weekly VRDNs (Union Bank of California LOC)

6,000,000

7,800,000

East Bay Municipal Utility District, CA, 2.90% CP (Westdeutsche Landesbank Girozentrale LIQ) Mandatory Tender 5/10/2001

7,800,000

14,060,000

Fremont, CA, (Series 2001), Weekly VRDNs (Bank of Nova Scotia, Toronto LOC)

14,060,000

3,400,000

Fresno, CA, (Series 2000C), Weekly VRDNs (Trinity Healthcare Credit Group)

3,400,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

California--continued

12,000,000

Grand Terrace, CA Community Redevelopment Agency, (Series 1985A), Weekly VRDNs (Mt. Vernon Villas)/(FNMA LOC)

12,000,000

20,356,266

Koch Floating Rate Trust (California Non-AMT), (Series 1999-2), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ)

20,356,266

10,000,000

Los Angeles County, CA Metropolitan Transportation Authority, Second Subordinate Sales Tax Revenue, (Series A), 2.55% CP (Bank of America, N.A., Bayerische Hypotheken-und Vereinsbank AG, Credit Agricole Indosuez, Landesbank Hessen-Thueringen, Frankfurt and Morgan Guaranty Trust Co., New York LOCs) Mandatory Tender 6/8/2001

10,000,000

1,355,000

Los Angeles County, CA Metropolitan Transportation Authority, Municipal Securities Trust Receipts, (Series 1998-CMC2), Weekly VRDNs (AMBAC INS)/(Chase Manhattan Corp. LIQ)

1,355,000

11,000,000

Los Angeles County, CA, (Series A), 5.00% TRANs, 6/29/2001

11,018,395

600,000

Los Angeles, CA, Department of Water & Power, (Series 2000B), Weekly VRDNs

600,000

1,875,000

Los Angeles, CA, Department of Water & Power, Electric Plant Revenue Bonds, 2nd Issue, 9.00% Bonds, 6/1/2001

1,882,829

20,000,000

Los Angeles, CA Department of Water & Power, Electric Plant Short-Term Revenue Certificates, 3.00% CP (Bank of America, N.A., Bayerische Landesbank Girozentrale, Dexia Bank, Brussels, Morgan Guaranty Trust Co., New York and Westdeutsche Landesbank Girozentrale LOCs) Mandatory Tender 7/27/2001

20,000,000

15,000,000

Los Angeles, CA Department of Water & Power, Water Works Short-Term Revenue Certificates, 3.75% CP Mandatory Tender 5/17/2001

15,000,000

13,300,000

Los Angeles, CA, Wastewater System, 2.60% CP Mandatory Tender 7/23/2001

13,300,000

3,000,000

Los Angeles, CA, Wastewater System, 3.00% CP Mandatory Tender 7/24/2001

3,000,000

4,800,000

Los Angeles, CA, TRANs, Trust Receipts, (Series 2000 FR/RI-N8), Weekly VRDNs (Bank of New York LIQ)

4,800,000

2,475,000

Milpitas, CA, Unified School District, 4.75% TRANs, 7/5/2001

2,477,029

6,900,000

Monterey Peninsula, CA Water Management District, Wastewater Reclaimation Weekly VRDNs (Bank of America, N.A. LOC)

6,900,000

3,000,000

Mountain View - Los Altos, CA Union High School District, 5.00% TRANs, 7/5/2001

3,003,584

3,300,000

Oakland, CA MERLOTS, (Series 2000M), Weekly VRDNs (1800 Harrison Foundation)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)

3,300,000

6,000,000

Oceanside, CA Community Development Commission, (Series 1985), Weekly VRDNs (Shadow Way Apartments)/(Bank One, Arizona N.A., LOC)

6,000,000

11,900,000

Orange County, CA, Housing Authority, (Issue 1998I), Weekly VRDNs (Oasis Martinique)/(FNMA LOC)

11,900,000

41,645,644

PBCC LeaseTOPS Trust (California Non-AMT), (Series 1998-1), Weekly VRDNs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ)

41,645,644

5,931,694

PBCC LeaseTOPS Trust (California Non-AMT), (Series 1999-1), 3.00% TOBs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ) Optional Tender 1/23/2002

5,931,694

6,375,000

Peninsula Corridor Joint Powers Board, CA, 4.40% GANs, 7/25/2001

6,377,843

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

California--continued

4,000,000

Placer County, STCT CA, Union High School District, 4.50% TRANs, 10/1/2001

4,008,111

2,500,000

Ravenswood, CA City School District, 4.90% TRANs, 7/5/2001

2,502,772

10,000,000

Regents of University of California, (Series A), 2.75% CP Mandatory Tender 7/30/2001

10,000,000

3,000,000

Regents of University of California, (Series A), 3.00% CP Mandatory Tender 7/30/2001

3,000,000

8,000,000

Regents of University of California, (Series A), 3.05% CP Mandatory Tender 5/22/2001

8,000,000

19,950,000

Riverside County, CA, School Financing Authority, Trust Receipts, (Series 2000 FR/RI-N9), Weekly VRDNs (Bank of New York LIQ)

19,950,000

3,500,000

Riverside County, CA, (Series A), Weekly VRDNs (Riverside, CA Public Facility Finance)/(Commerzbank AG, Frankfurt and National Westminster Bank, PLC LOCs)

3,500,000

8,655,000

Riverside, CA Municipal Securities Trust Receipts, (Series 1998-CMC5), Weekly VRDNs (AMBAC INS)/(J.P. Morgan Chase Corp. LIQ)

8,655,000

6,770,000

Riverside, CA, (PT-477), 3.85% TOBs (Sierra Pines Apartments)/(FHLMC GTD)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 12/6/2001

6,770,000

2,525,000

Rosemead, CA, School District, 4.75% TRANs, 7/5/2001

2,527,070

2,300,000

Roseville, CA Joint Union High School District, 4.50% TRANs, 10/1/2001

2,304,664

16,000,000

Sacramento, CA, Municipal Utility District, MERLOTS, (Series 2000 A10), 3.85% TOBs (AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ) Optional Tender 10/1/2001

16,000,000

5,000,000

Sacramento, CA, (Series 1985B), Weekly VRDNs (Woodbridge - 301 LLC)/(Bank One, Arizona N.A. LOC)

5,000,000

6,600,000

Sacramento, CA, (Series 1990), Weekly VRDNs (Administration Center & Courthouse Project)/(UBS AG LOC)

6,600,000

2,600,000

Sacramento County, CA, Sanitation District, MERLOTS, (Series 2000 SSS), 4.10% TOBs (First Union National Bank, Charlotte, NC LIQ)/(United States Treasury PRF) Optional Tender 8/1/2001

2,600,000

1,430,000

San Bernardino County, CA, Certificates of Participation, (Series B), 6.75% Bonds (United States Treasury PRF), 8/1/2001

1,467,934

1,140,000

San Bernardino County, CA, Certificates of Participation, (Series B), 7.00% Bonds (United States Treasury PRF), 8/1/2001

1,170,937

4,000,000

San Diego, CA, Trust Receipts, (Series 2001 FR/RI-L2), Weekly VRDNs (San Diego Gas & Electric)/(FSA INS)/(Lehman Brothers, Inc. LIQ)

4,000,000

14,570,000

San Francisco, CA, City & County Airport Commission, (Series 1997B), 2.85% CP (San Francisco International Airport)/(Societe Generale, Paris LOC) Mandatory Tender 5/24/2001

14,570,000

7,105,000

San Francisco, CA, City & County Airport Commission, (Series 1997B), 3.00% CP (San Francisco International Airport)/(Societe Generale, Paris LOC) Mandatory Tender 8/23/2001

7,105,000

2,745,000

San Francisco, CA, Redevelopment Finance Agency, (PT-125) Weekly VRDNs (Northridge Cooperative Homes)/(MBIA INS)/(Merrill Lynch Capital Services, Inc. LIQ)

2,745,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

California--continued

9,500,000

San Francisco, CA, Redevelopment Finance Agency, (Series B1), Weekly VRDNs (Fillmore Center)/(Credit Suisse First Boston LOC)

9,500,000

6,975,000

San Francisco, CA, Redevelopment Finance Agency, CDC Municipal Products, Inc., (Series 1997T), Weekly VRDNs (Northridge Cooperative Homes)/(MBIA INS)/(CDC Municipal Products, Inc. LIQ)

6,975,000

4,000,000

San Luis, CA, Coastal Unified School District, 4.80% BANs, 7/2/2001

4,003,584

7,000,000

Santa Paula, CA, PFA, (Series 1996), Weekly VRDNs (Santa Paula, CA Water System)/(Union Bank of California LOC)

7,000,000

12,500,000

Southern California Metropolitan Water District, CA, MERLOTS, (Series 1999O), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

12,500,000

5,000,000

Southern California Metropolitan Water District, CA, PUTTERs, (Series 116), Weekly VRDNs (Morgan Guaranty Trust Co., New York LIQ)

5,000,000

3,990,000

Sunnyvale, CA, Elementary School District, 4.75% TRANs, 7/5/2001

3,993,406

1,000,000

Upland, CA, Community Redevelopment Agency, (Series 1999A), Weekly VRDNs (Northwoods 168)/(FNMA LOC)

1,000,000

5,000,000

Vallejo, CA, Water System Revenue Bonds, (Series 2001A), Weekly VRDNs (KBC Bank N.V. LOC)

5,000,000

2,000,000

Yucaipa-Calimesa, CA Joint Unified School District, 5.00% TRANs, 6/29/2001

2,002,324

TOTAL

706,412,458

Puerto Rico--13.3%

6,575,000

Puerto Rico Commonwealth Infrastructure Financing Authority, Floater Certificates, (Series 1998-139), 2.75% TOBs (AMBAC INS)/(Morgan Stanley, Dean Witter & Co. LIQ) Optional Tender 8/9/2001

6,575,000

4,995,000

Puerto Rico Commonwealth Infrastructure Financing Authority, Floater Certificates, (Series 1998-86), Weekly VRDNs (AMBAC INS)/(Morgan Stanley, Dean Witter & Co. LIQ

4,995,000

7,000,000

Puerto Rico Commonwealth Infrastructure Financing Authority, Floater Certificates, (Series 2000-451), Weekly VRDNs (AMBAC INS)/(Morgan Stanley, Dean Witter & Co. LIQ)

7,000,000

4,150,000

Puerto Rico Commonwealth, UT GO Public Improvement, (Series B), 5.50% Bonds (AMBAC INS), 7/1/2001

4,160,094

4,025,000

Puerto Rico Government Development Bank, 3.00% CP, Mandatory Tender 5/21/2001

4,025,000

12,993,000

Puerto Rico Government Development Bank, 3.00% CP, Mandatory Tender 7/26/2001

12,993,000

4,000,000

Puerto Rico Government Development Bank, 3.00% CP, Mandatory Tender 8/21/2001

4,000,000

Puerto Rico Government Development Bank, 3.00% CP, Mandatory Tender 8/23/2001

4,000,000

5,000,000

Puerto Rico Government Development Bank, 3.00% CP, Mandatory Tender 9/4/2001

5,000,000

Puerto Rico Government Development Bank, 3.10% CP, Mandatory Tender 5/21/2001

5,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Puerto Rico-continued

10,000,000

Puerto Rico Government Development Bank, 3.10% CP, Mandatory Tender 7/31/2001

10,000,000

2,500,000

Puerto Rico Government Development Bank, 3.10% CP, Mandatory Tender 9/20/2001

2,500,000

7,500,000

Puerto Rico Government Development Bank, 3.20% CP, Mandatory Tender 7/24/2001

7,500,000

10,000,000

Puerto Rico Government Development Bank, 3.75% CP, Mandatory Tender 6/20/2001

10,000,000

3,995,000

Puerto Rico Highway and Transportation Authority, MERLOTS, (Series 2000-FFF), Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

3,995,000

9,115,000

Puerto Rico Industrial, Medical & Environmental PCA, (Series 1983A), 4.00% TOBs (Merck & Co., Inc.) Optional Tender 12/1/2001

9,115,000

8,360,000

Puerto Rico Municipal Finance Agency, PA-645 Weekly VRDNs (FSA INS)/ (Merrill Lynch Capital Services, Inc. LIQ)

8,360,000

TOTAL

109,218,094

TOTAL INVESTMENTS (AT AMORTIZED COST)³

815,630,552

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

100.00%

0.00%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($820,982,948) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
CP	--Commercial Paper
FGIC	--Financial Guaranty Insurance Company
FHLMC	--Federal Home Loan Mortgage Corporation
FNMA	--Federal National Mortgage Association
FSA	--Financial Security Assurance
GANs	--Grant Anticipation Notes
GO	--General Obligation
GTD	--Guaranteed
HFA	--Housing Finance Authority
INS	--Insured
LIQ	--Liquidity Agreement
LOC(s)	--Letter(s) of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PCA	--Pollution Control Authority
PFA	--Public Finance Authority
PRF	--Prerefunded
PUTTERs	--Puttable Tax Exempt Receipts
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
TRANs	--Tax and Revenue Anticipation Notes
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

815,630,552

Cash

174,675

Income receivable

7,550,934

TOTAL ASSETS

823,356,161

Liabilities:

Income distribution payable

2,233,593

Accrued expenses

139,620

TOTAL LIABILITIES

2,373,213

Net assets for 820,982,948 shares outstanding

820,982,948

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Service Shares:

$598,544,712 ÷ 598,544,712 shares outstanding

$1.00

Institutional Shares:

$209,423,227 ÷ 209,423,227 shares outstanding

$1.00

Cash II Shares:

$13,015,009 ÷ 13,015,009 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

14,117,597

Expenses:

Investment adviser fee

2,082,855

Administrative personnel and services fee

313,678

Custodian fees

21,661

Transfer and dividend disbursing agent fees and expenses

84,564

Directors'/Trustees' fees

2,083

Auditing fees

5,832

Legal fees

6,249

Portfolio accounting fees

63,736

Distribution services fee--Cash II Shares

2,073

Shareholder services fee--Institutional Service Shares

814,980

Shareholder services fee--Institutional Shares

223,857

Shareholder services fee--Cash II Shares

2,591

Share registration costs

17,079

Printing and postage

14,580

Insurance premiums

16,246

Miscellaneous

1,648

TOTAL EXPENSES

3,673,712

Waivers:

Waiver of investment adviser fee

(1,570,473

)

Waiver of distribution services fee--Cash II Shares

(518

)

Waiver of shareholder services fee--Institutional Shares

(223,857

)

TOTAL WAIVERS

(1,794,848

)

Net expenses

1,878,864

Net investment income

12,238,733

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

12,238,733

21,381,522

Distributions to Shareholders:

Distributions from net investment income

Institutional Service Shares

(9,410,738

)

(18,302,919

)

Institutional Shares

(2,795,256

)

(3,078,603

)

Cash II Shares

(32,739

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(12,238,733

)

(21,381,522

)

Share Transactions:

Proceeds from sale of shares

1,983,044,096

2,964,294,653

Net asset value of shares issued to shareholders in payment of distributions declared

6,178,710

13,619,891

Cost of shares redeemed

(1,846,993,050

)

(2,856,345,296

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

142,229,756

121,569,248

Change in net assets

142,229,756

121,569,248

Net Assets:

Beginning of period

678,753,192

557,183,944

End of period

820,982,948

678,753,192

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.01

0.03

Less Distributions:

Distributions from net investment income

(0.01

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.45

3.28

2.71

3.05

3.19

3.22

Ratios to Average Net Assets:

Expenses

0.50

%³

0.50

0.46

0.49

Net investment income

2.89

%³

3.22

2.68

2.99

3.13

3.17

Expense waiver/reimbursement⁴

0.38

%³

0.39

0.41

0.43

0.49

0.62

Supplemental Data:

Net assets, end of period (000 omitted)

$598,545

$575,278

$482,813

$363,202

$234,764

$132,159

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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 Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

0.02

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.02

)

Net Asset Value, End of Period

$1.00

Total Return³

1.58

3.54

2.97

3.31

3.44

2.24

Ratios to Average Net Assets:

Expenses

0.25

%⁴

0.25

0.21

0.20

%⁴

Net investment income

3.12

%⁴

3.47

2.93

3.25

3.45

3.33

%⁴

Expense waiver/reimbursement⁵

0.63

%⁴

0.64

0.66

0.67

0.74

0.90

%⁴

Supplemental Data:

Net assets, end of period (000 omitted)

$209,423

$103,476

$74,370

$41,574

$41,956

$20,089

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 Reflects operations for the period from March 4, 1996 (date of initial public investment) to October 31, 1996.

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

4 Computed on an annualized basis.

5 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--Cash II Shares

(For a Share Outstanding Throughout The Period)

Period Ended
(unaudited)
4/30/2001

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.01

Less Distributions:

Distributions from net investment income

(0.01

)

Net Asset Value, End of Period

$1.00

Total Return²

0.97

Ratios to Average Net Assets:

Expenses

0.65

%³

Net investment income

3.16

%³

Expense waiver/reimbursement⁴

0.43

%³

Supplemental Data:

Net assets, end of period (000 omitted)

$13,015

1 Reflects operations for the period December 15, 2000 (date of initial public investment) to April 30, 2001.

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

3 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of California Municipal Cash Trust (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 three classes of shares: Institutional Service Shares, Institutional Shares and Cash II Shares. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the state of California consistent with 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. 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.

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Restricted Securities

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) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

1,558,848,553

2,620,180,819

Shares issued to shareholders in payment of distributions declared

5,968,076

13,428,702

Shares redeemed

(1,541,549,578

)

(2,541,145,358

)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS

23,267,051

92,464,163

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

406,441,967

344,113,834

Shares issued to shareholders in payment of distributions declared

208,451

191,189

Shares redeemed

(300,702,722

)

(315,199,938

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

105,947,696

29,105,085

Period Ended
4/30/2001

Year Ended
10/31/2000

Cash II Shares:

Shares sold

17,753,576

Shares issued to shareholders in payment of distributions declared

2,183

Shares redeemed

(4,740,750

)

NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS

13,015,009

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

142,229,756

121,569,248

1 Reflects operations for the period December 15, 2000 (date of initial public investment) to April 30, 2001.

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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 Cash II Shares. The Plan provides that the Fund may incur distribution expenses up to 0.20% of the average daily net assets of Cash II Shares, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

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.

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 April 30, 2001, 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 were made at current market value pursuant to Rule 17a-7 under the Act and amounted to $538,244,178 and $585,589,412 respectively.

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 58.3% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 18.0% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
California Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N179
Cusip 60934N351
Cusip 60934N369

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

0041609 (6/01)

Federated Investors
World-Class Investment Manager

Connecticut Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.3%¹

Connecticut--87.6%

4,270,000

Branford, CT, 4.50% BANs, 7/25/2001

4,272,383

3,785,000

Bridgeport, CT, 3.50% BANs, 7/18/2001

3,785,000

2,645,000

Connecticut Development Authority Health Care Revenue, Weekly VRDNs (Corporation for Independent Living)/(Chase Manhattan Bank N.A., New York LOC)

2,645,000

1,600,000

Connecticut Development Authority Health Care Revenue, (Series 1993A), Weekly VRDNs (Corporation for Independent Living)/(Dexia Credit Locale de France LOC)

1,600,000

2,480,000

Connecticut Development Authority Health Care Revenue, (Series 1999), Weekly VRDNs (Corporation for Independent Living)/(Dexia Credit Locale de France LOC)

2,480,000

1,440,000

Connecticut Development Authority, Weekly VRDNs (Banta Associates)/(HSBC Bank USA LOC)

1,440,000

658,600

Connecticut Development Authority, Weekly VRDNs (RSA Corp.)/(Barclays Bank PLC, London LOC)

658,600

2,015,000

Connecticut Development Authority, (Series 1997), Weekly VRDNs (Porcelen Ltd., CT LLC)/(Firstar Bank, N.A. LOC)

2,015,000

7,200,000

Connecticut Development Authority, (Series 1997A), Weekly VRDNs (Bradley Airport Hotel)/(KBC Bank N.V. LOC)

7,200,000

2,400,000

Connecticut Development Authority, (Series 1997B), Weekly VRDNs (Bradley Airport Hotel)/(Chase Manhattan Bank, New York LOC)

2,400,000

1,100,000

Connecticut Development Authority, (Series 1997C), Weekly VRDNs (Bradley Airport Hotel)/(Fleet National Bank LOC)

1,100,000

1,465,000

Connecticut Development Authority, (Series 1999), Weekly VRDNs (Pierce Memorial Baptist Home, Inc.)/(Lasalle National Bank, Chicago LOC)

1,465,000

4,000,000

Connecticut Development Authority, (Series 1999), 3.70% CP (New England Power Co.), Mandatory Tender 5/21/2001

4,000,000

Connecticut Development Authority, (Series 1999), 3.00% CP (New England Power Co.), Mandatory Tender 5/24/2001

4,000,000

1,920,000

Connecticut Development Authority, 10.00% Bonds (Life Care Facility - Seabury)/(United States Treasury PRF), 9/1/2001 (@102)

1,992,957

9,495,000

Connecticut State Airport, Trust Receipts, (Series 1999 FR/RI-A12), Weekly VRDNs (Bradley International Airport)/(FGIC INS)/(Bayerische Hypotheken-und Vereinsbank AG LIQ)

9,495,000

4,845,000

Connecticut State Clean Water Fund, Floats PA-547R, Weekly VRDNs (Merrill Lynch Capital Services, Inc. LIQ)

4,845,000

4,000,000

Connecticut State HEFA, (Series 1999A), Weekly VRDNs (Covenant Retirement Communities, Inc.)/(Lasalle Bank, N.A. LOC)

4,000,000

2,900,000

Connecticut State HEFA, (Series 2000A), Weekly VRDNs (Gaylord Hospital)/(Fleet National Bank LOC)

2,900,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Connecticut--continued

2,700,000

Connecticut State HEFA, (Series A), Weekly VRDNs (Forman School Issue)/(National Westminster Bank, PLC LOC)

2,700,000

6,000,000

Connecticut State HEFA, (Series A), Weekly VRDNs (Hotchkiss School)/(Northern Trust Co., Chicago, IL LIQ)

6,000,000

1,000,000

Connecticut State HEFA, (Series A), Weekly VRDNs (Pomfret School Issue)/(Dexia Credit Locale de France LOC)

1,000,000

2,355,000

Connecticut State HEFA, (Series A), Weekly VRDNs (Sharon Hospital)/(Fleet National Bank LOC)

2,355,000

1,900,000

Connecticut State HEFA, (Series A), Weekly VRDNs (SummerWood at University Park)/(Lasalle Bank, N.A. LOC)

1,900,000

2,000,000

Connecticut State HEFA, (Series B), Weekly VRDNs (Hartford Hospital)/(Fleet National Bank, Springfield, MA LOC)

2,000,000

3,550,000

Connecticut State HEFA, (Series C), Weekly VRDNs (Charlotte Hungerfield Hospital)/(Fleet National Bank, Connecticut LOC)

3,550,000

4,900,000

Connecticut State HEFA, (Series E), Weekly VRDNs (Taft School)/(First Union National Bank, Charlotte, NC LOC)

4,900,000

2,500,000

Connecticut State HEFA, (Series J), Weekly VRDNs (Hospital of Saint Raphael)/(KBC Bank N.V. LOC)

2,500,000

1,900,000

Connecticut State HEFA, (Series K), Weekly VRDNs (Hospital of Saint Raphael)/(KBC Bank N.V. LOC)

1,900,000

6,975,000

Connecticut State HEFA, (Series S), 3.00% CP (Yale University), Mandatory Tender 8/14/2001

6,975,000

10,000,000

Connecticut State HEFA, (Series S), 3.10% CP (Yale University), Mandatory Tender 7/12/2001

10,000,000

500,000

Connecticut State HEFA, (Series T-1), Weekly VRDNs (Yale University)

500,000

3,390,000

Connecticut State HFA, PT-81, Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

3,390,000

7,315,000

Connecticut State HFA, (Series A), Weekly VRDNs (Elm Haven Rental LP I)/(Fleet National Bank, Springfield MA LOC)

7,315,000

6,000,000

Connecticut State HFA, MERLOTS, (Series 2000 BBB), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

6,000,000

2,500,000

Connecticut State HFA, MERLOTS, (Series 2000P), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

2,500,000

11,105,000

Connecticut State HFA, (P-Floats PT-1003), Weekly VRDNs (Merrill Lynch Capital Services, Inc. LIQ)

11,105,000

9,745,000

Connecticut State HFA, Variable Rate Certificates, (Series 1998S), 3.20% TOBs (Bank of America, N.A. LIQ), Optional Tender 8/23/2001

9,745,000

3,100,000

Connecticut State Special Assessment Second Injury Fund, 3.15% CP (Caisse Nationale De Credit Agricole, Paris and Dexia Bank, Brussels LIQs), Mandatory Tender 5/21/2001

3,100,000

9,800,000

Connecticut State Special Assessment Unemployment Compensation Advance Fund, (Series 1993C), 4.35% TOBs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ), Optional Tender 7/1/2001

9,800,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Connecticut--continued

5,200,000

Connecticut State Special Assessment Unemployment Compensation Advance Fund, (Series A), 5.50% Bonds, 5/15/2001

5,202,884

3,800,000

Connecticut State Transportation Infrastructure Authority Weekly VRDNs (Commerzbank AG, Frankfurt LOC)

3,800,000

5,000,000

Connecticut State Transportation Infrastructure Authority, 5.00% Bonds, 9/1/2001

5,011,505

1,500,000

Connecticut State, (Series 2001 A), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)

1,500,000

7,000,000

Connecticut State, (Series 2000C), 4.75% Bonds, 12/15/2001

7,023,251

8,890,000

Connecticut State, PT-1196, 4.30% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 8/23/2001

8,890,000

1,000,000

Cromwell, CT, (Series 2000), 4.90% BANs, 6/15/2001

1,000,724

4,400,000

Greenwich, CT, 4.00% Bonds, 12/15/2001

4,402,622

5,310,000

Hamden, CT, 3.00% BANs, 8/1/2001

5,311,706

8,700,000

Hartford, CT, Redevelopment Authority, Weekly VRDNs (Underwood Towers)/(FSA INS)/(Societe Generale, Paris LIQ)

8,700,000

4,000,000

Killingly, CT, 3.20% BANs, 12/26/2001

4,007,118

4,400,000

Lisbon, CT, 3.20% BANs, 3/29/2002

4,407,745

2,500,000

Mansfield, CT, 5.00% BANs, 6/12/2001

2,501,099

4,085,000

New Britain, CT, (Series 1999), Weekly VRDNs (AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ)

4,085,000

4,935,000

New Britain, CT, 3.35% BANs, 4/11/2002

4,950,810

2,500,000

Oxford, CT, 3.50% BANs, 8/7/2001

2,501,913

2,850,000

Regional School District Number 5, CT, 3.25% BANs, 3/20/2002

2,855,630

2,300,000

Regional School District Number 7, CT, 3.625% BANs, 11/8/2001

2,307,355

3,595,000

Shelton, CT Housing Authority, (Series 1998), Weekly VRDNs (Crosby Commons)/(First Union National Bank, Charlotte, NC LOC)

3,595,000

1,290,000

Stamford, CT, 5.00% Bonds, 7/15/2001

1,294,896

4,000,000

Suffield, CT, 3.80% BANs, 6/28/2001

4,004,448

TOTAL

248,882,646

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Puerto Rico--11.7%

15,237,408

Commonwealth of Puerto Rico Municipal Revenues Collection Center, (Series 1997A), LeaseTOPS Trust, Weekly VRDNs (ABN AMRO Bank N.V., Amsterdam LIQ)/(State Street Bank and Trust Co. LOC)

15,237,408

3,420,000

Puerto Rico Commonwealth Infrastructure Financing Authority, Floater Certificates, (Series 2000-451), Weekly VRDNs (AMBAC INS)/(Morgan Stanley, Dean Witter & Co. LIQ)

3,420,000

10,000,000

Puerto Rico Government Development Bank (GDB), 3.10% CP, Mandatory Tender 7/31/2001

10,000,000

4,500,000

Puerto Rico Government Development Bank (GDB), 3.20% CP, Mandatory Tender 7/24/2001

4,500,000

TOTAL

33,157,408

TOTAL INVESTMENTS (AT AMORTIZED COST)³

282,040,054

Securities that are subject to alternative minimum tax represents 12.2% of the portfolio as calculated based on total portfolio market value.

1 The fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

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 April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

99.11%

0.89%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Directors. At April 30, 2001, these securities amounted to $18,635,000 which represents 6.6% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($284,012,384) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
BANs	--Bond Anticipation Notes
CP	--Commercial Paper
FGIC	--Financial Guaranty Insurance Company
FSA	--Financial Security Assurance
HEFA	--Health and Education Facilities Authority
HFA	--Housing Finance Authority
INS	--Insured
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PRF	--Prerefunded
TOBs	--Tender Option Bonds
TOPs	--Trust Obligations Participating Securities
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001(unaudited)

Assets:

Total investments in securities, at amortized cost and value

282,040,054

Cash

243,292

Income receivable

2,528,103

TOTAL ASSETS

284,811,449

Liabilities:

Income distribution payable

740,797

Accrued expenses

58,268

TOTAL LIABILITIES

799,065

Net assets for 284,012,384 shares outstanding

284,012,384

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

$284,012,384 ÷ 284,012,384 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

5,339,978

Expenses:

Investment adviser fee

731,951

Administrative personnel and services fee

110,232

Custodian fees

8,267

Transfer and dividend disbursing agent fees and expenses

24,138

Directors'/Trustees' fees

1,313

Auditing fees

5,776

Legal fees

5,922

Portfolio accounting fees

34,107

Shareholder services fee

365,975

Share registration costs

9,066

Printing and postage

9,443

Insurance premiums

7,759

Miscellaneous

2,121

TOTAL EXPENSES

1,316,070

Waivers:

Waiver of investment adviser fee

(232,058

)

Waiver of shareholder services fee

(161,029

)

TOTAL WAIVERS

(393,087

)

Net expenses

922,983

Net investment income

4,416,995

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

4,416,995

9,389,514

Distributions to Shareholders:

Distributions from net investment income

(4,416,995

)

(9,389,514

)

Share Transactions:

Proceeds from sale of shares

441,224,979

934,272,488

Net asset value of shares issued to shareholders in payment of distributions declared

1,514,608

3,799,444

Cost of shares redeemed

(413,400,036

)

(962,533,725

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

29,339,551

(24,461,793

)

Change in net assets

29,339,551

(24,461,793

)

Net Assets:

Beginning of period

254,672,833

279,134,626

End of period

284,012,384

254,672,833

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.52

3.37

2.64

2.98

3.01

3.02

Ratios to Average Net Assets:

Expenses

0.63

%³

0.60

Net investment income

3.02

%³

3.33

2.60

2.93

2.97

Expense waiver/reimbursement⁴

0.27

%³

0.30

0.29

0.31

0.32

Supplemental Data:

Net assets, end of period (000 omitted)

$284,012

$254,673

$279,135

$339,567

$271,316

$227,089

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

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

3 Computed on an annualized basis.

4 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 Statement

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Connecticut Municipal Cash Trust (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 exempt from federal regular income tax and Connecticut dividend and interest income tax consistent with stability of principal.

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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Restricted Securities

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:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Shares sold

441,224,979

934,272,488

Shares issued to shareholders in payment of distributions declared

1,514,608

3,799,444

Shares redeemed

(413,400,036

)

(962,533,725

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

29,339,551

(24,461,793

)

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

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.

Interfund Transactions

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 40.9% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 6.8% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Connecticut Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N559

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

0052406 (6/01)

Federated Investors
World-Class Investment Manager

Florida Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.3%¹

Alabama--1.1%

3,000,000

Hoover, AL, Board of Education, (Series 2000C), 4.45% BANs, 8/1/2001

3,000,000

Colorado--0.2%

610,000

Denver, City & County, CO, SFM, Roaring Fork (Series 1999-4), Weekly VRDNs (GNMA COL)/(Bank of New York, New York LIQ)

610,000

Florida--71.9%

1,000,000

ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/ (Series 1999-11), 4.45% TOBs (Tampa Bay Water Utility System, FL)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

1,000,000

10,555,000

Brevard County, FL, HFA, (PT-472), 4.30% TOBs (Palm Place Apartments)/(FHLMC GTD)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 12/6/2001

10,555,000

2,760,000

Brevard County, FL Weekly VRDNs (Greywater Investments)/(Huntington National Bank, Columbus, OH LOC)

2,760,000

75,000

Brevard County, FL, (Series 1997), Weekly VRDNs (Greywater Investments)/(Huntington National Bank, Columbus, OH LOC)

75,000

2,225,000

Broward County, FL, IDRBs, (Series 1993), Weekly VRDNs (American Whirlpool Products Corp. Project)/(SouthTrust Bank of Alabama, Birmingham LOC)

2,225,000

1,000,000

Broward County, FL, IDRBs, (Series 1997), Weekly VRDNs (Fast Real Estate Partners Ltd.)/(SunTrust Bank, Central Florida LOC)

1,000,000

66,240,000

Clipper, Tax-Exempt Certificates Trust (Florida AMT), (Series 1999-5), Weekly VRDNs (State Street Bank and Trust Co. LIQ)

66,240,000

1,670,000

Coral Springs, FL, (Series 1996), Weekly VRDNs (Royal Plastics Group Ltd.)/(SunTrust Bank, Atlanta LOC)

1,670,000

2,000,000

Dade County, FL IDA, IDRBs, (Series 1996A), Weekly VRDNs (U.S. Holdings, Inc.)/(First Union National Bank, Charlotte, NC LOC)

2,000,000

735,000

Escambia County, FL, HFA, (PA-129), Weekly VRDNs (GNMA COL)/(Merrill Lynch Capital Services Inc. LIQ)

735,000

3,390,000

Florida HFA, Trust Receipts, (Series 1998), FR/RI-12, Weekly VRDNs (MBIA INS)/(Bank of New York, New York LIQ)

3,390,000

14,620,000

Florida Housing Finance Corp., (PT-481), 4.30% TOBs (Oaks at Mill Creek Apartments)/(FHLMC GTD)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 12/6/2001

14,620,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Florida--continued

4,100,000

Greater Orlando, FL, Aviation Authority, Adjustable Rate, (Series 1997), 4.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/1/2001

4,100,000

1,000,000

Highlands County, FL Health Facilities, (Series 1996A), Weekly VRDNs (Adventist Health System)/(SunTrust Bank, Atlanta LOC)

1,000,000

5,000,000

Hillsborough County, FL, IDA, Weekly VRDNs (Ringhager Equipment Co.)/(SunTrust Bank, Atlanta LOC)

5,000,000

1,000,000

Hillsborough County, FL, IDA, (Series 1988), Weekly VRDNs (Florida Steel Corp.)/(Bank of America, N.A. LOC)

1,000,000

1,280,000

Hillsborough County, FL, IDA, IDRBs, (Series 1996), Weekly VRDNs (VIGO Importing Co. Project)/(Bank of America, N.A. LOC)

1,280,000

730,000

Hillsborough County, FL, IDA, Variable Rate Demand IDRBs, (Series 1996), Weekly VRDNs (Trident Yacht Building Partnership Project)/(First Union National Bank, Charlotte, NC LOC)

730,000

3,685,000

Hillsborough County, FL,IDA, Variable Rate IDRBs, (Series 1998), Weekly VRDNs (SIFCO Industries, Inc.)/(National City Bank, Ohio LOC)

3,685,000

2,400,000

Indian River County, FL, IDRBs, (Series 1997), Weekly VRDNs (Ocean Spray Cranberries, Inc.)/(Wachovia Bank of NC, N.A. LOC)

2,400,000

1,600,000

Jacksonville, FL HFDC, (Series 1996), Weekly VRDNs (Jacksonville Faculty Practice Association)/(Bank of America, N.A. LOC)

1,600,000

6,500,000

Jacksonville, FL, IDA, (Series 1996), Weekly VRDNs (Portion PAC, Inc.)/(Heinz (H.J.) Co. GTD)

6,500,000

200,000

Jacksonville, FL, Weekly VRDNs (Metal Sales)/(National City Bank, Kentucky LOC)

200,000

3,685,000

Lee County, FL HFA, Single Family Revenue Bonds, (Subseries 2), 3.45% Bonds, 12/15/2001

3,685,000

3,200,000

Lee County, FL, IDA, IDRBs, (Series 1994), Weekly VRDNs (Baader North America Corp.)/(Deutsche Bank AG LOC)

3,200,000

4,000,000

Liberty County, FL, (Series 2000), Weekly VRDNs (Sunshine State Cypress, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)

4,000,000

1,500,000

Lynn Haven, FL, (Series 1998A), Weekly VRDNs (Merrick Industries, Inc.)/(Regions Bank, Alabama LOC)

1,500,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Florida--continued

4,330,000

Manatee County, FL, (Series 1996A), Weekly VRDNs (Superior Electronics Group, Inc.)/(First Union National Bank, Charlotte, NC LOC)

4,330,000

5,100,000

Manatee County, FL, (Series 1998A), Weekly VRDNs (CFI Manufacturing, Inc. Project)/(Huntington National Bank, Columbus, OH LOC)

5,100,000

2,410,000

Manatee County, FL, Variable/Fixed Rate IDRBs, (Series 1998), Weekly VRDNs (Mader Electric, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)

2,410,000

2,400,000

Martin County, FL IDA, Tender Industrial Revenue Bonds, (Series 1986), Weekly VRDNs (Tampa Farm Service, Inc. Project)/(SunTrust Bank, Central Florida LOC)

2,400,000

1,245,000

Okeechobee County, FL, (Series 1992), Weekly VRDNs (Chambers Waste Systems)/(Morgan Guaranty Trust Co., New York LOC)

1,245,000

4,900,000

Orange County, FL, HFA, (Series 1998 D), Weekly VRDNs (Falcon Trace Apartments)/(Amsouth Bank N.A., Birmingham LOC)

4,900,000

4,195,000

Osceola County, FL, HFA, Multifamily Housing Revenue Bonds, (Series 1998A), Weekly VRDNs (Arrow Ridge Apartments)/(Amsouth Bank N.A., Birmingham LOC)

4,195,000

5,730,000

Pasco County, FL Solid Waste Authority, MERLOTS, (Series 2000-A17), 4.45% TOBs (AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 10/1/2001

5,730,000

3,610,000

Pinellas County Industry Council, FL, Weekly VRDNs (Loulourgas Properties)/(First Union National Bank, Charlotte, NC LOC)

3,610,000

3,500,000

Pinellas County Industry Council, FL, IDRB, (Series 1994), Weekly VRDNs (Genca Corp. Project)/(PNC Bank, N.A. LOC)

3,500,000

1,958,000

Pinellas County Industry Council, FL, IDRB, (Series 1995), Weekly VRDNs (ATR International Inc., Project)/(First Union National Bank, Charlotte, NC LOC)

1,958,000

1,735,000

Pinellas County Industry Council, FL, Variable/Fixed Rate Development Revenue Bonds, (Series 1997), Weekly VRDNs (Boyd Industries, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)

1,735,000

3,000,000

Polk County, FL IDA, (Series 1999), Weekly VRDNs (Norman Family Partnership)/(Huntington National Bank, Columbus, OH LOC)

3,000,000

700,000

Sumter County, FL, IDA, Weekly VRDNs (Great Southern Wood Preserving, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)

700,000

3,300,000

Tamarac, FL, IDRBs, (Series 1995), Weekly VRDNs (Arch Aluminum & Glass Co., Inc. Project)/(Mellon Bank N.A., Pittsburgh LOC)

3,300,000

1,275,000

Volusia County, FL IDA, Weekly VRDNs (Crane Cams)/(Deutsche Bank AG LOC)

1,275,000

2,400,000

Wakulla County, FL IDA, Weekly VRDNs (Winco Utilities, Inc. Project)/(Bank of America, N.A. LOC)

2,400,000

TOTAL

197,938,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--6.4%

15,000,000

Crisp County - Cordele, GA IDA, (Series 2000), Weekly VRDNs (Georgia Ductile Foundries LLC)/(Columbus Bank and Trust Co., GA LOC)

15,000,000

2,500,000

McDuffie County, GA Development Authority, (Series 1998), 3.90% CP (Temple-Inland Forest Products Corp.)/(Temple-Inland, Inc. GTD), Mandatory Tender 5/24/2001

2,500,000

TOTAL

17,500,000

Indiana--2.0%

1,800,000

Crown Point, IN, 3.85% TANs, 12/31/2001

1,804,082

2,315,000

Poseyville, IN, (Series 1998-A), Weekly VRDNs (North America Green, Inc)/(Harris Trust & Savings Bank, Chicago LOC)

2,315,000

1,390,000

Poseyville, IN, (Series 1998B), Weekly VRDNs (North America Green, Inc)/(Harris Trust & Savings Bank, Chicago LOC)

1,390,000

TOTAL

5,509,082

Kansas--5.7%

2,750,000

Burlington, KS, (Series B), Weekly VRDNs (Kansas City Power And Light Co.)

2,750,000

12,890,000

Sedgwick & Shawnee Counties, KS, Variable Rate Certificates, (Series 1999W), Weekly VRDNs (GNMA COL)/(Bank of America, N.A. LIQ)

12,890,000

TOTAL

15,640,000

Maryland--0.6%

1,640,000

Maryland EDC, (Series 1996), Weekly VRDNs (Atlantic Pharmaceutical Services, Inc.)/(Allfirst LOC)

1,640,000

Mississippi--2.7%

7,500,000

Mississippi Home Corp., (Series 1997), Weekly VRDNs (Windsor Park Apartments)/(SouthTrust Bank of Alabama, Birmingham LOC)

7,500,000

Multi State--3.4%

4,500,000

Charter Mac Floater Certificates Trust I, National-1, (Series 2000), Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Brussels and Toronto Dominion Bank LIQs)

4,500,000

4,826,000

Clipper Tax-Exempt Certificates Trust (AMT MultiState), (Series 1999-3), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ)

4,826,000

TOTAL

9,326,000

Oklahoma--1.1%

3,100,000

Cleveland County, OK Home Loan Authority, Tecumseh Pointe Apartments, 4.50% TOBs (HSBC Bank USA), Optional Tender 3/1/2002

3,100,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Wisconsin--4.2%

4,000,000

Ashland, WI School District, 4.625% TRANs, 8/30/2001

4,002,348

2,900,000

Oregon, WI School District, 4.70% TRANs, 9/11/2001

2,903,034

3,150,000

Port Washington-Saukville, WI School District, 4.75% TRANs, 10/30/2001

3,153,905

1,500,000

Weyauwega-Fremont, WI School District, 5.00% TRANs, 8/30/2001

1,501,657

TOTAL

11,560,944

TOTAL INVESTMENTS (AT AMORTIZED COST)³

273,324,026

Securities that are subject to alternative minimum tax represent 76.5% of the portfolio based upon total portfolio market value.

1 The fund may only invest in securities rated in one of the two highest short-term rating categories by Nationally Recognized Statistical Rating Organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1, or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc., are all considered rated in one of the two highest short-term rating categories.

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 April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

98.08%

1.92%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Trustees. At April 30, 2001, these securities amounted to $30,905,000 which represents 11.2% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($275,167,052) at April 30, 2001.

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
EDC	--Economic Development Corp.
FGIC	--Financial Guaranty Insurance Company
FHLMC	--Federal Home Loan Mortgage Corp.
GNMA	--Government National Mortgage Association
GTD	--Guaranteed
HFA	--Housing Finance Authority
HFDC	--Health Facility Development Corporation
IDA	--Industrial Development Authority
IDRBs	--Industrial Development Revenue Bonds
INS	--Insured
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
SFM	--Single Family Mortgage
TANs	--Tax 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

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

273,324,026

Cash

996,165

Income receivable

1,769,161

TOTAL ASSETS

276,089,352

Liabilities:

Income distribution payable

805,262

Accrued expenses

117,038

TOTAL LIABILITIES

922,300

Net assets for 275,167,052 shares outstanding

275,167,052

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Shares:

$183,672,750 ÷ 183,672,750 shares outstanding

$1.00

Cash II Shares:

$91,494,302 ÷ 91,494,302 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

9,440,914

Expenses:

Investment adviser fee

971,210

Administrative personnel and services fee

182,830

Custodian fees

13,467

Transfer and dividend disbursing agent fees and expenses

34,348

Directors'/Trustees' fees

1,294

Auditing fees

6,719

Legal fees

8,332

Portfolio accounting fees

56,210

Distribution Service Fee--Cash II Shares

333,081

Shareholder services fee--Institutional Shares

273,925

Shareholder services fee--Cash II Shares

333,081

Share registration costs

20,105

Printing and postage

11,332

Insurance premiums

11,126

Miscellaneous

1,214

TOTAL EXPENSES

2,258,274

Waivers:

Waiver of investment adviser fee

(182,129

)

Waiver of distribution services fee--Cash II Shares

(66,616

)

Waiver of shareholder services fee--Institutional Shares

(43,538

)

TOTAL WAIVERS

(292,283

)

Net expenses

1,965,991

Net investment income

7,474,923

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

7,474,923

13,670,261

Distributions to Shareholders:

Distributions from net investment income

Institutional Shares

(3,546,867

)

(6,192,193

)

Cash II Shares

(3,928,056

)

(7,478,068

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(7,474,923

)

(13,670,261

)

Share Transactions:

Proceeds from sale of shares

1,362,905,374

1,708,554,247

Net asset value of shares issued to shareholders in payment of distributions declared

1,486,357

3,159,629

Cost of shares redeemed

(1,391,407,273

)

(1,763,298,342

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

(27,015,542

)

(51,584,466

)

Change in net assets

(27,015,542

)

(51,584,466

)

Net Assets:

Beginning of period

302,182,594

353,767,060

End of period

275,167,052

302,182,594

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.64

3.70

2.79

3.09

3.20

Ratios to Average Net Assets:

Expenses

0.66

%³

0.59

0.58

0.54

0.49

Net investment income

3.24

%³

3.63

2.76

2.96

3.15

3.17

Expense waiver/reimbursement⁴

0.13

%³

0.20

0.27

0.19

0.25

0.34

Supplemental Data:

Net assets, end of period (000 omitted)

$183,673

$189,580

$136,841

$157,194

$479,860

$500,993

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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 -- Cash II series

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.02

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return³

1.51

3.43

2.53

2.83

2.94

2.80

Ratios to Average Net Assets:

Expenses

0.93

%⁴

0.85

0.86

0.85

0.80

0.65

%⁴

Net investment income

2.95

%⁴

3.20

2.52

2.83

2.88

3.07

%⁴

Expense waiver/reimbursement⁵

0.11

%⁴

0.19

0.24

0.19

0.24

0.44

%⁴

Supplemental Data:

Net assets, end of period (000 omitted)

$91,494

$112,603

$216,926

$71,839

$62,756

$31,824

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 Reflects operations for the period from November 27, 1995 (date of initial public investment) to October 31, 1996.

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

4 Computed on an annualized basis.

5 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Florida Municipal Cash Trust (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 Cash II Shares. The investment objective of the Fund is to provide current income exempt from federal regular income tax consistent with stability of principal and liquidity and to maintain an investment portfolio that will cause its shares to be exempt from the Florida state intangibles tax.

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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investments Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

At October 31, 2000, the Fund, for federal tax purposes, had a capital loss carryforward of $9,492, 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:

Expiration Year

Expiration Amount

2006

$3,329

2007

$6,163

When-Issued and Delayed Delivery Transactions

Restricted Securities

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) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

708,818,498

915,172,677

Shares issued to shareholders in payment of distributions declared

1,321,003

2,769,718

Shares redeemed

(716,046,774

)

(865,203,693

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

(5,907,273

)

52,738,702

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Cash II Shares:

Shares sold

654,086,876

793,381,570

Shares issued to shareholders inpayment of distributions declared

165,354

389,911

Shares redeemed

(675,360,499

)

(898,094,649

)

NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS

(21,108,269

)

(104,323,168

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

(27,015,542

)

(51,584,466

)

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

Share Class

Percentage of Average Daily
Net Assets of Class

Institutional Shares

0.25%

Class II Shares

0.25%

FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

For the six months ended April 30, 2001, the Fund's Institutional Shares did not incur a distribution services fee.

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.

Interfund Transactions

During the six months ended April 31, 2001, 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 $815,952,000 and $918,315,000, respectively.

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 48.6% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 6.8% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Florida Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N336
Cusip 60934N344

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

G00827-02 (6/01)

Federated Investors
World-Class Investment Manager

Georgia Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.5%¹

Georgia--99.5%

2,700,000

Albany-Dougherty, GA, Payroll Development Authority, Weekly VRDNs (Flint River Services, Inc.)/(Columbus Bank and Trust Co., GA LOC)

2,700,000

4,600,000

Athens-Clarke County, GA, IDA, (Series 1988), 3.25% CP (Rhone Merieux, Inc. Project)/(Societe Generale, Paris LOC), Mandatory Tender 6/12/2001

4,600,000

1,200,000

Athens-Clarke County, GA, IDA, (Series 1997), Weekly VRDNs (Armagh Capital Resource LLC)/(Wachovia Bank of NC, N.A. LOC)

1,200,000

1,500,000

Atlanta, GA, Urban Residential Finance Authority, Multifamily Housing Revenue Bonds, (Series 1995), Weekly VRDNs (West End Housing Development Project)/(First Union National Bank, Charlotte, NC LOC)

1,500,000

4,760,000

Augusta, GA, HFA, (Series 1998), Weekly VRDNs (Sterling Ridge Apartments)/(Amsouth Bank N.A., Birmingham LOC)

4,760,000

2,000,000

Bartow County, GA, IDA, (Series 2000), Weekly VRDNs (Eagle Solutions LLC)/(Amsouth Bank N.A., Birmingham LOC)

2,000,000

3,565,000

Brunswick, GA, Housing Authority, (Series 1993S), Weekly VRDNs (Island Square Apartments Project)/(Columbus Bank and Trust Co., GA LOC)

3,565,000

5,115,000

Burke County, GA, Development Authority, Pollution Control Revenue Bonds, (Series 1993A), Weekly VRDNs (Oglethorpe Power Corp.)/(FGIC INS)/ (Canadian Imperial Bank of Commerce LIQ)

5,115,000

4,000,000

Burke County, GA, Development Authority, Pollution Control Revenue Bonds, (Series 1995), Daily VRDNs (Georgia Power Co.)

4,000,000

2,000,000

Carrollton, GA, Redevelopment Authority, (Series 2000), 5.00% Bonds (Carrollton, GA), 8/1/2001

2,003,294

2,555,000

Cedartown, GA, Development Authority, (Series 1998), Weekly VRDNs (Rome Plow Co.)/ (SunTrust Bank LOC)

2,555,000

805,000

Cherokee County, GA, Development Authority, IDRB, Weekly VRDNs (Morrison Products, GA)/(KeyBank, N.A. LOC)

805,000

1,000,000

Cherokee County, GA, School System, 4.25% Bonds (Georgia State GTD), 2/1/2002

1,005,491

4,000,000

Cherokee County, GA, Water & Sewer Authority, MERLOTS, (Series 2000 A23), 4.40% TOBs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 11/6/2001

4,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--continued

9,500,000

Clayton County, GA, Development Authority, (Series 1994), Weekly VRDNs (Lear Seating Corp.)/(Chase Manhattan Bank, New York LOC)

9,500,000

2,550,000

Clayton County, GA, Housing Authority, (Series 1992), Weekly VRDNs (Oxford Townhomes)/(Amsouth Bank N.A., Birmingham LOC)

2,550,000

16,000,000

Clayton County, GA, Housing Authority, (Series 2000), Weekly VRDNs (Villages at Lake Ridge Apartments) (Timber Mills Partners, LP)/(Amsouth Bank N.A., Birmingham LOC)

16,000,000

8,330,000

Clayton County, GA, Housing Authority, (Series 2000A), Weekly VRDNs (Double Winds Ventures, LLC)/(FNMA LOC)

8,330,000

315,000

Cobb County, GA, IDA, Weekly VRDNs (Atlanta RDC Co.)/(First Union National Bank, Charlotte, NC LOC)

315,000

9,675,000

Cobb County, GA, IDA, (Series 1997), Weekly VRDNs (Wyndham Gardens)/(Bankers Trust Co., New York LOC)

9,675,000

2,300,000

Cobb County, GA, IDA, IDRB, (Series 1995), Weekly VRDNs (Consolidated Engineering Company, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC)

2,300,000

570,000

Columbia County, GA, Development Authority, (Series 1991), Weekly VRDNs (Augusta Sportswear, Inc.)/(Wachovia Bank of NC, N.A. LOC)

570,000

2,000,000

Columbus, GA, Hospital Authority, (Series 2000), Weekly VRDNs (St. Francis Hospital, Inc.)/(SunTrust Bank LOC)

2,000,000

5,650,000

Columbus, GA, IDA Industrial & Port Development Commission, (Series 1992), Weekly VRDNs (Maine Street Village Partnership)/(Columbus Bank and Trust Co., GA LOC)

5,650,000

1,600,000

Coweta County, GA, Development Authority, Pollution Control Revenue Bonds, (Series 1996), Daily VRDNs (Georgia Power Co.)/(Plant Yates Project)

1,600,000

3,000,000

Coweta County, GA, IDA, (Series 1995), Weekly VRDNs (Lanelco LLC)/(Bank One, Michigan LOC)

3,000,000

1,290,000

Coweta County, GA, Residential Care Facilities for the Elderly, First Lien Revenue Bonds, (Series 1996B), Weekly VRDNs (Wesley Woods of Newman-Peachtree City, Inc.)/(BNP Paribas LOC)

1,290,000

8,290,000

Crisp County, GA, Solid Waste Management Authority, (Series 1998), Weekly VRDNs (FSA INS)/(First Union National Bank, Charlotte, NC LIQ)

8,290,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--continued

7,500,000

Dade County, GA, IDA, (Series 1997), Weekly VRDNs (Bull Moose Tube Co.)/(Firstar Bank, N.A. LOC)

7,500,000

2,000,000

Dawson County, GA, Development Authority, (Series 1999), Weekly VRDNs (Impulse Investments LLC)/(Wachovia Bank of NC, N.A. LOC)

2,000,000

1,250,000

De Kalb County, GA, Development Authority, Weekly VRDNs (Rock-Tenn Co., Inc.)/(SunTrust Bank, Atlanta LOC)

1,250,000

1,050,000

De Kalb County, GA, Development Authority, (Series 1992), Weekly VRDNs (House of Cheatham, Inc.)/(Bank of America, N.A. LOC)

1,050,000

2,300,000

De Kalb County, GA, Development Authority, (Series 1995), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank, Atlanta LOC)

2,300,000

1,100,000

De Kalb County, GA, Development Authority, (Series 1996), Weekly VRDNs (DeKalb Steel, Inc.)/(SouthTrust Bank of Georgia, Atlanta LOC)

1,100,000

2,500,000

De Kalb County, GA, Development Authority, (Series 1999), Weekly VRDNs (Boy's and Girl's Clubs)/(SunTrust Bank, Atlanta LOC)

2,500,000

4,000,000

De Kalb County, GA, Multifamily Housing Authority, Multifamily Housing Revenue Bonds, (Series 1996), Weekly VRDNs (Bryton Hill Apartments)/(PNC Bank, N.A. LOC)

4,000,000

5,000,000

De Kalb Private Hospital Authority, GA, (Series 1994B), Weekly VRDNs (Egleston Children's Hospital at Emory University, Inc.)/(SunTrust Bank, Atlanta LOC)

5,000,000

3,375,000

Dekalb County, GA, Single Family Mortgage, Roaring Fork Municipal Products LLC, (Series 2000-9), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)

3,375,000

5,500,000

Dougherty County, GA, Development Authority, (Series 2001), Weekly VRDNs (Deerfield-Windsor School)/(Regions Bank, Alabama LOC)

5,500,000

2,400,000

Douglas County, GA, Development Authority, (Series 1997), Weekly VRDNs (Austral Insulated Products, Inc.)/(Regions Bank, Alabama LOC)

2,400,000

640,000

Douglas County, GA, Development Authority, (Series 1997), Weekly VRDNs (Paul B. Goble)/(Wachovia Bank of NC, N.A. LOC)

640,000

5,585,000

Douglas County, GA, Development Authority, (Series 1998A), Weekly VRDNs (Heritage Bag)/(Wachovia Bank of NC, N.A. LOC)

5,585,000

4,500,000

Floyd County, GA, Pollution Control Revenue Bonds, (Series 1996), Daily VRDNs (Georgia Power Co.)

4,500,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--continued

5,000,000

Forsythe County, GA, Development Authority, IDRB, (Series 1995), Weekly VRDNs (American BOA, Inc.)/(Dresdner Bank AG, Frankfurt LOC)

5,000,000

9,240,000

Franklin County, GA, Industrial Building Authority, (Series 1995), Weekly VRDNs (Bosal Industries, Inc.)/(Bank of New York, New York LOC)

9,240,000

3,915,000

Fulco, GA, Hospital Authority, (Series 1999), Weekly VRDNs (Piedmont Hospital)/(SunTrust Bank, Atlanta LOC)

3,915,000

6,000,000

Fulton County, GA, Development Authority, (Series 1999), Weekly VRDNs (Boy's and Girl's Clubs)/(SunTrust Bank, Atlanta LOC)

6,000,000

6,245,000

Fulton County, GA, Housing Authority, (PT-469), 4.25% TOBs (Cimarron & Monterey Apartments)/(FHLMC GTD)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 12/6/2001

6,245,000

1,755,000

Fulton County, GA, IDA, Weekly VRDNs (C.K.S. Packaging, Inc.)/(SouthTrust Bank of Georgia, Atlanta LOC)

1,755,000

1,400,000

Fulton County, GA, IDA, (Series 1997), Weekly VRDNs (In-Store Media Corp.)/(SunTrust Bank, Atlanta LOC)

1,400,000

10,000,000

Gainesville and Hall County, GA, Development Authority, (Series 1999A), Weekly VRDNs (Lanier Village Estates, Inc.)/(Regions Bank, Alabama LOC)

10,000,000

4,200,000

Gainesville and Hall County, GA, Development Authority, (Series 2000), Weekly VRDNs (ATEX, Inc.)/(Wachovia Bank of NC, N.A. LOC)

4,200,000

6,000,000

Gainesville and Hall County, GA, Development Authority, (Series 2000), Weekly VRDNs (ReConserve, Inc.)/(Branch Banking & Trust Co, Winston-Salem LOC)

6,000,000

2,600,000

Gainesville, GA, Redevelopment Authority, Downtown Developments, Ltd. (Series 1987), Weekly VRDNs (Downtown Developments, Ltd.)/(Regions Bank, Alabama LOC)

2,600,000

11,500,000

Gainesville, GA, Redevelopment Authority, (Series 1999), Weekly VRDNs (Brenau University, Inc.)/(SunTrust Bank, Atlanta LOC)

11,500,000

8,000,000

Gainesville, GA, Redevelopment Authority, (Series 2000), Weekly VRDNs (Riverside Military Academy, Inc.)/(SunTrust Bank, Atlanta LOC)

8,000,000

2,310,000

Gainesville, GA, Redevelopment Authority, IDRB, (Series 1986), Weekly VRDNs (Hotel of Gainesville Associates)/(Regions Bank, Alabama LOC)

2,310,000

480,000

Georgia Municipal Electric Authority, (Series CC), 4.50% Bonds, 1/1/2002

481,550

1,500,000

Georgia Ports Authority, (Series 1996A), Weekly VRDNs (Colonel's Island Terminal)/(SunTrust Bank, Atlanta LOC)

1,500,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--continued

30,375,000

Georgia State, PUTTERS, (Series 128), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)

30,375,000

2,805,000

Gwinnett County, GA, IDA, (Series 1996), Weekly VRDNs (Sidel, Inc./(Bank of America, N.A. LOC)

2,805,000

530,000

Gwinnett County, GA, IDA, (Series 1997), Weekly VRDNs (Virgil R. Williams, Jr.)/(Wachovia Bank of NC, N.A. LOC)

530,000

2,200,000

Gwinnett County, GA, IDA, (Series 1998), Weekly VRDNs (Pace Manufacturing, Inc.)/(Amsouth Bank N.A., Birmingham LOC)

2,200,000

2,845,000

Gwinnett County, GA, IDA, (Series 2000), Weekly VRDNs (Maltese Signs, Inc.)/(SunTrust Bank, Atlanta LOC)

2,845,000

5,000,000

Gwinnett County, GA, Water and Sewer Authority, (PT-1169), 4.50% TOBs (Gwinnett County, GA)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 7/26/2001

5,000,000

1,500,000

Hart County, GA, IDA, Revenue Bonds, (Series 1996), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank, Atlanta LOC)

1,500,000

1,800,000

Heard County, GA, Development Authority, (Series 1996), Daily VRDNs (Georgia Power Co.)

1,800,000

6,750,000

Jackson County, GA, IDA, (Series 1996), Weekly VRDNs (Buhler Quality Yarns Corp.)/(UBS AG LOC)

6,750,000

1,050,000

Jackson County, GA, IDA, (Series 1997), Weekly VRDNs (Mullett Co.)/(Wachovia Bank of NC, N.A. LOC)

1,050,000

600,000

Jefferson, GA, Development Authority, (Series 1997), Weekly VRDNs (Ringwood Containers LP)/(Wachovia Bank of NC, N.A. LOC)

600,000

3,075,000

La Grange, GA, Multifamily Housing Authority, Revenue Bonds, 4.60% TOBs (Lee's Crossing Project Phase II)/(Columbus Bank and Trust Co., GA LOC), Optional Tender 5/1/2001

3,075,000

2,895,000

La Grange, GA, Multifamily Housing Authority, Revenue Bonds, 4.60% TOBs (Lee's Crossing Project Phase I)/(Columbus Bank and Trust Co., GA LOC), Optional Tender 5/1/2001

2,895,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--continued

3,630,000

LaGrange, GA, Housing Authority, Multifamily Refunding Revenue Bonds, (Series 1997), Weekly VRDNs (Greenwood Park)/(Columbus Bank and Trust Co., GA LOC)

3,630,000

3,465,000

LaGrange, GA, Housing Authority, Multifamily Refunding Revenue Bonds, (Series 1997), Weekly VRDNs (Meadow Terrace)/(Columbus Bank and Trust Co., GA LOC)

3,465,000

3,500,000

Lowndes County Schools, GA, (Series 2001), 3.60% TANs, 12/31/2001

3,501,105

7,770,000

Marietta, GA, Housing Authority, Multifamily Housing Revenue Bonds, (Series 1995), Weekly VRDNs (Chalet Apartments)/(General Electric Capital Corp. LOC)

7,770,000

1,990,000

McDuffie County, GA, Development Authority, Weekly VRDNs (Thomson Plastics)/(SouthTrust Bank of Alabama, Birmingham LOC)

1,990,000

2,300,000

McDuffie County, GA, Development Authority, (Series 1998), 4.00% CP (Temple-Inland Forest Products Corp.)/(Temple-Inland, Inc. GTD), Mandatory Tender 5/21/2001

2,300,000

565,000

Milledgeville & Baldwin County, GA, Development Authority, (Series 1997), Weekly VRDNs (Oconee Area Properties, Inc.)/(Wachovia Bank of NC, N.A. LOC)

565,000

4,002,000

Milledgeville & Baldwin County, GA, Development Authority, (Series 2000), Weekly VRDNs (Vernay Manufacturing, Inc.)/(Firstar Bank, N.A. Cincinnati LOC)

4,002,000

2,300,000

Monroe County, GA, Development Authority, Pollution Control Revenue Bonds, (Series 1997), Daily VRDNs (Georgia Power Co.)

2,300,000

3,000,000

Monroe County, GA, Development Authority, (Series 1999A), Daily VRDNs (Oglethorpe Power Corp. Scherer Project)/(AMBAC INS)/(Morgan Guaranty Trust Co., New York LIQ)

3,000,000

10,900,000

Monroe County, GA, Development Authority, (Series 2000), Weekly VRDNs (Old Tift College)/(First Union National Bank, Charlotte, NC LOC)

10,900,000

4,400,000

Municipal Electric Authority of Georgia, (Series 1994D), Weekly VRDNs (ABN AMRO Bank N.V., Amsterdam LOC)

4,400,000

500,000

Municipal Electric Authority of Georgia, (Series A), 4.50% Bonds (MBIA INS), 1/1/2002

503,100

12,000,000

Rabun County, GA, Development Authority, (Series 1999), Weekly VRDNs (Rabun Gap-Nacoochee, Inc.)/(SunTrust Bank, Atlanta LOC)

12,000,000

13,000,000

Richmond County, GA, Board of Education, (Series 2001), 3.52% TANs, 12/31/2001

13,006,752

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--continued

6,220,000

Richmond County, GA, Board of Education, 4.50% Bonds (Georgia State GTD), 9/1/2001

6,222,757

2,500,000

Richmond County, GA, Development Authority, (Series 1999), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank, Atlanta LOC)

2,500,000

2,430,000

Rockdale County, GA, Development Authority, (Series 1995), Weekly VRDNs (Great Southern Wood Preserving Inc.)/(SunTrust Bank, Central Florida LOC)

2,430,000

8,500,000

Rome-Floyd County, GA, Development Authority, (Series 2000), Weekly VRDNs (Steel King Industries, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

8,500,000

6,000,000

Rome-Floyd County, GA, Development Authority, (Series 2000), Weekly VRDNs (VTI of Georgia)/(Wells Fargo Bank, Minnesota, N.A. LOC)

6,000,000

2,300,000

Rome-Floyd County, GA, Development Authority, (Series 2000A), Weekly VRDNs (Packaging Products Corp.)/(Commerce Bank, Kansas City, N.A. LOC)

2,300,000

4,600,000

Roswell, GA, Housing Authority, Multifamily Housing Refunding Revenue Bonds, (Series 1988A), Weekly VRDNs (Belcourt Ltd.)/(Northern Trust Co., Chicago, IL LOC)

4,600,000

13,750,000

Savannah, GA, EDA, (Series 1995A), Weekly VRDNs (Home Depot, Inc.)

13,750,000

2,000,000

Savannah, GA, EDA, (Series 2000), Weekly VRDNs (Republic Services of Georgia)/(SunTrust Bank, Atlanta LOC)

2,000,000

2,500,000

Stephens County, GA, Development Authorithy, (Series 1999), Weekly VRDNs (Toccoa Packaging, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)

2,500,000

4,740,000

Valdosta, GA, City Schools, (Series 2001), 4.62% TANs, 12/31/2001

4,747,583

1,000,000

Wayne County, GA, IDA, Revenue Bonds, (Series 1995), Weekly VRDNs (Harsco Corp.)/(Bank of America, N.A. LOC)

1,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Georgia--continued

2,800,000

Whitfield County, GA, Development Authority Weekly VRDNs (Franklin Industries Inc.)/(Bank of America, N.A. LOC)

2,800,000

1,175,000

Whitfield County, GA, Development Authority, (Series 1996), Weekly VRDNs (AMC International, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)

1,175,000

4,000,000

Winder-Barrow County, GA, Joint Development Authority, (Series 2001), Weekly VRDNs (YMCA Athens, GA)/(Wachovia Bank of NC, N.A. LOC)

4,000,000

TOTAL INVESTMENTS (AT AMORTIZED COST)³

439,008,632

Securities that are subject to alternative minimum tax represent 48.0% of the portfolio based upon portfolio market value.

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 April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

98.68%

1.32%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based on criteria approved by the fund's Board of Trustees. At April 30, 2001, these securities amounted to $15,245,000 which represents 3.5% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($441,028,944) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
COL	--Collateralized
CP	--Commercial Paper
EDA	--Economic Development Authority
FGIC	--Financial Guaranty Insurance Company
FHLMC	--Federal Home Loan Mortgage Corporation
FNMA	--Federal National Mortgage Association
FSA	--Financial Security Assurance
GNMA	--Government National Mortgage Association
GTD	--Guaranteed
HFA	--Housing Finance Authority
IDA	--Industrial Development Authority
IDRB	--Industrial Development Revenue Bond
INS	--Insured
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PUTTERS	--Puttable Tax Exempt Receipts
TANs	--Tax Anticipation Notes
TOBs	--Tender Option Bonds
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

439,008,632

Cash

853,241

Income receivable

2,465,825

TOTAL ASSETS

442,327,698

Liabilities:

Income distribution payable

1,208,673

Accrued expenses

90,081

TOTAL LIABILITIES

1,298,754

Net assets for 441,028,944 shares outstanding

441,028,944

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

$441,028,944 ÷ 441,028,944 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

5,735,883

Expenses:

Investment adviser fee

709,254

Administrative personnel and services fee

106,814

Custodian fees

9,186

Transfer and dividend disbursing agent fees and expenses

13,837

Directors'/Trustees' fees

1,159

Auditing fees

6,432

Legal fees

4,647

Portfolio accounting fees

35,997

Shareholder services fee

354,627

Share registration costs

8,775

Printing and postage

7,992

Insurance premiums

7,449

Miscellaneous

1,785

TOTAL EXPENSES

1,267,954

Waivers:

Waiver of investment adviser fee

(487,774

)

Waiver of shareholder services fee

(85,111

)

TOTAL WAIVERS

(572,885

)

Net expenses

695,069

Net investment income

5,040,814

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

5,040,814

8,854,648

Distributions to Shareholders:

Distributions from net investment income

(5,040,814

)

(8,854,648

)

Share Transactions:

Proceeds from sale of shares

676,128,374

739,251,553

Net asset value of shares issued to shareholders in payment of distributions declared

2,265,419

4,612,361

Cost of shares redeemed

(455,662,151

)

(792,698,941

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

222,731,642

(48,835,027

)

Change in net assets

222,731,642

(48,835,027

)

Net Assets:

Beginning of period

218,297,302

267,132,329

End of period

441,028,944

218,297,302

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.77

3.82

2.94

3.33

3.38

3.37

Ratios to Average Net Assets:

Expenses

0.49

%³

0.49

0.46

Net investment income

3.55

%³

3.72

2.90

3.28

3.33

3.31

Expense waiver/reimbursement⁴

0.40

%³

0.41

0.42

0.44

0.43

0.52

Supplemental Data:

Net assets, end of period (000 omitted)

$441,029

$218,297

$267,132

$168,098

$121,858

$122,940

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Georgia Municipal Cash Trust (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 to provide current income exempt from federal regular income tax and the personal income tax imposed by the State of Georgia 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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Restricted Securities

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:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Shares sold

676,128,374

739,251,553

Shares issued to shareholders in payment of distributions declared

2,265,419

4,612,361

Shares redeemed

(455,662,151

)

(792,698,941

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

222,731,642

(48,835,027

)

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

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.

Interfund Transactions

During the six-month period ended April 31, 2001, 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 $485,980,000 and $232,695,000, respectively.

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 77.7% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 16.2% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

EDWARD C. GONZALES

Executive Vice President

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Georgia Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N328

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

G01478-01 (6/01)

Federated Investors
World-Class Investment Manager

Massachusetts Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.8%¹

Massachusetts--98.6%

17,366,000

ABN AMRO MuniTOPS Certificates Trust (Massachusetts Non-AMT), (Series 1998-12), Weekly VRDNs (Massachusetts Water Resources Authority)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

17,366,000

25,360,000

ABN AMRO MuniTOPS Certificates Trust (Massachusetts Non-AMT), (Series 2000-2), Weekly VRDNs (Massachusetts Water Resources Authority)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

25,360,000

5,000,000

Belchertown, MA, 3.50% BANs, 1/25/2002

5,007,170

1,500,000

Boston, MA Water & Sewer Commission, General Revenue Bonds, (Series 1994A), Weekly VRDNs (State Street Bank and Trust Co. LOC)

1,500,000

10,000,000

Braintree, MA, 4.30% BANs, 12/21/2001

10,018,464

7,995,000

Bridgewater-Raynham, MA Regional School District, 5.00% BANs, 7/6/2001

7,999,135

1,000,000

Brockton, MA, 6.00% GO Bonds (AMBAC INS), 5/1/2001

1,000,000

7,496,500

Canton, MA, 5.25% BANs, 6/8/2001

7,500,374

9,880,000

Clipper Tax-Exempt Certificates Trust (Massachusetts Non-AMT), (Series 1999-1), 3.50% TOBs (Massachusetts State HFA)/(MBIA INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 2/28/2002

9,880,000

16,513,000

Clipper Tax-Exempt Certificates Trust (Massachusetts Non-AMT), (Series 2000-2), 3.50% TOBs (Massachusetts Turnpike Authority)/(MBIA INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 2/28/2002

16,513,000

49,170,741

Clipper Tax-Exempt Certificates Trust, (Series A), Weekly VRDNs (Massachusetts State Lottery Commission)/(AMBAC INS)/(State Street Bank and Trust Co. LIQ)

49,170,741

3,000,000

Commonwealth of Massachusetts Weekly VRDNs (AMBAC INS)/(Citibank N.A., New York LIQ)

3,000,000

3,250,000

Commonwealth of Massachusetts, (Series 1997B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)

3,250,000

4,835,000

Commonwealth of Massachusetts, PA-647 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

4,835,000

2,000,000

Commonwealth of Massachusetts, (Series 2001B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)

2,000,000

12,855,000

Commonwealth of Massachusetts, (Series 2001C), Weekly VRDNs (State Street Bank and Trust Co. LIQ)

12,855,000

6,195,000

Commonwealth of Massachusetts, (Series A), 4.13% Bonds, 2/1/2002

6,207,368

1,125,000

Commonwealth of Massachusetts, (Series A), 4.25% Bonds, 1/1/2002

1,131,988

3,255,000

Commonwealth of Massachusetts, 1999 SG 126 Weekly VRDNs (Societe Generale, Paris LIQ)

3,255,000

3,190,000

Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Daily VRDNs (Toronto Dominion Bank LIQ)

3,190,000

5,970,000

Commonwealth of Massachusetts, PA-793 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

5,970,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--contained¹

Massachusetts--continued

2,400,000

Commonwealth of Massachusetts, PA-798 Weekly VRDNs (Massachusetts Federal-Aid Highway Program)/(FSA INS)/(Merrill Lynch & Co., Inc. LIQ)

2,400,000

5,000,000

Commonwealth of Massachusetts, PA-800R Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

5,000,000

10,515,000

Commonwealth of Massachusetts, PA-812R Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ)

10,515,000

6,062,000

Dighton-Rehobeth, MA Regional School District, 5.00% BANs, 7/6/2001

6,065,136

8,000,000

Fall River, MA, 5.25% BANs, 6/1/2001

8,002,268

8,100,000

Freetown-Lakeville, MA Regional School District, 3.50% BANs, 7/6/2001

8,102,145

4,500,000

Freetown-Lakeville, MA Regional School District, 3.60% BANs, 8/10/2001

4,502,441

2,900,000

Freetown-Lakeville, MA Regional School District, 4.75% BANs, 9/28/2001

2,904,338

3,765,000

Gardner, MA, 3.30% BANs, 4/5/2002

3,768,717

7,500,000

Haverhill, MA, 4.00% RANs (Fleet National Bank, Springfield, MA LOC), 4/16/2002

7,555,736

19,802,535

Koch Floating Rate Trust (Massachusetts Non-AMT), (Series 1999-4), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ)

19,802,535

4,008,000

Leominster, MA, 3.75% BANs, 5/3/2002

4,026,597

10,000,000

Marshfield, MA, 5.00% BANs, 6/20/2001

10,009,298

36,935,000

Massachusetts Bay Transportation Authority, (Series 1999), Weekly VRDNs (Commerzbank AG, Frankfurt LIQ)

36,935,000

15,000,000

Massachusetts Bay Transportation Authority, MERLOTS, (Series 2000H), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ)

15,000,000

7,700,000

Massachusetts Bay Transportation Authority, PT-1218, 3.25% TOBs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 7/19/2001

7,700,000

3,000,000

Massachusetts Development Finance Agency, (Series 1998A), Weekly VRDNs (Shady Hill School)/(State Street Bank and Trust Co. LOC)

3,000,000

7,340,000

Massachusetts Development Finance Agency, (Series 1999), Weekly VRDNs (Dean College)/(Fleet National Bank, Springfield, MA LOC)

7,340,000

3,000,000

Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Draper Laboratory)/(MBIA INS)/(Morgan Guaranty Trust Co., New York LIQ)

3,000,000

4,000,000

Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Marine Biological Laboratory)/(Allied Irish Banks PLC LOC)

4,000,000

10,000,000

Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Wentworth Institute of Technology, Inc.)/(AMBAC INS)/(State Street Bank and Trust Co. LIQ)

10,000,000

3,500,000

Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Worcester Academy)/(Allied Irish Banks PLC LOC)

3,500,000

3,300,000

Massachusetts Development Finance Agency, (Series 2001), Weekly VRDNs (The Children's Museum)/(Citizens Bank of Massachusetts LOC)

3,300,000

4,000,000

Massachusetts Development Finance Agency, (Series 2001A), Weekly VRDNs (Alliance of Massachusetts, Inc.)/(PNC Bank, N.A. LOC)

4,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Massachusetts--continued

9,955,000

Massachusetts Development Finance Agency, (Series B), Weekly VRDNs (Edgewood Retirement Community Project)/(Fleet National Bank, Springfield, MA LOC)

9,955,000

12,500,000

Massachusetts HEFA Weekly VRDNs (Harvard University)

12,500,000

27,700,000

Massachusetts HEFA, (Series 1985H), Weekly VRDNs (Boston University)/(State Street Bank and Trust Co. LOC)

27,700,000

1,740,000

Massachusetts HEFA, (Series 1999), Weekly VRDNs (CIL Reality of Massachusetts)/(Dexia Public Finance Bank S.A. LOC)

1,740,000

15,100,000

Massachusetts HEFA, (Series A), Weekly VRDNs (Brigham & Women's Hospital)/(Landesbank Hessen-Thueringen, Frankfurt LOC)

15,100,000

8,000,000

Massachusetts HEFA, (Series A), Weekly VRDNs (University of Massachusetts)/(Dexia Public Finance Bank S.A. LOC)

8,000,000

8,940,000

Massachusetts HEFA, (Series B), Weekly VRDNs (Endicott College)/(Fleet National Bank, Springfield, MA LOC)

8,940,000

14,320,000

Massachusetts HEFA, (Series B), Weekly VRDNs (Hallmark Health System)/(FSA INS)/(Fleet National Bank, Springfield, MA LIQ)

14,320,000

2,450,000

Massachusetts HEFA, (Series D), 6.875% Revenue Bonds (Deaconess Hospital)/(United States Treasury PRF), 4/1/2002 (@102)

2,578,228

14,700,000

Massachusetts HEFA, (Series F), Weekly VRDNs (Children's Hospital of Boston)/(Landesbank Hessen-Thueringen, Frankfurt LIQ)

14,700,000

3,700,000

Massachusetts HEFA, (Series R), Weekly VRDNs (Harvard University)

3,700,000

6,200,000

Massachusetts HEFA, MERLOTS, (Series 2000-T), Weekly VRDNs (Simmons College)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)

6,200,000

18,495,000

Massachusetts HEFA, MERLOTS, (Series 2000WW), Weekly VRDNs (Harvard University)/(First Union National Bank, Charlotte, NC LIQ)

18,495,000

5,000,000

Massachusetts HEFA, (Series B), Weekly VRDNs (New England Carpenters Training Fund)/(Citizens Bank of Massachusetts LOC)

5,000,000

1,800,000

Massachusetts IFA, (Series 1992), Weekly VRDNs (Holyoke Water Power Co.)/(Canadian Imperial Bank of Commerce LOC)

1,800,000

14,250,000

Massachusetts IFA, (Series 1992B), 3.10% CP (New England Power Co.), Mandatory Tender 5/21/2001

14,250,000

10,000,000

Massachusetts IFA, (Series 1992B), 3.20% CP (New England Power Co.), Mandatory Tender 5/23/2001

10,000,000

12,000,000

Massachusetts IFA, (Series 1992B), 3.50% CP (New England Power Co.), Mandatory Tender 7/9/2001

12,000,000

5,900,000

Massachusetts IFA, (Series 1994), Weekly VRDNs (Nova Realty Trust)/(Fleet National Bank,Springfield, MA LOC)

5,900,000

7,585,000

Massachusetts IFA, (Series 1995), Weekly VRDNs (Goddard House)/(Fleet National Bank, Springfield, MA LOC)

7,585,000

7,200,000

Massachusetts IFA, (Series 1995), Weekly VRDNs (Whitehead Institute for Biomedical Research)

7,200,000

7,184,000

Massachusetts IFA, (Series 1996), Weekly VRDNs (Newbury College)/(Fleet National Bank,Springfield, MA LOC)

7,184,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Massachusetts--continued

2,675,000

Massachusetts IFA, (Series 1997), Weekly VRDNs (Massachusetts Society for the Prevention of Cruelty to Animals)/(Fleet National Bank, Springfield, MA LOC)

2,675,000

5,630,000

Massachusetts IFA, (Series 1997), Weekly VRDNs (Mount Ida College)/(Dexia Public Finance Bank S.A. LOC)

5,630,000

5,965,000

Massachusetts IFA, (Series 1998A), Weekly VRDNs (JHC Assisted Living Corp.)/(Fleet National Bank, Springfield, MA LOC)

5,965,000

1,125,000

Massachusetts IFA, (Series A), Weekly VRDNs (Hockomock YMCA)/(Bank of Nova Scotia, Toronto LOC)

1,125,000

9,450,000

Massachusetts IFA, (Series B), Weekly VRDNs (Williston North Hampton School)/(Fleet National Bank, Springfield, MA LOC)

9,450,000

10,625,000

Massachusetts Municipal Wholesale Electric Co., Trust Receipts, (Series 2000 FR/RI- L3), Weekly VRDNs (Lehman Brothers, Inc. LIQ)/(MBIA LOC)

10,625,000

5,200,000

Massachusetts State College Building Authority, MERLOTS, (Series 2000-B11), Weekly VRDNs (AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)

5,200,000

10,000,000

Massachusetts State HFA, MERLOTS, (Series 1999H), Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

10,000,000

9,290,000

Massachusetts State HFA, (PT-162) 3.50% TOBs (MBIA INS)/(BNP Paribas LIQ), Optional Tender 1/10/2002

9,290,000

26,743,000

Massachusetts Turnpike Authority, Variable Rate Certificates, (Series 1997N), Weekly VRDNs (MBIA INS)/(Bank of America, N.A. LIQ)

26,743,000

10,090,000

Massachusetts Water Pollution Abatement Trust Pool, (PT-1185) 4.40% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/13/2001

10,090,000

11,300,000

Massachusetts Water Pollution Abatement Trust Pool, SGA, (Series 87), Daily VRDNs (Societe Generale, Paris LIQ)

11,300,000

16,500,000

Massachusetts Water Pollution Abatement Trust Pool, Subordinate, MERLOTS, (Series 1999N), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

16,500,000

8,000,000

Massachusetts Water Resources Authority, (Series 1994), 3.15% CP (Morgan Guaranty Trust Co., New York LOC), Mandatory Tender 8/14/2001

8,000,000

15,000,000

Massachusetts Water Resources Authority, (Series 1994), 3.20% CP (Morgan Guaranty Trust Co., New York LOC), Mandatory Tender 7/13/2001

15,000,000

3,050,000

Massachusetts Water Resources Authority, (Series 1998D), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)

3,050,000

8,900,000

Massachusetts Water Resources Authority, (Series 1999B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LOC)

8,900,000

1,700,000

Massachusetts Water Resources Authority, (Series 2000B), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)

1,700,000

5,000,000

Millbury, MA, 3.35% BANs, 4/19/2002

5,009,816

5,500,000

Milton, MA, 4.50% BANs, 12/14/2001

5,507,546

19,500,000

Monson, MA, 5.00% BANs, 8/9/2001

19,525,517

5,700,000

Newton, MA, 4.40% BANs, 12/21/2001

5,710,524

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Massachusetts--continued

3,679,000

North Andover, MA, 5.00% BANs, 6/21/2001

3,680,126

2,750,000

Northbridge, MA, 4.50% BANs, 2/21/2002

2,776,985

11,800,000

Springfield, MA, 3.50% BANs (Fleet National Bank, Springfield, MA LOC), 8/30/2001

11,826,259

3,390,000

Springfield, MA, 5.00% BANs (Fleet National Bank, Springfield, MA LOC), 6/22/2001

3,392,310

10,000,000

Sudbury, MA, 4.40% BANs, 12/14/2001

10,020,949

5,270,000

Wayland, MA, 4.40% BANs, 12/21/2001

5,279,723

15,095,000

Westborough, MA, 4.50% BANs, 11/21/2001

15,109,511

6,120,000

Weymouth, MA Housing Authority, PT 1062, Weekly VRDNs (Queen Ann Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)

6,120,000

11,500,000

Williamstown, MA, 4.40% BANs, 9/20/2001

11,507,363

5,985,000

Wilmington, MA, 4.80% BANs, 6/29/2001

5,987,960

TOTAL

874,983,268

Puerto Rico--1.2%

5,100,000

Puerto Rico Highway and Transportation Authority, (Series A), Weekly VRDNs (AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ)

5,100,000

5,335,000

Puerto Rico Municipal Finance Agency, (PA-638) Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ)

5,335,000

TOTAL

10,435,000

TOTAL INVESTMENTS (AT AMORTIZED COST)³

885,418,268

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

100.0%

0.0%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($886,936,510) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
CP	--Commercial Paper
FGIC	--Financial Guaranty Insurance Company
FSA	--Financial Security Assurance
GO	--General Obligation
HEFA	--Health and Education Facilities Authority
HFA	--Housing Finance Authority
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
PRF	--Prerefunded
RANs	--Revenue Anticipation Note
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

885,418,268

Cash

484,211

Income receivable

8,116,597

TOTAL ASSETS

894,019,076

Liabilities:

Payable for investments purchased

4,026,597

Payable for shares redeemed

982,903

Income distribution payable

2,073,066

TOTAL LIABILITIES

7,082,566

Net assets for 886,936,510 shares outstanding

886,936,510

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Service Shares:

$814,341,389 ÷ 814,341,389 shares outstanding

$1.00

Galaxy-BKB Shares:

$72,595,121 ÷ 72,595,121 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

17,695,236

Expenses:

Investment adviser fee

2,371,838

Administrative personnel and services fee

357,199

Custodian fees

27,113

Transfer and dividend disbursing agent fees and expenses

60,804

Directors'/Trustees' fees

3,659

Auditing fees

5,950

Legal fees

6,970

Portfolio accounting fees

65,737

Shareholder services fee--Institutional Service Shares

1,073,051

Shareholder services fee--Galaxy-BKB Shares

112,868

Share registration costs

17,533

Printing and postage

28,039

Insurance premiums

23,374

TOTAL EXPENSES

4,154,135

Waivers:

Waiver of investment adviser fee

(163,628

)

Waiver of shareholder services fee--Institutional Service Shares

(1,030,129

)

Waiver of shareholder services fee--Galaxy-BKB Shares

(112,868

)

TOTAL WAIVERS

(1,306,625

)

Net expenses

2,847,510

Net investment income

14,847,726

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

14,847,726

26,822,503

Distributions to Shareholders:

Distributions from net investment income

Institutional Service Shares

(13,441,218

)

(20,058,641

)

Galaxy-BKB Shares

(1,406,508

)

(6,763,862

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(14,847,726

)

(26,822,503

)

Share Transactions:

Proceeds from sale of shares

1,103,793,308

2,218,359,202

Net asset value of shares issued to shareholders in payment of distributions declared

8,528,094

17,276,382

Cost of shares redeemed

(1,043,990,787

)

(2,028,180,962

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

68,330,615

207,454,622

Change in net assets

68,330,615

207,454,622

Net Assets:

Beginning of period

818,605,895

611,151,273

End of period

886,936,510

818,605,895

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.57

3.49

2.71

3.04

3.09

3.07

Ratios to Average Net Assets:

Expenses

0.60

%³

0.56

0.55

Net investment income

3.13

%³

3.47

2.69

2.98

3.05

3.02

Expense waiver/reimbursement⁴

0.27

%³

0.30

0.34

0.36

0.40

0.42

Supplemental Data:

Net assets, end of period (000 omitted)

$814,341

$725,796

$411,292

$256,386

$141,869

$119,739

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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 -- Galaxy-BKB Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.56

3.48

2.70

3.03

3.07

3.05

Ratios to Average Net Assets:

Expenses

0.62

%³

0.57

0.56

0.57

0.58

Net investment income

3.12

%³

3.38

2.67

2.97

3.03

3.01

Expense waiver/reimbursement⁴

0.28

%³

0.31

0.35

0.36

0.39

0.42

Supplemental Data:

Net assets, end of period (000 omitted)

$72,595

$92,810

$199,860

$162,557

$73,837

$54,667

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Massachusetts Municipal Cash Trust (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 Service Shares and Galaxy-BKB Shares. The investment objective of the Fund is to provide current income exempt from federal regular income tax and Massachusetts state income tax consistent with stability of principal.

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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

At October 31, 2000, the Fund for federal tax purposes, had a capital loss carryforward of $5,315, which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and this will reduce the amount of 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 in 2007.

When-Issued and Delayed Delivery Transactions

Restricted Securities

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) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

1,042,292,310

1,963,348,217

Shares issued to shareholders in payment of distributions declared

7,332,734

10,519,214

Shares redeemed

(961,079,386

)

(1,659,363,250

)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS

88,545,658

314,504,181

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Galaxy-BKB Shares:

Shares sold

61,500,998

255,010,985

Shares issued to shareholders in payment of distributions declared

1,195,360

6,757,168

Shares redeemed

(82,911,401

)

(368,817,712

)

NET CHANGE RESULTING FROM GALAXY-BKB SHARE TRANSACTIONS

(20,215,043

)

(107,049,559

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

68,330,615

207,454,622

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

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 Institutional Service Shares for the period. Under the terms of a Shareholder Services Agreement with Fleet National Bank, the Fund will pay Fleet National Bank, up to 0.25% of average daily net assets of Galaxy-BKB Shares for the period. These fees are used to finance certain services for shareholders and to maintain shareholder accounts. FSSC and Fleet National Bank may voluntarily choose to waive any portion of their fees. FSSC and Fleet National Bank can modify or terminate these voluntary waivers at any time at their sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, though it's 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.

Interfund Transactions

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 63.93% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 18.08% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Massachusetts Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N518
Cusip 60934N237

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

1052806 (6/01)

MASSACHUSETTS MUNICIPAL CASH TRUST
FINANCIAL HIGHLIGHTS—GALAXY-BKB SHARES

(For a Share outstanding throughout each period)

	Six Months Ended (unaudited) April 30, 2001			Year Ended October 31,
	Six Months Ended (unaudited) April 30, 2001			2000			1999¹			1998			1997			1996
Net Asset Value, Beginning of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income From Investment Operations:
Net investment income		0.02			0.03			0.03			0.03			0.03			0.03
Less Distributions:
Distributions from net investment income		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return²		1.56	%		3.48	%		2.70	%		3.03	%		3.07	%		3.05	%

Ratios to Average Net Assets:
Expenses		0.62	%³		0.57	%		0.56	%		0.57	%		0.57	%		0.58	%
Net investment income		3.12	%³		3.38	%		2.67	%		2.97	%		3.03	%		3.01	%
Expense waiver/reimbursement⁴		0.28	%³		0.31	%		0.35	%		0.36	%		0.39	%		0.42	%
Supplemental Data:
Net assets, end of period (000 omitted)	$	72,595		$	92,810		$	199,860		$	162,557		$	73,837		$	54,667

(1) Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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) Computed on an annualized basis.

(4) 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)

MASSACHUSETTS MUNICIPAL CASH TRUST
PORTFOLIO OF INVESTMENTS

April 30, 2001 (unaudited)

PRINCIPAL AMOUNT			VALUE
(1) Short-Term Municipals—99.8%
Massachusetts—98.6%
$	17,366,000	ABN AMRO MuniTOPS Certificates Trust (Massachusetts Non-AMT), (Series 1998-12), Weekly VRDNs (Massachusetts Water Resources Authority)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)	$	17,366,000
	25,360,000	ABN AMRO MuniTOPS Certificates Trust (Massachusetts Non-AMT), (Series 2000-2), Weekly VRDNs (Massachusetts Water Resources Authority)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)		25,360,000
	5,000,000	Belchertown, MA, 3.50% BANs, 1/25/2002		5,007,170
	1,500,000	Boston, MA Water & Sewer Commission, General Revenue Bonds, (Series 1994A), Weekly VRDNs (State Street Bank and Trust Co. LOC)		1,500,000
	10,000,000	Braintree, MA, 4.30% BANs, 12/21/2001		10,018,464
	7,995,000	Bridgewater-Raynham, MA Regional School District, 5.00% BANs, 7/6/2001		7,999,135
	1,000,000	Brockton, MA, 6.00% GO Bonds (AMBAC INS), 5/1/2001		1,000,000
	7,496,500	Canton, MA, 5.25% BANs, 6/8/2001		7,500,374
	9,880,000	(2) Clipper Tax-Exempt Certificates Trust (Massachusetts Non-AMT), (Series 1999-1), 3.50% TOBs (Massachusetts State HFA)/(MBIA INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 2/28/2002		9,880,000
	16,513,000	(2) Clipper Tax-Exempt Certificates Trust (Massachusetts Non-AMT), (Series 2000-2), 3.50% TOBs (Massachusetts Turnpike Authority)/(MBIA INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 2/28/2002		16,513,000
	49,170,741	Clipper Tax-Exempt Certificates Trust, (Series A), Weekly VRDNs (Massachusetts State Lottery Commission)/(AMBAC INS)/(State Street Bank and Trust Co. LIQ)		49,170,741
	3,000,000	Commonwealth of Massachusetts Weekly VRDNs (AMBAC INS)/(Citibank N.A., New York LIQ)		3,000,000
	3,250,000	Commonwealth of Massachusetts, (Series 1997B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		3,250,000
	4,835,000	Commonwealth of Massachusetts, PA-647 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		4,835,000
	2,000,000	Commonwealth of Massachusetts, (Series 2001B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		2,000,000
	12,855,000	Commonwealth of Massachusetts, (Series 2001C), Weekly VRDNs (State Street Bank and Trust Co. LIQ)		12,855,000
	6,195,000	Commonwealth of Massachusetts, (Series A), 4.13% Bonds, 2/1/2002		6,207,368
	1,125,000	Commonwealth of Massachusetts, (Series A), 4.25% Bonds, 1/1/2002		1,131,988
	3,255,000	Commonwealth of Massachusetts, 1999 SG 126 Weekly VRDNs (Societe Generale, Paris LIQ)		3,255,000
	3,190,000	Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Daily VRDNs (Toronto Dominion Bank LIQ)		3,190,000
	5,970,000	Commonwealth of Massachusetts, PA-793 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		5,970,000
	2,400,000	Commonwealth of Massachusetts, PA-798 Weekly VRDNs (Massachusetts Federal-Aid Highway Program)/(FSA INS)/(Merrill Lynch & Co., Inc. LIQ)		2,400,000
	5,000,000	Commonwealth of Massachusetts, PA-800R Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		5,000,000
	10,515,000	Commonwealth of Massachusetts, PA-812R Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ)		10,515,000
	6,062,000	Dighton-Rehobeth, MA Regional School District, 5.00% BANs, 7/6/2001		6,065,136
	8,000,000	Fall River, MA, 5.25% BANs, 6/1/2001		8,002,268
	8,100,000	Freetown-Lakeville, MA Regional School District, 3.50% BANs, 7/6/2001		8,102,145
	4,500,000	Freetown-Lakeville, MA Regional School District, 3.60% BANs, 8/10/2001		4,502,441
	2,900,000	Freetown-Lakeville, MA Regional School District, 4.75% BANs, 9/28/2001		2,904,338
	3,765,000	Gardner, MA, 3.30% BANs, 4/5/2002		3,768,717
	7,500,000	Haverhill, MA, 4.00% RANs (Fleet National Bank, Springfield, MA LOC), 4/16/2002		7,555,736
19,802,535		Koch Floating Rate Trust (Massachusetts Non-AMT), (Series 1999-4), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ)		19,802,535
	4,008,000	Leominster, MA, 3.75% BANs, 5/3/2002		4,026,597
	10,000,000	Marshfield, MA, 5.00% BANs, 6/20/2001		10,009,298
36,935,000		Massachusetts Bay Transportation Authority, (Series 1999), Weekly VRDNs (Commerzbank AG, Frankfurt LIQ)		36,935,000
15,000,000		Massachusetts Bay Transportation Authority, MERLOTS, (Series 2000H), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ)		15,000,000
	7,700,000	(2) Massachusetts Bay Transportation Authority, PT-1218, 3.25% TOBs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 7/19/2001		7,700,000
	3,000,000	Massachusetts Development Finance Agency, (Series 1998A), Weekly VRDNs (Shady Hill School)/(State Street Bank and Trust Co. LOC)		3,000,000
	7,340,000	Massachusetts Development Finance Agency, (Series 1999), Weekly VRDNs (Dean College)/(Fleet National Bank, Springfield, MA LOC)		7,340,000
	3,000,000	Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Draper Laboratory)/(MBIA INS)/(Morgan Guaranty Trust Co., New York LIQ)		3,000,000
	4,000,000	Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Marine Biological Laboratory)/(Allied Irish Banks PLC LOC)		4,000,000
	10,000,000	Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Wentworth Institute of Technology, Inc.)/(AMBAC INS)/(State Street Bank and Trust Co. LIQ)		10,000,000
	3,500,000	Massachusetts Development Finance Agency, (Series 2000), Weekly VRDNs (Worcester Academy)/(Allied Irish Banks PLC LOC)		3,500,000
	3,300,000	Massachusetts Development Finance Agency, (Series 2001), Weekly VRDNs (The Children’s Museum)/(Citizens Bank of Massachusetts LOC)		3,300,000
	4,000,000	Massachusetts Development Finance Agency, (Series 2001A), Weekly VRDNs (Alliance of Massachusetts, Inc.)/(PNC Bank, N.A. LOC)		4,000,000
	9,955,000	Massachusetts Development Finance Agency, (Series B), Weekly VRDNs (Edgewood Retirement Community Project)/(Fleet National Bank, Springfield, MA LOC)		9,955,000
12,500,000		Massachusetts HEFA Weekly VRDNs (Harvard University)		12,500,000
27,700,000		Massachusetts HEFA, (Series 1985H), Weekly VRDNs (Boston University)/(State Street Bank and Trust Co. LOC)		27,700,000
	1,740,000	Massachusetts HEFA, (Series 1999), Weekly VRDNs (CIL Reality of Massachusetts)/(Dexia Public Finance Bank S.A. LOC)		1,740,000
	15,100,000	Massachusetts HEFA, (Series A), Weekly VRDNs (Brigham & Women’s Hospital)/(Landesbank Hessen-Thueringen, Frankfurt LOC)		15,100,000
	8,000,000	Massachusetts HEFA, (Series A), Weekly VRDNs (University of Massachusetts)/(Dexia Public Finance Bank S.A. LOC)		8,000,000
	8,940,000	Massachusetts HEFA, (Series B), Weekly VRDNs (Endicott College)/(Fleet National Bank, Springfield, MA LOC)		8,940,000
	14,320,000	Massachusetts HEFA, (Series B), Weekly VRDNs (Hallmark Health System)/(FSA INS)/(Fleet National Bank, Springfield, MA LIQ)		14,320,000
	2,450,000	Massachusetts HEFA, (Series D), 6.875% Revenue Bonds (Deaconess Hospital)/(United States Treasury PRF), 4/1/2002 (@102)		2,578,228
	14,700,000	Massachusetts HEFA, (Series F), Weekly VRDNs (Children’s Hospital of Boston)/(Landesbank Hessen-Thueringen, Frankfurt LIQ)		14,700,000
	3,700,000	Massachusetts HEFA, (Series R), Weekly VRDNs (Harvard University)		3,700,000
	6,200,000	Massachusetts HEFA, MERLOTS, (Series 2000-T), Weekly VRDNs (Simmons College)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)		6,200,000
	18,495,000	Massachusetts HEFA, MERLOTS, (Series 2000WW), Weekly VRDNs (Harvard University)/(First Union National Bank, Charlotte, NC LIQ)		18,495,000
	5,000,000	Massachusetts HEFA, (Series B), Weekly VRDNs (New England Carpenters Training Fund)/(Citizens Bank of Massachusetts LOC)		5,000,000
	1,800,000	Massachusetts IFA, (Series 1992), Weekly VRDNs (Holyoke Water Power Co.)/(Canadian Imperial Bank of Commerce LOC)		1,800,000
	14,250,000	Massachusetts IFA, (Series 1992B), 3.10% CP (New England Power Co.), Mandatory Tender 5/21/2001		14,250,000
	10,000,000	Massachusetts IFA, (Series 1992B), 3.20% CP (New England Power Co.), Mandatory Tender 5/23/2001		10,000,000
	12,000,000	Massachusetts IFA, (Series 1992B), 3.50% CP (New England Power Co.), Mandatory Tender 7/9/2001		12,000,000
	5,900,000	Massachusetts IFA, (Series 1994), Weekly VRDNs (Nova Realty Trust)/(Fleet National Bank, Springfield, MA LOC)		5,900,000
	7,585,000	Massachusetts IFA, (Series 1995), Weekly VRDNs (Goddard House)/(Fleet National Bank, Springfield, MA LOC)		7,585,000
	7,200,000	Massachusetts IFA, (Series 1995), Weekly VRDNs (Whitehead Institute for Biomedical Research)		7,200,000
	7,184,000	Massachusetts IFA, (Series 1996), Weekly VRDNs (Newbury College)/(Fleet National Bank, Springfield, MA LOC)		7,184,000
	2,675,000	Massachusetts IFA, (Series 1997), Weekly VRDNs (Massachusetts Society for the Prevention of Cruelty to Animals)/(Fleet National Bank, Springfield, MA LOC)		2,675,000
	5,630,000	Massachusetts IFA, (Series 1997), Weekly VRDNs (Mount Ida College)/(Dexia Public Finance Bank S.A. LOC)		5,630,000
	5,965,000	Massachusetts IFA, (Series 1998A), Weekly VRDNs (JHC Assisted Living Corp.)/(Fleet National Bank, Springfield, MA LOC)		5,965,000
	1,125,000	Massachusetts IFA, (Series A), Weekly VRDNs (Hockomock YMCA)/(Bank of Nova Scotia, Toronto LOC)		1,125,000
	9,450,000	Massachusetts IFA, (Series B), Weekly VRDNs (Williston North Hampton School)/(Fleet National Bank, Springfield, MA LOC)		9,450,000
	10,625,000	Massachusetts Municipal Wholesale Electric Co., Trust Receipts, (Series 2000 FR/RI-L3), Weekly VRDNs (Lehman Brothers, Inc. LIQ)/(MBIA LOC)		10,625,000
	5,200,000	Massachusetts State College Building Authority, MERLOTS, (Series 2000-B11), Weekly VRDNs (AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)		5,200,000
	10,000,000	Massachusetts State HFA, MERLOTS, (Series 1999H), Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)		10,000,000
	9,290,000	(2) Massachusetts State HFA, (PT-162) 3.50% TOBs (MBIA INS)/(BNP Paribas LIQ), Optional Tender 1/10/2002		9,290,000
26,743,000		Massachusetts Turnpike Authority, Variable Rate Certificates, (Series 1997N), Weekly VRDNs (MBIA INS)/(Bank of America, N.A. LIQ)		26,743,000
	10,090,000	(2) Massachusetts Water Pollution Abatement Trust Pool, (PT-1185) 4.40% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/13/2001		10,090,000
	11,300,000	Massachusetts Water Pollution Abatement Trust Pool, SGA, (Series 87), Daily VRDNs (Societe Generale, Paris LIQ)		11,300,000
	16,500,000	Massachusetts Water Pollution Abatement Trust Pool, Subordinate, MERLOTS, (Series 1999N), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)		16,500,000
	8,000,000	Massachusetts Water Resources Authority, (Series 1994), 3.15% CP (Morgan Guaranty Trust Co., New York LOC), Mandatory Tender 8/14/2001		8,000,000
	15,000,000	Massachusetts Water Resources Authority, (Series 1994), 3.20% CP (Morgan Guaranty Trust Co., New York LOC), Mandatory Tender 7/13/2001		15,000,000
	3,050,000	Massachusetts Water Resources Authority, (Series 1998D), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		3,050,000
	8,900,000	Massachusetts Water Resources Authority, (Series 1999B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LOC)		8,900,000
	1,700,000	Massachusetts Water Resources Authority, (Series 2000B), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		1,700,000
	5,000,000	Millbury, MA, 3.35% BANs, 4/19/2002		5,009,816
	5,500,000	Milton, MA, 4.50% BANs, 12/14/2001		5,507,546
	19,500,000	Monson, MA, 5.00% BANs, 8/9/2001		19,525,517
	5,700,000	Newton, MA, 4.40% BANs, 12/21/2001		5,710,524
	3,679,000	North Andover, MA, 5.00% BANs, 6/21/2001		3,680,126
	2,750,000	Northbridge, MA, 4.50% BANs, 2/21/2002		2,776,985
	11,800,000	Springfield, MA, 3.50% BANs (Fleet National Bank, Springfield, MA LOC), 8/30/2001		11,826,259
	3,390,000	Springfield, MA, 5.00% BANs (Fleet National Bank, Springfield, MA LOC), 6/22/2001		3,392,310
	10,000,000	Sudbury, MA, 4.40% BANs, 12/14/2001		10,020,949
	5,270,000	Wayland, MA, 4.40% BANs, 12/21/2001		5,279,723
15,095,000		Westborough, MA, 4.50% BANs, 11/21/2001		15,109,511
	6,120,000	Weymouth, MA Housing Authority, PT 1062, Weekly VRDNs (Queen Ann Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		6,120,000
	11,500,000	Williamstown, MA, 4.40% BANs, 9/20/2001		11,507,363
	5,985,000	Wilmington, MA, 4.80% BANs, 6/29/2001		5,987,960

		Total		874,983,268

Puerto Rico—1.2%
	5,100,000	Puerto Rico Highway and Transportation Authority, (Series A), Weekly VRDNs (AMBAC INS)/(Bank of Nova Scotia, Toronto LIQ)		5,100,000
	5,335,000	Puerto Rico Municipal Finance Agency, (PA-638) Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ)		5,335,000

		Total		10,435,000

		Total Investments (at amortized cost)(3)	$	885,418,268

(1) The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations (“NRSROs”) or unrated securities of comparable quality. An NRSRO’s two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor’s, MIG-1 or MIG-2 by Moody’s Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

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 April 30, 2001, the portfolio securities were rated as follows:

TIER RATING BASED ON TOTAL MARKET VALUE

First Tier			Second Tier
100.00	%		0.00	%

(2) Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the Fund’s Board of Trustees. At April 30, 2001, these securities amounted to $53,473,000 which represents 6.0% of net assets.

(3) Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($886,936,510) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC—American Municipal Bond Assurance Corporation
AMT—Alternative Minimum Tax
BANs—Bond Anticipation Notes
CP—Commercial Paper
FGIC—Financial Guaranty Insurance Company
FSA—Financial Security Assurance
GO—General Obligation
HEFA—Health and Education Facilities Authority
HFA—Housing Finance Authority
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
PRF—Prerefunded
RANs—Revenue Anticipation Note
TOBs—Tender Option Bonds
TOPS—Trust Obligation Participating Securities
VRDNs—Variable Rate Demand Notes

(See Notes which are an integral part of the Financial Statements)

MASSACHUSETTS MUNICIPAL CASH TRUST
STATEMENT OF ASSETS AND LIABILITIES

April 30, 2001 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	885,418,268
Cash				484,211
Income receivable				8,116,597

Total assets				894,019,076

Liabilities:
Payable for investments purchased	$	4,026,597
Payable for shares redeemed		982,903
Income distribution payable		2,073,066

Total liabilities				7,082,566

Net assets for 886,936,510 shares outstanding			$	886,936,510

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Service Shares:
$814,341,389 / 814,341,389 shares outstanding				$1.00

Galaxy-BKB Shares:
$72,595,121 / 72,595,121 shares outstanding				$1.00

(See Notes which are an integral part of the Financial Statements)

MASSACHUSETTS MUNICIPAL CASH TRUST
STATEMENT OF OPERATIONS

Six Months Ended April 30, 2001 (unaudited)

Investment Income:
Interest								$	17,695,236
Expenses:
Investment adviser fee					$	2,371,838
Administrative personnel and services fee						357,199
Custodian fees						27,113
Transfer and dividend disbursing agent fees and expenses						60,804
Directors’/Trustees’ fees						3,659
Auditing fees						5,950
Legal fees						6,970
Portfolio accounting fees						65,737
Shareholder services fee—Institutional Service Shares						1,073,051
Shareholder services fee—Galaxy-BKB Shares						112,868
Share registration costs						17,533
Printing and postage						28,039
Insurance premiums						23,374

Total expenses						4,154,135
Waivers—
Waiver of investment adviser fee		$	(163,628	)
Waiver of shareholder services fee—
Institutional Service Shares	(1,030,129			)
Waiver of shareholder services fee—Galaxy-BKB Shares			(112,868	)

Total Waivers					(1,306,625		)

Net expenses									2,847,510

Net investment income								$	14,847,726

(See Notes which are an integral part of the Financial Statements)

MASSACHUSETTS MUNICIPAL CASH TRUST
STATEMENT OF CHANGES IN NET ASSETS

			Six Months Ended (unaudited) April 30, 2001				Year Ended October 31, 2000
Increase (Decrease) in Net Assets:
Operations—
Net investment income		$	14,847,726			$	26,822,503

Distributions to Shareholders—
Distributions from net investment income
Institutional Service Shares			(13,441,218	)			(20,058,641	)
Galaxy-BKB Shares			(1,406,508	)			(6,763,862	)

Change in net assets resulting from distributions to shareholders			(14,847,726	)			(26,822,503	)

Share Transactions—
Proceeds from sale of shares			1,103,793,308				2,218,359,202
Net asset value of shares issued to shareholders in payment of distributions declared			8,528,094				17,276,382
Cost of shares redeemed	(1,043,990,787			)	(2,028,180,962			)

Change in net assets resulting from share transactions			68,330,615				207,454,622

Change in net assets			68,330,615				207,454,622
Net Assets:
Beginning of period			818,605,895				611,151,273

End of period		$	886,936,510			$	818,605,895

(See Notes which are an integral part of the Financial Statements)

MASSACHUSETTS MUNICIPAL CASH TRUST
NOTES TO FINANCIAL STATEMENTS

April 30, 2001 (unaudited)

(1) 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 40 portfolios. The financial statements included herein are only those of Massachusetts Municipal Cash Trust (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 Service Shares and Galaxy-BKB Shares. The investment objective of the Fund is to provide current income exempt from federal regular income tax and Massachusetts state income tax consistent with stability of principal.

(2) 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. 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. 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.

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the “Guide”). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

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 feature. 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.

(3) 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) for each class of shares.

Transactions in shares were as follows:

	Six Months Ended April 30, 2001		Year Ended October 31, 2000
Institutional Service Shares:
Shares sold	1,042,292,310		1,963,348,217
Shares issued to shareholders in payment of distributions declared	7,332,734		10,519,214
Shares redeemed	(961,079,386	)	(1,659,363,250	)

Net Change Resulting From Institutional Service Share Transactions	88,545,658		314,504,181

	Six Months Ended April 30, 2001		Year Ended October 31, 2000
Galaxy-BKB Shares:
Shares sold	61,500,998		255,010,985
Shares issued to shareholders in payment of distributions declared	1,195,360		6,757,168
Shares redeemed	(82,911,401	)	(368,817,712	)

Net Change Resulting from Galaxy-BKB Share Transactions	(20,215,043	)	(107,049,559	)

Net Change Resulting from Share Transactions	68,330,615		207,454,622

(4) 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

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 Institutional Service Shares for the period. Under the terms of a Shareholder Services Agreement with Fleet National Bank, the Fund will pay Fleet National Bank, up to 0.25% of average daily net assets of Galaxy-BKB Shares for the period. These fees are used to finance certain services for shareholders and to maintain shareholder accounts. FSSC and Fleet National Bank may voluntarily choose to waive any portion of their fees. FSSC and Fleet National Bank can modify or terminate these voluntary waivers at any time at their sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, though it’s 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.

Interfund Transactions

General

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

(5) CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 63.93% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 18.08% of total investments.

TRUSTEES

John F. Donahue

Thomas G. Bigley

John T. Conroy, Jr.

Nicholas P. Constantakis

John F. Cunningham

J. Christopher Donahue

Lawrence D. Ellis, M.D.

Peter E. Madden

Charles F. Mansfield, Jr.

John E. Murray, Jr., J.D., S.J.D.

Marjorie P. Smuts

John S. Walsh

OFFICERS

John F. Donahue
Chairman

Christopher Donahue
President

John W. McGonigle
Executive Vice President and Secretary

Edward C. Gonzales
Executive Vice President

Richard B. Fisher
Vice President

Richard J. Thomas
Treasurer

Leslie K. Ross
Assistant Secretary

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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called “householding”), as permitted by applicable rules. The Fund’s “householding” program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent (“implied consent”) if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office, (ii) the Fund gives notice of its intent to “household” at least sixty (60) days before it begins “householding” and (iii) if none of the shareholders in the household have notified the Fund(s) or their agent of the desire to “opt out” of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Semi-Annual Report to Shareholders

[Logo of Galaxy Funds]

Massachusetts Municipal Cash Trust—Galaxy-BKB Shares

[Logo of Galaxy Funds]

April 30, 2001

THE GALAXY FUNDS
P.O. BOX 6520
PROVIDENCE, RI 02940-6520
www.galaxyfunds.com

FEDERATED
World-Class Investment Manager

Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
1-800-341-7400
www.federatedinvestors.com

Cusip 60934N237
G00191-02 (6/01)

FILE NO. 811-5950

MF-0136

Federated Investors
World-Class Investment Manager

Maryland Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.2%¹

Maryland--99.2%

2,025,000

Anne Arundel County, MD, 4.50% TOBs (Baltimore Gas & Electric Co.), Optional Tender 7/1/2001

2,025,000

1,475,000

Anne Arundel County, MD, EDRBs, (Series 1996), Weekly VRDNs (Atlas Container Corp. Project)/(Mellon Bank N.A., Pittsburgh LOC)

1,475,000

3,000,000

Anne Arundel County, MD, EDRB, (Series 1988), 3.25% CP (Baltimore Gas & Electric Co.), Mandatory Tender 7/12/2001

3,000,000

1,975,000

Baltimore County, MD, IDA, (Series 1994A), Weekly VRDNs (Pitts Realty LP)/(PNC Bank, Delaware LOC)

1,975,000

4,000,000

Baltimore County, MD, IDA, Variable Rate Demand Acquisition Program, (Series 1986), Weekly VRDNs (Baltimore Capital Acquisition)/(Bayerische Landesbank Girozentrale LOC)

4,000,000

3,000,000

Baltimore County, MD, Metropolitan District, (Series 1995), 3.30% CP (Baltimore County, MD), Mandatory Tender 6/11/2001

3,000,000

2,100,000

Baltimore County, MD, Port Facility Monthly VRDNs (Occidental Petroleum Corp.)/(BNP Paribas LOC)

2,100,000

1,350,000

Baltimore County, MD, Revenue Bonds, (1994 Issue) Weekly VRDNs (Direct Marketing Associates, Inc. Facility)/(Allfirst LOC)

1,350,000

800,000

Baltimore County, MD, (Series 1992), Weekly VRDNs (Sheppard & Enoch Pratt Hospital Facility)/(Societe Generale, Paris LOC)

800,000

4,300,000

Baltimore County, MD, (Series 2000), Weekly VRDNs (St. Paul's School for Girls)/(Allfirst LOC)

4,300,000

6,000,000

Baltimore, MD, EDA, (Series 1985), Weekly VRDNs (Mt. Washington Hospital, Inc.)/(Mellon Bank N.A., Pittsburgh LOC)

6,000,000

1,900,000

Baltimore, MD, (1988 Issue) Weekly VRDNs (University West LP)/(Allfirst LOC)

1,900,000

900,000

Carroll County, MD, Variable Rate Refunding EDRBs, (Series 1995B), Weekly VRDNs (Evapco, Inc. Project)/(Bank of America, N.A. LOC)

900,000

740,000

Elkton, MD, Revenue Refunding Bonds, (Series 1992), Weekly VRDNs (Highway Service Ventures, Inc. Facility)/(First Union National Bank, Charlotte, NC LOC)

740,000

5,000,000

Frederick County, MD, (Series 1997), Weekly VRDNs (Homewood at Frederick MD, Inc. Facility)/(Allfirst Bank LOC)

5,000,000

4,000,000

Frederick County, MD, (Series 1997E), Weekly VRDNs (Buckinghams Choice, Inc.)/(LaSalle National Bank, Chicago LOC)

4,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Maryland--continued

1,500,000

Frederick County, MD, Revenue Bonds, (Series 1995), Weekly VRDNs (Sheppard Pratt Residential Treatment Facility)/(Societe Generale, Paris LOC)

1,500,000

1,840,000

Harford County, MD, EDRB, (Series 1996), Weekly VRDNs (Citrus and Allied Essences Ltd.)/(Allfirst LOC)

1,840,000

3,000,000

Howard County, MD, (Series 2001A), 4.00% BANs, 4/15/2002

3,026,635

3,000,000

Maryland EDC, Tax Exempt Adjustable Mode IDRBs, (Series 1996), Weekly VRDNs (Atlantic Pharmaceutical Services, Inc.)/(Allfirst LOC)

3,000,000

1,750,000

Maryland EDC, Tax Exempt Adjustable Mode IDRBs, (Series 1998), Weekly VRDNs (Morrison Health Care, Inc.)/(Wachovia Bank of NC, N.A. LOC)

1,750,000

3,500,000

Maryland EDC, (Series 2000), Weekly VRDNs (AFCO Cargo BWI II LLC)/(SunTrust Bank LOC)

3,500,000

3,400,000

Maryland EDC, (Series 2000), Weekly VRDNs (Hunter Douglas Northeast, Inc.)/(SunTrust Bank LOC)

3,400,000

3,055,000

Maryland Health & Higher Educational Facilities Authority, (Series 1998), Weekly VRDNs (Woodbourne Foundation, Inc.)/(Allfirst LOC)

3,055,000

1,000,000

Maryland Health & Higher Educational Facilities Authority, (Series 1997), Weekly VRDNs (Augsburg Lutheran Home of MD, Inc.)/(Allfirst LOC)

1,000,000

1,860,000

Maryland State Community Development Administration, (Series 1990A), Weekly VRDNs (College Estates)/(Allfirst LOC)

1,860,000

5,250,000

Maryland State Community Development Administration, (Series 1990B), Weekly VRDNs (Cherry Hill Apartment Ltd.)/(Bank of America, N.A. LOC)

5,250,000

5,000,000

Maryland State Community Development Administration, MERLOTS, (Series 2000-III), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

5,000,000

2,440,000

Maryland State Community Development Administration, PT-123, 4.35% TOBs (Commerzbank AG, Frankfurt LIQ), Optional Tender 10/4/2001

2,440,000

3,000,000

Maryland State Energy Financing Administration, (Series 1988), Weekly VRDNs (Morningstar Foods, Inc.)/(First Union National Bank, Charlotte, NC LOC)

3,000,000

1,730,000

Maryland State IDFA, (Series 1994), Weekly VRDNs (Baltimore International Culinary College Foundation, Inc.)/(SunTrust Bank LOC)

1,730,000

3,300,000

Maryland State IDFA, Refunding EDRBs, (Series 1994), Weekly VRDNs (Johnson Controls, Inc.)

3,300,000

1,000,000

Maryland State IDFA, LO EDRBs, (Series 1994), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC)

1,000,000

4,375,000

Maryland IDFA, (Series 1999), 4.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/1/2001

4,375,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Maryland--continued

119,000

Montgomery County, MD, Housing Opportunities Commission, (Series 1998), Weekly VRDNs (Byron House, Inc. Facility)/(Allfirst LOC)

119,000

870,000

Montgomery County, MD, Weekly VRDNs (Information Systems and Networks Corp.)/(PNC Bank, N.A. LOC)

870,000

2,400,000

Montgomery County, MD, EDR Weekly VRDNs (U.S. Pharmacopeial Convention Facility)/(Chase Manhattan Bank N.A., New York LOC)

2,400,000

2,160,000

Queen Annes County, MD, EDR, (Series 1994), 4.625% TOBs (Safeway, Inc.)/(Bankers Trust Co., New York LOC), Mandatory Tender 6/1/2001

2,160,000

1,000,000

Takoma Park, MD, Hospital Facilities, (Series 1991A), 8.25% Bonds (Washington Adventist Hospital)/(United States Treasury PRF), 9/1/2001 (@102)

1,036,349

2,000,000

Washington County, MD, (Series 1999), 4.40% TOBs (St. James School, MD)/(PNC Bank, N.A. LOC), Mandatory Tender 11/1/2001

2,000,000

TOTAL INVESTMENTS (AT AMORTIZED COST)³

101,176,984

Securities that are subject to alternative minimum tax represents 43.0% of the portfolio as calculated based on total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

100.00%

0.00%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($101,978,777) at April 30, 2001.

The following acronyms are used throughout this portfolio:

BANs	--Bond Anticipation Notes
CP	--Commercial Paper
EDA	--Economic Development Authority
EDC	--Economic Development Corporation
EDR	--Economic Development Revenue
EDRB(s)	--Economic Development Revenue Bond(s)
IDA	--Industrial Development Authority
IDFA	--Industrial Development Finance Authority
IDRBs	--Industrial Development Revenue Bonds
LIQ	--Liquidity Agreement
LO	--Limited Obligation
LOC	--Letter of Credit
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PRF	--Prerefunded
TOBs	--Tender Option Bonds
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

101,176,984

Cash

578,693

Income receivable

512,967

TOTAL ASSETS

102,268,644

Liabilities:

Income distribution payable

252,050

Accrued expenses

37,817

TOTAL LIABILITIES

289,867

Net assets for 101,978,777 shares outstanding

101,978,777

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

$101,978,777 ÷ 101,978,777 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

1,671,286

Expenses:

Investment adviser fee

212,238

Administrative personnel and services fee

61,986

Custodian fees

1,914

Transfer and dividend disbursing agent fees and expenses

17,719

Directors'/Trustees' fees

461

Auditing fees

17,129

Legal fees

2,862

Portfolio accounting fees

23,484

Shareholder services fee

106,119

Share registration costs

9,571

Printing and postage

7,763

Insurance premiums

1,951

Miscellaneous

428

TOTAL EXPENSES

463,625

Waivers:

Waiver of investment adviser fee

(160,380

)

Waiver of shareholder services fee

(4,245

)

TOTAL WAIVERS

(164,625

)

Net expenses

299,000

Net investment income

1,372,286

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

1,372,286

1,834,707

Distributions to Shareholders:

Distributions from net investment income

(1,372,286

)

(1,834,707

)

Share Transactions:

Proceeds from sale of shares

191,727,508

193,517,974

Net asset value of shares issued to shareholders in payment of distributions declared

703,501

1,414,842

Cost of shares redeemed

(159,061,898

)

(173,030,407

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

33,369,111

21,902,409

Change in net assets

33,369,111

21,902,409

Net Assets:

Beginning of period

68,609,666

46,707,257

End of period

101,978,777

68,609,666

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$ 1.00

Total Return²

1.62

3.52

2.69

3.05

3.10

3.11

Ratios to Average Net Assets:

Expenses

0.70

%³

0.70

0.69

0.65

Net investment income

3.23

%³

3.50

2.66

3.00

3.05

3.09

Expense waiver/reimbursement⁴

0.39

%³

0.51

0.50

0.51

0.63

0.65

Supplemental Data:

Net assets, end of period (000 omitted)

$101,979

$68,610

$46,707

$66,136

$45,575

$54,286

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Maryland Municipal Cash Trust (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 exempt from federal regular income tax and the personal income taxes imposed by the State of Maryland and Maryland municipalities 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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

At October 31, 2000, the Fund for federal tax purposes, had a capital loss carryforward of $1,519, which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and this will reduce the amount of 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 in 2007.

When-Issued and Delayed Delivery Transactions

Restricted Securities

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) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Shares sold

191,727,508

193,517,974

Shares issued to shareholders in payment of distributions declared

703,501

1,414,842

Shares redeemed

(159,061,898

)

(173,030,407

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

33,369,111

21,902,409

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

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.

Interfund Transactions

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 77.4% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 23.2% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Maryland Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N286

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

G01175-01 (6/01)

Federated Investors
World-Class Investment Manager

Minnesota Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.4%¹

Minnesota--99.4%

12,700,000

ABN AMRO MuniTOPS Certificates Trust (Minnesota NON-AMT) (Series 2000-8), Weekly VRDNs (Minneapolis/St. Paul, MN Airport Commission)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

12,700,000

5,850,000

Anoka City, MN Solid Waste Disposal Authority, 3.40% CP (United Power Associates)/(National Rural Utilities Cooperative Finance Corp. GTD), Mandatory Tender 5/9/2001

5,850,000

3,335,000

Apple Valley, MN, IDRB (Series 1995), Weekly VRDNs (AV Development Co. Project)/(Firstar Bank, N.A. LOC)

3,335,000

7,225,000

Avon, MN, (Series 1998), Weekly VRDNs (Vesper Corp.)/(KeyBank, N.A. LOC)

7,225,000

2,900,000

Becker, MN, (Series 2000-A), Weekly VRDNs (Northern States Power Co.)

2,900,000

2,000,000

Becker, MN, PCR (Series 1992-A), 3.45% CP (Northern States Power Co.), Mandatory Tender 5/24/2001

2,000,000

Becker, MN, PCR (Series 1993-A), 3.45% CP (Northern States Power Co.), Mandatory Tender 5/24/2001

2,000,000

7,500,000

Becker, MN, PCR (Series 1993-A), 3.60% CP (Northern States Power Co.), Mandatory Tender 5/7/2001

7,500,000

4,800,000

Becker, MN, PCR (Series 1993-B), 3.45% CP (Northern States Power Co.), Mandatory Tender 7/12/2001

4,800,000

2,500,000

Becker, MN, PCR (Series 1993-B), 3.45% CP (Northern States Power Co.), Mandatory Tender 8/10/2001

2,500,000

2,855,000

Blaine, MN, IDRBs (Series 1996), Weekly VRDNs (S & S of Minnesota LLC)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,855,000

1,700,000

Bloomington, MN, IDRB (Series 1995), Weekly VRDNs (Now Technologies, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

1,700,000

5,000,000

Bloomington, MN, Multi-Family Housing Weekly VRDNs (Crow/Bloomington Apartments)/(Citibank N.A., New York LOC)

5,000,000

3,600,000

Brooklyn Center, MN, Shingle Creek Tower (Series 1999), 4.35% TOBs (Bank of America, N.A.), Optional Tender 5/1/2001

3,600,000

9,485,000

Burnsville, MN, Variable Rate Demand Revenue Bonds (Series 1996) Weekly VRDNs (YMCA)/(Wells Fargo Bank Minnesota, N.A. LOC)

9,485,000

2,420,000

Burnsville, MN, Adjustable Rate IDRB (Series 1996), Weekly VRDNs (Caire, Inc.)/(Chase Manhattan Bank N.A., New York LOC)

2,420,000

2,810,000

Byron, MN Weekly VRDNs (Schmidt Printing)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,810,000

1,120,000

Caledonia, MN ISD No. 299, (Series A), 3.60% TANs (Minnesota State GTD), 9/30/2001

1,120,911

1,130,000

Chanhassen, MN IDA, (Series 1995), Weekly VRDNs (Building Management Group LLC)/(Wells Fargo Bank Minnesota, N.A. LOC)

1,130,000

4,550,000

Cohasset, MN, (Series 2000), Weekly VRDNs (Minnesota Power, Inc.)/(ABN AMRO Bank N.V., Amsterdam LOC)

4,550,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Minnesota--continued

2,710,000

Coon Rapids, MN, (Series 1996), Weekly VRDNs (Medical Enterprise Associates)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,710,000

2,350,000

Cottage Grove, MN, IDR Refunding Bonds (Series 1995), Weekly VRDNs (Supervalu, Inc.)/(Wachovia Bank of NC, N.A. LOC)

2,350,000

20,940,000

Dakota County & Washington County MN Housing & Redevelopment Authority, MERLOTS (Series J), Weekly VRDNs (United States Treasury COL)/(First Union National Bank, Charlotte, NC LIQ)

20,940,000

18,680,000

Dakota County, Washington County & Anoka City, MN Housing & Redevelopment Authority, MERLOTS (Series H), Weekly VRDNs (United States Treasury COL)/(First Union National Bank, Charlotte, NC LIQ)

18,680,000

2,000,000

Duluth, MN, (Series 1985) Weekly VRDNs (Wachovia Bank of NC, N.A. LOC)

2,000,000

755,000

Eden Prairie, MN IDA, #194 Weekly VRDNs (Richard W. Cohen)/(Wells Fargo Bank Minnesota, N.A. LOC)

755,000

990,000

Eden Prairie, MN IDA (Series 1996), Weekly VRDNs (Challenge Printing, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

990,000

1,205,000

Eden Prairie, MN IDA (Series 1995), Weekly VRDNs (Robert Lothenbach)/(Wells Fargo Bank Minnesota, N.A. LOC)

1,205,000

3,600,000

Edgerton, MN, (Series 1998), Weekly VRDNs (Fey Industries, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

3,600,000

2,895,000

Elk River, MN ISD No. 728, 4.44% TRANs (Minnesota State GTD), 8/27/2001

2,895,354

325,000

Elk River, MN Weekly VRDNs (Tescom Corp.)/(Wells Fargo Bank Minnesota, N.A. LOC)

325,000

2,795,000

Farmington, MN, (Series 1996), Weekly VRDNs (Lexington Standard Corp.)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,795,000

2,770,000

Forest Lake, MN ISD No. 831, (Series 2000A), 4.77% TRANs (Minnesota State GTD), 8/6/2001

2,776,724

700,000

Hennepin Co. MN, (Series 1995C), Weekly VRDNs

700,000

5,150,000

Hennepin Co. MN, (Series 1996C), Weekly VRDNs

5,150,000

1,995,000

Lakeville, MN ISD No. 194, 4.53% TRANs (Minnesota State GTD), 9/24/2001

1,995,597

2,550,000

Lino Lakes, MN, (Series 1998), Weekly VRDNs (Molin Concrete Products Co.)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,550,000

4,400,000

Lino Lakes, MN, Variable Rate Demand IDRBs (Series 1997), Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank Minnesota, N.A. LOC)

4,400,000

2,210,000

Maple Grove, MN, Variable Rate Demand IDRBs (Series 1998), Weekly VRDNs (Spancrete Midwest Co.)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,210,000

850,000

Maplewood, MN, (Series 1997), Weekly VRDNs (Camada LP)/(Wells Fargo Bank Minnesota, N.A. LOC)

850,000

8,050,000

Mendota Heights, MN (Series 1999), Weekly VRDNs (St. Thomas Academy)/(Allied Irish Banks PLC LOC)

8,050,000

6,500,000

Minneapolis, MN (Series 1993), Weekly VRDNs (Market Square Real Estate, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

6,500,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Minnesota--continued

13,500,000

Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988), Weekly VRDNs (Symphony Place)/(FHLMC LOC)

13,500,000

800,000

Minneapolis, MN, Variable Rate Demand Commercial Development Revenue Refunding Bonds (Series 1996), Weekly VRDNs (WNB & Co.)/(U.S. Bank, N.A., Minneapolis LOC)

800,000

3,000,000

Minneapolis, MN, Variable Rate Housing Revenue Bonds Weekly VRDNs (One Ten Grant Project)/(U.S. Bank, N.A., Minneapolis LOC)

3,000,000

9,935,000

Minneapolis/St. Paul, MN Metropolitan Airports Commission, (PT-1174), 3.40% TOBs (FGIC INS)/(Merrill Lynch Capital Services, Inc. LIQ), Mandatory Tender 2/7/2002

9,935,000

3,710,000

Minneapolis/St. Paul, MN Metropolitan Airports Commission, (SGA 121) Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ)

3,710,000

3,000,000

Minneapolis/St. Paul, MN Metropolitan Airports Commission, Floating Rate Trust Receipts FR/RI-A33, Weekly VRDNs (FGIC INS)/(Bank of New York, New York LIQ)

3,000,000

8,000,000

Minnesota Agricultural and Economic Development Board, (Series 1996), Weekly VRDNs (Evangelical Lutheran Good Samaritan Society)/(Rabobank Nederland, Utrecht LOC)

8,000,000

10,975,000

Minnesota Public Facilities Authority, (PT-1175), 4.45% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 8/9/2001

10,975,000

8,000,000

Minnesota State Commissioner of Iron Range Resources & Rehabilitation, (Series 1991), Weekly VRDNs (Louisiana-Pacific Corp.)/(Wachovia Bank of NC, N.A. LOC)

8,000,000

4,875,000

Minnesota State HFA, (PA-671), Weekly VRDNs (Merrill Lynch Capital Services, Inc. LIQ)

4,875,000

4,890,000

Minnesota State HFA, (Series 1998C), (PT-204), 4.70% TOBs (Bayerische Hypotheken-und Vereinsbank AG LIQ), Optional Tender 5/3/2001

4,890,000

8,500,000

Minnesota State HFA, (Series 2000 K), 4.35% Bonds, 5/30/2001

8,500,000

4,200,000

Minnesota State HFA, (Series 2000 L), 4.40% Bonds, 11/29/2001

4,200,000

8,000,000

Minnesota State HFA, (Series 2000 M), 4.45% Bonds, 11/29/2001

8,005,949

4,500,000

Minnesota State HFA, (Series D), 4.30% Bonds, 5/1/2001

4,500,000

3,200,000

Minnesota State HFA, (Series E), 4.35% Bonds, 5/1/2001

3,200,000

5,265,000

Minnesota State Higher Education Coordinating Board, (Series 1992-A), Weekly VRDNs (U.S. Bank, N.A., Minneapolis LIQ)

5,265,000

5,175,000

Minnesota State Higher Education Coordinating Board, (Series 1992-B), Weekly VRDNs (U.S. Bank, N.A., Minneapolis LIQ)

5,175,000

7,050,000

Minnesota State Higher Education Coordinating Board, (Series 1992-C), Weekly VRDNs (U.S. Bank, N.A., Minneapolis LIQ)

7,050,000

10,700,000

Minnesota State Higher Education Coordinating Board, (Series 1993), Weekly VRDNs (U.S. Bank, N.A., Minneapolis LIQ)

10,700,000

5,000,000

Minnesota State Higher Education Facility Authority, (Series Five-C), Weekly VRDNs (University of St. Thomas)/(Allied Irish Banks PLC LOC)

5,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Minnesota--continued

5,750,000

Minnesota State Higher Education Facility Authority, (Series Four-S), Weekly VRDNs (Bethel College and Seminary)/(Allied Irish Banks PLC LOC)

5,750,000

16,125,000

Minnesota State, (PT-399), 4.50% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001

16,125,000

10,000,000

Minnesota State, (PT-400), 4.50% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001

10,000,000

16,000,000

Minnesota Tax and Aid Anticipation Borrowing Program, (Series 2001 A), 4.00% TANs (Minnesota State GTD), 2/12/2002

16,082,782

440,000

Minnetonka, MN, IDRB (Series 1996), Weekly VRDNs (PGI Cos., Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

440,000

5,900,000

Minnetonka, MN, Multifamily Housing Revenue Refunding Bonds (Series 1995), Weekly VRDNs (Southampton Apartments (MN))/(National Bank of Canada, Montreal LOC)

5,900,000

1,300,000

New Brighton, MN, IDR Weekly VRDNs (Unicare Homes, Inc.)/(Paribas, Paris LOC)

1,300,000

800,000

New Hope, MN IDRB, (Series 1994), Weekly VRDNs (Gaines and Hanson Printing Co.)/(Wells Fargo Bank Minnesota, N.A. LOC)

800,000

2,670,000

New Hope, MN Weekly VRDNs (Paddock Labs)/(U.S. Bank, N.A., Minneapolis LOC)

2,670,000

4,995,000

Northern Municipal Power Agency, MN, Floater Certificates (Series 1998-46), Weekly VRDNs (FSA INS)/(Morgan Stanley, Dean Witter Funding, Inc. LIQ)

4,995,000

2,690,000

Park Rapids, MN ISD No. 309, 4.40% TRANs (Minnesota State GTD), 9/28/2001

2,692,666

1,865,000

Paynesville, MN ISD No. 741, 4.55% TRANs (Minnesota State GTD), 9/15/2001

1,866,000

1,080,000

Plymouth, MN Weekly VRDNs (Nuaire, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

1,080,000

1,100,000

Plymouth, MN, (Series 2000), Weekly VRDNs (Nuaire, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

1,100,000

2,000,000

Plymouth, MN, IDRB (Series 1994), Weekly VRDNs (Olympic Steel, Inc.)/(National City Bank, Ohio LOC)

2,000,000

1,160,000

Port Authority of St. Paul, MN, (Series 1998A), Weekly VRDNs (Bix Fruit Co.)/(Firstar Bank, N.A. LOC)

1,160,000

2,500,000

Port Authority of St. Paul, MN, Variable Rate Demand IDRBs (Series 1998A), Weekly VRDNs (National Checking Co.)/(U.S. Bank, N.A., Minneapolis LOC)

2,500,000

160,000

Port of Austin, MN Weekly VRDNs (Mower House Color)/(Wells Fargo Bank Minnesota, N.A. LOC)

160,000

3,400,000

Rochester, MN Health Care Facility Authority, (Series 1998-177) Weekly VRDNs (Mayo Foundation)/(Morgan Stanley, Dean Witter Funding, Inc. LIQ)

3,400,000

13,400,000

Rochester, MN Health Care Facility Authority, (Series 2000A), 3.25% CP (Mayo Foundation)/(Chase Manhattan Bank (USA) N.A., Wilmington LIQ), Mandatory Tender 7/24/2001

13,400,000

17,500,000

Rochester, MN Health Care Facility Authority, (Series C), 3.50% CP (Mayo Foundation), Mandatory Tender 6/7/2001

17,500,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Minnesota--continued

5,100,000

Rockford, MN, (Series 1999), Weekly VRDNs (Minnesota Diversified Products, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

5,100,000

2,200,000

Rogers, MN IDA, IDRB Weekly VRDNs (DAC Development LLC Project)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,200,000

15,855,000

Seaway Port Authority of Duluth, MN, (Series of 2000), Weekly VRDNs (St. Lawrence Cement Inc.)/(First Union National Bank, Charlotte, NC LOC)

15,855,000

8,000,000

Shakopee, MN Hospital Finance Authority Weekly VRDNs (St. Francis Regional Medical Center)/(Citibank N.A., New York LOC)

8,000,000

2,350,000

South St. Paul, MN ISD No. 006, 4.40% TRANs (Minnesota State GTD), 2/9/2002

2,370,275

14,900,000

Southern Minnesota Municipal Power Agency, 3.20% CP, Mandatory Tender 8/10/2001

14,900,000

540,000

St. Cloud, MN Housing & Redevelopment Authority, Revenue Refunding Bonds (Series 1994A), Weekly VRDNs (Coborn's, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

540,000

1,515,000

St. Cloud, MN Housing & Redevelopment Authority, Revenue Refunding Bonds (Series 1994B), Weekly VRDNs (Coborn's, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

1,515,000

9,400,000

St. Louis Park, MN Health Care Facilities, Floating Rate Monthly Demand IDRBs (Series 1984), Weekly VRDNs (Unicare Homes, Inc.)/(Paribas, Paris LOC)

9,400,000

4,580,000

St. Michael, MN, (Series 1999), Weekly VRDNs (TC/American Monorail, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

4,580,000

4,100,000

St. Paul, MN Housing & Redevelopment Authority Weekly VRDNs (District Cooling St Paul, Inc.)/(Dexia Credit Local de France LOC)

4,100,000

400,000

St. Paul, MN Housing & Redevelopment Authority Weekly VRDNs (United Way)/(U.S. Bank, NA, Minneapolis LOC)

400,000

2,000,000

St. Paul, MN Housing & Redevelopment Authority, (Series 1995 I) Weekly VRDNs (District Cooling St Paul, Inc.)/(Dexia Credit Local de France LOC)

2,000,000

3,800,000

St. Paul, MN Housing & Redevelopment Authority, (Series 2000), 4.30% Bonds (St. Paul, MN), 5/1/2001

3,800,000

4,600,000

St. Paul, MN Port Authority, (Series 1991), Weekly VRDNs (West Gate Office)/(U.S. Bank, NA, Minneapolis LOC)

4,600,000

12,730,000

University of Minnesota, (Series 1999A), Weekly VRDNs

12,730,000

1,485,000

Victoria, MN, (Series 1996A), Weekly VRDNs (HEI, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

1,485,000

950,000

Victoria, MN, (Series 1996B), Weekly VRDNs (HEI, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

950,000

2,430,000

Waite Park, MN, (Series 2000), Weekly VRDNs (Ben's Tool & Ironworks)/(Wells Fargo Bank, N.A. LOC)

2,430,000

1,650,000

Wells, MN, 4.50% TOBs (Stokely, Inc.)/(First Union National Bank, Charlotte, NC LOC), Optional Tender 6/1/2001

1,650,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Minnesota--continued

2,550,000

West St. Paul, MN ISD No. 197, (Series 2001A), 3.40% TANs (Minnesota State GTD), 3/21/2002

2,551,093

560,000

White Bear, MN Weekly VRDNs (Thermoform Plastic, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

560,000

1,875,000

White Bear, MN, Variable Rate Demand Industrial Revenue Bonds, Weekly VRDNs (N.A. Ternes)/(Firstar Bank, N.A. LOC)

1,875,000

4,100,000

Winnebago, MN, (Series 1999), Weekly VRDNs (Dixie Carbonic, Inc.)/(Bank One, Illinois, N.A. LOC)

4,100,000

TOTAL INVESTMENTS (AT AMORTIZED COST)³

530,802,351

Securities that are subject to alternative minimum tax represents 38.4% of the portfolio as calculated based upon total portfolios market value.

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 April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value (Unaudited)

First Tier

Second Tier

100.0%

0.0%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Trustees. At April 30, 2001, these securities amounted to $72,865,000 which represents 13.6% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($533,938,915) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMT	--Alternative Minimum Tax
COL	--Collateralized
CP	--Commercial Paper
FGIC	--Financial Guaranty Insurance Company
FHLMC	--Federal Home Loan Mortgage Corporation
FSA	--Financial Security Assurance
GTD	--Guaranteed
HFA	--Housing Finance Authority
IDA	--Industrial Development Authority
IDR	--Industrial Development Revenue
IDRB(s)	--Industrial Development Revenue Bond(s)
INS	--Insured
ISD	--Independent School District
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PCR	--Pollution Control Revenue
TANs	--Tax 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

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

530,802,351

Cash

935,627

Income receivable

3,826,882

Receivable for shares sold

100,000

TOTAL ASSETS

535,664,860

Liabilities:

Income distribution payable

1,582,371

Accrued expenses

143,574

TOTAL LIABILITIES

1,725,945

Net assets for 533,938,915 shares outstanding

533,938,915

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Shares:

$283,054,919 ÷ 283,054,919 shares outstanding

$1.00

Cash Series Shares:

$250,883,996 ÷ 250,883,996 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

10,526,088

Expenses:

Investment adviser fee

1,075,025

Administrative personnel and services fee

202,374

Custodian fees

13,532

Transfer and dividend disbursing agent fees and expenses

126,028

Directors'/Trustees' fees

2,277

Auditing fees

5,898

Legal fees

6,338

Portfolio accounting fees

55,021

Distribution services fee--Cash Series Shares

613,452

Shareholder services fee--Institutional Shares

365,165

Shareholder services fee--Cash Series Shares

306,726

Share registration costs

14,494

Printing and postage

11,005

Insurance premiums

15,290

Miscellaneous

1,173

TOTAL EXPENSES

2,813,798

Waivers:

Waiver of investment adviser fee

(714,123

)

Waiver of distribution services fee--Cash Series Shares

(306,726

)

Waiver of shareholder services fee--Institutional Shares

(365,165

)

TOTAL WAIVERS

(1,386,014

)

Net expenses

1,427,784

Net investment income

9,098,304

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

9,098,304

18,833,916

Distributions to Shareholders:

Distributions from net investment income

Institutional Shares

(5,272,829

)

(10,198,578

)

Cash Series Shares

(3,825,475

)

(8,635,338

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(9,098,304

)

(18,833,916

)

Share Transactions:

Proceeds from sale of shares

640,839,102

1,240,876,579

Net asset value of shares issued to shareholders in payment of distributions declared

3,338,708

9,129,484

Cost of shares redeemed

(593,117,203

)

(1,302,893,395

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

51,060,607

(52,887,332

)

Change in net assets

51,060,607

(52,887,332

)

Net Assets:

Beginning of period

482,878,308

535,765,640

End of period

533,938,915

482,878,308

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.82

3.93

3.08

3.44

3.48

3.49

Ratios to Average Net Assets:

Expenses

0.30

%³

0.30

Net investment income

3.61

%³

3.84

3.02

3.39

3.42

3.43

Expense waiver/reimbursement⁴

0.52

%³

0.51

0.50

0.51

Supplemental Data:

Net assets, end of period (000 omitted)

$283,055

$262,975

$285,540

$328,507

$208,365

$217,443

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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 -- Cash Series Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.56

3.41

2.57

2.93

2.97

Ratios to Average Net Assets:

Expenses

0.80

%³

0.80

Net investment income

3.12

%³

3.35

2.52

2.89

2.92

2.93

Expense waiver/reimbursement⁴

0.52

%³

0.51

0.50

0.51

Supplemental Data:

Net assets, end of period (000 omitted)

$250,884

$219,903

$250,226

$207,599

$221,227

$235,614

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Minnesota Municipal Cash Trust (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 Cash Series Shares. The investment objective of the Fund is current income exempt from federal regular income tax and the regular personal income tax imposed by the State of Minnesota consistent with stability of principal.

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. 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. 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.

Federal Taxes

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 feature. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees ("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) for each class of shares. At April 30, 2001, capital paid-in aggregated $533,938,915.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

312,161,351

649,061,460

Shares issued to shareholders in payment of distributions declared

340,401

772,535

Shares redeemed

(292,422,239

)

(672,398,621

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

20,079,513

(22,564,626

)

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Cash Series Shares:

Shares sold

328,677,751

591,815,119

Shares issued to shareholders in payment of distributions declared

2,998,307

8,356,949

Shares redeemed

(300,694,964

)

(630,494,774

)

NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS

30,981,094

(30,322,706

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

51,060,607

(52,887,332

)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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 Cash Series Shares. The Plan provides that the Fund may incur distribution expenses up to 0.50% of the average daily net assets of the Cash Series Shares, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

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.

Interfund Transactions

During the six months ended April 30, 2001, 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 $447,890,000 and $430,705,000, respectively.

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 47.2% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 13.2% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Minnesota Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N484
Cusip 60934N492

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

1052807 (6/01)

Federated Investors
World-Class Investment Manager

North Carolina Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.5%¹

North Carolina--99.5%

17,319,000

ABN AMRO MuniTOPS Certificates Trust (North Carolina Non-Amt)/ (Series 1998-23), Weekly VRDNs (Mission St. Josephs Health System)/ (MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

17,319,000

5,000,000

Alamance County, NC Industrial Facilities & PCFA, (Series 2000), Weekly VRDNs (Narroflex, Inc.)/(HSBC Bank USA LOC)

5,000,000

1,755,000

Alamance County, NC Industrial Facilities & PCFA, (Series B), Weekly VRDNs (Culp, Inc.)/(Wachovia Bank of NC, N.A. LOC)

1,755,000

5,335,000

Alexander County, NC Industrial Facilities & PCFA, (Series 1997), Weekly VRDNs (Mitchell Gold Company, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)

5,335,000

1,345,000

Brunswick County, NC Industrial Facilities & PCFA, (Series 1998), Weekly VRDNs (Turnage Properties LLC)/(Centura Bank, Rocky Mount, NC LOC)

1,345,000

120,000

Burke County, NC Industrial Facilities & PCFA, Weekly VRDNs (Norwalk Furniture Corp. & Hickory Furniture)/(Branch Banking & Trust Co., Winston-Salem LOC)

120,000

4,600,000

Catawba County, NC Industrial Facilities & PCFA, (Series 1994), Weekly VRDNs (Ethan Allen Inc. Project)/(Deutsche Bank AG LOC)

4,600,000

3,470,000

Catawba County, NC Industrial Facilities & PCFA, (Series 1998), Weekly VRDNs (Centro, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

3,470,000

2,000,000

Catawba County, NC Industrial Facilities & PCFA, (Series 2001), Weekly VRDNs (McLin Creek Partners, LLC)/(Wachovia Bank of NC, N.A. LOC)

2,000,000

3,355,000

Charlotte-Mecklenburg Hospital Authority, NC, Refunding Revenue Bonds, 5.90% Bonds, 1/1/2002

3,389,039

2,615,000

Cleveland County, NC Industrial Facilities & PCFA, IDRB, (Series 1990), Weekly VRDNs (MetalsAmerica, Inc. Project)/(Fleet National Bank LOC)

2,615,000

1,070,000

Cleveland County, NC Industrial Facilities & PCFA, PCR Bonds, (Series 1995), Weekly VRDNs (Grover Industries, Inc. Project)/(Bank of America, N.A. LOC)

1,070,000

5,430,000

Davie County, NC Industrial Facilities & PCFA, Weekly VRDNs (Cycle Group, Inc.)/(First Union National Bank, Charlotte, NC LOC)

5,430,000

5,160,000

Gaston County, NC Industrial Facilities & PCFA, (Series 1997), Weekly VRDNs (Thermoform Plastic, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

5,160,000

2,500,000

Guilford County, NC Industrial Facilities & PCFA, (Series 1995), Weekly VRDNs (U.S. Label Corp.)/(Wachovia Bank of NC, N.A. LOC)

2,500,000

2,205,000

Guilford County, NC Industrial Facilities & PCFA, (Series 1996), Weekly VRDNs (South/Win Ltd.)/(Branch Banking & Trust Co., Winston-Salem LOC)

2,205,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

North Carolina--continued

4,750,000

Guilford County, NC Industrial Facilities & PCFA, (Series 1999), Weekly VRDNs (FFNC, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

4,750,000

6,650,000

Halifax County, NC Industrial Facilities & PCFA Weekly VRDNs (Flambeau Airmold Project)/(Wells Fargo Bank Minnesota, N.A. LOC)

6,650,000

13,000,000

Hertford County, NC Industrial Facilities & PCFA, (Series 2000A), Weekly VRDNs (Nucor Corp.)

13,000,000

800,000

Johnson County, NC Industrial Facilities & PCFA, (Series 1996), Weekly VRDNs (Inolex Chemical Company Project)/(PNC Bank, N.A. LOC)

800,000

4,000,000

Johnson County, NC Industrial Facilities & PCFA, (Series 2000), Weekly VRDNs (Flanders Corporation)/(SunTrust Bank, Atlanta LOC)

4,000,000

1,000,000

Lee County, NC Industrial Facility & PCFA, (Series 1989), Weekly VRDNs (Avondale Mills, Inc.)/(SunTrust Bank, Atlanta LOC)

1,000,000

6,800,000

Martin County, NC IFA, (Series 1993), Weekly VRDNs (Weyerhaeuser Co.)

6,800,000

3,550,000

McDowell County, NC Industrial Facilities & PCFA, (Series 1997), Weekly VRDNs (Parker Hosiery, Inc.)/(First Union National Bank, Charlotte, NC LOC)

3,550,000

2,200,000

Mecklenburg County, NC Industrial Facilities & PCFA, (Series 1996), Weekly VRDNs (SteriGenics International Project)/(Comerica Bank LOC)

2,200,000

3,700,000

Mecklenburg County, NC Industrial Facilities & PCFA, (Series 2000), Weekly VRDNs (Ehren-Haus Industries, Inc.)/(Wachovia Bank of NC, N.A. LOC)

3,700,000

6,180,000

Mecklenburg County, NC Industrial Facility & PCFA, (Series 1988), Weekly VRDNs (Florida Steel Corp.)/(Bank of America, N.A. LOC)

6,180,000

700,000

Mecklenburg County, NC, (Series 1996), Weekly VRDNs (YMCA of Greater Charlotte)/(Wachovia Bank of NC, N.A. LOC)

700,000

1,630,000

Mecklenburg County, NC, UT GO, 6.25% Bonds (United States Treasury PRF), 1/1/2002 (@102)

1,685,017

9,500,000

Montgomery County, NC Industrial Facilities & PCFA, (Series 2000), Daily VRDNs (Republic Services, Inc.)/(SunTrust Bank, Atlanta LOC)

9,500,000

2,275,000

New Hanover County, NC PCFA Weekly VRDNs (Efson, Inc.)/(Branch Banking & Trust Co., Winston-Salem LOC)

2,275,000

10,000,000

New Hanover County, NC PCFA, (Series 1984), Weekly VRDNs (American Hoist & Derrick Co. Project)/(Fleet National Bank LOC)

10,000,000

955,000

New Hanover County, NC PCFA, (Series 1990), Weekly VRDNs (Wilmington Machinery, Inc. Project)/(Branch Banking & Trust Co., Winston-Salem LOC)

955,000

4,260,000

North Carolina Eastern Municipal Power Agency, MERLOTS, (Series 2000 A41), 4.10% TOBs (United States Treasury COL)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 12/3/2001

4,260,000

1,855,000

North Carolina Educational Facilities Finance Agency, (Series 1999), Weekly VRDNs (Catawba College)/(Wachovia Bank of NC, N.A. LOC)

1,855,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

North Carolina--continued

2,700,000

North Carolina Educational Facilities Finance Agency, (Series 1999), Weekly VRDNs (North Carolina Wesleyan College)/(Centura Bank, Rocky Mount, NC LOC)

2,700,000

North Carolina Educational Facilities Finance Agency, (Series 2000), Weekly VRDNs (Greensboro Montessory School)/(Wachovia Bank of NC, N.A. LOC)

2,700,000

5,000,000

North Carolina HFA, MERLOTS, (Series 2000 A37), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

5,000,000

5,550,000

North Carolina HFA, PT-457, 4.40% TOBs (Commerzbank AG, Frankfurt LIQ), Optional Tender 9/20/2001

5,550,000

9,900,000

North Carolina HFA, PT-465, 4.50% TOBs (Banco Santander Central Hispano, S.A. LIQ), Optional Tender 5/17/2001

9,900,000

12,000,000

North Carolina HFA, Variable Rate Certificates, (Series 1998L), 4.39% TOBs (Bank of America, N.A. LIQ), Optional Tender 7/19/2001

12,000,000

300,000

North Carolina Medical Care Commission, (Series 1992B), Weekly VRDNs (North Carolina Baptist)/(Wachovia Bank of NC, N.A. LIQ)

300,000

8,825,000

North Carolina Medical Care Commission, (Series 1996), Weekly VRDNs (Adult Communities Total Services, Inc.)/(Lasalle Bank, Chicago, LOC)

8,825,000

1,300,000

North Carolina Medical Care Commission, (Series 1996), Weekly VRDNs (North Carolina Baptist)/(Wachovia Bank of NC, N.A. LIQ)

1,300,000

7,500,000

North Carolina Medical Care Commission, (Series 1998), Weekly VRDNs (Cornelia Nixon Davis Nursing Home, Inc.)/(Wachovia Bank of NC, N.A. LOC)

7,500,000

5,485,000

North Carolina Medical Care Commission, (Series 1999), Weekly VRDNs (Cross Road Rest and Retirement Center, Inc.)/(Centura Bank, Rocky Mount, NC LOC)

5,485,000

2,000,000

North Carolina Medical Care Commission, Revenue Bonds, (Series 1993), Weekly VRDNs (Moses H. Cone Memorial)/(Wachovia Bank of NC, N.A. LIQ)

2,000,000

10,530,000

North Carolina Municipal Power Agency No. 1, MERLOTS, (Series 2000 A42), 4.10% TOBs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 12/3/2001

10,530,000

16,000,000

North Carolina State, PT-413, 4.55% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/14/2001

16,000,000

3,116,000

Orange County, NC Industrial Facilities & PCFA, Weekly VRDNs (Mebane Packaging Corp.)/(First Union National Bank, Charlotte, NC LOC)

3,116,000

1,100,000

Piedmont Triad Airport Authority, NC Weekly VRDNs (Triad International Maintenance Corp.)/(Mellon Bank N.A., Pittsburgh LOC)

1,100,000

1,065,000

Piedmont Triad Airport Authority, NC, (Series A), 4.75% Bonds (FSA INS), 7/1/2001

1,065,766

3,300,000

Raleigh & Durham, NC Airport Authority, (Series 1995A-1), Daily VRDNs (American Airlines, Inc.)/(Bank of America, N.A. LOC)

3,300,000

900,000

Randolph County, NC Industrial Facilities & PCFA, (Series 1990), Weekly VRDNs (Wayne Steel, Inc.)/(Bank One, N.A. (Ohio) LOC)

900,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

North Carolina--continued

1,400,000

Randolph County, NC Industrial Facilities & PCFA, (Series 1996), Weekly VRDNs (Ornamental Mouldings, Inc.)/(Wachovia Bank of NC, N.A. LOC)

1,400,000

3,465,000

Robeson County, NC Industrial Facilities & PCFA, (Series 1999), Weekly VRDNs (Rempac Foam Corp.)/(Chase Manhattan Bank N.A., New York LOC)

3,465,000

3,980,000

Rowan County, NC Industrial Facilities & PCFA, (Series 1999), Weekly VRDNs (PHC, LLC)/(SouthTrust Bank of Alabama, Birmingham LOC)

3,980,000

7,500,000

Rutherford County, NC, Industrial Facilities & PCFA, Weekly VRDNs (Four Leaf Textiles)/(SunTrust Bank, Atlanta LOC)

7,500,000

400,000

Rutherford County, NC, Industrial Facilities & PCFA, Weekly VRDNs (Spring-Ford Knitting Co.)/(Branch Banking & Trust Co., Winston-Salem LOC)

400,000

900,000

Sampson County, NC Industrial Facilities & PCFA, (Series 1997), Weekly VRDNs (DuBose Strapping, Inc.)/(First Union National Bank, Charlotte, NC LOC)

900,000

1,652,512

Wayne County, NC PCFA, Weekly VRDNs (Cooper Industries, Inc.)

1,652,512

6,600,000

Wilson County, NC PCA, (Series 1994), Weekly VRDNs (Granutec, Inc.)/(Bank of Nova Scotia, Toronto LOC)

6,600,000

1,300,000

Wilson County, NC PCA, (Series 1999), Weekly VRDNs (Quality Truck Bodies & Repair, Inc.)/(Wachovia Bank of NC, N.A. LOC)

1,300,000

TOTAL INVESTMENTS (AT AMORTIZED COST)³

273,642,334

Securities that are subject to alternative minimum tax represent 55.7% of the portfolio as calculated based upon total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

96.52%

3.48%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($274,927,419) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMT	--Alternative Minimum Tax
COL	--Collateralized
FSA	--Financial Security Assurance
GO	--General Obligation
HFA	--Housing Finance Authority
IDRB	--Industrial Development Revenue Bond
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
PCA	--Pollution Control Authority
PCR	--Pollution Control Revenue
PCFA	--Pollution Control Finance Authority
PRF	--Prerefunded
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

273,642,334

Cash

28,783

Income receivable

1,737,777

Receivable for shares sold

411,172

TOTAL ASSETS

275,820,066

Liabilities:

Income distribution payable

802,101

Accrued expenses

90,546

TOTAL LIABILITIES

892,647

Net assets for 274,927,419 shares outstanding

274,927,419

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

$274,927,419 ÷ 274,927,419 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

5,085,642

Expenses:

Investment adviser fee

639,075

Administrative personnel and services fee

96,245

Custodian fees

6,143

Transfer and dividend disbursing agent fees and expenses

36,137

Directors'/Trustees' fees

1,074

Auditing fees

6,484

Legal fees

3,144

Portfolio accounting fees

30,488

Shareholder services fee

319,538

Share registration costs

12,629

Printing and postage

9,578

Insurance premiums

6,552

Miscellaneous

1,449

TOTAL EXPENSES

1,168,536

Waiver:

Waiver of investment adviser fee

(373,866

)

Net expenses

794,670

Net investment income

4,290,972

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

4,290,972

6,759,897

Distributions to Shareholders:

Distributions from net investment income

(4,290,972

)

(6,759,897

)

Share Transactions:

Proceeds from sale of shares

417,878,052

741,664,486

Net asset value of shares issued to shareholders in payment of distributions declared

2,237,245

5,039,281

Cost of shares redeemed

(348,151,720

)

(729,087,555

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

71,963,577

17,616,212

Change in net assets

71,963,577

17,616,212

Net Assets:

Beginning of period

202,963,842

185,347,630

End of period

274,927,419

202,963,842

See Notes which are an integral part of the Financial Statement

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$ 1.00

Total Return²

1.69

3.65

2.81

3.17

3.24

3.23

Ratios to Average Net Assets:

Expenses

0.62

%³

0.59

Net investment income

3.36

%³

3.59

2.77

3.09

3.19

3.17

Expense waiver/reimbursement⁴

0.29

%³

0.33

0.35

0.40

0.42

Supplemental Data:

Net assets, end of period (000 omitted)

$274,927

$202,964

$185,348

$212,111

$172,636

$137,749

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of North Carolina Municipal Cash Trust (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 to provide current income exempt from federal regular income tax and the income tax imposed by the State of North Carolina consistent with stability of principal.

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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Restricted Securities

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:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Shares sold

417,878,052

741,664,486

Shares issued to shareholders in payment of distributions declared

2,237,245

5,039,281

Shares redeemed

(348,151,720

)

(729,087,555

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

71,963,577

17,616,212

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 Funds 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

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

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 69.7% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 10.2% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
North Carolina Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N278

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

G01177-01 (6/01)

Federated Investors
World-Class Investment Manager

New Jersey Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.0%¹

New Jersey--99.0%

2,660,000

ABN AMRO MuniTOPS Certificates Trust (New York and New Jersey Non-AMT), (Series 2000-19), Weekly VRDNs (Port Authority of New York and New Jersey)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

2,660,000

2,775,000

Allamuchy Township, NJ, 4.70% BANs, 11/8/2001

2,779,875

1,700,000

Atlantic Highlands, NJ, 4.00% BANs, 10/17/2001

1,703,072

3,498,000

Barnegat, NJ, 4.25% BANs, 1/8/2002

3,503,788

1,819,500

Beachwood, NJ, 5.13% BANs, 9/7/2001

1,823,343

830,000

Camden County, NJ Improvement Authority, (Series 1995), Weekly VRDNs (Jewish Federation of Southern Jersey, Inc.)/(National Westminster Bank, PLC LOC)

830,000

4,900,000

Camden County, NJ Improvement Authority, (Series 1996), Weekly VRDNs (Parkview Redevelopment Housing Project)/(General Electric Capital Corp. LOC)

4,900,000

1,678,000

Clipper Tax-Exempt Certificates Trust (New Jersey AMT), (Series 1999-8), Weekly VRDNs (New Jersey Housing & Mortgage Financing Authority)/(MBIA INS)/(State Street Bank and Trust Co. LIQ)

1,678,000

6,700,000

Clipper Tax-Exempt Certificates Trust (New Jersey Non-AMT), (Series 1998-6), Weekly VRDNs (New Jersey Housing & Mortgage Financing Authority)/(MBIA INS)/(State Street Bank and Trust Co. LIQ)

6,700,000

5,000,000

Delaware River Port Authority, MERLOTS, (Series 2000 B4), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ)

5,000,000

4,860,000

Delaware River Port Authority, PUTTERs, (Series 144), Weekly VRDNs (FSA INS)/(Morgan Guaranty Trust Co., New York LIQ)

4,860,000

1,500,000

Glassboro Borough, NJ, 3.75% BANs, 4/6/2002

1,507,433

1,000,000

Glassboro Borough, NJ, 3.75% BANs, 4/6/2002

1,004,956

2,000,000

Haddonfield, NJ, 5.38% BANs, 5/31/2001

2,000,666

3,205,000

Lakewood Township, NJ, 4.88% BANs, 7/27/2001

3,207,735

1,263,450

Lambertville, NJ, 3.70% BANs, 4/25/2002

1,268,259

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New Jersey--continued

3,765,750

Little Egg Harbor Township, NJ, 4.00% BANs, 8/17/2001

3,772,848

4,014,700

Lower Township, NJ, 3.50% BANs, 4/5/2002

4,025,506

2,656,450

Manville Borough, NJ, 3.75% BANs, 9/28/2001

2,661,254

1,500,000

Middlesex County, NJ PCFA, Weekly VRDNs (FMC Gold Co.)/(Wachovia Bank of NC, N.A. LOC)

1,500,000

2,375,000

Mount Laurel Township, NJ, 4.50% BANs, 12/21/2001

2,378,944

1,650,000

New Jersey EDA, Weekly VRDNs (Jewish Community Center of Middlesex County)/(Commerce Bank, N.A., Cherry Hill, NJ LOC)

1,650,000

2,335,000

New Jersey EDA, Weekly VRDNs (Maroukian Realty, LLC)/(Commerce Bank, N.A., Cherry Hill, NJ LOC)

2,335,000

5,028,000

New Jersey EDA, Weekly VRDNs (Meridan Health Care)/(Allfirst LOC)

5,028,000

2,400,000

New Jersey EDA, Weekly VRDNs (U.S. Golf Association)/(PNC Bank, N.A. LOC)

2,400,000

3,150,000

New Jersey EDA, Weekly VRDNs (YM-YWHA of Bergen County, NJ)/(Bank of New York, New York LOC)

3,150,000

1,200,000

New Jersey EDA, (Series 1994A), 4.88% TOBs (A.F.L. Quality, Inc.)/(Fleet Bank N.A. LOC) Optional Tender 7/1/2001

1,200,000

275,000

New Jersey EDA, (Series 1994B), 4.88% TOBs (Two Univac, LLC)/(Fleet National Bank LOC) Optional Tender 7/1/2001

275,000

4,000,000

New Jersey EDA, Weekly VRDNs (Fisk Alloy Wire Incorporated and Affiliates)/(First Union National Bank, Charlotte, NC LOC)

4,000,000

4,100,000

New Jersey EDA, (Series 1985), Weekly VRDNs (Seton Co.)/(First Union National Bank, Charlotte, NC LOC)

4,100,000

280,000

New Jersey EDA, (Series 1987G), Weekly VRDNs (W.Y. Urban Renewal)/(National Westminster Bank, PLC LOC)

280,000

3,000,000

New Jersey EDA, (Series 1990), Weekly VRDNs (Genlyte Camden County)/(Bank of America, N.A. LOC)

3,000,000

860,000

New Jersey EDA, (Series 1992D-1), Weekly VRDNs (Danlin Corp.)/(Banque Nationale de Paris LOC)

860,000

2,355,000

New Jersey EDA, (Series 1992L), Weekly VRDNs (Kent Place School)/(Banque Nationale de Paris LOC)

2,355,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New Jersey--continued

1,275,000

New Jersey EDA, (Series 1995), Weekly VRDNs (International Vitamin Corporation Project)/(National Westminster Bank, PLC LOC)

1,275,000

3,500,000

New Jersey EDA, (Series 1997), Weekly VRDNs (Phoenix Realty Partners)/(First Union National Bank, Charlotte, NC LOC)

3,500,000

1,400,000

New Jersey EDA, (Series 1997), Weekly VRDNs (UJA Federation of Bergen County and North Hudson, Inc.)/(Bank of New York, New York LOC)

1,400,000

2,200,000

New Jersey EDA, (Series 1997), Weekly VRDNs (Wood Hollow Associates, LLC)/(First Union National Bank, Charlotte, NC LOC)

2,200,000

1,895,000

New Jersey EDA, (Series 1998), Weekly VRDNs (Deutscher Realty Co. LLC)/(Chase Manhattan Bank N.A., New York LOC)

1,895,000

3,800,000

New Jersey EDA, (Series 1998A), Weekly VRDNs (Bayshore Health Care Center)/(KBC Bank N.V. LOC)

3,800,000

4,430,000

New Jersey EDA, (Series 1998A), Weekly VRDNs (Jewish Home at Rockleigh)/(Allied Irish Banks PLC LOC)

4,430,000

2,500,000

New Jersey EDA, (Series 1998B), Weekly VRDNs (Jewish Home at Rockleigh)/(PNC Bank, N.A. LOC)

2,500,000

3,505,000

New Jersey EDA, (Series 1999), Weekly VRDNs (Richmond Industries, Inc. and Richmond Realty, LLC)/(Commerce Bank, N.A., Cherry Hill, NJ LOC)

3,505,000

1,575,000

New Jersey EDA, (Series 1999), Weekly VRDNs (VOADV Property, Inc.)/(Commerce Bank, N.A., Cherry Hill, NJ LOC)

1,575,000

3,500,000

New Jersey EDA, (Series 1999), Weekly VRDNs (White Wave, Inc.)/ (KeyBank, N.A. LOC)

3,500,000

1,600,000

New Jersey EDA, (Series 2000), Weekly VRDNs (Rose Hill Associates LLC)/(Commerce Bank, N.A., Cherry Hill, NJ LOC)

1,600,000

5,780,000

New Jersey EDA, (Series 2000), 4.50% TOBs (Dallas Airmotive, Inc.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/1/2001

5,780,000

3,200,000

New Jersey EDA, (Series 2001), Weekly VRDNs (Diocese of Metuchen)/(Fleet Bank N.A. LOC)

3,200,000

8,000,000

New Jersey EDA, (Series 2001), Weekly VRDNs (Ocean Spray Cranberries, Inc.)/(Wachovia Bank of NC, N.A. LOC)

8,000,000

920,000

New Jersey EDA, (Series A), Weekly VRDNs (325 Midland Avenue, LLC & Wearbest Sil-Tex, Ltd.)/(Bank of New York, New York LOC)

920,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New Jersey--continued

20,000

New Jersey EDA, (Series B), Weekly VRDNs (325 Midland Avenue, LLC & Wearbest Sil-Tex, Ltd.)/(Bank of New York, New York LOC)

20,000

300,000

New Jersey EDA, (Series W), Weekly VRDNs (Datatec Industries, Inc.)/(Banque Nationale de Paris LOC)

300,000

2,815,000

New Jersey EDA, Economic Development Bonds, Weekly VRDNs (Atlantic States Cast Iron Pipe Co.)/(AmSouth Bank N.A., Birmingham LOC)

2,815,000

4,800,000

New Jersey EDA, Port Facility Revenue Bonds, (Series 1983), Weekly VRDNs (Trailer Marine Transport Corp.)/(Chase Manhattan Bank N.A., New York LOC)

4,800,000

2,000,000

New Jersey Health Care Facilities Financing Authority, Weekly VRDNs (St. Peter's University Hospital)/(Summit Bank, NJ LOC)

2,000,000

2,500,000

New Jersey Housing & Mortgage Financing Authority, MERLOTS, (Series 2000 A2), Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

2,500,000

3,000,000

New Jersey State Educational Facilities Authority, (Series 2000D), Weekly VRDNs (Institute for Defense Analyses)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)

3,000,000

New Jersey State Transportation Corp., (Series A), 5.25% Revenue Bonds (FSA INS), 9/1/2001

3,017,030

3,530,000

New Jersey State Transportation Trust Fund Authority, Floater Certificates, (Series 1998-54), Weekly VRDNs (FSA INS)/(Morgan Stanley, Dean Witter Municipal Funding Inc. LIQ)

3,530,000

1,555,000

Newton, NJ, 5.00% BANs, 8/24/2001

1,557,342

1,803,700

Palmyra Borough, NJ, 4.70% BANs, 12/17/2001

1,807,507

2,186,000

Patterson, NJ, 5.25% BANs, 6/15/2001

2,187,480

1,034,159

Phillipsburg, NJ, 5.38% BANs, 6/13/2001

1,034,939

1,002,100

Pine Beach, NJ, 4.60% BANs, 12/21/2001

1,003,944

10,000,000

Port Authority of New York and New Jersey, (Series 1991-4), Weekly VRDNs

10,000,000

2,300,000

Port Authority of New York and New Jersey, MERLOTS, (Series 2000 B5), Weekly VRDNs (JFK International Air Terminal LLC)/(MBIA INS)/(First Union National Bank, Charlotte, NC LOC)

2,300,000

1,000,000

Sea Isle City, NJ, 4.88% BANs, 9/28/2001

1,001,662

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New Jersey--continued

2,000,000

Sea Isle City, NJ, 5.00% BANs, 6/21/2001

2,000,799

1,662,500

Seaside Heights Borough, NJ, 4.00% BANs, 2/15/2002

1,670,798

1,590,000

Trenton, NJ, 4.60% BANs, 10/19/2001

1,591,423

2,032,000

Union Beach, NJ, 3.63% BANs, 10/18/2001

2,033,497

2,000,200

Vineland, NJ, 4.50% BANs, 12/13/2001

2,002,565

3,743,438

Washington Borough, NJ, 4.63% BANs, 12/7/2001

3,744,408

2,991,725

Washington Township, NJ, 4.80% BANs, (Mercer County), 11/1/2001

2,997,501

2,459,855

Wildwood, NJ, 4.38% BANs, 3/8/2002

2,475,474

TOTAL INVESTMENTS (AT AMORTIZED COST)²

200,870,048

Securities that are subject to alternative minimum tax represents 29.5% of the portfolio as calculated based upon total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

89.07%

10.93%

2 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($202,856,421) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
EDA	--Economic Development Authority
FGIC	--Financial Guaranty Insurance Company
FSA	--Financial Security Assurance
INS	--Insured
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PCFA	--Pollution Control Finance Authority
PUTTERs	--Puttable Tax Exempt Receipts
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

200,870,048

Cash

514,504

Income receivable

1,858,384

Receivable for shares sold

218,201

TOTAL ASSETS

203,461,137

Liabilities:

Income distribution payable

563,475

Accrued expenses

41,241

TOTAL LIABILITIES

604,716

Net assets for 202,856,421 shares outstanding

202,856,421

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Shares:

$122,629,530 ÷ 122,629,530 shares outstanding

$1.00

Institutional Service Shares:

$80,226,891 ÷ 80,226,891 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

3,901,054

Expenses:

Investment adviser fee

398,650

Administrative personnel and services fee

76,864

Custodian fees

5,481

Transfer and dividend disbursing agent fees and expenses

23,022

Directors'/Trustees' fees

997

Auditing fees

11,537

Legal fees

6,279

Portfolio accounting fees

30,696

Distribution services fee--Institutional Service Shares

40,713

Shareholder services fee--Institutional Shares

147,373

Shareholder services fee--Institutional Service Shares

101,783

Share registration costs

17,242

Printing and postage

10,265

Insurance premiums

5,382

Miscellaneous

1,195

TOTAL EXPENSES

877,479

Waivers:

Waiver of investment adviser fee

(57,887

)

Waiver of distribution services fee--Institutional Service Shares

(40,713

)

Waiver of shareholder services fee--Institutional Shares

(117,898

)

Waiver of shareholder services fee--Institutional Service Shares

(40,713

)

TOTAL WAIVERS

(257,211

)

Net expenses

620,268

Net investment income

3,280,786

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

3,280,786

6,348,178

Distributions to Shareholders:

Distributions from net investment income

Institutional Shares

(1,965,130

)

(3,914,007

)

Institutional Service Shares

(1,315,656

)

(2,434,171

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(3,280,786

)

(6,348,178

)

Share Transactions:

Proceeds from sale of shares

291,473,836

576,169,418

Net asset value of shares issued to shareholders in payment of distributions declared

655,917

1,456,724

Cost of shares redeemed

(255,084,602

)

(582,316,362

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

37,045,151

(4,690,220

)

Change in net assets

37,045,151

(4,690,220

)

Net Assets:

Beginning of period

165,811,270

170,501,490

End of period

202,856,421

165,811,270

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.67

3.56

2.77

3.12

3.18

3.17

Ratios to Average Net Assets:

Expenses

0.58

%³

0.55

Net investment income

3.33

%³

3.49

2.75

3.07

3.13

Expense waiver/reimbursement⁴

0.26

%³

0.30

0.28

0.31

0.37

Supplemental Data:

Net assets, end of period (000 omitted)

$122,630

$99,502

$112,138

$106,032

$112,407

$115,722

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.62

3.45

2.67

3.01

3.08

3.07

Ratios to Average Net Assets:

Expenses

0.68

%³

0.65

Net investment income

3.23

%³

3.43

2.65

2.95

3.08

3.03

Expense waiver/reimbursement⁴

0.26

%³

0.30

0.28

0.31

0.37

Supplemental Data:

Net assets, end of period (000 omitted)

$80,227

$66,310

$58,363

$65,240

$54,538

$28,807

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of New Jersey Municipal Cash Trust (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 to provide current income exempt from federal regular income tax and New Jersey state income tax imposed upon non-corporate taxpayers consistent with stability of principal.

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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

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.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

176,737,907

330,149,109

Shares issued to shareholders in payment of distributions declared

16,913

28,713

Shares redeemed

(153,626,792

)

(342,814,680

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

23,128,028

(12,636,858

)

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

114,735,929

246,020,309

Shares issued to shareholders in payment of distributions declared

639,004

1,428,011

Shares redeemed

(101,457,810

)

(239,501,682

)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS

13,917,123

7,946,638

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

37,045,151

(4,690,220

)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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 0.10% of the average daily net assets of the Institutional Service Shares, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

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.

Interfund Transactions

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 65.8% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 8.0% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
New Jersey Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N476
Cusip 60934N468

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

2052902 (6/01)

Federated Investors
World-Class Investment Manager

New York Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.2%¹

New York--99.2%

13,150,000

ABN AMRO MuniTOPS Certificates Trust (New York Non-AMT), (Series 1999-2), Weekly VRDNs (Metropolitan Transportation Authority, NY)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

13,150,000

4,000,000

ABN AMRO MuniTOPS Certificates Trust (New York and New Jersey Non-AMT), (Series 2000-19), Weekly VRDNs (Port Authority of New York and New Jersey)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

4,000,000

10,000,000

Alexander, NY CSD, 4.875% BANs, 6/18/2001

10,003,459

7,000,000

Binghamton, NY, 4.60% BANs, 9/27/2001

7,006,275

5,960,000

Cattaraugus County, NY IDA, (Series 1999A), Weekly VRDNs (Gernatt Asphalt Products, Inc.)/(Manufacturer's & Traders Trust Co., Buffalo, NY LOC)

5,960,000

3,340,000

Cayuga County, NY IDA, (Series 1998), Weekly VRDNs (NFR Northeast, Inc.)/(KeyBank, N.A. LOC)

3,340,000

6,000,000

Central Islip, NY Union Free School District, 4.70% TANs, 6/29/2001

6,002,504

3,900,000

Chautauqua County, NY IDA Weekly VRDNs (Mogen David Wine Corp.)/(Wells Fargo Bank, N.A. LOC)

3,900,000

3,500,000

Chautauqua County, NY IDA, (Series 1999A), Weekly VRDNs (National Bedding Company)/(Bank of America, N.A. LOC)

3,500,000

28,312,000

Clipper Tax-Exempt Certificates Trust (New York AMT), (Series 1998-10), 3.45% TOBs (New York State Mortgage Agency)/(State Street Bank and Trust Co. LIQ), Optional Tender 2/28/2002

28,312,000

660,000

Colonie, NY IDA Weekly VRDNs (Herbert S. Ellis)/(HSBC Bank USA LOC)

660,000

535,000

Colonie, NY IDA, (Series 1988), Weekly VRDNs (Specialty Retailers, Inc.)/(HSBC Bank USA LOC)

535,000

2,245,000

Columbia County, NY IDA, (Series 1998A), Weekly VRDNs (Empire Homes, LLC)/(KeyBank, N.A. LOC)

2,245,000

8,500,000

Copiague, NY Union Free School District, 4.75% TANs, 6/27/2001

8,503,175

3,000,000

Copiague, NY Union Free School District, 5.00% TANs, 6/27/2001

3,002,153

1,000,000

Dutchess County, NY IDA, (Series 1995), Weekly VRDNs (Laerdal Medical Corp.)/(Bank of New York LOC)

1,000,000

4,840,000

Erie County, NY IDA, (Series 1998), Weekly VRDNs (Alden Scientific Corp.)/(KeyBank, N.A. LOC)

4,840,000

1,910,000

Erie County, NY IDA, (Series A), Weekly VRDNs (Gemcor)/(HSBC Bank USA LOC)

1,910,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New York--continued

4,830,000

Erie County, NY IDA, IDRB (Series 1994), Weekly VRDNs (Servotronics, Inc. Project)/(Fleet National Bank LOC)

4,830,000

3,440,076

Florida Union Free School District, NY, 3.30% BANs, 4/11/2002

3,444,791

20,000,000

Fredonia, NY CSD, 4.50% BANs, 12/13/2001

20,023,718

1,300,000

Guilderland, NY IDA, (Series 1993A), Weekly VRDNs (Northeastern Industrial Park, Inc.)/(Fleet National Bank LOC)

1,300,000

5,855,000

Hempstead, NY IDA, (Allied Waste Series 1999), Weekly VRDNs (American Ref-Fuel Co.)/(Chase Manhattan Bank, New York LOC)

5,855,000

3,060,000

Herkimer County, NY IDA, 1994 IDRB Weekly VRDNs (Granny's Kitchen)/(Bank of New York LOC)

3,060,000

1,740,000

Homer, NY CSD, 4.65% RANs, 7/29/2001

1,740,605

7,000,000

Lakeland, NY CSD of Shrub Oak, 4.75% BANs, 11/21/2001

7,014,241

5,745,000

Livingston County, NY, 5.00% BANs, 8/15/2001

5,754,577

21,000,000

Long Island Power Authority, PA-522 Weekly VRDNs (FSA INS)/ (Merrill Lynch & Co., Inc. LIQ)

21,000,000

8,850,000

Long Island Power Authority, (Series 1), Weekly VRDNs (Bayerische Landesbank Girozentrale and Westdeutsche Landesbank Girozentrale LOCs)

8,850,000

4,330,000

Long Island Power Authority, Floater Certificates (Series 1998-66), Weekly VRDNs (MBIA INS)/(Morgan Stanley, Dean Witter & Co. LIQ)

4,330,000

7,595,000

Long Island Power Authority, PA-513R Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ)

7,595,000

4,480,000

Long Island Power Authority, PA-807R Weekly VRDNs (FSA INS)/(Merrill Lynch & Co., Inc. LIQ)

4,480,000

1,280,000

Madison County, NY IDA, (Series 1989A), Weekly VRDNs (Madison, NY Upstate Metals)/(Fleet National Bank LOC)

1,280,000

11,600,000

Madison County, NY IDA, (Series 1999A), Weekly VRDNs (Cazenovia College)/(Manufacturer's & Traders Trust Co., Buffalo, NY LOC)

11,600,000

3,400,000

Madison County, NY IDA, (Series A), Weekly VRDNs (Owl Wire and Cable)/(KeyBank, N.A. LOC)

3,400,000

4,142,057

Mayfield, NY CSD, 5.00% BANs, 6/28/2001

4,144,064

26,095,000

Metropolitan Transportation Authority, NY, MERLOTS (Series 1997C), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC, LIQ)

26,095,000

4,265,000

Metropolitan Transportation Authority, NY, Trust Receipts (Series 1997 FR/RI-9), Weekly VRDNs (FGIC INS)/(Bank of New York LIQ)

4,265,000

4,695,000

Middletown, NY, 4.60% BANs, 8/31/2001

4,697,997

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New York--continued

3,100,000

Monroe County, NY IDA, (Series 2000), Weekly VRDNs (Eldre Corp.)/(Chase Manhattan Bank, New York LOC)

3,100,000

2,835,000

Monroe County, NY IDA, (Series 2000), Weekly VRDNs (Hover-Davis, Inc.)/(Chase Manhattan Bank, New York LOC)

2,835,000

5,360,000

Nassau County, NY Interim Finance Authority, 5.00% BANs, 12/19/2001

5,389,439

8,000,000

Nassau County, NY Interim Finance Authority, 5.00% BANs, 9/28/2001

8,028,629

4,740,000

New York City Housing Development Corp., Municipal Securities Trust Receipts (Series 1996-CMC1A), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)

4,740,000

4,735,000

New York City Housing Development Corp., Municipal Securities Trust Receipts (Series 1996-CMC1B), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)

4,735,000

28,240,000

New York City Municipal Water Finance Authority, PA-523 Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ)

28,240,000

2,500,000

New York City Municipal Water Finance Authority, Trust Receipts (Series 1997 FR/RI-6), Weekly VRDNs (MBIA INS)/(Bank of New York LIQ)

2,500,000

4,907,000

New York City Trust For Cultural Resources, (Series 1990B), Daily VRDNs (Solomon R. Guggenheim Foundation)/(Westdeutsche Landesbank Girozentrale LOC)

4,907,000

13,175,000

New York City Trust For Cultural Resources, (Series 2000), Weekly VRDNs (Manhattan School of Music)/(Asset Guaranty INS)/(First Union National Bank, Charlotte, NC LIQ)

13,175,000

9,900,000

New York City, NY IDA, (Series 2000), Weekly VRDNs (Jewish Community Center on the Upper West Side, Inc.)/(Manufacturer's & Traders Trust Co., Buffalo, NY LOC)

9,900,000

6,575,000

New York City, NY IDA, CDC 1997H - Class A Certificates Weekly VRDNs (Japan Airlines Co.)/(FSA INS)/(CDC Municipal Products, Inc. LIQ)

6,575,000

7,345,000

New York City, NY IDA, CDC Municipal Products (Series 1998D), Weekly VRDNs (Japan Airlines Co.)/(FSA INS)/(CDC Municipal Products, Inc. LIQ)

7,345,000

3,140,000

New York City, NY IDA, CDC Municipal Products, Inc. (Series 1996H), Weekly VRDNs (Japan Airlines Co.)/(FSA INS)/(CDC Municipal Products, Inc. LIQ)

3,140,000

7,980,000

New York City, NY IDA, Class A Certificates (Series CDC-1997E), Weekly VRDNs (Japan Airlines Co.)/(FSA INS)/(CDC Municipal Products, Inc. LIQ)

7,980,000

11,585,000

New York City, NY Transitional Finance Authority, (1998 Subseries A-1), Weekly VRDNs (Commerzbank AG, Frankfurt LIQ)

11,585,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New York--continued

2,880,000

New York City, NY Transitional Finance Authority, (1998 Subseries A-1), Weekly VRDNs (Morgan Guaranty Trust Co., New York LIQ)

2,880,000

4,395,000

New York City, NY Transitional Finance Authority, (1999 Subseries B-3), Weekly VRDNs (Bank One, N.A. (Chicago) LIQ)

4,395,000

4,085,000

New York City, NY Transitional Finance Authority, (Series 2001A), Weekly VRDNs (Bank One, N.A. (Chicago) LIQ)

4,085,000

9,980,000

New York City, NY Transitional Finance Authority, (Series 1999B), MERLOTS Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

9,980,000

3,605,000

New York City, NY Transitional Finance Authority, (Series A), 4.50% Bonds, 11/15/2001

3,623,527

5,835,000

New York City, NY Transitional Finance Authority, (Series A, Subseries A-1), Weekly VRDNs (Societe Generale, Paris LIQ)

5,835,000

12,000,000

New York City, NY Transitional Finance Authority, PT-1047, 4.45% TOBs (Bank of America, N.A. LIQ), Optional Tender 5/10/2001

12,000,000

36,200,000

New York City, NY Transitional Finance Authority, Trust Receipts (Series 2001 FR/RI - L3), Weekly VRDNs (Lehman Brothers, Inc. LIQ)

36,200,000

9,000,000

New York City, NY Transitional Finance Authority, Trust Receipts (Series 2001 FR/RI - N4), Weekly VRDNs (Bank of New York LIQ)

9,000,000

4,900,000

New York City, NY, (Subseries 1994 H-1), 5.50% Bonds, 8/1/2001

4,923,645

17,350,000

New York City, NY, PA-156 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)

17,350,000

6,025,000

New York City, NY, (Series 1995 F-4), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LOC)

6,025,000

4,000,000

New York City, NY, (Series H), 7.00% Bonds (United States Treasury PRF), 2/1/2002 (@102)

4,175,289

2,310,000

New York City, NY, (Series J), 5.00% Bonds, 5/15/2001

2,310,426

300,000

New York City, NY, (Series J-2), Weekly VRDNs (Commerzbank AG, Frankfurt LOC)

300,000

4,000,000

New York City, NY, (Series K), 5.00% Bonds, 8/1/2001

4,006,300

1,730,000

New York City, NY, (Series L), 5.00% Bonds, 8/1/2001

1,736,102

7,450,000

New York City, NY, UT GO (Series D), 6.30% Bonds, 8/15/2001

7,508,445

4,700,000

New York State Dormitory Authority, (Series 107), Weekly VRDNs (MBIA INS)/(Morgan Guaranty Trust Co., New York LIQ)

4,700,000

13,400,000

New York State Dormitory Authority, (Series 1990B), Daily VRDNs (Cornell University)/(Morgan Guaranty Trust Co., New York LIQ)

13,400,000

7,500,000

New York State Dormitory Authority, MERLOTS (Series 2000), Weekly VRDNs (Sloan-Kettering Memorial Cancer Center)/(MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

7,500,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New York--continued

10,325,000

New York State Dormitory Authority, PA-60 (Series 1993), Weekly VRDNs (Rochester General Hospital)/(FHA INS)/(Merrill Lynch & Co., Inc. LIQ)

10,325,000

5,810,000

New York State Dormitory Authority, PT-128, 4.55% TOBs (Rosalind & Joseph Gurwin Jewish Geriatric Center of Long Island, Inc.)/(AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/22/2001

5,810,000

13,195,000

New York State Dormitory Authority, PT-130 (Series 1997), Weekly VRDNs (United Health Services Hospitals, Inc.)/(Ambac INS)/(Merrill Lynch & Co., Inc. LIQ)

13,195,000

7,135,000

New York State Dormitory Authority, PT-75 Weekly VRDNs (Ellis Hospital)/(MBIA INS)/(Merrill Lynch & Co., Inc. LIQ)

7,135,000

5,445,000

New York State Energy Research & Development Authority, PA-144 Weekly VRDNs (Long Island Lighting Co.)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)

5,445,000

16,400,000

New York State HFA, (Series 2000 A), Weekly VRDNs (39th Street Associates)/(KeyBank, N.A. LOC)

16,400,000

10,000,000

New York State HFA, 66 West 38th Street Housing Revenue Bonds (Series 2001 A), Weekly VRDNs (1010 Sixth Associates LLC)/(Bayerische Hypotheken-und Vereinsbank AG LOC)

10,000,000

2,500,000

New York State HFA, Health Facilities Revenue Bonds PA-143 Weekly VRDNs (New York City, NY)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)

2,500,000

9,600,000

New York State HFA, Related-West 20th Street Housing Revenue Bonds (Series 2001 A), Weekly VRDNs (20th and Seventh Associates LLC)/(Bayerische Hypotheken-und Vereinsbank AG LOC)

9,600,000

3,000,000

New York State Local Government Assistance Corp., (Series 1993A), Weekly VRDNs (Bayerische Landesbank Girozentrale and Westdeutsche Landesbank Girozentrale LOCs)

3,000,000

11,300,000

New York State Local Government Assistance Corp., (Series 1995B), Weekly VRDNs (Bank of Nova Scotia, Toronto LOC)

11,300,000

15,500,000

New York State Local Government Assistance Corp., (Series 1995F), Weekly VRDNs (Toronto Dominion Bank LOC)

15,500,000

13,055,000

New York State Medical Care Facilities Finance Agency, (Series 1992 B PT-100), Weekly VRDNs (FHA INS)/(Merrill Lynch & Co., Inc. LIQ)

13,055,000

3,160,000

New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage Revenue Bonds PT-154 Weekly VRDNs (FHA INS)/(Banco Santander Central Hispano, S.A. LIQ)

3,160,000

14,495,000

New York State Mortgage Agency, PA-422 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

14,495,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New York--continued

3,700,000

New York State Mortgage Agency, (Series PA-29), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

3,700,000

1,600,000

New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds (Series PT-15B), Weekly VRDNs (Commerzbank AG, Frankfurt LIQ)

1,600,000

4,800,000

New York State Mortgage Agency, MERLOTS (Series 2000 B3), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

4,800,000

9,995,000

New York State Mortgage Agency, MERLOTS (Series 2000B), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

9,995,000

8,645,000

New York State Mortgage Agency, PA-406 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

8,645,000

12,000,000

New York State Thruway Authority, PA-172 Weekly VRDNs (Merrill Lynch Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)

12,000,000

4,000,000

New York State Thruway Authority, PA-532 Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

4,000,000

6,000,000

New York State Thruway Authority, PT-1141, 3.25% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 2/7/2002

6,000,000

8,400,000

New York State Urban Development Corp., Municipal Securities Trust Receipts (Series 1996-CMC6), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)

8,400,000

4,100,000

Niagara County, NY IDA, Solid Waste Disposal Facility Revenue Bonds (Series 1994 A), Weekly VRDNs (American Ref-Fuel Co.)/(Wachovia Bank of NC, N.A. LOC)

4,100,000

1,000,000

Onondaga County, NY IDA, (Series 1997), Weekly VRDNs (General Super Plating Co., Inc.)/(KeyBank, N.A. LOC)

1,000,000

3,940,000

Onondaga County, NY IDA, (Series 1999A), Weekly VRDNs (Christian Brothers Academy of Syracuse, NY)/(KeyBank, N.A. LOC)

3,940,000

2,250,000

Onondaga County, NY IDA, (Series 2000), Weekly VRDNs (M.S. Kennedy Corp.)/(KeyBank, N.A. LOC)

2,250,000

1,725,000

Onondaga County, NY Weekly VRDNs (Grainger (W.W.), Inc.)

1,725,000

1,100,000

Ontario, NY IDA Weekly VRDNs (Hillcrest Enterprises/Buckeye Corrugated)/(National City Bank, Ohio LOC)

1,100,000

5,700,000

Oswego County, NY IDA Weekly VRDNs (Copperweld Corp.)/(Credit Lyonnais SA LOC)

5,700,000

15,000,000

Port Authority of New York and New Jersey Weekly VRDNs

15,000,000

Port Authority of New York and New Jersey Weekly VRDNs

15,000,000

5,085,000

Port Authority of New York and New Jersey, MERLOTS (Series Z), Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

5,085,000

5,800,000

Port Authority of New York and New Jersey, PUTTERs (Series 153), Weekly VRDNs (FGIC INS)/(Morgan Guaranty Trust Co., New York LIQ)

5,800,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New York--continued

2,728,793

Portville, NY CSD, 4.75% BANs, 8/30/2001

2,731,127

3,000,000

Red Creek, NY CSD, 5.00% RANs, 6/28/2001

3,002,051

4,500,000

Riverhead, NY IDA, IDRB (Series 1998), Weekly VRDNs (Altaire Pharmaceuticals, Inc.)/(Mellon Bank N.A., Pittsburgh LOC)

4,500,000

955,000

Rotterdam, NY IDA, (Series 1993A), Weekly VRDNs (Rotterdam Industrial Park)/(Fleet National Bank LOC)

955,000

1,305,000

Schenectady, NY IDA, IDRB (Series 1995A), Weekly VRDNs (Fortitech Holding Corporation)/(Fleet National Bank LOC)

1,305,000

4,000,000

Skaneateles, NY CSD, 5.00% BANs, 6/19/2001

4,001,278

2,400,000

Southeast, NY IDA, IDRB (Series 1995), Weekly VRDNs (Dairy Conveyor Corp.)/(Chase Manhattan Bank, New York LOC)

2,400,000

3,220,000

Southeast, NY IDA, Variable Rate IDRB 1996 Weekly VRDNs (The Rawplug Company, Inc.)/(Bank of New York LOC)

3,220,000

16,521,100

Southwestern, NY CSD, 5.00% BANs, 6/26/2001

16,533,224

2,500,000

St. Lawrence County, NY IDA, (Series 1998A), Weekly VRDNs (Alcoa, Inc.)

2,500,000

2,520,000

St. Lawrence County, NY IDA, Civic Facility Revenue Bonds (Series 1990), Weekly VRDNs (Clarkson University)/(Fleet National Bank LOC)

2,520,000

720,000

Suffolk County, NY IDA Weekly VRDNs (YM-YWHA of Suffolk)/(European American Bank, New York LOC)

720,000

2,630,000

Suffolk County, NY IDA, (Series 1997B), Weekly VRDNs (Maryhaven Center of Hope)/(KeyBank, N.A. LOC)

2,630,000

1,800,000

Suffolk County, NY IDA, 6.175% TOBs (Grainger (W.W.), Inc.), Optional Tender 6/1/2001

1,800,000

7,900,000

Syracuse, NY IDA Syracuse Weekly VRDNs (Crouse Health Hospital Cardiology)/(Manufacturer's & Traders Trust Co., Buffalo, NY LOC)

7,900,000

4,592,000

Syracuse, NY, 3.80% BANs, 2/27/2002

4,599,333

6,685,905

Tioga, NY CSD, 4.00% BANs, 1/16/2002

6,692,763

3,500,000

Triborough Bridge & Tunnel Authority, NY, 1991 Resolution (Series 2000A), Weekly VRDNs (FSA INS)/(Morgan Guaranty Trust Co., New York LIQ)

3,500,000

34,450,000

Triborough Bridge & Tunnel Authority, NY, Trust Receipt (Series 2000 FR/RI-N15), Weekly VRDNs (Bank of New York LIQ)

34,450,000

17,000,000

Triborough Bridge & Tunnel Authority, NY, Trust Receipt (Series 2000 FR/RI-N16), 4.00% TOBs (Bank of New York LIQ), Optional Tender 8/1/2001

17,000,000

27,600,000

Triborough Bridge & Tunnel Authority, NY, Trust Receipt (Series 2000 FR/RI-N17), Weekly VRDNs (Bank of New York LIQ)

27,600,000

28,700,000

VRDC/IVRC Trust, (Series 1992A), Weekly VRDNs (New York City Municipal Water Finance Authority)/(MBIA INS)/(Citibank N.A., New York LIQ)

28,700,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

New York--continued

6,900,000

VRDC/IVRC Trust, (Series 1993B), Weekly VRDNs (Metropolitan Transportation Authority, NY)/(AMBAC INS)/(Citibank NA, New York LIQ)

6,900,000

18,600,000

VRDC/IVRC Trust, (Series 1993G), Weekly VRDNs (St. Lukes Roosevelt Hospital Center)/(FHA INS)/(Chase Manhattan Bank, New York LIQ)

18,600,000

7,500,000

Walden Village, NY IDA, IDRB (Series 1994), Weekly VRDNs (Spence Engineering Co.)/(First Union National Bank, Charlotte, NC LOC)

7,500,000

3,660,000

Warren & Washington Counties, NY IDA Weekly VRDNs (Sandy Hill Corp.)/(First Union National Bank, Charlotte, NC LOC)

3,660,000

3,500,000

Warsaw, NY CSD, 4.625% BANs, 9/21/2001

3,502,290

5,000,000

Waverly, NY CSD, 4.875% RANs, 6/29/2001

5,002,117

3,800,000

Wayland-Cohocton, NY CSD, 4.75% BANs, 8/21/2001

3,803,313

3,420,000

Wayne County, NY IDA, (Series 1999), Weekly VRDNs (Paul T. Freund Corporation Facility)/(Chase Manhattan Bank, New York LOC)

3,420,000

6,700,000

Wyoming County, NY IDA, (Series 1999A), Weekly VRDNs (TPI Arcade, Inc.)/(Manufacturer's & Traders Trust Co., Buffalo, NY LOC)

6,700,000

TOTAL INVESTMENTS (AT AMORTIZED COST)³

1,047,845,857

Securities that are subject to alternative minimum tax represents 23.1% of the portfolio as calculated based upon total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

96.62%

3.38%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the Fund's Board of Directors. At April 30, 2001, these securities amounted to $69,122,000 which represents 6.5% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($1,056,765,970) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
CSD	--Central School District
FGIC	--Financial Guaranty Insurance Company
FHA	--Federal Housing Administration
FSA	--Financial Security Assurance
GO	--General Obligation
HFA	--Housing Finance Authority
IDA	--Industrial Development Authority
IDRB	--Industrial Development Revenue Bond
INS	--Insured
LIQ	--Liquidity Agreement
LOC(s)	--Letter(s) of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PRF	--Prerefunded
PUTTERs	--Puttable Tax Exempt Receipts
RANs	--Revenue Anticipation Notes
TANs	--Tax Anticipation Notes
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

1,047,845,857

Income receivable

11,414,044

TOTAL ASSETS

1,059,259,901

Liabilities:

Income distribution payable

2,417,851

Accrued expenses

76,080

TOTAL LIABILITIES

2,493,931

Net assets for 1,056,765,970 shares outstanding

1,056,765,970

Institutional Service Shares:

$968,334,665 ÷ 968,334,665 shares outstanding

$1.00

Cash II Shares:

$88,431,305 ÷ 88,431,305 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

18,410,812

Expenses:

Investment adviser fee

1,919,559

Administrative personnel and services fee

361,357

Custodian fees

24,103

Transfer and dividend disbursing agent fees and expenses

51,278

Directors'/Trustees' fees

2,731

Auditing fees

5,461

Legal fees

9,341

Portfolio accounting fees

65,219

Distribution services fee--Institutional Service Shares

1,082,844

Distribution services fee--Cash II Shares

116,881

Shareholder services fee--Institutional Service Shares

1,082,844

Shareholder services fee--Cash II Shares

116,881

Share registration costs

13,437

Printing and postage

13,768

Insurance premiums

21,378

Miscellaneous

1,919

TOTAL EXPENSES

4,889,001

Waivers:

Waiver of investment adviser fee

(160,382

)

Waiver of distribution services fee--Institutional Service Shares

(1,082,844

)

Waiver of distribution services fee--Cash II Shares

(116,881

)

Waiver of shareholder services fee--Institutional Service Shares

(693,020

)

TOTAL WAIVERS

(2,053,127

)

Net expenses

2,835,874

Net investment income

15,574,938

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

15,574,938

29,839,492

Distributions to Shareholders:

Distributions from net investment income

Institutional Service Shares

(14,116,601

)

(26,678,477

)

Cash II Shares

(1,458,337

)

(3,161,015

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(15,574,938

)

(29,839,492

)

Share Transactions:

Proceeds from sale of shares

2,099,632,674

3,565,518,613

Net asset value of shares issued to shareholders in payment of distributions declared

7,222,448

15,850,926

Cost of shares redeemed

(1,938,729,994

)

(3,332,710,409

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

168,125,128

248,659,130

Change in net assets

168,125,128

248,659,130

Net Assets:

Beginning of period

888,640,842

639,981,712

End of period

1,056,765,970

888,640,842

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning
of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.63

3.61

2.83

3.19

3.26

3.24

Ratios to Average Net Assets:

Expenses

0.58

%³

0.55

0.53

Net investment income

3.26

%³

3.57

2.79

3.12

3.21

3.18

Expense waiver/reimbursement⁴

0.44

%³

0.47

0.49

0.50

0.52

0.54

Supplemental Data:

Net assets, end of period (000 omitted)

$968,335

$791,245

$577,269

$513,011

$424,174

$305,533

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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 -- Cash II Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.55

3.44

2.67

3.02

3.07

3.05

Ratios to Average Net Assets:

Expenses

0.74

%³

0.71

Net investment income

3.12

%³

3.40

2.67

2.98

3.01

3.02

Expense waiver/reimbursement⁴

0.28

%³

0.31

0.33

0.34

0.36

Supplemental Data:

Net assets, end of period (000 omitted)

$88,431

$97,396

$62,713

$43,957

$21,402

$25,571

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of New York Municipal Cash Trust (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 Service Shares and Cash II Shares. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal.

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

In November 2000 the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the ``Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

At October 31, 2000, the Fund for federal tax purposes, had a capital loss carryforward of $9,055, which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and this will reduce the amount of 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 in 2007.

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 feature. 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. The Fund's restricted securities are valued at the price provided by the dealers in the secondary market or, if no market prices are available, at the fair value as determined by the Fund's pricing committee.

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) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

1,850,364,204

2,926,998,617

Shares issued to shareholders in payment of distributions declared

6,153,540

13,348,098

Shares redeemed

(1,679,428,309

)

(2,726,370,054

)

NET CHANGE RESULTING FROM INSTITUTIONAL
SERVICE SHARE TRANSACTIONS

177,089,435

213,976,661

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Cash II Shares:

Shares sold

249,268,470

638,519,996

Shares issued to shareholders in payment of distributions declared

1,068,908

2,502,828

Shares redeemed

(259,301,685

)

(606,340,355

)

NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS

(8,964,307

)

34,682,469

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

168,125,128

248,659,130

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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 and Cash II Shares. The Plan provides that the Fund may incur distribution expenses up to 0.25% of the average daily net assets of the Institutional Service Shares and Cash II Shares, annually, to compensate FSC. The distributor may voluntarily choose to waive any portion of its fee. The distributor can modify or terminate this voluntary waiver at any time at its sole discretion.

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.

Interfund Transactions

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 52.6% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 7.1% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
New York Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N294
Cusip 60934N310

Federated is a registered mark of Federated Investors, Inc. 2001 ©Federated Investors, Inc.

8060106 (6/01)

Federated Investors
World-Class Investment Manager

Ohio Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPAL--98.9%¹

Ohio--98.9%

1,100,000

Archbold, OH School District, 5.25% BANs, 5/14/2001

1,100,367

1,400,000

Bedford, OH, 4.625% BANs, 12/20/2001

1,402,778

5,875,000

Belmont County, OH Weekly VRDNs (Lesco, Inc.)/(PNC Bank, N.A. LOC)

5,875,000

3,500,000

Belmont County, OH, 3.66% BANs, 3/20/2002

3,507,774

1,650,000

Belmont County, OH, 4.71% BANs, 11/20/2001

1,652,282

2,900,000

Butler County, OH, 4.80% BANs, 7/11/2001

2,902,161

7,500,000

Canal Winchester, OH Local School District, 4.59% BANs, 12/21/2001

7,513,367

6,585,000

Canfield, OH Local School District, 4.75% BANs, 9/27/2001

6,594,003

3,000,000

Chillicothe, OH, 5.25% BANs, 6/1/2001

3,000,959

2,500,000

Clermont County, OH, Variable Rate IDRBs (Series 1997), Weekly VRDNs (Buriot International, Inc.)/(PNC Bank, N.A. LOC)

2,500,000

4,760,000

Clipper Tax-Exempt Certificates Trust (Ohio AMT) (Series 1999-4), Weekly VRDNs (Ohio HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ)

4,760,000

685,000

Clyde, OH, 5.125% BANs, 6/21/2001

685,204

3,100,000

Columbiana County, OH (Series 1999), Weekly VRDNs (Butech, Inc.)/(KeyBank, N.A. LOC)

3,100,000

1,355,000

Columbiana County, OH, IDRBs Weekly VRDNs (C&S Land Company Project)/(Bank One, N.A. (Ohio) LOC)

1,355,000

300,000

Cuyahoga County, OH IDA Weekly VRDNs (Animal Protection League (Cuyahoga County)/(KeyBank, N.A. LOC)

300,000

5,100,000

Cuyahoga County, OH IDA Weekly VRDNs (Cleveland Gear Co.)/(KeyBank, N.A. LOC)

5,100,000

900,000

Cuyahoga County, OH IDA Weekly VRDNs (East Park Community, Inc.)/(KeyBank, N.A. LOC)

900,000

1,820,000

Cuyahoga County, OH IDA Weekly VRDNs (Sure-Foot Industires, Inc.)/(FirstMerit Bank, N.A. LOC)

1,820,000

2,925,000

Cuyahoga County, OH IDA Weekly VRDNs (Watt Printers)/(National City Bank, Ohio LOC)

2,925,000

2,440,000

Cuyahoga County, OH IDA (Series 1999), Weekly VRDNs (Kowalski Heat Treating Co.)/(FirstMerit Bank, N.A. LOC)

2,440,000

1,250,000

Cuyahoga County, OH IDA, IDRB (Series 1995), Weekly VRDNs (Avalon Precision Casting Co. Project)/(KeyBank, N.A. LOC)

1,250,000

3,000,000

Cuyahoga County, OH (Series 1999), Weekly VRDNs (National Terminal Apartments)/(Fleet National Bank LOC)

3,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Ohio--continued

1,310,000

Delaware County, OH, IDRB (Series 1995), Weekly VRDNs (Air Waves, Inc. Project)/(KeyBank, N.A. LOC)

1,310,000

2,750,000

Euclid, OH, 4.75% BANs, 7/26/2001

2,751,544

2,395,000

Franklin County, OH IDA Weekly VRDNs (Promark Electronics, Inc.)/(Bank One, N.A. (Ohio) LOC)

2,395,000

2,400,000

Franklin County, OH IDA Weekly VRDNs (Unicorn Leasing Corp.)/(Fifth Third Bank, Cincinnati LOC)

2,400,000

2,770,000

Franklin County, OH IDA (Series 1995), Weekly VRDNs (Fabcon LLC Project)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,770,000

4,900,000

Franklin County, OH IDA, Adjustable Rate Demand IDRBs (Series 1996A), Weekly VRDNs (Carams, Ltd.)/(Huntington National Bank, Columbus, OH LOC)

4,900,000

1,170,000

Franklin County, OH IDA, Adjustable Rate Demand IDRBs (Series 1996B), Weekly VRDNs (Carams, Ltd.)/(Huntington National Bank, Columbus, OH LOC)

1,170,000

3,000,000

Franklin County, OH, 4.65% TOBs (Blacklick Station Apartments)/(Fifth Third Bank, Cincinnati LOC), Mandatory Tender 10/1/2001

3,000,000

1,415,000

Franklin County, OH, Adjustable Rate Demand EDR Refunding Bonds (Series 1996), Weekly VRDNs (CPM Investments)/(Huntington National Bank, Columbus, OH LOC)

1,415,000

1,200,000

Garfield, OH, 5.20% BANs, 11/29/2001

1,201,654

675,000

Geauga County, OH Park District, 4.80% BANs, 12/6/2001

676,161

7,375,000

Greene County, OH (Series E), 4.55% BANs, 6/1/2001

7,376,576

3,288,000

Greene County, OH (Series F), 4.55% BANs, 8/22/2001

3,290,055

2,900,000

Hamilton, OH, 3.40% BANs, 4/25/2002

2,903,289

1,215,000

Highland Heights City, OH, 4.00% BANs, 12/13/2001

1,219,014

1,200,000

Hilliard, OH, 4.90% BANs, 9/6/2001

1,202,013

1,900,000

Holmes County, OH IDA Weekly VRDNs (Poultry Processing)/(U.S. Bank, N.A., Minneapolis LOC)

1,900,000

2,000,000

Huber Heights, OH, IDR (Series 1999), Weekly VRDNs (Paxar Corp.)/(SunTrust Bank LOC)

2,000,000

900,000

Huber Heights, OH, IDRB (Series 1994), Weekly VRDNs (Lasermike, Inc. Project)/(KeyBank, N.A. LOC)

900,000

1,000,000

Kent, OH, Adjustable Rate IDRBs (Series 1994), Weekly VRDNs (Raven's Metal Products, Inc. Project)/(FirstMerit Bank, N.A. LOC)

1,000,000

3,000,000

Knox County, OH, 4.81% BANs, 7/19/2001

3,002,051

1,800,000

Knox County, OH, 5.16% BANs, 7/19/2001

1,802,284

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Ohio--continued

2,665,000

Lake County, OH, Adjustable Rate IDRBs (Series 1996), Weekly VRDNs (Apsco Properties Ltd.)/(Bank One, N.A. (Ohio) LOC)

2,665,000

10,071,000

Lakota, OH Local School District, 4.55% BANs, 7/18/2001

10,080,916

2,050,000

Lorain County, OH Weekly VRDNs (Ohio Metallurgical Service, Inc.)/(FirstMerit Bank, N.A. LOC)

2,050,000

3,205,000

Lorain Port Authority, OH (Series 1994), Weekly VRDNs (Spitzer Great Lakes Ltd., Inc.)/(Bank One, N.A. (Ohio) LOC)

3,205,000

950,000

Lorain Port Authority, OH, Adjustable Rate Demand Port Development Refunding Revenue Bonds (Series 1996), Weekly VRDNs (Spitzer Project)/(Bank One, N.A. (Ohio) LOC)

950,000

8,305,000

Lorain Port Authority, OH, IDRB (Series 1996), Weekly VRDNs (Brush Wellman, Inc.)/(National City Bank, Ohio LOC)

8,305,000

135,000

Lucas County, OH Weekly VRDNs (Sunshine Children's Home)/(National City Bank, Ohio LOC)

135,000

1,235,000

Lucas County, OH, Hospital Facility Improvement Revenue Bonds (Series 93), Weekly VRDNs (Lott Industries, Inc.)/(National City Bank, Ohio LOC)

1,235,000

5,000,000

Mahoning County, OH Hospital Facilities (Series 1995), Weekly VRDNs (Shepherd of the Valley)/(Bank One, N.A. (Ohio) LOC)

5,000,000

2,500,000

Mansfield, OH, 4.82% BANs, 5/3/2001

2,500,042

3,000,000

Massillon, OH, 3.74% BANs, 1/11/2002

3,007,929

2,340,000

Medina County, OH (Series 1998), Weekly VRDNs (Michael Day Enterprises)/(KeyBank, N.A. LOC)

2,340,000

5,400,000

Medina County, OH, Solid Waste Disposal Revenue Bonds (Series 1995), Weekly VRDNs (Valley City Steel Company Project)/(KeyBank, N.A. LOC)

5,400,000

2,800,000

Mentor, OH (Series 1997), Weekly VRDNs (Risch Investments/Roll Kraft, Inc.)/(KeyBank, N.A. LOC)

2,800,000

3,355,000

Miami County, OH, 4.875% BANs, 7/11/2001

3,356,555

4,250,000

Montgomery County, OH (Series 1998B), 3.35% CP (Miami (OH) Valley Hospital)/(Morgan Guaranty Trust Co., New York LIQ), Mandatory Tender 6/14/2001

4,250,000

1,400,000

Montgomery County, OH, Revenue Bonds (Series A), 6.20% Bonds (Sisters of Charity Health Care System)/(MBIA INS), 5/15/2001

1,400,888

515,000

North Olmsted, OH IDA, 4.00% TOBs (Therm-All)/(National City Bank, Ohio LOC), Optional Tender 8/1/2001

515,000

685,000

North Olmsted, OH, 4.55% BANs, 7/31/2001

685,586

815,000

Ohio HFA Weekly VRDNs (Westchester Village)/(KeyBank, N.A. LOC)

815,000

6,160,000

Ohio HFA, 4.40% TOBs (Lincoln Park Associates)/(Bank One, N.A. (Ohio) LOC), Optional Tender 5/1/2001

6,160,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Ohio--continued

10,960,000

Ohio HFA, MERLOTS (Series 2000 AA), Weekly VRDNs (GNMA COL)/(First Union National Bank, Charlotte, NC LIQ)

10,960,000

2,500,000

Ohio Solid Waste Facility (Series 2000), Weekly VRDNs (Republic Services, Inc.)/(Bank of America, N.A. LOC)

2,500,000

1,000,000

Ohio State, IDRB (Series 1994), Weekly VRDNs (Anomatic Corp.)/(National City Bank, Ohio LOC)

1,000,000

1,700,000

Orange Village, OH, 4.60% BANs, 12/27/2001

1,703,206

600,000

Orrville, OH IDA Weekly VRDNs (O.S. Associates/Contours, Inc.)/(National City Bank, Ohio LOC)

600,000

1,233,000

Pataskala, OH, 3.78% BANs, 2/28/2002

1,235,764

4,800,000

Pickaway County, OH IDA Weekly VRDNs (Crane Plastics)/(Bank One, N.A. (Ohio) LOC)

4,800,000

645,000

Portage County, OH IDA Weekly VRDNs (Lovejoy Industries)/(Firstar Bank, N.A. LOC)

645,000

3,600,000

Portage County, OH IDA, Adjustable Rate IDRBs (Series 1996) Weekly VRDNs (Barnette Project)/(National City Bank, Ohio LOC)

3,600,000

1,605,000

Ross County, OH, 4.71% BANs, 12/6/2001

1,607,395

240,000

Solon, OH, IDR Weekly VRDNs (Graphic Laminating)/(KeyBank, N.A. LOC)

240,000

5,900,000

South Euclid, OH, 3.30% BANs, 4/4/2002

5,907,944

1,840,000

Springfield, OH, 4.70% BANs, 9/26/2001

1,841,783

200,000

Stark County, OH IDR Weekly VRDNs (Sancap Abrasives, Inc.)/(KeyBank, N.A. LOC)

200,000

6,330,000

Stark County, OH IDR Weekly VRDNs (Shearer's Foods, Inc.)/(Bank One, N.A. (Ohio) LOC)

6,330,000

1,690,000

Stark County, OH IDR (Series 1994), Weekly VRDNs (Wilkof Morris)/(KeyBank, N.A. LOC)

1,690,000

1,045,000

Stark County, OH, IDRB (Series 1996), Weekly VRDNs (Foundations Systems and Anchors, Inc. Project)/(Bank One, N.A. (Ohio) LOC)

1,045,000

1,120,000

Strongsville, OH Weekly VRDNs (Monarch Engraving, Inc.)/(FirstMerit Bank, N.A. LOC)

1,120,000

985,000

Strongsville, OH (Series 1994), Weekly VRDNs (Nutro Machinery Corp.)/(Huntington National Bank, Columbus, OH LOC)

985,000

1,875,000

Strongsville, OH, 4.60% BANs, 10/17/2001

1,876,823

3,000,000

Summit County, OH IDA Weekly VRDNs (Gardner Pie Co., Inc.)/(FirstMerit Bank, N.A. LOC)

3,000,000

4,255,000

Summit County, OH IDA (Series 1994), Weekly VRDNs (Harry London Candies, Inc.)/(KeyBank, N.A. LOC)

4,255,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Ohio--continued

900,000

Summit County, OH IDA (Series 1997), Weekly VRDNs (Baker McMillen Co.)/(National City Bank, Ohio LOC)

900,000

2,580,000

Summit County, OH IDA (Series 1997), Weekly VRDNs (Malco Products, Inc.)/(Bank One, N.A. (Ohio) LOC)

2,580,000

1,985,000

Summit County, OH IDA (Series 1998), Weekly VRDNs (Waldonia Investment)/(KeyBank, N.A. LOC)

1,985,000

3,925,000

Summit County, OH IDA (Series 1999), Weekly VRDNs (Waltco Truck Equipment)/(Svenska Handelsbanken, Stockholm LOC)

3,925,000

1,500,000

Summit County, OH IDA (Series 2000), Weekly VRDNs (McHale Group)/(National City Bank, Ohio LOC)

1,500,000

330,000

Summit County, OH IDA, 4.50% TOBs (Bechmer-Boyce Project)/(KeyBank, N.A. LOC), Optional Tender 7/15/2001

330,000

610,000

Summit County, OH IDA, 4.85% TOBs (Universal Rack)/(National City Bank, Ohio LOC), Optional Tender 9/1/2001

610,000

1,100,000

Summit County, OH IDA, Adjustable Rate IDRBs (Series 1996), Weekly VRDNs (Fomo Products, Inc.)/(FirstMerit Bank, N.A. LOC)

1,100,000

498,000

Summit County, OH IDA, Bonds (Series 1994), Weekly VRDNs (Austin Printing Co., Inc.)/(Bank One, N.A. (Ohio) LOC)

498,000

1,595,000

Summit County, OH IDA, IDRB (Series 1994B), Weekly VRDNs (Harry London Candies, Inc.)/(KeyBank, N.A. LOC)

1,595,000

520,000

Summit County, OH IDA, IDRB (Series 1995), Weekly VRDNs (Cardtech Project (OH))/(KeyBank, N.A. LOC)

520,000

495,000

Summit County, OH IDA, Multi-Mode Variable Rate/Weekly VRDNs (Mastergraphics, Inc. Project)/(KeyBank, N.A. LOC)

495,000

1,800,000

Summit County, OH IDA, Variable Rate IDRBs (Series 1998A), Weekly VRDNs (Wintek Ltd.)/(FirstMerit Bank, N.A. LOC)

1,800,000

3,000,000

Sylvania, OH City School District, 4.70% BANs, 7/25/2001

3,003,416

4,000,000

Toledo-Lucas County, OH Port Authority, Airport Development Revenue Bonds (Series 1996-1), Weekly VRDNs (Burlington Air Express, Inc.)/(ABN AMRO Bank N.V., Amsterdam LOC)

4,000,000

1,000,000

Toledo-Lucas County, OH Port Authority, IDA Weekly VRDNs (Medusa Corp.)/(Bayerische Hypotheken-und Vereinsbank AG LOC)

1,000,000

1,700,000

Trumbull County, OH IDA (Series 1989), Weekly VRDNs (McSonald Steel Corp.)/(PNC Bank, N.A. LOC)

1,700,000

1,200,000

Trumbull County, OH IDA, IDR Refunding Bonds (Series 1994), Weekly VRDNs (Churchill Downs, Inc.)/(Bank One, N.A. (Ohio) LOC)

1,200,000

1,250,000

Tuscarawas County, OH, Adjustable Rate IDRBs (Series 1995), Weekly VRDNs (Primary Packaging, Inc.)/(FirstMerit Bank, N.A. LOC)

1,250,000

2,925,000

Washington, OH, 5.02% BANs, 6/21/2001

2,928,008

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Ohio--continued

2,500,000

West Chester Township, OH, 3.73% BANs, 4/9/2002

2,512,062

1,750,000

Westerville, OH City School District, 4.75% BANs, 6/19/2001

1,751,150

2,000,000

Williams County, OH, Multi-Mode Variable Rate IDRBs (Series 1996), Weekly VRDNs (Allied Moulded Products, Inc.)/(KeyBank, N.A. LOC)

2,000,000

895,000

Willoughby City, OH, IDR Refunding Bonds (Series 1995A), Weekly VRDNs (Pine Ridge Shopping Center Company Project)/(Firstar Bank, N.A. LOC)

895,000

945,000

Willoughby City, OH, IDR Revenue Bonds (Series 1995 B), Weekly VRDNs (Pine Ridge Shopping Center Company Project)/(Firstar Bank, N.A. LOC)

945,000

300,000

Wood County, OH Weekly VRDNs (Principle Business Enterprises)/(National City Bank, Ohio LOC)

300,000

3,500,000

Wood County, OH (Series 1999), Weekly VRDNs (Dowa THT America, Inc.)/(Comerica Bank LOC)

3,500,000

1,725,000

Wood County, OH, EDRB Weekly VRDNs (Roe Inc. Project)/(Huntington National Bank, Columbus, OH LOC)

1,725,000

875,000

Wood County, OH (Series 1998), Weekly VRDNs (IMCO Carbide Tool, Inc.)/(Huntington National Bank, Columbus, OH LOC)

875,000

930,000

Wood County, OH, Williams Industrial Service Inc, Project Weekly VRDNs (Williams Industrial Service, Inc.)/(Huntington National Bank, Columbus, OH LOC)

930,000

TOTAL INVESTMENTS (AT AMORTIZED COST)²

286,621,003

Securities that are subject to alternative minimum tax represents 57.7% of the portfolio as calculated based on total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

99.76%

0.24%

2 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($289,849,368) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
COL	--Collateralized
CP	--Commercial Paper
EDR	--Economic Development Revenue
GNMA	--Government National Mortgage Association
HFA	--Housing Finance Authority
IDA	--Industrial Development Authority
IDR	--Industrial Development Revenue
IDRB(s)	--Industrial Development Revenue Bond(s)
INS	--Insured
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
TOBs	--Tender Option Bonds
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

286,621,003

Cash

1,081,242

Income receivable

3,088,367

TOTAL ASSETS

290,790,612

Liabilities:

Income distribution payable

881,213

Accrued expenses

60,031

TOTAL LIABILITIES

941,244

Net assets for 289,849,368 shares outstanding

289,849,368

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Shares:

$103,283,013 ÷ 103,283,013 shares outstanding

$1.00

Institutional Service Shares:

$107,390,148 ÷ 107,390,148 shares outstanding

$1.00

Cash II Shares:

$79,176,207 ÷ 79,176,207 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

6,310,390

Expenses:

Investment adviser fee

618,683

Administrative personnel and services fee

116,467

Custodian fees

8,971

Transfer and dividend disbursing agent fees and expenses

26,912

Directors'/Trustees' fees

1,392

Auditing fees

5,878

Legal fees

9,280

Portfolio accounting fees

47,639

Distribution services fee--Cash II Shares

108,837

Shareholder services fee--Institutional Service Shares

150,719

Shareholder services fee--Cash II Shares

90,698

Shareholder services fee--Institutional Shares

145,260

Share registration costs

19,025

Printing and postage

11,291

Insurance premiums

6,651

Miscellaneous

774

TOTAL EXPENSES

1,368,477

Waivers:

Waiver of investment adviser fee

(154,021

)

Waiver of distribution services fee--Cash II Shares

(18,140

)

Waiver of shareholder services fee--Institutional Shares

(145,260

)

Waiver of shareholder services fee--Institutional Service Shares

(30,144

)

TOTAL WAIVERS

(347,565

)

Net expenses

1,020,912

Net investment income

5,289,478

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

5,289,478

9,919,993

Distributions to Shareholders:

Distributions from net investment income

Institutional Shares

(2,128,176

)

(3,924,832

)

Institutional Service Shares

(2,051,570

)

(3,674,842

)

Cash II Shares

(1,109,732

)

(2,320,319

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(5,289,478

)

(9,919,993

)

Share Transactions:

Proceeds from sale of shares

755,460,214

1,305,244,506

Net asset value of shares issued to shareholders in payment of distributions declared

1,211,793

3,165,192

Cost of shares redeemed

(748,529,066

)

(1,342,468,426

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

8,142,941

(34,058,728

)

Change in net assets

8,142,941

(34,058,728

)

Net Assets:

Beginning of period

281,706,427

315,765,155

End of period

289,849,368

281,706,427

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

0.02

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.02

)

Net Asset Value, End of Period

$ 1.00

Total Return³

1.80

3.80

3.10

3.43

3.49

2.22

Ratios to Average Net Assets:

Expenses

0.46

%⁴

0.45

0.38

0.37

%⁴

Net investment income

3.65

%⁴

3.69

3.08

3.39

3.40

3.38

%⁴

Expense waiver/reimbursement⁵

0.35

%⁴

0.37

0.48

0.51

%⁴

Supplemental Data:

Net assets, end of period (000 omitted)

$103,283

$94,388

$107,874

$131,395

$55,710

$72,680

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 Reflects operations for the period from March 5, 1996 (date of initial public investment) to October 31, 1996.

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

4 Computed on an annualized basis.

5 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)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$ 1.00

Total Return²

1.70

3.59

2.90

3.22

3.29

3.27

Ratios to Average Net Assets:

Expenses

0.66

%³

0.65

0.57

Net investment income

3.40

%³

3.57

2.88

3.17

3.25

3.23

Expense waiver/reimbursement⁴

0.15

%³

0.17

0.28

0.31

Supplemental Data:

Net assets, end of period (000 omitted)

$107,390

$122,294

$90,294

$94,896

$80,619

$59,721

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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--Cash II Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$ 1.00

Total Return²

1.55

3.28

2.59

2.91

2.98

2.96

Ratios to Average Net Assets:

Expenses

0.96

%³

0.95

0.87

Net investment income

3.06

%³

3.21

2.54

2.86

2.94

2.92

Expense waiver/reimbursement⁴

0.15

%³

0.17

0.28

0.31

Supplemental Data:

Net assets, end of period (000 omitted)

$79,176

$65,024

$117,596

$342,946

$245,329

$206,149

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Ohio Municipal Cash Trust (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 three classes of shares: Institutional Shares, Institutional Service Shares and Cash II Shares. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the State of Ohio and Ohio municipalities consistent with stability of principal.

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. Bond premium and discount, if applicable, are amortized as required by the Internal Revenue Code, as amended (the "Code"). Dividend and 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.

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

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 feature. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees ("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) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

442,376,415

781,192,196

Shares issued to shareholders in payment of distributions declared

108,811

300,704

Shares redeemed

(433,590,476

)

(794,978,994

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

8,894,750

(13,486,094

)

Six Month
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

112,789,875

286,893,901

Shares issued to shareholders in payment of distributions declared

249,960

606,528

Shares redeemed

(127,943,482

)

(255,501,208

)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS

(14,903,647

)

31,999,221

Six Month
Ended
4/30/2001

Year Ended
10/31/2000

Cash II Shares:

Shares sold

200,293,924

237,158,409

Shares issued to shareholders in payment of distributions declared

853,022

2,257,960

Shares redeemed

(186,995,108

)

(291,988,224

)

NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS

14,151,838

(52,571,855

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

8,142,941

(34,058,728

)

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

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 each additional class.

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 Cash II Shares. The Plan provides that the Fund may incur distribution expenses up to 0.30% of the average daily net assets of Cash II Share, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

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

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.

Interfund Transactions

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 58.9% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 13.3% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Ohio Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N419
Cusip 60934N427
Cusip 60934N393

2052903 (6/01)

Federated Investors
World-Class Investment Manager

Pennsylvania Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.5%¹

Pennsylvania--99.5%

3,370,000

Adams County, PA IDA, (Series 1999C), Weekly VRDNs (Martin Limestone, Inc.)/(Allfirst LOC)

3,370,000

6,910,000

Adams County, PA IDA, (Series 1999A), Weekly VRDNs (Valley Quarries, Inc.)/(Allfirst LOC)

6,910,000

2,395,000

Adams County, PA IDA, (Series 1999B), Weekly VRDNs (Valley Quarries, Inc.)/(Allfirst LOC)

2,395,000

7,600,000

Adams County, PA IDA, (Series 2000), Weekly VRDNs (Genlyte Thomas Group LLC)/(Bank of America, N.A. LOC)

7,600,000

3,890,000

Adams County, PA, 4.23% TRANs, 6/29/2001

3,890,246

5,895,000

Allegheny County, PA HDA, (Series 1990D), Weekly VRDNs (Presbyterian University Hospital)/(MBIA INS)/(PNC Bank, N.A. LIQ)

5,895,000

11,475,000

Allegheny County, PA HDA, (Series 2001B), Weekly VRDNs (Covenant at South Hills)/(KeyBank, N.A. LOC)

11,475,000

4,500,000

Allegheny County, PA HDA, (Series B1), Weekly VRDNs (Presbyterian University Hospital)/(Bank One, Michigan LOC)

4,500,000

2,400,000

Allegheny County, PA HDA, Health Center Revenue Refunding Bonds, (Series 1999A), Weekly VRDNs (Riverside Nursing Centers, Inc.)/(Bank One, N.A. (Ohio) LOC)

2,400,000

8,000,000

Allegheny County, PA HDA, Variable Rate Demand Hospital Revenue Bonds, (Series 1998B), 3.25% TOBs (South Hills Health System)/(PNC Bank, N.A. LOC), Mandatory Tender 4/1/2002

8,000,000

6,000,000

Allegheny County, PA IDA, (Series B), Weekly VRDNs (Zoological Society of Pittsburgh)/(PNC Bank, N.A. LOC)

6,000,000

2,635,000

Allegheny County, PA IDA, Variable Rate Demand Revenue Bonds, (Series 1997A), Weekly VRDNs (Jewish Community Center)/(National City Bank, Pennsylvania LOC)

2,635,000

1,000,000

Allegheny County, PA, (Series C39), 5.90% Bonds (United States Treasury PRF), 5/1/2002 (@102)

1,046,209

940,000

Berks County, PA IDA, Weekly VRDNs (ADC Quaker Maid Meats)/(First Union National Bank, Charlotte, NC LOC)

940,000

825,000

Berks County, PA IDA, (Series 1988), Weekly VRDNs (Arrow Electronics, Inc.)/(First Union National Bank, Charlotte, NC LOC)

825,000

5,200,000

Berks County, PA IDA, (Series 1998), Weekly VRDNs (Eastern Industries, Inc.)/(Allfirst LOC)

5,200,000

2,775,000

Berks County, PA IDA, Manufacturing Facilities Revenue Bonds, (Series 1996), Weekly VRDNs (Ram Industries, Inc.)/(First Union National Bank, Charlotte, NC LOC)

2,775,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Pennsylvania--continued

1,290,000

Berks County, PA IDA, Manufacturing Facilities Revenue Bonds, (Series 1995), Weekly VRDNs (Grafika Commercial Printing, Inc.)/(First Union National Bank, Charlotte, NC LOC)

1,290,000

635,000

Berks County, PA IDA, Revenue Bonds, (Series 1995A/Subseries B), Weekly VRDNs (First Union National Bank, Charlotte, NC LOC)

635,000

2,000,000

Blairsville-Saltsburg PA School District, 6.50% Bonds (MBIA INS), 5/15/2002 (@100)

2,067,887

2,250,000

Boyertown, PA Area School District, (Series 1999/00), 5.30% TRANs, 6/29/2001

2,251,734

760,000

Bucks County, PA IDA, Weekly VRDNs (Double H Plastics, Inc.)/(First Union National Bank, Charlotte, NC LOC)

760,000

2,080,000

Bucks County, PA IDA, Weekly VRDNs (Pennsylvania Associates)/(First Union National Bank, Charlotte, NC LOC)

2,080,000

1,840,000

Bucks County, PA IDA, (Series 1991), Weekly VRDNs (Cabot Medical Corp.)/(First Union National Bank, Charlotte, NC LOC)

1,840,000

1,200,000

Butler County, PA IDA, (Series 1996 A), Weekly VRDNs (Armco, Inc.)/(Chase Manhattan Bank N.A., New York LOC)

1,200,000

1,555,000

Butler County, PA IDA, (Series 1998), Weekly VRDNs (Allegheny Metalworking Corp.)/(National City Bank, Pennsylvania LOC)

1,555,000

4,000,000

Butler County, PA IDA, (Series 2000B), 5.00% TOBs (Concordia Lutheran Ministries)/(Asset Guaranty INS)/(Fleet National Bank, Springfield, MA LIQ), Mandatory Tender 8/1/2001

4,005,790

8,500,000

Butler County, PA IDA, 5.00% TOBs (Concordia Lutheran Ministries)/(Asset Guaranty INS)/(Fleet National Bank N.A. LIQ), Mandatory Tender 10/1/2001

8,519,912

2,060,000

Butler County, PA IDA, IDRB, (Series 1994), Weekly VRDNs (Lue-Rich Holding Co., Inc. Project)/(ABN AMRO Bank N.V., Amsterdam LOC)

2,060,000

10,700,000

Carbon County, PA IDA, (Series 2000), 4.90% RANs (Horsehead Resource Development, Inc.)/(Chase Manhattan Bank, New York LOC), 11/30/2001

10,700,000

4,770,000

Central Bucks, PA School District, (Series 2000A), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)

4,770,000

4,500,000

Chartiers Valley, PA Industrial & Commercial Development Authority, (Series 2000B), Weekly VRDNs (Asbury Heights)/(Lasalle Bank, N.A. LOC)

4,500,000

4,335,000

Chester County, PA IDA, (Series 2000A), Weekly VRDNs (Innovative Solutions and Support LLC)/(PNC Bank, N.A. LOC)

4,335,000

6,200,000

Chester County, PA IDA, (Series 2000A), Weekly VRDNs (Devault Packing Co., Inc.)/(Summit Bank, NJ LOC)

6,200,000

7,300,000

Clearfield County, PA IDA, Weekly VRDNs (Penn Traffic Co.)/(Fleet Bank N.A. LOC)

7,300,000

8,000,000

Commonwealth of Pennsylvania, (Series 2001 FR/RI-L7), Weekly VRDNs (AMBAC INS)/(Lehman Brothers, Inc. LIQ)

8,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Pennsylvania--continued

4,790,000

Commonwealth of Pennsylvania, Floater Certificate 1998-53, Weekly VRDNs (FGIC INS)/(Morgan Stanley, Dean Witter & Co. LIQ)

4,790,000

2,095,000

Cumberland County, PA IDA, (Series 2001), Weekly VRDNs (Industrial Harness Co.)/(First Union National Bank, Charlotte, NC LOC)

2,095,000

700,000

Cumberland County, PA IDA, Industrial Development Bonds, (Series 1994), Weekly VRDNs (Lane Enterprises, Inc. Project)/(First Union National Bank, Charlotte, NC LOC)

700,000

5,000,000

Cumberland County, PA Municipal Authority, (Series 1994), 4.90% TOBs (United Methodist Homes for the Aging)/(PNC Bank, N.A. LOC), Mandatory Tender 6/1/2001

5,000,000

10,895,000

Dauphin County, PA General Authority, (Education and Health Loan Program, (Series 1997) Weekly VRDNs (AMBAC INS)/(Chase Manhattan Bank, New York LIQ)

10,895,000

5,000,000

Dauphin County, PA IDA, (Series 2000), Weekly VRDNs (Consolidated Scrap Resources, Inc.)/(Allfirst LOC)

5,000,000

3,000,000

Dauphin County, PA IDA, Variable Rate EDRBs, (Series 1998-B), Weekly VRDNs (Key Ingredients, Inc.)/(Citibank NA, New York LOC)

3,000,000

390,000

Delaware County, PA Authority, Hospital Revenue Bonds, (Series 1996), Weekly VRDNs (Crozer-Chester Medical Center)/(KBC Bank N.V. LOC)

390,000

4,400,000

Delaware County, PA PCR, (Series 1988A), 3.25% CP (Philadelphia Electric Co.)/(FGIC INS)/(FGIC Securities Purchase, Inc. LIQ), Mandatory Tender 6/7/2001

4,400,000

2,500,000

Downington Area School District, PA, 5.10% TRANs, 6/29/2001

2,501,155

5,000,000

Doylestown Hospital Authority, PA, Hospital Revenue Bonds, (Series 1998C), Weekly VRDNs (Doylestown Hospital, PA)/(AMBAC INS)/(PNC Bank, N.A. LIQ)

5,000,000

500,000

East Hempfield Township, PA IDA, (Series 1985), Weekly VRDNs (Yellow Freight System)/(Wachovia Bank of NC, N.A., LOC)

500,000

20,200,000

Easton Area School District, PA, (Series 1997), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)

20,200,000

15,000,000

Erie County, PA Hospital Authority, Weekly VRDNs (St. Vincent Health System)/(Mellon Bank N.A., Pittsburgh LOC)

15,000,000

2,000,000

Erie County, PA IDA, Weekly VRDNs (SIPCO Molding Technologies, Inc.)/(National City Bank, Pennsylvania LOC)

2,000,000

1,000,000

Erie County, PA, 6.40% Bonds (United States Treasury PRF), 9/1/2001 (@100)

1,010,797

1,000,000

Erie County, PA, 6.50% Bonds (United States Treasury PRF), 9/1/2001 (@100)

1,011,124

6,580,000

Erie, PA School District, 5.00% TRANs (PNC Bank, N.A. LOC), 6/30/2001

6,585,253

2,900,000

Franconia Township, PA IDA, IDRBs, (Series 1997A), Weekly VRDNs (Asher's Chocolates)/(Mellon Bank N.A., Pittsburgh LOC)

2,900,000

1,140,000

Franklin County, PA IDA, Weekly VRDNs (The Guarriello LP)/(PNC Bank, N.A. LOC)

1,140,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Pennsylvania--continued

2,175,000

Gettysburg Area IDA, (Series 1998A), Weekly VRDNs (Hanover Lantern, Inc.)/(Allfirst LOC)

2,175,000

1,900,000

Greene County, PA IDA, (Series 1999), Weekly VRDNs (CWS Co., Inc.)/(Huntington National Bank, Columbus, OH LOC)

1,900,000

1,800,000

Hazleton, PA Area School District, 6.10% Bonds (FSA INS), 3/1/2002

1,839,603

1,910,000

Hempfield, PA School District, 3.75% Bonds (FSA INS), 9/15/2001

1,912,408

2,255,000

Jackson Township, PA IDA, (Series 1999A), Weekly VRDNs (Aerial Innovations, Inc.)/(Allfirst LOC)

2,255,000

16,830,000

Lancaster County, PA Hospital Authority, (Series 1996), Weekly VRDNs (Masonic Homes)

16,830,000

3,045,000

Lancaster, PA IDA, (Series 1988C), Weekly VRDNs (Henry Molded Products, Inc.)/(Allfirst LOC)

3,045,000

1,755,000

Lancaster, PA IDA, (Series 1998A), Weekly VRDNs (Henry Molded Products, Inc.)/(Allfirst LOC)

1,755,000

6,000,000

Lancaster, PA IDA, (Series 2000B), Weekly VRDNs (Garden Spot Village)/ (SunTrust Bank LOC)

6,000,000

2,920,000

Lawrence County, PA, 3.55% TRANs, 12/31/2001

2,920,939

5,855,000

Lebanon County, PA Health Facilities Authority, (Series 1999), Weekly VRDNs (United Church of Christ Homes, Inc.)/(Allfirst LOC)

5,855,000

7,000,000

Lehigh County, PA General Purpose Authority, (Series 2000), Weekly VRDNs (The Good Shepherd Group)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)

7,000,000

5,575,000

Lehigh County, PA IDA, (Series 2000) Weekly VRDNs (P. R. E. USA, Inc./Suntuf 2000, Inc.)/(First Union National Bank, Charlotte, NC LOC)

5,575,000

1,000,000

Lehigh County, PA IDA, Variable Rate Demand Revenue Bonds, (Series 1997), Weekly VRDNs (American Manufacturing Co., Inc.)/(Mellon Bank N.A., Pittsburgh LOC)

1,000,000

6,120,000

McKean County, PA IDA, (Series 1997), Weekly VRDNs (Keystone Powdered Metal Co.)/(Mellon Bank N.A., Pittsburgh LOC)

6,120,000

3,300,000

Monroe County, PA IDA, PCR, Weekly VRDNs (Cooper Industries, Inc.)

3,300,000

600,000

Montgomery County, PA IDA, (Series 1992), Weekly VRDNs (RJI LP)/(First Union National Bank, Charlotte, NC LOC)

600,000

16,000,000

Montgomery County, PA IDA, (Series 2000), Weekly VRDNs (Lonza, Inc.)/(Deutsche Bank AG LOC)

16,000,000

1,000,000

Montgomery County, PA IDA, (Series A), Weekly VRDNs (Vari Corp.)/ (Allfirst LOC)

1,000,000

4,250,000

Montgomery County, PA IDA, (Series C), Weekly VRDNs (Vari Corp.)/ (Allfirst LOC)

4,250,000

1,700,000

Montgomery County, PA IDA EDRBs, (Series 1997), Weekly VRDNs (Palmer International, Inc.)/(Mellon Bank N.A., Pittsburgh LOC)

1,700,000

4,470,000

Moon Township, PA IDA, Weekly VRDNs, (Airport Hotel Associates)/(National City Bank, Pennsylvania LOC)

4,470,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Pennsylvania--continued

9,535,000

New Castle, PA Area Hospital Authority, (Series 1996), Weekly VRDNs (Jameson Memorial Hospital)/(FSA INS)/(PNC Bank, N.A. LIQ)

9,535,000

9,000,000

North Penn Health, Hospital and Education Authority, PA, Hospital Revenue Bonds, (Series 1998), Weekly VRDNs (North Penn Hospital, PA)/(First Union National Bank, Charlotte, NC LOC)

9,000,000

3,170,000

Northampton County, PA IDA, (Series 1997), Weekly VRDNs (MCS Industries, Inc.)/(First Union National Bank, Charlotte, NC LOC)

3,170,000

2,207,000

Northampton County, PA IDA, Variable Rate Revenue Bonds, (Series 1997), Weekly VRDNs (Ultra-Poly Corp.)/(PNC Bank, N.A. LOC)

2,207,000

1,884,000

Northeast Bradford School District, PA, 5.39% TRANs, 6/29/2001

1,885,130

1,350,000

Pennsylvania EDFA, Weekly VRDNs (Cyrogenics, Inc.)/(PNC Bank, N.A. LOC)

1,350,000

2,000,000

Pennsylvania EDFA ,Weekly VRDNs (Industrial Scientific Corp.)/(Mellon Bank N.A., Pittsburgh LOC)

2,000,000

300,000

Pennsylvania EDFA, Weekly VRDNs (ProMinent Fluid)/(PNC Bank, N.A. LOC)

300,000

Pennsylvania EDFA, Weekly VRDNs (RMF Associates)/(PNC Bank, N.A. LOC)

300,000

575,000

Pennsylvania EDFA, Weekly VRDNs (Stone and Lime Co.)/(PNC Bank, N.A.LOC)

575,000

1,300,000

Pennsylvania EDFA, (Series 1995D-2), Weekly VRDNs (ARCO Enterprises, Inc./Ronald L. Repasky, Sr. Project)/(PNC Bank, N.A. LOC)

1,300,000

300,000

Pennsylvania EDFA, (Series 1995D-9), Weekly VRDNs (North American Communications, Inc. Project)/(PNC Bank, N.A. LOC)

300,000

918,800

Pennsylvania EDFA, (Series 1992-C), Weekly VRDNs (Leonard H. Berenfield/Berenfield Containers)/(PNC Bank, N.A. LOC)

918,800

2,910,000

Pennsylvania EDFA, (Series 1998-A), Weekly VRDNs (Fourth Generation Realty, LLC)/(PNC Bank, N.A. LOC)

2,910,000

5,000,000

Pennsylvania EDFA, (Series 2000), Weekly VRDNs (Merck & Co., Inc.)

5,000,000

4,200,000

Pennsylvania EDFA, (Series 2000-F1), Weekly VRDNs (Topcraft Precision Molders, Inc.)/(First Union National Bank, Charlotte, NC LOC)

4,200,000

2,750,000

Pennsylvania EDFA, (Series 2000-F2), Weekly VRDNs (HFH Realty Associates L.P. and PreBLEND Products, Inc.)/(First Union National Bank, Charlotte, NC LOC)

2,750,000

1,700,000

Pennsylvania EDFA, (Series B1) Weekly VRDNs (Erie Plating Co.)/(PNC Bank, N.A. LOC)

1,700,000

2,900,000

Pennsylvania EDFA, EDRBs, (Series 1996-D6), Weekly VRDNs (Toyo Tanso Specialty Materials, Inc.)/(PNC Bank, N.A. LOC)

2,900,000

3,890,000

Pennsylvania EDFA, EDRBs, (Series 1996C), Weekly VRDNs (Napco, Inc. Project)/(Mellon Bank N.A., Pittsburgh LOC)

3,890,000

13,545,000

Pennsylvania HFA, (Series 1997-58A), (PT-149), 3.75% TOBs (Commerzbank AG, Frankfurt LIQ), Optional Tender 10/11/2001

13,545,000

2,595,000

Pennsylvania HFA, 3.375% Bonds, 10/1/2001

2,595,000

14,300,000

Pennsylvania HFA, MERLOTS, (Series 1997K), Weekly VRDNs (First Union National Bank, Charlotte, NC LIQ)

14,300,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Pennsylvania--continued

1,180,000

Pennsylvania HFA, (PT-119B), Weekly VRDNs (Merrill Lynch Capital Services, Inc. LIQ)

1,180,000

865,000

Pennsylvania HFA, Section 8 Assisted Residential Development Refunding Bonds, (Series 1992A), Weekly VRDNs (FSA INS)/(Citibank N.A., New York LIQ)

865,000

12,100,000

Pennsylvania HFA, Variable Rate Certificates, (Series 1999-65A), Weekly VRDNs (Bank of America, N.A. LIQ)

12,100,000

6,150,000

Pennsylvania Intergovernmental Coop Authority, (PT-339), Weekly VRDNs (Philadelphia, PA)/(United States Treasury COL)/(Bayerische Hypotheken-und Vereinsbank AG LIQ)

6,150,000

950,000

Pennsylvania Intergovernmental Coop Authority, 6.00% Bonds (FGIC INS), 6/15/2001

951,920

2,635,000

Pennsylvania State Higher Education Facilities Authority, (Series 2000A), 4.75% RANs (Geneva College)/(Allied Irish Banks PLC LOC), 8/15/2001

2,637,945

4,150,000

Pennsylvania State Higher Education Facilities Authority, (Series E4), 4.40% TOBs (Washington & Jefferson College)/(Allied Irish Banks PLC LOC), Mandatory Tender 11/1/2001

4,150,000

1,430,000

Pennsylvania State Higher Education Facilities Authority, (Series O), 5.00% Bonds (AMBAC INS), 6/15/2001

1,431,205

1,000,000

Pennsylvania State Turnpike Commission, Revenue Bonds, 6.80% Bonds (FGIC INS), 12/1/2001 (@102)

1,034,948

2,050,000

Pennsylvania State, (First Series), 5.125% Bonds (AMBAC INS), 3/15/2002

2,084,494

2,125,000

Perkiomen Valley School District, PA, 5.30% TRANs, 6/29/2001

2,126,310

4,350,000

Philadelphia, PA IDA, 4.55% TOBs, (Philadelphia Airport System)/(FGIC INS)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001

4,350,000

1,550,000

Philadelphia, PA Authority for Industrial Development, (Series 1991), Weekly VRDNs (Tom James Co.)/(SunTrust Bank LOC)

1,550,000

5,425,000

Philadelphia, PA Water & Sewer, Lehman Trust Receipts, (Series 2000 FR/RI-N4), Weekly VRDNs (United States Treasury COL)/ (Bank of New York LIQ)

5,425,000

10,000,000

Philadelphia, PA, (Series A), 5.00% TRANs, 6/29/2001

10,009,019

2,500,000

Red Lion, PA Area School District, 5.30% TRANs, 6/29/2001

2,501,541

9,200,000

Schuylkill County, PA IDA, (Series 2000), Weekly VRDNs (Fabcon East Corp. LLC)/(Wells Fargo Bank Minnesota, N.A. LOC)

9,200,000

2,000,000

Shaler Township, PA, 4.46% TRANs, 12/31/2001

2,000,766

3,800,000

Venango, PA IDA, (Series A), 3.40% CP (Scrubgrass Power Corp.)/(Dexia Public Finance Bank S.A. LOC), Mandatory Tender 7/9/2001

3,800,000

3,000,000

Venango, PA IDA, Resource Recovery Bonds, (Series 1993), 3.40% CP (Scrubgrass Power Corp.)/(National Westminster Bank PLC LOC), Mandatory Tender 7/9/2001

3,000,000

2,100,000

Washington County, PA Authority, (Series B-1D), Daily VRDNs (Eye & Ear Hospital)/(Allied Irish Banks PLC LOC)

2,100,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Pennsylvania--continued

11,000,000

Washington County, PA IDA, (Series 2000), Weekly VRDNs (Presbyterian SeniorCare-Southminister Place)/(Asset Guaranty INS)/(National City Bank, Pennsylvania LIQ)

11,000,000

730,000

West Cornwall Township, PA Municipal Authority, Revenue Bonds, (Series 1995), Weekly VRDNs (Lebanon Valley Brethern Home Project (PA))/ (First Union National Bank, Charlotte, NC LOC)

730,000

4,000,000

Westmoreland County, PA IDA, (Series 2000A), Weekly VRDNs (Redstone Presbyterian Senior Care Obligated Group)/(Mellon Bank N.A., Pittsburgh LOC)

4,000,000

3,300,000

York County, PA IDA, (Series 2000A), Weekly VRDNs (UL Holdings)/ (Allfirst LOC)

3,300,000

1,650,000

York County, PA IDA, (Series 2000), Weekly VRDNs (Fypon Ltd.)/(Mellon Bank N.A., Pittsburgh LOC)

1,650,000

2,500,000

York County, PA IDA, Limited Obligation Revenue Bonds, (Series 1997), Weekly VRDNs (Metal Exchange Corp.)/(Comerica Bank LOC)

2,500,000

2,750,000

York County, PA IDA, Variable Rate Demand Ltd Obligation Revenue Bonds, (Series 1996), Weekly VRDNs (Metal Exchange Corp.)/(Comerica Bank LOC)

2,750,000

8,500,000

York County, PA, 4.098% TRANs, 12/31/2001

8,500,977

TOTAL INVESTMENTS (AT AMORTIZED COST)³

541,258,112

Securities that are subject to alternative minimum tax represents 46.2% of the portfolio as calculated based on total portfolio market value.

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 April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

99.65%

0.35%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the fund's Board of Trustees. At April 30, 2001, these securities amounted to $32,195,000 which represents 5.9% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($543,755,681) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
COL	--Collateralized
CP	--Commercial Paper
EDFA	--Economic Development Financing Authority
EDRBs	--Economic Development Revenue Bonds
FGIC	--Financial Guaranty Insurance Company
FSA	--Financial Security Assurance
HDA	--Hospital Development Authority
HFA	--Housing Finance Authority
IDA	--Industrial Development Authority
IDRB(s)	--Industrial Development Revenue Bond(s)
INS	--Insured
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PCR	--Pollution Control Revenue
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

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

541,258,112

Cash

99,865

Income receivable

3,957,326

Receivable for shares sold

21,500

TOTAL ASSETS

545,336,803

Liabilities:

Income distribution payable

1,475,979

Accrued expenses

105,143

TOTAL LIABILITIES

1,581,122

Net assets for 543,755,681 shares outstanding

543,755,681

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Shares:

$111,317,366 ÷ 111,317,366 shares outstanding

$1.00

Institutional Service Shares:

$375,959,237 ÷ 375,959,237 shares outstanding

$1.00

Cash Series Shares:

$56,479,078 ÷ 56,479,078 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

9,498,803

Expenses:

Investment adviser fee

1,195,844

Administrative personnel and services fee

180,094

Custodian fees

13,100

Transfer and dividend disbursing agent fees and expenses

57,276

Directors'/Trustees' fees

2,277

Auditing fees

6,572

Legal fees

5,137

Portfolio accounting fees

60,727

Distribution services fee--Cash Series Shares

125,536

Shareholder services fee--Institutional Shares

145,415

Shareholder services fee--Institutional Service Shares

374,047

Shareholder services fee--Cash Series Shares

78,460

Share registration costs

21,063

Printing and postage

15,040

Insurance premiums

19,487

Miscellaneous

2,027

TOTAL EXPENSES

2,302,102

Waivers:

Waiver of investment adviser fee

(491,862

)

Waiver of distribution services fee--Cash Series Shares

(15,692

)

Waiver of shareholder services fee--Institutional Shares

(145,415

)

Waiver of shareholder services fee--Institutional Service Shares

(74,809

)

TOTAL WAIVERS

(727,778

)

Net expenses

1,574,324

Net investment income

7,924,479

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

7,924,479

16,438,104

Distributions to Shareholders:

Distributions from net investment income

Institutional Shares

(2,043,927

)

(4,760,149

)

Institutional Service Shares

(4,969,074

)

(10,114,058

)

Cash Series Shares

(911,478

)

(1,563,897

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(7,924,479

)

(16,438,104

)

Share Transactions:

Proceeds from sale of shares

827,684,713

1,594,556,969

Net asset value of shares issued to shareholders in payment of distributions declared

1,839,374

4,751,497

Cost of shares redeemed

(702,460,236

)

(1,614,279,079

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

127,063,851

(14,970,613

)

Change in net assets

127,063,851

(14,970,613

)

Net Assets:

Beginning of period

416,691,830

431,662,443

End of period

543,755,681

416,691,830

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Shares

(For a Share Outstanding Throughout Each Period)

Six Month
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$ 1.00

Total Return²

1.76

3.77

2.94

3.36

3.38

3.37

Ratios to Average Net Assets:

Expenses

0.45

%³

0.45

Net investment income

3.51

%³

3.67

2.92

3.31

3.35

3.27

Expense waiver/reimbursement⁴

0.46

%³

0.45

0.46

0.47

Supplemental Data:

Net assets, end of period (000 omitted)

$111,317

$114,180

$135,032

$64,281

$63,148

$37,076

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$ 1.00

Total Return²

1.66

3.56

2.73

3.15

3.18

3.16

Ratios to Average Net Assets:

Expenses

0.65

%³

0.65

Net investment income

3.32

%³

3.47

2.68

3.09

3.14

3.12

Expense waiver/reimbursement⁴

0.26

%³

0.25

0.26

0.27

Supplemental Data:

Net assets, end of period (000 omitted)

$375,959

$248,370

$253,339

$392,381

$264,634

$221,851

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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--Cash Series Shares

(For a Share Outstanding Throughout Each Period)

Six Month
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$ 1.00

$1.00

$ 1.00

Income From Investment Operations:

Net investment income

0.01

0.03

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.01

)

(0.03

)

(0.02

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$ 1.00

Total Return²

1.46

3.15

2.32

2.74

2.77

2.75

Ratios to Average Net Assets:

Expenses

1.05

%³

1.05

Net investment income

2.90

%³

3.12

2.28

2.70

2.72

Expense waiver/reimbursement⁴

0.26

%³

0.25

0.26

0.27

Supplemental Data:

Net assets, end of period (000 omitted)

$56,479

$54,142

$43,292

$47,940

$23,777

$19,825

1 Beginning with the year ended October 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Pennsylvania Municipal Cash Trust (the "Fund"), a non-diversified portfolio. 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 three classes of shares: Institutional Shares, Institutional Service Shares and Cash Series Shares. The investment objective of the Fund is current income exempt from federal income tax and the personal income taxes imposed by the Commonwealth of Pennsylvania consistent with stability of principal.

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. 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. 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.

Federal Taxes

At October 31, 2000, the Fund, for federal tax purposes, had a capital loss carryforward of $1,534, 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:

Expiration Year		Expiration Amount
2001		$ 64

2005		$1,470

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 feature. Such restricted securities may be determined to be liquid under criteria established by the Board of Trustees ("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) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

237,676,938

507,943,703

Shares issued to shareholders in payment of distributions declared

240,789

1,703,868

Shares redeemed

(240,780,050

)

(530,499,834

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

(2,862,323

)

(20,852,263

)

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

489,642,253

910,504,908

Shares issued to shareholders in payment of distributions declared

890,505

1,558,214

Shares redeemed

(362,943,478

)

(917,031,927

)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS

127,589,280

(4,968,805

)

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Cash Series Shares:

Shares sold

100,365,522

176,108,358

Shares issued to shareholders in payment of distributions declared

708,080

1,489,415

Shares redeemed

(98,736,708

)

(166,747,318

)

NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS

2,336,894

10,850,455

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

127,063,851

(14,970,613

)

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

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 Cash Series Shares. The Plan provides that the Fund may incur distribution expenses up to 0.40% of the average daily net assets of the Cash Series Shares, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

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.

Interfund Transactions

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 77.4% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 8.6% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Pennsylvania Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N526
Cusip 60934N542
Cusip 60934N534

0052405 (6/01)

Federated Investors
World-Class Investment Manager

Virginia Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.5%¹

Virginia--99.5%

7,000,000

ABN AMRO MuniTOPS Certificates Trust (Virginia Non-AMT) (Series 1998-21), Weekly VRDNs (Norfolk, VA Water Revenue)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

7,000,000

4,845,000

Albemarle County, VA IDA, (Series 1999), Weekly VRDNs (Region Ten Community Services Board, Inc.)/(Wachovia Bank of NC, N.A. LOC)

4,845,000

1,485,000

Alexandria, VA Redevelopment and Housing Authority, (Series 1996A), Weekly VRDNs (Glebe Park Apartments Project)/(KBC Bank N.V. LOC)

1,485,000

2,450,000

Amelia County, VA IDA, (Series 1991), Weekly VRDNs (Chambers Waste Systems)/(Morgan Guaranty Trust Co., New York LOC)

2,450,000

5,785,000

Arlington County, VA, (Series 2000), 5.05% BANs, 7/1/2001

5,785,000

1,610,000

Botetourt County, VA IDA, (Series 1995), Weekly VRDNs (Emkay Holdings, LLC)/(State Street Bank and Trust Co. LOC)

1,610,000

5,300,000

Campbell County, VA IDA Weekly VRDNs (Georgia-Pacific Corp.)/(SunTrust Bank LOC)

5,300,000

6,410,000

Carroll County, VA IDA, IDRB (Series 1995), Weekly VRDNs (Kentucky Derby Hosiery Co, Inc. Project)/(Bank One, Kentucky LOC)

6,410,000

1,275,000

Charlottesville, VA IDA, Refunding IDRBs, 4.625% TOBs (Safeway, Inc.)/(Bankers Trust Co., New York LOC) 6/1/2001

1,275,000

3,100,000

Chesapeake, VA IDA, (Series 1985), 3.35% CP (Virginia Electric Power Co.), Mandatory Tender 6/11/2001

3,100,000

1,800,000

Chesterfield County, VA IDA, (Series 1998), Weekly VRDNs (Lumberg, Inc.)/(Bank of America, N.A. LOC)

1,800,000

3,625,000

Chesterfield County, VA IDA, (Series 2001A), Weekly VRDNs (Super Radiator Coils LP)/(Lasalle Bank, N.A. LOC)

3,625,000

5,800,000

Danville, VA IDA, (Series 1997), Weekly VRDNs (Diebold, Inc.)/(Bank One, N.A. (Ohio) LOC)

5,800,000

5,298,975

Equity Trust III, (Series 1996), Weekly VRDNs (Bayerische Hypotheken-und Vereinsbank AG LOC)

5,298,975

2,500,000

Fairfax County, VA EDA, (Series 1995), Weekly VRDNs (American Society of Civil Engineers Foundation, Inc.)/(Mellon Bank NA, Pittsburgh LOC)

2,500,000

7,000,000

Fairfax County, VA IDA, (Series 2000), Weekly VRDNs (Inova Health System)

7,000,000

16,200,000

Fairfax County, VA IDA, Trust Receipts (Series 1998 FR/RI-A35) Weekly VRDNs (Fairfax Hospital System)/(Bayerische Hypotheken-und Vereinsbank AG LIQ)/(United States Treasury PRF)

16,200,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Virginia--continued

10,700,000

Falls Church, VA IDA, (Series 1985), 4.80% TOBs (Kaiser Permanente), Optional Tender 5/10/2001

10,700,000

7,113,000

Fluvanna County, VA IDA, (Series 1986), Weekly VRDNs (Thomasville Furniture Industries)/(UBS AG LOC)

7,113,000

5,210,000

Frederick County, VA IDA, (Series 1997), Weekly VRDNs (Jouan, Inc.)/(Wachovia Bank of NC, N.A. LOC)

5,210,000

1,875,000

Halifax County, VA IDA, (Series 1998), Weekly VRDNs (Annin & Co., Inc.)/(Chase Manhattan Bank, New York LOC)

1,875,000

22,000,000

Halifax, VA IDA, MMMs, PCR, 3.45% CP (Virginia Electric Power Co.), Mandatory Tender 7/26/2001

22,000,000

2,735,000

Hampton, VA IDA, (Series 1998), Weekly VRDNs (USA Waste Services, Inc.)/(Wachovia Bank of NC, N.A. LOC)

2,735,000

4,000,000

Hampton, VA Redevelopment & Housing Authority, (Series 1998), Weekly VRDNs (Township Apartments)/(Amsouth Bank N.A., Birmingham LOC)

4,000,000

1,000,000

Hanover County, VA, 5.00% Bonds, 7/15/2001

1,001,283

5,915,000

Harrisonburg, VA Redevelopment & Housing Authority, (PT-485), 4.25% TOBs (Rolling Brook Village Apartments)/(FHLMC GTD)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 12/6/2001

5,915,000

6,500,000

Loudoun County, VA, (Series 1998), 4.50% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/1/2001

6,500,000

2,315,000

Mecklenburg County, VA IDA, IDRB Weekly VRDNs (Harden Manufacturing Corp.)/(Columbus Bank and Trust Co., GA LOC)

2,315,000

2,175,000

Mecklenburg County, VA IDA, IDRB Weekly VRDNs (Smith Land Holdings, LLC)/(Columbus Bank and Trust Co., GA LOC)

2,175,000

3,300,000

Metropolitan Washington, DC Airports Authority, (Series A), 3.30% CP, Mandatory Tender 8/21/2001

3,300,000

2,650,000

Metropolitan Washington, DC Airports Authority, (Series B), 5.00% Bonds, 10/1/2001

2,668,547

8,500,000

Metropolitan Washington, DC Airports Authority, 3.30% CP (Bank of America, N.A. LOC), Mandatory Tender 7/31/2001

8,500,000

4,750,000

New Kent County, VA, (Series 1999), Weekly VRDNs (Basic Construction Company, LLC.)/(SunTrust Bank LOC)

4,750,000

3,795,000

Newport News, VA IDA, (Series 1997), Weekly VRDNs (Iceland Seafood Corp.)/(SunTrust Bank LOC)

3,795,000

2,450,000

Newport News, VA Redevelopment & Housing Authority, Walker Village (Series 2000), 4.60% TOBs (FGIC INS), Mandatory Tender 4/1/2002

2,450,000

520,000

Newport News, VA, (Series A), 5.30% Bonds (MBIA INS), 7/1/2001

521,559

5,000,000

Norfolk, VA Water Revenue, (Series 2000), 5.30% BANs, 6/30/2001

5,000,268

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Virginia--continued

5,800,000

Portsmouth, VA Redevelopment and Housing Authority, (Series 2000) Weekly VRDNs (Yorkshire Square Townhouse Apartments)/(SunTrust Bank LOC)

5,800,000

1,000,000

Prince William County, VA, 6.50% Bonds (United States Treasury PRF), 7/1/2001 (@102)

1,023,365

865,000

Pulaski County, VA IDA, (Series 1995), Weekly VRDNs (Balogh Real Estate Ltd. Partnership Mar-Bal Inc.)/(Bank One, N.A. (Ohio) LOC)

865,000

795,000

Richmond, VA IDA, (Series 1997), Weekly VRDNs (PM Beef)/(U.S. Bank, N.A., Minneapolis LOC)

795,000

4,200,000

Richmond, VA Redevelopment & Housing Authority Weekly VRDNs (Greystone Place Apartments)/(SunTrust Bank LOC)

4,200,000

4,235,000

Richmond, VA Redevelopment & Housing Authority, (Series 1989), Weekly VRDNs (Belmont Apartment)/(First Union National Bank, Charlotte, NC LOC)

4,235,000

10,500,000

Richmond, VA Redevelopment & Housing Authority, (Series B-1), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Credit Suisse First Boston LOC)

10,500,000

7,000,000

Richmond, VA Redevelopment & Housing Authority, (Series B-10), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank Girozentrale INV)

7,000,000

6,000,000

Richmond, VA Redevelopment & Housing Authority, (Series B-2), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank Girozentrale INV)

6,000,000

1,500,000

Richmond, VA Redevelopment & Housing Authority, (Series B-3B), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank Girozentrale INV)

1,500,000

7,000,000

Richmond, VA Redevelopment & Housing Authority, (Series B-4), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank Girozentrale INV)

7,000,000

3,160,000

Richmond, VA Redevelopment & Housing Authority, (Series B-5), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank Girozentrale INV)

3,160,000

3,555,000

Richmond, VA Redevelopment & Housing Authority, (Series B-6), Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank Girozentrale INV)

3,555,000

7,000,000

Richmond, VA Redevelopment & Housing Authority, (Series B-9,) Weekly VRDNs (Richmond, VA Red Tobacco Row)/(Bayerische Landesbank Girozentrale INV)

7,000,000

5,795,000

Richmond, VA Redevelopment & Housing Authority, Multi-Family Revenue Refunding Bonds (Series 1997), Weekly VRDNs (Newport Manor)/(Columbus Bank and Trust Co., GA LOC)

5,795,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Virginia--continued

3,500,000

Roanoke County, VA IDA, (Series 2000), Weekly VRDNs (Nordt Properties, LLC)/(SunTrust Bank LOC)

3,500,000

12,285,000

Roanoke, VA IDA, Hospital Revenue Bonds (Series 1995C), Weekly VRDNs (Carilion Health System Obligated Group)/(First Union National Bank, Charlotte, NC LIQ)

12,285,000

3,600,000

Roanoke, VA IDA, Hospital Revenue Bonds (Series 1997A), Daily VRDNs (Carilion Health System Obligated Group)/(Bank of America, N.A. LIQ)

3,600,000

1,510,000

Rockbridge County, VA IDA, IDR Bonds, 3.50% TOBs (Safeway, Inc.)/(Deutsche Bank AG LOC), Mandatory Tender 8/1/2001

1,510,000

2,030,000

South Hill, VA IDA, (Series 1997), Weekly VRDNs (International Veneer Co., Inc.)/(Bank One, Indiana, N.A. LOC)

2,030,000

2,500,000

Staunton, VA IDA, (Series 1997), Weekly VRDNs (Diebold, Inc.)/(Bank One, N.A. (Ohio) LOC)

2,500,000

3,320,000

Staunton, VA IDA, (Series 1999A), Weekly VRDNs (Specialty Blades, Inc.)/(SunTrust Bank LOC)

3,320,000

1,800,000

Tazewell County, VA IDA, (Series 1993), Weekly VRDNs (Seville Properties Bluefield)/(Huntington National Bank, Columbus, OH LOC)

1,800,000

1,305,000

Virginia Beach, VA, 5.00% Bonds, 3/1/2002

1,324,649

1,000,000

Virginia College Building Authority, 5.75% Bonds, 2/1/2002

1,018,553

7,200,000

Virginia Port Authority, 4.50% Bonds (Virginia State GTD), 7/1/2001

7,201,307

3,145,000

Virginia Resources Authority, Water and Sewer (Series 1997), Weekly VRDNs (Henrico County, VA)/(SunTrust Bank LIQ)

3,145,000

4,000,000

Virginia Small Business Financing Authority Weekly VRDNs (Moses Lake Industries)/(KeyBank, N.A. LOC)

4,000,000

6,000,000

Virginia Small Business Financing Authority, (Series 2000), Weekly VRDNs (Virginia-Carolina Forest Products, Inc.)/(Centura Bank, Rocky Mount, NC LOC)

6,000,000

1,320,000

Virginia State Housing Development Authority, (Series I), 5.05% Bonds, 5/1/2001

1,320,000

445,000

Virginia State Housing Development Authority, MERLOTS (Series 2000CC) Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

445,000

5,190,000

Virginia State Public School Authority, (Series B), 4.25% Bonds, 8/1/2001

5,198,952

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Virginia--continued

1,642,000

Williamsburg, VA IDA, (Series 1988), Weekly VRDNs (Colonial Williamsburg Foundation Museum)/(Bank of America, N.A. LOC)

1,642,000

975,000

Winchester, VA IDA, (Series 1995), Weekly VRDNs (Midwesco Filter Resources, Inc. Project)/(Harris Trust & Savings Bank, Chicago LOC)

975,000

TOTAL INVESTMENTS (AT AMORTIZED COST)³

315,252,458

Securities that are subject to alternative minimum tax represents 64.1% of the portfolio as calculated based on total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

98.10%

1.90%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($316,981,359) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
CP	--Commercial Paper
EDA	--Economic Development Authority
FGIC	--Financial Guaranty Insurance Company
FHLMC	--Federal Home Loan Mortgage Corp.
FR	--Floating Rate
FSA	--Financial Security Assurance
GTD	--Guaranteed
IDA	--Industrial Development Authority
IDRB(s)	--Industrial Development Revenue Bond(s)
INS	--Insured
INV	--Investment Agreement
LIQ	--Liquidity Agreement
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
MMMs	--Money Market Municipals
PCR	--Pollution Control Revenue
PRF	--Prerefunded
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

315,252,458

Cash

29,831

Income receivable

2,342,888

Receivable for shares sold

343,770

TOTAL ASSETS

317,968,947

Liabilities:

Income distribution payable

892,855

Accrued expenses

94,733

TOTAL LIABILITIES

987,588

Net assets for 316,981,359 shares outstanding

316,981,359

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Shares:

$54,305,590 ÷ 54,305,590 shares outstanding

$1.00

Institutional Service Shares:

$262,675,769 ÷ 262,675,769 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

6,485,879

Expenses:

Investment adviser fee

645,918

Administrative personnel and services fee

121,594

Custodian fees

8,405

Transfer and dividend disbursing agent fees and expenses

61,015

Directors'/Trustees' fees

1,213

Auditing fees

5,493

Legal fees

3,478

Portfolio accounting fees

41,834

Shareholder services fee--Institutional Shares

74,586

Shareholder services fee--Institutional Service Shares

329,112

Share registration costs

16,318

Printing and postage

9,938

Insurance premiums

8,239

Miscellaneous

2,181

TOTAL EXPENSES

1,329,324

Waivers:

Waiver of investment adviser fee

(127,271

)

Waiver of shareholder services fee--Institutional Shares

(74,586

)

Waiver of shareholder services fee--Institutional Service Shares

(131,645

)

TOTAL WAIVERS

(333,502

)

Net expenses

995,822

Net investment income

5,490,057

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

5,490,057

10,749,658

Distributions to Shareholders:

Distributions from net investment income

Institutional Shares

(1,045,557

)

(1,739,348

)

Institutional Service Shares

(4,444,500

)

(9,010,310

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(5,490,057

)

(10,749,658

)

Share Transactions:

Proceeds from sale of shares

697,764,012

1,186,153,615

Net asset value of shares issued to shareholders in payment of distributions declared

3,114,147

8,107,524

Cost of shares redeemed

(711,922,451

)

(1,146,507,527

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

(11,044,292

)

47,753,612

Change in net assets

(11,044,292

)

47,753,612

Net Assets:

Beginning of period

328,025,651

280,272,039

End of period

316,981,359

328,025,651

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.76

3.81

2.90

3.26

3.31

3.24

Ratios to Average Net Assets:

Expenses

0.49

%³

0.49

Net investment income

3.50

%³

3.69

2.87

3.23

3.26

3.19

Expense waiver/reimbursement⁴

0.33

%³

0.37

0.35

0.36

0.40

Supplemental Data:

Net assets, end of period (000 omitted)

$54,306

$50,047

$34,562

$24,559

$24,382

$26,302

1 Beginning with the year ended October 31, 1999, the Fund was audited Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.69

3.65

2.75

3.11

3.17

3.14

Ratios to Average Net Assets:

Expenses

0.64

%³

0.64

0.63

0.59

Net investment income

3.38

%³

3.59

2.71

3.06

3.12

3.10

Expense waiver/reimbursement⁴

0.18

%³

0.22

0.20

0.21

0.23

0.30

Supplemental Data:

Net assets, end of period (000 omitted)

$262,676

$277,979

$245,710

$247,149

$198,838

$177,575

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Virginia Municipal Cash Trust (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 exempt from federal regular income tax and the income tax imposed by the Commonwealth of Virginia consistent with stability of principal.

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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the Guide). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

At October 31, 2000, the Fund, for federal tax purposes, had a capital loss carryforward of $2,348, 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:

Expiration Year		Expiration Amount
2002		$1,190

2004		$1,158

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 to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

217,644,424

230,192,935

Shares issued to shareholders in payment of distributions declared

64,312

373,479

Shares redeemed

(213,449,668

)

(215,081,968

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

4,259,068

15,484,446

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

480,119,588

955,960,680

Shares issued to shareholders in payment of distributions declared

3,049,835

7,734,045

Shares redeemed

(498,472,783

)

(931,425,559

)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS

(15,303,360

)

32,269,166

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

(11,044,292

)

47,753,612

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

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.

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

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 47.7% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 9.7% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Virginia Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N252
Cusip 60934N245

G00133-01 (6/01)

Federated Investors
World-Class Investment Manager

Federated Tax-Free Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.3%¹

Alabama--4.0%

5,000,000

Anniston, AL, IDB, (Series 1989A), Weekly VRDNs (Union Foundry Co.)/(AmSouth Bank N.A., Birmingham LOC)

5,000,000

6,450,000

Daphne, AL, Special Care Facilities Financing Authority, (Series 1998A), Weekly VRDNs (Presbyterian Retirement Corp.)/(AMBAC INS)/(Bank of Nova Scotia, Toronto and KBC Bank N.V. LIQs)

6,450,000

8,500,000

Jefferson County, AL, GO Warrants, (Series 1996), Weekly VRDNs (Bayerische Landesbank Girozentrale LOC)

8,500,000

1,195,000

Marshall County, AL, Special Obligation School Refunding Warrant, (Series 1994), Weekly VRDNs (Marshall County, AL Board of Education)/(Regions Bank, Alabama LOC)

1,195,000

TOTAL

21,145,000

Arizona--1.7%

6,650,000

Arizona School District, Certificates of Participation, (Series 2000), 4.875% TANs (AMBAC INS), 7/31/2001

6,658,625

2,100,000

Maricopa County, AZ, Community College District, (Series 1994C), 5.25% Bonds, 7/1/2001

2,103,777

TOTAL

8,762,402

Colorado--4.6%

14,660,000

Denver (City & County), CO, MERLOTS, (Series 1997E), Weekly VRDNs (Department of Aviation Airport System)/(MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

14,660,000

2,130,000

Loveland, CO, IDR (Series 1993S), 4.625% TOBs (Safeway, Inc.)/(Bankers Trust Co., New York LOC), Mandatory Tender 6/1/2001

2,130,000

3,500,000

Lower Colorado River Authority, TX, (Series 2000), 4.40% TOBs (FSA INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 9/4/2001

3,500,000

3,985,000

Lower Colorado River Authority, TX, MERLOTS, (Series 2000), 4.40% TOBs (FSA INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 8/1/2001

3,985,000

TOTAL

24,275,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Connecticut--1.0%

5,000,000

Connecticut State HFA, Variable Rate Certificates, (Series 1998S), 3.20% TOBs (Bank of America, N.A. LIQ), Optional Tender 8/23/2001

5,000,000

District of Columbia--1.3%

6,840,000

District of Columbia, Variable Rate Demand/Fixed Rate Revenue Bonds, (Series 1997), (Children's Defense Fund)/(Allfirst LOC)

6,840,000

Florida--6.8%

4,000,000

ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/(Series 1998-9), Weekly VRDNs (Florida State Board of Education Capital Outlay)/ (FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

4,000,000

5,000,000

ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/(Series 1999-11), Weekly VRDNs (Tampa Bay Water Utility System, FL)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

5,000,000

4,700,000

Capital Projects Finance Authority, FL, (Series 2000H), Weekly VRDNs (Capital Projects Loan Program - AAAE Airport)/(Caisse des Depots et Consignations, Paris INV)/(Bank of New York, Bayerische Hypotheken-und Vereinsbank AG and Landesbank Hessen-Thueringen, Frankfurt LIQs)

4,700,000

2,500,000

Fort Myers, FL, Utilities Revenue, (Series 1998-168), Weekly VRDNs (FGIC INS)/(Morgan Stanley, Dean Witter Municipal Funding, Inc. LIQ)

2,500,000

1,500,000

Mount Dora, FL, Health Facility Authority, (Series 1996A), Weekly VRDNs (Waterman Village (Mount Dora, Fl))/(Bank of America, N.A. LOC)

1,500,000

18,000,000

Orange County, FL, Health Facilities Authority, (Series 2000A), Weekly VRDNs (Florida Hospital Association Health Facilities Loan Program)/(Caisse des Depots et Consignations, Paris INV)/(BNP Paribas, Bank of New York and Bank of Nova Scotia, Toronto LIQs)

18,000,000

TOTAL

35,700,000

Georgia--0.8%

1,000,000

Barrow County, GA, School District, 4.60% Bonds (Georgia State GTD), 2/1/2002

1,008,771

3,290,000

Cherokee County, GA, Water & Sewer Authority, MERLOTS, (Series 2000A-23), 4.40% TOBs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 11/6/2001

3,290,000

TOTAL

4,298,771

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Illinois--8.2%

10,000,000

ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT)/ (Series 1998-14), Weekly VRDNs (Cook County, IL)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

10,000,000

Chicago, IL Board of Education, Variable Rate Certificates, (Series 1996BB), Weekly VRDNs (MBIA INS)/(Bank of America, N.A. LIQ)

10,000,000

4,995,000

Chicago, IL, Variable Rate Certificates, (Series 1998M), 3.25% TOBs (FGIC INS)/(Bank of America, N.A. LIQ), Optional Tender 7/26/2001

4,995,000

8,295,000

Illinois Health Facilities Authority, (Series 1997B), Weekly VRDNs (Advocate Health Care Network)/(Bank One, N.A., Bank of America, N.A. and Northern Trust Co., Chicago, IL LIQs)

8,295,000

8,715,000

Illinois HDA, (Series 1999B-1), 4.28% TOBs, Mandatory Tender 12/5/2001

8,715,000

1,000,000

Lake County, IL, Forest Preserve District, 4.50% Bonds, 12/15/2001

1,000,844

TOTAL

43,005,844

Indiana--4.1%

5,000,000

Frankfort, IN, EDR Weekly VRDNs (Wesley Manor, Inc.)/(Allied Irish Banks PLC LOC)

5,000,000

2,500,000

Indiana Health Facility Financing Authority, (Series 2001B), Weekly VRDNs (Bethesda Living Center)/(LaSalle Bank, N.A. LOC)

2,500,000

10,000,000

Indiana Health Facility Financing Authority, (Series 2000), Weekly VRDNs (Baptist Homes of Indiana, Inc.)/(LaSalle Bank, N.A. LOC)

10,000,000

4,000,000

Indianapolis, IN, Local Public Improvement Bond Bank, (Series 2000F), 4.75% TANs (Marion County, IN), 7/9/2001

4,003,680

TOTAL

21,503,680

Kentucky--1.4%

7,500,000

Boone County, KY Weekly VRDNs (Bemis Co., Inc.)

7,500,000

Maine--0.5%

2,500,000

Maine State, 4.50% BANs, 6/26/2001

2,501,500

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Maryland--5.5%

9,000,000

Howard County, MD, (Series 2001A), 4.00% BANs, 4/15/2002

9,079,906

7,250,000

Maryland Health & Higher Educational Facilities Authority Weekly VRDNs (Capitol College)/(Allfirst LOC)

7,250,000

60,000

Maryland Health & Higher Educational Facilities Authority, Facility Authority Revenue Bonds, (Series 1998), Weekly VRDNs (Woodbourne Foundation, Inc.)/(Allfirst LOC)

60,000

1,920,000

Maryland Health & Higher Educational Facilities Authority, (Series 1999), Weekly VRDNs (Landon School)/(Crestar Bank LOC)

1,920,000

2,250,000

Maryland Health & Higher Educational Facilities Authority, (Series A), 7.00% Bonds (University of Maryland Medical System)/(United States Treasury PRF), 7/1/2001 (@102)

2,303,178

7,900,000

Montgomery County, MD, EDR Weekly VRDNs (U.S. Pharmacopeial Convention Facility)/(Chase Manhattan Bank N.A., New York LOC)

7,900,000

TOTAL

28,513,084

Massachusetts--1.9%

8,000,000

Commonwealth of Massachusetts, (Series 2001C), Weekly VRDNs (State Street Bank and Trust Co. LIQ)

8,000,000

1,925,000

Massachusetts HEFA, (Series D), 6.875% Bonds (Deaconess Hospital)/(United States Treasury PRF), 4/1/2002 (@102)

2,026,314

TOTAL

10,026,314

Michigan--7.1%

2,400,000

ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT)/ (Series 1998-11), Weekly VRDNs (DeWitt, MI Public Schools)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

2,400,000

3,000,000

ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT)/ (Series 1998-13), Weekly VRDNs (Michigan State Trunk Line)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

3,000,000

5,000,000

Detroit, MI City School District, MERLOTS, (Series 2000A-8), 4.40% TOBs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 10/1/2001

5,000,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Michigan--continued

2,000,000

Detroit, MI Sewage Disposal System, MERLOTS, (Series 2000-I), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ)

2,000,000

3,500,000

Detroit, MI Water Supply System, MERLOTS, (Series 2000D), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ)

3,500,000

1,000,000

Lake Orion, MI School District, 5.125% RANs, 8/22/2001

1,002,153

4,890,000

Michigan State Hospital Finance Authority, (Series 2000), Weekly VRDNs (Oaklawn Hospital)/(Michigan National Bank, Farmington Hills LOC)

4,890,000

4,000,000

Michigan State Hospital Finance Authority, MERLOTS, (Series 1997A), Weekly VRDNs (Detroit Medical Center Obligated Group)/(AMBAC INS)/(First Union National Bank, Charlotte, NC LIQ)

4,000,000

4,485,000

Oakland County, MI EDC, (Series 1998), Weekly VRDNs (Lourdes Assisted Living, Inc.)/(Allied Irish Banks PLC LOC)

4,485,000

2,695,000

Ottawa County, MI Economic Development Corp., (Series 1995B), Weekly VRDNs (Sunset Manor, Inc.)/(LaSalle Bank, N.A. LOC)

2,695,000

3,995,000

Wayne Westland Community Schools, MI, Floater Certificates, (Series 1998-67), Weekly VRDNs (FGIC INS)/(Morgan Stanley, Dean Witter Municipal Funding, Inc. LIQ)

3,995,000

TOTAL

36,967,153

Minnesota--4.3%

3,555,000

ABN AMRO MuniTOPS Certificates Trust (Minnesota Non-AMT)/ (Series 2000-8), Weekly VRDNs (Minneapolis/St. Paul, MN Airport Commission)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

3,555,000

3,500,000

Minneapolis, MN, (Series 1993), Weekly VRDNs (Market Square Real Estate, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

3,500,000

5,000,000

Minneapolis/St. Paul, MN, Metropolitan Airports Commission, MERLOTS, (Series 2000), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ)

5,000,000

4,810,000

Minnesota State, (PT-400), 4.50% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001

4,810,000

3,600,000

Rochester, MN, Health Care Facility Authority, (Series 1998-177), Weekly VRDNs (Mayo Foundation)/(Morgan Stanley, Dean Witter Municipal Funding, Inc. LIQ)

3,600,000

2,145,000

Seaway Port Authority of Duluth, MN, (Series 2000), Weekly VRDNs (St. Lawrence Cement Inc.)/(First Union National Bank, Charlotte, NC LOC)

2,145,000

TOTAL

22,610,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Missouri--2.1%

2,715,000

Howell County, MO IDA, (Series 1992), 3.50% TOBs (Safeway, Inc.)/(Deutsche Bank AG LOC), Mandatory Tender 8/1/2001

2,715,000

4,450,000

Kansas City, MO IDA, (Series 2001A), Weekly VRDNs (Bethesda Living Center)/(LaSalle Bank, N.A. LOC)

4,450,000

4,000,000

St. Louis, (Series 2000), 5.25% TRANs, 6/28/2001

4,004,073

TOTAL

11,169,073

Multi State--6.0%

4,112,582

ABN AMRO Chicago Corp. (Series1997-1), LeaseTOPS Trust Weekly VRDNs (LaSalle Bank, N.A. LIQ)/(LaSalle Bank, N.A. LOC)

4,112,582

8,487,000

Clipper Tax-Exempt Certificates Trust (Non-AMT Multistate)/(Series A), Weekly VRDNs (State Street Bank and Trust Co. LIQ)

8,487,000

13,782,040

Equity Trust I, (Series 1996), Weekly VRDNs (Bayerische Hypotheken-und Vereinsbank AG LOC)

13,782,040

5,000,000

Koch Floating Rate Trust (Multistate Non-AMT)/(Series 2000-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ)

5,000,000

TOTAL

31,381,622

New York--1.9%

10,000,000

Triborough Bridge & Tunnel Authority, NY, Trust Receipt, (Series 2000 FR/RI-N16), 3.25% TOBs (Bank of New York LIQ), 8/1/2001

10,000,000

North Carolina--3.8%

20,000,000

Martin County, NC IFA, (Series 1993), Weekly VRDNs (Weyerhaeuser Co.)

20,000,000

Ohio--2.6%

4,370,000

Cuyahoga County, OH Health Care Facilities, (Series 1999), Weekly VRDNs (Hospice of the Western Reserve)/(Fifth Third Bank, Cincinnati LOC)

4,370,000

6,925,000

Cuyahoga County, OH, (Series 1999), Weekly VRDNs (The Renaissance)/ (LaSalle Bank, N.A. LOC)

6,925,000

545,000

Trumbull County, OH, Sewer District, 3.25% Bonds (MBIA INS), 12/1/2001

545,000

1,650,000

University of Cincinnati, OH, (Series BB), 4.45% BANs, 12/20/2001

1,652,524

TOTAL

13,492,524

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Oklahoma--1.2%

1,000,000

Claremore, OK Public Works Authority, 5.50% Bonds (FSA INS), 6/1/2001

1,000,490

2,440,000

Muskogee, OK Industrial Trust, (Series 1985), Weekly VRDNs (Muskogee Mall LP)/(Bank of America, N.A. LOC)

2,440,000

2,910,000

Muskogee, OK Industrial Trust, (Series 1985), Weekly VRDNs (Warmack Muskogee LP)/(Bank of America, N.A. LOC)

2,910,000

TOTAL

6,350,490

Pennsylvania--5.4%

3,000,000

Easton Area School District, PA, (Series 1997), Weekly VRDNs (FGIC INS)/ (FGIC Securities Purchase, Inc. LIQ)

3,000,000

14,500,000

Erie County, PA Hospital Authority Weekly VRDNs (St. Vincent Health System)/(Mellon Bank N.A., Pittsburgh LOC)

14,500,000

3,000,000

Mercersburg Borough, PA General Purpose Authority, (Series 2000B), Weekly VRDNs (Regents of the Mercersburg College)/(First Union National Bank, Charlotte, NC LOC)

3,000,000

4,600,000

Pennsylvania State Higher Education Facilities Authority, (Series 1997B-7), 4.40%, TOBs (Saint Francis College, PA)/(Allied Irish Banks PLC LOC), Mandatory Tender 11/1/2001

4,600,000

3,100,000

Pennsylvania State Higher Education Facilities Authority, (Series A7), 3.20% TOBs (St. Joseph's University)/(First Union National Bank, Charlotte, NC LOC), Mandatory Tender 4/1/2002

3,100,000

TOTAL

28,200,000

South Carolina--0.2%

1,050,000

Western Carolina Regional Sewer Authority, SC, 4.00% Bonds (FSA INS), 3/1/2002

1,057,683

South Dakota--0.5%

2,520,000

South Dakota HDA, (Series F), 4.50% BANs, 6/28/2001

2,520,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Tennessee--1.3%

1,500,000

Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 1997), Weekly VRDNs (Belmont University)/(SunTrust Bank, Nashville LOC)

1,500,000

3,000,000

Shelby County, TN Health Education & Housing Facilities Board, (Series 2000), 3.35% CP (Baptist Memorial Hospital)/(Bank of America, N.A. LOC), Mandatory Tender 5/16/2001

3,000,000

2,500,000

Shelby County, TN Health Education & Housing Facilities Board, (Series 2000), 4.45% CP (Baptist Memorial Hospital)/(Bank of America, N.A. LOC), Mandatory Tender 5/18/2001

2,500,000

TOTAL

7,000,000

Texas--12.5%

3,528,000

ABN AMRO MuniTOPS Certificates Trust (Multi-State Non-AMT)/ (Series 1998-24), Weekly VRDNs (Barbers Hill, TX ISD)/(Texas Permanent School Fund Guarantee Program GTD)/(ABN AMRO Bank N.V., Amsterdam LIQ)

3,528,000

1,660,000

Bank One, TX Pooled Tax Exempt Trust, COP, (Series 1996), Weekly VRDNs (Bank One, Texas N.A. LOC)

1,660,000

1,850,000

Bell County, TX HFDC, (Series 1996C), Weekly VRDNs (Southern Healthcare Systems, Inc.)/(Bank One, Texas N.A. LOC)

1,850,000

5,000,000

Conroe, TX ISD, (PT-1168), 4.50% TOBs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 7/26/2001

5,000,000

7,785,000

Dallas, TX, (PT-369), 4.50% TOBs (Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 6/14/2001

7,785,000

10,750,000

Harris County, TX HFDC, (Series 2000), Weekly VRDNs (Brazos Presbyterian Homes, Inc.)/(Allied Irish Banks PLC LOC)

10,750,000

5,205,000

Houston, TX ISD, Morgan Stanley Floater Certificates, (Series 1998-133), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Morgan Stanley, Dean Witter Municipal Funding, Inc. LIQ)

5,205,000

1,500,000

Houston, TX, (Series A), 5.00% Bonds, 3/1/2002

1,522,345

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Texas--continued

8,560,000

McKinney, TX ISD, (PT-1180), 4.45% TOBs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 8/9/2001

8,560,000

4,945,000

Round Rock ISD, TX, (PT-1138), 4.45% TOBs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 7/12/2001

4,945,000

4,935,000

San Antonio ISD, TX, (PT-1184), 4.40% TOBs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ), Optional Tender 9/13/2001

4,935,000

7,000,000

San Antonio, TX Electric & Gas, Municipal Securities Trust Receipts, (Series 1997), Weekly VRDNs (Societe Generale, Paris LIQ)

7,000,000

2,930,000

Tarrant County, TX HFDC, (Series 1997A), 5.25% Bonds (Texas Health Resources System)/(MBIA INS), 2/15/2002

2,971,808

TOTAL

65,712,153

Utah--0.2%

1,100,000

Castle Dale, UT IDR, (Series 1992), 3.50% TOBs (Safeway, Inc.)/(Deutsche Bank AG LOC), Mandatory Tender 8/1/2001

1,100,000

Virginia--4.0%

4,910,000

ABN AMRO MuniTOPS Certificates Trust (Virginia Non-AMT)/ (Series 1998-21), Weekly VRDNs (Norfolk, VA Water Revenue)/(FSA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

4,910,000

1,970,000

Alexandria, VA IDA, (Series 1999), Weekly VRDNs (Church Schools in the Diocese of Virginia)/(SunTrust Bank C/O Crestar Bank LOC)

1,970,000

1,000,000

Fairfax County, VA IDA, 1998 Trust Receipts (FR/RI-A35), Weekly VRDNs (Fairfax Hospital System)/(Bayerische Hypotheken-und Vereinsbank AG LIQ)/(United States Treasury PRF)

1,000,000

13,065,000

Virginia Resources Authority, Water and Sewer, (Series 1997), Weekly VRDNs (Henrico County, VA)/(Crestar Bank LIQ)

13,065,000

TOTAL

20,945,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Washington--0.1%

700,000

Clark County, WA Public Utilities District No. 001, (Series 2000), 5.00% Bonds (FSA INS), 1/1/2002

702,942

West Virginia--1.7%

6,230,000

Cabell County Commission, WV, (Series 1995), Weekly VRDNs (Foster Foundation)/(Huntington National Bank, Columbus, OH LOC)

6,230,000

2,765,000

Oak Hill, WV, (Series 1991A), Weekly VRDNs (Fayette Plaza)/(PNC Bank, N.A. LOC)

2,765,000

TOTAL

8,995,000

Wisconsin--2.6%

2,500,000

Madison, WI, (Series A), 5.50% Bonds, 5/1/2002

2,557,311

1,400,000

Pulaski, WI, Community School District, 4.00% Bonds, 3/1/2002

1,405,657

7,000,000

University of Wisconsin Hospital and Clinics Authority, MERLOTS, (Series 2000), Weekly VRDNs (FSA INS)/(First Union National Bank, Charlotte, NC LIQ)

7,000,000

2,600,000

Wisconsin HEFA, (Series 2000), Weekly VRDNs (Grace Lutheran Foundation, Inc.)/(Firstar Bank, N.A. LOC)

2,600,000

TOTAL

13,562,968

TOTAL INVESTMENTS (AT AMORTIZED COST)³

520,838,203

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

100.00%

0.00%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($524,290,373) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
COP	--Certificates of Deposit
CP	--Commercial Paper
EDC	--Economic Development Commission
EDR	--Economic Development Revenue
FGIC	--Financial Guaranty Insurance Company
FSA	--Financial Security Assurance
GO	--General Obligation
GTD	--Guaranteed
HDA	--Housing Development Authority
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
INV	--Investment Agreement
ISD	--Independent School District
LIQ(s)	--Liquidity Agreement(s)
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PRF	--Prerefunded
RANs	--Revenue Anticipation Notes
TANs	--Tax Anticipation Notes
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
TRANs	--Tax and Revenue Anticipation Notes
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

520,838,203

Cash

536,211

Income receivable

4,576,110

TOTAL ASSETS

525,950,524

Liabilities:

Income distribution payable

1,607,190

Accrued expenses

52,961

TOTAL LIABILITIES

1,660,151

Net assets for 524,248,027 shares outstanding

524,290,373

Net Assets Consist of:

Paid in capital

524,240,166

Accumulated net realized loss on investments

(15,126

)

Undistributed net investment income

65,333

TOTAL NET ASSETS

524,290,373

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

$524,290,373 ÷ 524,248,027 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

11,207,749

Expenses:

Investment adviser fee

1,151,227

Administrative personnel and services fee

216,718

Custodian fees

15,254

Transfer and dividend disbursing agent fees and expenses

14,390

Directors'/Trustees' fees

8,059

Auditing fees

6,044

Legal fees

5,468

Portfolio accounting fees

51,805

Shareholder services fee

719,517

Share registration costs

9,785

Printing and postage

6,332

Insurance premiums

15,254

Miscellaneous

6,332

TOTAL EXPENSES

2,226,185

Waivers:

Waiver of investment adviser fee

(345,656

)

Waiver of shareholder services fee

(575,613

)

TOTAL WAIVERS

(921,269

)

Net expenses

1,304,916

Net investment income

9,902,833

Net realized gain on investments

32,108

Change in net assets resulting from operations

9,934,941

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Period Ended
10/31/2000

Year Ended
11/30/1999

Increase (Decrease) in Net Assets

Operations:

Net investment income

9,902,833

19,085,642

16,053,652

Net realized gain on investments

32,108

1,100

28,087

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS

9,934,941

19,086,742

16,081,739

Distributions to Shareholders:

Distributions from net investment income

(9,902,833

)

(19,085,642

)

(16,053,652

)

Share Transactions:

Proceeds from sale of shares

746,518,359

1,591,932,172

1,674,871,084

Net asset value of shares issued to shareholders in payment of distributions declared

777,973

1,512,230

1,164,731

Cost of shares redeemed

(782,558,092

)

(1,560,996,089

)

(1,666,879,961

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

(35,261,760

)

32,448,313

9,155,854

Change in net assets

(35,229,652

)

32,449,413

9,183,941

Net Assets:

Beginning of period

559,520,025

527,070,612

517,886,671

End of period

524,290,373

559,520,025

527,070,612

1 The Fund changed its fiscal year-end from November 30 to October 31.

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Period
Ended

Year Ended November 30,

4/30/2001

10/31/2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.73

3.46

2.95

3.21

3.31

3.18

Ratios to Average Net Assets:

Expenses

0.45

%³

0.45

%³

0.45

Net investment income

3.44

%³

3.70

%³

2.90

3.17

3.25

3.12

Supplemental Data:

Net assets, end of period (000 omitted)

$524,290

$559,520

$527,071

$517,887

$635,519

$747,785

1 The Fund changed its fiscal year-end from November 30 to October 31.

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

3 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Federated Tax-Free Trust (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 shares are held. The investment objective of the Fund is to provide dividend income exempt from federal regular income tax while seeking relative stability of principal.

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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

At October 31, 2000, the Fund, for federal tax purposes, had a capital loss carryforward of $47,234, 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:

Expiration Year

Expiration Amount

2004

$ 2,012

2005

$14,032

2006

$31,190

When-Issued and Delayed Delivery Transactions

Restricted Securities

Change in Fiscal Year

The Fund changed its fiscal year-end from November 30 to October 31.

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:

Six Months
Ended
4/30/2001

Period Ended
10/31/2000

Year Ended
11/30/1999

Shares sold

746,518,359

1,591,932,172

1,674,871,084

Shares issued to shareholders in payment of distributions declared

777,973

1,512,230

1,164,731

Shares redeemed

(782,558,092

)

(1,560,996,089

)

(1,666,879,961

)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

(35,261,760

)

32,448,313

9,155,854

1 The Fund changed its fiscal year-end from November 30 to October 31.

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

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.

Interfund Transactions

During the period ended April 30, 2001, 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 $569,860,000 and $543,595,000, respectively.

General

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

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
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

Cusip 60934N666

8070103 (6/01)

Federated Investors
World-Class Investment Manager

Michigan Municipal Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

April 30, 2001

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

April 30, 2001 (unaudited)

Principal
Amount

Value

SHORT-TERM MUNICIPALS--99.3%¹

Michigan--99.3%

11,378,000

ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT), (Series 1998-13), Weekly VRDNs (Michigan State Trunk Line)/(MBIA INS)/(ABN AMRO Bank N.V., Amsterdam LIQ)

11,378,000

3,300,000

Auburn Hills, MI EDC, (Series 1995), Weekly VRDNs (Suburban Tool, Inc.)/(Huntington National Bank, Columbus, OH LOC)

3,300,000

1,900,000

Battle Creek, MI EDC, (Series 1992), Weekly VRDNs (Michigan Carton & Paperboard Co.)/(American National Bank & Trust Co., Chicago LOC)

1,900,000

5,200,000

Bruce Township, MI Hospital Finance Authority, Adjustable Rate Tender Securities, (Series 1988B), 4.25% TOBs (Sisters of Charity Health Care System)/(MBIA INS)/(Morgan Guaranty Trust Co., New York LIQ), Optional Tender 5/1/2001

5,200,000

2,800,000

Clare, MI Public Schools, 5.15% TRANs, 8/23/2001

2,804,171

1,000,000

Dearborn, MI EDC, (Series 1990), Weekly VRDNs (Exhibit Productions, Inc. Project)/(Comerica Bank, Detroit, MI LOC)

1,000,000

5,000,000

Detroit, MI City School District, MERLOTS, (Series 2000 A8), 4.40% TOBs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 10/1/2001

5,000,000

925,000

Detroit, MI Sewage Disposal System, MERLOTS, (Series 2000-I), Weekly VRDNs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ)

925,000

3,990,000

Detroit, MI Water Supply System, MERLOTS, (Series 2000 A21), 4.40% TOBs (FGIC INS)/(First Union National Bank, Charlotte, NC LIQ), Optional Tender 11/6/2001

3,990,000

1,600,000

Grand Rapids, MI EDC, (Series 2000), Weekly VRDNs (Holland Home Obligated Group)/(Old Kent Bank, Grand Rapids, MI LOC)

1,600,000

2,500,000

Grand Rapids, MI IDR Weekly VRDNs (Precision Aerospace, Inc.)/(Bank One, MI LOC)

2,500,000

3,000,000

Grand Rapids, MI IDR, (Series 1999), Weekly VRDNs (Kent Quality Foods, Inc.)/(Firstar Bank, N.A. LOC)

3,000,000

Lake Orion, MI School District, 5.13% RANs, 8/22/2001

3,006,459

500,000

Lake Orion, MI School District, UT GO Refunding Bonds, 5.90% (Michigan State GTD), 5/1/2001

500,000

1,400,000

Michigan Higher Education Student Loan Authority, Refunding Revenue Bonds, (Series X11-B), Weekly VRDNs (AMBAC INS)/(KBC Bank N.V. LIQ)

1,400,000

3,400,000

Michigan Higher Education Student Loan Authority, (Series XII-D), Weekly VRDNs (AMBAC INS)/(KBC Bank N.V. LIQ)

3,400,000

3,100,000

Michigan Job Development Authority, LO Revenue Bonds, Weekly VRDNs (Andersons Project)/(Credit Lyonnais Paris LOC)

3,100,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Michigan--continued

9,000,000

Michigan State Hospital Finance Authority, (Series 1999A), Weekly VRDNs (Covenant Retirement Communities, Inc.)/(Lasalle Bank, N.A. LOC)

9,000,000

800,000

Michigan State Hospital Finance Authority, (Series 2000), Weekly VRDNs (Oaklawn Hospital)/(Michigan National Bank, Farmington Hills LOC)

800,000

2,000,000

Michigan State Hospital Finance Authority, (Series 2000E), Weekly VRDNs (Trinity Healthcare Credit Group)

2,000,000

7,890,000

Michigan State Hospital Finance Authority, (Series A), 7.50% Bonds (Detroit Medical Center Obligated Group)/(United States Treasury PRF), 8/15/2001 (@102)

8,120,691

2,040,000

Michigan State Hospital Finance Authority, (Series A), 7.50% Bonds (McLaren Obligated Group)/(United States Treasury PRF), 9/15/2001 (@ 98.2)

2,078,914

8,200,000

Michigan State HDA Weekly VRDNs (Woodland Meadows, MI)/(UBS AG LOC)

8,200,000

5,860,000

Michigan State HDA, (PA-635R) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)

5,860,000

5,250,000

Michigan State HDA, (Series 2000D), 4.45% TOBs, Mandatory Tender 12/1/2001

5,250,000

4,920,000

Michigan State HDA, (Series 2000), Weekly VRDNs (River Place Plaza Apartments)/(Bank of New York LOC)

4,920,000

7,695,000

Michigan State HDA, MERLOTS, (Series G), Weekly VRDNs (MBIA INS)/(First Union National Bank, Charlotte, NC LIQ)

7,874,909

3,200,000

Michigan State Trunk Line, (Series A), 5.40% Bonds, 10/1/2001

3,213,600

6,000,000

Michigan State, (Series A), 4.00% BANs, (New Center Development, Inc.)/(Bank of New York LOC), 10/1/2001

6,018,561

1,000,000

Michigan State, UT GO Recreation Program Bonds, 5.75% 11/1/2001

1,006,653

2,330,000

Michigan Strategic Fund Weekly VRDNs (Ace Hi Displays, Inc.)/(Bank One, Michigan LOC)

2,330,000

2,200,000

Michigan Strategic Fund Weekly VRDNs (Anro LLC)/(Firstar Bank, N.A. LOC)

2,200,000

1,200,000

Michigan Strategic Fund Weekly VRDNs (Bruin Land Holdings LLC)/(Huntington National Bank, Columbus, OH LOC)

1,200,000

4,500,000

Michigan Strategic Fund Weekly VRDNs (DSP Technology, Inc.)/(Comerica Bank, Detroit, MI LOC)

4,500,000

1,000,000

Michigan Strategic Fund Weekly VRDNs (Dynamic Plastics, Inc.)/(Michigan National Bank, Farmington Hills LOC)

1,000,000

1,900,000

Michigan Strategic Fund Weekly VRDNs (Elbie & Sohn, Inc.)/(Michigan National Bank, Farmington Hills LOC)

1,900,000

4,410,000

Michigan Strategic Fund Weekly VRDNs (Hess Industries, Inc.)/(Lasalle Bank, N.A. LOC)

4,410,000

1,200,000

Michigan Strategic Fund Weekly VRDNs (Moore Flame Cutting)/(Michigan National Bank, Farmington Hills LOC)

1,200,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Michigan--continued

5,095,000

Michigan Strategic Fund Weekly VRDNs (United Fixtures Co.)/(Deutsche Bank AG LOC)

5,095,000

3,800,000

Michigan Strategic Fund Weekly VRDNs (Universal Tube, Inc.)/(Michigan National Bank, Farmington Hills LOC)

3,800,000

6,835,000

Michigan Strategic Fund, (Series 1991), Weekly VRDNs (AGA Gas, Inc.)/(Svenska Handelsbanken, Stockholm LOC)

6,835,000

700,000

Michigan Strategic Fund, (Series 1994), Weekly VRDNs (Wilkie Metal Products, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

700,000

2,905,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1995), Weekly VRDNs (Bear Lake Associates Project)/(Old Kent Bank & Trust Co., Grand Rapids, LOC)

2,905,000

545,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1995), Weekly VRDNs (Hercules Drawn Steel Corporation Project)/(KeyBank, N.A. LOC)

545,000

790,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1995), Weekly VRDNs (RSR Project)/(Old Kent Bank & Trust Co., Grand Rapids LOC)

790,000

600,000

Michigan Strategic Fund, (Series 1995), Weekly VRDNs (Rood Industries, Inc.)/(Bank One, Michigan LOC)

600,000

4,710,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1995), Weekly VRDNs (Wayne Disposal-Oakland, Inc.)/(Comerica Bank, Detroit, MI LOC)

4,710,000

500,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1996), Weekly VRDNs (ACI Properties, LLC Project)/(Comerica Bank, Detroit, MI LOC)

500,000

645,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1996), Weekly VRDNs (Akemi, Inc.)/(Comerica Bank, Detroit, MI LOC)

645,000

2,500,000

Michigan Strategic Fund, Adjustable Rate LO Revenue Bonds, (Series 1996), Weekly VRDNs (C-Tec, Inc.)/(SunTrust Bank LOC)

2,500,000

835,000

Michigan Strategic Fund, (Series 1996), Weekly VRDNs (Echo Properties, LLC Project)/(Comerica Bank, Detroit, MI LOC)

835,000

1,900,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1996), Weekly VRDNs (G&T Real Estate Investments Co., LLC)/(Bank One, Michigan LOC)

1,900,000

760,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1996), Weekly VRDNs (Inalfa-Hollandia, Inc.)/(Comerica Bank, Detroit, MI LOC)

760,000

1,525,000

Michigan Strategic Fund, Variable Rate Demand LO Revenue Bonds, (Series 1996), Weekly VRDNs (R.H. Wyner Associates, Inc.)/(State Street Bank and Trust Co. LOC)

1,525,000

2,700,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1996), Weekly VRDNs (RMT Woodworth, Inc.)/(Comerica Bank, Detroit, MI LOC)

2,700,000

3,000,000

Michigan Strategic Fund, (Series 1997), Weekly VRDNs (Enprotech Mechanical Services, Inc.)/(Michigan National Bank, Farmington Hills LOC)

3,000,000

2,245,000

Michigan Strategic Fund, Variable Rate Demand LO Revenue Bonds, (Series 1998), Weekly VRDNs (Monroe Publishing Co.)/(Comerica Bank, Detroit, MI LOC)

2,245,000

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Michigan--continued

1,530,000

Michigan Strategic Fund, (Series 1998), Weekly VRDNs (Wolverine Leasing)/(Huntington National Bank, Columbus, OH LOC)

1,530,000

1,845,000

Michigan Strategic Fund, (Series 1998), Weekly VRDNs (Wolverine Printing)/(Huntington National Bank, Columbus, OH LOC)

1,845,000

4,795,000

Michigan Strategic Fund, (Series 1999), Weekly VRDNs (DW Aluminum, LLC)/(KeyBank, N.A. LOC)

4,795,000

2,420,000

Michigan Strategic Fund, (Series 1999), Weekly VRDNs (Fab-All Manufacturing, Inc.)/(Wells Fargo Bank Minnesota, N.A. LOC)

2,420,000

4,000,000

Michigan Strategic Fund, (Series 1999), Weekly VRDNs (J. G. Kern Enterprises, Inc.)/(Michigan National Bank, Farmington Hills LOC)

4,000,000

2,200,000

Michigan Strategic Fund, (Series 1999), Weekly VRDNs (R.M.D.H. Properties LLC)/(Huntington National Bank, Columbus, OH LOC)

2,200,000

2,905,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 2000), Weekly VRDNs (Imperial Metal Products Co. LLC)/(National City Bank, Michigan/Illinois LOC)

2,905,000

7,500,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 2000), Weekly VRDNs (Lee Steel Corp.)/(Comerica Bank, Detroit, MI LOC)

7,500,000

2,500,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 2000), Weekly VRDNs (Open Plan Systems, Inc.)/(Wachovia Bank of NC, N.A. LOC)

2,500,000

1,700,000

Michigan Strategic Fund, (Series 2000A), Weekly VRDNs (Michigan Turkey Producers, LLC)/(Michigan National Bank, Farmington Hills LOC)

1,700,000

1,000,000

Michigan Strategic Fund, (Series 2000B), Weekly VRDNs (Michigan Turkey Producers, LLC)/(Michigan National Bank, Farmington Hills LOC)

1,000,000

2,050,000

Michigan Strategic Fund, (Series 2001), Weekly VRDNs (CGH, LLC/Hicks Plastics Company, Inc.)/(Michigan National Bank, Farmington Hills LOC)

2,050,000

6,575,000

Michigan Strategic Fund, (Series A), Weekly VRDNs (Teal Run Apartments)/(FHLB of Indianapolis LOC)

6,575,000

775,000

Michigan Strategic Fund, (Series B), Weekly VRDNs (Teal Run Apartments)/(FHLB of Indianapolis LOC)

775,000

590,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1995), Weekly VRDNs (Rowe Thomas Company)/(Comerica Bank, Detroit, MI LOC)

590,000

3,230,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1995), Weekly VRDNs (J.R. Automation Technologies)/(Old Kent Bank, Grand Rapids LOC)

3,230,000

1,310,000

Michigan Strategic Fund, LO Revenue Bonds, (Series 1995), Weekly VRDNs (Welch Properties)/(Old Kent Bank, Grand Rapids LOC)

1,310,000

4,000,000

Michigan Underground Storage Tank Financial Assurance Authority, (Series I), 5.50% Bonds (AMBAC INS), 5/1/2002

4,093,043

Principal
Amount

Value

SHORT-TERM MUNICIPALS--continued¹

Michigan--continued

2,200,000

Mount Morris, MI CSD, 4.95% RANs, 8/30/2001

2,201,396

2,820,000

Oakland County, MI EDC, LO Revenue Bonds, (Series 1997), Weekly VRDNs (Stone Soap Company, Inc.)/(Michigan National Bank, Farmington Hills LOC)

2,820,000

2,110,000

Oakland County, MI EDC, LO Revenue Bonds, (Series 1998), Weekly VRDNs (Fox Manor, Inc.)/(Allied Irish Banks PLC LOC)

2,110,000

4,200,000

Owosso Public School, MI, 4.75% RANs, 8/22/2001

4,204,355

TOTAL INVESTMENTS (AT AMORTIZED COST)³

242,030,752

Securities that are subject to alternative minimum tax represent 59.9% of the portfolio as calculated based upon total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical ratings organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, or F-1+, F-1 or F-2 by Fitch IBCA, Inc. are all considered rated in one of the two highest short-term rating categories.

At April 30, 2001, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier

Second Tier

98.84%

1.16%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($243,728,612) at April 30, 2001.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
CSD	--Central School District
EDC	--Economic Development Commission
FGIC	--Financial Guaranty Insurance Company
FHLB	--Federal Home Loan Bank
GO	--General Obligation
GTD	--Guaranteed
HDA	--Housing Development Authority
IDR	--Industrial Development Revenue
INS	--Insured
LIQ	--Liquidity Agreement
LO	--Limited Obligation
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PRF	--Prerefunded
RANs	--Revenue Anticipation Notes
TOBs	--Tender Option Bonds
TOPS	-- Trust Obligation Participating Securities
TRANs	--Tax and Revenue Anticipation Notes
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2001 (unaudited)

Assets:

Total investments in securities, at amortized cost and value

242,030,752

Cash

332,783

Income receivable

2,062,638

TOTAL ASSETS

244,426,173

Liabilities:

Income distribution payable

658,056

Accrued expenses

39,505

TOTAL LIABILITIES

697,561

Net assets for 243,728,612 shares outstanding

243,728,612

Net Asset Value, Offering Price and Redemption Proceeds Per Share

Institutional Service Shares:

$212,060,269 ÷ 212,060,269 shares outstanding

$1.00

Institutional Shares:

$19,826,973 ÷ 19,826,973 shares outstanding

$1.00

Cash II Shares:

$11,841,370 ÷ 11,841,370 shares outstanding

$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended April 30, 2001 (unaudited)

Investment Income:

Interest

4,595,028

Expenses:

Investment adviser fee

578,138

Administrative personnel and services fee

80,481

Custodian fees

6,524

Transfer and dividend disbursing agent fees and expenses

56,226

Directors'/Trustees' fees

1,029

Auditing fees

12,380

Legal fees

7,735

Portfolio accounting fees

34,177

Distribution services fee--Cash II Shares

2,173

Shareholder services fee--Institutional Service Shares

257,873

Shareholder services fee--Institutional Shares

29,023

Shareholder services fee--Cash II Shares

2,173

Share registration costs

17,484

Printing and postage

12,616

Insurance premiums

5,228

Miscellaneous

1,476

TOTAL EXPENSES

1,104,736

Waivers:

Waiver of investment adviser fee

(345,897

)

Waiver of shareholder services fee--Institutional Service Shares

(92,834

)

Waiver of shareholder services fee--Institutional Shares

(29,023

)

Waiver of shareholder services fee--Cash II Shares

(782

)

TOTAL WAIVERS

(468,536

)

Net expenses

636,200

Net investment income

$3,958,828

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Six Months
Ended
(unaudited)
4/30/2001

Year Ended
10/31/2000

Increase (Decrease) in Net Assets

Operations:

Net investment income

3,958,828

7,466,076

Distributions to Shareholders:

Distributions from net investment income

Institutional Service Shares

(3,513,249

)

(6,786,929

)

Institutional Shares

(416,434

)

(679,147

)

Cash II Shares

(29,145

)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS

(3,958,828

)

(7,466,076

)

Share Transactions:

Proceeds from sale of shares

423,659,804

818,323,293

Net asset value of shares issued to shareholders in payment of distributions declared

2,579,592

5,999,350

Cost of shares redeemed

(395,172,430

)

(813,160,934

)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS

31,066,966

11,161,709

Change in net assets

31,066,966

11,161,709

Net Assets:

Beginning of period

212,661,646

201,499,937

End of period

243,728,612

212,661,646

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.03

)

Net Asset Value, End of Period

$1.00

Total Return²

1.70

3.67

2.84

3.20

3.27

3.26

Ratios to Average Net Assets:

Expenses

0.56

%³

0.56

0.55

0.50

Net investment income

3.41

%³

3.61

2.80

3.16

3.22

3.21

Expense waiver/reimbursement⁴

0.39

%³

0.41

0.40

0.42

0.51

0.76

Supplemental Data:

Net assets, end of period (000 omitted)

$212,060

$194,058

$182,610

$184,989

$147,105

$92,275

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was 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 Computed on an annualized basis.

4 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 Shares

(For a Share Outstanding Throughout Each Period)

Six Months
Ended
(unaudited)

Year Ended October 31,

4/30/2001

2000

1999

1998

1997

1996

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.02

0.04

0.03

0.02

Less Distributions:

Distributions from net investment income

(0.02

)

(0.04

)

(0.03

)

(0.03

)

(0.03

)

(0.02

)

Net Asset Value, End of Period

$1.00

Total Return³

1.78

3.84

3.00

3.36

3.43

2.19

Ratios to Average Net Assets:

Expenses

0.40

%⁴

0.40

0.37

%⁴

Net investment income

3.59

%⁴

3.78

2.99

3.31

3.39

3.40

%⁴

Expense waiver/reimbursement⁵

0.55

%⁴

0.57

0.58

0.66

0.89

%⁴

Supplemental Data:

Net assets, end of period (000 omitted)

$19,827

$18,604

$18,890

$19,564

$13,370

$11,614

1 Beginning with the year ended October 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 Reflects operations for the period from March 4, 1996 (date of initial public investment) to October 31, 1996.

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

4 Computed on an annualized basis.

5 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--Cash II Shares

(For a Share Outstanding Throughout the Period)

Period Ended
(unaudited)
4/30/2001

Net Asset Value, Beginning of Period

$1.00

Income From Investment Operations:

Net investment income

0.01

Less Distributions:

Distributions from net investment income

(0.01

)

Net Asset Value, End of Period

$1.00

Total Return²

0.55

Ratios to Average Net Assets:

Expenses

0.83

%³

Net investment income

3.35

%³

Expense waiver/reimbursement⁴

0.39

%³

Supplemental Data:

Net assets, end of period (000 omitted)

$11,841

1 Reflects operations for the period from February 23, 2001 (date of initial public investment) to April 30, 2001.

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

3 Computed on an annualized basis.

4 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

Notes to Financial Statements

April 30, 2001 (unaudited)

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 40 portfolios. The financial statements included herein are only those of Michigan Municipal Cash Trust (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 three classes of shares: Institutional Service Shares, Institutional Shares and Cash II Shares. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income tax imposed by the State of Michigan consistent with the 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

In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. Management of the Fund does not anticipate that the adoption of the Guide will have a significant effect on the financial statements.

Federal Taxes

At October 31, 2000, the Fund for federal tax purposes, had a capital loss carryforward of $1,873, which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and this will reduce the amount of 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 in 2005.

When-Issued and Delayed Delivery Transactions

Restricted Securities

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) for each class of shares. Transactions in shares were as follows:

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Service Shares:

Shares sold

324,600,457

730,158,100

Shares issued to shareholders in payment of distributions declared

2,496,519

5,946,822

Shares redeemed

(309,094,822

)

(724,656,792

)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS

18,002,154

11,448,130

Six Months
Ended
4/30/2001

Year Ended
10/31/2000

Institutional Shares:

Shares sold

71,065,829

88,165,193

Shares issued to shareholders in payment of distributions declared

83,073

52,528

Shares redeemed

(69,925,460

)

(88,504,142

)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS

1,223,442

(286,421

)

Period Ended
4/30/2001

Year Ended
10/31/2000

Cash II Shares:

Shares sold

27,993,518

Shares issued to shareholders in payment of distributions declared

Shares redeemed

(16,152,148

)

NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS

11,841,370

NET CHANGE RESULTING FROM SHARE TRANSACTIONS

31,066,966

11,161,709

1 Reflects operations for the period from February 23, 2001 (date of initial public investment) to April 30, 2001.

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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 Cash II Shares. The Plan provides that the Fund may incur distribution expenses up to 0.25% of the average daily net assets of Cash II Shares annually to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

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 their fees. FSSC can modify or terminate this voluntary waiver at any time at their 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

General

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

CONCENTRATION OF CREDIT RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2001, 83.4% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 10.7% of total investments.

Trustees

JOHN F. DONAHUE

THOMAS G. BIGLEY

JOHN T. CONROY, JR.

NICHOLAS P. CONSTANTAKIS

JOHN F. CUNNINGHAM

J. CHRISTOPHER DONAHUE

LAWRENCE D. ELLIS, M.D.

PETER E. MADDEN

CHARLES F. MANSFIELD, JR.

JOHN E. MURRAY, JR., J.D., S.J.D.

MARJORIE P. SMUTS

JOHN S. WALSH

Officers

JOHN F. DONAHUE

Chairman

J. CHRISTOPHER DONAHUE

President

EDWARD C. GONZALES

Executive Vice President

JOHN W. MCGONIGLE

Executive Vice President and Secretary

RICHARD B. FISHER

Vice President

RICHARD J. THOMAS

Treasurer

LESLIE K. ROSS

Assistant Secretary

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Federated
World-Class Investment Manager
Michigan Municipal Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com
Federated Securities Corp., Distributor

Cusip 60934N161
Cusip 60934N385
Cusip 60934N377

G01456-02 (6/01)