Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	66.8%
Municipal Notes	31.5%
Commercial Paper	1.5%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	68.1%
8-30 Days	2.1%
31-90 Days	6.9%
91-180 Days	20.3%
181 Days or more	2.4%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.8%^1,2
		California—99.8%
$3,230,000		ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007) Daily VRDNs (899 Charleston LLC)/(Bank of America N.A. LOC), 0.080%, 5/1/2014	$3,230,000
2,715,000		ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2010) Weekly VRDNs (Ecology Action of Santa Cruz)/(Comerica Bank LOC), 0.140%, 5/1/2014	2,715,000
2,480,000		Alameda County, CA IDA Recovery Zone Facility, (Series 2010) Weekly VRDNs (Dale Hardware, Inc.)/(Comerica Bank LOC), 0.130%, 5/1/2014	2,480,000
10,415,000	^3,4	Bay Area Toll Authority, CA, PUTTERs (Series 1962) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 5/1/2014	10,415,000
7,660,000		California Enterprise Development Authority, (Series 2008A) Weekly VRDNs (Ramar International Corporation)/(Bank of the West, San Francisco, CA LOC), 0.150%, 5/1/2014	7,660,000
4,900,000		California Enterprise Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Regional Properties, Inc.)/(FHLB of San Francisco LOC), 0.120%, 5/1/2014	4,900,000
2,660,000		California Infrastructure & Economic Development Bank, (Series 2004) Weekly VRDNs (Humane Society of Sonoma County)/(Comerica Bank LOC), 0.150%, 5/1/2014	2,660,000
4,000,000		California Infrastructure & Economic Development Bank, (Series 2007A) Weekly VRDNs (Tobinworld)/(Comerica Bank LOC), 0.150%, 5/1/2014	4,000,000
11,370,000		California Infrastructure & Economic Development Bank, (Series 2008) Monthly VRDNs (St. Margaret of Scotland Episcopal School)/(FHLB of San Francisco LOC), 0.200%, 5/1/2014	11,370,000
3,010,000		California Infrastructure & Economic Development Bank, (Series 2008A) Weekly VRDNs (Hillview Mental Health Center, Inc.)/(Comerica Bank LOC), 0.150%, 5/1/2014	3,010,000
2,940,000		California Infrastructure & Economic Development Bank, (Series 2014) Weekly VRDNs (Catalina Island Museum)/(Bank of the West, San Francisco, CA LOC), 0.150%, 5/1/2014	2,940,000
4,150,000		California Municipal Finance Authority, (Series 2010 A) Weekly VRDNs (Westmont College)/(Comerica Bank LOC), 0.140%, 5/1/2014	4,150,000
2,000,000		California Municipal Finance Authority, (Series 2012A) Weekly VRDNs (High Desert Partnership in Academic Excellence Foundation, Inc.)/(Union Bank, N.A. LOC), 0.150%, 5/1/2014	2,000,000
8,100,000		California PCFA, (Series 2009A) Weekly VRDNs (Garden City Sanitation, Inc.)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	8,100,000
2,690,000		California PCFA, (Series 2009A) Weekly VRDNs (MarBorg Industries)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	2,690,000
3,050,000		California PCFA, (Series 2009B) Weekly VRDNs (Garden City Sanitation, Inc.)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	3,050,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$5,850,000		California PCFA, (Series 2010A) Weekly VRDNs (Crown Disposal Company, Inc.)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	$5,850,000
13,000,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series G), 2.00% TRANs, 5/1/2014	13,000,000
7,650,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series H), 2.00% TRANs, 6/2/2014	7,662,027
5,865,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series I), 2.00% TRANs, 6/2/2014	5,874,168
10,200,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series J), 2.00% TRANs, 10/1/2014	10,280,670
14,800,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series K), 2.00% TRANs, 10/1/2014	14,917,050
4,700,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series L), 2.00% TRANs, 10/1/2014	4,736,778
5,300,000		California School Cash Reserve Program Authority, 2013-2014 Senior Bonds (Series B), 2.00% TRANs, 6/2/2014	5,308,333
5,555,000		California State Department of Water Resources Power Supply Program, Revenue Bonds (Series 2010L), 5.00% Bonds, 5/1/2014	5,555,000
11,910,000	^3,4	California State Department of Water Resources, Floater Certificates (Series 2008-2991) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	11,910,000
10,293,000	^3,4	California State Public Works Board, Austin Trust (Series 2008-1065) Weekly VRDNs (California State Public Works Board (University of California))/(Bank of America N.A. LIQ), 0.140%, 5/1/2014	10,293,000
6,000,000		California State Public Works Board, SPEARs (DBE-1297) Weekly VRDNs (California State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.160%, 5/1/2014	6,000,000
7,997,000		California State University Institute, (Series A), 0.09% CP (JPMorgan Chase Bank, N.A. and State Street Bank and Trust Co. LOCs), Mandatory Tender 6/3/2014	7,997,000
11,370,000		California State, (Series 2013-2014 A-2), 2.00% RANs, 6/23/2014	11,399,812
5,000,000		California State, 5.00% Bonds, 8/1/2014	5,060,960
1,215,000		California Statewide Communities Development Authority, (Series 2000A) Weekly VRDNs (Nonprofits' Insurance Alliance of California)/(Comerica Bank LOC), 0.140%, 5/1/2014	1,215,000
12,000,000		California Statewide Communities Development Authority, (Series 2005A: Sweetwater Union High School District) Weekly VRDNs (Plan Nine Partners LLC)/(Union Bank, N.A. LOC), 0.145%, 5/1/2014	12,000,000
2,640,000		California Statewide Communities Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Cruzio Holding Company, LLC)/(Comerica Bank LOC), 0.140%, 5/1/2014	2,640,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$2,445,000		California Statewide Communities Development Authority, Gas Supply Variable Rate Revenue Bonds (Series 2010) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.120%, 5/1/2014	$2,445,000
12,990,000	^3,4	Chabot-Las Positas, CA CCD, SPEARs (DBE-1249) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.170%, 5/1/2014	12,990,000
13,340,000	^3,4	Chino Basin, CA Regional Financing Authority, SPEARs (Series DBE-500) Weekly VRDNs (Inland Empire Utilities Agency)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.140%, 5/1/2014	13,340,000
23,135,000	^3,4	Clipper Tax-Exempt Certificates Trust (California Non-AMT)/ (Series 2009-46) Weekly VRDNs (GTD by State Street Bank and Trust Co.)/(State Street Bank and Trust Co. LIQ), 0.150%, 5/1/2014	23,135,000
11,440,000	^3,4	Clipper Tax-Exempt Certificates Trust (California Non-AMT)/ (Series 2009-61) Weekly VRDNs (California State)/(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.120%, 5/1/2014	11,440,000
3,270,000		Contra Costa, CA CCD, 1.00% Bonds, 8/1/2014	3,276,409
21,755,000	^3,4	East Side Union High School District, CA, Stage Trust (Series 2011-120C), 0.13% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 7/31/2014	21,755,000
465,000		Folsom Cordova, CA USD (School Facilities Improvement District No. 1), 2014 General Obligation Refunding Bonds, 3.00% Bonds, 10/1/2014	470,438
1,545,000		Folsom Cordova, CA USD (School Facilities Improvement District No. 4), 2014 General Obligation Refunding Bonds, 4.00% Bonds, 10/1/2014	1,569,563
3,390,000		Hollister, CA Redevelopment Agency, (Series 2004) Weekly VRDNs (San Benito County Community Services Development Corp.)/(Union Bank, N.A. LOC), 0.150%, 5/1/2014	3,390,000
1,500,000		Loomis, CA Union School District, 2.00% TRANs, 9/18/2014	1,509,750
5,000,000		Los Angeles County, CA Schools Financing Program, 2013-14 Pooled TRAN Participation Certificates (Series B-2), 2.00% TRANs, 1/30/2015	5,067,392
8,400,000		Los Angeles County, CA Schools Financing Program, 2013-14 Pooled TRAN Participation Certificates (Series B-3), 2.00% TRANs, 12/31/2014	8,504,390
12,005,000	^3,4	Los Angeles, CA Department of Airports, Stage Trust (Series 2010-31C), 0.14% TOBs (Los Angeles International Airport)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/14/2014	12,005,000
17,330,000	^3,4	Los Angeles, CA Department of Water & Power (Electric/Power System), Floater Certificates (Series 2004-1243) Weekly VRDNs (Deutsche Bank AG LIQ), 0.130%, 5/1/2014	17,330,000
26,340,000	^3,4	Los Angeles, CA USD, Austin Floater Certificates (Series 2008-1049) Weekly VRDNs (Bank of America N.A. LIQ), 0.140%, 5/1/2014	26,340,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$17,800,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.200%, 5/1/2014	$17,800,000
16,000,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 4), Weekly VRDPs, (GTD by Citibank NA, New York), 0.180%, 5/1/2014	16,000,000
6,605,000		Oroville, CA Hospital Revenue, (Series 2012A) Weekly VRDNs (Oroville Hospital)/(Comerica Bank LOC), 0.150%, 5/1/2014	6,605,000
5,605,000		Panama-Buena Vista, CA Union School District, 1.50% TRANs, 9/1/2014	5,630,353
4,000,000	^3,4	Peralta, CA CCD, Stage Trust (Series 2009-63C) Weekly VRDNs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	4,000,000
2,000,000		Roseville, CA City School District, 2.00% TRANs, 9/18/2014	2,013,000
4,000,000		Roseville, CA Joint Union High School District, 2.00% TRANs, 9/18/2014	4,026,000
10,000,000		Sacramento, CA Municipal Utility District, 3.125% Bonds (Assured Guaranty Municipal Corp. INS), 8/15/2014	10,086,393
1,650,000		San Diego County, CA, (Series 2004) Weekly VRDNs (Museum of Contemporary Art San Diego)/(Northern Trust Co., Chicago, IL LOC), 0.120%, 5/1/2014	1,650,000
9,945,000	^3,4	San Francisco, CA City & County Airport Commission, Stage Trust (Series 2010-03C), 0.12% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 9/18/2014	9,945,000
24,675,000	^3,4	San Francisco, CA Public Utilities Commission (Water Enterprise), Stage Trust (Series 2009-53C) Weekly VRDNs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	24,675,000
15,005,000	^3,4	San Mateo County, CA CCD, SPEARs (Series DB-631) Weekly VRDNs (Deutsche Bank AG LIQ), 0.140%, 5/1/2014	15,005,000
14,870,000	^3,4	San Mateo County, CA CCD, SPEARs (Series DBE-430) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.180%, 5/1/2014	14,870,000
6,960,000	^3,4	Santa Clara County, CA, Stage Trust (Series 2009-19C) Weekly VRDNs (Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	6,960,000
15,500,000	^3,4	School Facilities Financing Authority, CA, Stage Trust (Series 2008-33C) Weekly VRDNs (Grant, CA Joint Union High School District)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	15,500,000
8,200,000		Upland, CA Community Redevelopment Agency, (Series 2007) Weekly VRDNs (Sunset Ridge Apartments and Village Apartments)/(FHLB of San Francisco LOC), 0.130%, 5/7/2014	8,200,000
2,185,000		West Covina, CA Public Financing Authority, (Series 2013A) Weekly VRDNs (West Covina, CA)/(Bank of the West, San Francisco, CA LOC), 0.150%, 5/1/2014	2,185,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	California—continued
$5,000,000	Western Placer, CA USD, 2.00% TRANs, 9/18/2014	$5,032,500
	TOTAL MUNICIPAL INVESTMENTS—99.8% (AT AMORTIZED COST)⁵	551,820,986
	OTHER ASSETS AND LIABILITIES - NET—0.2%⁶	1,338,102
	TOTAL NET ASSETS—100%	$553,159,088

At April 30, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
100.0%	0.0%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $295,708,000, which represented 53.5% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $295,708,000, which represented 53.5% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Semi-Annual Shareholder Report

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
CCD	—Community College District
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
GTD	—Guaranteed
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PCFA	—Pollution Control Finance Authority
PUTTERs	—Puttable Tax-Exempt Receipts
RANs	—Revenue Anticipation Notes
SPEARs	—Short Puttable Exempt Adjustable Receipts
TOBs	—Tender Option Bonds
TRANs	—Tax and Revenue Anticipation Notes
USD	—Unified School District
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.003
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.003
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.003)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.003)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.02%	0.02%	0.02%	0.05%	0.34%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.17%	0.22%	0.34%	0.34%	0.54%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.01%	0.37%
Expense waiver/reimbursement⁵	0.76%³	0.68%	0.62%	0.49%	0.49%	0.31%
Supplemental Data:
Net assets, end of period (000 omitted)	$74,510	$85,964	$126,610	$327,033	$363,683	$428,951

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.54% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.001	0.001	0.006
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.001	0.001	0.006
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.006)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.006)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.02%	0.03%	0.11%	0.12%	0.57%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.16%	0.22%	0.27%	0.27%	0.31%⁴
Net investment income	0.01%³	0.02%	0.02%	0.11%	0.08%	0.58%
Expense waiver/reimbursement⁵	0.52%³	0.43%	0.38%	0.32%	0.31%	0.29%
Supplemental Data:
Net assets, end of period (000 omitted)	$106,758	$156,765	$154,988	$233,240	$373,173	$912,333

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.31% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.02%	0.02%	0.02%	0.05%	0.24%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.16%	0.22%	0.35%	0.34%	0.65%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.01%	0.24%
Expense waiver/reimbursement⁵	0.98%³	0.88%	0.83%	0.69%	0.69%	0.40%
Supplemental Data:
Net assets, end of period (000 omitted)	$155,781	$174,069	$166,933	$166,756	$184,881	$177,401

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.65% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.02%	0.02%	0.03%	0.06%	0.52%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.16%	0.23%	0.34%	0.33%	0.36%⁴
Net investment income	0.01%³	0.02%	0.02%	0.03%	0.02%	0.53%
Expense waiver/reimbursement⁵	0.62%³	0.53%	0.48%	0.35%	0.37%	0.30%
Supplemental Data:
Net assets, end of period (000 omitted)	$139,174	$151,087	$208,071	$173,072	$201,180	$391,843

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.36% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.02%	0.02%	0.02%	0.05%	0.08%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.16%	0.22%	0.34%	0.34%	0.83%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.01%	0.08%
Expense waiver/reimbursement⁵	1.38%³	1.28%	1.23%	1.10%	1.09%	0.62%
Supplemental Data:
Net assets, end of period (000 omitted)	$76,937	$85,719	$96,277	$166,994	$92,962	$75,567

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.83% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$551,820,986
Cash		106,471
Income receivable		1,278,111
Receivable for shares sold		28,304
Prepaid expenses		16,707
TOTAL ASSETS		553,250,579
Liabilities:
Payable for shares redeemed	$59,723
Income distribution payable	815
Payable to adviser (Note 4)	5,322
Payable for Directors'/Trustees' fees (Note 4)	926
Payable for portfolio accounting fees	24,123
Payable for shareholder services fee (Note 4)	582
TOTAL LIABILITIES		91,491
Net assets for 553,073,886 shares outstanding		$553,159,088
Net Assets Consist of:
Paid-in capital		$553,073,851
Accumulated net realized gain on investments		85,639
Distributions in excess of net investment income		(402)
TOTAL NET ASSETS		$553,159,088
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$74,509,828 ÷ 74,498,100 shares outstanding, no par value, unlimited shares authorized		$1.00
Institutional Shares:
$106,758,016 ÷ 106,741,686 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$155,780,836 ÷ 155,757,020 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$139,173,811 ÷ 139,152,314 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$76,936,597 ÷ 76,924,766 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$329,220
Expenses:
Investment adviser fee (Note 4)		$1,209,287
Administrative fee (Note 4)		236,113
Custodian fees		10,385
Transfer agent fee		255,497
Directors'/Trustees' fees (Note 4)		2,146
Auditing fees		10,538
Legal fees		10,801
Portfolio accounting fees		73,928
Distribution services fee (Note 4)		393,438
Shareholder services fee (Note 4)		457,396
Account administration fee (Note 2)		18,903
Share registration costs		47,560
Printing and postage		24,220
Miscellaneous (Note 4)		5,140
TOTAL EXPENSES		2,755,352
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(1,209,287)
Waiver of distribution services fee (Note 4)	(393,438)
Waiver of shareholder services fee (Note 4)	(457,396)
Waiver of account administration fee (Note 2)	(18,903)
Waiver of transfer agent fee	(208,973)
Reimbursement of other operating expenses (Note 4)	(169,022)
TOTAL WAIVERS AND REIMBURSEMENT		(2,457,019)
Net expenses			298,333
Net investment income			30,887
Net realized gain on investments			85,643
Change in net assets resulting from operations			$116,530

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$30,887	$138,280
Net realized gain on investments	85,643	143,097
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	116,530	281,377
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(4,302)	(22,661)
Institutional Shares	(6,288)	(28,288)
Cash II Shares	(8,188)	(32,630)
Capital Shares	(7,599)	(36,921)
Cash Series Shares	(3,830)	(17,602)
Distributions from net realized gain on investments
Service Shares	(20,561)	(8,087)
Institutional Shares	(31,860)	(9,203)
Cash II Shares	(40,587)	(10,097)
Capital Shares	(33,156)	(13,987)
Cash Series Shares	(16,932)	(5,581)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(173,303)	(185,057)
Share Transactions:
Proceeds from sale of shares	455,995,490	1,670,905,222
Net asset value of shares issued to shareholders in payment of distributions declared	133,610	148,752
Cost of shares redeemed	(556,516,573)	(1,770,426,315)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(100,387,473)	(99,372,341)
Change in net assets	(100,444,246)	(99,276,021)
Net Assets:
Beginning of period	653,603,334	752,879,355
End of period (including (distributions in excess of) net investment income of $(402) and $(1,082), respectively)	$553,159,088	$653,603,334

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated California Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers five classes of shares: Service Shares, Institutional Shares, Cash II Shares, Capital Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and personal income taxes imposed by the state of California consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. 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 U.S. generally accepted accounting principles (GAAP).

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with GAAP. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined under procedures established by and under the general supervision of the Trustees.

The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to determine fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Service Shares, Institutional Shares, Cash II Shares, Capital Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$18,903	$(18,903)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2014, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2014, tax years 2010 through 2013 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

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

Semi-Annual Shareholder Report

either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Other

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	102,212,375	$102,212,375	406,900,838	$406,900,838
Shares issued to shareholders in payment of distributions declared	11,476	11,476	17,693	17,693
Shares redeemed	(113,670,891)	(113,670,891)	(447,576,314)	(447,576,314)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(11,447,040)	$(11,447,040)	(40,657,783)	$(40,657,783)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	152,404,690	$152,404,690	482,016,264	$482,016,264
Shares issued to shareholders in payment of distributions declared	12,384	12,384	16,162	16,162
Shares redeemed	(202,406,570)	(202,406,570)	(480,278,963)	(480,278,963)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(49,989,496)	$(49,989,496)	1,753,463	$1,753,463

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	85,792,105	$85,792,105	225,613,928	$225,613,928
Shares issued to shareholders in payment of distributions declared	48,749	48,749	42,590	42,590
Shares redeemed	(104,114,677)	(104,114,677)	(218,548,975)	(218,548,975)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(18,273,823)	$(18,273,823)	7,107,543	$7,107,543

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	56,194,999	$56,194,999	402,605,404	$402,605,404
Shares issued to shareholders in payment of distributions declared	40,429	40,429	49,624	49,624
Shares redeemed	(68,137,294)	(68,137,294)	(459,659,195)	(459,659,195)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(11,901,866)	$(11,901,866)	(57,004,167)	$(57,004,167)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	59,391,321	$59,391,321	153,768,788	$153,768,788
Shares issued to shareholders in payment of distributions declared	20,572	20,572	22,683	22,683
Shares redeemed	(68,187,141)	(68,187,141)	(164,362,868)	(164,362,868)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(8,775,248)	$(8,775,248)	(10,571,397)	$(10,571,397)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(100,387,473)	$(100,387,473)	(99,372,341)	$(99,372,341)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $1,209,287 and voluntarily reimbursed $169,022 of other operating expenses.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. For purposes of determining the appropriate rate breakpoint, “Investment Complex” is defined as all of the Federated Funds subject to a fee under the Administrative Services Agreement. The fee paid to FAS is based on the average daily net assets of the Investment Complex as specified below, plus certain out-of-pocket expenses:

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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 daily net assets of the Fund's Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC.

Share Class Name	Percentage of Average Daily Net Assets of Class
Cash II Shares	0.20%
Cash Series Shares	0.60%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash II Shares	$164,023	$(164,023)
Cash Series Shares	229,415	(229,415)
TOTAL	$393,438	$(393,438)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Service Shares, Institutional Shares, Cash II Shares, Capital Shares and Cash Series Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time. For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$80,740	$(80,740)
Cash II Shares	205,029	(205,029)
Capital Shares	76,037	(76,037)
Cash Series Shares	95,590	(95,590)
TOTAL	$457,396	$(457,396)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Shares.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Service Shares, Institutional Shares, Cash II Shares, Capital Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.52%, 0.27%, 0.67%, 0.37% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

During the six months ended April 30, 2014, 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 $172,695,000 and $269,105,000, respectively.

Semi-Annual Shareholder Report

General

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. Such expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

5. CONCENTRATION OF 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, 2014, 21.2% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 6.7% of total investments.

6. LINE OF CREDIT

The Fund participates in a $100,000,000 unsecured, uncommitted revolving line of credit (LOC) agreement with PNC Bank. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate offered to the Fund by PNC Bank at the time of the borrowing. As of April 30, 2014, there were no outstanding loans. During the six months ended April 30, 2014, the Fund did not utilize the LOC.

7. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Investors, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of April 30, 2014, there were no outstanding loans. During the six months ended April 30, 2014, the program was not utilized.

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or shareholder services fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2013 to April 30, 2014.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semi-Annual Shareholder Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,000.30	$0.50²
Institutional Shares	$1,000	$1,000.30	$0.50³
Cash II Shares	$1,000	$1,000.30	$0.50⁴
Capital Shares	$1,000	$1,000.30	$0.50⁵
Cash Series Shares	$1,000	$1,000.30	$0.50⁶
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,024.30	$0.50²
Institutional Shares	$1,000	$1,024.30	$0.50³
Cash II Shares	$1,000	$1,024.30	$0.50⁴
Capital Shares	$1,000	$1,024.30	$0.50⁵
Cash Series Shares	$1,000	$1,024.30	$0.50⁶

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Service Shares	0.10%
Institutional Shares	0.10%
Cash II Shares	0.10%
Capital Shares	0.10%
Cash Series Shares	0.10%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.52% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.58 and $2.61, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.27% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.34 and $1.35, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash II Shares current Fee Limit of 0.67% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.32 and $3.36, respectively.

Semi-Annual Shareholder Report

Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.37% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.84 and $1.86, respectively.

Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.06 and $5.11, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

federated california municipal cash trust (the “Fund”)

Following a review and recommendation of approval by the Fund's independent trustees, the Fund's Board reviewed and approved at its May 2013 meetings the Fund's investment advisory contract for an additional one-year term. The Board's decision regarding the contract reflects the exercise of its business judgment on whether to continue the existing arrangements.

In this connection, the Federated Funds' Board had previously appointed a Senior Officer, whose duties include specified responsibilities relating to the process by which advisory fees are to be charged to a Federated fund. The Senior Officer has the authority to retain consultants, experts, or staff as may be reasonably necessary to assist in the performance of his duties, reports directly to the Board, and may be terminated only with the approval of a majority of the independent members of the Board. The Senior Officer prepared and furnished to the Board an independent, written evaluation that covered topics discussed below (the “Evaluation”). The Board considered that Evaluation, along with other information, in deciding to approve the advisory contract.

The Board is also familiar with and considered judicial decisions concerning allegedly excessive investment advisory fees, which have indicated that the following factors may be relevant to an Adviser's fiduciary duty with respect to its receipt of compensation from a fund: the nature and quality of the services provided by the Adviser to a fund and its shareholders, including the performance and expenses of the fund and of comparable funds; the Adviser's cost of providing the services, including the profitability to the Adviser of providing advisory services to a fund; the extent to which the Adviser may realize “economies of scale” as a fund grows larger and, if such economies exist, whether they have been shared with a fund and its shareholders or the family of funds; any “fall-out financial benefits” that accrue to the Adviser because of its relationship with a fund (including research services received from brokers that execute fund trades and any fees paid to affiliates of the Adviser for services rendered to a fund); comparative fee structures, including a comparison of fees paid to the Adviser with those paid by similar funds; and the extent to which the Board members are fully informed about all facts the Board deems relevant to its consideration of the Adviser's services and fees. Consistent with these judicial decisions, the Board also considered management fees charged to institutional and other clients of the Adviser for what might be viewed as like services. The Board was aware of these factors and was guided by them in its review of the Fund's advisory contract to the extent it considered them to be appropriate and relevant, as discussed further below.

Semi-Annual Shareholder Report

The Board considered and weighed these circumstances in light of its substantial accumulated experience in governing the Fund and working with Federated on matters relating to the Federated funds, and was assisted in its deliberations by independent legal counsel. Throughout the year, and in connection with its May meetings, the Board requested and received substantial and detailed information about the Fund and the Federated organization that was in addition to the extensive materials that comprise and accompany the Senior Officer's Evaluation. Federated provided much of this information at each regular meeting of the Board, and furnished additional substantial information in connection with the May meeting at which the Board's formal review of the advisory contract occurred. At this May meeting, senior management of the Adviser also met with the independent trustees and their counsel to discuss the materials presented and any other matters thought relevant by the Adviser or the trustees. Between regularly scheduled meetings, the Board also received information on particular matters as the need arose. Thus, the Board's consideration of the advisory contract included review of the Senior Officer's Evaluation, accompanying data and additional information covering such matters as: the Adviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's short- and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and certain competitor or “peer group” funds and/or other benchmarks, as appropriate), and comments on the reasons for performance; the Fund's investment objectives; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any); and the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates. The Board also considered the preferences and expectations of Fund shareholders; the entrepreneurial risk assumed by the Adviser in sponsoring the funds; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated family of funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

Semi-Annual Shareholder Report

While mindful that courts have cautioned against giving such comparisons too much weight, the Board has found the use of comparisons of the Fund's fees and expenses to other mutual funds with comparable investment programs to be relevant. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because it is believed that they are more relevant. For example, other mutual funds are the products most like the Fund, they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle in fact chosen and maintained by the Fund's investors. The range of their fees and expenses therefore appears to be a relative indicator of what consumers have found to be reasonable in the precise marketplace in which the Fund competes.

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual fee rate and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was below the median of the relevant peer group, and was satisfied that the overall expense structure of the Fund remained competitive.

By contrast, the Senior Officer has reviewed Federated's fees for providing advisory services to products outside the Federated family of funds (e.g., institutional and separate accounts). He concluded that mutual funds and institutional accounts are inherently different products. Those differences include, but are not limited to, different types of targeted investors; being subject to different laws and regulations; different legal structures; different average account sizes; different associated costs; different portfolio management techniques made necessary by different cash flows; and the time spent by portfolio managers and their teams, funds financial services, legal, compliance and risk management in reviewing securities pricing, addressing different administrative responsibilities, addressing different degrees of risk associated with management and a variety of different costs. The Senior Officer did not consider these fee schedules to be determinative in judging the appropriateness of mutual fund advisory fees.

The Fund's ability to deliver competitive performance when compared to its peer group was also deemed to be relevant by the Board as a useful indicator of how the Adviser is executing the Fund's investment program, which in turn assisted the Board in reaching a conclusion that the nature, extent, and quality of the Adviser's investment management services were such as to warrant continuation of the advisory contract.

The Senior Officer reviewed information compiled by Federated, using data supplied by independent fund ranking organizations, regarding the performance of, and fees charged by, other mutual funds, noting his view that comparisons to fund peer groups are relevant, though not conclusive, in judging the reasonableness of proposed fees.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

The Board also received financial information about Federated, including information regarding the compensation and benefits Federated derived from its relationships with the Federated funds. This information covered not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator). The information also detailed any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades. In addition, the Board considered the fact that, in order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waived fees and/or reimbursed expenses and have disclosed to fund investors and/or indicated to the Board their intention to do so in the future, where appropriate. Moreover, the Board receives regular reporting as to the institution, adjustment or elimination of these voluntary waivers.

Federated furnished information, requested by the Senior Officer, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the Senior Officer. The Senior Officer noted that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in arbitrarily allocating costs continues to cause the Senior Officer to question the precision of the process and to conclude that such reports may be unreliable, since a single change in an allocation estimate can dramatically alter the resulting estimate of cost and/or profitability of a fund. The allocation information was considered in the analysis by the Board but was determined to be of limited use.

The Board and the Senior Officer also reviewed information compiled by Federated comparing profitability information for Federated to other publicly held fund management companies. In this regard, the Senior Officer noted the limited availability of such information, but nonetheless concluded that Federated's profit margins did not appear to be excessive. The Board agreed with this assessment.

The Senior Officer's Evaluation also discussed the notion of possible realization of “economies of scale” as a fund grows larger. The Board considered in this regard that the Adviser has made significant and long-term investments in areas that support all of the Federated family of funds, such as personnel and processes for the portfolio management, shareholder services, compliance, internal audit, and risk management functions; and systems technology; and that the benefits of these efforts (as well as any economies, should they exist) were likely to be enjoyed by the fund family as a whole. Finally, the Board also noted the absence of any applicable regulatory or industry guidelines on this subject,

Semi-Annual Shareholder Report

which (as discussed in the Senior Officer's Evaluation) is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as the fund attains a certain size.

The Senior Officer noted that, subject to the comments and recommendations made within his Evaluation, his observations and the information accompanying the Evaluation supported a finding by the Board that the management fees for each of the funds were reasonable. Under these circumstances, no changes were recommended to, and no objection was raised to, the continuation of the Fund's advisory contract.

In its decision to continue an existing investment advisory contract, the Board was mindful of the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an advisory contract. In particular, the Board recognized that many shareholders have invested in the Fund on the strength of the Adviser's industry standing and reputation and with the expectation that the Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board's approval of the advisory contract reflected the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund. The Board concluded that, in light of the factors discussed above, including the nature, quality and scope of the services provided to the Fund by the Adviser and its affiliates, continuation of the advisory contract was appropriate.

The Board based its decision to approve the advisory contract on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above were necessarily relevant to the Fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were relevant, the Board's decision to approve the contract reflects its determination that Federated's performance and actions provided a satisfactory basis to support the decision to continue the existing arrangements.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on “Form N-PX” of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available via the Proxy Voting Record (Form N-PX) link associated with the Fund and share class name at www.Federatedinvestors.com/FundInformation. Form N-PX filings are also available at the SEC's website at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on “Form N-Q.” These filings are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information via the link to the Fund and share class name at www.Federatedinvestors.com/FundInformation.

Semi-Annual Shareholder Report

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. Although money market funds seek to maintain a stable net asset value of $1.00 per share, there is no assurance that they will be able to do so.

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 Shareholder 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: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400.

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	66.8%
Municipal Notes	31.5%
Commercial Paper	1.5%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	68.1%
8-30 Days	2.1%
31-90 Days	6.9%
91-180 Days	20.3%
181 Days or more	2.4%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.8%^1,2
		California—99.8%
$3,230,000		ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2007) Daily VRDNs (899 Charleston LLC)/(Bank of America N.A. LOC), 0.080%, 5/1/2014	$3,230,000
2,715,000		ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2010) Weekly VRDNs (Ecology Action of Santa Cruz)/(Comerica Bank LOC), 0.140%, 5/1/2014	2,715,000
2,480,000		Alameda County, CA IDA Recovery Zone Facility, (Series 2010) Weekly VRDNs (Dale Hardware, Inc.)/(Comerica Bank LOC), 0.130%, 5/1/2014	2,480,000
10,415,000	^3,4	Bay Area Toll Authority, CA, PUTTERs (Series 1962) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.150%, 5/1/2014	10,415,000
7,660,000		California Enterprise Development Authority, (Series 2008A) Weekly VRDNs (Ramar International Corporation)/(Bank of the West, San Francisco, CA LOC), 0.150%, 5/1/2014	7,660,000
4,900,000		California Enterprise Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Regional Properties, Inc.)/(FHLB of San Francisco LOC), 0.120%, 5/1/2014	4,900,000
2,660,000		California Infrastructure & Economic Development Bank, (Series 2004) Weekly VRDNs (Humane Society of Sonoma County)/(Comerica Bank LOC), 0.150%, 5/1/2014	2,660,000
4,000,000		California Infrastructure & Economic Development Bank, (Series 2007A) Weekly VRDNs (Tobinworld)/(Comerica Bank LOC), 0.150%, 5/1/2014	4,000,000
11,370,000		California Infrastructure & Economic Development Bank, (Series 2008) Monthly VRDNs (St. Margaret of Scotland Episcopal School)/(FHLB of San Francisco LOC), 0.200%, 5/1/2014	11,370,000
3,010,000		California Infrastructure & Economic Development Bank, (Series 2008A) Weekly VRDNs (Hillview Mental Health Center, Inc.)/(Comerica Bank LOC), 0.150%, 5/1/2014	3,010,000
2,940,000		California Infrastructure & Economic Development Bank, (Series 2014) Weekly VRDNs (Catalina Island Museum)/(Bank of the West, San Francisco, CA LOC), 0.150%, 5/1/2014	2,940,000
4,150,000		California Municipal Finance Authority, (Series 2010 A) Weekly VRDNs (Westmont College)/(Comerica Bank LOC), 0.140%, 5/1/2014	4,150,000
2,000,000		California Municipal Finance Authority, (Series 2012A) Weekly VRDNs (High Desert Partnership in Academic Excellence Foundation, Inc.)/(Union Bank, N.A. LOC), 0.150%, 5/1/2014	2,000,000
8,100,000		California PCFA, (Series 2009A) Weekly VRDNs (Garden City Sanitation, Inc.)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	8,100,000
2,690,000		California PCFA, (Series 2009A) Weekly VRDNs (MarBorg Industries)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	2,690,000
3,050,000		California PCFA, (Series 2009B) Weekly VRDNs (Garden City Sanitation, Inc.)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	3,050,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$5,850,000		California PCFA, (Series 2010A) Weekly VRDNs (Crown Disposal Company, Inc.)/(Union Bank, N.A. LOC), 0.130%, 5/7/2014	$5,850,000
13,000,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series G), 2.00% TRANs, 5/1/2014	13,000,000
7,650,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series H), 2.00% TRANs, 6/2/2014	7,662,027
5,865,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series I), 2.00% TRANs, 6/2/2014	5,874,168
10,200,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series J), 2.00% TRANs, 10/1/2014	10,280,670
14,800,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series K), 2.00% TRANs, 10/1/2014	14,917,050
4,700,000		California School Cash Reserve Program Authority, 2013-2014 Bonds (Series L), 2.00% TRANs, 10/1/2014	4,736,778
5,300,000		California School Cash Reserve Program Authority, 2013-2014 Senior Bonds (Series B), 2.00% TRANs, 6/2/2014	5,308,333
5,555,000		California State Department of Water Resources Power Supply Program, Revenue Bonds (Series 2010L), 5.00% Bonds, 5/1/2014	5,555,000
11,910,000	^3,4	California State Department of Water Resources, Floater Certificates (Series 2008-2991) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	11,910,000
10,293,000	^3,4	California State Public Works Board, Austin Trust (Series 2008-1065) Weekly VRDNs (California State Public Works Board (University of California))/(Bank of America N.A. LIQ), 0.140%, 5/1/2014	10,293,000
6,000,000		California State Public Works Board, SPEARs (DBE-1297) Weekly VRDNs (California State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.160%, 5/1/2014	6,000,000
7,997,000		California State University Institute, (Series A), 0.09% CP (JPMorgan Chase Bank, N.A. and State Street Bank and Trust Co. LOCs), Mandatory Tender 6/3/2014	7,997,000
11,370,000		California State, (Series 2013-2014 A-2), 2.00% RANs, 6/23/2014	11,399,812
5,000,000		California State, 5.00% Bonds, 8/1/2014	5,060,960
1,215,000		California Statewide Communities Development Authority, (Series 2000A) Weekly VRDNs (Nonprofits' Insurance Alliance of California)/(Comerica Bank LOC), 0.140%, 5/1/2014	1,215,000
12,000,000		California Statewide Communities Development Authority, (Series 2005A: Sweetwater Union High School District) Weekly VRDNs (Plan Nine Partners LLC)/(Union Bank, N.A. LOC), 0.145%, 5/1/2014	12,000,000
2,640,000		California Statewide Communities Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Cruzio Holding Company, LLC)/(Comerica Bank LOC), 0.140%, 5/1/2014	2,640,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$2,445,000		California Statewide Communities Development Authority, Gas Supply Variable Rate Revenue Bonds (Series 2010) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.120%, 5/1/2014	$2,445,000
12,990,000	^3,4	Chabot-Las Positas, CA CCD, SPEARs (DBE-1249) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.170%, 5/1/2014	12,990,000
13,340,000	^3,4	Chino Basin, CA Regional Financing Authority, SPEARs (Series DBE-500) Weekly VRDNs (Inland Empire Utilities Agency)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.140%, 5/1/2014	13,340,000
23,135,000	^3,4	Clipper Tax-Exempt Certificates Trust (California Non-AMT)/ (Series 2009-46) Weekly VRDNs (GTD by State Street Bank and Trust Co.)/(State Street Bank and Trust Co. LIQ), 0.150%, 5/1/2014	23,135,000
11,440,000	^3,4	Clipper Tax-Exempt Certificates Trust (California Non-AMT)/ (Series 2009-61) Weekly VRDNs (California State)/(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.120%, 5/1/2014	11,440,000
3,270,000		Contra Costa, CA CCD, 1.00% Bonds, 8/1/2014	3,276,409
21,755,000	^3,4	East Side Union High School District, CA, Stage Trust (Series 2011-120C), 0.13% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 7/31/2014	21,755,000
465,000		Folsom Cordova, CA USD (School Facilities Improvement District No. 1), 2014 General Obligation Refunding Bonds, 3.00% Bonds, 10/1/2014	470,438
1,545,000		Folsom Cordova, CA USD (School Facilities Improvement District No. 4), 2014 General Obligation Refunding Bonds, 4.00% Bonds, 10/1/2014	1,569,563
3,390,000		Hollister, CA Redevelopment Agency, (Series 2004) Weekly VRDNs (San Benito County Community Services Development Corp.)/(Union Bank, N.A. LOC), 0.150%, 5/1/2014	3,390,000
1,500,000		Loomis, CA Union School District, 2.00% TRANs, 9/18/2014	1,509,750
5,000,000		Los Angeles County, CA Schools Financing Program, 2013-14 Pooled TRAN Participation Certificates (Series B-2), 2.00% TRANs, 1/30/2015	5,067,392
8,400,000		Los Angeles County, CA Schools Financing Program, 2013-14 Pooled TRAN Participation Certificates (Series B-3), 2.00% TRANs, 12/31/2014	8,504,390
12,005,000	^3,4	Los Angeles, CA Department of Airports, Stage Trust (Series 2010-31C), 0.14% TOBs (Los Angeles International Airport)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/14/2014	12,005,000
17,330,000	^3,4	Los Angeles, CA Department of Water & Power (Electric/Power System), Floater Certificates (Series 2004-1243) Weekly VRDNs (Deutsche Bank AG LIQ), 0.130%, 5/1/2014	17,330,000
26,340,000	^3,4	Los Angeles, CA USD, Austin Floater Certificates (Series 2008-1049) Weekly VRDNs (Bank of America N.A. LIQ), 0.140%, 5/1/2014	26,340,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$17,800,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.200%, 5/1/2014	$17,800,000
16,000,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 4), Weekly VRDPs, (GTD by Citibank NA, New York), 0.180%, 5/1/2014	16,000,000
6,605,000		Oroville, CA Hospital Revenue, (Series 2012A) Weekly VRDNs (Oroville Hospital)/(Comerica Bank LOC), 0.150%, 5/1/2014	6,605,000
5,605,000		Panama-Buena Vista, CA Union School District, 1.50% TRANs, 9/1/2014	5,630,353
4,000,000	^3,4	Peralta, CA CCD, Stage Trust (Series 2009-63C) Weekly VRDNs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	4,000,000
2,000,000		Roseville, CA City School District, 2.00% TRANs, 9/18/2014	2,013,000
4,000,000		Roseville, CA Joint Union High School District, 2.00% TRANs, 9/18/2014	4,026,000
10,000,000		Sacramento, CA Municipal Utility District, 3.125% Bonds (Assured Guaranty Municipal Corp. INS), 8/15/2014	10,086,393
1,650,000		San Diego County, CA, (Series 2004) Weekly VRDNs (Museum of Contemporary Art San Diego)/(Northern Trust Co., Chicago, IL LOC), 0.120%, 5/1/2014	1,650,000
9,945,000	^3,4	San Francisco, CA City & County Airport Commission, Stage Trust (Series 2010-03C), 0.12% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 9/18/2014	9,945,000
24,675,000	^3,4	San Francisco, CA Public Utilities Commission (Water Enterprise), Stage Trust (Series 2009-53C) Weekly VRDNs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	24,675,000
15,005,000	^3,4	San Mateo County, CA CCD, SPEARs (Series DB-631) Weekly VRDNs (Deutsche Bank AG LIQ), 0.140%, 5/1/2014	15,005,000
14,870,000	^3,4	San Mateo County, CA CCD, SPEARs (Series DBE-430) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.180%, 5/1/2014	14,870,000
6,960,000	^3,4	Santa Clara County, CA, Stage Trust (Series 2009-19C) Weekly VRDNs (Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	6,960,000
15,500,000	^3,4	School Facilities Financing Authority, CA, Stage Trust (Series 2008-33C) Weekly VRDNs (Grant, CA Joint Union High School District)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	15,500,000
8,200,000		Upland, CA Community Redevelopment Agency, (Series 2007) Weekly VRDNs (Sunset Ridge Apartments and Village Apartments)/(FHLB of San Francisco LOC), 0.130%, 5/7/2014	8,200,000
2,185,000		West Covina, CA Public Financing Authority, (Series 2013A) Weekly VRDNs (West Covina, CA)/(Bank of the West, San Francisco, CA LOC), 0.150%, 5/1/2014	2,185,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	California—continued
$5,000,000	Western Placer, CA USD, 2.00% TRANs, 9/18/2014	$5,032,500
	TOTAL MUNICIPAL INVESTMENTS—99.8% (AT AMORTIZED COST)⁵	551,820,986
	OTHER ASSETS AND LIABILITIES - NET—0.2%⁶	1,338,102
	TOTAL NET ASSETS—100%	$553,159,088

At April 30, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
100.0%	0.0%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $295,708,000, which represented 53.5% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $295,708,000, which represented 53.5% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Semi-Annual Shareholder Report

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
CCD	—Community College District
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
GTD	—Guaranteed
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PCFA	—Pollution Control Finance Authority
PUTTERs	—Puttable Tax-Exempt Receipts
RANs	—Revenue Anticipation Notes
SPEARs	—Short Puttable Exempt Adjustable Receipts
TOBs	—Tender Option Bonds
TRANs	—Tax and Revenue Anticipation Notes
USD	—Unified School District
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.001	0.001	0.006
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.001	0.001	0.006
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.006)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.006)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.02%	0.03%	0.11%	0.12%	0.57%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.16%	0.22%	0.27%	0.27%	0.31%⁴
Net investment income	0.01%³	0.02%	0.02%	0.11%	0.08%	0.58%
Expense waiver/reimbursement⁵	0.52%³	0.43%	0.38%	0.32%	0.31%	0.29%
Supplemental Data:
Net assets, end of period (000 omitted)	$106,758	$156,765	$154,988	$233,240	$373,173	$912,333

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.31% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$551,820,986
Cash		106,471
Income receivable		1,278,111
Receivable for shares sold		28,304
Prepaid expenses		16,707
TOTAL ASSETS		553,250,579
Liabilities:
Payable for shares redeemed	$59,723
Income distribution payable	815
Payable to adviser (Note 4)	5,322
Payable for Directors'/Trustees' fees (Note 4)	926
Payable for portfolio accounting fees	24,123
Payable for shareholder services fee (Note 4)	582
TOTAL LIABILITIES		91,491
Net assets for 553,073,886 shares outstanding		$553,159,088
Net Assets Consist of:
Paid-in capital		$553,073,851
Accumulated net realized gain on investments		85,639
Distributions in excess of net investment income		(402)
TOTAL NET ASSETS		$553,159,088
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$74,509,828 ÷ 74,498,100 shares outstanding, no par value, unlimited shares authorized		$1.00
Institutional Shares:
$106,758,016 ÷ 106,741,686 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$155,780,836 ÷ 155,757,020 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$139,173,811 ÷ 139,152,314 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$76,936,597 ÷ 76,924,766 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$329,220
Expenses:
Investment adviser fee (Note 4)		$1,209,287
Administrative fee (Note 4)		236,113
Custodian fees		10,385
Transfer agent fee		255,497
Directors'/Trustees' fees (Note 4)		2,146
Auditing fees		10,538
Legal fees		10,801
Portfolio accounting fees		73,928
Distribution services fee (Note 4)		393,438
Shareholder services fee (Note 4)		457,396
Account administration fee (Note 2)		18,903
Share registration costs		47,560
Printing and postage		24,220
Miscellaneous (Note 4)		5,140
TOTAL EXPENSES		2,755,352
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(1,209,287)
Waiver of distribution services fee (Note 4)	(393,438)
Waiver of shareholder services fee (Note 4)	(457,396)
Waiver of account administration fee (Note 2)	(18,903)
Waiver of transfer agent fee	(208,973)
Reimbursement of other operating expenses (Note 4)	(169,022)
TOTAL WAIVERS AND REIMBURSEMENT		(2,457,019)
Net expenses			298,333
Net investment income			30,887
Net realized gain on investments			85,643
Change in net assets resulting from operations			$116,530

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$30,887	$138,280
Net realized gain on investments	85,643	143,097
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	116,530	281,377
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(4,302)	(22,661)
Institutional Shares	(6,288)	(28,288)
Cash II Shares	(8,188)	(32,630)
Capital Shares	(7,599)	(36,921)
Cash Series Shares	(3,830)	(17,602)
Distributions from net realized gain on investments
Service Shares	(20,561)	(8,087)
Institutional Shares	(31,860)	(9,203)
Cash II Shares	(40,587)	(10,097)
Capital Shares	(33,156)	(13,987)
Cash Series Shares	(16,932)	(5,581)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(173,303)	(185,057)
Share Transactions:
Proceeds from sale of shares	455,995,490	1,670,905,222
Net asset value of shares issued to shareholders in payment of distributions declared	133,610	148,752
Cost of shares redeemed	(556,516,573)	(1,770,426,315)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(100,387,473)	(99,372,341)
Change in net assets	(100,444,246)	(99,276,021)
Net Assets:
Beginning of period	653,603,334	752,879,355
End of period (including (distributions in excess of) net investment income of $(402) and $(1,082), respectively)	$553,159,088	$653,603,334

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

October 31, 2013

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 35 portfolios. The financial statements included herein are only those of Federated California Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers five classes of shares: Service Shares, Institutional Shares, Cash II Shares, Capital Shares and Cash Series Shares. The financial highlights of the Service Shares, Cash II Shares, Capital Shares and Cash Series Shares are presented separately. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and personal income taxes imposed by the state of California consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$18,903	$(18,903)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	102,212,375	$102,212,375	406,900,838	$406,900,838
Shares issued to shareholders in payment of distributions declared	11,476	11,476	17,693	17,693
Shares redeemed	(113,670,891)	(113,670,891)	(447,576,314)	(447,576,314)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(11,447,040)	$(11,447,040)	(40,657,783)	$(40,657,783)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	152,404,690	$152,404,690	482,016,264	$482,016,264
Shares issued to shareholders in payment of distributions declared	12,384	12,384	16,162	16,162
Shares redeemed	(202,406,570)	(202,406,570)	(480,278,963)	(480,278,963)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(49,989,496)	$(49,989,496)	1,753,463	$1,753,463

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	85,792,105	$85,792,105	225,613,928	$225,613,928
Shares issued to shareholders in payment of distributions declared	48,749	48,749	42,590	42,590
Shares redeemed	(104,114,677)	(104,114,677)	(218,548,975)	(218,548,975)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(18,273,823)	$(18,273,823)	7,107,543	$7,107,543

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	56,194,999	$56,194,999	402,605,404	$402,605,404
Shares issued to shareholders in payment of distributions declared	40,429	40,429	49,624	49,624
Shares redeemed	(68,137,294)	(68,137,294)	(459,659,195)	(459,659,195)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(11,901,866)	$(11,901,866)	(57,004,167)	$(57,004,167)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	59,391,321	$59,391,321	153,768,788	$153,768,788
Shares issued to shareholders in payment of distributions declared	20,572	20,572	22,683	22,683
Shares redeemed	(68,187,141)	(68,187,141)	(164,362,868)	(164,362,868)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(8,775,248)	$(8,775,248)	(10,571,397)	$(10,571,397)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(100,387,473)	$(100,387,473)	(99,372,341)	$(99,372,341)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

Distribution Services Fee

Share Class Name	Percentage of Average Daily Net Assets of Class
Cash II Shares	0.20%
Cash Series Shares	0.60%

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash II Shares	$164,023	$(164,023)
Cash Series Shares	229,415	(229,415)
TOTAL	$393,438	$(393,438)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$80,740	$(80,740)
Cash II Shares	205,029	(205,029)
Capital Shares	76,037	(76,037)
Cash Series Shares	95,590	(95,590)
TOTAL	$457,396	$(457,396)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Shares.

Expense Limitation

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF RISK

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual	$1,000	$1,000.30	$0.50
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.30	$0.50

Expenses are equal to the Fund's annualized net expense ratio of 0.10%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.27% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.34 and $1.35, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

federated california municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	73.1%
Municipal Notes	27.9%
Commercial Paper	0.4%
Other Assets and Liabilities—Net²	(1.4)%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	73.4%
8-30 Days	0.0%
31-90 Days	8.6%
91-180 Days	8.8%
181 Days or more	10.6%
Other Assets and Liabilities—Net²	(1.4)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—101.4%^1,2
		Connecticut—101.4%
$3,000,000		Ansonia, CT, (LOT A), 0.75% BANs, 11/25/2014	$3,008,019
450,000		Beacon Falls, CT, 1.00% BANs, 3/17/2015	452,951
2,160,000		Brooklyn, CT, 1.00% BANs, 8/12/2014	2,163,820
2,000,000		Connecticut Development Authority, (Series 1993) Weekly VRDNs (Rand-Whitney Containerboard LP)/(Bank of Montreal LOC), 0.120%, 5/7/2014	2,000,000
400,000		Connecticut Development Authority, (Series 1999), 0.27% CP (New England Power Co.), Mandatory Tender 5/7/2014	400,000
2,000,000	^3,4	Connecticut Health and Educational Facilities Authority, Austin Floater Certificates (Series 2008-1086) Weekly VRDNs (Yale University)/(Bank of America N.A. LIQ), 0.170%, 5/1/2014	2,000,000
7,000,000	^3,4	Connecticut Health and Educational Facilities Authority, SPEARs (DBE-1291) Weekly VRDNs (Hartford HealthCare Obligated Group)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.170%, 5/1/2014	7,000,000
4,770,000		Connecticut State Health & Educational Facilities, (Series A) Weekly VRDNs (CIL Community Resources Inc.)/(HSBC Bank USA, N.A. LOC), 0.120%, 5/1/2014	4,770,000
4,305,000		Connecticut State Health & Educational Facilities, (Series H) Weekly VRDNs (Lawrence & Memorial Hospital, Inc.)/(TD Bank, N.A. LOC), 0.110%, 5/7/2014	4,305,000
11,600,000	^3,4	Connecticut State Health & Educational Facilities, Eagles (Series 720053031) Weekly VRDNs (Yale University)/(Citibank NA, New York LIQ), 0.120%, 5/1/2014	11,600,000
3,195,000		Connecticut State HEFA, (Series A) Weekly VRDNs (Central Connecticut Coast YMCA)/(RBS Citizens, N.A. LOC), 0.170%, 5/1/2014	3,195,000
3,900,000		Connecticut State HEFA, (Series A) Weekly VRDNs (Hotchkiss School)/(U.S. Bank, N.A. LIQ), 0.120%, 5/1/2014	3,900,000
2,845,000		Connecticut State HEFA, (Series B) Weekly VRDNs (Hoffman SummerWood Community)/(TD Bank, N.A. LOC), 0.110%, 5/7/2014	2,845,000
1,400,000		Connecticut State HEFA, (Series C) Weekly VRDNs (Greenwich Hospital, CT)/(Bank of America N.A. LOC), 0.120%, 5/7/2014	1,400,000
3,900,000		Connecticut State HEFA, (Series C) Weekly VRDNs (Westminster School)/(Bank of America N.A. LOC), 0.200%, 5/1/2014	3,900,000
10,150,000		Connecticut State HEFA, (Series D) Weekly VRDNs (Choate Rosemary Hall)/(JPMorgan Chase Bank, N.A. LOC), 0.140%, 5/1/2014	10,150,000
5,900,000		Connecticut State HEFA, (Series E) Weekly VRDNs (Taft School)/(Wells Fargo Bank, N.A. LOC), 0.130%, 5/7/2014	5,900,000
5,080,000		Connecticut State HFA, (2013 Series B Subseries B-6) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 0.120%, 5/1/2014	5,080,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Connecticut—continued
$1,515,000		Connecticut State HFA, (Series 2008) Weekly VRDNs (CIL Realty)/(HSBC Bank USA, N.A. LOC), 0.120%, 5/1/2014	$1,515,000
3,750,000		Connecticut State HFA, (Series 2010) Weekly VRDNs (CIL Realty)/(HSBC Bank USA, N.A. LOC), 0.120%, 5/1/2014	3,750,000
1,300,000		Connecticut State HFA, (Series 2012D-3) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 0.160%, 5/1/2014	1,300,000
5,000,000	^3,4	Connecticut State HFA, P-FLOATs (Series PT-4690) Weekly VRDNs (Bank of America N.A. LIQ), 0.200%, 5/1/2014	5,000,000
5,000,000		Griswold, CT, 1.00% BANs, 8/7/2014	5,007,496
900,000		Lisbon, CT, 1.00% BANs, 8/14/2014	901,545
1,500,000		Plymouth, CT, 1.00% BANs, 8/29/2014	1,503,437
2,000,000		Preston, CT, 1.25% BANs, 6/17/2014	2,002,438
3,750,000		Putnam, CT, 1.00% BANs, 11/25/2014	3,758,488
2,550,000		Regional School District No. 1, CT, 1.00% BANs, 11/14/2014	2,557,968
3,272,000		Regional School District No. 9, CT, 1.00% BANs, 7/11/2014	3,277,126
1,500,000		Salem, CT, 1.00% BANs, 7/8/2014	1,501,390
2,585,000		Salisbury, CT, 1.00% BANs, 6/4/2014	2,586,515
1,750,000	^3,4	Somers, CT, 1.00% BANs, 11/5/2014	1,756,685
		TOTAL MUNICIPAL INVESTMENTS—101.4% (AT AMORTIZED COST)⁵	110,487,878
		OTHER ASSETS AND LIABILITIES - NET—(1.4)%⁶	(1,533,712)
		TOTAL NET ASSETS—100%	$108,954,166

Securities that are subject to the federal alternative minimum tax (AMT) represent 7.5% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
96.7%	3.3%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.

Semi-Annual Shareholder Report

3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $27,356,685, which represented 25.1% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $27,356,685, which represented 25.1% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

BANs	—Bond Anticipation Notes
CP	—Commercial Paper
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
P-FLOATs	—Puttable Floating Option Tax-Exempt Receipts
SPEARs	—Short Puttable Exempt Adjustable Receipts
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Net realized gain on investments	—	—	—	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Distributions from net realized gain on investments	—	—	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.01%	0.04%	0.01%	0.05%	0.25%
Ratios to Average Net Assets:
Net expenses	0.15%⁴	0.20%	0.28%	0.36%	0.45%	0.72%⁵
Net investment income	0.01%⁴	0.01%	0.01%	0.01%	0.00%³	0.22%
Expense waiver/reimbursement⁶	0.78%⁴	0.72%	0.72%	0.73%	0.52%	0.25%
Supplemental Data:
Net assets, end of period (000 omitted)	$38,145	$35,666	$59,039	$50,193	$68,104	$101,294

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.72% after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	—	—	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	—	—	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.01%	0.04%	0.01%	0.05%	0.09%
Ratios to Average Net Assets:
Net expenses	0.15%⁴	0.20%	0.28%	0.35%	0.45%	0.90%⁵
Net investment income	0.01%⁴	0.01%	0.01%	0.01%	0.00%³	0.05%
Expense waiver/reimbursement⁶	1.38%⁴	1.36%	1.33%	1.34%	1.12%	0.68%
Supplemental Data:
Net assets, end of period (000 omitted)	$70,809	$90,468	$62,695	$48,957	$46,825	$50,505

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.90% after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$110,487,878
Cash		75,013
Income receivable		161,282
Receivable for shares sold		2,682
TOTAL ASSETS		110,726,855
Liabilities:
Payable for investments purchased	$1,756,685
Payable for shares redeemed	7,788
Income distribution payable	83
Payable to adviser (Note 4)	6,406
Payable for shareholder services fee (Note 4)	1,105
Accrued expenses (Note 4)	622
TOTAL LIABILITIES		1,772,689
Net assets for 108,954,318 shares outstanding		$108,954,166
Net Assets Consist of:
Paid-in capital		$108,954,229
Distributions in excess of net investment income		(63)
TOTAL NET ASSETS		$108,954,166
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$38,145,466 ÷ 38,145,577 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$70,808,700 ÷ 70,808,741 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$100,610
Expenses:
Investment adviser fee (Note 4)		$254,961
Administrative fee (Note 4)		49,781
Custodian fees		2,911
Transfer agent fee		38,202
Directors'/Trustees' fees (Note 4)		464
Auditing fees		9,720
Legal fees		10,479
Portfolio accounting fees		26,757
Distribution services fee (Note 4)		266,136
Shareholder services fee (Note 4)		157,335
Account administration fee (Note 2)		1,004
Share registration costs		26,136
Printing and postage		10,566
Miscellaneous (Note 4)		2,695
TOTAL EXPENSES		857,147
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(254,961)
Waiver of distribution services fee (Note 4)	(266,136)
Waiver of shareholder services fee (Note 4)	(157,335)
Waiver of account administration fee (Note 2)	(1,004)
Waiver of transfer agent fee	(29,926)
Reimbursement of other operating expenses (Note 4)	(53,539)
TOTAL WAIVERS AND REIMBURSEMENT		(762,901)
Net expenses			94,246
Net investment income			$6,364

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$6,364	$12,104
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	6,364	12,104
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(1,921)	(4,578)
Cash Series Shares	(4,428)	(7,413)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(6,349)	(11,991)
Share Transactions:
Proceeds from sale of shares	152,936,008	264,997,360
Net asset value of shares issued to shareholders in payment of distributions declared	5,730	10,243
Cost of shares redeemed	(170,121,466)	(260,608,259)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(17,179,728)	4,399,344
Change in net assets	(17,179,713)	4,399,457
Net Assets:
Beginning of period	126,133,879	121,734,422
End of period (including (distributions in excess of) net investment income of $(63) and $(78), respectively)	$108,954,166	$126,133,879

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Connecticut Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers two classes of shares: Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and Connecticut dividend and interest income tax consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to determine fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Service Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$1,004	$(1,004)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	28,987,602	$28,987,602	66,784,414	$66,784,414
Shares issued to shareholders in payment of distributions declared	1,376	1,376	2,937	2,937
Shares redeemed	(26,509,357)	(26,509,357)	(90,160,530)	(90,160,530)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	2,479,621	$2,479,621	(23,373,179)	$(23,373,179)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	123,948,406	$123,948,406	198,212,946	$198,212,946
Shares issued to shareholders in payment of distributions declared	4,354	4,354	7,306	7,306
Shares redeemed	(143,612,109)	(143,612,109)	(170,447,729)	(170,447,729)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(19,659,349)	$(19,659,349)	27,772,523	$27,772,523
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(17,179,728)	$(17,179,728)	4,399,344	$4,399,344

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $254,961 and voluntarily reimbursed $53,539 of other operating expenses.

Semi-Annual Shareholder Report

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

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 daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.60% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$266,136	$(266,136)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Service Shares and Cash Series Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time. For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$46,445	$(46,445)
Cash Series Shares	110,890	(110,890)
TOTAL	$157,335	$(157,335)

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.68% and 1.01% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

Semi-Annual Shareholder Report

5. CONCENTRATION OF 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, 2014, 39.6% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 9.2% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,000.00	$0.74²
Cash Series Shares	$1,000	$1,000.00	$0.74³
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,024.05	$0.75²
Cash Series Shares	$1,000	$1,024.05	$0.75³

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Service Shares	0.15%
Cash Series Shares	0.15%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.68% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.37 and $3.41, respectively.

Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.01% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.01 and $5.06, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated CONNECTICUT Municipal Cash Trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual fee rate and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

efforts (as well as any economies, should they exist) were likely to be enjoyed by the fund family as a whole. Finally, the Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which (as discussed in the Senior Officer's Evaluation) is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as the fund attains a certain size.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	74.5%
Municipal Notes	20.9%
Commercial Paper	2.8%
Other Assets and Liabilities—Net²	1.8%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	75.4%
8-30 Days	6.0%
31-90 Days	8.5%
91-180 Days	5.2%
181 Days or more	3.1%
Other Assets and Liabilities—Net²	1.8%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—98.2%^1,2
		Alabama—2.4%
$4,400,000		Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), 0.45% TOBs (Alabama Power Co.), Mandatory Tender 9/23/2014	$4,400,099
		Florida—83.0%
11,500,000		Broward County, FL Airport Facility, (Series 2007A) Weekly VRDNs (Embraer Aircraft Holding, Inc.)/(Citibank NA, New York LOC), 0.130%, 5/7/2014	11,500,000
10,960,000	^3,4	Broward County, FL School Board, SPEARs (Series DBE-580) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.170%, 5/1/2014	10,960,000
8,000,000		Citizens Property Insurance Corp. FL, Series 2010A-1), 5.00% Bonds (Citizens Property Insurance Coastal Account), 6/1/2014	8,032,534
5,000,000		Citizens Property Insurance Corp. FL, SIFMA Floating Rate Notes (Series 2011A-3), 1.77% Bonds (Citizens Property Insurance Coastal Account)/(Assured Guaranty Municipal Corp. INS), 6/1/2014	5,006,103
1,610,000	^3,4	Clipper Tax-Exempt Certificates Trust (Florida AMT) Series 2009-75 Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.240%, 5/1/2014	1,610,000
6,230,000		Coconut Creek, FL, (Series 2007) Weekly VRDNs (Junior Achievement of South Florida, Inc.)/(TD Bank, N.A. LOC), 0.150%, 5/1/2014	6,230,000
2,200,000		Florida Development Finance Corp., (Series 2006A) Weekly VRDNs (Florida Food Products, Inc.)/(FHLB of Atlanta LOC), 0.160%, 5/1/2014	2,200,000
12,760,000		Florida Housing Finance Corp., (Series 2003 P: Wellesley Apartments) Weekly VRDNs (TWC Twenty-Two )/(Citibank NA, New York LOC), 0.130%, 5/7/2014	12,760,000
4,487,000	^3,4	Florida Housing Finance Corp., Clipper Tax-Exempt Certificates Trust (Series 2009-21) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.240%, 5/1/2014	4,487,000
4,550,000	^3,4	Hillsborough County, FL Aviation Authority, SPEARs (Series DBE-645), 0.28% TOBs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), Optional Tender 5/15/2014	4,550,000
8,500,000		JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.120%, 5/7/2014	8,500,000
7,350,000		Jacksonville, FL HFDC, (Series 2002) Weekly VRDNs (University of Florida Jacksonville Physicians, Inc.)/(Bank of America N.A. LOC), 0.120%, 5/7/2014	7,350,000
4,960,000		Jacksonville, FL PCR, (Series 1994), 0.17% CP (Florida Power & Light Co.), Mandatory Tender 5/22/2014	4,960,000
1,175,000		Martin County, FL IDA, (Series 2001) Weekly VRDNs (Young Men's Christian Association of the Treasure Coast, FL)/(SunTrust Bank LOC), 0.240%, 5/7/2014	1,175,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Florida—continued
$7,821,000	^3,4	Miami-Dade County, FL Aviation, Clipper Tax-Exempt Certificates Trust (Series 2009-24) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.250%, 5/1/2014	$7,821,000
8,500,000		Miami-Dade County, FL, Professional Sports Franchise Facilities Tax Revenue Bonds (Series 2009E) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 0.100%, 5/7/2014	8,500,000
6,250,000		Orange County, FL School Board, COPs (Series 2008C) Weekly VRDNs (Bank of America N.A. LOC), 0.130%, 5/1/2014	6,250,000
5,500,000	^3,4	Orange County, FL School Board, Floater Certificates (Series 2008-2988) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.170%, 5/1/2014	5,500,000
6,410,000		Palm Beach County, FL, (Series 2005) Weekly VRDNs (Maltz Jupiter Theatre, Inc.)/(Bank of New York Mellon LOC), 0.150%, 5/1/2014	6,410,000
7,000,000		Pinellas County, FL Health Facility Authority, (Series 2009A-2) Weekly VRDNs (Baycare Health System)/(Northern Trust Co., Chicago, IL LOC), 0.120%, 5/1/2014	7,000,000
1,735,000		Polk County, FL IDA, (Series 2011) Weekly VRDNs (Tremron Lakeland, LLC)/(Branch Banking & Trust Co. LOC), 0.190%, 5/1/2014	1,735,000
200,000		St. Lucie County, FL PCRB, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.090%, 5/1/2014	200,000
3,000,000		St. Lucie County, FL Solid Waste Disposal, (Series 2003) Daily VRDNs (Florida Power & Light Co.), 0.090%, 5/1/2014	3,000,000
4,730,000		Sumter County, FL IDA, (Series 2007) Weekly VRDNs (American Cement Company LLC)/(Bank of America N.A. LOC), 0.190%, 5/1/2014	4,730,000
7,400,000		UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	7,400,000
4,375,000		Volusia County, FL IDA, (Series 2008A) Weekly VRDNs (Management by Innovation, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.260%, 5/1/2014	4,375,000
		TOTAL	152,241,637
		Multi-State—1.9%
3,500,000	^3,4	Blackrock MuniYield Quality Fund, Inc., Weekly VRDPs (Series W-7), (Barclays Bank PLC LIQ), 0.210%, 5/1/2014	3,500,000
		New Jersey—10.3%
1,000,000		Belmar, NJ, 1.00% BANs, 2/13/2015	1,003,343
1,217,458		East Greenwich Township, NJ, (Series 2013B), 1.00% BANs, 11/12/2014	1,219,586
1,500,000		Evesham Township, NJ, (Series 2013A), 1.00% BANs, 5/29/2014	1,500,422
3,000,000		Evesham Township, NJ, 1.00% BANs, 10/17/2014	3,004,137
2,000,000		Freehold Borough, NJ, (Series 2013A), 1.00% BANs, 12/17/2014	2,002,869
1,000,000		Hamilton Township, NJ, 1.25% BANs, 9/4/2014	1,001,644

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	New Jersey—continued
$2,547,358	Hazlet Township, NJ, 1.00% BANs, 7/23/2014	$2,549,078
3,560,000	New Jersey EDA Weekly VRDNs (Services for Children with Hidden Intelligence, Inc.)/(Fulton Bank, N.A. LOC), 0.950%, 5/1/2014	3,560,000
1,500,000	North Wildwood, NJ, 1.00% BANs, 3/11/2015	1,504,091
1,556,000	Wood-Ridge Borough, NJ, 1.25% BANs, 5/1/2014	1,556,000
	TOTAL	18,901,170
	New York—0.6%
1,037,198	Ausable Valley, NY CSD, (Series 2013B), 1.00% BANs, 9/26/2014	1,038,447
	TOTAL MUNICIPAL INVESTMENTS—98.2% (AT AMORTIZED COST)⁵	180,081,353
	OTHER ASSETS AND LIABILITIES - NET—1.8%⁶	3,362,835
	TOTAL NET ASSETS—100%	$183,444,188

Securities that are subject to the federal alternative minimum tax (AMT) represent 34.6% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
97.4%	2.6%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $38,428,000, which represented 20.9% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $38,428,000, which represented 20.9% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Semi-Annual Shareholder Report

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
COL	—Collateralized
CP	—Commercial Paper
CSD	—Central School District
EDA	—Economic Development Authority
FHLB	—Federal Home Loan Bank
GNMA	—Government National Mortgage Association
GTD	—Guaranteed
HFDC	—Health Facility Development Corporation
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PCR	—Pollution Control Revenue
PCRB	—Pollution Control Revenue Bond
SPEARs	—Short Puttable Exempt Adjustable Receipts
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.007
Net realized gain on investments	0.000¹	0.000¹	0.000¹	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.007
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.007)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.007)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.02%	0.01%	0.01%	0.01%	0.72%
Ratios to Average Net Assets:
Net expenses	0.19%³	0.25%	0.35%	0.47%	0.48%	0.64%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.64%
Expense waiver/reimbursement⁵	0.67%³	0.62%	0.54%	0.44%	0.37%	0.22%
Supplemental Data:
Net assets, end of period (000 omitted)	$54,054	$68,590	$83,187	$100,630	$134,154	$309,483

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.64% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Net realized gain on investments	0.000¹	0.000¹	0.000¹	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.02%	0.01%	0.01%	0.01%	0.48%
Ratios to Average Net Assets:
Net expenses	0.19%³	0.25%	0.34%	0.48%	0.48%	0.88%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.40%
Expense waiver/reimbursement⁵	0.97%³	0.91%	0.84%	0.72%	0.64%	0.26%
Supplemental Data:
Net assets, end of period (000 omitted)	$26,300	$27,832	$61,427	$37,088	$54,935	$76,949

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.88% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.003
Net realized gain on investments	0.000¹	0.000¹	0.000¹	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.003
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.003)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.003)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.02%	0.01%	0.01%	0.01%	0.35%
Ratios to Average Net Assets:
Net expenses	0.19%³	0.25%	0.35%	0.47%	0.48%	1.00%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.32%
Expense waiver/reimbursement⁵	1.32%³	1.27%	1.19%	1.07%	0.99%	0.49%
Supplemental Data:
Net assets, end of period (000 omitted)	$103,091	$67,173	$63,721	$76,547	$76,473	$108,241

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 1.00% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$180,081,353
Cash		78,094
Income receivable		303,500
Receivable for investments sold		3,000,000
Receivable for shares sold		53,263
Prepaid expenses		1,918
TOTAL ASSETS		183,518,128
Liabilities:
Payable for shares redeemed	$54,622
Income distribution payable	226
Payable to adviser (Note 4)	3,430
Payable for transfer agent fee	14,145
Payable for shareholder services fee (Note 4)	1,517
TOTAL LIABILITIES		73,940
Net assets for 183,364,504 shares outstanding		$183,444,188
Net Assets Consist of:
Paid-in capital		$183,364,504
Accumulated net realized gain on investments		79,763
Distributions in excess of net investment income		(79)
TOTAL NET ASSETS		$183,444,188
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$54,053,597 ÷ 54,030,812 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$26,299,543 ÷ 26,287,632 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$103,091,048 ÷ 103,046,060 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$172,289
Expenses:
Investment adviser fee (Note 4)		$347,549
Administrative fee (Note 4)		67,859
Custodian fees		3,509
Transfer agent fee (Note 2)		38,961
Directors'/Trustees' fees (Note 4)		599
Auditing fees		9,720
Legal fees		10,511
Portfolio accounting fees		34,915
Distribution services fee (Note 4)		293,158
Shareholder services fee (Note 4)		202,638
Account administration fee (Note 2)		1,424
Share registration costs		38,560
Printing and postage		12,817
Miscellaneous (Note 4)		2,965
TOTAL EXPENSES		1,065,185
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(347,549)
Waiver of distribution services fee (Note 4)	(293,158)
Waiver of shareholder services fee (Note 4)	(202,638)
Waiver of account administration fee (Note 2)	(1,424)
Waiver of transfer agent fee (Note 2)	(20,837)
Reimbursement of other operating expenses (Note 4)	(36,168)
TOTAL WAIVERS AND REIMBURSEMENT		(901,774)
Net expenses			163,411
Net investment income			8,878
Net realized gain on investments			79,763
Change in net assets resulting from operations			$88,641

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$8,878	$18,046
Net realized gain on investments	79,763	22,400
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	88,641	40,446
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(2,997)	(7,407)
Cash II Shares	(1,368)	(3,943)
Cash Series Shares	(4,329)	(6,576)
Distributions from net realized gain on investments
Institutional Shares	(8,835)	(8,395)
Cash II Shares	(3,914)	(6,172)
Cash Series Shares	(9,648)	(7,552)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(31,091)	(40,045)
Share Transactions:
Proceeds from sale of shares	301,907,900	446,376,008
Net asset value of shares issued to shareholders in payment of distributions declared	24,690	31,846
Cost of shares redeemed	(282,140,769)	(491,148,282)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	19,791,821	(44,740,428)
Change in net assets	19,849,371	(44,740,027)
Net Assets:
Beginning of period	163,594,817	208,334,844
End of period (including distributions in excess of net investment income of $(79) and $(263), respectively)	$183,444,188	$163,594,817

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Florida Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Cash II Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares, Cash II Shares and Cash Series Shares may bear distribution services fees, shareholder services fees, account administration fees and certain transfer agent fees unique to those classes. For the six months ended April 30, 2014, transfer agent fees and account administration fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Waived	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Institutional Shares	$13,765	$(5,981)	$1,424	$(1,424)
Cash II Shares	6,309	(3,115)	—	—
Cash Series Shares	18,887	(11,741)	—	—
TOTAL	$38,961	$(20,837)	$1,424	$(1,424)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Semi-Annual Shareholder Report

Restricted Securities

The Fund may purchase securities which are considered restricted. Restricted securities are securities that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) are subject to contractual restrictions on public sales. In some cases, when a security cannot be offered for public sale without first being registered, the issuer of the restricted security has agreed to register such securities for resale, at the issuer's expense, either upon demand by the Fund or in connection with another registered offering of the securities. Many such restricted securities may be resold in the secondary market in transactions exempt from registration. Restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	123,601,056	$123,601,056	180,606,708	$180,606,708
Shares issued to shareholders in payment of distributions declared	5,456	5,456	7,909	7,909
Shares redeemed	(138,156,930)	(138,156,930)	(195,212,081)	(195,212,081)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(14,550,418)	$(14,550,418)	(14,597,464)	$(14,597,464)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	32,809,988	$32,809,988	59,675,364	$59,675,364
Shares issued to shareholders in payment of distributions declared	5,282	5,282	10,115	10,115
Shares redeemed	(34,355,296)	(34,355,296)	(93,278,288)	(93,278,288)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(1,540,026)	$(1,540,026)	(33,592,809)	$(33,592,809)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	145,496,856	$145,496,856	206,093,936	$206,093,936
Shares issued to shareholders in payment of distributions declared	13,952	13,952	13,822	13,822
Shares redeemed	(109,628,543)	(109,628,543)	(202,657,913)	(202,657,913)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	35,882,265	$35,882,265	3,449,845	$3,449,845
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	19,791,821	$19,791,821	(44,740,428)	$(44,740,428)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $347,549 and voluntarily reimbursed $36,168 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

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 daily net assets of the Fund's Institutional Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

Share Class Name	Percentage of Average Daily Net Assets of Class
Institutional Shares	0.25%
Cash II Shares	0.25%
Cash Series Shares	0.60%

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash II Shares	$34,249	$(34,249)
Cash Series Shares	258,909	(258,909)
TOTAL	$293,158	$(293,158)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Cash II Shares and Cash Series Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time. For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Institutional Shares	$60,511	$(60,511)
Cash II Shares	34,248	(34,248)
Cash Series Shares	107,879	(107,879)
TOTAL	$202,638	$(202,638)

Semi-Annual Shareholder Report

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.62%, 0.88% and 1.03% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

5. CONCENTRATION OF 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, 2014, 55.0% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 13.5% of total investments.

6. LINE OF CREDIT

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.20	$0.94²
Cash II Shares	$1,000	$1,000.20	$0.94³
Cash Series Shares	$1,000	$1,000.20	$0.94⁴
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.85	$0.95²
Cash II Shares	$1,000	$1,023.85	$0.95³
Cash Series Shares	$1,000	$1,023.85	$0.95⁴

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.19%
Cash II Shares	0.19%
Cash Series Shares	0.19%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.62% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.07 and $3.11, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash II Shares current Fee Limit of 0.88% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.36 and $4.41, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.03% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.11 and $5.16, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated Florida Municipal Cash Trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual fee rate and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	77.3%
Municipal Notes	23.7%
Other Assets and Liabilities—Net²	(1.0)%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	78.9%
8-30 Days	0.0%
31-90 Days	6.3%
91-180 Days	4.1%
181 Days or more	11.7%
Other Assets and Liabilities—Net²	(1.0)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—101.0%^1,2
		Alabama—13.4%
$2,360,000		Birmingham-St. Martin's, AL Special Care Facilities Financing Authority, (Series 2007) Weekly VRDNs (St. Martin's In The Pines)/(FHLB of Atlanta LOC), 0.140%, 5/1/2014	$2,360,000
3,000,000		Tuscaloosa County, AL IDA, (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Citibank NA, New York LOC), 0.150%, 5/7/2014	3,000,000
2,855,000		Tuscaloosa County, AL Port Authority, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Tuscaloosa Riverfront Development, LLC)/(FHLB of Atlanta LOC), 0.160%, 5/1/2014	2,855,000
		TOTAL	8,215,000
		Florida—3.4%
2,065,000	^3,4	South Miami, FL Health Facilities Authority, PUTTERs (Series 2473) Weekly VRDNs (Baptist Health System of South Florida)/(JPMorgan Chase Bank, N.A. LIQ), 0.180%, 5/1/2014	2,065,000
		Illinois—15.0%
2,000,000		Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs (Bank of Montreal LOC), 0.130%, 5/1/2014	2,000,000
1,945,000		Freeport, IL, (Series 2001) Weekly VRDNs (Freeport Regional Health Care Foundation)/(U.S. Bank, N.A. LOC), 0.140%, 5/1/2014	1,945,000
3,325,000		Illinois Finance Authority, (Series 2008) Weekly VRDNs (Clearbrook Corp.)/(BMO Harris Bank, N.A. LOC), 0.180%, 5/1/2014	3,325,000
1,890,000		Southwestern Illinois Development Authority, (Series 2010) Weekly VRDNs (Molinero, Inc.)/(BMO Harris Bank, N.A. LOC), 0.140%, 5/1/2014	1,890,000
		TOTAL	9,160,000
		Indiana—5.6%
1,000,000		Posey County, IN EDA, (Series 2013A), 0.30% TOBs (Midwest Fertilizer Corp.)/(GTD by United States Treasury), Mandatory Tender 11/18/2014	1,000,000
1,380,000		Wayne Township, IN Marion County School Building Corp., 3.00% Bonds, 7/15/2014	1,388,155
1,000,000		Wayne Township, IN Marion County School Building Corp., 4.00% Bonds, 1/15/2015	1,026,296
		TOTAL	3,414,451
		Iowa—2.4%
1,500,000		Iowa Finance Authority, Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs (Cargill, Inc.), 0.160%, 5/1/2014	1,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Maine—2.3%
$1,400,000		Wells-Ogunquit Community School District, ME, 1.00% BANs, 10/30/2014	$1,404,180
		Maryland—1.4%
850,000		Maryland State Economic Development Corp., (Series 2003: Maryland Science Center) Weekly VRDNs (Maryland Academy of Sciences)/(Bank of America N.A. LOC), 0.150%, 5/1/2014	850,000
		Massachusetts—1.6%
1,000,000		Greater Lowell, MA Regional Vocational Technical School District, 1.00% BANs, 4/24/2015	1,006,836
		Michigan—21.6%
2,775,000		Grand Rapids, MI EDR, (Series 2007) Weekly VRDNs (MapleCreek)/(Comerica Bank LOC), 0.160%, 5/1/2014	2,775,000
2,450,000		Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Davenport University, MI)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	2,450,000
400,000		Michigan State Housing Development Authority, (Series 2002A) Weekly VRDNs (Ponds Taylor Limited Dividend Housing Association LLC)/(FNMA LOC), 0.130%, 5/1/2014	400,000
2,875,000		Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Lutheran Social Services of Michigan)/(Comerica Bank LOC), 0.160%, 5/1/2014	2,875,000
2,300,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Consumers Energy)/(JPMorgan Chase Bank, N.A. LOC), 0.100%, 5/7/2014	2,300,000
1,000,000		Michigan Strategic Fund, (Series 2010) Weekly VRDNs (Kroger Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.120%, 5/1/2014	1,000,000
160,000		Michigan Strategic Fund, (Series 2011) Weekly VRDNs (Greenpath, Inc.)/(PNC Bank, N.A. LOC), 0.120%, 5/1/2014	160,000
1,250,000		Royal Oak, MI Hospital Finance Authority, (Series 2014D), 2.00% Bonds (William Beaumont Hospital, MI), 9/1/2014	1,256,813
		TOTAL	13,216,813
		Minnesota—4.3%
1,250,000		Aurora, MN ISD No. 2711, 1.00% TANs (GTD by Minnesota State), 8/21/2014	1,252,102
1,400,000		Hennepin County, MN, (Series C) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.110%, 5/1/2014	1,400,000
		TOTAL	2,652,102
		Multi-State—0.8%
475,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State Non-AMT)/(Series 2009-76) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ)/(United States Treasury PRF), 0.170%, 5/1/2014	475,000
		New Jersey—3.3%
1,000,000		Freehold Borough, NJ, (Series 2013A), 1.00% BANs, 12/17/2014	1,001,434

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	New Jersey—continued
$1,000,000	Ocean City, NJ, 1.00% BANs, 6/20/2014	$1,000,776
	TOTAL	2,002,210
	Ohio—2.5%
1,545,000	Seneca County, OH Health Care Facilities, Revenue Refunding and Improvement Bonds (Series 2003) Weekly VRDNs (Good Shepherd Home)/(Fifth Third Bank, Cincinnati LOC), 0.190%, 5/1/2014	1,545,000
	Pennsylvania—2.9%
1,800,000	Pennsylvania Economic Development Financing Authority, (2006 Series A1) Weekly VRDNs (Ellwood City Hospital (PA))/(PNC Bank, N.A. LOC), 0.130%, 5/1/2014	1,800,000
	Tennessee—10.4%
1,470,000	Blount County, TN Public Building Authority, (Series E-8-A) Weekly VRDNs (Maryville, TN)/(Branch Banking & Trust Co. LOC), 0.100%, 5/7/2014	1,470,000
4,870,000	Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 2009) Weekly VRDNs (Meharry Medical College)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	4,870,000
	TOTAL	6,340,000
	Texas—3.3%
2,000,000	Port Arthur Navigation District, TX IDC, (Series 2011) Weekly VRDNs (TOTAL Petrochemicals USA, Inc.)/(GTD by Total S.A.), 0.100%, 5/7/2014	2,000,000
	Washington—5.2%
1,440,000	King County, WA, (Series 2013 UT GO), 3.00% Bonds, 6/1/2014	1,443,291
1,725,000	Washington State Housing Finance Commission, (Series 2013), 0.43% TOBs (Family Tree and Lincoln Way LLC), Mandatory Tender 1/5/2015	1,725,000
	TOTAL	3,168,291
	Wisconsin—1.6%
1,000,000	Sparta, WI, 1.50% BANs, 11/1/2014	1,000,000
	TOTAL MUNICIPAL INVESTMENTS—101.0% (AT AMORTIZED COST)⁵	61,814,883
	OTHER ASSETS AND LIABILITIES - NET—(1.0)%⁶	(596,132)
	TOTAL NET ASSETS—100%	$61,218,751

At April 30, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

Semi-Annual Shareholder Report

	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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
100.0%	0.00%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $2,540,000, which represented 4.1% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $2,540,000, which represented 4.1% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Semi-Annual Shareholder Report

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
COL	—Collateralized
EDA	—Economic Development Authority
EDR	—Economic Development Revenue
FHLB	—Federal Home Loan Bank
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
IDA	—Industrial Development Authority
IDC	—Industrial Development Corporation
ISD	—Independent School District
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PRF	—Prerefunded
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

Semi-Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	—	—	—	0.000¹	0.000¹	0.007
Net realized gain on investments	—	0.000¹	0.000¹	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	—	0.000¹	0.000¹	0.000¹	0.000¹	0.007
Less Distributions:
Distributions from net investment income	—	—	—	(0.000)¹	(0.000)¹	(0.007)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.007)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%	0.00%³	0.03%	0.69%
Ratios to Average Net Assets:
Net expenses	0.16%⁴	0.21%	0.30%	0.42%	0.43%	0.52%
Net investment income	0.00%⁴	0.00%	0.00%	0.00%³	0.00%³	0.64%
Expense waiver/reimbursement⁵	0.53%⁴	0.43%	0.43%	0.32%	0.18%	0.10%
Supplemental Data:
Net assets, end of period (000 omitted)	$61,219	$66,331	$76,947	$94,829	$119,565	$191,231

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$61,814,883
Cash		590,832
Income receivable		65,827
Prepaid expenses		7,577
TOTAL ASSETS		62,479,119
Liabilities:
Payable for investments purchased	$1,256,813
Payable for shares redeemed	2,000
Payable to adviser (Note 4)	1,555
TOTAL LIABILITIES		1,260,368
Net assets for 61,226,612 shares outstanding		$61,218,751
Net Assets Consist of:
Paid-in capital		$61,218,751
TOTAL NET ASSETS		$61,218,751
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$61,218,751 ÷ 61,226,612 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$54,340
Expenses:
Investment adviser fee (Note 4)		$138,132
Administrative fee (Note 4)		26,970
Custodian fees		2,020
Transfer agent fee		4,080
Directors'/Trustees' fees (Note 4)		349
Auditing fees		9,720
Legal fees		10,456
Portfolio accounting fees		20,805
Share registration costs		18,730
Printing and postage		5,383
Miscellaneous (Note 4)		2,388
TOTAL EXPENSES		239,033
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(138,132)
Waiver of transfer agent fee	(2,775)
Reimbursement of other operating expenses (Note 4)	(43,786)
TOTAL WAIVERS AND REIMBURSEMENT		(184,693)
Net expenses			54,340
Net investment income			—

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net realized gain on investments	—	112
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	—	112
Distributions to Shareholders:
Distributions from net realized gain on investments	(112)	(260)
Share Transactions:
Proceeds from sale of shares	109,921,980	224,728,661
Net asset value of shares issued to shareholders in payment of distributions declared	2	38
Cost of shares redeemed	(115,033,981)	(235,344,807)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(5,111,999)	(10,616,108)
Change in net assets	(5,112,111)	(10,616,256)
Net Assets:
Beginning of period	66,330,862	76,947,118
End of period	$61,218,751	$66,330,862

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Tax-Free Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The investment objective of the Fund is to provide dividend income exempt from federal regular income taxes while seeking relative stability of principal. The Fund's investment adviser also will invest the Fund's assets entirely in securities not subject to the federal AMT for individuals and corporations. Interest income from the Fund's investments may be subject to state and local taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

Semi-Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

	Six Months Ended 4/30/2014	Year Ended 10/31/2013
Shares sold	109,921,980	224,728,661
Shares issued to shareholders in payment of distributions declared	2	38
Shares redeemed	(115,033,981)	(235,344,807)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	(5,111,999)	(10,616,108)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Under the investment advisory contract, which is subject to annual review by the Trustees, the Adviser will waive the amount, limited to the amount of the advisory fee, by which the Fund's aggregate annual operating expenses, including the investment advisory fee but excluding interest, taxes, brokerage commissions, expenses of registering or qualifying the Fund and it's shares under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses exceed 0.45% of its 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. For the six months ended April 30, 2014, the Adviser waived its entire fee of $138,132 and voluntarily reimbursed $43,786 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. For the six months ended April 30, 2014, the Fund did not incur Service Fees.

Interfund Transactions

General

5. LINE OF CREDIT

6. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.00	$0.79
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.00	$0.80

Expenses are equal to the Fund's annualized net expense ratio of 0.16%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Actual and Hypothetical expenses paid during the period utilizing the Fund's contractual Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 4 under Investment Adviser Fee) multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.23 and $2.26, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

federated tax-free trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and expense reimbursements, if any, was below the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive.

Semi-Annual Shareholder Report

The Fund's performance fell below the median of the relevant peer group for the one-year period covered by the Evaluation. The Board discussed the Fund's performance with the Adviser and recognized the efforts being undertaken by the Adviser. The Board will continue to monitor these efforts and the performance of the Fund.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	76.8%
Municipal Notes	18.4%
Commercial Paper	4.7%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	76.8%
8-30 Days	0.0%
31-90 Days	0.0%
91-180 Days	16.3%
181 Days or more	6.8%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.9%^1,2
		Georgia—99.9%
$11,335,000	^3,4	Atlanta, GA Airport General Revenue, SPEARs (Series DBE-1298) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.190%, 5/1/2014	$11,335,000
1,000,000		Atlanta, GA, Urban Residential Finance Authority, (Series 1995) Weekly VRDNs (West End Housing Development)/(FNMA LOC), 0.280%, 5/1/2014	1,000,000
9,000,000		Bartow County, GA Development Authority, (1st Series 2009) Weekly VRDNs (Georgia Power Co.), 0.150%, 5/7/2014	9,000,000
3,990,000		Bartow County, GA Development Authority, (Series 2010) Weekly VRDNs (VMC Specialty Alloys LLC)/(Comerica Bank LOC), 0.130%, 5/1/2014	3,990,000
13,000,000		Bartow County, GA, (Series 2014), 0.75% TANs, 12/31/2014	13,031,141
4,500,000		Bryan County, GA School District, (Series 2013), 2.00% Bonds, 8/1/2014	4,520,635
7,500,000		Burke County, GA Development Authority, (Third Series 2012) Daily VRDNs (Georgia Power Co.), 0.100%, 5/1/2014	7,500,000
3,800,000		Cherokee County, GA Development Authority, (Series 2008) Weekly VRDNs (Goodwill of North Georgia, Inc.)/(SunTrust Bank LOC), 0.240%, 5/7/2014	3,800,000
2,780,000		Columbia County, GA Development Authority, (Series 2002) Weekly VRDNs (Westwood Club Apartments)/(FNMA LOC), 0.130%, 5/1/2014	2,780,000
1,755,000		Columbus, GA Development Authority, (Series 2009) Weekly VRDNs (Foundation Properties, Inc.)/(FHLB of Atlanta LOC), 0.170%, 5/1/2014	1,755,000
2,935,000		DeKalb County, GA Development Authority, (Series 2007) Weekly VRDNs (Inland Fresh Seafood Corp.)/(Fifth Third Bank, Cincinnati LOC), 0.260%, 5/1/2014	2,935,000
740,000		DeKalb County, GA Development Authority, (Series 2007) Weekly VRDNs (Sophia Academy, Inc.)/(FHLB of Atlanta LOC), 0.170%, 5/1/2014	740,000
3,000,000		DeKalb County, GA MFH Authority, (Series 2004) Weekly VRDNs (Highlands at East Atlanta Apartments)/(Mizuho Bank Ltd. LOC), 0.160%, 5/1/2014	3,000,000
2,775,000		Fitzgerald & Ben Hill County, GA Development Authority, (Series 2007) Weekly VRDNs (Agri-Products, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.140%, 5/1/2014	2,775,000
3,400,000		Fulton County, GA Development Authority, (Series 2000) Weekly VRDNs (Donnellan School, Inc.)/(Bank of New York Mellon LOC), 0.230%, 5/1/2014	3,400,000
9,825,000		Fulton County, GA Development Authority, (Series 2008) Weekly VRDNs (Children's Healthcare of Atlanta, Inc.)/(Landesbank Hessen-Thuringen LIQ), 0.150%, 5/7/2014	9,825,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Georgia—continued
$350,000		Fulton County, GA Housing Authority, (Series 2008A) Weekly VRDNs (Walton Lakes LLC)/(FHLB of Atlanta LOC), 0.110%, 5/7/2014	$350,000
5,375,000		Gainesville and Hall County, GA Development Authority, (Series 2002) Weekly VRDNs (Fieldale Farms Corp.)/(Rabobank Nederland NV, Utrecht LOC), 0.190%, 5/1/2014	5,375,000
17,960,000	^3,4	Georgia State HFA, MERLOTS (Series 2006-B11), 0.17% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/17/2014	17,960,000
5,150,000		Glynn-Brunswick, GA Hospital Authority, (Series 2008) Weekly VRDNs (Southeast Georgia Health System, Inc.)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	5,150,000
1,100,000		Gwinnett County, GA Development Authority, (Series 2004) Weekly VRDNs (Pak-Lite, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/1/2014	1,100,000
9,265,000		Kennesaw, GA Development Authority, (Series 2004) Weekly VRDNs (Lakeside Vista Apartments)/(FNMA LOC), 0.160%, 5/1/2014	9,265,000
7,280,000		Main Street Gas, Inc., (Series 2010A) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.120%, 5/1/2014	7,280,000
9,000,000		Metropolitan Atlanta Rapid Transit Authority, GA, (Series 2012D-2), 0.10% CP (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), Mandatory Tender 8/12/2014	9,000,000
4,000,000		Pike County, GA Development Authority, (Series 2003) Weekly VRDNs (Southern Mills, Inc.)/(Bank of America N.A. LOC), 0.260%, 5/7/2014	4,000,000
7,470,000	^3,4	Private Colleges & Universities Facilities of GA, Floater Certificates (Series 2008-3068X) Weekly VRDNs (Emory University)/(Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	7,470,000
1,930,000		Richmond County, GA Development Authority, (Series 2008B) Weekly VRDNs (MCG Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.120%, 5/7/2014	1,930,000
8,240,000		Roswell, GA Housing Authority, (Series 2005) Weekly VRDNs (Wood Creek Apartments)/(FNMA LOC), 0.140%, 5/1/2014	8,240,000
4,600,000		Roswell, GA Housing Authority, MFH Refunding Revenue Bonds (Series 1988A) Weekly VRDNs (Belcourt Ltd.)/(Northern Trust Co., Chicago, IL LOC), 0.120%, 5/7/2014	4,600,000
3,000,000		Savannah, GA EDA, (Series 1995A) Weekly VRDNs (Home Depot, Inc.), 0.140%, 5/7/2014	3,000,000
1,000,000		Savannah, GA EDA, (Series B) Weekly VRDNs (Home Depot, Inc.)/(SunTrust Bank LOC), 0.250%, 5/7/2014	1,000,000
6,880,000		Savannah, GA Housing Authority, (Series 2003) Weekly VRDNs (Bradley Pointe Apartments)/(Key Bank, N.A. LOC), 0.270%, 5/1/2014	6,880,000
8,400,000		South Fulton, Georgia Municipal Regional Water and Sewer Authority, (Series 2007) Weekly VRDNs (Bank of America N.A. LOC), 0.140%, 5/1/2014	8,400,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Georgia—continued
$4,475,000	Wayne County, GA, IDA, (Series 2011) Weekly VRDNs (Sierra International Machinery LLC)/(Branch Banking & Trust Co. LOC), 0.190%, 5/1/2014	$4,475,000
5,600,000	Willacoochee, GA Development Authority, (Series 1997) Weekly VRDNs (Langboard, Inc.)/(FHLB of Atlanta LOC), 0.220%, 5/1/2014	5,600,000
	TOTAL MUNICIPAL INVESTMENTS—99.9% (AT AMORTIZED COST)⁵	192,461,776
	OTHER ASSETS AND LIABILITIES - NET—0.1%⁶	226,867
	TOTAL NET ASSETS—100%	$192,688,643

Securities that are subject to the federal alternative minimum tax (AMT) represent 51.2% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
97.5%	2.5%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $36,765,000, which represented 19.1% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $36,765,000, which represented 19.1% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Semi-Annual Shareholder Report

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

CP	—Commercial Paper
EDA	—Economic Development Authority
FHLB	—Federal Home Loan Bank
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH	—Multi-Family Housing
SPEARs	—Short Puttable Exempt Adjustable 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

Semi-Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.006
Net realized gain on investments	—	0.000¹	0.000¹	—	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.006
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.006)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.006)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.03%	0.02%	0.02%	0.04%	0.62%
Ratios to Average Net Assets:
Net expenses	0.12%³	0.19%	0.32%	0.45%	0.48%	0.54%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.02%	0.58%
Expense waiver/reimbursement⁵	0.80%³	0.70%	0.55%	0.41%	0.36%	0.30%
Supplemental Data:
Net assets, end of period (000 omitted)	$192,689	$196,010	$223,769	$266,913	$351,824	$877,529

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.54% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$192,461,776
Cash		179,730
Income receivable		63,904
Receivable for shares sold		50,214
Prepaid expenses		2,124
TOTAL ASSETS		192,757,748
Liabilities:
Payable for shares redeemed	$50,154
Income distribution payable	102
Payable to adviser (Note 4)	3,081
Payable for transfer agent fee	15,382
Payable for Directors'/Trustees' fees (Note 4)	120
Payable for shareholder services fee (Note 4)	266
TOTAL LIABILITIES		69,105
Net assets for 192,688,820 shares outstanding		$192,688,643
Net Assets Consist of:
Paid-in capital		$192,688,820
Distributions in excess of net investment income		(177)
TOTAL NET ASSETS		$192,688,643
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$192,688,643 ÷ 192,688,820 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$134,966
Expenses:
Investment adviser fee (Note 4)		$402,305
Administrative fee (Note 4)		78,550
Custodian fees		3,999
Transfer agent fee		121,030
Directors'/Trustees' fees (Note 4)		695
Auditing fees		9,720
Legal fees		10,509
Portfolio accounting fees		26,443
Shareholder services fee (Note 4)		236,552
Account administration fee		13,842
Share registration costs		19,176
Printing and postage		9,144
Miscellaneous (Note 4)		2,659
TOTAL EXPENSES		934,624
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(402,305)
Waiver of shareholder services fee (Note 4)	(236,552)
Waiver of account administration fee (Note 4)	(13,842)
Waiver of transfer agent fee	(73,830)
Reimbursement of other operating expenses (Note 4)	(83,090)
TOTAL WAIVERS AND REIMBURSEMENT		(809,619)
Net expenses			125,005
Net investment income			$9,961

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$9,961	$41,764
Net realized gain on investments	—	29,506
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	9,961	71,270
Distributions to Shareholders:
Distributions from net investment income	(10,059)	(41,677)
Distributions from net realized gain on investments	(29,504)	(18,321)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(39,563)	(59,998)
Share Transactions:
Proceeds from sale of shares	118,642,396	271,160,910
Net asset value of shares issued to shareholders in payment of distributions declared	37,529	57,166
Cost of shares redeemed	(121,971,412)	(298,988,243)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(3,291,487)	(27,770,167)
Change in net assets	(3,321,089)	(27,758,895)
Net Assets:
Beginning of period	196,009,732	223,768,627
End of period (including distributions in excess of net investment income of $(177) and $(79), respectively)	$192,688,643	$196,009,732

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Georgia Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. 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 Georgia consistent with stability of principal and liquidity. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

	Six Months Ended 4/30/2014	Year Ended 10/31/2013
Shares sold	118,642,396	271,160,910
Shares issued to shareholders in payment of distributions declared	37,529	57,166
Shares redeemed	(121,971,412)	(298,988,243)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	(3,291,487)	(27,770,167)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $402,305 and voluntarily reimbursed $83,090 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. For the six months ended April 30, 2014, unaffiliated third-party financial intermediaries waived the entire $236,552 of Service Fees and $13,842 of account administration fees. This waiver can be modified or terminated at any time.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.52% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

During the six months ended April 30, 2014, 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 $105,860,000 and $90,840,000, respectively.

General

Semi-Annual Shareholder Report

5. CONCENTRATION OF 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, 2014, 52.8% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 11.1% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period1,2
Actual	$1,000	$1,000.20	$0.60
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.20	$0.60

Expenses are equal to the Fund's annualized net expense ratio of 0.12%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Actual and Hypothetical expenses paid during the period utilizing the Fund's current Fee Limit of 0.52% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.58 and $2.61, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated Georgia municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	66.1%
Municipal Notes	23.9%
Commercial Paper	10.3%
Other Assets and Liabilities—Net²	(0.3)%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	68.4%
8-30 Days	1.3%
31-90 Days	8.1%
91-180 Days	10.7%
181 Days or more	11.8%
Other Assets and Liabilities—Net²	(0.3)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—100.3%^1,2
		Massachusetts—100.3%
$4,300,000		Amesbury, MA, 0.55% BANs, 12/12/2014	$4,306,615
1,083,414		Ashburnham, MA, 1.00% BANs, 7/18/2014	1,085,162
2,300,000		Athol, MA, 0.55% BANs, 11/25/2014	2,303,251
8,155,000	^3,4	Boston, MA Water & Sewer Commission, Municipal Securities Trust Receipts (Series 1996-SG-75) Weekly VRDNs (Societe Generale, Paris LIQ), 0.250%, 5/1/2014	8,155,000
5,000,000		Boston, MA Water & Sewer Commission, Tax-Exempt Commercial Paper Bond Anticipation Notes (Series A), 0.12% CP (Bank of America N.A. LOC), Mandatory Tender 8/25/2014	5,000,000
1,730,000		Bridgewater, MA, 3.00% Bonds, 1/15/2015	1,763,173
2,177,781		Bridgewater-Raynham, MA Regional School District, 0.60% BANs, 4/2/2015	2,181,772
1,781,499		Chicopee, MA, 1.00% BANs, 11/21/2014	1,788,445
5,425,000	^3,4	Commonwealth of Massachusetts, MERLOTS (Series 2006-B30), 0.12% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/17/2014	5,425,000
9,765,000	^3,4	Commonwealth of Massachusetts, Municipal Securities Trust Receipts (Series 1999-SG-126) Weekly VRDNs (Societe Generale, Paris LIQ), 0.250%, 5/1/2014	9,765,000
16,500,000	^3,4	Commonwealth of Massachusetts, Municipal Securities Trust Receipts (Series 2008-SGC-51) Weekly VRDNs (Societe Generale, Paris LIQ), 0.140%, 5/1/2014	16,500,000
1,000,000		Gardner, MA, 1.00% BANs, 5/1/2015	1,005,950
2,000,000		Greater Lowell, MA Regional Vocational Technical School District, 1.00% BANs, 4/24/2015	2,013,673
2,400,000		Hull, MA, 0.60% BANs, 9/29/2014	2,402,938
12,000,000		Massachusetts Bay Transportation Authority General Transportation System, (Series B), 0.10% CP (Sumitomo Mitsui Banking Corp. LIQ), Mandatory Tender 5/6/2014	12,000,000
6,645,000		Massachusetts Bay Transportation Authority Sales Tax Revenue, (Series A-2) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.100%, 5/7/2014	6,645,000
4,050,000		Massachusetts Bay Transportation Authority Sales Tax Revenue, 7 Month Window MVRENs (Series 2010A), 0.210%, 5/1/2014	4,050,000
10,315,000	^3,4	Massachusetts Bay Transportation Authority Sales Tax Revenue, BB&T Floater Certificate (Series 2029) Weekly VRDNs (Branch Banking & Trust Co. LIQ), 0.120%, 5/1/2014	10,315,000
8,302,000		Massachusetts Development Finance Agency, (Issue 4), 0.25% CP (FHLB of Boston LOC), Mandatory Tender 6/16/2014	8,302,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Massachusetts—continued
$5,680,000		Massachusetts Development Finance Agency, (Series 2011A) Weekly VRDNs (Jewish Rehabilitation Centers For Living, Inc.)/(RBS Citizens, N.A. LOC), 0.300%, 5/1/2014	$5,680,000
6,725,000		Massachusetts Development Finance Agency, (Series 2011B) Weekly VRDNs (Jewish Rehabilitation Centers For Living, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	6,725,000
4,530,000		Massachusetts Development Finance Agency, (Series 2013) Weekly VRDNs (CIL Realty of Massachusetts)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.120%, 5/1/2014	4,530,000
3,265,000		Massachusetts HEFA, (Series 2009) Weekly VRDNs (CIL Realty of Massachusetts)/(HSBC Bank USA, N.A. LOC), 0.120%, 5/1/2014	3,265,000
12,100,000		Massachusetts HEFA, (Series I-2) Weekly VRDNs (Partners Healthcare Systems)/(U.S. Bank, N.A. LIQ), 0.130%, 5/1/2014	12,100,000
5,000,000	^3,4	Massachusetts HEFA, BB&T Floater Certificates (Series 2008-56) Weekly VRDNs (Harvard University)/(Branch Banking & Trust Co. LIQ), 0.120%, 5/1/2014	5,000,000
5,345,000	^3,4	Massachusetts HEFA, P-FLOATs (Series PT-4663) Weekly VRDNs (Massachusetts Institute of Technology)/(Bank of America N.A. LIQ), 0.120%, 5/1/2014	5,345,000
7,245,000	^3,4	Massachusetts HEFA, Stage Trust (Series 2009-27C) Weekly VRDNs (Baystate Medical Center)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.120%, 5/1/2014	7,245,000
4,300,000		Massachusetts IFA, (Series 1990) Weekly VRDNs (Berkshire School)/(JPMorgan Chase Bank, N.A. LOC), 0.100%, 5/7/2014	4,300,000
1,300,000		Massachusetts IFA, (Series 1992B), 0.28% CP (New England Power Co.), Mandatory Tender 5/22/2014	1,300,000
2,400,000		Massachusetts IFA, (Series 1994) Weekly VRDNs (Nova Realty Trust)/(TD Bank, N.A. LOC), 0.120%, 5/1/2014	2,400,000
4,125,000	^3,4	Massachusetts School Building Authority, Eagles (Series 2014-0003) Weekly VRDNs (Citibank NA, New York LIQ), 0.130%, 5/1/2014	4,125,000
7,850,000	^3,4	Massachusetts School Building Authority, SPEARs (Series DB-1052) Weekly VRDNs (Commonwealth of Massachusetts)/(Deutsche Bank AG LIQ), 0.140%, 5/1/2014	7,850,000
4,575,000		Massachusetts State Development Finance Agency, (Series 2006) Weekly VRDNs (Governor Dummer Academy)/(TD Bank, N.A. LOC), 0.090%, 5/7/2014	4,575,000
6,830,000		Massachusetts State Development Finance Agency, (Series 2006) Weekly VRDNs (Marine Biological Laboratory)/(JPMorgan Chase Bank, N.A. LOC), 0.130%, 5/1/2014	6,830,000
745,000		Massachusetts State Development Finance Agency, (Series 2007A) Weekly VRDNs (Tabor Academy)/(RBS Citizens, N.A. LOC), 0.290%, 5/7/2014	745,000
2,500,000		Massachusetts State Development Finance Agency, (Series M-2) Weekly VRDNs (Partners Healthcare Systems)/(Bank of New York Mellon LOC), 0.080%, 5/1/2014	2,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Massachusetts—continued
$2,555,000		Massachusetts State Health & Educational Facility, (2005 Series I) Weekly VRDNs (Amherst College), 0.110%, 5/1/2014	$2,555,000
6,600,000		Massachusetts State Health & Educational Facility, (Series 2008A) Weekly VRDNs (Harrington Memorial Hospital)/(TD Bank, N.A. LOC), 0.080%, 5/7/2014	6,600,000
9,770,000	^3,4	Massachusetts State Special Obligation, GS Trust (Series 2007-96T) Weekly VRDNs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.130%, 5/1/2014	9,770,000
3,970,000	^3,4	Massachusetts Water Pollution Abatement Trust Pool, Municipal Securities Trust Receipts (Series 1999-SGA-87) Daily VRDNs (Societe Generale, Paris LIQ), 0.130%, 5/1/2014	3,970,000
6,670,000	^3,4	Massachusetts Water Resources Authority, SPEARs (Series DB-1042) Weekly VRDNs (Deutsche Bank AG LIQ), 0.140%, 5/1/2014	6,670,000
5,000,000		Methuen, MA, 1.00% BANs, 8/8/2014	5,007,425
2,400,000		Newburyport, MA, 0.50% BANs, 10/24/2014	2,404,408
1,044,540		North Reading, MA, 1.00% BANs, 11/7/2014	1,047,784
7,215,000		Pembroke, MA, 0.50% BANs, 8/29/2014	7,220,890
2,100,000		Pittsfield, MA, 1.25% BANs, 6/27/2014	2,103,296
1,335,614		Princeton, MA, 1.00% BANs, 11/14/2014	1,339,770
3,193,250		Randolph, MA, 1.00% BANs, 7/1/2014	3,195,907
1,225,272		Rockport, MA, 1.00% BANs, 6/20/2014	1,226,358
4,089,456		Springfield, MA, 1.00% BANs, 2/13/2015	4,112,785
2,530,000		Sturbridge, MA, 0.55% BANs, 3/27/2015	2,534,552
2,050,000		University of Massachusetts Building Authority, MA, (Commonwealth of Massachusetts), MVRENs (Series 2011-2), 0.210%, 5/1/2014	2,050,000
2,000,000		West Boylston, MA, 1.00% BANs, 5/23/2014	2,000,823
5,000,000		West Bridgewater, MA, 1.00% BANs, 6/13/2014	5,003,166
		TOTAL MUNICIPAL INVESTMENTS—100.3% (AT AMORTIZED COST)⁵	258,335,143
		OTHER ASSETS AND LIABILITIES - NET—(0.3)%⁶	(725,039)
		TOTAL NET ASSETS—100%	$257,610,104

At April 30, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

Semi-Annual Shareholder Report

	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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
97.0%	3.0%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $100,135,000, which represented 38.9% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $100,135,000, which represented 38.9% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Net realized gain on investments	—	0.000¹	0.001	0.001	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.001	0.001	0.000¹	0.004
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.000)¹	(0.004)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.02%	0.09%	0.07%	0.02%	0.41%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.20%	0.33%	0.34%	0.42%	0.62%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.39%
Expense waiver/reimbursement⁴	0.69%³	0.61%	0.51%	0.50%	0.41%	0.23%
Supplemental Data:
Net assets, end of period (000 omitted)	$195,882	$199,034	$183,731	$155,725	$193,012	$286,896

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Net realized gain on investments	—	0.000¹	0.001	0.001	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.001	0.001	0.000¹	0.001
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.000)¹	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.02%	0.09%	0.07%	0.02%	0.11%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.21%	0.32%	0.34%	0.42%	0.92%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.10%
Expense waiver/reimbursement⁴	1.31%³	1.22%	1.12%	1.11%	1.02%	0.55%
Supplemental Data:
Net assets, end of period (000 omitted)	$61,728	$60,291	$117,162	$114,695	$107,193	$121,016

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$258,335,143
Cash		102,545
Income receivable		224,231
Receivable for shares sold		7,396
TOTAL ASSETS		258,669,315
Liabilities:
Payable for investments purchased	$1,005,950
Payable for shares redeemed	7,396
Income distribution payable	1,353
Payable to adviser (Note 4)	40,628
Payable for Directors'/Trustees' fees (Note 4)	225
Accrued expenses (Note 4)	3,659
TOTAL LIABILITIES		1,059,211
Net assets for 257,611,186 shares outstanding		$257,610,104
Net Assets Consist of:
Paid-in capital		$257,611,398
Distributions in excess of net investment income		(1,294)
TOTAL NET ASSETS		$257,610,104
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$195,882,026 ÷ 195,882,802 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$61,728,078 ÷ 61,728,384 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$195,474
Expenses:
Investment adviser fee (Note 4)		$540,605
Administrative fee (Note 4)		105,553
Custodian fees		4,857
Transfer agent fee		49,337
Directors'/Trustees' fees (Note 4)		1,268
Auditing fees		9,720
Legal fees		10,585
Portfolio accounting fees		38,483
Distribution services fee (Note 4)		202,139
Shareholder services fee (Note 4)		275,688
Account administration fee (Note 2)		44,331
Share registration costs		26,867
Printing and postage		9,428
Miscellaneous (Note 4)		2,994
TOTAL EXPENSES		1,321,855
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(540,605)
Waiver of distribution services fee (Note 4)	(202,139)
Waiver of shareholder services fee (Note 4)	(275,688)
Waiver of account administration fee (Note 2)	(44,005)
Waiver of transfer agent fee	(24,532)
Reimbursement of account administration fee (Note 2)	(326)
Reimbursement of other operating expenses (Note 4)	(52,710)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,140,005)
Net expenses			181,850
Net investment income			$13,624

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$13,624	$30,826
Net realized gain on investments	—	51,496
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	13,624	82,322
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(10,121)	(21,997)
Cash Series Shares	(3,378)	(9,033)
Distributions from net realized gain on investments
Service Shares	(39,180)	(11,790)
Cash Series Shares	(12,313)	(7,588)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(64,992)	(50,408)
Share Transactions:
Proceeds from sale of shares	366,501,588	792,752,003
Net asset value of shares issued to shareholders in payment of distributions declared	25,077	22,594
Cost of shares redeemed	(368,190,589)	(834,373,407)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(1,663,924)	(41,598,810)
Change in net assets	(1,715,292)	(41,566,896)
Net Assets:
Beginning of period	259,325,396	300,892,292
End of period (including (distributions in excess of) net investment income of $(1,294) and $(1,419), respectively)	$257,610,104	$259,325,396

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Massachusetts Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers two classes of shares: Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Service Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Reimbursed	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$44,331	$(326)	$(44,005)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Semi-Annual Shareholder Report

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	271,089,334	$271,089,334	623,443,116	$623,443,116
Shares issued to shareholders in payment of distributions declared	9,399	9,399	6,349	6,349
Shares redeemed	(274,211,746)	(274,211,746)	(608,172,987)	(608,172,987)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(3,113,013)	$(3,113,013)	15,276,478	$15,276,478

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	95,412,254	$95,412,254	169,308,887	$169,308,887
Shares issued to shareholders in payment of distributions declared	15,678	15,678	16,245	16,245
Shares redeemed	(93,978,843)	(93,978,843)	(226,200,420)	(226,200,420)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	1,449,089	$1,449,089	(56,875,288)	$(56,875,288)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(1,663,924)	$(1,663,924)	(41,598,810)	$(41,598,810)

Semi-Annual Shareholder Report

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses for the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $540,605 and voluntarily reimbursed $52,710 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

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 daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.60% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$202,139	$(202,139)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$191,463	$(191,463)
Cash Series Shares	84,225	(84,225)
TOTAL	$275,688	$(275,688)

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expense paid by the Fund, if any) paid by the Fund's Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.60% and 1.01% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

Semi-Annual Shareholder Report

5. CONCENTRATION OF 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, 2014, 23.8% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 5.3% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,000.20	$0.64²
Cash Series Shares	$1,000	$1,000.20	$0.64³
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,024.15	$0.65²
Cash Series Shares	$1,000	$1,024.15	$0.65³

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Service Shares	0.13%
Cash Series Shares	0.13%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.60% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.98 and $3.01, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated massachusetts municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and expense reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was above the median, but the Board still was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	88.3%
Municipal Notes	13.4%
Other Assets and Liabilities—Net²	(1.7)%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	92.4%
8-30 Days	0.0%
31-90 Days	0.0%
91-180 Days	9.3%
181 Days or more	0.0%
Other Assets and Liabilities—Net²	(1.7)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—101.7%^1,2
		Michigan—101.7%
$2,550,000		Grand Rapids, MI Economic Development Corp., (Series 1991-A) Weekly VRDNs (Amway Hotel Corp.)/(Bank of America N.A. LOC), 0.320%, 5/7/2014	$2,550,000
4,755,000		Grand Rapids, MI EDR, (Series 2007) Weekly VRDNs (MapleCreek)/(Comerica Bank LOC), 0.160%, 5/1/2014	4,755,000
4,500,000		Huron County, MI Economic Development Corp., (Series 2001) Weekly VRDNs (Scheurer Hospital)/(RBS Citizens, N.A. LOC), 0.320%, 5/1/2014	4,500,000
1,000,000		Jackson County, MI Hospital Finance Authority, (Series 2011A) Weekly VRDNs (Allegiance Health)/(JPMorgan Chase Bank, N.A. LOC), 0.130%, 5/1/2014	1,000,000
6,000,000		Kent Hospital Finance Authority, MI, (Series 2008B-3) Weekly VRDNs (Spectrum Health)/(Wells Fargo Bank, N.A. LIQ), 0.090%, 5/7/2014	6,000,000
1,500,000		Michigan Finance Authority, Healthcare Equipment Loan (Series D) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.130%, 5/1/2014	1,500,000
4,500,000		Michigan Finance Authority, Healthcare Equipment Program (Series C) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 0.220%, 5/7/2014	4,500,000
1,235,000		Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Davenport University, MI)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	1,235,000
15,000,000	^3,4	Michigan Higher Education Facilities Authority, RBC Muni Trust (Series 2008-L29) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.140%, 5/1/2014	15,000,000
3,100,000		Michigan Job Development Authority Weekly VRDNs (Andersons Project)/(Credit Lyonnais SA LOC), 0.420%, 5/7/2014	3,100,000
4,050,000		Michigan Municipal Bond Authority, Local Government Loan Program (Series 2003C), 5.00% Bonds (GTD by Michigan School Bond Qualification and Loan Program), 5/1/2014	4,050,000
2,000,000		Michigan State Housing Development Authority, (Series 2000) Weekly VRDNs (JAS Nonprofit Housing Corp. VI)/(JPMorgan Chase Bank, N.A. LOC), 0.140%, 5/1/2014	2,000,000
840,000		Michigan State Housing Development Authority, (Series 2001B) Weekly VRDNs (Sand Creek Apartments)/(FHLB of Indianapolis LOC), 0.265%, 5/1/2014	840,000
3,300,000		Michigan State Housing Development Authority, (Series 2002A) Weekly VRDNs (Ponds Taylor Limited Dividend Housing Association LLC)/(FNMA LOC), 0.130%, 5/1/2014	3,300,000
5,185,000		Michigan State Housing Development Authority, MFH Revenue Bonds (Series 2002A) Weekly VRDNs (Bank of America N.A. LIQ), 0.130%, 5/1/2014	5,185,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Michigan—continued
$7,820,000	Michigan State Housing Development Authority, Rental Housing Revenue Bonds (2006 Series A) Weekly VRDNs (Barclays Bank PLC LIQ), 0.100%, 5/7/2014	$7,820,000
2,700,000	Michigan State Strategic Fund Weekly VRDNs (Stegner East Investments LLC)/(Comerica Bank LOC), 0.220%, 5/1/2014	2,700,000
2,800,000	Michigan State Strategic Fund, (Series 2002) Weekly VRDNs (Universal Forest Products Eastern Division, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.330%, 5/1/2014	2,800,000
4,925,000	Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Lutheran Social Services of Michigan)/(Comerica Bank LOC), 0.160%, 5/1/2014	4,925,000
1,055,000	Michigan State Strategic Fund, (Series 2007) Weekly VRDNs (Lapeer Industries, Inc.)/(Bank of America N.A. LOC), 0.230%, 5/1/2014	1,055,000
679,000	Michigan State Strategic Fund, (Series B) Weekly VRDNs (Teal Run Apartments)/(FHLB of Indianapolis LOC), 0.365%, 5/1/2014	679,000
1,000,000	Michigan State Trunk Line, Revenue Bonds, 5.00% Bonds, 9/1/2014	1,015,981
1,865,000	Michigan Strategic Fund Weekly VRDNs (Emerson School)/(Key Bank, N.A. LOC), 0.240%, 5/1/2014	1,865,000
1,900,000	Michigan Strategic Fund, (Series 2007) Daily VRDNs (Air Products & Chemicals, Inc.), 0.100%, 5/1/2014	1,900,000
3,700,000	Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Consumers Energy)/(JPMorgan Chase Bank, N.A. LOC), 0.100%, 5/7/2014	3,700,000
6,075,000	Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Fresh Solution Farms)/(Fifth Third Bank, Cincinnati LOC), 0.240%, 5/2/2014	6,075,000
935,000	Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Washtenaw Christian Academy)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	935,000
4,640,000	Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Wedgwood Christian Services)/(Bank of America N.A. LOC), 0.130%, 5/1/2014	4,640,000
4,750,000	Michigan Strategic Fund, (Series 2008B) Weekly VRDNs (El Matador Enterprises, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.240%, 5/2/2014	4,750,000
6,500,000	Michigan Strategic Fund, (Series 2010) Weekly VRDNs (Kroger Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.120%, 5/1/2014	6,500,000
4,510,000	Michigan Strategic Fund, (Series 2011) Weekly VRDNs (Greenpath, Inc.)/(PNC Bank, N.A. LOC), 0.120%, 5/1/2014	4,510,000
1,000,000	Rockford, MI Public Schools, 3.50% Bonds (GTD by Michigan School Bond Qualification and Loan Program), 5/1/2014	1,000,000
2,750,000	Royal Oak, MI Hospital Finance Authority, (Series 2014D), 2.00% Bonds (William Beaumont Hospital, MI), 9/1/2014	2,764,988
1,000,000	Waterford, MI School District, (Series 2013), 2.00% Bonds (GTD by Michigan School Bond Qualification and Loan Program ), 5/1/2014	1,000,000
9,540,000	Waterford, MI School District, 2013 State Aid Notes, 1.00% RANs, 9/24/2014	9,549,451

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Michigan—continued
$11,630,000	^3,4	Wayne County, MI Airport Authority, SPEARs (Series DBE-652) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.200%, 5/1/2014	$11,630,000
5,000,000	^3,4	Wayne, MI State University Revenues, Clippers (Series 2013-8AX) Weekly VRDNs (Wayne State University, MI)/(State Street Bank and Trust Co. LIQ), 0.130%, 5/1/2014	5,000,000
		TOTAL MUNICIPAL INVESTMENTS—101.7% (AT AMORTIZED COST)⁵	146,329,420
		OTHER ASSETS AND LIABILITIES - NET—(1.7)%⁶	(2,435,399)
		TOTAL NET ASSETS—100%	$143,894,021

Securities that are subject to the federal alternative minimum tax (AMT) represent 40.0% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
96.9%	3.1%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $31,630,000, which represented 22.0% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $31,630,000, which represented 22.0% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Semi-Annual Shareholder Report

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

EDR	—Economic Development Revenue
FHLB	—Federal Home Loan Bank
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
RANs	—Revenue Anticipation Notes
SPEARs	—Short Puttable Exempt Adjustable Receipts
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.001	0.001	0.007
Net realized gain (loss) on investments	0.000¹	0.000¹	—	—	—	(0.000)¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.001	0.001	0.007
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.007)
Distributions from net realized gain on investments	—	—	—	—	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.007)
Regulatory Settlement Proceeds	—	—	—	—	0.000^1,2	—
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return³	0.00%⁴	0.01%	0.01%	0.11%	0.14%²	0.72%
Ratios to Average Net Assets:
Net expenses	0.16%⁵	0.19%	0.31%	0.42%	0.43%	0.44%⁶
Net investment income	0.01%⁵	0.01%	0.01%	0.11%	0.14%	0.76%
Expense waiver/reimbursement⁷	0.50%⁵	0.43%	0.36%	0.26%	0.14%	0.17%
Supplemental Data:
Net assets, end of period (000 omitted)	$24,216	$28,923	$28,258	$28,321	$43,459	$39,342

1	Represents less than $0.001.
2	During the year ended October 31, 2010, the Fund received a regulatory settlement from an unaffiliated third party, which did not have any impact on the total return.
3	Based on net asset value. Total returns for periods of less than one year are not annualized.
4	Represents less than 0.01%.
5	Computed on an annualized basis.
6	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.44% after taking into account this expense reduction.
7	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.001¹	0.005
Net realized gain (loss) on investments	0.000¹	0.000¹	—	—	—	(0.000)¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.001¹	0.005
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Distributions from net realized gain on investments	—	—	—	—	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Regulatory Settlement Proceeds	—	—	—	—	0.000^1,2	—
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return³	0.00%⁴	0.01%	0.01%	0.01%	0.02%²	0.55%
Ratios to Average Net Assets:
Net expenses	0.16%⁵	0.19%	0.31%	0.52%	0.56%	0.60%⁶
Net investment income	0.01%⁵	0.01%	0.01%	0.01%	0.03%	0.56%
Expense waiver/reimbursement⁷	0.75%⁵	0.68%	0.61%	0.41%	0.26%	0.26%
Supplemental Data:
Net assets, end of period (000 omitted)	$119,678	$158,181	$124,197	$120,156	$162,378	$265,241

1	Represents less than $0.001.
2	During the year ended October 31, 2010, the Fund received a regulatory settlement from an unaffiliated third party, which did not have any impact on the total return.
3	Based on net asset value. Total returns for periods of less than one year are not annualized.
4	Represents less than 0.01%.
5	Computed on an annualized basis.
6	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.60% after taking into account this expense reduction.
7	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$146,329,420
Cash		111,983
Income receivable		217,664
Prepaid expenses		13,091
TOTAL ASSETS		146,672,158
Liabilities:
Payable for investments purchased	$2,764,988
Income distribution payable	398
Payable to adviser (Note 5)	12,751
TOTAL LIABILITIES		2,778,137
Net assets for 143,905,413 shares outstanding		$143,894,021
Net Assets Consist of:
Paid-in capital		$143,942,610
Accumulated net realized loss on investments		(48,089)
Distributions in excess of net investment income		(500)
TOTAL NET ASSETS		$143,894,021
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$24,216,466 ÷ 24,223,769 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$119,677,555 ÷ 119,681,644 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$133,064
Expenses:
Investment adviser fee (Note 5)		$317,786
Administrative fee (Note 5)		62,047
Custodian fees		3,302
Transfer agent fee		52,972
Directors'/Trustees' fees (Note 5)		645
Auditing fees		9,720
Legal fees		10,486
Portfolio accounting fees		29,173
Shareholder services fee (Note 5)		162,214
Account administration fee (Note 2)		3,593
Share registration costs		26,838
Printing and postage		9,771
Miscellaneous (Note 5)		2,766
TOTAL EXPENSES		691,313
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 5)	$(317,786)
Waiver of shareholder services fee (Note 5)	(162,214)
Waiver of account administration fee (Note 2)	(2,944)
Waiver of transfer agent fee	(39,878)
Reimbursement of account administration fee (Note 2)	(649)
Reimbursement of other operating expenses (Note 5)	(42,693)
TOTAL WAIVERS AND REIMBURSEMENTS		(566,164)
Net expenses			125,149
Net investment income			7,915
Net realized gain on investments			2,194
Change in net assets resulting from operations			$10,109

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$7,915	$16,694
Net realized gain on investments	2,194	15,820
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	10,109	32,514
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(1,296)	(2,136)
Service Shares	(6,606)	(14,500)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(7,902)	(16,636)
Share Transactions:
Proceeds from sale of shares	255,199,781	518,130,315
Net asset value of shares issued to shareholders in payment of distributions declared	5,223	9,038
Cost of shares redeemed	(298,416,483)	(483,507,518)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(43,211,479)	34,631,835
Change in net assets	(43,209,272)	34,647,713
Net Assets:
Beginning of period	187,103,293	152,455,580
End of period (including (distributions in excess of) net investment income of $(500) and $(513), respectively)	$143,894,021	$187,103,293

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Michigan Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers two classes of shares: Institutional Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. 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 stability of principal and liquidity. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares and Service Shares may bear shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Reimbursed	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$3,593	$(649)	$(2,944)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the “Code”) and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2014, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2014, tax years 2010 through 2013 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

When-Issued and Delayed-Delivery Transactions

Semi-Annual Shareholder Report

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	156,028,066	$156,028,066	263,040,068	$263,040,068
Shares issued to shareholders in payment of distributions declared	1,085	1,085	1,717	1,717
Shares redeemed	(160,737,993)	(160,737,993)	(262,380,968)	(262,380,968)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(4,708,842)	$(4,708,842)	660,817	$660,817

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	99,171,715	$99,171,715	255,090,247	$255,090,247
Shares issued to shareholders in payment of distributions declared	4,138	4,138	7,321	7,321
Shares redeemed	(137,678,490)	(137,678,490)	(221,126,550)	(221,126,550)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(38,502,637)	$(38,502,637)	33,971,018	$33,971,018
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(43,211,479)	$(43,211,479)	34,631,835	$34,631,835

Semi-Annual Shareholder Report

4. FEDERAL TAX INFORMATION

At October 31, 2013, the Fund had a capital loss carryforward of $50,283 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, a net capital loss incurred in taxable years beginning on or before December 22, 2010, is characterized as short-term and may be carried forward for a maximum of eight tax years (“Carryforward Limit”), whereas a net capital loss incurred in taxable years beginning after December 22, 2010, retains its character as either short-term or long-term, does not expire and is required to be utilized prior to the losses which have a Carryforward Limit.

The following schedule summarizes the Fund's capital loss carryforward and expiration year:

Expiration Year	Short-Term	Long-Term	Total
2017	$50,283	NA	$50,283

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $317,786 and voluntarily reimbursed $42,693 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Service Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time. For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$162,214	$(162,214)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's, Institutional Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.43% and 0.59% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

During the six months ended April 30, 2014, 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 $176,985,000 and $193,650,000, respectively.

General

Semi-Annual Shareholder Report

6. CONCENTRATION OF 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, 2014, 61.1% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 12.0% of total investments.

7. LINE OF CREDIT

8. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.00	$0.79²
Service Shares	$1,000	$1,000.00	$0.79³
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.00	$0.80²
Service Shares	$1,000	$1,024.00	$0.80³

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.16%
Service Shares	0.16%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.43% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.13 and $2.16, respectively.

Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.59% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.93 and $2.96, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated michigan municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual fee rate and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	84.6%
Municipal Notes	11.2%
Commercial Paper	5.9%
Other Assets and Liabilities—Net²	(1.7)%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	84.6%
8-30 Days	5.9%
31-90 Days	2.6%
91-180 Days	5.8%
181 Days or more	2.8%
Other Assets and Liabilities—Net²	(1.7)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount		Value
	SHORT-TERM MUNICIPALS—101.7%^1,2
	Minnesota—101.7%
$6,725,000	Avon, MN, (Series 1998) Weekly VRDNs (Vesper Corp.)/(Key Bank, N.A. LOC), 0.370%, 5/7/2014	$6,725,000
4,190,000	Bemidji, MN IDR, (Series 2006) Daily VRDNs (North Central Door Co. LLC)/(U.S. Bank, N.A. LOC), 0.130%, 5/1/2014	4,190,000
4,855,000	Bloomington, MN, (Series 2008) Weekly VRDNs (Presbyterian Homes, Inc.)/(FHLMC LOC), 0.130%, 5/1/2014	4,855,000
2,805,000	Chaska, MN, (Series 2004) Weekly VRDNs (Lifecore Biomedical, Inc.)/(Bank of Montreal LOC), 0.320%, 5/6/2014	2,805,000
4,550,000	Cohasset, MN, (Series 2000) Weekly VRDNs (Minnesota Power, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.200%, 5/1/2014	4,550,000
2,790,000	Coon Rapids, MN, (Series 2003A) Weekly VRDNs (Crest Oaks Apartments)/(FHLB of Des Moines LOC), 0.180%, 5/2/2014	2,790,000
6,900,000	East Grand Forks, MN Solid Waste Disposal, (Series 2009) Weekly VRDNs (American Crystal Sugar Co.)/(CoBank, ACB LOC), 0.140%, 5/1/2014	6,900,000
1,000,000	Faribault, MN IDA, (Series 2001) Weekly VRDNs (Apogee Enterprises, Inc.)/(Comerica Bank LOC), 0.240%, 5/1/2014	1,000,000
620,000	Farmington, MN, (Series 1996) Weekly VRDNs (Lexington Standard Corp.)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	620,000
3,320,000	Hennepin County, MN Housing and Redevelopment Authority Weekly VRDNs (Stone Arch Apartments)/(FNMA LOC), 0.150%, 5/1/2014	3,320,000
6,300,000	Hennepin County, MN Housing and Redevelopment Authority, (Series 2001) Weekly VRDNs (City Apartments at Loring Park)/(FNMA LOC), 0.150%, 5/1/2014	6,300,000
5,300,000	Hennepin County, MN, (Series C) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.110%, 5/1/2014	5,300,000
2,565,000	Jordan, MN ISD No 717, (Series 2014A), 1.00% TANs (GTD by Minnesota State), 2/1/2015	2,580,595
2,150,000	Kimball, MN ISD No. 739, 1.00% TANs (GTD by Minnesota State), 8/30/2014	2,154,262
2,000,000	Lake Superior, MN ISD No. 381, (Series A), 0.75% TANs (GTD by Minnesota State), 7/25/2014	2,001,160
540,000	Lino Lakes, MN, (Series 1998) Weekly VRDNs (Molin Concrete Products Co.)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	540,000
200,000	Maplewood, MN, (Series 1997) Weekly VRDNs (Camada Ltd. Partnership)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	200,000
6,050,000	Melrose, MN, (Series 2008) Weekly VRDNs (Proliant Dairy, Inc.)/(Bank of America N.A. LOC), 0.230%, 5/1/2014	6,050,000
200,000	Minneapolis, MN, (Series 1996) Weekly VRDNs (WNB & Co.)/(U.S. Bank, N.A. LOC), 0.130%, 5/1/2014	200,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Minnesota—continued
$3,800,000		Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988) Weekly VRDNs (Symphony Place)/(FHLMC LOC), 0.120%, 5/1/2014	$3,800,000
3,000,000		Minneapolis, MN, Variable Rate Housing Revenue Bonds Weekly VRDNs (One Ten Grant Project)/(FNMA LOC), 0.130%, 5/1/2014	3,000,000
3,000,000		Minneapolis/St. Paul, MN Housing & Redevelopment Authority, (Series 2009B-1) Daily VRDNs (Allina Health System, MN)/(JPMorgan Chase Bank, N.A. LOC), 0.090%, 5/1/2014	3,000,000
10,050,000	^3,4	Minneapolis/St. Paul, MN Metropolitan Airports Commission, SPEARs (Series DBE-489) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.140%, 5/1/2014	10,050,000
4,000,000		Minnesota State HFA, (2009 Series C) Weekly VRDNs (FHLB of Des Moines LIQ), 0.130%, 5/1/2014	4,000,000
1,875,000		Minnesota State HFA, (2009 Series F) Weekly VRDNs (FHLB of Des Moines LIQ), 0.130%, 5/1/2014	1,875,000
4,700,000		Minnesota State HFA, (Series 2005C) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ), 0.130%, 5/1/2014	4,700,000
2,180,000	^3,4	Minnesota State HFA, MERLOTS (Series 2008-CO2), 0.16% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 10/15/2014	2,180,000
6,500,000		Minnesota State Higher Education Facility Authority, (Series Five-N2) Weekly VRDNs (College of Saint Catherine)/(U.S. Bank, N.A. LOC), 0.130%, 5/1/2014	6,500,000
3,200,000		Minnesota State Higher Education Facility Authority, (Series Six-J2) Weekly VRDNs (Augsburg College)/(BMO Harris Bank, N.A. LOC), 0.130%, 5/1/2014	3,200,000
5,000,000		Minnesota State Office of Higher Education, (2012 Series B) Weekly VRDNs (Royal Bank of Canada, Montreal LOC), 0.130%, 5/1/2014	5,000,000
1,675,000		Minnesota State, (Series A), 5.00% Bonds, 6/1/2014	1,681,738
2,120,000		Red Wing, MN Port Authority, (Series 2006) Weekly VRDNs (Food Service Specialties)/(U.S. Bank, N.A. LOC), 0.330%, 5/1/2014	2,120,000
8,400,000		Rochester, MN Health Care Facility Authority, (Series 2000B), 0.11% CP (Mayo Clinic)/(U.S. Bank, N.A. LIQ), Mandatory Tender 5/20/2014	8,400,000
2,500,000		Rochester, MN Health Care Facility Authority, (Series 2002-C Remarketed 4/18/08) Weekly VRDNs (Mayo Clinic)/(Bank of America N.A. LIQ), 0.070%, 5/7/2014	2,500,000
3,300,000		Rochester, MN MFH, (Series 2003A) Weekly VRDNs (Eastridge Estates)/(FNMA LOC), 0.140%, 5/1/2014	3,300,000
120,000		Rockford, MN, (Series 1999) Weekly VRDNs (Minnesota Diversified Products, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.230%, 5/1/2014	120,000
2,025,000		Shakopee, MN Hospital Finance Authority Weekly VRDNs (St. Francis Regional Medical Center)/(Wells Fargo Bank, N.A. LOC), 0.120%, 5/1/2014	2,025,000
1,000,000		St. Cloud, MN ISD No. 742, (Series B), 0.65% TANs (GTD by Minnesota State), 8/8/2014	1,000,540

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Minnesota—continued
$520,000	St. Joseph, MN, (Series 2002: Vicwest Project) Weekly VRDNs (St. Joe Development LLC)/(U.S. Bank, N.A. LOC), 0.370%, 5/6/2014	$520,000
3,915,000	St. Louis Park, MN, (Series 2010A) Weekly VRDNs (Urban Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.170%, 5/2/2014	3,915,000
1,350,000	St. Louis Park, MN, (Series 2010B) Weekly VRDNs (Urban Park Apartments)/(FHLB of Des Moines LOC), 0.270%, 5/2/2014	1,350,000
2,500,000	St. Paul, MN Port Authority, IDRBs (Series 1998A) Weekly VRDNs (National Checking Co.)/(U.S. Bank, N.A. LOC), 0.380%, 5/1/2014	2,500,000
2,875,000	St. Paul, MN, (Series 2014A), 5.00% Bonds, 9/1/2014	2,921,941
1,290,000	St. Paul, MN, Library Bonds (Series 2014C), 3.00% Bonds, 3/1/2015	1,320,601
	TOTAL MUNICIPAL INVESTMENTS—101.7% (AT AMORTIZED COST)⁵	144,060,837
	OTHER ASSETS AND LIABILITIES - NET—(1.7)%⁶	(2,453,227)
	TOTAL NET ASSETS—100%	$141,607,610

Securities that are subject to the federal alternative minimum tax (AMT) represent 45.9% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
100.0%	0.00%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $12,230,000, which represented 8.6% of total net assets.

Semi-Annual Shareholder Report

4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $12,230,000, which represented 8.6% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDR	—Industrial Development Revenue
IDRBs	—Industrial Development Revenue Bonds
ISD	—Independent School District
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH	—Multi-Family Housing
SPEARs	—Short Puttable Exempt Adjustable 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

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.001	0.005
Net realized gain on investments	—	0.000¹	—	—	0.002	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.003	0.005
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.005)
Distributions from net realized gain on investments	(0.000)¹	—	—	(0.000)¹	(0.002)	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.003)	(0.005)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.01%	0.01%	0.02%	0.30%	0.53%
Ratios to Average Net Assets:
Net expenses	0.12%³	0.19%	0.28%	0.32%	0.35%	0.39%⁴
Net investment income	0.01%³	0.01%	0.01%	0.02%	0.08%	0.51%
Expense waiver/reimbursement⁵	0.50%³	0.41%	0.34%	0.31%	0.23%	0.22%
Supplemental Data:
Net assets, end of period (000 omitted)	$92,423	$95,271	$122,416	$115,216	$162,665	$257,338

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.39% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Net realized gain on investments	—	0.000¹	—	—	0.002	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.002	0.001
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Distributions from net realized gain on investments	(0.000)¹	—	—	(0.000)¹	(0.002)	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.01%	0.01%	0.02%	0.23%	0.13%
Ratios to Average Net Assets:
Net expenses	0.12%³	0.19%	0.28%	0.33%	0.42%	0.80%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.00%⁵	0.10%
Expense waiver/reimbursement⁶	1.25%³	1.16%	1.09%	1.06%	0.91%	0.56%
Supplemental Data:
Net assets, end of period (000 omitted)	$49,184	$40,551	$56,067	$39,433	$43,140	$39,106

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.80% after taking into account this expense reduction.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$144,060,837
Cash		45,204
Income receivable		87,904
TOTAL ASSETS		144,193,945
Liabilities:
Payable for investments purchased	$2,580,595
Income distribution payable	765
Payable to adviser (Note 4)	2,324
Payable for Directors'/Trustees' fees (Note 4)	190
Payable for shareholder services fee (Note 4)	492
Accrued expenses (Note 4)	1,969
TOTAL LIABILITIES		2,586,335
Net assets for 141,608,364 shares outstanding		$141,607,610
Net Assets Consist of:
Paid-in capital		$141,608,324
Accumulated net realized loss on investments		(2)
Distributions in excess of net investment income		(712)
TOTAL NET ASSETS		$141,607,610
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$92,423,317 ÷ 92,423,811 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$49,184,293 ÷ 49,184,553 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$97,127
Expenses:
Investment adviser fee (Note 4)		$294,072
Administrative fee (Note 4)		57,417
Custodian fees		2,729
Transfer agent fee		21,096
Directors'/Trustees' fees (Note 4)		664
Auditing fees		9,720
Legal fees		10,476
Portfolio accounting fees		26,613
Distribution services fee (Note 4)		124,190
Shareholder services fee (Note 4)		62,095
Share registration costs		24,705
Printing and postage		10,312
Miscellaneous (Note 4)		2,779
TOTAL EXPENSES		646,868
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(294,072)
Waiver of distribution services fee (Note 4)	(124,190)
Waiver of shareholder services fee (Note 4)	(62,095)
Waiver of transfer agent fee	(17,449)
Reimbursement of other operating expenses (Note 4)	(59,246)
TOTAL WAIVERS AND REIMBURSEMENT		(557,052)
Net expenses			89,816
Net investment income			$7,311

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$7,311	$17,696
Net realized gain on investments	—	31,176
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	7,311	48,872
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(4,866)	(12,263)
Cash Series Shares	(2,479)	(5,147)
Distributions from net realized gain on investments
Institutional Shares	(20,333)	—
Cash Series Shares	(10,845)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(38,523)	(17,410)
Share Transactions:
Proceeds from sale of shares	248,535,486	607,615,237
Net asset value of shares issued to shareholders in payment of distributions declared	15,814	5,849
Cost of shares redeemed	(242,735,277)	(650,311,849)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	5,816,023	(42,690,763)
Change in net assets	5,784,811	(42,659,301)
Net Assets:
Beginning of period	135,822,799	178,482,100
End of period (including (distributions in excess of) net investment income of $(712) and $(678), respectively)	$141,607,610	$135,822,799

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Minnesota Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers two classes of shares: Institutional Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares and Cash Series Shares may bear distribution services fees and shareholder services fees unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	197,065,445	$197,065,445	477,118,629	$477,118,629
Shares issued to shareholders in payment of distributions declared	2,511	2,511	810	810
Shares redeemed	(199,894,824)	(199,894,824)	(504,284,991)	(504,284,991)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(2,826,868)	$(2,826,868)	(27,165,552)	$(27,165,552)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	51,470,041	$51,470,041	130,496,608	$130,496,608
Shares issued to shareholders in payment of distributions declared	13,303	13,303	5,039	5,039
Shares redeemed	(42,840,453)	(42,840,453)	(146,026,858)	(146,026,858)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	8,642,891	$8,642,891	(15,525,211)	$(15,525,211)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	5,816,023	$5,816,023	(42,690,763)	$(42,690,763)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $294,072 and voluntarily reimbursed $59,246 of other operating expenses.

Semi-Annual Shareholder Report

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

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 daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.50% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$124,190	$(124,190)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Cash Series Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time. For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Cash Series Shares	$62,095	$(62,095)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.35% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

Semi-Annual Shareholder Report

5. CONCENTRATION OF 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, 2014, 63.4% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 11.1% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.30	$0.60²
Cash Series Shares	$1,000	$1,000.30	$0.60³
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.20	$0.60²
Cash Series Shares	$1,000	$1,024.20	$0.60³

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.12%
Cash Series Shares	0.12%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.35% (as reflected in the notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.74 and $1.76, respectively.

Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.02% (as reflected in the notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.06 and $5.11, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated minnesota municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

	Percentage of Total Net Assets
Variable Rate Demand Instruments	83.5%
Municipal Notes	13.0%
Commercial Paper	4.3%
Other Assets and Liabilities—Net²	(0.8)%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	78.2%
8-30 Days	1.4%
31-90 Days	8.6%
91-180 Days	2.1%
181 Days or more	10.5%
Other Assets and Liabilities—Net²	(0.8)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—100.8%^1,2
		North Carolina—100.8%
$1,030,000		Alamance County, NC Industrial Facilities & PCFA, (Series 2001) Weekly VRDNs (Pure Flow, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/1/2014	$1,030,000
1,900,000		Beaufort County, NC Industrial Facilities & PCFA Weekly VRDNs (Carver Machine)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	1,900,000
4,766,000		Central Nash, NC Water & Sewer District, 1.00% BANs, 6/25/2014	4,770,718
9,334,000		Charlotte, NC, 0.09% CP (Wells Fargo Bank, N.A. LIQ), Mandatory Tender 5/1/2014	9,334,000
1,050,000		Charlotte, NC, 5.00% Bonds, 6/1/2014	1,054,348
6,495,000	^3,4	Charlotte-Mecklenburg Hospital Authority, NC, ROCs (Series 11963) Weekly VRDNs (Carolinas HealthCare System)/(Citibank NA, New York LIQ), 0.130%, 5/1/2014	6,495,000
8,400,000		Cleveland County, NC Industrial Facilities & PCFA, (Series 1998) Weekly VRDNs (Curtiss-Wright Flight Systems, Inc.)/(Bank of America N.A. LOC), 0.200%, 5/1/2014	8,400,000
400,000		Forsyth County, NC Industrial Facilities & PCFA Weekly VRDNs (Plymouth Printing)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	400,000
2,947,000		Goldston, NC, 1.00% BANs, 5/21/2014	2,947,676
475,000		Halifax County, NC Industrial Facilities & PCFA Weekly VRDNs (Flambeau Airmold Project)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	475,000
1,000,000		Hertford County, NC Industrial Facilities & PCFA, (Series 2000A) Weekly VRDNs (Nucor Corp.), 0.400%, 5/7/2014	1,000,000
9,100,000		Iredell County, NC Industrial Facilities & PCFA, (Series 2010) Weekly VRDNs (Providencia USA, Inc.)/(HSBC Bank USA, N.A. LOC), 0.230%, 5/1/2014	9,100,000
2,750,000		McDowell County, NC Industrial Facilities & PCFA, (Series 2002) Weekly VRDNs (Corpening YMCA)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	2,750,000
9,145,000		Mecklenburg County, NC, 7 Month Windows MVRENs (Series 2009D), 0.220%, 5/1/2014	9,145,000
4,840,000		New Hanover County, NC, (Series 2008A) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.090%, 5/7/2014	4,840,000
9,950,000		New Hanover County, NC, (Series 2008B) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.090%, 5/7/2014	9,950,000
1,120,000		North Carolina Capital Facilities Finance Agency, (Series 2004B) Weekly VRDNs (NCA&T University Foundation LLC)/(Wells Fargo Bank, N.A. LOC), 0.130%, 5/1/2014	1,120,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		North Carolina—continued
$1,585,000		North Carolina Capital Facilities Finance Agency, (Series 2005) Weekly VRDNs (Salem Academy and College)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	$1,585,000
5,520,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (Guilford College)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	5,520,000
2,020,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (St. David's School)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	2,020,000
2,540,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (Summit School, Inc.)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	2,540,000
3,180,000		North Carolina Capital Facilities Finance Agency, (Series 2009) Weekly VRDNs (Campbell University)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	3,180,000
5,000,000		North Carolina Capital Facilities Finance Agency, (Series 2010) Weekly VRDNs (Elon University)/(U.S. Bank, N.A. LOC), 0.100%, 5/7/2014	5,000,000
5,000,000		North Carolina Capital Facilities Finance Agency, (Series 2011) Weekly VRDNs (Elon University)/(U.S. Bank, N.A. LOC), 0.100%, 5/7/2014	5,000,000
4,015,000	^3,4	North Carolina Capital Facilities Finance Agency, PUTTERs (Series 3248) Daily VRDNs (Duke University)/(JPMorgan Chase Bank, N.A. LIQ), 0.090%, 5/1/2014	4,015,000
1,845,000		North Carolina Educational Facilities Finance Agency, (Series 1999) Weekly VRDNs (North Carolina Wesleyan College)/(PNC Bank, N.A. LOC), 0.120%, 5/1/2014	1,845,000
5,395,000		North Carolina Educational Facilities Finance Agency, (Series 2000) Weekly VRDNs (Charlotte Country Day School)/(U.S. Bank, N.A. LOC), 0.120%, 5/1/2014	5,395,000
6,015,000		North Carolina HFA, (Series 16-C) Daily VRDNs (TD Bank, N.A. LIQ), 0.120%, 5/7/2014	6,015,000
14,845,000		North Carolina HFA, (Series 17-C) Daily VRDNs (TD Bank, N.A. LIQ), 0.120%, 5/7/2014	14,845,000
2,220,000	^3,4	North Carolina HFA, PUTTERs (Series 3722Z) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.170%, 5/1/2014	2,220,000
6,000,000		North Carolina Medical Care Commission, (Moses H. Cone Memorial), 7 Month Windows MVRENs (Series 2011B), 0.240%, 5/1/2014	6,000,000
4,700,000		North Carolina Medical Care Commission, (Series 2004A) Weekly VRDNs (Moses H. Cone Memorial), 0.120%, 5/1/2014	4,700,000
2,000,000		North Carolina Municipal Power Agency No. 1, 5.00% Bonds, 1/1/2015	2,064,460
4,500,000	^3,4	North Carolina State Capital Improvement, Stage Trust (Series 2011-136C), 0.12% TOBs (North Carolina State)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 9/18/2014	4,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		North Carolina—continued
$5,995,000		North Carolina State Turnpike Authority, (Series 2011), 4.00% Bonds (North Carolina State), 7/1/2014	$6,032,968
6,170,000	^3,4	North Carolina State Turnpike Authority, SPEARs (Series DB-1044) Weekly VRDNs (North Carolina State)/(Deutsche Bank AG LIQ), 0.140%, 5/1/2014	6,170,000
2,800,000		Piedmont Triad Airport Authority, NC, (Series A) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.140%, 5/1/2014	2,800,000
4,225,000		Raleigh, NC, (Series 2005B-2) Weekly VRDNs (PNC Bank, N.A. LIQ), 0.090%, 5/7/2014	4,225,000
5,755,000		Raleigh, NC, MVRENs (Series 2009), 0.220%, 5/1/2014	5,755,000
455,000		Robeson County, NC Industrial Facilities & PCFA, (Series 1999) Weekly VRDNs (Rempac Foam Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.590%, 5/1/2014	455,000
10,000,000		Union County, NC Industrial Facilities & PCFA, (Series 2007) Weekly VRDNs (Darnel, Inc.)/(Citibank NA, New York LOC), 0.180%, 5/1/2014	10,000,000
13,850,000	^3,4	University of North Carolina at Chapel Hill, ROCs (Series 12234) Weekly VRDNs (Citibank NA, New York LIQ), 0.120%, 5/1/2014	13,850,000
7,000,000		Vance County, NC Water District, 0.75% BANs, 7/16/2014	7,002,172
10,530,000		Wake County, NC Industrial Facilities & PCFA, (Series 2007) Weekly VRDNs (Wake County Disposal LLC)/(Bank of America N.A. LOC), 0.140%, 5/1/2014	10,530,000
1,500,000		Yancey County, NC Industrial Facilities & PCFA, (Series 2007) Weekly VRDNs (Altec Industries, Inc.)/(Branch Banking & Trust Co. LOC), 0.190%, 5/1/2014	1,500,000
		TOTAL MUNICIPAL INVESTMENTS—100.8% (AT AMORTIZED COST)⁵	219,476,342
		OTHER ASSETS AND LIABILITIES - NET—(0.8)%⁶	(1,770,041)
		TOTAL NET ASSETS—100%	$217,706,301

Securities that are subject to the federal alternative minimum tax (AMT) represent 26.8% of the portfolio as calculated based upon total market value.

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 Ratings, 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.

Semi-Annual Shareholder Report

	At April 30, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
99.5%	0.5%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $37,250,000, which represented 17.1% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $37,250,000, which represented 17.1% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

BANs	—Bond Anticipation Notes
CP	—Commercial Paper
HFA	—Housing Finance Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MVRENs	—Municipal Variable Rate Exchangeable Notes
PCFA	—Pollution Control Finance Authority
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
SPEARs	—Short Puttable Exempt Adjustable Receipts
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Net realized gain on investments	—	—	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Distributions from net realized gain on investments	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.01%	0.04%	0.36%
Ratios to Average Net Assets:
Net expenses	0.12%³	0.18%	0.27%	0.34%	0.37%	0.67%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.00%⁵	0.36%
Expense waiver/reimbursement⁶	0.76%³	0.66%	0.59%	0.53%	0.49%	0.18%
Supplemental Data:
Net assets, end of period (000 omitted)	$217,706	$217,056	$217,573	$235,666	$235,115	$362,599

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.67% after taking into account this expense reduction.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$219,476,342
Cash		156,119
Income receivable		220,872
Receivable for shares sold		29,907
TOTAL ASSETS		219,883,240
Liabilities:
Payable for investments purchased	$2,097,793
Payable for shares redeemed	71,790
Income distribution payable	846
Payable to adviser (Note 4)	1,581
Payable for Directors'/Trustees' fees (Note 4)	107
Accrued expenses (Note 4)	4,822
TOTAL LIABILITIES		2,176,939
Net assets for 217,707,564 shares outstanding		$217,706,301
Net Assets Consist of:
Paid-in capital		$217,707,387
Distributions in excess of net investment income		(1,086)
TOTAL NET ASSETS		$217,706,301
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$217,706,301 ÷ 217,707,564 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$145,343
Expenses:
Investment adviser fee (Note 4)		$447,380
Administrative fee (Note 4)		87,351
Custodian fees		3,962
Transfer agent fee		86,269
Directors'/Trustees' fees (Note 4)		757
Auditing fees		9,720
Legal fees		8,768
Portfolio accounting fees		28,445
Shareholder services fee (Note 4)		157,243
Account administration fee		122,370
Share registration costs		20,938
Printing and postage		9,231
Miscellaneous (Note 4)		2,655
TOTAL EXPENSES		985,089
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(447,380)
Waiver of shareholder services fee (Note 4)	(157,243)
Waiver of account administration fee (Note 4)	(122,370)
Waiver of transfer agent fee	(59,273)
Reimbursement of other operating expenses (Note 4)	(64,454)
TOTAL WAIVERS AND REIMBURSEMENT		(850,720)
Net expenses			134,369
Net investment income			$10,974

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$10,974	$22,896
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	10,974	22,896
Distributions to Shareholders:
Distributions from net investment income	(11,184)	(23,037)
Distributions from net realized gain on investments	—	(10,191)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(11,184)	(33,228)
Share Transactions:
Proceeds from sale of shares	181,330,902	406,687,058
Net asset value of shares issued to shareholders in payment of distributions declared	6,059	18,125
Cost of shares redeemed	(180,686,621)	(407,212,105)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	650,340	(506,922)
Change in net assets	650,130	(517,254)
Net Assets:
Beginning of period	217,056,171	217,573,425
End of period (including distributions in excess of net investment income of $(1,086) and $(876), respectively)	$217,706,301	$217,056,171

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated North Carolina Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Investment Income, Gains and Losses, Expenses and Distributions

Semi-Annual Shareholder Report

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

	Six Months Ended 4/30/2014	Year Ended 10/31/2013
Shares sold	181,330,902	406,687,058
Shares issued to shareholders in payment of distributions declared	6,059	18,125
Shares redeemed	(180,686,621)	(407,212,105)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	650,340	(506,922)

Semi-Annual Shareholder Report

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $447,380 and voluntarily reimbursed $64,454 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. For the six months ended April 30, 2014, unaffiliated third-party financial intermediaries waived $157,243 of Service Fees and $122,370 of account administration fees. These waivers can be modified or terminated at any time.

Expense Limitation

Semi-Annual Shareholder Report

March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

5. CONCENTRATION OF 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, 2014, 44.4% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 10.0% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.10	$0.60
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.20	$0.60

Expenses are equal to the Fund's annualized net expense ratio of 0.12%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Actual and Hypothetical expenses paid during the period utilizing the Fund's current Fee Limit of 0.66% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.27 and $3.31, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated north carolina municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

likely to be enjoyed by the fund family as a whole. Finally, the Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which (as discussed in the Senior Officer's Evaluation) is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with “breakpoints” that serve to reduce the fee as the fund attains a certain size.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	72.9%
Municipal Notes	26.9%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	73.2%
8-30 Days	2.4%
31-90 Days	4.6%
91-180 Days	5.7%
181 Days or more	13.9%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.8%^1,2
		New Jersey—99.4%
$3,000,000		Barnegat, NJ, 1.25% BANs, 6/20/2014	$3,001,422
2,000,000		Belmar, NJ, 0.75% BANs, 9/12/2014	2,002,606
3,000,000		Belmar, NJ, 1.00% BANs, 2/13/2015	3,010,028
2,000,000		Bloomfield Township, NJ, 1.00% BANs, 1/16/2015	2,006,657
40,720,000	^3,4	Clipper Tax-Exempt Certificates Trust (New Jersey Non-AMT) (Series 2009-49) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.120%, 5/1/2014	40,720,000
2,350,000		Evesham Township, NJ, (Series 2013A), 1.00% BANs, 5/29/2014	2,350,662
2,000,000		Freehold Borough, NJ, (Series 2013A), 1.00% BANs, 12/17/2014	2,002,869
5,300,000	^3,4	Garden State Preservation Trust, NJ, SPEARs (Series DBE-328) Weekly VRDNs (New Jersey State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.180%, 5/1/2014	5,300,000
2,150,000		Hamilton Township, NJ, 1.25% BANs, 9/4/2014	2,153,535
4,000,000		Harmony Township, NJ, 1.00% BANs, 4/28/2015	4,009,826
3,000,000		Hazlet Township, NJ, 1.00% BANs, 7/23/2014	3,002,026
2,719,800		Hillside Township, NJ, 1.25% BANs, 8/8/2014	2,722,352
2,310,000		Little Ferry Boro, NJ, 1.00% BANs, 11/14/2014	2,313,951
3,626,350		Long Beach Township, NJ, (Series 2014B), 0.50% BANs, 5/30/2014	3,626,780
3,355,000		Long Branch, NJ, 1.00% BANs, 2/13/2015	3,361,036
2,000,000		Maple Shade Township, NJ, (Series 2013A), 1.25% BANs, 12/19/2014	2,004,398
2,484,993		Middle Township, NJ, 1.00% BANs, 11/13/2014	2,489,221
2,045,000		Millville, NJ, 1.25% BANs, 12/5/2014	2,049,470
2,500,000		New Jersey EDA Weekly VRDNs (Baptist Home Society of New Jersey)/(Valley National Bank, Passaic, NJ LOC), 0.600%, 5/1/2014	2,500,000
6,575,000		New Jersey EDA Weekly VRDNs (Services for Children with Hidden Intelligence, Inc.)/(Fulton Bank, N.A. LOC), 0.950%, 5/1/2014	6,575,000
4,395,000		New Jersey EDA, (Series 2000) Daily VRDNs (Rose Hill Associates LLC)/(TD Bank, N.A. LOC), 0.200%, 5/2/2014	4,395,000
1,500,000		New Jersey EDA, (Series 2001) Weekly VRDNs (Temple Emanuel of the Pascack Valley)/(PNC Bank, N.A. LOC), 0.370%, 5/2/2014	1,500,000
1,590,000		New Jersey EDA, (Series 2001) Weekly VRDNs (Village School for Children, Inc.)/(Valley National Bank, Passaic, NJ LOC), 0.870%, 5/1/2014	1,590,000
4,000,000		New Jersey Health Care Facilities Financing Authority, (Series 2008) Weekly VRDNs (Underwood-Memorial Hospital)/(TD Bank, N.A. LOC), 0.090%, 5/7/2014	4,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New Jersey—continued
$8,000,000		New Jersey Health Care Facilities Financing Authority, (Series 2008B) Weekly VRDNs (AHS Hospital Corp.)/(Bank of America N.A. LOC), 0.110%, 5/1/2014	$8,000,000
9,000,000		New Jersey Health Care Facilities Financing Authority, (Series 2013B) Weekly VRDNs (Robert Wood Johnson University Hospital at Rahway)/(Wells Fargo Bank, N.A. LOC), 0.120%, 5/1/2014	9,000,000
1,895,000		New Jersey Health Care Facilities Financing Authority, (Series A-2) Weekly VRDNs (Christian Health Care Center)/(Valley National Bank, Passaic, NJ LOC), 0.360%, 5/1/2014	1,895,000
10,155,000	^3,4	New Jersey Higher Education Assistance Authority, RBC Muni Trust (Series 2008-L35) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.100%, 5/1/2014	10,155,000
13,995,000	^3,4	New Jersey Higher Education Assistance Authority, RBC Muni Trust (Series 2008-L36) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.100%, 5/1/2014	13,995,000
8,700,000	^3,4	New Jersey Housing & Mortgage Finance Agency, P-FLOATs (Series PT-4661) Weekly VRDNs (Bank of America N.A. LIQ), 0.150%, 5/1/2014	8,700,000
5,085,000	^3,4	New Jersey State Economic Development Authority, SPEARs (Series DBE-1143X) Weekly VRDNs (New Jersey State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.180%, 5/1/2014	5,085,000
8,600,000		New Jersey State Transportation Trust Fund Authority, (Series 2009C) Weekly VRDNs (New Jersey State)/(Wells Fargo Bank, N.A. LOC), 0.100%, 5/7/2014	8,600,000
7,500,000		New Jersey State Transportation Trust Fund Authority, (Series 2009D) Weekly VRDNs (New Jersey State)/(Wells Fargo Bank, N.A. LOC), 0.080%, 5/7/2014	7,500,000
10,765,000	^3,4	New Jersey State Transportation Trust Fund Authority, SPEARs (Series DBE-297) Weekly VRDNs (New Jersey State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.180%, 5/1/2014	10,765,000
3,000,000		North Plainfield, NJ, 1.25% BANs, 6/9/2014	3,001,620
2,000,000		North Wildwood, NJ, 1.00% BANs, 3/11/2015	2,005,454
12,700,000	^3,4	Nuveen New Jersey Dividend Advantage Municipal Fund, (450 Series 1), Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.220%, 5/1/2014	12,700,000
12,000,000	^3,4	Nuveen New Jersey Investment Quality Municipal Fund, Inc., (Series 2), Weekly VRDPs, (Royal Bank of Canada, Montreal LIQ), 0.200%, 5/1/2014	12,000,000
2,823,121		Oakland Borough, NJ, 1.00% BANs, 12/10/2014	2,833,984
6,500,000	^3,4	Port Authority of New York and New Jersey, Floater Certificates (Series 2008-2920) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	6,500,000
2,700,000	^3,4	Port Authority of New York and New Jersey, Floater Certificates (Series 2008-3344) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	2,700,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New Jersey—continued
$2,309,300		Ramsey, NJ, 1.00% BANs, 1/16/2015	$2,314,199
1,209,000		Ringwood Borough, NJ, 1.00% BANs, 8/1/2014	1,209,847
2,784,000		Union Township, NJ, (Series 2013), 1.00% BANs, 6/3/2014	2,784,924
2,000,000		Wantage Township, NJ, 1.50% BANs, 1/9/2015	2,006,446
1,802,625		West Long Branch, NJ, (Series 2013), 1.50% BANs, 12/18/2014	1,807,361
2,728,452		Westfield, NJ, 1.25% BANs, 8/22/2014	2,733,907
3,538,400		Wildwood Crest, NJ, 1.00% BANs, 9/26/2014	3,541,666
1,200,000		Wood-Ridge Borough, NJ, 1.00% BANs, 11/14/2014	1,201,929
1,000,000		Wood-Ridge Borough, NJ, 1.25% BANs, 5/1/2014	1,000,000
		TOTAL	252,723,176
		New York—0.4%
1,000,000	^3,4	Port Authority of New York and New Jersey, SPEARs (Series DB-636) Weekly VRDNs (Deutsche Bank AG LIQ), 0.190%, 5/1/2014	1,000,000
		TOTAL MUNICIPAL INVESTMENTS—99.8% (AT AMORTIZED COST)⁵	253,723,176
		OTHER ASSETS AND LIABILITIES - NET—0.2%⁶	559,536
		TOTAL NET ASSETS—100%	$254,282,712

Securities that are subject to the federal alternative minimum tax (AMT) represent 22.4% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
95.0%	5.0%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $129,620,000, which represented 51.0% of total net assets.

Semi-Annual Shareholder Report

4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $129,620,000, which represented 51.0% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
EDA	—Economic Development Authority
GTD	—Guaranteed
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
P-FLOATs	—Puttable Floating Option Tax-Exempt Receipts
SPEARs	—Short Puttable Exempt Adjustable Receipts
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.006
Net realized gain on investments	—	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.006
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.006)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.006)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.04%	0.03%	0.05%	0.63%
Ratios to Average Net Assets:
Net expenses	0.28%³	0.34%	0.46%	0.53%	0.55%	0.60%⁴
Net investment income	0.01%³	0.01%	0.01%	0.02%	0.04%	0.66%
Expense waiver/reimbursement⁵	0.36%³	0.30%	0.17%	0.11%	0.08%	0.04%
Supplemental Data:
Net assets, end of period (000 omitted)	$67,364	$55,112	$53,860	$64,900	$60,362	$86,658

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.60% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Net realized gain on investments	—	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.04%	0.02%	0.02%	0.48%
Ratios to Average Net Assets:
Net expenses	0.28%³	0.34%	0.46%	0.54%	0.59%	0.75%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.00%⁵	0.43%
Expense waiver/reimbursement⁶	0.71%³	0.64%	0.52%	0.45%	0.39%	0.24%
Supplemental Data:
Net assets, end of period (000 omitted)	$84,724	$91,247	$126,753	$113,530	$126,292	$246,638

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.75% after taking into account this expense reduction.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Net realized gain on investments	—	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.04%	0.02%	0.02%	0.23%
Ratios to Average Net Assets:
Net expenses	0.28%³	0.34%	0.46%	0.54%	0.58%	1.01%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.00%⁵	0.21%
Expense waiver/reimbursement⁶	1.21%³	1.15%	1.02%	0.95%	0.90%	0.48%
Supplemental Data:
Net assets, end of period (000 omitted)	$102,195	$101,903	$100,671	$113,777	$124,351	$145,156

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 1.01% after taking into account this expense reduction.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$253,723,176
Cash		221,813
Income receivable		386,486
Receivable for shares sold		100
Prepaid expenses		8,556
TOTAL ASSETS		254,340,131
Liabilities:
Payable for shares redeemed	$12,790
Income distribution payable	588
Payable to adviser (Note 4)	9,560
Payable for transfer agent fee	20,000
Payable for Directors'/Trustees' fees (Note 4)	135
Payable for portfolio accounting fees	14,346
TOTAL LIABILITIES		57,419
Net assets for 254,282,695 shares outstanding		$254,282,712
Net Assets Consist of:
Paid-in capital		$254,282,695
Accumulated net realized loss on investments		(4)
Undistributed net investment income		21
TOTAL NET ASSETS		$254,282,712
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$67,363,996 ÷ 67,363,992 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$84,724,005 ÷ 84,723,999 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$102,194,711 ÷ 102,194,704 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$387,040
Expenses:
Investment adviser fee (Note 4)		$532,061
Administrative fee (Note 4)		103,885
Custodian fees		4,865
Transfer agent fee		94,788
Directors'/Trustees' fees (Note 4)		846
Auditing fees		9,720
Legal fees		10,572
Portfolio accounting fees		45,182
Distribution services fee (Note 4)		376,657
Shareholder services fee (Note 4)		242,815
Account administration fee (Note 2)		12,778
Share registration costs		32,920
Printing and postage		16,892
Miscellaneous (Note 4)		3,258
TOTAL EXPENSES		1,487,239
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(481,814)
Waiver of distribution services fee (Note 4)	(376,657)
Waiver of shareholder services fee (Note 4)	(242,642)
Waiver of account administration fee (Note 2)	(12,778)
Reimbursement of shareholder services fee (Note 4)	(173)
TOTAL WAIVERS AND REIMBURSEMENT		(1,114,064)
Net expenses			373,175
Net investment income			$13,865

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$13,865	$28,018
Net realized gain on investments	—	19,104
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	13,865	47,122
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(3,080)	(5,267)
Service Shares	(4,734)	(11,691)
Cash Series Shares	(5,487)	(11,017)
Distributions from net realized gain on investments
Institutional Shares	(4,732)	—
Service Shares	(6,772)	—
Cash Series Shares	(7,604)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(32,409)	(27,975)
Share Transactions:
Proceeds from sale of shares	259,362,503	628,950,018
Net asset value of shares issued to shareholders in payment of distributions declared	23,501	21,067
Cost of shares redeemed	(253,346,582)	(662,011,885)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	6,039,422	(33,040,800)
Change in net assets	6,020,878	(33,021,653)
Net Assets:
Beginning of period	248,261,834	281,283,487
End of period (including undistributed (distributions in excess of) net investment income of $21 and $(543), respectively)	$254,282,712	$248,261,834

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated New Jersey Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Services Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to determine fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions) and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Investment income, realized gains and losses and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares, Service Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$12,778	$(12,778)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	66,353,703	$66,353,703	110,515,592	$110,515,592
Shares issued to shareholders in payment of distributions declared	2,060	2,060	1,571	1,571
Shares redeemed	(54,099,293)	(54,099,293)	(109,269,664)	(109,269,664)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	12,256,470	$12,256,470	1,247,499	$1,247,499

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	72,485,209	$72,485,209	272,907,479	$272,907,479
Shares issued to shareholders in payment of distributions declared	8,471	8,471	8,579	8,579
Shares redeemed	(79,009,484)	(79,009,484)	(308,429,118)	(308,429,118)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(6,515,804)	$(6,515,804)	(35,513,060)	$(35,513,060)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	120,523,591	$120,523,591	245,526,947	$245,526,947
Shares issued to shareholders in payment of distributions declared	12,970	12,970	10,917	10,917
Shares redeemed	(120,237,805)	(120,237,805)	(244,313,103)	(244,313,103)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	298,756	$298,756	1,224,761	$1,224,761
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	6,039,422	$6,039,422	(33,040,800)	$(33,040,800)

Semi-Annual Shareholder Report

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, the Adviser voluntarily waived $481,814 of its fee.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, the annualized net fee paid to FAS was 0.078% of average daily net assets of the Fund.

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 daily net assets of the Fund's Service Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC.

Share Class Name	Percentage of Average Daily Net Assets of Class
Service Shares	0.10%
Cash Series Shares	0.60%

Semi-Annual Shareholder Report

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$47,374	$(47,374)
Cash Series Shares	329,283	(329,283)
TOTAL	$376,657	$(376,657)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Cash Series Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time. For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Reimbursed	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$105,614	$—	$(105,614)
Cash Series Shares	137,201	(173)	(137,028)
TOTAL	$242,815	$(173)	$(242,642)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.57%, 0.72% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Semi-Annual Shareholder Report

Interfund Transactions

During the six months ended April 30, 2014, 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 $152,895,000 and $124,950,000, respectively.

General

5. CONCENTRATION OF 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, 2014, 47.5% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 16.1% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.10	$1.39²
Service Shares	$1,000	$1,000.10	$1.39³
Cash Series Shares	$1,000	$1,000.10	$1.39⁴
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.41	$1.40²
Service Shares	$1,000	$1,023.41	$1.40³
Cash Series Shares	$1,000	$1,023.41	$1.40⁴

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.28%
Service Shares	0.28%
Cash Series Shares	0.28%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.57% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.83 and $2.86, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.72% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.57 and $3.61, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.06 and $5.11, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated New jersey municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and expense reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and expense reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	67.2%
Municipal Notes	22.4%
Commercial Paper	1.7%
Other Assets and Liabilities—Net²	8.7%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	68.4%
8-30 Days	3.2%
31-90 Days	9.8%
91-180 Days	4.0%
181 Days or more	5.9%
Other Assets and Liabilities—Net²	8.7%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—91.3%^1,2
		New York—90.1%
$5,305,000		Albany, NY IDA, (Series 2004) Weekly VRDNs (Renaissance Corporation of Albany)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	$5,305,000
10,479,539		Auburn, NY, 1.00% BANs, 5/30/2014	10,484,523
15,000,000	^3,4	Battery Park, NY City Authority, PUTTERs (Series 4410), 0.17% TOBs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), Mandatory Tender 6/26/2014	15,000,000
8,543,897		Beacon, NY, (Series 2013A), 1.00% BANs, 5/30/2014	8,547,746
3,157,000		Brasher Falls, NY CSD, 1.00% BANs, 7/22/2014	3,158,404
6,910,000		Broome County, NY IDA, (Series 2008C) Weekly VRDNs (Good Shepherd Village at Endwell, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	6,910,000
8,037,000		Cambridge, NY CSD, 1.00% BANs, 6/26/2014	8,042,265
10,000,000		Campbell-Savona, NY, CSD, 1.00% BANs, 4/14/2015	10,063,593
8,125,000		Campbell-Savona, NY, CSD, 1.00% BANs, 6/19/2014	8,130,753
30,910,000	^3,4	Clipper Tax-Exempt Certificates Trust (New York Non-AMT) Series 2009-71 Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.150%, 5/1/2014	30,910,000
15,000,000		Eastport South Manor, NY CSD, 1.00% BANs, 8/19/2014	15,038,196
6,100,000		Genesee Valley, NY CSD, (Series 2013A), 1.00% BANs, 7/9/2014	6,104,578
5,100,000		Harpursville, NY CSD, 1.00% BANs, 7/24/2014	5,107,077
15,649,035		Ithaca, NY, (Series 2014A), 0.75% BANs, 2/19/2015	15,715,589
4,955,000		Madison County, NY IDA, (Series 1999A) Weekly VRDNs (Cazenovia College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.220%, 5/1/2014	4,955,000
4,342,631		Maine, NY, 1.25% BANs, 5/2/2014	4,342,672
6,000,000		Maybrook, NY, 1.00% BANs, 6/19/2014	6,003,601
7,425,000		McGraw, NY CSD, 1.00% BANs, 6/26/2014	7,430,434
1,900,000		Monroe County, NY IDA, (Series 2004) Weekly VRDNs (Al Sigl Center for Rehabilitation Agencies, Inc. Civic Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	1,900,000
3,800,000		Monroe County, NY IDA, (Series 2005) Weekly VRDNs (YMCA of Greater Rochester)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	3,800,000
8,320,000		Monroe County, NY IDA, (Series 2008) Weekly VRDNs (Harley School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	8,320,000
12,500,000		Naples, NY CSD, 1.00% BANs, 6/27/2014	12,511,059

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$14,260,000		New York City Housing Development Corp., (Series 2009A) Weekly VRDNs (Q Student Redsidences, LLC)/(RBS Citizens, N.A. LOC), 0.300%, 5/1/2014	$14,260,000
25,000,000		New York City Housing Development Corp., (Series 2010A) Weekly VRDNs (101 Avenue D Apartments)/(Bank of America N.A. LOC), 0.150%, 5/1/2014	25,000,000
25,000,000		New York City Liberty Development Corp., (Series A-1 remarketed 3/19/14), 0.15% TOBs (3 World Trade Center)/(GTD by United States Treasury) 3/19/2015	25,000,000
19,900,000		New York City, NY IDA, (Series 2000) Weekly VRDNs (Jewish Community Center on the Upper West Side, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	19,900,000
880,000		New York City, NY IDA, (Series 2001) Weekly VRDNs (Village Community School)/(TD Bank, N.A. LOC), 0.240%, 5/1/2014	880,000
4,525,000		New York City, NY IDA, (Series 2003) Weekly VRDNs (Professional Children's School)/(Wells Fargo Bank, N.A. LOC), 0.170%, 5/1/2014	4,525,000
4,425,000		New York City, NY IDA, (Series 2004) Weekly VRDNs (Seamen's Society for Children and Families)/(TD Bank, N.A. LOC), 0.170%, 5/1/2014	4,425,000
4,730,000		New York City, NY IDA, (Series 2004A) Weekly VRDNs (Institute for Community Living, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.170%, 5/1/2014	4,730,000
15,000,000		New York City, NY Municipal Water Finance Authority, (Series 1), 0.09% CP, Mandatory Tender 5/5/2014	15,000,000
7,335,000	^3,4	New York City, NY Municipal Water Finance Authority, Barclays Floater Certificates (Series 2013-3WX) Weekly VRDNs (Barclays Bank PLC LIQ), 0.130%, 5/1/2014	7,335,000
36,900,000		New York City, NY Transitional Finance Authority, (Fiscal 1998 Series C) Daily VRDNs (Morgan Stanley Bank, N.A. LOC), 0.100%, 5/1/2014	36,900,000
24,000,000		New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-4) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 5/1/2014	24,000,000
10,000,000		New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-5) Daily VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.110%, 5/1/2014	10,000,000
11,000,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs (Bank of New York Mellon LIQ), 0.100%, 5/7/2014	11,000,000
6,250,000	^3,4	New York City, NY Transitional Finance Authority, ROCs (Series 14076) Weekly VRDNs (Citibank NA, New York LIQ), 0.130%, 5/1/2014	6,250,000
15,000,000		New York City, NY, (Fiscal 1995 Series B-8) Weekly VRDNs (GTD by Bayerische Landesbank LOC), 0.140%, 5/7/2014	15,000,000
9,500,000		New York City, NY, (Fiscal 2004 Series A-3) Weekly VRDNs (Morgan Stanley Bank, N.A. LOC), 0.110%, 5/7/2014	9,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$3,700,000		New York City, NY, (Fiscal 2008 Subseries D-3) Weekly VRDNs (Credit Agricole Corporate and Investment Bank LIQ), 0.150%, 5/1/2014	$3,700,000
11,105,000		New York City, NY, (Fiscal 2008 Subseries J-10) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.120%, 5/1/2014	11,105,000
13,000,000		New York City, NY, (Fiscal 2009 Subseries B-3) Weekly VRDNs (TD Bank, N.A. LOC), 0.100%, 5/7/2014	13,000,000
15,000,000		New York City, NY, (Series 2006F-4B) Weekly VRDNs (Union Bank, N.A. LOC), 0.120%, 5/1/2014	15,000,000
3,751,476	^3,4	New York Convention Center Development Corp., Floater Certificates (Series 2008-2364) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	3,751,476
24,900,000		New York State Dormitory Authority, (Series 2005A) Weekly VRDNs (Rockefeller University)/(JPMorgan Chase Bank, N.A. LIQ), 0.130%, 5/1/2014	24,900,000
31,850,000		New York State Dormitory Authority, (Series 2008B-1) Weekly VRDNs (St. John's University)/(Bank of America N.A. LOC), 0.150%, 5/1/2014	31,850,000
24,020,000		New York State Dormitory Authority, Consolidated Fifth General Resolution Revenue Bonds (Series 2008D) Weekly VRDNs (City University of New York)/(TD Bank, N.A. LOC), 0.110%, 5/1/2014	24,020,000
8,500,000		New York State HFA, (2009 Series B) Weekly VRDNs (80 DeKalb Avenue)/(Landesbank Hessen-Thuringen LOC), 0.120%, 5/7/2014	8,500,000
16,000,000		New York State HFA, (Series 2009B: 505 West 37th Street Housing) Daily VRDNs (Midtown West B LLC)/(Landesbank Hessen-Thuringen LOC), 0.110%, 5/1/2014	16,000,000
43,000,000		New York State HFA, (Series A) Weekly VRDNs (2180 Broadway)/(Wells Fargo Bank, N.A. LOC), 0.110%, 5/7/2014	43,000,000
16,000,000		New York State HFA, Service Contract Refunding Revenue Bonds (Series 2003L) Weekly VRDNs (Bank of America N.A. LOC), 0.100%, 5/7/2014	16,000,000
32,500,000		New York State Local Government Assistance Corp., (Series 2003A-4V) Subordinate Lien Refunding Bonds Weekly VRDNs (Bank of America N.A. LIQ), 0.120%, 5/7/2014	32,500,000
6,500,000	^3,4	New York State Local Government Assistance Corp., Municipal Securities Trust Receipts (Series 1997-SG-100) Weekly VRDNs (Societe Generale, Paris LIQ), 0.250%, 5/1/2014	6,500,000
10,000,000		Ogdensburg, NY Enlarged City School District, (2013 Series C), 1.00% BANs, 8/7/2014	10,015,277
10,000,000		Ogdensburg, NY Enlarged City School District, 1.00% BANs, 8/7/2014	10,015,224
8,715,000		Ontario County, NY Industrial Development Agency, (Series 2005A) Monthly VRDNs (Friends of the Finger Lakes Performing Arts Center, Inc.)/(RBS Citizens, N.A. LOC), 0.700%, 5/3/2014	8,715,000
1,300,000		Orange County, NY IDA, (Series 2002) Weekly VRDNs (Tuxedo Park School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	1,300,000
6,685,872		Oxford Academy and CSD, NY, (Series 2013), 1.00% BANs, 6/27/2014	6,690,017

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$3,395,000		Rensselaer County, NY IDA, Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs (WMHT Educational Telecommunications)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	$3,395,000
7,060,000		Salina, NY, 1.00% BANs, 6/20/2014	7,065,484
18,355,000		Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels (Series 2001B) Weekly VRDNs (State Street Bank and Trust Co. LOC), 0.100%, 5/7/2014	18,355,000
32,990,000		Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels (Series 2001C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 5/7/2014	32,990,000
3,290,000		Westchester County, NY IDA, (Series 2000) Weekly VRDNs (Jacob Burns Film Center, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.170%, 5/1/2014	3,290,000
		TOTAL	783,142,968
		New Jersey—1.2%
10,500,000	^3,4	Port Authority of New York and New Jersey, Floater Certificates (Series 2008-2920) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	10,500,000
		TOTAL MUNICIPAL INVESTMENTS—91.3% (AT AMORTIZED COST)⁵	793,642,968
		OTHER ASSETS AND LIABILITIES - NET—8.7%⁶	75,943,244
		TOTAL NET ASSETS—100%	$869,586,212

At April 30, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
97.1%	2.9%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.

Semi-Annual Shareholder Report

3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $80,246,476, which represented 9.2% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $80,246,476, which represented 9.2% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CP	—Commercial Paper
CSD	—Central School District
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.006
Net realized gain on investments	0.000¹	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.006
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.006)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.006)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.02%	0.03%	0.02%	0.65%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.20%	0.35%	0.41%	0.48%	0.56%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.02%	0.61%
Expense waiver/reimbursement⁵	0.93%³	0.86%	0.71%	0.65%	0.57%	0.50%
Supplemental Data:
Net assets, end of period (000 omitted)	$204,469	$197,712	$205,445	$253,321	$352,137	$622,122

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.56% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Net realized gain on investments	0.000¹	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.02%	0.03%	0.02%	0.43%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.20%	0.35%	0.41%	0.48%	0.79%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.01%	0.42%
Expense waiver/reimbursement⁵	0.96%³	0.89%	0.74%	0.68%	0.59%	0.31%
Supplemental Data:
Net assets, end of period (000 omitted)	$104,446	$101,130	$123,526	$113,510	$145,721	$200,465

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.79% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.001	0.002	0.009
Net realized gain on investments	0.000¹	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.001	0.002	0.009
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.009)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.009)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.06%	0.13%	0.18%	0.87%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.20%	0.31%	0.31%	0.31%	0.34%⁴
Net investment income	0.01%³	0.02%	0.06%	0.12%	0.17%	0.85%
Expense waiver/reimbursement⁵	0.46%³	0.39%	0.28%	0.27%	0.26%	0.25%
Supplemental Data:
Net assets, end of period (000 omitted)	$230,876	$268,137	$354,412	$410,107	$688,480	$564,539

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.34% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Net realized gain on investments	0.000¹	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.02%	0.03%	0.02%	0.24%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.20%	0.35%	0.41%	0.48%	0.96%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.01%	0.18%
Expense waiver/reimbursement⁵	1.31%³	1.25%	1.09%	1.03%	0.94%	0.48%
Supplemental Data:
Net assets, end of period (000 omitted)	$329,795	$324,637	$243,370	$205,216	$290,039	$325,747

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.96% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$793,642,968
Cash		327,891
Income receivable		1,019,733
Receivable for investments sold		74,819,416
TOTAL ASSETS		869,810,008
Liabilities:
Payable for shares redeemed	$120,375
Income distribution payable	1,161
Payable to adviser (Note 4)	14,955
Payable for transfer agent fee	76,621
Payable for Directors'/Trustees' fees (Note 4)	444
Payable for shareholder services fee (Note 4)	1,238
Accrued expenses (Note 4)	9,002
TOTAL LIABILITIES		223,796
Net assets for 869,586,190 shares outstanding		$869,586,212
Net Assets Consist of:
Paid-in capital		$869,586,190
Accumulated net realized gain on investments		134
Distributions in excess of net investment income		(112)
TOTAL NET ASSETS		$869,586,212
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$204,469,404 ÷ 204,469,399 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$104,446,247 ÷ 104,446,245 shares outstanding, no par value, unlimited shares authorized		$1.00
Institutional Shares:
$230,875,581 ÷ 230,875,575 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$329,794,980 ÷ 329,794,971 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$667,422
Expenses:
Investment adviser fee (Note 4)		$1,861,266
Administrative fee (Note 4)		363,412
Custodian fees		16,739
Transfer agent fee		358,773
Directors'/Trustees' fees (Note 4)		3,009
Auditing fees		10,538
Legal fees		10,565
Portfolio accounting fees		75,413
Distribution services fee (Note 4)		1,459,348
Shareholder services fee (Note 4)		766,845
Account administration fee (Note 2)		43,548
Share registration costs		43,235
Printing and postage		26,105
Miscellaneous (Note 4)		5,245
TOTAL EXPENSES		5,044,041
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(1,861,266)
Waiver of distribution services fee (Note 4)	(1,459,348)
Waiver of shareholder services fee (Note 4)	(766,845)
Waiver of account administration fee (Note 2)	(41,211)
Waiver of transfer agent fee	(108,251)
Reimbursement of account administration fee (Note 2)	(2,337)
Reimbursement of other operating expenses (Note 4)	(185,125)
TOTAL WAIVERS AND REIMBURSEMENTS		(4,424,383)
Net expenses			619,658
Net investment income			47,764
Net realized gain on investments			141
Change in net assets resulting from operations			$47,905

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$47,764	$184,495
Net realized gain on investments	141	31,708
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	47,905	216,203
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(10,964)	(38,767)
Cash II Shares	(5,273)	(23,576)
Institutional Shares	(12,733)	(57,880)
Cash Series Shares	(17,619)	(62,750)
Distributions from net realized gain on investments
Service Shares	(7,386)	—
Cash II Shares	(3,433)	—
Institutional Shares	(8,641)	—
Cash Series Shares	(12,255)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(78,304)	(182,973)
Share Transactions:
Proceeds from sale of shares	1,121,449,581	1,979,330,000
Net asset value of shares issued to shareholders in payment of distributions declared	65,778	152,662
Cost of shares redeemed	(1,143,514,891)	(2,014,653,609)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(21,999,532)	(35,170,947)
Change in net assets	(22,029,931)	(35,137,717)
Net Assets:
Beginning of period	891,616,143	926,753,860
End of period (including (distributions in excess of) net investment income of $(112) and $(1,287), respectively)	$869,586,212	$891,616,143

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated New York Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers four classes of shares: Services Shares, Cash II Shares, Institutional Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Service Shares, Cash II Shares, Institutional Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Reimbursed	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$43,548	$(2,337)	$(41,211)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	379,558,085	$379,558,085	658,218,226	$658,218,226
Shares issued to shareholders in payment of distributions declared	8,471	8,471	16,600	16,600
Shares redeemed	(372,802,450)	(372,802,450)	(665,975,527)	(665,975,527)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	6,764,106	$6,764,106	(7,740,701)	$(7,740,701)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	86,411,889	$86,411,889	154,169,217	$154,169,217
Shares issued to shareholders in payment of distributions declared	8,701	8,701	23,488	23,488
Shares redeemed	(83,100,469)	(83,100,469)	(176,593,026)	(176,593,026)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	3,320,121	$3,320,121	(22,400,321)	$(22,400,321)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	164,172,846	$164,172,846	350,793,528	$350,793,528
Shares issued to shareholders in payment of distributions declared	19,049	19,049	50,823	50,823
Shares redeemed	(201,444,848)	(201,444,848)	(437,129,549)	(437,129,549)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(37,252,953)	$(37,252,953)	(86,285,198)	$(86,285,198)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	491,306,761	$491,306,761	816,149,029	$816,149,029
Shares issued to shareholders in payment of distributions declared	29,557	29,557	61,751	61,751
Shares redeemed	(486,167,124)	(486,167,124)	(734,955,507)	(734,955,507)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	5,169,194	$5,169,194	81,255,273	$81,255,273
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(21,999,532)	$(21,999,532)	(35,170,947)	$(35,170,947)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $1,861,266 and voluntarily reimbursed $185,125 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

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 daily net assets of the Fund's Service Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

Share Class Name	Percentage of Average Daily Net Assets of Class
Service Shares	0.25%
Cash II Shares	0.25%
Cash Series Shares	0.60%

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$273,734	$(273,734)
Cash II Shares	131,949	(131,949)
Cash Series Shares	1,053,665	(1,053,665)
TOTAL	$1,459,348	$(1,459,348)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Service Shares, Cash II Shares, Institutional Shares and Cash Series Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time. For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$195,883	$(195,883)
Cash II Shares	131,935	(131,935)
Cash Series Shares	439,027	(439,027)
TOTAL	$766,845	$(766,845)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Service Shares, Cash II Shares, Institutional Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.53%, 0.76%, 0.31% and 1.01% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF 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, 2014, 54.1% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 9.2% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,000.10	$0.64²
Cash II Shares	$1,000	$1,000.10	$0.64³
Institutional Shares	$1,000	$1,000.10	$0.64⁴
Cash Series Shares	$1,000	$1,000.10	$0.64⁵
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,024.15	$0.65²
Cash II Shares	$1,000	$1,024.15	$0.65³
Institutional Shares	$1,000	$1,024.15	$0.65⁴
Cash Series Shares	$1,000	$1,024.15	$0.65⁵

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365) (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Service Shares	0.13%
Cash II Shares	0.13%
Institutional Shares	0.13%
Cash Series Shares	0.13%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current annualized net expense ratio of 0.53% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect current expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.63 and $2.66, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash II Shares current annualized net expense ratio of 0.76% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect current expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.77 and $3.81, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current annualized net expense ratio of 0.31% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect current expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.54 and $1.56, respectively.
5	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current annualized net expense ratio of 1.01% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect current expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.01 and $5.06, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated new york municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and expense reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	67.2%
Municipal Notes	22.4%
Commercial Paper	1.7%
Other Assets and Liabilities—Net²	8.7%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	68.4%
8-30 Days	3.2%
31-90 Days	9.8%
91-180 Days	4.0%
181 Days or more	5.9%
Other Assets and Liabilities—Net²	8.7%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—91.3%^1,2
		New York—90.1%
$5,305,000		Albany, NY IDA, (Series 2004) Weekly VRDNs (Renaissance Corporation of Albany)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	$5,305,000
10,479,539		Auburn, NY, 1.00% BANs, 5/30/2014	10,484,523
15,000,000	^3,4	Battery Park, NY City Authority, PUTTERs (Series 4410), 0.17% TOBs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), Mandatory Tender 6/26/2014	15,000,000
8,543,897		Beacon, NY, (Series 2013A), 1.00% BANs, 5/30/2014	8,547,746
3,157,000		Brasher Falls, NY CSD, 1.00% BANs, 7/22/2014	3,158,404
6,910,000		Broome County, NY IDA, (Series 2008C) Weekly VRDNs (Good Shepherd Village at Endwell, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	6,910,000
8,037,000		Cambridge, NY CSD, 1.00% BANs, 6/26/2014	8,042,265
10,000,000		Campbell-Savona, NY, CSD, 1.00% BANs, 4/14/2015	10,063,593
8,125,000		Campbell-Savona, NY, CSD, 1.00% BANs, 6/19/2014	8,130,753
30,910,000	^3,4	Clipper Tax-Exempt Certificates Trust (New York Non-AMT) Series 2009-71 Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.150%, 5/1/2014	30,910,000
15,000,000		Eastport South Manor, NY CSD, 1.00% BANs, 8/19/2014	15,038,196
6,100,000		Genesee Valley, NY CSD, (Series 2013A), 1.00% BANs, 7/9/2014	6,104,578
5,100,000		Harpursville, NY CSD, 1.00% BANs, 7/24/2014	5,107,077
15,649,035		Ithaca, NY, (Series 2014A), 0.75% BANs, 2/19/2015	15,715,589
4,955,000		Madison County, NY IDA, (Series 1999A) Weekly VRDNs (Cazenovia College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.220%, 5/1/2014	4,955,000
4,342,631		Maine, NY, 1.25% BANs, 5/2/2014	4,342,672
6,000,000		Maybrook, NY, 1.00% BANs, 6/19/2014	6,003,601
7,425,000		McGraw, NY CSD, 1.00% BANs, 6/26/2014	7,430,434
1,900,000		Monroe County, NY IDA, (Series 2004) Weekly VRDNs (Al Sigl Center for Rehabilitation Agencies, Inc. Civic Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	1,900,000
3,800,000		Monroe County, NY IDA, (Series 2005) Weekly VRDNs (YMCA of Greater Rochester)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	3,800,000
8,320,000		Monroe County, NY IDA, (Series 2008) Weekly VRDNs (Harley School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	8,320,000
12,500,000		Naples, NY CSD, 1.00% BANs, 6/27/2014	12,511,059

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$14,260,000		New York City Housing Development Corp., (Series 2009A) Weekly VRDNs (Q Student Redsidences, LLC)/(RBS Citizens, N.A. LOC), 0.300%, 5/1/2014	$14,260,000
25,000,000		New York City Housing Development Corp., (Series 2010A) Weekly VRDNs (101 Avenue D Apartments)/(Bank of America N.A. LOC), 0.150%, 5/1/2014	25,000,000
25,000,000		New York City Liberty Development Corp., (Series A-1 remarketed 3/19/14), 0.15% TOBs (3 World Trade Center)/(GTD by United States Treasury) 3/19/2015	25,000,000
19,900,000		New York City, NY IDA, (Series 2000) Weekly VRDNs (Jewish Community Center on the Upper West Side, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	19,900,000
880,000		New York City, NY IDA, (Series 2001) Weekly VRDNs (Village Community School)/(TD Bank, N.A. LOC), 0.240%, 5/1/2014	880,000
4,525,000		New York City, NY IDA, (Series 2003) Weekly VRDNs (Professional Children's School)/(Wells Fargo Bank, N.A. LOC), 0.170%, 5/1/2014	4,525,000
4,425,000		New York City, NY IDA, (Series 2004) Weekly VRDNs (Seamen's Society for Children and Families)/(TD Bank, N.A. LOC), 0.170%, 5/1/2014	4,425,000
4,730,000		New York City, NY IDA, (Series 2004A) Weekly VRDNs (Institute for Community Living, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.170%, 5/1/2014	4,730,000
15,000,000		New York City, NY Municipal Water Finance Authority, (Series 1), 0.09% CP, Mandatory Tender 5/5/2014	15,000,000
7,335,000	^3,4	New York City, NY Municipal Water Finance Authority, Barclays Floater Certificates (Series 2013-3WX) Weekly VRDNs (Barclays Bank PLC LIQ), 0.130%, 5/1/2014	7,335,000
36,900,000		New York City, NY Transitional Finance Authority, (Fiscal 1998 Series C) Daily VRDNs (Morgan Stanley Bank, N.A. LOC), 0.100%, 5/1/2014	36,900,000
24,000,000		New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-4) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 5/1/2014	24,000,000
10,000,000		New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-5) Daily VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.110%, 5/1/2014	10,000,000
11,000,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs (Bank of New York Mellon LIQ), 0.100%, 5/7/2014	11,000,000
6,250,000	^3,4	New York City, NY Transitional Finance Authority, ROCs (Series 14076) Weekly VRDNs (Citibank NA, New York LIQ), 0.130%, 5/1/2014	6,250,000
15,000,000		New York City, NY, (Fiscal 1995 Series B-8) Weekly VRDNs (GTD by Bayerische Landesbank LOC), 0.140%, 5/7/2014	15,000,000
9,500,000		New York City, NY, (Fiscal 2004 Series A-3) Weekly VRDNs (Morgan Stanley Bank, N.A. LOC), 0.110%, 5/7/2014	9,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$3,700,000		New York City, NY, (Fiscal 2008 Subseries D-3) Weekly VRDNs (Credit Agricole Corporate and Investment Bank LIQ), 0.150%, 5/1/2014	$3,700,000
11,105,000		New York City, NY, (Fiscal 2008 Subseries J-10) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.120%, 5/1/2014	11,105,000
13,000,000		New York City, NY, (Fiscal 2009 Subseries B-3) Weekly VRDNs (TD Bank, N.A. LOC), 0.100%, 5/7/2014	13,000,000
15,000,000		New York City, NY, (Series 2006F-4B) Weekly VRDNs (Union Bank, N.A. LOC), 0.120%, 5/1/2014	15,000,000
3,751,476	^3,4	New York Convention Center Development Corp., Floater Certificates (Series 2008-2364) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	3,751,476
24,900,000		New York State Dormitory Authority, (Series 2005A) Weekly VRDNs (Rockefeller University)/(JPMorgan Chase Bank, N.A. LIQ), 0.130%, 5/1/2014	24,900,000
31,850,000		New York State Dormitory Authority, (Series 2008B-1) Weekly VRDNs (St. John's University)/(Bank of America N.A. LOC), 0.150%, 5/1/2014	31,850,000
24,020,000		New York State Dormitory Authority, Consolidated Fifth General Resolution Revenue Bonds (Series 2008D) Weekly VRDNs (City University of New York)/(TD Bank, N.A. LOC), 0.110%, 5/1/2014	24,020,000
8,500,000		New York State HFA, (2009 Series B) Weekly VRDNs (80 DeKalb Avenue)/(Landesbank Hessen-Thuringen LOC), 0.120%, 5/7/2014	8,500,000
16,000,000		New York State HFA, (Series 2009B: 505 West 37th Street Housing) Daily VRDNs (Midtown West B LLC)/(Landesbank Hessen-Thuringen LOC), 0.110%, 5/1/2014	16,000,000
43,000,000		New York State HFA, (Series A) Weekly VRDNs (2180 Broadway)/(Wells Fargo Bank, N.A. LOC), 0.110%, 5/7/2014	43,000,000
16,000,000		New York State HFA, Service Contract Refunding Revenue Bonds (Series 2003L) Weekly VRDNs (Bank of America N.A. LOC), 0.100%, 5/7/2014	16,000,000
32,500,000		New York State Local Government Assistance Corp., (Series 2003A-4V) Subordinate Lien Refunding Bonds Weekly VRDNs (Bank of America N.A. LIQ), 0.120%, 5/7/2014	32,500,000
6,500,000	^3,4	New York State Local Government Assistance Corp., Municipal Securities Trust Receipts (Series 1997-SG-100) Weekly VRDNs (Societe Generale, Paris LIQ), 0.250%, 5/1/2014	6,500,000
10,000,000		Ogdensburg, NY Enlarged City School District, (2013 Series C), 1.00% BANs, 8/7/2014	10,015,277
10,000,000		Ogdensburg, NY Enlarged City School District, 1.00% BANs, 8/7/2014	10,015,224
8,715,000		Ontario County, NY Industrial Development Agency, (Series 2005A) Monthly VRDNs (Friends of the Finger Lakes Performing Arts Center, Inc.)/(RBS Citizens, N.A. LOC), 0.700%, 5/3/2014	8,715,000
1,300,000		Orange County, NY IDA, (Series 2002) Weekly VRDNs (Tuxedo Park School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	1,300,000
6,685,872		Oxford Academy and CSD, NY, (Series 2013), 1.00% BANs, 6/27/2014	6,690,017

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$3,395,000		Rensselaer County, NY IDA, Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs (WMHT Educational Telecommunications)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/1/2014	$3,395,000
7,060,000		Salina, NY, 1.00% BANs, 6/20/2014	7,065,484
18,355,000		Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels (Series 2001B) Weekly VRDNs (State Street Bank and Trust Co. LOC), 0.100%, 5/7/2014	18,355,000
32,990,000		Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels (Series 2001C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 5/7/2014	32,990,000
3,290,000		Westchester County, NY IDA, (Series 2000) Weekly VRDNs (Jacob Burns Film Center, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.170%, 5/1/2014	3,290,000
		TOTAL	783,142,968
		New Jersey—1.2%
10,500,000	^3,4	Port Authority of New York and New Jersey, Floater Certificates (Series 2008-2920) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.140%, 5/1/2014	10,500,000
		TOTAL MUNICIPAL INVESTMENTS—91.3% (AT AMORTIZED COST)⁵	793,642,968
		OTHER ASSETS AND LIABILITIES - NET—8.7%⁶	75,943,244
		TOTAL NET ASSETS—100%	$869,586,212

At April 30, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
97.1%	2.9%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.

Semi-Annual Shareholder Report

3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $80,246,476, which represented 9.2% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $80,246,476, which represented 9.2% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CP	—Commercial Paper
CSD	—Central School District
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.001	0.002	0.009
Net realized gain on investments	0.000¹	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.001	0.002	0.009
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.009)
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.009)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.06%	0.13%	0.18%	0.87%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.20%	0.31%	0.31%	0.31%	0.34%⁴
Net investment income	0.01%³	0.02%	0.06%	0.12%	0.17%	0.85%
Expense waiver/reimbursement⁵	0.46%³	0.39%	0.28%	0.27%	0.26%	0.25%
Supplemental Data:
Net assets, end of period (000 omitted)	$230,876	$268,137	$354,412	$410,107	$688,480	$564,539

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.34% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$793,642,968
Cash		327,891
Income receivable		1,019,733
Receivable for investments sold		74,819,416
TOTAL ASSETS		869,810,008
Liabilities:
Payable for shares redeemed	$120,375
Income distribution payable	1,161
Payable to adviser (Note 4)	14,955
Payable for transfer agent fee	76,621
Payable for Directors'/Trustees' fees (Note 4)	444
Payable for shareholder services fee (Note 4)	1,238
Accrued expenses (Note 4)	9,002
TOTAL LIABILITIES		223,796
Net assets for 869,586,190 shares outstanding		$869,586,212
Net Assets Consist of:
Paid-in capital		$869,586,190
Accumulated net realized gain on investments		134
Distributions in excess of net investment income		(112)
TOTAL NET ASSETS		$869,586,212
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$204,469,404 ÷ 204,469,399 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$104,446,247 ÷ 104,446,245 shares outstanding, no par value, unlimited shares authorized		$1.00
Institutional Shares:
$230,875,581 ÷ 230,875,575 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$329,794,980 ÷ 329,794,971 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$667,422
Expenses:
Investment adviser fee (Note 4)		$1,861,266
Administrative fee (Note 4)		363,412
Custodian fees		16,739
Transfer agent fee		358,773
Directors'/Trustees' fees (Note 4)		3,009
Auditing fees		10,538
Legal fees		10,565
Portfolio accounting fees		75,413
Distribution services fee (Note 4)		1,459,348
Shareholder services fee (Note 4)		766,845
Account administration fee (Note 2)		43,548
Share registration costs		43,235
Printing and postage		26,105
Miscellaneous (Note 4)		5,245
TOTAL EXPENSES		5,044,041
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(1,861,266)
Waiver of distribution services fee (Note 4)	(1,459,348)
Waiver of shareholder services fee (Note 4)	(766,845)
Waiver of account administration fee (Note 2)	(41,211)
Waiver of transfer agent fee	(108,251)
Reimbursement of account administration fee (Note 2)	(2,337)
Reimbursement of other operating expenses (Note 4)	(185,125)
TOTAL WAIVERS AND REIMBURSEMENTS		(4,424,383)
Net expenses			619,658
Net investment income			47,764
Net realized gain on investments			141
Change in net assets resulting from operations			$47,905

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$47,764	$184,495
Net realized gain on investments	141	31,708
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	47,905	216,203
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(10,964)	(38,767)
Cash II Shares	(5,273)	(23,576)
Institutional Shares	(12,733)	(57,880)
Cash Series Shares	(17,619)	(62,750)
Distributions from net realized gain on investments
Service Shares	(7,386)	—
Cash II Shares	(3,433)	—
Institutional Shares	(8,641)	—
Cash Series Shares	(12,255)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(78,304)	(182,973)
Share Transactions:
Proceeds from sale of shares	1,121,449,581	1,979,330,000
Net asset value of shares issued to shareholders in payment of distributions declared	65,778	152,662
Cost of shares redeemed	(1,143,514,891)	(2,014,653,609)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(21,999,532)	(35,170,947)
Change in net assets	(22,029,931)	(35,137,717)
Net Assets:
Beginning of period	891,616,143	926,753,860
End of period (including (distributions in excess of) net investment income of $(112) and $(1,287), respectively)	$869,586,212	$891,616,143

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated New York Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers four classes of shares: Service Shares, Cash II Shares, Institutional Shares and Cash Series Shares. The financial highlights of the Service Shares, Cash II Shares and Cash Series Shares are presented separately. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Service Shares, Cash II Shares, Institutional Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Reimbursed	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$43,548	$(2,337)	$(41,211)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	379,558,085	$379,558,085	658,218,226	$658,218,226
Shares issued to shareholders in payment of distributions declared	8,471	8,471	16,600	16,600
Shares redeemed	(372,802,450)	(372,802,450)	(665,975,527)	(665,975,527)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	6,764,106	$6,764,106	(7,740,701)	$(7,740,701)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	86,411,889	$86,411,889	154,169,217	$154,169,217
Shares issued to shareholders in payment of distributions declared	8,701	8,701	23,488	23,488
Shares redeemed	(83,100,469)	(83,100,469)	(176,593,026)	(176,593,026)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	3,320,121	$3,320,121	(22,400,321)	$(22,400,321)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	164,172,846	$164,172,846	350,793,528	$350,793,528
Shares issued to shareholders in payment of distributions declared	19,049	19,049	50,823	50,823
Shares redeemed	(201,444,848)	(201,444,848)	(437,129,549)	(437,129,549)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(37,252,953)	$(37,252,953)	(86,285,198)	$(86,285,198)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	491,306,761	$491,306,761	816,149,029	$816,149,029
Shares issued to shareholders in payment of distributions declared	29,557	29,557	61,751	61,751
Shares redeemed	(486,167,124)	(486,167,124)	(734,955,507)	(734,955,507)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	5,169,194	$5,169,194	81,255,273	$81,255,273
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(21,999,532)	$(21,999,532)	(35,170,947)	$(35,170,947)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $1,861,266 and voluntarily reimbursed $185,125 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

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 daily net assets of the Fund's Service Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

Share Class Name	Percentage of Average Daily Net Assets of Class
Service Shares	0.25%
Cash II Shares	0.25%
Cash Series Shares	0.60%

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$273,734	$(273,734)
Cash II Shares	131,949	(131,949)
Cash Series Shares	1,053,665	(1,053,665)
TOTAL	$1,459,348	$(1,459,348)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$195,883	$(195,883)
Cash II Shares	131,935	(131,935)
Cash Series Shares	439,027	(439,027)
TOTAL	$766,845	$(766,845)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Service Shares, Cash II Shares, Institutional Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.53%, 0.76%, 0.31% and 1.01% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF 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, 2014, 54.1% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 9.2% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual	$1,000	$1,000.10	$0.64²
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.15	$0.65²

Expenses are equal to the Fund's annualized net expense ratio of 0.13%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current annualized net expense ratio of 0.31% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect current expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.54 and $1.56, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated new york municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and expense reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	75.3%
Municipal Notes	24.6%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	75.0%
8-30 Days	2.1%
31-90 Days	8.3%
91-180 Days	5.8%
181 Days or more	8.7%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.9%^1,2
		Ohio—99.9%
$3,250,000		Akron, OH, 1.15% BANs, 3/12/2015	$3,273,757
3,000,000		Avon, OH, (Series 2014), 1.00% BANs, 2/5/2015	3,013,731
2,610,000		Avon, OH, 0.45% BANs, 6/25/2014	2,610,000
2,000,000		Berea, OH, 0.75% BANs, 3/25/2015	2,008,950
1,900,000		Butler County, OH Hospital Facilities Authority, (Series O) Weekly VRDNs (Cincinnati Children's Hospital Medical Center)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	1,900,000
3,000,000		Butler County, OH, 0.40% BANs, 7/31/2014	3,000,000
1,500,000		Canton, OH, 1.00% BANs, 6/24/2014	1,501,215
790,000		Cleveland Heights, OH, 1.00% BANs, 7/31/2014	791,215
5,130,000	^3,4	Cleveland, OH Airport System, SPEARs (Series DBE-570) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.170%, 5/1/2014	5,130,000
270,000		Columbiana County, OH, (Series 1999) Weekly VRDNs (Butech, Inc.)/(Key Bank, N.A. LOC), 0.280%, 5/1/2014	270,000
13,490,000	^3,4	Columbus, OH City School District, SPEARs (Series DBE-289) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.180%, 5/1/2014	13,490,000
8,455,000		Columbus, OH Regional Airport Authority Capital Funding Revenue, (Senior Series 2006) Weekly VRDNs (OASBO Expanded Asset Pooled Financing Program)/(U.S. Bank, N.A. LOC), 0.120%, 5/1/2014	8,455,000
11,995,000		Cuyahoga County, OH, (Series 1999) Weekly VRDNs (National Terminal Apartments)/(JPMorgan Chase Bank, N.A. LOC), 0.510%, 5/1/2014	11,995,000
1,870,000		Cuyahoga Falls, OH, 1.00% BANs, 12/4/2014	1,878,316
2,200,000		Evendale, OH, (Series 1985) Weekly VRDNs (SHV Real Estate, Inc.)/(GTD by Nucor Corp.), 0.380%, 5/7/2014	2,200,000
1,350,000		Fairfield Township, OH, 1.25% BANs, 6/5/2014	1,351,296
2,000,000		Franklin County, OH Hospital Facility Authority, (Series 2008F) Weekly VRDNs (Nationwide Children's Hospital)/(PNC Bank, N.A. LIQ), 0.110%, 5/1/2014	2,000,000
2,330,000	^3,4	Franklin County, OH Hospital Facility Authority, Barclays Floater Certificates (Series 2011-21B) Weekly VRDNs (Ohiohealth Corp,)/(Barclays Bank PLC LIQ), 0.140%, 5/1/2014	2,330,000
5,000,000		Franklin County, OH Mortgage Revenue, (CHE Trinity Healthcare Credit Group) MVRENs, (Series 2013OH), 0.190%, 5/1/2014	5,000,000
4,000,000		Geauga County, OH, 1.00% BANs, 8/13/2014	4,007,374
910,000		Green City, OH, 1.00% BANs, 6/17/2014	910,758

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Ohio—continued
$7,010,000	Greene County, OH Hospital Facilities Revenue Authority, (Series 1999A) Weekly VRDNs (Med Health System)/(JPMorgan Chase Bank, N.A. LOC), 0.170%, 5/1/2014	$7,010,000
24,600,000	Hamilton County, OH Hospital Facilities Authority, (Series 2002A) Weekly VRDNs (The Elizabeth Gamble Deaconess Home Association)/(Northern Trust Co., Chicago, IL LOC), 0.080%, 5/7/2014	24,600,000
2,480,000	Hamilton County, OH, (Series 2003) Weekly VRDNs (St. Xavier High School, Inc.)/(PNC Bank, N.A. LOC), 0.120%, 5/2/2014	2,480,000
370,000	Hamilton, OH MFH, (Series 2003B: Knollwood Crossing II Apartments) Weekly VRDNs (Pedcor Investments-2003-LIX LP)/(FHLB of Indianapolis LOC), 0.255%, 5/1/2014	370,000
3,500,000	Hamilton, OH, 1.00% BANs, 10/2/2014	3,505,864
5,420,000	Highland County, OH Joint Hospital District, (Series 2007) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 0.220%, 5/1/2014	5,420,000
1,400,000	Hudson City, OH, 1.25% BANs, 7/25/2014	1,402,921
1,300,000	Lake County, OH, (Series 1996) Weekly VRDNs (Apsco Properties Ltd.)/(FirstMerit Bank, N.A. LOC), 0.190%, 5/1/2014	1,300,000
16,170,000	Lancaster, OH Port Authority, (Series 2008) Gas Supply Revenue Weekly VRDNs (Royal Bank of Canada, Montreal LIQ), 0.120%, 5/1/2014	16,170,000
4,750,000	Lebanon, OH City School District, 1.00% BANs, 6/26/2014	4,755,485
2,114,231	Lebanon, OH City School District, 1.125% BANs, 5/7/2014	2,114,537
2,000,000	Lima, OH, 1.25% BANs, 3/17/2015	2,017,125
1,955,000	Lorain County, OH Port Authority, (Series 2008) Weekly VRDNs (St. Ignatius High School)/(U.S. Bank, N.A. LOC), 0.130%, 5/1/2014	1,955,000
8,305,000	Lorain County, OH Port Authority, IDRB (Series 1996) Weekly VRDNs (Brush Wellman, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/1/2014	8,305,000
505,000	Lorain County, OH Weekly VRDNs (Ohio Metallurgical Service, Inc.)/(FirstMerit Bank, N.A. LOC), 0.240%, 5/1/2014	505,000
3,330,000	Lorain, OH Port Authority, (Series 2008) Weekly VRDNs (Horizon Activities Center)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	3,330,000
3,000,000	Lyndhurst, OH, (Series 2002) Weekly VRDNs (Hawken School)/(PNC Bank, N.A. LOC), 0.130%, 5/1/2014	3,000,000
2,750,000	Mahoning County, OH IDA, (Series 1999) Weekly VRDNs (Modern Builders Supply, Inc.)/(PNC Bank, N.A. LOC), 0.170%, 5/1/2014	2,750,000
2,475,000	Mahoning County, OH, 1.50% BANs, 10/9/2014	2,486,954
2,175,000	Marietta, OH, 1.25% BANs, 5/16/2014	2,175,443
2,975,000	Marion County, OH MFH, (Series 2006) Weekly VRDNs (Avalon Lakes)/(FHLB of Cincinnati LOC), 0.150%, 5/1/2014	2,975,000
2,650,000	Marysville, OH, 1.00% BANs, 8/27/2014	2,654,261
1,900,000	Marysville, OH, 1.50% BANs, 5/29/2014	1,901,523

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Ohio—continued
$3,200,000		Medina County, OH, (Series 1998) Weekly VRDNs (Mack Industries, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.290%, 5/1/2014	$3,200,000
1,070,000		Miami County, OH, 1.00% BANs, 11/25/2014	1,074,249
2,000,000		Miami Township, OH, 1.00% BANs, 2/11/2015	2,010,136
2,925,000		Montgomery County, OH, (Series 2005) Weekly VRDNs (Kroger Co.)/(Bank of Nova Scotia, Toronto LOC), 0.170%, 5/1/2014	2,925,000
1,080,000		Montgomery County, OH, (Series 2006A) Weekly VRDNs (Cambridge Commons Apartments)/(FHLB of Indianapolis LOC), 0.150%, 5/1/2014	1,080,000
1,200,000		Newark, OH, 1.00% BANs, 7/28/2014	1,201,728
1,585,000		North Ridgeville, OH CSD, 1.30% BANs, 5/1/2014	1,585,000
3,200,000		North Royalton, OH, 0.45% BANs, 5/22/2014	3,200,000
6,800,000		Norton, OH City School District, 1.00% BANs, 7/1/2014	6,808,185
12,800,000	^3,4	Nuveen Ohio Quality Income Municipal Fund, Weekly VRDPs (1,480M Series 1)/(Royal Bank of Canada LIQ), 0.210%, 5/1/2014	12,800,000
16,655,000		Ohio HFA, (Series J) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.120%, 5/7/2014	16,655,000
6,700,000		Ohio State Higher Educational Facility Commission, (2008 Series B) Weekly VRDNs (Otterbein College)/(JPMorgan Chase Bank, N.A. LOC), 0.110%, 5/1/2014	6,700,000
14,725,000		Ohio State Higher Educational Facility Commission, (Series 2006A) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 0.220%, 5/1/2014	14,725,000
11,720,000		Ohio State Higher Educational Facility Commission, (Series B) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 0.200%, 5/1/2014	11,720,000
11,800,000	^3,4	Ohio State Higher Educational Facility Commission, Clipper Tax-Exempt Certificates Trust (Series 2009-50) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.120%, 5/1/2014	11,800,000
2,800,000		Parma Heights, OH, 1.00% BANs, 7/24/2014	2,802,882
1,150,000		Pataskala, OH, (Series B), 1.50% BANs, 11/19/2014	1,157,160
1,295,000		Pataskala, OH, 1.65% BANs, 11/19/2014	1,304,719
1,935,000		Perrysburg, OH, 1.00% BANs, 10/30/2014	1,939,809
970,000		Pike County, OH Health Care Facilities, (Series A) Weekly VRDNs (National Church Residences)/(Bank of America N.A. LOC), 0.160%, 5/1/2014	970,000
3,035,000		Sandusky, OH, 1.25% BANs, 10/9/2014	3,046,326
2,000,000		Sharonville, OH, 1.00% BANs, 7/10/2014	2,002,288
2,900,000		Streetsboro, OH City School District, 1.00% BANs, 7/1/2014	2,903,586
310,000		Strongsville, OH Weekly VRDNs (Monarch Engraving, Inc.)/(FirstMerit Bank, N.A. LOC), 0.520%, 5/7/2014	310,000
1,190,000		Summit County, OH IDA, (Series 1998) Weekly VRDNs (Waldonia Investment)/(Key Bank, N.A. LOC), 0.260%, 5/7/2014	1,190,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Ohio—continued
$1,770,000	Summit County, OH IDA, (Series 2001) Weekly VRDNs (AESCO, Inc.)/(FirstMerit Bank, N.A. LOC), 0.190%, 5/1/2014	$1,770,000
110,000	Summit County, OH IDA, Adjustable Rate IDRBs (Series 1996) Weekly VRDNs (Fomo Products, Inc.)/(FirstMerit Bank, N.A. LOC), 0.240%, 5/1/2014	110,000
770,000	Summit County, OH IDA, Variable Rate IDRBs (Series 1998A) Weekly VRDNs (Wintek Ltd.)/(FirstMerit Bank, N.A. LOC), 0.240%, 5/1/2014	770,000
3,350,000	Tipp City, OH, (Series A), 1.00% BANs, 2/17/2015	3,368,677
1,375,000	Tipp City, OH, 1.00% BANs, 11/26/2014	1,379,694
5,345,000	Toledo-Lucas County, OH Port Authority Weekly VRDNs (Roman Catholic Diocese of Toledo)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	5,345,000
7,000,000	Toledo-Lucas County, OH Port Authority, (Series 2006) Weekly VRDNs (Van Deurzen Dairy LLC)/(Bank of America N.A. LOC), 0.240%, 5/1/2014	7,000,000
23,380,000	Williams County, OH, (Series 2008) Weekly VRDNs (Community Hospital and Wellness Centers)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/2/2014	23,380,000
	TOTAL MUNICIPAL INVESTMENTS—99.9% (AT AMORTIZED COST)⁵	338,535,164
	OTHER ASSETS AND LIABILITIES - NET—0.1%⁶	455,001
	TOTAL NET ASSETS—100%	$338,990,165

Securities that are subject to the federal alternative minimum tax (AMT) represent 21.7% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
99.4%	0.6%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.

Semi-Annual Shareholder Report

3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $45,550,000, which represented 13.4% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $45,550,000, which represented 13.4% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

BANs	—Bond Anticipation Notes
COL	—Collateralized
FHLB	—Federal Home Loan Bank
GNMA	—Government National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDRB(s)	—Industrial Development Revenue Bond(s)
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
MVRENs	—Municipal Variable Rate Exchangeable Notes
SPEARs	—Short Puttable Exempt Adjustable Receipts
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.001	0.009
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.009)
Distributions from net realized gain on investments	—	—	—	—	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(0.009)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.02%	0.02%	0.02%	0.06%	0.87%
Ratios to Average Net Assets:
Net expenses	0.19%⁴	0.22%	0.32%	0.46%	0.52%	0.54%⁵
Net investment income	0.01%⁴	0.02%	0.02%	0.02%	0.06%	0.80%
Expense waiver/reimbursement⁶	0.38%⁴	0.33%	0.24%	0.12%	0.03%	0.04%
Supplemental Data:
Net assets, end of period (000 omitted)	$260,296	$257,317	$289,835	$197,209	$255,738	$382,156

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.54% after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.007
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.007)
Distributions from net realized gain on investments	—	—	—	—	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.007)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.02%	0.02%	0.02%	0.01%	0.67%
Ratios to Average Net Assets:
Net expenses	0.19%⁴	0.22%	0.31%	0.47%	0.58%	0.74%⁵
Net investment income	0.01%⁴	0.02%	0.02%	0.02%	0.01%	0.59%
Expense waiver/reimbursement⁶	0.63%⁴	0.58%	0.50%	0.37%	0.22%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$43,820	$44,654	$52,266	$62,332	$61,341	$233,867

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.74% after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Distributions from net realized gain on investments	—	—	—	—	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.02%	0.02%	0.02%	0.01%	0.39%
Ratios to Average Net Assets:
Net expenses	0.19%⁴	0.22%	0.31%	0.46%	0.58%	1.02%⁵
Net investment income	0.01%⁴	0.02%	0.02%	0.02%	0.01%	0.38%
Expense waiver/reimbursement⁶	0.93%⁴	0.88%	0.80%	0.68%	0.52%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$34,873	$38,365	$36,674	$37,145	$22,453	$58,068

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio for the year ended October 31, 2009 was 1.02% after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$338,535,164
Cash		6,952
Income receivable		458,682
Prepaid expenses		15,501
TOTAL ASSETS		339,016,299
Liabilities:
Income distribution payable	$1,976
Payable to adviser (Note 4)	5,209
Payable for Directors'/Trustees' fees (Note 4)	230
Payable for portfolio accounting fees	18,719
TOTAL LIABILITIES		26,134
Net assets for 338,994,413 shares outstanding		$338,990,165
Net Assets Consist of:
Paid-in capital		$338,991,625
Distributions in excess of net investment income		(1,460)
TOTAL NET ASSETS		$338,990,165
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$260,296,422 ÷ 260,298,581 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$43,820,332 ÷ 43,821,169 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$34,873,411 ÷ 34,874,663 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$356,116
Expenses:
Investment adviser fee (Note 4)		$709,047
Administrative fee (Note 4)		138,441
Custodian fees		6,421
Transfer agent fee		28,261
Directors'/Trustees' fees (Note 4)		1,274
Auditing fees		9,720
Legal fees		10,478
Portfolio accounting fees		52,637
Distribution services fee (Note 4)		52,484
Shareholder services fee (Note 4)		102,984
Account administration fee (Note 2)		104
Share registration costs		33,839
Printing and postage		11,021
Miscellaneous (Note 4)		3,089
TOTAL EXPENSES		1,159,800
Waivers:
Waiver of investment adviser fee (Note 4)	$(666,425)
Waiver of distribution services fee (Note 4)	(52,484)
Waiver of shareholder services fee (Note 4)	(102,984)
Waiver of account administration fee (Note 2)	(104)
TOTAL WAIVERS		(821,997)
Net expenses			337,803
Net investment income			$18,313

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$18,313	$75,986
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	18,313	75,986
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(13,588)	(57,448)
Service Shares	(2,375)	(9,437)
Cash II Shares	(1,749)	(8,895)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(17,712)	(75,780)
Share Transactions:
Proceeds from sale of shares	291,310,257	686,470,693
Net asset value of shares issued to shareholders in payment of distributions declared	5,191	22,191
Cost of shares redeemed	(292,661,473)	(724,932,960)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(1,346,025)	(38,440,076)
Change in net assets	(1,345,424)	(38,439,870)
Net Assets:
Beginning of period	340,335,589	378,775,459
End of period (including (distributions in excess of) net investment income of $(1,460) and $(2,061), respectively)	$338,990,165	$340,335,589

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Ohio Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Services Shares and Cash II Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The primary 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. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares, Service Shares and Cash II Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$104	$(104)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	220,041,619	$220,041,619	475,021,099	$475,021,099
Shares issued to shareholders in payment of distributions declared	2,494	2,494	10,741	10,741
Shares redeemed	(217,065,278)	(217,065,278)	(507,549,713)	(507,549,713)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	2,978,835	$2,978,835	(32,517,873)	$(32,517,873)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	39,486,929	$39,486,929	102,396,782	$102,396,782
Shares issued to shareholders in payment of distributions declared	1,280	1,280	5,064	5,064
Shares redeemed	(40,321,631)	(40,321,631)	(110,014,561)	(110,014,561)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(833,422)	$(833,422)	(7,612,715)	$(7,612,715)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	31,781,709	$31,781,709	109,052,812	$109,052,812
Shares issued to shareholders in payment of distributions declared	1,417	1,417	6,386	6,386
Shares redeemed	(35,274,564)	(35,274,564)	(107,368,686)	(107,368,686)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(3,491,438)	$(3,491,438)	1,690,512	$1,690,512
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(1,346,025)	$(1,346,025)	(38,440,076)	$(38,440,076)

Semi-Annual Shareholder Report

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, the Adviser voluntarily waived $666,425 of its fee.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

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 daily net assets of the Fund's Cash II Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.30% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash II Shares	$52,484	$(52,484)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

The Fund may pay fees (“Service Fees”) up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Cash II Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for Service Fees. In addition, unaffiliated third-party financial intermediaries may waive Service Fees. This waiver can be modified or terminated at any time.

For the six months ended April 30, 2014, Service Fees for the Fund were as follows:

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$59,247	$(59,247)
Cash II Shares	$43,737	$(43,737)
TOTAL	$102,984	$(102,984)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares and Cash II Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.52%, 0.72% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF 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, 2014, 53.0% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 16.0% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.00	$0.94²
Service Shares	$1,000	$1,000.00	$0.94³
Cash II Shares	$1,000	$1,000.00	$0.94⁴
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.85	$0.95²
Service Shares	$1,000	$1,023.85	$0.95³
Cash II Shares	$1,000	$1,023.85	$0.95⁴

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.19%
Service Shares	0.19%
Cash II Shares	0.19%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.52% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.58 and $2.61, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.72% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.57 and $3.61, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash II Shares current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.06 and $5.11, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated ohio municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and expense reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	78.3%
Municipal Notes	22.6%
Other Assets and Liabilities—Net²	(0.9)%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	77.9%
8-30 Days	0.7%
31-90 Days	10.5%
91-180 Days	4.8%
181 Days or more	7.0%
Other Assets and Liabilities—Net²	(0.9)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—100.9%^1,2
		Pennsylvania—100.9%
$365,000		Adams County, PA IDA, (Series 2002) Weekly VRDNs (Agricultural Commodities, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.320%, 5/2/2014	$365,000
6,400,000		Allegheny County, PA HDA, (Series 1997) Weekly VRDNs (Dialysis Clinic, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.220%, 5/1/2014	6,400,000
1,350,000		Allegheny County, PA HDA, (Series B), 5.00% Bonds (UPMC Health System), 6/15/2014	1,358,226
8,250,000	^3,4	Allegheny County, PA HDA, PUTTERs (Series 4323), 0.17% TOBs (UPMC Health System)/(JPMorgan Chase Bank, N.A. LIQ), Optional Tender 6/26/2014	8,250,000
4,000,000		Allegheny County, PA IDA, (Series 2008A) Weekly VRDNs (Vincentian Collaborative System)/(PNC Bank, N.A. LOC), 0.120%, 5/1/2014	4,000,000
1,115,000		Allegheny County, PA IDA, (Series of 2002) Weekly VRDNs (Carnegie Museums of Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 0.160%, 5/1/2014	1,115,000
5,000,000		Beaver County, PA IDA, (Series 2006-B) Daily VRDNs (FirstEnergy Solutions Corp.)/(Citibank NA, New York LOC), 0.090%, 5/1/2014	5,000,000
1,000,000		Bermudian Springs, PA School District, (Series 2013) VRNs, 0.302%, 5/1/2014	1,000,000
1,700,000		Bucks County, PA IDA, (Series 1985) Weekly VRDNs (SHV Real Estate, Inc.)/(GTD by Nucor Corp.), 0.380%, 5/7/2014	1,700,000
9,500,000		Bucks County, PA IDA, (Series B of 2008) Weekly VRDNs (Grand View Hospital)/(PNC Bank, N.A. LOC), 0.110%, 5/1/2014	9,500,000
13,815,000		Butler County, PA General Authority, (Series 2011A) Weekly VRDNs (North Allegheny, PA School District)/(PNC Bank, N.A. LIQ), 0.120%, 5/1/2014	13,815,000
1,460,000		Butler County, PA IDA, IDRBs (Series 1997) Weekly VRDNs (Wise Business Forms, Inc.)/(Branch Banking & Trust Co. LOC), 0.200%, 5/2/2014	1,460,000
6,250,000		Chester County, PA IDA, (Series of 2001) Weekly VRDNs (Malvern Preparatory School)/(Citizens Bank of Pennsylvania LOC), 0.230%, 5/1/2014	6,250,000
285,000		Cumberland County, PA IDA, (Series 2001) Weekly VRDNs (Industrial Harness Co.)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	285,000
7,300,000		Cumberland County, PA Municipal Authority, (Series 2008B) Weekly VRDNs (Presbyterian Homes Obligated Group)/(Bank of America N.A. LOC), 0.120%, 5/1/2014	7,300,000
14,535,000		Dallastown Area School District, PA, (Series of 2014) VRNs, 1.250%, 7/1/2014	14,663,606
5,080,000		Delaware County, PA Authority, (Series 2008) Weekly VRDNs (Eastern University)/(TD Bank, N.A. LOC), 0.120%, 5/1/2014	5,080,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Pennsylvania—continued
$3,615,000		Delaware County, PA IDA, (Series 2013A) Weekly VRDNs (Covanta Energy Corp.)/(Bank of America N.A. LOC), 0.140%, 5/1/2014	$3,615,000
12,500,000		Erie County, PA Hospital Authority, (Series 2010B) Weekly VRDNs (St. Vincent Health System)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.140%, 5/1/2014	12,500,000
330,000		Franconia Township, PA IDA, (Series 1997A) Daily VRDNs (Asher's Chocolates)/(TD Bank, N.A. LOC), 0.200%, 5/1/2014	330,000
3,965,000		Haverford Twp, PA School District, (Series 2009) Weekly VRDNs (TD Bank, N.A. LOC), 0.120%, 5/1/2014	3,965,000
1,425,000		Lancaster, PA IDA, (Series A of 2007) Weekly VRDNs (John F. Martin & Sons, Inc.)/(Fulton Bank, N.A. LOC), 0.950%, 5/1/2014	1,425,000
450,000		Lehigh County, PA IDA, (Series of 2000) Weekly VRDNs (P. R. E. USA, Inc./Suntuf 2000, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.330%, 5/1/2014	450,000
5,000,000	^3,4	Luzerne County, PA IDA, ROCs (Series 11691) Weekly VRDNs (Pennsylvania American Water Co.)/(Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.180%, 5/1/2014	5,000,000
6,675,000	^3,4	Manheim Township, PA, RBC Muni Trust (Series 2011-E28) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.120%, 5/1/2014	6,675,000
2,170,000		Middletown, PA Area School District, (Series 2013) VRNs, 0.302%, 5/1/2014	2,169,547
16,000,000		Montgomery County, PA IDA, (Series 2000) Weekly VRDNs (Lonza, Inc.)/(Landesbank Hessen-Thuringen LOC), 0.260%, 5/1/2014	16,000,000
8,535,000		Moon, PA IDA, (Series 2007: Providence Point Project) Weekly VRDNs (Baptist Homes, Inc.)/(Bank of Scotland, Edinburgh LOC), 0.150%, 5/1/2014	8,535,000
745,000		North Allegheny, PA School District, (Series A), 2.00% Bonds, 5/1/2015	758,313
3,805,000		North Penn, PA Water Authority, (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.120%, 5/1/2014	3,805,000
18,000,000	^3,4	Nuveen Pennsylvania Investment Quality Municipal Fund, Weekly VRDPs (1125 Series 2)/(GTD by Citibank NA, New York), 0.220%, 5/1/2014	18,000,000
895,000		Pennsylvania Economic Development Financing Authority, (2006 Series A1) Weekly VRDNs (Ellwood City Hospital (PA))/(PNC Bank, N.A. LOC), 0.130%, 5/1/2014	895,000
15,070,000		Pennsylvania EDFA, (Series 2006) Weekly VRDNs (AMC Delancey Traditions of Hershey Partners, L.P.)/(FHLB of Pittsburgh LOC), 0.140%, 5/1/2014	15,070,000
8,790,000		Pennsylvania EDFA, (Series 2007) Weekly VRDNs (Evergreen Community Power Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.270%, 5/2/2014	8,790,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Pennsylvania—continued
$9,505,000	^3,4	Pennsylvania EDFA, SPEARs (DBE-1259) Weekly VRDNs (Dauphin County, PA)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.160%, 5/1/2014	$9,505,000
3,265,000		Pennsylvania HFA, (Series 2004-81C) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ), 0.110%, 5/7/2014	3,265,000
2,870,000		Pennsylvania HFA, (Series 2008-O) Weekly VRDNs (Foxwood Manor Apartments)/(GTD by FHLMC), 0.120%, 5/1/2014	2,870,000
3,005,000	^3,4	Pennsylvania HFA, MERLOTS (Series 2006-B13), 0.17% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 10/15/2014	3,005,000
9,365,000	^3,4	Pennsylvania HFA, MERLOTS (Series 2007-C50), 0.290% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/24/2014	9,365,000
5,030,000		Pennsylvania State Higher Education Facilities Authority, (Series 2002 K1) Weekly VRDNs (University of Scranton)/(JPMorgan Chase Bank, N.A. LOC), 0.140%, 5/1/2014	5,030,000
2,300,000		Pennsylvania State Higher Education Facilities Authority, (Series I-6) Weekly VRDNs (York College of Pennsylvania)/ (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.120%, 5/1/2014	2,300,000
8,400,000		Pennsylvania State Higher Education Facilities Authority, Revenue Bonds Weekly VRDNs (York College of Pennsylvania)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.120%, 5/1/2014	8,400,000
2,315,000	^3,4	Pennsylvania State Turnpike Commission, SPEARs (DBE-1308) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.200%, 5/1/2014	2,315,000
2,300,000		Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2002-A) Daily VRDNs (Children's Hospital of Philadelphia)/(JPMorgan Chase Bank, N.A. LIQ), 0.090%, 5/1/2014	2,300,000
13,550,000		Philadelphia, PA School District, (Series F of 2010) Weekly VRDNs (Barclays Bank PLC LOC), 0.120%, 5/1/2014	13,550,000
5,370,000		Philadelphia, PA Water & Wastewater System, (Series A), 5.00% Bonds, 6/15/2014	5,402,232
15,000,000		Philadelphia, PA, (Series A of 2013-2014), 1.25% TRANs, 6/30/2014	15,026,821
2,275,000		Pittsburgh, PA, UT GO Bonds (Series 1993A), 5.50% Bonds, 9/1/2014	2,313,108
3,375,000		Ridley, PA School District, (Series of 2009) Weekly VRDNs (TD Bank, N.A. LOC), 0.120%, 5/1/2014	3,375,000
7,800,000		Southcentral PA, General Authority, (Series 2005) Weekly VRDNs (Hanover Lutheran Retirement Village, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/2/2014	7,800,000
6,000,000		Tioga County, PA IDA, (Series 2014C-1), 1.00% BANs (Mansfield Auxiliary Corporation Student Housing), 3/13/2015	6,037,522

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Pennsylvania—continued
$11,275,000	Upper St. Clair Township, PA, (Series of 2008) Weekly VRDNs (Bank of New York Mellon LIQ), 0.110%, 5/1/2014	$11,275,000
1,375,000	York County, PA IDA, (Series A of 2000) Weekly VRDNs (UL Holdings)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.320%, 5/2/2014	1,375,000
	TOTAL MUNICIPAL INVESTMENTS—100.9% (AT AMORTIZED COST)⁵	310,034,375
	OTHER ASSETS AND LIABILITIES - NET—(0.9)%⁶	(2,707,600)
	TOTAL NET ASSETS—100%	$307,326,775

Securities that are subject to the federal alternative minimum tax (AMT) represent 27.2% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
96.6%	3.4%

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $62,115,000, which represented 20.2% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $62,115,000, which represented 20.2% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Semi-Annual Shareholder Report

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

BANs	—Bond Anticipation Notes
EDFA	—Economic Development Finance Authority
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
GTD	—Guaranteed
HDA	—Hospital Development Authority
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDRBs	—Industrial Development Revenue Bonds
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
SPEARs	—Short Puttable Exempt Adjustable Receipts
TOBs	—Tender Option Bonds
TRANs	—Tax and Revenue Anticipation Notes
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds
VRNs	—Variable Rate Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.007
Net realized gain on investments	—	0.000¹	—	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.007
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.007)
Distributions from net realized gain on investments	(0.000)¹	—	—	(0.000)¹	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.007)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.02%	0.03%	0.04%	0.71%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.22%	0.34%	0.42%	0.46%	0.49%⁴
Net investment income	0.01%³	0.02%	0.02%	0.03%	0.05%	0.73%
Expense waiver/reimbursement⁵	0.49%³	0.39%	0.25%	0.18%	0.13%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$70,045	$79,413	$93,370	$93,679	$103,414	$220,252

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.49% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Net realized gain on investments	—	0.000¹	—	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Distributions from net realized gain on investments	(0.000)¹	—	—	(0.000)¹	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.02%	0.02%	0.01%	0.51%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.22%	0.34%	0.43%	0.50%	0.69%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.01%	0.48%
Expense waiver/reimbursement⁵	0.72%³	0.63%	0.50%	0.41%	0.34%	0.14%
Supplemental Data:
Net assets, end of period (000 omitted)	$138,238	$120,509	$129,670	$173,450	$140,893	$536,668

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 0.69% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Net realized gain on investments	—	0.000¹	—	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.002
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Distributions from net realized gain on investments	(0.000)¹	—	—	(0.000)¹	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.02%	0.02%	0.01%	0.19%
Ratios to Average Net Assets:
Net expenses	0.13%³	0.22%	0.34%	0.44%	0.49%	1.02%⁴
Net investment income	0.01%³	0.02%	0.02%	0.02%	0.01%	0.22%
Expense waiver/reimbursement⁵	1.12%³	1.03%	0.90%	0.82%	0.75%	0.21%
Supplemental Data:
Net assets, end of period (000 omitted)	$99,044	$108,681	$134,865	$67,514	$63,380	$47,833

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009, was 1.02% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$310,034,375
Cash		151,085
Income receivable		285,150
Receivable for shares sold		7,859
TOTAL ASSETS		310,478,469
Liabilities:
Payable for investments purchased	$3,073,313
Payable for shares redeemed	51,463
Income distribution payable	1,269
Payable to adviser (Note 4)	8,001
Payable for shareholder services fee (Note 4)	4,088
Accrued expenses (Note 4)	13,560
TOTAL LIABILITIES		3,151,694
Net assets for 307,327,124 shares outstanding		$307,326,775
Net Assets Consist of:
Paid-in capital		$307,327,061
Distributions in excess of net investment income		(286)
TOTAL NET ASSETS		$307,326,775
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$70,044,544 ÷ 70,044,631 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$138,237,923 ÷ 138,238,086 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$99,044,308 ÷ 99,044,407 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$225,916
Expenses:
Investment adviser fee (Note 4)		$647,046
Administrative fee (Note 4)		126,336
Custodian fees		5,583
Transfer agent fee		80,759
Directors'/Trustees' fees (Note 4)		1,158
Auditing fees		9,720
Legal fees		10,488
Portfolio accounting fees		47,994
Distribution services fee (Note 4)		210,688
Shareholder services fee (Note 4)		297,290
Account administration fee (Note 2)		3,241
Share registration costs		33,029
Printing and postage		13,185
Miscellaneous (Note 4)		3,284
TOTAL EXPENSES		1,489,801
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(647,046)
Waiver of distribution services fee (Note 4)	(210,688)
Waiver of shareholder services fee (Note 4)	(297,290)
Waiver of account administration fee (Note 2)	(3,241)
Waiver of transfer agent fee	(79,296)
Reimbursement of other operating expenses (Note 4)	(42,515)
TOTAL WAIVERS AND REIMBURSEMENT		(1,280,076)
Net expenses			209,725
Net investment income			$16,191

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$16,191	$62,378
Net realized gain on investments	—	20,214
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	16,191	82,592
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(4,139)	(16,248)
Service Shares	(6,775)	(27,810)
Cash Series Shares	(5,261)	(18,163)
Distributions from net realized gain on investments
Institutional Shares	(5,411)	—
Service Shares	(8,101)	—
Cash Series Shares	(6,702)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(36,389)	(62,221)
Share Transactions:
Proceeds from sale of shares	407,326,855	889,692,989
Net asset value of shares issued to shareholders in payment of distributions declared	19,585	31,486
Cost of shares redeemed	(408,602,254)	(939,047,297)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(1,255,814)	(49,322,822)
Change in net assets	(1,276,012)	(49,302,451)
Net Assets:
Beginning of period	308,602,787	357,905,238
End of period (including (distributions in excess of) net investment income of $(286) and $(302), respectively)	$307,326,775	$308,602,787

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Pennsylvania Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income taxes and the personal income tax imposed by the Commonwealth of Pennsylvania consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares, Service Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Service Shares	$3,241	$(3,241)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2014
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	127,355,204	$127,355,204	284,796,225	$284,796,225
Shares issued to shareholders in payment of distributions declared	318	318	793	793
Shares redeemed	(136,718,316)	(136,718,316)	(298,759,617)	(298,759,617)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(9,362,794)	$(9,362,794)	(13,962,599)	(13,962,599)

	Six Months Ended 4/30/2014		Year Ended 10/31/2014
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	187,251,600	$187,251,600	380,368,132	$380,368,132
Shares issued to shareholders in payment of distributions declared	7,355	7,355	12,740	12,740
Shares redeemed	(169,522,012)	(169,522,012)	(389,550,289)	(389,550,289)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	17,736,943	$17,736,943	(9,169,417)	$(9,169,417)

	Six Months Ended 4/30/2014		Year Ended 10/31/2014
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	92,720,051	$92,720,051	224,528,632	$224,528,632
Shares issued to shareholders in payment of distributions declared	11,912	11,912	17,953	17,953
Shares redeemed	(102,361,926)	(102,361,926)	(250,737,391)	(250,737,391)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(9,629,963)	$(9,629,963)	(26,190,806)	$(26,190,806)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(1,255,814)	$(1,255,814)	(49,322,822)	$(49,322,822)

Semi-Annual Shareholder Report

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $647,046 and voluntarily reimbursed $42,515 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

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 daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.40% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$210,688	$(210,688)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Semi-Annual Shareholder Report

Shareholder Services Fee

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$165,610	$(165,610)
Cash Series Shares	131,680	(131,680)
TOTAL	$297,290	$(297,290)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their respective fees and/or reimburse expenses so that the total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares, Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.46%, 0.66% and 1.06% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF 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, 2014, 55.1% 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 14.6% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.10	$0.64²
Service Shares	$1,000	$1,000.10	$0.64³
Cash Series Shares	$1,000	$1,000.10	$0.64⁴
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.15	$0.65²
Service Shares	$1,000	$1,024.15	$0.65³
Cash Series Shares	$1,000	$1,024.15	$0.65⁴

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.13%
Service Shares	0.13%
Cash Series Shares	0.13%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.46% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.28 and $2.31, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.66% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.27 and $3.31, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.06% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.26 and $5.31, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated pennsylvania municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee, after waivers and expense reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser, noting that the overall expense structure of the Fund, after waivers and reimbursements, was above the median of the relevant peer group, but the Board still was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	87.2%
Municipal Notes	12.2%
Commercial Paper	0.5%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At April 30, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	81.5%
8-30 Days	3.7%
31-90 Days	1.4%
91-180 Days	5.8%
181 Days or more	7.5%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2014 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.9%^1,2
		Virginia—93.1%
$5,500,000		Albemarle County, VA IDA, (Series 2007) Weekly VRDNs (Jefferson Scholars Foundation)/(SunTrust Bank LOC), 0.240%, 5/7/2014	$5,500,000
16,130,000		Alexandria, VA IDA, (Series 2000B) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.140%, 5/1/2014	16,130,000
2,080,000		Alexandria, VA IDA, (Series 2005) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.140%, 5/1/2014	2,080,000
760,000		Arlington County, VA IDA, (Series 2000A) Weekly VRDNs (National Science Teachers Association)/(SunTrust Bank LOC), 0.260%, 5/1/2014	760,000
23,345,000		Arlington County, VA IDA, (Series 2005) Weekly VRDNs (Gates of Ballston Apartments)/(PNC Bank, N.A. LOC), 0.110%, 5/7/2014	23,345,000
6,150,000		Arlington County, VA IDA, (Series 2011A) Weekly VRDNs (Westover Apartments, LP)/(FHLMC LOC), 0.140%, 5/1/2014	6,150,000
1,725,000		Arlington County, VA, (Series 2004B), 5.00% Bonds, 11/1/2014	1,766,519
920,000		Bedford County, VA IDA, (Series 1999) Weekly VRDNs (David R. Snowman and Carol J. Snowman)/(SunTrust Bank LOC), 0.270%, 5/7/2014	920,000
8,000,000		Botetourt County, VA IDA, (Series 2001) Weekly VRDNs (Altec Industries, Inc.)/(Bank of America N.A. LOC), 0.200%, 5/1/2014	8,000,000
19,500,000		Campbell County, VA IDA Weekly VRDNs (Georgia-Pacific Corp.)/(U.S. Bank, N.A. LOC), 0.110%, 5/7/2014	19,500,000
4,400,000		Danville, VA IDA, (Series 1997) Weekly VRDNs (Diebold, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.390%, 5/1/2014	4,400,000
2,105,000		Fairfax County, VA EDA, (Series 1996) Weekly VRDNs (Fair Lakes D&K LP)/(Wells Fargo Bank, N.A. LOC), 0.250%, 5/7/2014	2,105,000
5,795,000		Fairfax County, VA EDA, (Series 2001) Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.170%, 5/2/2014	5,795,000
13,380,000		Fairfax County, VA IDA, (Inova Health System), MVRENs (Series 2012 C), 0.200%, 5/1/2014	13,380,000
5,705,000		Fairfax County, VA IDA, (Series 2005C-2) Weekly VRDNs (Inova Health System)/(Northern Trust Co., Chicago, IL LOC), 0.090%, 5/7/2014	5,705,000
3,000,000		Fairfax County, VA IDA, (Series A-2) Weekly VRDNs (Inova Health System), 0.110%, 5/1/2014	3,000,000
6,660,000	^3,4	Fairfax County, VA IDA, ROCs (Series 11733) Weekly VRDNs (Inova Health System)/(Citibank NA, New York LIQ), 0.140%, 5/1/2014	6,660,000
6,985,000	^3,4	Fairfax County, VA IDA, ROCs (Series 11772) Weekly VRDNs (Inova Health System)/(Citibank NA, New York LIQ), 0.120%, 5/1/2014	6,985,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Virginia—continued
$11,690,000	^3,4	Fairfax County, VA Sewer Revenue Authority, Solar Eclipse (Series 2012-0001) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.120%, 5/1/2014	$11,690,000
2,100,000		Halifax, VA IDA, MMMs, PCR (Series 1992), 0.50% CP (Virginia Electric & Power Co.), Mandatory Tender 5/7/2014	2,100,000
4,260,000		Hampton Roads, VA Sanitation District, 4.00% Bonds, 10/1/2014	4,328,681
7,800,000		Hampton, VA Redevelopment & Housing Authority, (Series 1998) Weekly VRDNs (Township Apartments)/(FNMA LOC), 0.100%, 5/7/2014	7,800,000
6,000,000		Hanover County, VA EDA, (Series 2008D-2) Weekly VRDNs (Bon Secours Health System)/(U.S. Bank, N.A. LOC), 0.100%, 5/7/2014	6,000,000
2,060,000		Hanover County, VA IDA, (Series 2005A) Weekly VRDNs (Rhapsody Land & Development LLC)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/1/2014	2,060,000
4,820,000		Harrisonburg, VA IDA, (Series B) Weekly VRDNs (Virginia Mennonite Retirement Community)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	4,820,000
7,500,000		Harrisonburg, VA Redevelopment & Housing Authority, (Series 2001A: Huntington Village Apartments) Weekly VRDNs (Richfield Place Associates LP)/(FNMA LOC), 0.140%, 5/1/2014	7,500,000
9,950,000		Harrisonburg, VA Redevelopment & Housing Authority, (Series 2008) Weekly VRDNs (Woodman West Preservation, LP)/(FNMA LOC), 0.140%, 5/1/2014	9,950,000
1,455,000		Henrico County, VA EDA, (Series 2001) Weekly VRDNs (JAS-LCS LLC)/(Wells Fargo Bank, N.A. LOC), 0.280%, 5/1/2014	1,455,000
1,315,000		Henrico County, VA Water & Sewer System, 2.00% Bonds, 5/1/2015	1,338,775
12,240,000		King George County IDA, VA, (Series 1996) Weekly VRDNs (Garnet of Virginia, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.140%, 5/1/2014	12,240,000
2,965,000		Lynchburg, VA IDA, (Series 2004 B) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	2,965,000
10,360,000		Lynchburg, VA IDA, (Series 2004 C) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.120%, 5/1/2014	10,360,000
8,280,000		Newport News, VA IDA, (Series 2004) Weekly VRDNs (CNU Warwick LLC)/(Bank of America N.A. LOC), 0.180%, 5/1/2014	8,280,000
10,810,000		Norfolk, VA EDA, (Sentara Health Systems Obligation Group), MVRENs (Series 2010B) 7 Month Window, 0.240%, 5/1/2014	10,810,000
11,460,000		Norfolk, VA Redevelopment and Housing Authority, (Series 2005) Weekly VRDNs (E2F Student Housing I, LLC)/(Bank of America N.A. LOC), 0.180%, 5/1/2014	11,460,000
5,000,000		Norfolk, VA, (Series 2007) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ), 0.100%, 5/7/2014	5,000,000
20,000,000	^3,4	Nuveen Virginia Premium Income Municipal Fund, (1280 Series 1) Weekly VRDPs (Toronto Dominion Bank LIQ), 0.220%, 5/1/2014	20,000,000
3,500,000		Portsmouth, VA IDA, (Series 2001A) Weekly VRDNs (Ocean Marine LLC)/(Wells Fargo Bank, N.A. LOC), 0.190%, 5/1/2014	3,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Virginia—continued
$3,000,000		Portsmouth, VA IDA, (Series 2001B) Weekly VRDNs (Ocean Marine LLC)/(Wells Fargo Bank, N.A. LOC), 0.190%, 5/1/2014	$3,000,000
3,355,000		Portsmouth, VA, (Series 2003), 5.00% Bonds, 7/1/2014	3,381,969
1,000,000		Richmond, VA, 5.00% Bonds, 7/15/2014	1,009,748
2,740,000		Salem, VA IDA, (Series 2008) Weekly VRDNs (Oak Park Apartments, L.P.)/(FNMA LOC), 0.120%, 5/1/2014	2,740,000
1,195,000		Stafford County, VA, 3.00% Bonds, 7/1/2014	1,200,482
2,355,000		Staunton, VA IDA Weekly VRDNs (Specialty Blades, Inc.)/(SunTrust Bank LOC), 0.250%, 5/7/2014	2,355,000
10,000,000	^3,4	Suffolk, VA EDA, Eagles (Series 2003-14), 0.14% TOBs (Sentara Health Systems Obligation Group)/(Citibank NA, New York LIQ), Mandatory Tender 5/22/2014	10,000,000
1,680,000		Sussex County, VA IDA, (Series 2007) Weekly VRDNs (McGill Environmental Systems, Inc.)/(Branch Banking & Trust Co. LOC), 0.190%, 5/1/2014	1,680,000
2,620,000		Virginia Beach, VA Development Authority, (Series 2000) Weekly VRDNs (Chesapeake Bay Academy)/(Wells Fargo Bank, N.A. LOC), 0.230%, 5/1/2014	2,620,000
6,405,000		Virginia Beach, VA Development Authority, (Series B), 4.00% Bonds, 8/1/2014	6,466,414
990,000		Virginia Beach, VA Water and Sewer System, (Series 2013), 3.00% Bonds, 10/1/2014	1,001,530
4,745,000	^3,4	Virginia Beach, VA, PUTTERs (Series 2667) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.130%, 5/1/2014	4,745,000
4,000,000		Virginia College Building Authority, (Series 2004) Weekly VRDNs (University of Richmond)/(U.S. Bank, N.A. LIQ), 0.100%, 5/7/2014	4,000,000
2,000,000		Virginia College Building Authority, (Series A), 5.00% Bonds, 2/1/2015	2,072,642
1,100,000		Virginia Public School Authority, (Series 2013B), 5.00% Bonds, 8/1/2014	1,113,228
8,970,000		Virginia Small Business Financing Authority, (Series 2007) Weekly VRDNs (BleachTech LLC)/(PNC Bank, N.A. LOC), 0.130%, 5/1/2014	8,970,000
2,370,000		Virginia Small Business Financing Authority, (Series 2008) Daily VRDNs (Virginia State University Real Estate Foundation)/(Bank of America N.A. LOC), 0.110%, 5/1/2014	2,370,000
3,000,000		Virginia Small Business Financing Authority, (Series 2008A) Weekly VRDNs (Hampton University)/(PNC Bank, N.A. LOC), 0.110%, 5/1/2014	3,000,000
6,650,000	^3,4	Virginia Small Business Financing Authority, PUTTERs (Series 3791Z) Weekly VRDNs (Sentara Health Systems Obligation Group)/(JPMorgan Chase Bank, N.A. LIQ), 0.130%, 5/1/2014	6,650,000
3,240,000	^3,4	Virginia State Housing Development Authority, MERLOTS (Series 2006-B19), 0.17% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/24/2014	3,240,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Virginia—continued
$6,285,000	^3,4	Virginia State Housing Development Authority, MERLOTS (Series 2006-B20), 0.17% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/24/2014	$6,285,000
4,405,000	^3,4	Virginia State Housing Development Authority, MERLOTS (Series 2006-B22), 0.22% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 5/21/2014	4,405,000
2,030,000	^3,4	Virginia State Housing Development Authority, MERLOTS (Series 2006-C3) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.150%, 5/7/2014	2,030,000
3,035,000	^3,4	Virginia State Housing Development Authority, Stage Trust (Series 2008-47C) Weekly VRDNs (Wells Fargo & Co. LIQ), 0.220%, 5/1/2014	3,035,000
		TOTAL	363,209,988
		District of Columbia—6.8%
15,930,000	^3,4	Metropolitan Washington, DC Airports Authority, Eagles (Series 2012-0001) Weekly VRDNs (Citibank NA, New York LIQ), 0.200%, 5/1/2014	15,930,000
10,650,000	^3,4	Metropolitan Washington, DC Airports Authority, SPEARs (Series DB-505) Weekly VRDNs (Deutsche Bank AG LIQ), 0.150%, 5/1/2014	10,650,000
		TOTAL	26,580,000
		TOTAL MUNICIPAL INVESTMENTS—99.9% (AT AMORTIZED COST)⁵	389,789,988
		OTHER ASSETS AND LIABILITIES - NET—0.1%⁶	269,086
		TOTAL NET ASSETS—100%	$390,059,074

Securities that are subject to the federal alternative minimum tax (AMT) represent 47.4% of the portfolio as calculated based upon total 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 Ratings, 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, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value

First Tier	Second Tier
97.0%	3.0%

Semi-Annual Shareholder Report

2	Current rate and next reset date shown for Variable Rate Demand Instruments.
3	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2014, these restricted securities amounted to $112,305,000, which represented 28.8% of total net assets.
4	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2014, these liquid restricted securities amounted to $112,305,000, which represented 28.8% of total net assets.
5	Also represents cost for federal tax purposes.
6	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2014.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities, including investment companies with daily net asset values, if applicable.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

As of April 30, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

CP	—Commercial Paper
EDA	—Economic Development Authority
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
MMMs	—Money Market Municipals
MVRENs	—Municipal Variable Rate Exchangeable Notes
PCR	—Pollution Control Revenue
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
SPEARs	—Short Puttable Exempt Adjustable Receipts
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Net realized gain on investments	—	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.005
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.005)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.01%	0.01%	0.02%	0.59%
Ratios to Average Net Assets:
Net expenses	0.11%³	0.16%	0.24%	0.29%	0.38%	0.53%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.00%⁵	0.54%
Expense waiver/reimbursement⁶	0.52%³	0.45%	0.37%	0.31%	0.25%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$56,812	$50,079	$63,746	$91,345	$92,532	$72,538

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.53% after taking into account this expense reduction.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Net realized gain on investments	—	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.004
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.004)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.01%	0.01%	0.02%	0.44%
Ratios to Average Net Assets:
Net expenses	0.11%³	0.16%	0.24%	0.29%	0.38%	0.68%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.00%⁵	0.41%
Expense waiver/reimbursement⁶	0.77%³	0.71%	0.62%	0.56%	0.50%	0.21%
Supplemental Data:
Net assets, end of period (000 omitted)	$215,515	$229,563	$255,494	$300,278	$342,825	$275,496

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.68% after taking into account this expense reduction.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2014	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2014	2013	2012	2011	2010	2009
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	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Net realized gain on investments	—	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.01%	0.01%	0.02%	0.17%
Ratios to Average Net Assets:
Net expenses	0.11%³	0.16%	0.24%	0.30%	0.38%	0.95%⁴
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.00%⁵	0.15%
Expense waiver/reimbursement⁶	1.37%³	1.31%	1.22%	1.16%	1.10%	0.54%
Supplemental Data:
Net assets, end of period (000 omitted)	$117,732	$126,265	$120,396	$118,051	$107,536	$125,553

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2009 was 0.95% after taking into account this expense reduction.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2014 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$389,789,988
Cash		101,653
Income receivable		312,335
Prepaid expenses		6,994
TOTAL ASSETS		390,210,970
Liabilities:
Payable for shares redeemed	$94,658
Income distribution payable	663
Payable to adviser (Note 4)	22,652
Payable for transfer agent fee	16,498
Payable for Directors'/Trustees' fees (Note 4)	255
Payable for portfolio accounting fees	16,811
Payable for shareholder services fee (Note 4)	359
TOTAL LIABILITIES		151,896
Net assets for 390,060,266 shares outstanding		$390,059,074
Net Assets Consist of:
Paid-in capital		$390,059,833
Distributions in excess of net investment income		(759)
TOTAL NET ASSETS		$390,059,074
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$56,811,900 ÷ 56,812,072 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$215,515,209 ÷ 215,516,005 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$117,731,965 ÷ 117,732,189 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2014 (unaudited)

Investment Income:
Interest			$241,049
Expenses:
Investment adviser fee (Note 4)		$820,040
Administrative fee (Note 4)		160,113
Custodian fees		7,518
Transfer agent fee		177,994
Directors'/Trustees' fees (Note 4)		1,330
Auditing fees		9,720
Legal fees		10,562
Portfolio accounting fees		53,699
Distribution services fee (Note 4)		363,308
Shareholder services fee (Note 4)		384,568
Account administration fee (Note 2)		53,967
Share registration costs		31,945
Printing and postage		14,524
Miscellaneous (Note 4)		3,192
TOTAL EXPENSES		2,092,480
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(820,040)
Waiver of distribution services fee (Note 4)	(363,308)
Waiver of shareholder services fee (Note 4)	(384,568)
Waiver of account administration fee (Note 2)	(53,967)
Waiver of transfer agent fee	(154,663)
Reimbursement of other operating expenses (Note 4)	(95,225)
TOTAL WAIVERS AND REIMBURSEMENT		(1,871,771)
Net expenses			220,709
Net investment income			$20,340

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2014	Year Ended 10/31/2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$20,340	$43,068
Net realized gain on investments	—	11,227
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	20,340	54,295
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(2,948)	(6,341)
Service Shares	(11,477)	(24,334)
Cash Series Shares	(6,049)	(12,290)
Distributions from net realized gain on investments
Institutional Shares	(1,467)	(3,754)
Service Shares	(6,433)	(13,680)
Cash Series Shares	(3,321)	(6,291)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(31,695)	(66,690)
Share Transactions:
Proceeds from sale of shares	333,578,800	789,584,950
Net asset value of shares issued to shareholders in payment of distributions declared	25,385	53,434
Cost of shares redeemed	(349,440,896)	(823,355,335)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(15,836,711)	(33,716,951)
Change in net assets	(15,848,066)	(33,729,346)
Net Assets:
Beginning of period	405,907,140	439,636,486
End of period (including distributions in excess of net investment income of $(759) and $(625), respectively)	$390,059,074	$405,907,140

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2014 (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 35 portfolios. The financial statements included herein are only those of Federated Virginia Municipal Cash Trust (the “Fund”), a 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. Each portfolio pays its own expenses. The Fund offers three classes of shares: Institutional Shares, Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and income tax imposed by the Commonwealth of Virginia consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares, Service Shares and Cash Series Shares may bear distribution services fees, shareholder services fees and account administration fees unique to those classes. For the six months ended April 30, 2014, account administration fees for the Fund were as follows:

	Account Administration Fees Incurred	Account Administration Fees Waived by Unaffiliated Third Parties
Institutional Shares	$—	$—
Service Shares	53,967	(53,967)
Cash Series Shares	—	—
TOTAL	$53,967	$(53,967)

Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted using the effective-interest-rate method.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Semi-Annual Shareholder Report

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	91,541,353	$91,541,353	207,724,109	$207,724,109
Shares issued to shareholders in payment of distributions declared	1,244	1,244	3,476	3,476
Shares redeemed	(84,808,523)	(84,808,523)	(221,392,396)	(221,392,396)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	6,734,074	$6,734,074	(13,664,811)	$(13,664,811)

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	145,705,584	$145,705,584	373,936,430	$373,936,430
Shares issued to shareholders in payment of distributions declared	14,794	14,794	31,434	31,434
Shares redeemed	(159,762,068)	(159,762,068)	(399,891,167)	(399,891,167)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(14,401,690)	$(14,401,690)	(25,923,303)	$(25,923,303)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2014		Year Ended 10/31/2013
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	96,331,863	$96,331,863	207,924,411	$207,924,411
Shares issued to shareholders in payment of distributions declared	9,347	9,347	18,524	18,524
Shares redeemed	(104,870,305)	(104,870,305)	(202,071,772)	(202,071,772)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(8,529,095)	$(8,529,095)	5,871,163	$5,871,163
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(15,836,711)	$(15,836,711)	(33,716,951)	$(33,716,951)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2014, the Adviser voluntarily waived its entire fee of $820,040 and voluntarily reimbursed $95,225 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

Semi-Annual Shareholder Report

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 daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.60% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$363,308	$(363,308)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Shareholder Services Fee

	Service Fees Incurred	Service Fees Waived by Unaffiliated Third Parties
Service Shares	$233,190	$(233,190)
Cash Series Shares	151,378	(151,378)
TOTAL	$384,568	$(384,568)

For the six months ended April 30, 2014, the Fund's Institutional Shares did not incur Service Fees.

Expense Limitation

Semi-Annual Shareholder Report

“Termination Date”): (a) March 1, 2015; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

5. CONCENTRATION OF 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, 2014, 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 largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency was 9.8% of total investments.

6. LINE OF CREDIT

7. INTERFUND LENDING

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2013	Ending Account Value 4/30/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.10	$0.55²
Service Shares	$1,000	$1,000.10	$0.55³
Cash Series Shares	$1,000	$1,000.10	$0.55⁴
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.25	$0.55²
Service Shares	$1,000	$1,024.25	$0.55³
Cash Series Shares	$1,000	$1,024.25	$0.55⁴

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.11%
Service Shares	0.11%
Cash Series Shares	0.11%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.50% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.48 and $2.51, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.65% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.22 and $3.26, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.04% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.16 and $5.21, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2013

Federated virginia municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual fee rate and other expenses of the Fund with the Adviser, noting that the overall expense structure, after waivers and expense reimbursements, was below the median of the relevant peer group, and was satisfied that the overall expense structure of the Fund remained competitive.

Semi-Annual Shareholder Report

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Evaluation.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.

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

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.

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

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

Share Class	Ticker
Service	CACXX
Institutional	CAIXX
Cash II	CALXX
Capital	CCCXX
Cash Series	CCSXX

Portfolio of Investments Summary Tables	1
Portfolio of Investments	2
Financial Highlights	8
Statement of Assets and Liabilities	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Notes to Financial Statements	16
Shareholder Expense Example	23
Evaluation and Approval of Advisory Contract	26
Voting Proxies on Fund Portfolio Securities	31
Quarterly Portfolio Schedule	31