Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Portfolio Composition	Percentage of Total Net Assets
Commercial Paper and Notes	27.0%
Bank Instruments	23.2%
Variable Rate Instruments	7.5%
Other Repurchase Agreements and Repurchase Agreements	42.4%
Other Assets and Liabilities—Net²	(0.1)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	56.2%⁴
8-30 Days	11.8%
31-90 Days	24.6%
91-180 Days	4.6%
181 Days or more	2.9%
Other Assets and Liabilities—Net²	(0.1)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper and Notes include asset-backed securities, bank notes, commercial paper and corporate bonds, with interest rates that are fixed or that reset periodically.
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.
4	Overnight securities comprised 42.9% of the Fund's portfolio.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		ASSET-BACKED SECURITIES—2.5%
		Finance - Automotive—1.6%
$4,587,796	^1,2	Enterprise Fleet Financing LLC 2014-1, Class A1, 0.250%, 2/20/2015	$4,587,796
12,651,744	^1,2	Westlake Automobile Receivables Trust 2014-1, Class A1, 0.350%, 6/15/2015	12,651,744
20,238,351	^1,2	Wheels SPV 2, LLC 2014-1, Class A1, 0.240%, 5/20/2015	20,238,351
		TOTAL	37,477,891
		Finance - Retail—0.9%
20,000,000	^1,2	Fosse Master Issuer PLC Series 2014-1, Class A1, 0.275%, 8/18/2014	20,000,000
		TOTAL ASSET-BACKED SECURITIES	57,477,891
		BANK NOTE—2.1%
		Finance - Banking—2.1%
50,000,000		Bank of America N.A., 0.210%, 10/10/2014 - 10/20/2014	50,000,000
		CERTIFICATES OF DEPOSIT—20.8%
		Finance - Banking—20.8%
25,000,000		BNP Paribas SA, 0.210%, 8/12/2014	25,000,000
25,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd., 0.200% - 0.210%, 8/28/2014 - 9/29/2014	25,000,000
50,200,000	³	Canadian Imperial Bank of Commerce, 0.313%, 8/26/2014	50,200,000
25,000,000		Chase Bank USA, N.A., 0.300%, 5/15/2015	25,000,000
15,000,000		Credit Agricole Corporate and Investment Bank, 0.210%, 8/18/2014	15,000,000
15,000,000		Credit Suisse, Zurich, 0.210%, 8/29/2014	15,000,000
20,000,000		Credit Suisse, Zurich, 0.230%, 9/2/2014	20,000,000
40,000,000	³	Deutsche Bank AG, 0.470%, 8/1/2014	40,000,000
20,000,000		DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.200%, 8/8/2014	20,000,000
25,000,000		DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.260%, 10/6/2014	24,988,094
40,000,000	³	JPMorgan Chase Bank, N.A., 0.416%, 8/21/2014	40,000,000
20,000,000		Mizuho Bank Ltd., 0.200%, 9/12/2014	20,000,000
25,000,000		Standard Chartered Bank PLC, 0.210%, 8/22/2014	24,996,939
65,000,000		Sumitomo Mitsui Banking Corp., 0.160% - 0.220%, 8/1/2014 - 9/22/2014	65,000,000
5,000,000	³	Toronto Dominion Bank, 0.215%, 8/18/2014	5,000,000
20,000,000	³	Toronto Dominion Bank, 0.234%, 10/15/2014	20,000,000
30,000,000		Toronto Dominion Bank, 0.300%, 1/27/2015	30,000,000
20,000,000	³	Wells Fargo Bank, N.A., 0.232%, 9/16/2014	20,000,000
		TOTAL CERTIFICATES OF DEPOSIT	485,185,033

Annual Shareholder Report

Principal Amount			Value
		COMMERCIAL PAPER—22.2%⁴
		Finance - Banking—11.6%
$10,000,000		Barclays US Funding Corp., 0.210%, 8/19/2014	$9,998,950
10,000,000	^1,2	Bedford Row Funding Corp., (GTD by Royal Bank of Canada, Montreal), 0.301% - 0.331%, 8/5/2014 - 6/5/2015	9,986,983
80,000,000		ING (U.S.) Funding LLC, 0.200% - 0.210%, 9/5/2014 - 10/2/2014	79,979,428
5,000,000	^1,2	JPMorgan Securities LLC, 0.230%, 9/3/2014	4,998,946
100,000,000		Lloyds Bank PLC, London, 0.100%, 8/5/2014	99,998,889
10,000,000		Los Angeles County, CA Metropolitan Transportation Authority (Series A-T-UB), (Union Bank, N.A. LOC), 0.210%, 9/10/2014	10,000,000
35,000,000	^1,2	Nationwide Building Society, 0.200%, 9/16/2014 - 9/23/2014	34,990,083
20,000,000		Standard Chartered Bank PLC, 0.190%, 8/25/2014	19,997,467
		TOTAL	269,950,746
		Finance - Commercial—4.4%
75,000,000	^1,2	Alpine Securitization Corp., 0.210% - 0.230%, 9/8/2014 - 9/29/2014	74,979,493
29,000,000	^1,2	Atlantic Asset Securitization LLC, 0.210% - 0.240%, 8/6/2014 - 9/26/2014	28,997,433
		TOTAL	103,976,926
		Finance - Retail—5.1%
50,000,000	^1,2	CAFCO, LLC, 0.220%, 11/3/2014	49,971,278
20,000,000	^1,2	Jupiter Securitization Co. LLC, 0.301%, 9/12/2014	19,993,000
50,000,000	^1,2	Starbird Funding Corp., 0.220%, 9/16/2014	49,985,944
		TOTAL	119,950,222
		Sovereign—1.1%
25,000,000	^1,2	Caisse des Depots et Consignations (CDC), 0.215%, 12/4/2014	24,981,337
		TOTAL COMMERCIAL PAPER	518,859,231
		CORPORATE BONDS—0.2%
		Finance - Banking—0.0%
1,000,000	^1,2	Commonwealth Bank of Australia, 3.750%, 10/15/2014	1,007,155
		Finance - Commercial—0.1%
1,467,000	³	General Electric Capital Corp., 0.491%, 9/15/2014	1,467,493
		Insurance—0.1%
2,095,000	^1,2	Metropolitan Life Global Funding I, 2.000%, 1/9/2015	2,110,485
1,000,000	^1,2	New York Life Global Funding, 1.300%, 1/12/2015	1,004,688
		TOTAL	3,115,173
		TOTAL CORPORATE BONDS	5,589,821
		NOTES - VARIABLE—7.5%³
		Aerospace/Auto—1.1%
25,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.233%, 10/8/2014	25,000,000

Annual Shareholder Report

Principal Amount		Value
	NOTES - VARIABLE—continued³
	Finance - Banking—5.4%
$5,715,000	BJ Financing, LLC, Series 2007A, (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	$5,715,000
2,815,000	CNOS Building LLC, (U.S. Bank, N.A. LOC), 0.700%, 8/6/2014	2,815,000
8,235,000	California Statewide CDA, Series 2005-B, (Union Bank, N.A. LOC), 0.380%, 8/7/2014	8,235,000
25,000,000	Michigan Finance Authority, Series 2010-A, (Bank of America N.A. LOC), 0.110%, 8/7/2014	25,000,000
10,000,000	Michigan Finance Authority, Series 2010-C, (Bank of Montreal LOC), 0.120%, 8/7/2014	10,000,000
9,719,000	New Hampshire Health and Education Facilities Authority, (Royal Bank of Canada, Montreal LOC), 0.110%, 8/7/2014	9,719,000
2,425,000	Overland Park Professional Center LLC, Series 2004, (U.S. Bank, N.A. LOC), 0.230%, 8/7/2014	2,425,000
25,000,000	PNC Bank, N.A., 0.466%, 9/22/2014	25,000,000
5,000,000	Royal Bank of Canada, Montreal, 0.462%, 10/6/2014	5,005,035
6,275,000	Royal Crest Dairy, Inc., Series 2011, (U.S. Bank, N.A. LOC), 0.200%, 8/7/2014	6,275,000
2,000,000	Wells Fargo Bank, N.A., 0.321%, 9/22/2014	2,000,000
25,000,000	Wells Fargo Bank, N.A., 0.370%, 9/22/2014	25,000,000
	TOTAL	127,189,035
	Government Agency—1.0%
9,920,000	Capital Trust Agency, FL, (FNMA LOC), 0.120%, 8/7/2014	9,920,000
1,695,000	Kentucky EDFA, Henderson County Health Care Corp., (FHLB of Cincinnati LOC), 0.360%, 8/7/2014	1,695,000
7,450,000	Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 0.130%, 8/7/2014	7,450,000
4,055,000	Wiz Kidz, LLC & Wiz Biz Holdings, LLC, Series 2008, (FHLB of Atlanta LOC), 0.250%, 8/7/2014	4,055,000
	TOTAL	23,120,000
	TOTAL NOTES - VARIABLE	175,309,035
	TIME DEPOSIT—2.4%
	Finance - Banking—2.4%
55,000,000	Toronto Dominion Bank, 0.060%, 8/1/2014	55,000,000
	OTHER REPURCHASE AGREEMENTS—9.4%
	Finance - Banking—9.4%
25,000,000	BNP Paribas Securities Corp., 0.365%, 8/1/2014, interest in a $185,000,000 collateralized loan agreement, dated 7/31/2014, in which asset-backed securities and corporate bonds with a market value of $188,703,985 have been received as collateral and held with BNY Mellon as tri-party agent.	25,000,000

Annual Shareholder Report

Principal Amount		Value
	OTHER REPURCHASE AGREEMENTS—continued
	Finance - Banking—continued
$25,000,000	Barclays Capital, Inc., 0.203% - 0.679%, 8/15/2014 - 1/21/2015, interest in a $900,000,000 collateralized loan agreement, dated 1/22/2014 - 6/16/2014, in which collateralized mortgage obligations and U.S. government securities with a market value of $918,474,386 have been received as collateral and held with BNY Mellon as tri-party agent.	$25,000,000
79,500,000	Citigroup Global Markets, Inc., 0.568% - 0.750%, 8/1/2014 - 9/23/2014, interest in a $255,000,000 collateralized loan agreement, dated 7/1/2014 - 7/31/2014, in which asset-backed securities, collateralized mortgage obligations and convertible bonds with a market value of $260,353,298 have been received as collateral and held with BNY Mellon as tri-party agent.	79,500,000
30,000,000	Credit Suisse Securities (USA) LLC, 0.193% - 0.558%, 8/1/2014 - 8/19/2014, interest in a $800,000,000 collateralized loan agreement, dated 6/2/2014 - 7/31/2014, in which collateralized mortgage obligations, convertible bonds and mutual funds with a market value of $816,511,230 have been received as collateral and held with JPMorgan Chase as tri-party agent.	30,000,000
20,000,000	JPMorgan Securities LLC, 0.314%, 10/1/2014, interest in a $250,000,000 collateralized loan agreement, dated 6/30/2014, in which asset-backed securities with a market value of $255,070,415 have been received as collateral and held with JPMorgan Chase as tri-party agent.	20,000,000
40,000,000	Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.456%, 8/1/2014, interest in a $175,000,000 collateralized loan agreement, dated 7/31/2014, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and a medium term note with a market value of $178,502,232 have been received as collateral and held with BNY Mellon as tri-party agent.	40,000,000
	TOTAL OTHER REPURCHASE AGREEMENTS	219,500,000
	REPURCHASE AGREEMENTS—33.0%
170,455,000	Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	170,455,000
300,000,000	Interest in $2,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,005,000 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/15/2055 and the market value of those underlying securities was $2,041,755,937.	300,000,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$300,000,000	Interest in $3,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,000,007,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/16/2052 and the market value of those underlying securities was $3,066,126,351.	$300,000,000
	TOTAL REPURCHASE AGREEMENTS	770,455,000
	TOTAL INVESTMENTS—100.1% (AT AMORTIZED COST)⁵	2,337,376,011
	OTHER ASSETS AND LIABILITIES - NET—(0.1)%⁶	(1,216,543)
	TOTAL NET ASSETS—100%	$2,336,159,468

1	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 July 31, 2014, these restricted securities amounted to $360,484,716, which represented 15.4% of total net assets.
2	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 July 31, 2014, these liquid restricted securities amounted to $360,484,716, which represented 15.4% of total net assets.
3	Denotes a variable rate security with current rate and next reset date shown.
4	Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
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 July 31, 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 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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Annual Shareholder Report

Financial Highlights–Class R Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.23%	0.31%	0.39%	0.38%	0.41%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	1.14%	1.07%	1.02%	1.03%	0.99%
Supplemental Data:
Net assets, end of period (000 omitted)	$201,585	$204,139	$154,982	$125,013	$107,582

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.23%	0.31%	0.39%	0.38%	0.43%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.77%	0.67%	0.59%	0.60%	0.54%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,927,646	$2,178,445	$2,114,096	$2,203,392	$2,230,852

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.23%	0.31%	0.39%	0.38%	0.42%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	1.01%	0.92%	0.84%	0.84%	0.81%
Supplemental Data:
Net assets, end of period (000 omitted)	$206,928	$246,018	$255,293	$291,993	$441,717

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in other repurchase agreements and repurchase agreements	$989,955,000
Investment in securities	1,347,421,011
Total investment in securities, at amortized cost and fair value		$2,337,376,011
Cash		20,703
Income receivable		330,837
Receivable for shares sold		3,751,116
TOTAL ASSETS		2,341,478,667
Liabilities:
Payable for shares redeemed	4,629,981
Income distribution payable	804
Payable to adviser (Note 5)	537
Payable for transfer agent fee (Note 2)	594,706
Payable for other service fees (Note 5)	1,637
Accrued expenses (Note 5)	91,534
TOTAL LIABILITIES		5,319,199
Net assets for 2,336,117,238 shares outstanding		$2,336,159,468
Net Assets Consist of:
Paid-in capital		$2,336,128,114
Accumulated net realized gain on investments		30,979
Undistributed net investment income		375
TOTAL NET ASSETS		$2,336,159,468
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class R Shares:
$201,585,488 ÷ 201,582,751 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$1,927,646,177 ÷ 1,927,609,797 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$206,927,803 ÷ 206,924,690 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$6,049,263
Expenses:
Investment adviser fee (Note 5)		$12,420,267
Administrative fee (Note 5)		1,940,434
Custodian fees		111,129
Transfer agent fee (Note 2)		3,915,438
Directors'/Trustees' fees (Note 5)		14,136
Auditing fees		22,249
Legal fees		20,587
Portfolio accounting fees		186,561
Distribution services fee (Note 5)		1,558,468
Other service fees (Notes 2 and 5)		5,682,410
Share registration costs		107,294
Printing and postage		132,212
Miscellaneous (Note 5)		32,365
TOTAL EXPENSES		26,143,550
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(10,947,128)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(9,384,802)
TOTAL WAIVERS AND REIMBURSEMENT		(20,331,930)
Net expenses			5,811,620
Net investment income			237,643
Net realized gain on investments			32,599
Change in net assets resulting from operations			$270,242

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$237,643	$249,498
Net realized gain on investments	32,599	7,410
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	270,242	256,908
Distributions to Shareholders:
Distributions from net investment income
Class R Shares	(19,658)	(17,172)
Service Shares	(196,032)	(207,720)
Cash II Shares	(21,665)	(27,600)
Distributions from net realized gain on investments
Class R Shares	(709)	—
Service Shares	(7,487)	—
Cash II Shares	(834)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(246,385)	(252,492)
Share Transactions:
Proceeds from sale of shares	2,970,983,561	3,877,551,898
Net asset value of shares issued to shareholders in payment of distributions declared	234,765	241,596
Cost of shares redeemed	(3,263,684,111)	(3,773,567,818)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(292,465,785)	104,225,676
Change in net assets	(292,441,928)	104,230,092
Net Assets:
Beginning of period	2,628,601,396	2,524,371,304
End of period (including undistributed net investment income of $375 and $87, respectively)	$2,336,159,468	$2,628,601,396

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Automated Cash Management 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: Class R Shares, Service Shares and Cash II 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 stability of principal and current income consistent with stability of principal.

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.

Repurchase Agreements

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agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

The insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's Adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not net settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreement reducing the net settlement amount to zero.

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. Dividend income and 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 Class R Shares, Service Shares and Cash II Shares may bear distribution services fees, other service fees and transfer agent fees unique to those classes. For the year ended July 31, 2014, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed	Transfer Agent Fees Waived by an Unaffiliated Third Party
Class R Shares	$550,199	$(196,737)	$(208,226)
Service Shares	3,053,664	(1,581,870)	—
Cash II Shares	311,575	(157,091)	—
TOTAL	$3,915,438	$(1,935,698)	$(208,226)

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Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Service Shares and Cash II Shares to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$5,137,830	$(5,137,830)
Cash II Shares	544,580	(544,580)
TOTAL	$5,682,410	$(5,682,410)

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 year ended July 31, 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 July 31, 2014, tax years 2011 through 2014 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

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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

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:

Year Ended July 31	2014		2013
Class R Shares:	Shares	Amount	Shares	Amount
Shares sold	150,450,393	$150,450,393	197,656,696	$197,656,696
Shares issued to shareholders in payment of distributions declared	20,238	20,238	17,059	17,059
Shares redeemed	(153,026,161)	(153,026,161)	(148,517,590)	(148,517,590)
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS	(2,555,530)	$(2,555,530)	49,156,165	$49,156,165

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	2,156,401,121	$2,156,401,121	2,895,619,414	$2,895,619,414
Shares issued to shareholders in payment of distributions declared	195,467	195,467	200,711	200,711
Shares redeemed	(2,407,414,818)	(2,407,414,818)	(2,831,475,396)	(2,831,475,396)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(250,818,230)	$(250,818,230)	64,344,729	$64,344,729

Year Ended July 31	2014		2013
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	664,132,047	$664,132,047	784,275,788	$784,275,788
Shares issued to shareholders in payment of distributions declared	19,060	19,060	23,826	23,826
Shares redeemed	(703,243,132)	(703,243,132)	(793,574,832)	(793,574,832)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(39,092,025)	$(39,092,025)	(9,275,218)	$(9,275,218)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(292,465,785)	$(292,465,785)	104,225,676	$104,225,676

Annual Shareholder Report

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013 was as follows:

	2014	2013
Ordinary income¹	$246,385	$252,492

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$31,354

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

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 0.50% 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 year ended July 31, 2014, the Adviser voluntarily waived $10,947,128 of its fee and voluntarily reimbursed $1,935,698 of transfer agent fees.

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

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2014, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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Distribution Services Fee

Share Class Name	Percentage of Average Daily Net Assets of Class
Class R Shares	0.50%
Cash II Shares	0.25%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Class R Shares	$1,013,888	$(1,013,888)
Cash II Shares	544,580	(544,580)
TOTAL	$1,558,468	$(1,558,468)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase 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) on their own initiative have 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 Class R Shares, Service Shares and Cash II Shares (after the voluntary waivers and/or reimbursements) will not exceed 1.15%, 0.65% and 0.81% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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 year ended July 31, 2014, the Fund engaged in sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees, and/or common Officers. These sale transactions complied with Rule 17a-7 under the Act and amounted to $19,185,000.

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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.

6. CONCENTRATION OF RISK

A substantial part of the Fund's portfolio may be directly or indirectly comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

7. 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 July 31, 2014, there were no outstanding loans. During the year ended July 31, 2014, the Fund did not utilize the LOC.

8. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC), 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 July 31, 2014, there were no outstanding loans. During the year ended July 31, 2014, the program was not utilized.

9. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

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Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF Money market obligations trust AND SHAREHOLDERS OF FEDERATED automated cash management trust:

We have audited the accompanying statement of assets and liabilities of Federated Automated Cash Management Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014 by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Automated Cash Management Trust, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

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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 other service 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 February 1, 2014 to July 31, 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.

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 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Class R Shares	$1,000	$1,000.00	$1.14²
Service Shares	$1,000	$1,000.00	$1.14³
Cash II Shares	$1,000	$1,000.00	$1.14⁴
Hypothetical (assuming a 5% return before expenses):
Class R Shares	$1,000	$1,023.65	$1.15²
Service Shares	$1,000	$1,023.65	$1.15³
Cash II Shares	$1,000	$1,023.65	$1.15⁴

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:

Class R Shares	0.23%
Service Shares	0.23%
Cash II Shares	0.23%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Class R Shares current Fee Limit of 1.15% (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 $5.70 and $5.76, 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 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 $3.22 and $3.26, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash II Shares current Fee Limit of 0.81% (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 $4.02 and $4.06, respectively.

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Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2013, the Trust comprised 35 portfolio(s), and the Federated Fund Family consisted of 42 investment companies (comprising 135 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Fund Family and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: October 1999	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

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INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Paige M. Wilhelm Birth Date: May 28, 1962 VICE PRESIDENT Officer since: August 2006 Portfolio Manager since: April 1997	Principal Occupations: Paige M. Wilhelm has been the Fund's Portfolio Manager since April 1997. She is Vice President of the Trust with respect to the Fund. Ms. Wilhelm joined Federated in 1985 and has been a Senior Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years
and Previous Position(s)

Mark F. Weiss
Birth Date: January 8, 1972
Vice President
Officer since: June 2012
Portfolio Manager since: September 2011

Principal Occupations: Mark F. Weiss has been the Fund's Portfolio Manager since September 2011. He is a Vice President of the Trust with respect to the Fund. Mr. Weiss joined Federated in 1994 and has been a Vice President of the Fund's Adviser and a Senior Investment Analyst since January 2007. He is responsible for portfolio management and investment research in the fixed-income area concentrating on taxable money market instruments. Mr. Weiss has received the Chartered Financial Analyst designation and holds a B.A. and M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Automated Cash Management 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 2014 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 of care, conscientiousness and independence with which the Board members perform their duties and their expertise, including whether they are fully informed about all facts the Board deems relevant to its consideration of the Adviser's services and fees. The Board noted that SEC disclosure requirements regarding the basis for the Board's approval of the Fund's advisory contract generally track the factors listed above. Consistent with these judicial decisions and SEC disclosure requirements, the Board also considered management fees charged to

Annual Shareholder Report

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.

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

Annual Shareholder Report

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.

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. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates and total expense ratios relative to a fund's peers. 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.

The Board reviewed the contractual advisory fee rate, net advisory fee rate where partially waived and other expenses of the Fund and noted the position of the Fund's fee rates relative to its peers. In this regard, the Board noted that the contractual advisory fee rate was above the median of the relevant peer group, but the Board noted the applicable waivers and reimbursements and 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 in the context of the other factors considered relevant by the Board.

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 and sub-adviser services). 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; and different portfolio management techniques made necessary by different cash flows and different associated costs; 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 Senior Officer noted that the services, administrative responsibilities and risks associated with such relationships is quite different than serving as a primary adviser to a fund.

Annual Shareholder Report

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 was one of the Board's considerations 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 may be helpful, though not conclusive, in judging the reasonableness of proposed fees. The Board considered, in evaluating such comparisons, that in some cases individual funds may exhibit significant and unique differences in their objectives and management techniques when compared to other funds within an industry peer group.

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 in the context of the other factors considered relevant by the Board.

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. In addition, following discussions regarding the Senior Officer's May 2013 recommendations, Federated made meaningful reductions to gross advisory fees for several funds. At the Board meeting in May 2014, the Senior Officer proposed, and the Board approved, reductions in the contractual advisory fees of certain other funds.

Annual Shareholder Report

of the process and to conclude that such reports may be unreliable, since a single change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a fund and may produce unintended consequences. The allocation information, including the Senior Officer's view that fund-by-fund estimations may be unreliable, was considered in the analysis by the Board.

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 concluded that Federated's profit margins did not appear to be excessive.

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, 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.

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.

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.

Federated Automated Cash Management Trust
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 608919783
CUSIP 60934N864
CUSIP 60934N831

25698 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Portfolio Composition	Percentage of Total Net Assets
Repurchase Agreements	75.2%
U.S. Treasury Security	24.6%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	75.2%
8-30 Days	24.6%
31-90 Days	0.0%
91-180 Days	0.0%
181 Days or more	0.0%
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 the types of securities in which the Fund invests.
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount		Value
	REPURCHASE AGREEMENTS—75.2%
$20,000,000	Interest in $500,000,000 joint repurchase agreement 0.08%, dated 7/31/2014 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $500,001,111 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $510,001,443.	$20,000,000
20,000,000	Interest in $450,000,000 joint repurchase agreement 0.06%, dated 7/31/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $450,000,750 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $459,000,848.	20,000,000
29,942,000	Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	29,942,000
20,000,000	Interest in $1,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,002,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2040 and the market value of those underlying securities was $1,020,002,558.	20,000,000
20,000,000	Interest in $500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,000,972 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2043 and the market value of those underlying securities was $510,001,012.	20,000,000
	TOTAL REPURCHASE AGREEMENTS	109,942,000
	U.S. TREASURY—24.6%
36,000,000	United States Treasury Notes, 0.500% - 4.250%, 8/15/2014	36,014,371
	TOTAL INVESTMENTS—99.8% (AT AMORTIZED COST)¹	145,956,371
	OTHER ASSETS AND LIABILITIES - NET—0.2%²	299,534
	TOTAL NET ASSETS—100%	$146,255,905

1	Also represents cost for federal tax purposes.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Annual Shareholder Report

Note: The categories of investments are shown as a percentage of total net assets at July 31, 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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	—
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
Less Distributions:
Distributions from net realized gain on investments	(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
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³
Ratios to Average Net Assets:
Net expenses	0.07%	0.14%	0.11%	0.17%	0.21%
Net investment income (loss)	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁴	0.89%	0.83%	0.85%	0.76%	0.75%
Supplemental Data:
Net assets, end of period (000 omitted)	$146,256	$1,395,964	$1,098,524	$794,180	$642,837

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements	$109,942,000
Investment in securities	36,014,371
Total investment in securities, at amortized cost and fair value		$145,956,371
Cash		135,181
Income receivable		187,062
Receivable for shares sold		112,242
TOTAL ASSETS		146,390,856
Liabilities:
Payable for shares redeemed	48,518
Payable to adviser (Note 5)	13,827
Payable for custodian fees	8,152
Payable for transfer agent fee	18,785
Payable for portfolio accounting fees	22,535
Payable for other service fees (Note 2)	570
Payable for share registration costs	6,412
Payable for rating services	12,221
Accrued expenses (Note 5)	3,931
TOTAL LIABILITIES		134,951
Net assets for 146,236,648 shares outstanding		$146,255,905
Net Assets Consist of:
Paid-in capital		$146,234,735
Accumulated net realized gain on investments		21,170
TOTAL NET ASSETS		$146,255,905
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$146,255,905 ÷ 146,236,648 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$955,931
Expenses:
Investment adviser fee (Note 5)		$6,642,731
Administrative fee (Note 5)		1,037,797
Custodian fees		55,658
Transfer agent fee		1,342,528
Directors'/Trustees' fees (Note 5)		8,069
Auditing fees		30,100
Legal fees		24,307
Portfolio accounting fees		137,211
Other service fees (Note 2)		3,321,050
Share registration costs		46,691
Printing and postage		69,834
Miscellaneous (Note 5)		40,712
TOTAL EXPENSES		12,756,688
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(6,642,731)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(5,158,026)
TOTAL WAIVERS AND REIMBURSEMENT		(11,800,757)
Net expenses			955,931
Net investment income			—
Net realized gain on investments			22,137
Change in net assets resulting from operations			$22,137

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	22,137	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	22,137	—
Distributions to Shareholders:
Distributions from net realized gain on investments	(967)	(1,351)
Share Transactions:
Proceeds from sale of shares	1,597,550,118	1,660,226,341
Net asset value of shares issued to shareholders in payment of distributions declared	921	1,275
Cost of shares redeemed	(2,847,280,610)	(1,362,785,878)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(1,249,729,571)	297,441,738
Change in net assets	(1,249,708,401)	297,440,387
Net Assets:
Beginning of period	1,395,964,306	1,098,523,919
End of period	$146,255,905	$1,395,964,306

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

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terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

Investment Income, Gains and Losses, Expenses and Distributions

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. These waivers can be modified or terminated at any time. For the year ended July 31, 2014, unaffiliated third-party financial intermediaries waived the entire $3,321,050 of other service fees.

Premium and Discount Amortization

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

Annual Shareholder Report

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Other

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended July 31	2014	2013
Shares sold	1,597,550,118	1,660,226,341
Shares issued to shareholders in payment of distributions declared	921	1,275
Shares redeemed	(2,847,280,610)	(1,362,785,878)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	(1,249,729,571)	297,441,738

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$967	$1,351

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$21,170

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

Annual Shareholder Report

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 0.50% 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 year ended July 31, 2014, the Adviser voluntarily waived its entire fee of $6,642,731 and voluntarily reimbursed $601,971 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

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 (after the voluntary waivers and/or reimbursements) will not exceed 0.59% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) October 1, 2014; 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 year ended July 31, 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 sale transactions complied with Rule 17a-7 under the Act amounted to $58,268,307.

Annual Shareholder Report

General

6. LINE OF CREDIT

7. INTERFUND LENDING

8. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

9. Subsequent event

On May 16, 2014, the Trustees approved the reorganization of the Fund into Federated Treasury Obligations Fund, another portfolio of the Trust. The reorganization is expected to occur in the fourth quarter of 2014.

Management has evaluated subsequent events through the date the financial statements were issued, and determined that no additional events have occurred that require disclosure.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF Money market obligations trust AND SHAREHOLDERS OF FEDERATED automated government money trust:

We have audited the accompanying statement of assets and liabilities of Federated Automated Government Money Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Automated Government Money Trust, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.00	$0.35
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.45	$0.35

Expenses are equal to the Fund's annualized net expense ratio of 0.07%, 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 0.59% (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.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since January 1994. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Automated Government Money Trust (the “Fund”)

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 advisory fee rate, net advisory fee rate and other expenses of the Fund with the Adviser and noted the position of the Fund's fee rates relative to its peers. In this regard, the Board noted that the contractual advisory fee rate was above the median of the relevant peer group, but the Board noted that the investment advisory fee was waived in its entirety and that the overall expense structure of the Fund remained competitive.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Automated Government Money Trust
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N815

28845 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Commercial Paper and Notes	31.7%
Bank Instruments	25.1%
Variable Rate Instruments	23.1%
Other Repurchase Agreements and Repurchase Agreements	20.9%
Other Assets and Liabilities—Net²	(0.8)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	31.8%⁴
8-30 Days	14.3%
31-90 Days	37.3%
91-180 Days	14.5%
181 Days or more	2.9%
Other Assets and Liabilities—Net²	(0.8)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper and Notes include asset-backed securities, bank notes, commercial paper, corporate bonds and a municipal security.
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.
4	Overnight securities comprised 20.5% of the Fund's portfolio.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		ASSET-BACKED SECURITIES—1.7%
		Finance - Automotive—0.5%
$15,312,120	^1,2	ARI Fleet Lease Trust 2014-A, Class A1, 0.250%, 4/15/2015	$15,312,120
7,805,593	^1,2	GM Financial Automobile Leasing Trust 2014-1, Class A1, 0.250%, 4/20/2015	7,805,593
20,915,782		Santander Drive Auto Receivables Trust 2014-3, Class A1, 0.250%, 6/15/2015	20,915,782
6,152,459	^1,2	Wheels SPV 2, LLC 2014-1, Class A1, 0.240%, 5/20/2015	6,152,459
		TOTAL	50,185,954
		Finance - Equipment—0.5%
10,777,886	^1,2	Ascentium Equipment Receivables 2014-1 LLC, Class A1, 0.450%, 3/10/2015	10,777,886
49,472,155	^1,2	GE Equipment Small Ticket LLC Series 2014-1, Class A1, 0.250%, 4/24/2015	49,472,155
		TOTAL	60,250,041
		Finance - Retail—0.7%
84,000,000	^1,2	Fosse Master Issuer PLC Series 2014-1, Class A1, 0.275%, 4/18/2015	84,000,000
		TOTAL ASSET-BACKED SECURITIES	194,435,995
		BANK NOTES—2.6%
		Banking—2.6%
301,500,000		Bank of America N.A., 0.210%, 10/20/2014	301,500,000
		TOTAL BANK NOTES	301,500,000
		CERTIFICATES OF DEPOSIT—25.1%
		Banking—25.1%
45,000,000		Bank of Nova Scotia, Toronto, 0.240%, 10/20/2014	45,000,000
580,200,000		Bank of Tokyo-Mitsubishi UFJ Ltd., 0.200%–0.220%, 8/1/2014–11/28/2014	580,200,000
570,000,000		BNP Paribas SA, 0.210%—0.230%, 8/12/2014 - 10/7/2014	570,000,000
211,000,000		Credit Agricole Corporate and Investment Bank, 0.220%–0.250%, 8/21/2014–11/3/2014	211,000,000
275,000,000		Credit Suisse, Zurich, 0.210%—0.220%, 8/29/2014–9/18/2014	275,000,000
120,000,000		Deutsche Bank AG, 0.303%, 4/23/2015	120,000,000
340,000,000		Mizuho Bank Ltd., 0.200%, 8/15/2014–9/12/2014	339,999,805
92,000,000		Natixis, 0.220%—0.240%, 8/20/2014–9/2/2014	92,000,000
100,000,000		Societe Generale, Paris, 0.205%, 8/4/2014	100,000,000
575,000,000		Sumitomo Mitsui Banking Corp., 0.220%, 8/1/2014–11/17/2014	575,000,000
		TOTAL CERTIFICATES OF DEPOSIT	2,908,199,805

Annual Shareholder Report

Principal Amount			Value
		COMMERCIAL PAPER—26.9%³
		Aerospace / Auto—0.2%
$22,980,000	^1,2	Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. Support Agreement), 0.250%—0.270%, 8/29/2014–9/9/2014	$22,974,247
		Banking—22.4%
180,000,000	^1,2	Alpine Securitization Corp., 0.220%–0.230%, 9/2/2014–11/7/2014	179,908,356
275,000,000	^1,2	Atlantic Asset Securitization LLC, 0.210%–0.240%, 8/6/2014–10/22/2014	274,927,774
275,000,000		Barclays US Funding Corp., 0.090%, 8/1/2014	275,000,000
100,000,000	^1,2	Barton Capital LLC, 0.200%–0.205%, 8/22/2014–9/17/2014	99,980,965
10,000,000	^1,2	Bedford Row Funding Corp., (GTD by Royal Bank of Canada, Montreal), 0.301%, 6/5/2015	9,974,333
580,300,000		ING (U.S.) Funding LLC, 0.200%–0.210%, 9/3/2014–10/30/2014	580,077,605
134,000,000	^1,2	J.P. Morgan Securities LLC, 0.331%–0.331%, 2/27/2015	133,742,050
102,000,000	^1,2	LMA-Americas LLC, 0.220%–0.240%, 8/21/2014–10/22/2014	101,957,074
10,000,000	^1,2	Matchpoint Master Trust, 0.230%, 10/27/2014	9,994,442
391,000,000	^1,2	Nationwide Building Society, 0.200%–0.210%, 8/12/2014–10/30/2014	390,903,795
30,000,000		PNC Bank, N.A., 0.300%, 1/22/2015	30,001,338
65,000,000		PNC Bank, N.A., 0.300%, 11/4/2014	65,000,000
125,000,000		PNC Bank, N.A., 0.300%, 11/7/2014	125,000,000
50,000,000		PNC Bank, N.A., 0.310%, 1/16/2015	50,000,000
100,000,000		Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.210%, 10/31/2014	99,946,917
50,000,000	^1,2	Starbird Funding Corp., 0.210%, 9/2/2014	49,990,667
125,000,000	^1,2	Versailles Commercial Paper LLC, 0.220%–0.220%, 8/5/2014–10/2/2014	124,959,239
		TOTAL	2,601,364,555
		Consumer Products—0.3%
35,000,000		Unilever N.V., 0.240%, 11/12/2014	34,975,997
		Finance - Commercial—0.4%
50,000,000	^1,2	CIESCO, LLC, 0.220%, 11/3/2014	49,971,278
		Finance - Retail—2.4%
50,000,000	^1,2	CAFCO, LLC, 0.220%, 11/17/2014	49,967,000
60,000,000	^1,2	Chariot Funding LLC, 0.271%, 2/25/2015–4/1/2015	59,898,262
163,500,000	^1,2	Jupiter Securitization Co. LLC, 0.281%–0.281%, 10/20/2014–12/29/2014	163,338,899
		TOTAL	273,204,161
		Oil & Oil Finance—0.2%
28,295,000	^1,2	Enbridge (U.S.) Inc., 0.260%–0.280%, 8/7/2014–8/26/2014	28,292,938
		Sovereign—0.9%
100,000,000	^1,2	Caisse des Depots et Consignations (CDC), 0.215%, 12/4/2014	99,925,347

Annual Shareholder Report

Principal Amount			Value
		COMMERCIAL PAPER—continued³
		Telecommunications—0.1%
$2,000,000	^1,2	Bell Canada, 0.250%, 8/21/2014	$1,999,722
4,300,000	^1,2	NBCUniversal Enterprise, Inc., (GTD by Comcast Corp.), 0.240%, 8/1/2014	4,300,000
		TOTAL	6,299,722
		TOTAL COMMERCIAL PAPER	3,117,008,245
		CORPORATE BONDS—0.4%
		Banking—0.1%
15,394,000		Citigroup, Inc., 6.375%, 8/12/2014	15,421,507
		Finance - Commercial—0.2%
19,099,000		General Electric Capital Corp., 1.625%, 7/2/2015	19,322,927
		TOTAL	19,322,927
		Insurance—0.1%
18,700,000	^1,2	Metropolitan Life Global Funding I, 2.000%, 1/9/2015	18,835,918
		TOTAL CORPORATE BONDS	53,580,352
		MUNICIPALS—0.1%
		Municipals—0.1%
10,000,000		Brick Township, NJ, Taxable (Series 2014B), 0.800%, 10/10/2014	10,002,800
		TOTAL MUNICIPALS	10,002,800
		NOTES-VARIABLE—23.1%⁴
		Aerospace / Auto—0.8%
63,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.230%, 9/10/2014	63,000,000
35,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.234%, 10/14/2014	35,000,000
500,000		Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 0.380%, 9/10/2014	500,466
		TOTAL	98,500,466
		Banking—21.2%
100,000,000		Australia & New Zealand Banking Group, Melbourne, 0.431%, 11/4/2014	100,000,000
100,000,000		Bank of Montreal, 0.224%, 8/18/2014	100,000,000
20,000,000		Bank of Montreal, 0.227%, 9/3/2014	20,000,000
115,050,000		Bank of Montreal, 0.234%, 10/14/2014	115,051,873
199,000,000		Bank of Montreal, 0.234%, 10/21/2014	199,000,000
124,050,000	^1,2	BlackRock Municipal Income Quality Trust, VMTP Preferred Shares (Series T0009), 0.150%, 1/2/2015	124,050,000
56,385,000	^1,2	BlackRock MuniHoldings Fund, Inc., VMTP Preferred Shares (Series T0017), 0.150%, 1/2/2015	56,385,000
34,140,000	^1,2	BlackRock MuniHoldings Quality Fund, Inc., VMTP Preferred Shares (Series T0019), 0.160%, 1/2/2015	34,140,000

Annual Shareholder Report

Principal Amount			Value
		NOTES-VARIABLE—continued⁴
		Banking—continued
$113,000,000	^1,2	Blackrock MuniYield Quality Fund II, Inc., VMTP Preferred Shares (Series T0012), 0.150%, 1/2/2015	$113,000,000
20,000,000	^1,2	BlackRock Strategic Municipal Trust, VMTP Preferred Shares (Series T0015), 0.150%, 1/2/2015	20,000,000
80,000,000		Canadian Imperial Bank of Commerce, 0.315%, 8/25/2014	80,000,000
4,905,000		Capital Markets Access Co. LC, ECO Stonecrest, LLC. Series 2006, (SunTrust Bank LOC), 0.280%, 8/6/2014	4,905,000
22,400,000		Carew Realty, Inc., Series 2012, (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	22,400,000
5,000,000		Cincinnati Hills Christian Academy, Inc., Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	5,000,000
6,000,000		District of Columbia Revenue, (Series 2007), (SunTrust Bank LOC), 0.200%, 8/6/2014	6,000,000
53,580,000		Goldleaf Mortgage LLC, Series 2007-A, (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	53,580,000
4,420,000		Green Knight EDC, Series 2004, (Fulton Bank, N.A. LOC), 1.200%, 8/7/2014	4,420,000
9,609,050		Herman & Kittle Capital, LLC, Series 2005, (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	9,609,050
31,575,000	^1,2	Illinois State, Taxable PUTTERs (Series SGT01), 0.180%, 8/1/2014	31,575,000
100,000,000		JPMorgan Chase Bank, N.A., 0.416%, 8/21/2014	100,000,000
15,415,000		Madison Hotel Investors I LLC, Series 2005 B, (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	15,415,000
9,185,000		Maryland State EDC, Human Genome Sciences Series 1999-B, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	9,185,000
7,000,000		Maryland State EDC, Series 2001A Human Genome Sciences, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	7,000,000
25,000,000		Michigan Finance Authority, Series 2010-B, (PNC Bank, N.A. LOC), 0.110%, 8/7/2014	25,000,000
120,000,000		Natixis, 0.243%, 8/11/2014	120,000,000
21,285,000		New York City Housing Development Corp., Series 2009 A2, (Citizens Bank, N.A., LOC), 0.260%, 8/6/2014	21,285,000
64,305,000		New York City Housing Development Corp., Series 2009-A1, (Citizens Bank, N.A., LOC), 0.220%, 8/6/2014	64,305,000
76,200,000		New York City Housing Development Corp., Series 2010-A1, (Citizens Bank, N.A., LOC), 0.300%, 8/6/2014	76,200,000
19,450,000		New York City Housing Development Corp., Series 2010-A2, (Citizens Bank, N.A., LOC), 0.260%, 8/6/2014	19,450,000
2,910,000		Pennsylvania Community Behavioral Healthcare Cooperative, Series 2006, (Fulton Bank, N.A. LOC), 1.200%, 8/7/2014	2,910,000
15,315,000		Pineview Estates LC, Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.220%, 8/7/2014	15,315,000

Annual Shareholder Report

Principal Amount			Value
		NOTES-VARIABLE—continued⁴
		Banking—continued
$125,000,000		PNC Bank, N.A., 0.466%, 9/22/2014	$125,000,000
6,695,000		R.W. Sidley, Inc., Series 2005, (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	6,695,000
100,000,000		Royal Bank of Canada, Montreal, 0.234%, 8/27/2014	100,000,000
8,960,000	^1,2	Springfield Surgical Properties LLC, Series 2008, (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	8,960,000
150,000,000		Toronto Dominion Bank, 0.215%, 8/18/2014	150,000,000
50,000,000		Toronto Dominion Bank, 0.226%, 8/6/2014	50,000,000
70,000,000		Toronto Dominion Bank, 0.234%, 10/15/2014	70,000,000
364,580,000		Wells Fargo Bank, N.A., 0.370%, 9/22/2014	364,580,000
2,850,000		Yonkers, NY IDA, Salgra Realty, LLC Series 2006, (TD Bank, N.A. LOC), 0.220%, 8/7/2014	2,850,000
		TOTAL	2,453,265,923
		Finance - Commercial—0.3%
5,500,000		General Electric Capital Corp., 0.360%, 9/22/2014	5,500,268
1,000,000		General Electric Capital Corp., 0.986%, 10/30/2014	1,003,889
1,767,000		General Electric Capital Corp., 1.261%, 10/2/2014	1,784,015
4,290,000		Woodgrain Millwork, Inc., Series 2004, (General Electric Capital Corp. LOC), 0.150%, 8/7/2014	4,290,000
14,300,000	^1,2	Ziegler Realty, (General Electric Capital Corp. LOC), 0.220%, 8/7/2014	14,300,000
4,010,000	^1,2	Ziegler Realty, Series 2008, (General Electric Capital Corp. LOC), 0.220%, 8/7/2014	4,010,000
		TOTAL	30,888,172
		Government Agency—0.0%
600,000		Frogtown LLC, Series 2004, (Federal Home Loan Bank of Cincinnati LOC), 0.300%, 8/7/2014	600,000
		Metals & Mining—0.8%
19,000,000		Berkeley County, SC IDB, (Nucor Corp.), (Series 1998), 0.250%, 8/6/2014	19,000,000
34,700,000		Hertford County, NC Industrial Facilities & PCFA, (Nucor Corp.), (Series 2000A), 0.350%, 8/6/2014	34,700,000
17,600,000		Memphis-Shelby County, TN IDB—PCRB, (Series 2007), (GTD by Nucor Corp.), 0.340%, 8/6/2014	17,600,000
4,000,000		St. James Parish, LA, (Series 2010A-1), (GTD by Nucor Corp.), 0.280%, 8/6/2014	4,000,000
20,000,000		St. James Parish, LA, (Series 2010B-1), (GTD by Nucor Corp.), 0.300%, 8/6/2014	20,000,000
		TOTAL	95,300,000
		TOTAL NOTES-VARIABLE	2,678,554,561

Annual Shareholder Report

Principal Amount		Value
	OTHER REPURCHASE AGREEMENTS—11.0%
$300,000,000	Barclays Capital, Inc., 0.150%–0.680%, 8/27/2014–1/21/2015, interest in a $300,000,000 collateralized loan agreement, dated 1/22/2014–7/28/2014, in which asset-backed securities, collateralized mortgage obligations and U.S. government agency securities with a market value of $306,023,156 have been received as collateral and held with BNY Mellon as tri-party agent.	$300,000,000
140,000,000	Wells Fargo Securities LLC, 0.450%, 10/17/2014, interest in a $140,000,000 collateralized loan agreement, dated 7/16/2014, in which common stock, convertible bonds, convertible preferred bonds and exchange-traded funds with a market value of $142,828,560 have been received as collateral and held with BNY Mellon as tri-party agent.	140,000,000
360,000,000	Citigroup Global Markets, Inc., 0.510%–0.750%, 8/1/2014–9/23/2014, interest in a $360,000,000 collateralized loan agreement, dated 7/25/2014–7/31/2014, in which asset-backed securities, collateralized mortgage obligations and convertible bonds with a market value of $367,928,752 have been received as collateral and held with BNY Mellon as tri-party agent.	360,000,000
210,000,000	Credit Suisse Securities (USA) LLC, 0.630%–0.690%, 8/28/2014–9/26/2014, interest in a $210,000,000 collateralized loan agreement, dated 5/30/2014–6/30/2014, in which collateralized mortgage obligations with a market value of $214,200,483 have been received as collateral and held with JPMorgan Chase as tri-party agent.	210,000,000
270,000,000	Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.360%–0.680%, 8/1/2014–10/21/2014, interest in a $270,000,000 collateralized loan agreement, dated 7/23/2014–7/31/2014, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, and municipal bonds with a market value of $275,410,307 have been received as collateral and held with BNY Mellon as tri-party agent.	270,000,000
	TOTAL OTHER REPURCHASE AGREEMENTS	1,280,000,000
	REPURCHASE AGREEMENTS—9.9%
500,000,000	Interest in $750,000,000 joint repurchase agreement, 0.090% dated 7/31/2014 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $750,001,875 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 7/25/2054 and the market value of those underlying securities was $769,990,178.	500,000,000
549,000,000	Interest in $1,950,000,000 joint repurchase agreement, 0.100% dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase the securities provided as collateral for $1,950,005,417 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2044 and the market value of those underlying securities was $1,989,005,525.	549,000,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$96,800,000	Interest in $650,000,000 joint repurchase agreement, 0.090% dated 7/31/2014 under which ABN AMRO Bank N.V. will repurchase the securities provided as collateral for $650,001,625 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/1/2044 and the market value of those underlying securities was $663,002,661.	$96,800,000
	TOTAL REPURCHASE AGREEMENTS	1,145,800,000
	TOTAL INVESTMENTS—100.8% (AT AMORTIZED COST)⁵	11,689,081,758
	OTHER ASSETS AND LIABILITIES—(0.8)%⁶	(97,663,924)
	TOTAL NET ASSETS—100%	$11,591,417,834

Securities that are subject to the federal alternative minimum tax (AMT) represent 1.6% of the Fund's portfolio as calculated based upon total market value (unaudited).

1	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 July 31, 2014, these liquid restricted securities amounted to $2,455,782,519, which represented 21.2% of total net assets.
2	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 July 31, 2014, these liquid restricted securities amounted to $2,455,782,519, which represented 21.2% of total net assets.
3	Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.
4	Floating rate note with current rate and next reset date shown.
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 July 31, 2014.

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 July 31, 2014, all investments in 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:

EDC	—Economic Development Corporation
GTD	—Guaranteed
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
LOC	—Letter of Credit
PCFA	—Pollution Control Finance Authority
PCRB	—Pollution Control Revenue Bond
PUTTERs	—Puttable Tax-Exempt Receipts
VMTP	—Variable Rate Municipal Term Preferred

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended July 31,	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations:
Net investment income	—	—	—	—	0.000¹
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
Less Distributions:
Distributions from net investment income	—	—	—	—	(0.000)¹
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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³
Ratios to Average Net Assets:
Net expenses	0.25%⁴	0.32%	0.40%	0.39%⁴	0.46%⁴
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁵	1.07%	0.99%	0.93%	0.93%	0.87%
Supplemental Data:
Net assets, end of period (000 omitted)	$11,591,418	$11,918,210	$10,720,892	$10,912,831	$10,735,359

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
4	The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio is 0.25%, 0.39% and 0.46% for the years ended July 31, 2014, 2011 and 2010, respectively after taking into account these expense reductions.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investments in securities	$9,263,281,758
Investment in repurchase and other repurchase agreements	2,425,800,000
Total investment in securities, at amortized cost and fair value		$11,689,081,758
Cash		864,037
Income receivable		2,662,792
Receivable for shares sold		731
TOTAL ASSETS		11,692,609,318
Liabilities:
Payable for investments purchased	99,937,389
Payable for shares redeemed	450
Payable for investment adviser fee (Note 5)	12,021
Accrued expenses (Note 5)	1,241,624
TOTAL LIABILITIES		101,191,484
Net assets for 11,591,383,361 shares outstanding		$11,591,417,834
Net Assets Consists of:
Paid-in capital		$11,591,370,804
Accumulated net realized gain on investments		47,030
TOTAL NET ASSETS		$11,591,417,834
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$11,591,417,834 ÷ 11,591,383,361 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$30,208,053
Expenses:
Investment adviser fee (Note 5)		$36,192,856
Administrative fee (Note 5)		9,424,168
Custodian fees		381,884
Transfer agent fees		12,125,749
Directors'/Trustees' fees (Note 5)		67,926
Auditing fees		22,650
Legal fees		22,489
Distribution services fee (Note 5)		66,353,570
Other service fees (Note 2)		30,160,714
Portfolio accounting fees		175,910
Share registration costs		3,207,091
Printing and postage		753,021
Miscellaneous (Note 5)		59,854
TOTAL EXPENSES		158,947,882
Waivers, Reimbursements and Reduction:
Waiver of investment adviser fee (Note 5)	$(32,211,344)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(96,528,384)
Reduction of custodian fees (Note 6)	(101)
TOTAL WAIVERS, REIMBURSEMENTS AND REDUCTION		(128,739,829)
Net expenses			30,208,053
Net investment income			—
Net realized gain on investments			58,645
Change in net assets resulting from operations			$58,645

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	58,645	21,145
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	58,645	21,145
Distributions to Shareholders:
Distributions from net realized gain on investments	(22,370)	(39,902)
Share Transactions:
Proceeds from sale of shares	3,951,184,967	5,084,239,118
Net asset value of shares issued to shareholders in payment of distributions declared	21,634	38,385
Cost of shares redeemed	(4,278,034,768)	(3,886,941,142)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(326,828,167)	1,197,336,361
Change in net assets	(326,791,892)	1,197,317,604
Net Assets:
Beginning of period	11,918,209,726	10,720,892,122
End of period	$11,591,417,834	$11,918,209,726

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Capital Reserves Fund (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 consistent with stability of principal and liquidity.

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.

Annual Shareholder Report

Repurchase Agreements

The Fund may invest in repurchase agreements for short-term liquidity purposes. It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a “securities entitlement” and exercises “control” as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

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.

Annual Shareholder Report

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, unaffiliated third-party financial intermediaries waived the entire $30,160,714 of other service fees.

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 year ended July 31, 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 July 31, 2014, tax years 2011 through 2014 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

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.

Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended July 31	2014	2013
Shares sold	3,951,184,967	5,084,239,118
Shares issued to shareholders in payment of distributions declared	21,634	38,385
Shares redeemed	(4,278,034,768)	(3,886,941,142)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	(326,828,167)	1,197,336,361

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$22,370	$39,902

1	For tax purposes, short-term capital distributions are treated as ordinary income distributions.

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$47,030

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

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 0.30% 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 year ended July 31, 2014, the Adviser voluntarily waived $32,211,344 of its fee and reimbursed $14,100 of other operating expenses.

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

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended July 31, 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 shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.55% 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 year ended July 31, 2014, FSC waived its entire fee of $66,353,570. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waiver/reimbursement/reduction for 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) on their own initiative have 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 (after the voluntary waivers and reimbursements) will not exceed 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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.

Annual Shareholder Report

Interfund Transactions

During the year ended July 31, 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 $78,450,000 and $81,545,000, respectively.

General

6. EXPENSE REDUCTION

Through arrangements with the Fund's custodian, net credits realized as a result of uninvested cash balances were used to reduce custody expenses. For the year ended July, 31, 2014, the Fund's expenses were reduced by $101 under these arrangements.

7. CONCENTRATION OF RISK

A substantial portion of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

8. LINE OF CREDIT

9. INTERFUND LENDING

Annual Shareholder Report

10. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST
AND SHAREHOLDERS OF FEDERATED CAPITAL RESERVES FUND:

We have audited the accompanying statement of assets and liabilities of Federated Capital Reserves Fund (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Capital Reserves Fund, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

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 other 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 February 1, 2014 to July 31, 2014.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.00	$1.24
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,023.55	$1.25

Expenses are equal to the Fund's annualized net expense ratio of 0.25%, 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 1.02% (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 $5.06 and $5.11, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2013, the Trust comprised 36 portfolio(s), and the Federated Fund Family consisted of 42 investment companies (comprising 135 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Fund Family and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Paige M. Wilhelm Birth Date: May 28, 1962 Vice President Officer since: August 2006 Portfolio Manager since: December 2009	Principal Occupations: Paige M. Wilhelm has been the Fund's Portfolio Manager since December 2009. She is Vice President of the Trust with respect to the Fund. Ms. Wilhelm joined Federated in 1985 and has been a Senior Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years
and Previous Position(s)

Mark F. Weiss
Birth Date: January 8, 1972
Vice President
Officer since: June 2012
Portfolio Manager since: September 2011

Principal Occupations: Mark F. Weiss has been the Fund's Portfolio Manager since September 2011. He is Vice President of the Trust with respect to the Fund. Mr. Weiss joined Federated in 1994 and has been a Vice President of the Fund's Adviser and a Senior Investment Analyst since January 2007. He is responsible for portfolio management and investment research in the fixed-income area concentrating on taxable money market instruments. Mr. Weiss has received the Chartered Financial Analyst designation and holds a B.A. and M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Capital Reserves Fund (the “Fund”)

Annual Shareholder Report

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 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 may dramatically alter the resulting estimate of cost and/or profitability of a fund and may produce unintended consequences. The allocation information, including the Senior Officer's view that fund-by-fund estimations may be unreliable, was considered in the analysis by the Board.

Annual Shareholder Report

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Capital Reserves Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 608919304

41050 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
U.S. Government Agency Securities	56.3%
Repurchase Agreements	42.6%
U.S. Treasury Securities	1.4%
Other Assets and Liabilities—Net²	(0.3)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	48.9%
8-30 Days	11.0%
31-90 Days	19.2%
91-180 Days	12.9%
181 Days or more	8.3%
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 the principal types of securities in which the Fund invests.
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		GOVERNMENT AGENCIES—56.3%
$99,000,000	¹	Federal Farm Credit System Discount Notes, 0.060% - 0.130%, 9/9/2014 - 4/6/2015	$98,966,362
559,190,000	²	Federal Farm Credit System Floating Rate Notes, 0.112% - 0.186%, 8/3/2014 - 9/2/2014	559,302,728
28,000,000		Federal Farm Credit System, 1.625%, 11/19/2014	28,124,585
1,833,500,000	¹	Federal Home Loan Bank System Discount Notes, 0.060% - 0.120%, 8/6/2014 - 5/15/2015	1,833,177,249
733,500,000	²	Federal Home Loan Bank System Floating Rate Notes, 0.102% - 0.161%, 8/4/2014 - 10/27/2014	733,449,300
1,993,690,000		Federal Home Loan Bank System, 0.070% - 0.250%, 8/1/2014 - 8/25/2015	1,993,622,850
419,500,000	¹	Federal Home Loan Mortgage Corp. Discount Notes, 0.070% - 0.110%, 8/7/2014 - 2/18/2015	419,414,750
75,500,000	²	Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.132%, 8/18/2014	75,495,727
79,300,000		Federal Home Loan Mortgage Corp., 1.000%, 8/20/2014 - 8/27/2014	79,344,622
173,000,000	¹	Federal National Mortgage Association Discount Notes, 0.070% - 0.120%, 9/8/2014 - 4/1/2015	172,901,962
173,000,000	²	Federal National Mortgage Association Floating Rate Notes, 0.124% - 0.126%, 8/5/2014 - 8/27/2014	172,980,340
106,680,000		Federal National Mortgage Association, 1.500% - 2.625%, 9/8/2014 - 11/20/2014	107,241,997
		TOTAL GOVERNMENT AGENCIES	6,274,022,472
		U.S. TREASURY—1.4%
37,500,000		United States Treasury Notes, 2.125%, 11/30/2014	37,749,787
37,500,000		United States Treasury Notes, 2.250%, 1/31/2015	37,897,282
50,000,000		United States Treasury Notes, 2.375%, 8/31/2014	50,093,267
33,000,000		United States Treasury Notes, 4.250%, 8/15/2014	33,053,126
		TOTAL U.S. TREASURY	158,793,462
		REPURCHASE AGREEMENTS—42.6%
1,401,000,000		Interest in $1,950,000,000, joint repurchase agreement 0.10%, dated 7/31/2014 under which Deutsche Bank Securities, Inc., will repurchase the securities provided as collateral for $1,950,005,417 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2044 and the market value of those underlying securities was $1,989,005,525.	1,401,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$553,200,000		Interest in $650,000,000, joint repurchase agreement 0.09%, dated 7/31/2014 under which ABN Amro Bank N.V., will repurchase the securities provided as collateral for $650,001,625 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 5/1/2044 and the market value of those underlying securities was $663,002,661.	$553,200,000
250,000,000		Interest in $750,000,000, joint repurchase agreement 0.09%, dated 7/31/2014 under which Citigroup Global Markets, Inc., will repurchase the securities provided as collateral for $750,001,875 on 8/1/2054. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 7/25/2054 and the market value of those underlying securities was $769,990,178.	250,000,000
250,000,000	³	Repurchase agreement 0.06%, dated 5/22/2014 under which Barclays Capital, Inc., will repurchase the securities provided as collateral for $250,030,833 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Bonds with various maturities to 6/30/2017 and the market value of those underlying securities was $255,030,198.	250,000,000
500,000,000		Repurchase agreement 0.06%, dated 7/29/2014 under which Barclays Capital, Inc., will repurchase the securities provided as collateral for $500,005,833 on 8/5/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 7/25/2044 and the market value of those underlying securities was $515,002,575.	500,000,000
50,000,000		Repurchase agreement 0.06%, dated 7/31/2014 under which Barclays Capital, Inc., will repurchase the securities provided as collateral for $50,000,083 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Bonds with a maturity of 8/15/2043 and the market value of those underlying securities was $51,000,097.	50,000,000
94,000,000	³	Repurchase agreement 0.07%, dated 5/16/2014 under which BNP Paribas Securities Corp., will repurchase the securities provided as collateral for $94,016,450 on 8/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 8/15/2041 and the market value of those underlying securities was $96,834,497.	94,000,000
100,000,000		Repurchase agreement 0.07%, dated 7/28/2014 under which Goldman Sachs &Co., will repurchase the securities provided as collateral for $100,001,361 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 6/15/2040 and the market value of those underlying securities was $103,000,802.	100,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$600,000,000		Repurchase agreement 0.07%, dated 7/30/2014 under which Citigroup Global Markets, Inc., will repurchase the securities provided as collateral for $600,008,169 on 8/6/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 8/25/2054 and the market value of those underlying securities was $616,874,671.	$600,000,000
140,000,000	³	Repurchase agreement 0.08%, dated 7/29/2014 under which Barclays Capital, Inc., will repurchase the securities provided as collateral for $140,028,000 on 10/27/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Bonds with various maturities to 1/31/2021 and the market value of those underlying securities was $142,800,997.	140,000,000
250,000,000		Repurchase agreement 0.08%, dated 7/31/2014 under which Credit Suisse Securities (USA) LLC., will repurchase the securities provided as collateral for $250,000,556 on 8/1/2014. The securities provided as collateral at the end of the period held with JPMorgan Chase, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 5/15/2044 and the market value of those underlying securities was $256,190,599.	250,000,000
150,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which BNP Paribas Securities Corp., will repurchase the securities provided as collateral for $150,000,375 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2044 and the market value of those underlying securities was $153,000,383.	150,000,000
150,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which BNP Paribas Securities Corp., will repurchase the securities provided as collateral for $150,000,375 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2046 and the market value of those underlying securities was $153,401,693.	150,000,000
100,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which Deutsche Bank Securities, Inc., will repurchase the securities provided as collateral for $100,001,750 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 5/25/2043 and the market value of those underlying securities was $103,000,258.	100,000,000
75,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which Deutsche Bank Securities, Inc., will repurchase the securities provided as collateral for $75,000,188 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 2/28/2023 and the market value of those underlying securities was $76,503,393.	75,000,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$75,000,000	Repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities, LLC will repurchase the securities provided as collateral for $75,000,188 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 10/14/2016 and the market value of those underlying securities was $76,504,609.	$75,000,000
	TOTAL REPURCHASE AGREEMENTS	4,738,200,000
	TOTAL INVESTMENTS—100.3% (AT AMORTIZED COST)⁴	11,171,015,934
	OTHER ASSETS AND LIABILITIES - NET—(0.3)%⁵	(35,100,819)
	TOTAL NET ASSETS—100%	$11,135,915,115

1	Discount rate at time of purchase.
2	Floating rate notes with current rate and next reset date shown.
3	Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
4	Also represents cost for federal tax purposes.
5	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 July 31, 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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights

{For a Share Outstanding Throughout Each Period)

Year Ended July 31,	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	0.000¹
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
Less Distributions:
Distributions from net investment income	—	—	—	(0.000)¹	—
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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³
Ratios to Average Net Assets:
Net expenses	0.10%⁴	0.18%	0.17%	0.21%	0.27%⁴
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%³
Expense waiver/reimbursement⁵	1.20%	1.12%	1.12%	1.09%	1.03%
Supplemental Data:
Net assets, end of period (000 omitted)	$11,135,915	$12,026,528	$11,201,045	$10,917,384	$10,934,937

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.10% and 0.27% for the years ended July 31, 2014 and 2010, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investments in repurchase agreements	$4,738,200,000
Investments in securities	6,432,815,934
Total investment in securities, at amortized cost and fair value		$11,171,015,934
Cash		903,215
Income receivable		3,193,797
TOTAL ASSETS		11,175,112,946
Liabilities:
Payable for investments purchased	38,000,000
Payable to adviser (Note 5)	887,649
Accrued expenses (Note 5)	310,182
TOTAL LIABILITIES		39,197,831
Net assets for 11,135,916,243 shares outstanding		$11,135,915,115
Net Assets Consists of:
Paid-in capital		$11,135,915,115
TOTAL NET ASSETS		$11,135,915,115
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$11,135,915,115 ÷ 11,135,916,243 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$11,568,184
Expenses:
Investment adviser fee (Note 5)		$35,101,009
Administrative fee (Note 5)		9,139,833
Custodian fees		333,196
Transfer agent fees		11,760,435
Directors'/Trustees' fees (Note 5)		67,104
Auditing fees		22,650
Legal fees		20,057
Distribution services fee (Note 5)		64,351,849
Other service fees (Notes 2 and 5)		29,180,610
Portfolio accounting fees		175,909
Share registration costs		419,998
Printing and postage		907,234
Miscellaneous (Note 5)		60,708
TOTAL EXPENSES		151,540,592
Waivers, Reimbursement and Reduction:
Waiver of investment adviser fee (Note 5)	$(35,041,009)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(104,931,246)
Reduction of custodian fees (Note 6)	(153)
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION		(139,972,408)
Net expenses			11,568,184
Net investment income			—
Net realized gain on investments			276
Change in net assets resulting from operations			$276

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	276	1,590
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	276	1,590
Distributions to Shareholders:
Distributions from net realized gain on investments	(1,491)	(906)
Share Transactions:
Proceeds from sale of shares	4,366,641,007	5,763,835,612
Net asset value of shares issued to shareholders in payment of distributions declared	1,454	896
Cost of shares redeemed	(5,257,253,736)	(4,938,354,601)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(890,611,275)	825,481,907
Change in net assets	(890,612,490)	825,482,591
Net Assets:
Beginning of period	12,026,527,605	11,201,045,014
End of period	$11,135,915,115	$12,026,527,605

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Government Reserves Fund (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 consistent with stability of principal and liquidity.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

Annual Shareholder Report

Repurchase agreements are subject to Master Netting Agreements which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund, through a single payment, in the event of default or termination. Amounts presented on the Portfolio of Investments and Statement of Assets and Liabilities are not settlement amounts but gross. As indicated above, the cash or securities to be repurchased, as shown on the Portfolio of Investments, exceeds the repurchase price to be paid under the agreements reducing the net settlement amount to zero.

Investment Income, Gains and Losses, Expenses and Distributions

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, unaffiliated third-party financial intermediaries waived $29,156,432 of other service fees.

Premium and Discount Amortization

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

Annual Shareholder Report

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarizes share activity:

Year Ended July 31	2014	2013
Shares sold	4,366,641,007	5,763,835,612
Shares issued to shareholders in payment of distributions declared	1,454	896
Shares redeemed	(5,257,253,736)	(4,938,354,601)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	(890,611,275)	825,481,907

Annual Shareholder Report

4. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due to distribution adjustments.

For the year ended July 31, 2014, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income (Loss)	Accumulated Net Realized Gain (Loss)
$2	$—	$(2)

Net investment income (loss), net realized gains (losses) and net assets were not affected by the reclassification.

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary Income¹	$1,491	$906

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

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 0.30% 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 year ended July 31, 2014, the Adviser voluntarily waived $35,041,009 of its fee and voluntarily reimbursed $1,303,765 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

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 shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.55% 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 year ended July 31, 2014, FSC waived its entire fee of $64,351,849. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Other Service Fees

For the year ended July 31, 2014, FSSC reimbursed $24,178 of other service fees disclosed in Note 2.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waiver/reimbursement/reduction for Fund expenses reflected in the financial highlights will be maintained in the future. The Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have 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 (after the voluntary waivers and reimbursements) will not exceed 1.02% (the “Fee Limit”), up to but not including the later of (the “Termination Date”): (a) October 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 year ended July 31, 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 transactions complied with Rule 17a-7 under the Act and amounted to $503,985,388.

General

Annual Shareholder Report

6. EXPENSE REDUCTION

7. LINE OF CREDIT

8. INTERFUND LENDING

9. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF trustees OF Money Market Obligations trust AND SHAREHOLDERS OF federated government reserves fund:

We have audited the accompanying statement of assets and liabilities of Federated Government Reserves Fund (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Government Reserves Fund, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.00	$0.45
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.35	$0.45

Expenses are equal to the Fund's annualized net expense ratio of 0.09%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: December 2009	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since December 2009. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: December 2004	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since December 2004. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Government Reserves Fund (the “Fund”)

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Government Reserves Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 608919205

33543 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Commercial Paper and Notes	34.4%
Bank Instruments	28.2%
Variable Rate Instruments	3.1%
Other Repurchase Agreements and Repurchase Agreements	34.3%
Other Assets and Liabilities—Net²	(0.0)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	38.4%⁴
8-30 Days	16.6%
31-90 Days	28.3%
91-180 Days	15.9%
181 Days or more	0.8%
Other Assets and Liabilities—Net²	(0.0)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper and Notes include a bank note, commercial paper and corporate bonds with interest rates that are fixed or that reset periodically.
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.
4	Overnight securities comprised 26.5% of the Fund's portfolio.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		BANK NOTE—3.9%
		Finance - Banking—3.9%
$5,000,000		Bank of America N.A., 0.210%, 10/20/2014	$5,000,000
		CERTIFICATES OF DEPOSIT—28.2%
		Finance - Banking—28.2%
3,000,000		BNP Paribas SA, 0.210% - 0.230%, 8/12/2014 - 10/3/2014	3,000,000
2,000,000	¹	Bank of Montreal, 0.226%, 8/6/2014	2,000,000
1,000,000	¹	Bank of Montreal, 0.227%, 9/3/2014	1,000,000
1,000,000	¹	Bank of Montreal, 0.234%, 10/21/2014	1,000,000
2,000,000		Bank of Nova Scotia, Toronto, 0.240%, 10/20/2014	2,000,000
4,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd., 0.200%, 10/30/2014 - 11/28/2014	4,000,000
2,000,000	¹	Canadian Imperial Bank of Commerce, 0.315%, 8/26/2014	2,000,000
2,500,000		Credit Agricole Corporate and Investment Bank, 0.210%, 8/18/2014	2,500,000
3,000,000		Credit Suisse, Zurich, 0.220%, 9/18/2014	3,000,000
3,000,000	¹	JPMorgan Chase Bank, N.A., 0.416%, 8/21/2014	3,000,000
1,000,000	¹	Royal Bank of Canada, Montreal, 0.234%, 8/27/2014	1,000,000
6,000,000		Standard Chartered Bank PLC, 0.210%, 8/22/2014	5,999,266
6,000,000		Sumitomo Mitsui Banking Corp., 0.220%, 9/19/2014 - 11/17/2014	6,000,000
		TOTAL CERTIFICATES OF DEPOSIT	36,499,266
		COMMERCIAL PAPER—29.0%²
		Consumer Products—1.6%
2,000,000		Unilever N.V., 0.260%, 9/3/2014	1,999,524
		Finance - Banking—13.9%
4,000,000	^3,4	Barton Capital LLC, 0.200%, 8/20/2014	3,999,578
6,000,000		ING (U.S.) Funding LLC, 0.210%, 8/1/2014 - 10/30/2014	5,998,017
1,000,000	^3,4	J.P. Morgan Securities LLC, 0.331%, 2/27/2015	998,075
1,000,000	^3,4	LMA-Americas LLC, 0.240%, 10/8/2014	999,547
4,000,000	^3,4	Nationwide Building Society, 0.210%, 10/30/2014	3,997,900
2,000,000		Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.210%, 10/31/2014	1,998,938
		TOTAL	17,992,055
		Finance - Commercial—6.2%
6,000,000	^3,4	Alpine Securitization Corp., 0.210% - 0.220%, 9/2/2014 - 9/11/2014	5,998,713
1,000,000	^3,4	Atlantic Asset Securitization LLC, 0.210%, 8/15/2014	999,918
1,000,000	^3,4	CIESCO, LLC, 0.240%, 1/6/2015	998,947
		TOTAL	7,997,578

Annual Shareholder Report

Principal Amount			Value
		COMMERCIAL PAPER—continued²
		Finance - Retail—7.3%
$2,000,000	^3,4	CAFCO, LLC, 0.220%, 11/5/2014	$1,998,826
1,000,000	^3,4	Chariot Funding LLC, 0.210%, 11/6/2014	999,434
4,500,000	^3,4	Jupiter Securitization Co. LLC, 0.281% - 0.301%, 9/12/2014 - 11/21/2014	4,497,379
2,000,000	^3,4	Starbird Funding Corp., 0.220%, 9/16/2014	1,999,438
		TOTAL	9,495,077
		TOTAL COMMERCIAL PAPER	37,484,234
		CORPORATE BONDS—1.5%
		Finance - Banking—0.7%
1,000,000		Wells Fargo & Co., 3.750%, 10/1/2014	1,005,770
		Insurance—0.8%
1,000,000	^3,4	Metropolitan Life Global Funding I, 2.000%, 1/9/2015	1,007,268
		TOTAL CORPORATE BONDS	2,013,038
		NOTES - VARIABLE—3.1%¹
		Aerospace/Auto—1.6%
2,000,000		BMW US Capital LLC, (GTD by Bayerische Motoren Werke AG), 0.353%, 10/17/2014	2,000,000
		Government Agency—1.5%
2,000,000		Capital Trust Agency, FL, (FNMA LOC), 0.120%, 8/7/2014	2,000,000
		TOTAL NOTES—VARIABLE	4,000,000
		OTHER REPURCHASE AGREEMENTS—8.6%
		Finance - Banking—8.6%
2,000,000		BNP Paribas Securities Corp., 0.365% - 0.426%, 8/1/2014 - 8/21/2014, interest in a $235,000,000 collateralized loan agreement, dated 5/23/2014 – 7/31/2014, in which asset-backed securities, collateralized mortgage obligations and corporate bonds with a market value of $239,745,635 have been received as collateral and held with BNY Mellon as tri-party agent.	2,000,000
500,000		Citigroup Global Markets, Inc., 0.568%, 8/1/2014, interest in a $120,000,000 collateralized loan agreement, dated 7/31/2014, in which asset-backed securities and collateralized mortgage obligations with a market value of $122,401,904 have been received as collateral and held with BNY Mellon as tri-party agent.	500,000
600,000		Credit Suisse Securities (USA) LLC, 0.700%, 9/26/2014, interest in a $115,000,000 collateralized loan agreement, dated 6/30/2014, in which collateralized mortgage obligations with a market value of $117,369,997 have been received as collateral and held with JPMorgan Chase as tri-party agent.	600,000
500,000		HSBC Securities (USA), Inc., 0.264%, 8/1/2014, interest in a $180,000,000 collateralized loan agreement, dated 7/31/2014, in which corporate bonds with a market value of $183,603,473 have been received as collateral and held with JPMorgan Chase as tri-party agent.	500,000

Annual Shareholder Report

Principal Amount			Value
		OTHER REPURCHASE AGREEMENTS—continued
		Finance - Banking—continued
$2,000,000		J.P. Morgan Securities LLC, 0.314%, 10/1/2014, interest in a $250,000,000 collateralized loan agreement, dated 6/30/2014, in which asset-backed securities with a market value of $255,070,415 have been received as collateral and held with JPMorgan Chase as tri-party agent.	$2,000,000
2,000,000		Mitsubishi UFJ Securities (USA), Inc., 0.213%, 8/18/2014, interest in a $100,000,000 collateralized loan agreement, dated 7/17/2014, in which asset-backed securities, corporate bonds and municipal bonds with a market value of $102,008,925 have been received as collateral held with BNY Mellon as tri-party agent.	2,000,000
3,500,000		Wells Fargo Securities, LLC, 0.456%, 10/16/2014 - 10/21/2014, interest in a $500,000,000 collateralized loan agreement, dated 7/16/2014 – 7/21/2014, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $510,089,251 have been received as collateral held with BNY Mellon as tri-party agent.	3,500,000
		TOTAL OTHER REPURCHASE AGREEMENTS	11,100,000
		REPURCHASE AGREEMENTS—25.7%
2,000,000	⁵	Interest in $200,000,000 joint repurchase agreement 0.20%, dated 6/16/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $200,066,667 on 8/15/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 10/20/2062 and the market value of those underlying securities was $204,052,134.	2,000,000
1,000,000	⁵	Interest in $250,000,000 joint repurchase agreement 0.20%, dated 7/25/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $250,083,333 on 9/23/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities and U.S. Treasury securities with various maturities to 4/16/2044 and the market value of those underlying securities was $255,009,960.	1,000,000
10,220,000		Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	10,220,000
10,000,000		Interest in $2,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,005,000 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/15/2055 and the market value of those underlying securities was $2,041,755,937.	10,000,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$10,000,000	Interest in $3,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,000,007,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/16/2052 and the market value of those underlying securities was $3,066,126,351.	$10,000,000
	TOTAL REPURCHASE AGREEMENTS	33,220,000
	TOTAL INVESTMENTS—100.0% (AT AMORTIZED COST)⁶	129,316,538
	OTHER ASSETS AND LIABILITIES - NET—(0.0)%⁷	(1,599)
	TOTAL NET ASSETS—100%	$129,314,939

1	Denotes a variable rate security with current rate and next reset date shown.
2	Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
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 July 31, 2014, these restricted securities amounted to $28,495,023, 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 July 31, 2014, these liquid restricted securities amounted to $28,495,023, which represented 22.0% of total net assets.
5	Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
6	Also represents cost for federal tax purposes.
7	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 July 31, 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).

Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	0.000¹
Net realized gain (loss) on investments	0.000¹	0.000¹	—	0.000¹	(0.000)¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	—	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	—	—	—	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.000)¹	—	—	—	—
TOTAL DISTRIBUTIONS	(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
Total Return²	0.00%³	0.00%	0.00%	0.00%³	0.02%
Ratios to Average Net Assets:
Net expenses	0.23%	0.30%	0.38%	0.37%	0.43%
Net investment income	0.00%	0.00%	0.00%	0.00%	0.03%
Expense waiver/reimbursement⁴	0.42%	0.35%	0.34%	0.33%	0.22%
Supplemental Data:
Net assets, end of period (000 omitted)	$129,315	$108,653	$94,546	$108,861	$118,767

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase and other repurchase agreements	$44,320,000
Investment in securities	84,996,538
Total investment in securities, at amortized cost and fair value		$129,316,538
Cash		5,491
Income receivable		27,429
Receivable for shares sold		650
TOTAL ASSETS		129,350,108
Liabilities:
Payable for shares redeemed	689
Payable to adviser (Note 5)	912
Payable for transfer agent fee	1,795
Payable for legal fees	2,131
Payable for portfolio accounting fees	6,961
Payable for share registration costs	22,575
Accrued expenses (Note 5)	106
TOTAL LIABILITIES		35,169
Net assets for 129,305,179 shares outstanding		$129,314,939
Net Assets Consist of:
Paid-in capital		$129,314,744
Accumulated net realized gain on investments		195
TOTAL NET ASSETS		$129,314,939
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$129,314,939 ÷ 129,305,179 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$271,130
Expenses:
Investment adviser fee (Note 5)		$481,224
Administrative fee (Note 5)		93,980
Custodian fees		10,609
Transfer agent fee		7,449
Directors'/Trustees' fees (Note 5)		739
Auditing fees		20,250
Legal fees		20,058
Portfolio accounting fees		42,361
Share registration costs		75,119
Printing and postage		20,923
Miscellaneous (Note 5)		5,056
TOTAL EXPENSES		777,768
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(481,224)
Waiver/reimbursement of other operating expenses (Notes 2 and Note 5)	(25,414)
TOTAL WAIVERS AND REIMBURSEMENT		(506,638)
Net expenses			271,130
Net investment income			—
Net realized gain on investments			396
Change in net assets resulting from operations			$396

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	396	568
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	396	568
Distributions to Shareholders:
Distributions from net realized gain on investments	(347)	—
Share Transactions:
Proceeds from sale of shares	391,188,457	388,461,189
Net asset value of shares issued to shareholders in payment of distributions declared	170	—
Cost of shares redeemed	(370,526,658)	(374,355,261)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	20,661,969	14,105,928
Change in net assets	20,662,018	14,106,496
Net Assets:
Beginning of period	108,652,921	94,546,425
End of period	$129,314,939	$108,652,921

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

For the year ended July 31, 2014, unaffiliated third parties waived $399 of transfer agent fees.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. FSSC may voluntarily reimburse the Fund for other service fees. This voluntary reimbursement can be modified or terminated at any time. For the year ended July 31, 2014, the Fund did not incur other service fees.

Premium and Discount Amortization

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

Federal Taxes

Annual Shareholder Report

and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of July 31, 2014, tax years 2011 through 2014 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

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended July 31	2014	2013
Shares sold	391,188,457	388,461,189
Shares issued to shareholders in payment of distributions declared	170	—
Shares redeemed	(370,526,658)	(374,355,261)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	20,661,969	14,105,928

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income	$347	$—

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

Annual Shareholder Report

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$195

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

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. 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 its shares under federal and state laws and regulations, expenses of withholding taxes and extraordinary expenses 0.45% of its average daily net assets. In addition, the Adviser may choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. The Adviser can modify or terminate this wavier and/or reimbursement at any time at its sole discretion. For the year ended July 31, 2014, the Adviser waived its entire fee of $481,224 and reimbursed $25,015 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

FAS may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2014, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

General

Annual Shareholder Report

6. CONCENTRATION OF RISK

A substantial part of the Fund's portfolio may be comprised of obligations of banks. As a result, the Fund may be more susceptible to any economic, business, political or other developments which generally affect these entities.

7. LINE OF CREDIT

8. INTERFUND LENDING

9. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF trustees OF money market obligations trust AND SHAREHOLDERS OF federated master trust:

We have audited the accompanying statement of assets and liabilities of Federated Master Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Master Trust, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 24, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.00	$1.09
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,023.70	$1.10

Expenses are equal to the Fund's annualized net expense ratio of 0.22%, 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 5 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.

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2013, the Trust comprised 36 portfolio(s), and the Federated Fund Family consisted of 42 investment companies (comprising 135 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Fund Family and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: July 1991	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since July 1991. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Paige M. Wilhelm Birth Date: May 28, 1962 VICE PRESIDENT Officer since: August 2006 Portfolio Manager since: July 2003	Principal Occupations: Paige M. Wilhelm has been the Fund's Portfolio Manager since July 2003. She is Vice President of the Trust with respect to the Fund. Ms. Wilhelm joined Federated in 1985 and has been a Senior Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Master Trust (the “Fund”)

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Master Trust
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N740

28846 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	85.3%
Municipal Notes	14.4%
Commercial Paper	0.2%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	85.9%
8-30 Days	1.0%
31-90 Days	1.6%
91-180 Days	4.5%
181 Days or more	6.9%
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.9%^1,2
		Alabama—1.0%
$6,000,000		Columbia, AL IDB PCRB, (1995 Series E) Daily VRDNs (Alabama Power Co.), 0.070%, 8/1/2014	$6,000,000
		Arizona—0.8%
4,770,000	^3,4	Arizona Health Facilities Authority, Floater Certificates (Series 2008-3256) Weekly VRDNs (Banner Health)/(Deutsche Bank AG LIQ), 0.090%, 8/7/2014	4,770,000
		Arkansas—1.5%
3,900,000		Pulaski County, AR Public Facilities Board, (Series 2005: Markham Oaks and Indian Hills Apartments) Weekly VRDNs (Bailey Properties, LLC)/(Federal Home Loan Bank of Atlanta LOC), 0.110%, 8/7/2014	3,900,000
4,900,000		Pulaski County, AR Public Facilities Board, (Series 2012: Waterford and Bowman Heights Apartments) Weekly VRDNs (Bailey Properties, LLC)/(Federal Home Loan Bank of Atlanta LOC), 0.110%, 8/7/2014	4,900,000
		TOTAL	8,800,000
		California—4.3%
13,000,000	^3,4	Nuveen California Dividend Advantage Municipal Fund, (NAC Series 4) Weekly VRDPs (Royal Bank of Canada, Montreal, LIQ), 0.140%, 8/7/2014	13,000,000
9,000,000	^3,4	Nuveen California Dividend Advantage Municipal Fund, (NAC Series 5) Weekly VRDPs (Citibank NA, New York LIQ), 0.130%, 8/7/2014	9,000,000
3,700,000	^3,4	Nuveen California Dividend Advantage Municipal Fund, (NAC Series 6) Weekly VRDPs (Citibank NA, New York LIQ), 0.130%, 8/7/2014	3,700,000
		TOTAL	25,700,000
		Colorado—2.8%
1,900,000		Colorado HFA (Class I Bonds), (Series 2007) Weekly VRDNs (Xybix Systems, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.210%, 8/7/2014	1,900,000
15,000,000	^3,4	Denver, CO City & County Airport Authority, SPEARs (Series DBE-485) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	15,000,000
		TOTAL	16,900,000
		Connecticut—4.0%
20,000,000		Connecticut State HFA, (2008 Series E) Weekly VRDNs (Bank of America N.A. LIQ), 0.090%, 8/7/2014	20,000,000
4,000,000		Putnam, CT, 1.00% BANs, 11/25/2014	4,005,049
		TOTAL	24,005,049

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Florida—2.5%
$10,000,000	^3,4	Hillsborough County, FL Aviation Authority, Spears (Series DBE-645) Weekly VRDNs (Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 0.140%, 8/7/2014	$10,000,000
750,000	^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), 0.190%, 8/7/2014	750,000
4,100,000		UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	4,100,000
		TOTAL	14,850,000
		Georgia—1.6%
10,000,000		Burke County, GA Development Authority, (Third Series 2012) Daily VRDNs (Georgia Power Co.), 0.070%, 8/1/2014	10,000,000
		Idaho—1.6%
10,000,000		Power County, ID IDC, (Series 2012) Weekly VRDNs (J. R. Simplot Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/6/2014	10,000,000
		Illinois—6.7%
3,400,000		Harvey, IL Multifamily Revenue, (Series 1997) Weekly VRDNs (Bethlehem Village)/(Federal Home Loan Bank of Indianapolis LOC), 0.200%, 8/7/2014	3,400,000
8,500,000		Illinois Development Finance Authority, (Series 1998) Weekly VRDNs (Glenwood School)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/7/2014	8,500,000
11,555,000		Illinois Finance Authority, (Series 2007A) Weekly VRDNs (McKinley Foundation)/(Key Bank, N.A. LOC), 0.210%, 8/7/2014	11,555,000
14,000,000		Kane County, IL, (Series 1993) Weekly VRDNs (Glenwood School)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/7/2014	14,000,000
3,000,000		Lockport, IL IDA, (Series 1990) Weekly VRDNs (Panduit Corp.)/(Fifth Third Bank, Cincinnati LOC), 0.180%, 8/6/2014	3,000,000
		TOTAL	40,455,000
		Indiana—0.7%
4,000,000		Posey County, IN EDA, (Series 2013A), 0.30% TOBs (Midwest Fertilizer Corp.)/(United States Treasury GTD), Mandatory Tender 11/18/2014	4,000,000
		Kentucky—0.4%
2,320,000		Somerset, KY Industrial Building, (Series 2000) Weekly VRDNs (Wonderfuel LLC)/(Comerica Bank LOC), 0.290%, 8/7/2014	2,320,000
		Louisiana—1.4%
3,300,000		Calcasieu Parish, LA, IDB, (Series 1998) Weekly VRDNs (HydroServe Westlake, LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.120%, 8/6/2014	3,300,000
3,000,000		St. James Parish, LA, (Series 2009) Weekly VRDNs (Louisiana Sugar Refining, LLC)/(Natixis LOC), 0.230%, 8/7/2014	3,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Louisiana—continued
$2,000,000		St. James Parish, LA, (Series 2010B-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(Nucor Corp. GTD), 0.300%, 8/6/2014	$2,000,000
		TOTAL	8,300,000
		Maine—3.7%
11,000,000		Maine State Housing Authority, (Series 2004B-3) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.080%, 8/7/2014	11,000,000
11,125,000		Maine State Housing Authority, (Series 2005 C) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.080%, 8/7/2014	11,125,000
		TOTAL	22,125,000
		Michigan—6.7%
23,015,000		Michigan State Housing Development Authority, (Series 2007C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/6/2014	23,015,000
8,400,000		Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/1/2014	8,400,000
6,190,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Goodwill Industries of Greater Grand Rapids, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	6,190,000
3,000,000		Waterford, MI School District, 2013 State Aid Notes, 1.00% RANs, 9/24/2014	3,001,099
		TOTAL	40,606,099
		Missouri—0.4%
2,500,000		St. Louis County, MO IDA, (Series 2008A) Daily VRDNs (International Lutheran Laymen's League)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	2,500,000
		Multi State—5.9%
12,500,000	^3,4	Blackrock MuniYield Quality Fund, Inc., (Series W-7) Weekly VRDPs (Barclays Bank PLC LIQ), 0.150%, 8/7/2014	12,500,000
1,151,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2009-13 Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	1,151,000
488,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT) Series 2009-68 Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	488,000
1,320,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multistate AMT) Series 2009-78 Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	1,320,000
10,000,000	^3,4	Nuveen Dividend Advantage Municipal Fund 2, [Series 2] Weekly VRDPs (Deutsche Bank Trust Co. Americas LIQ), 0.160%, 8/7/2014	10,000,000
10,000,000	^3,4	Nuveen Investment Quality Municipal Fund, Inc., (2,118 Series 1) Weekly VRDPs (Barclays Bank PLC LIQ), 0.150%, 8/7/2014	10,000,000
		TOTAL	35,459,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Nebraska—0.3%
$2,000,000		Stanton County, NE, (Series 1998) Weekly VRDNs (Nucor Corp.), 0.340%, 8/6/2014	$2,000,000
		Nevada—2.9%
2,355,000		Director of the State of Nevada Department of Business and Industry, IDRB (Series 1998A) Weekly VRDNs (575 Mill Street LLC)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.330%, 8/7/2014	2,355,000
14,900,000		Nevada Housing Division, (Series 2004) Weekly VRDNs (Sundance Village Apartments)/(Citibank NA, New York LOC), 0.140%, 8/7/2014	14,900,000
		TOTAL	17,255,000
		New Jersey—14.9%
7,280,000		Belmar, NJ, 1.00% BANs, 2/13/2015	7,296,562
1,555,950		Berkeley Heights Township, NJ, 1.00% BANs, 10/9/2014	1,557,265
3,466,950		Brigantine, NJ, (Series 2013C), 1.00% BANs, 12/11/2014	3,472,809
6,000,000		East Greenwich Township, NJ, (Series 2013B), 1.00% BANs, 11/12/2014	6,005,539
7,000,000		Evesham Township, NJ, (Series 2014A), 1.00% BANs, 5/21/2015	7,024,003
1,460,203		Harmony Township, NJ, 1.00% BANs, 4/28/2015	1,462,878
2,000,000		Kinnelon, NJ, 1.00% BANs, 12/5/2014	2,002,189
2,524,120		Linden, NJ, 1.00% BANs, 12/18/2014	2,526,593
6,500,000		Linden, NJ, 1.00% BANs, 5/1/2015	6,517,355
3,351,500		Long Beach Township, NJ, (Series 2014A), 1.00% BANs, 3/24/2015	3,358,554
1,145,000		New Jersey EDA Weekly VRDNs (Services for Children with Hidden Intelligence, Inc.)/(Fulton Bank, N.A. LOC), 0.950%, 8/7/2014	1,145,000
11,500,000	^3,4	New Jersey State Educational Facilities Authority, (Series DBE-1307) Weekly VRDNs (New Jersey State)/(Deutsche Bank AG GTD)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	11,500,000
6,850,000		New Jersey State Transportation Trust Fund Authority, (Series 2009C) Weekly VRDNs (New Jersey State)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/6/2014	6,850,000
8,000,000	^3,4	Nuveen New Jersey Investment Quality Municipal Fund, Inc., (Series 2) Weekly VRDPs (Royal Bank of Canada, Montreal LIQ), 0.140%, 8/7/2014	8,000,000
3,407,221		Ringwood Borough, NJ, 1.00% BANs, 8/1/2014	3,407,221
3,649,130		Roselle, NJ, 1.25% BANs, 12/18/2014	3,655,331
2,439,000		Seaside Park, NJ, (Series 2014A), 1.25% BANs, 5/28/2015	2,447,945
1,625,908		Wantage Township, NJ, 1.50% BANs, 1/9/2015	1,629,243
5,000,000		Westfield, NJ, 1.25% BANs, 8/22/2014	5,001,858
5,000,000		Wildwood Crest, NJ, 1.00% BANs, 9/26/2014	5,001,746
		TOTAL	89,862,091

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—5.5%
$5,000,000		Ausable Valley, NY CSD, 0.75% BANs, 6/25/2015	$5,013,839
260,000		Cattaraugus County, NY IDA, (Series 1999A) Weekly VRDNs (Gernatt Asphalt Products, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.210%, 8/7/2014	260,000
1,310,000		Erie County, NY IDA, IDRB (Series 1994) Weekly VRDNs (Servotronics, Inc.)/(Bank of America N.A. LOC), 0.320%, 8/7/2014	1,310,000
4,225,000		Fulton, NY City School District, 0.75% BANs, 7/17/2015	4,242,347
1,295,000		New York City, NY IDA, IDRB (Series 2003) Weekly VRDNs (Novelty Crystal Corp.)/(TD Bank, N.A. LOC), 0.200%, 8/7/2014	1,295,000
10,500,000	^3,4	New York State Mortgage Agency, ROCs (Series 11683) Weekly VRDNs (Citibank NA, New York LIQ), 0.120%, 8/7/2014	10,500,000
6,280,000	^3,4	New York State Mortgage Agency, ROCs (Series 11702) Weekly VRDNs (Citibank NA, New York LIQ), 0.120%, 8/7/2014	6,280,000
4,000,000		Oceanside, NY Union Free School District, 0.75% BANs, 7/10/2015	4,015,712
		TOTAL	32,916,898
		Oklahoma—0.2%
1,518,948	^3,4	Clipper Tax-Exempt Certificates Trust (Oklahoma AMT) Series 2009-5 Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	1,518,948
		Oregon—4.6%
20,000,000		Oregon State Housing and Community Services Department, (2008 Series C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/7/2014	20,000,000
7,500,000		Oregon State Housing and Community Services Department, SFM Program (2008 Series I) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 8/7/2014	7,500,000
		TOTAL	27,500,000
		Pennsylvania—0.5%
3,000,000	^3,4	Nuveen Pennsylvania Investment Quality Municipal Fund, (1125 Series 2) Weekly VRDPs (Royal Bank of Canada, Montreal LIQ), 0.160%, 8/7/2014	3,000,000
		Rhode Island—1.6%
6,775,000		Rhode Island State Health and Educational Building Corp., (Series 2005A: Catholic School Pool Program Issue) Daily VRDNs (Citizens Bank, N.A., Providence LOC), 0.300%, 8/1/2014	6,775,000
3,000,000		Rhode Island State Health and Educational Building Corp., (Series 2007) Weekly VRDNs (CVS-Highlander Charter School, Inc.)/(Citizens Bank, N.A., Providence LOC), 0.350%, 8/6/2014	3,000,000
		TOTAL	9,775,000
		Tennessee—2.3%
2,200,000		Memphis-Shelby County, TN Industrial Development Board—PCRB, (Series 2007) Weekly VRDNs (Nucor Steel Memphis, Inc.)/(Nucor Corp. GTD), 0.340%, 8/6/2014	2,200,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Tennessee—continued
$5,970,000	Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 2008) Weekly VRDNs (Mur-Ci Homes, Inc.)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	$5,970,000
5,965,000	Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 2009) Weekly VRDNs (Meharry Medical College)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	5,965,000
	TOTAL	14,135,000
	Texas—10.3%
14,000,000	Calhoun County, TX Navigation District Environmental Facilities, (Series 2006) Weekly VRDNs (Formosa Plastic Corp.)/(Bank of America N.A. LOC), 0.090%, 8/7/2014	14,000,000
10,900,000	Calhoun, TX Port Authority, (Series 2011A) Weekly VRDNs (Formosa Plastic Corp.)/(Sumitomo Mitsui Banking Corp. LOC), 0.090%, 8/7/2014	10,900,000
15,000,000	Texas State Department of Housing & Community Affairs, (Series 2004B) Weekly VRDNs (Texas State LIQ), 0.090%, 8/6/2014	15,000,000
10,000,000	Texas State Department of Housing & Community Affairs, (Series 2006H) Weekly VRDNs (Texas State LIQ), 0.070%, 8/6/2014	10,000,000
12,500,000	Texas State, Veterans Land Board (Series 2002) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.080%, 8/6/2014	12,500,000
	TOTAL	62,400,000
	Virginia—0.2%
1,250,000	Halifax, VA IDA, MMMs, PCR (Series 1992), 0.45% CP (Virginia Electric & Power Co.), Mandatory Tender 8/14/2014	1,250,000
	Washington—6.1%
6,125,000	Port Bellingham, WA Industrial Development Corp., (Series 2006) Weekly VRDNs (Hempler Foods Group LLC)/(Bank of Montreal LOC), 0.130%, 8/7/2014	6,125,000
6,250,000	Washington State Housing Finance Commission, (Series 2008) Weekly VRDNs (Panorama)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/7/2014	6,250,000
24,600,000	Washington State Housing Finance Commission: MFH, (Series 2007A) Weekly VRDNs (Merrill Gardens at Kirkland LLC)/(Bank of America N.A. LOC), 0.110%, 8/7/2014	24,600,000
	TOTAL	36,975,000
	Wisconsin—4.5%
7,710,000	Janesville, WI, (Series 1992) Weekly VRDNs (Seneca Foods Corp.)/(Royal Bank of Scotland NV LOC), 0.330%, 8/7/2014	7,710,000
4,500,000	Rothschild Village, WI, (Series 2007) Weekly VRDNs (Schuette, Inc.)/(BMO Harris Bank, N.A. LOC), 0.420%, 8/7/2014	4,500,000
11,810,000	Wisconsin State HEFA, (Series 2007) Weekly VRDNs (Benevolent Corporation Cedar Community)/(JPMorgan Chase Bank, N.A. LOC), 0.080%, 8/7/2014	11,810,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Wisconsin—continued
$2,910,000	Wisconsin State HEFA, (Series 2008) Weekly VRDNs (Wisconsin Lutheran Child & Family Services, Inc.)/(BMO Harris Bank, N.A. LOC), 0.260%, 8/7/2014	$2,910,000
	TOTAL	26,930,000
	TOTAL INVESTMENTS—99.9% (AT AMORTIZED COST)⁵	602,308,085
	OTHER ASSETS AND LIABILITIES - NET—0.1%⁶	471,558
	TOTAL NET ASSETS—100%	$602,779,643

Securities that are subject to the federal alternative minimum tax (AMT) represent 63.6% of the Fund's portfolio as calculated based upon total market value (unaudited).

1	Current rate and next reset date shown for Variable Rate Instruments.
2	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 Investor Services, 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 categories should be identified as a First or Second Tier security.
	At July 31, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value (unaudited)

First Tier	Second Tier
97.0%	3.0%

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 July 31, 2014, these restricted securities amounted to $132,477,948, 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 July 31, 2014, these liquid restricted securities amounted to $132,477,948, 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 July 31, 2014.

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 July 31, 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
CP	—Commercial Paper
CSD	—Central School District
EDA	—Economic Development Authority
GNMA	—Government National Mortgage Association
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
IDC	—Industrial Development Corporation
IDRB	—Industrial Development Revenue Bond
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCRB	—Pollution Control Revenue Bond
RANs	—Revenue Anticipation Notes
ROCs	—Reset Option Certificates
SFM	—Single Family Mortgage
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

Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	0.000¹
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
Less Distributions:
Distributions from net investment income	—	—	—	(0.000)¹	(0.000)¹
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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.04%	0.00%³	0.02%
Ratios to Average Net Assets:
Net expenses	0.21%	0.29%	0.42%	0.52%	0.67%
Net investment income	0.00%	0.00%	0.00%	0.00%	0.02%
Expense waiver/reimbursement⁴	1.14%	1.08%	0.97%	0.82%	0.67%
Supplemental Data:
Net assets, end of period (000 omitted)	$602,780	$591,968	$495,839	$442,970	$890,639

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
4	This expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Total investment in securities, at amortized cost and fair value		$602,308,085
Cash		151,092
Income receivable		506,867
TOTAL ASSETS		602,966,044
Liabilities:
Payable for share registration costs	$73,382
Payable for transfer agent fee	44,336
Payable for portfolio accounting fees	29,311
Payable for auditing fees	20,600
Payable to adviser (Note 5)	10,050
Accrued expenses (Note 5)	8,722
TOTAL LIABILITIES		186,401
Net assets for 602,767,436 shares outstanding		$602,779,643
Net Assets Consists of:
Paid-in capital		$602,764,492
Accumulated net realized gain on investments		15,151
TOTAL NET ASSETS		$602,779,643
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$602,779,643 ÷ 602,767,436 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$1,349,559
Expenses:
Investment adviser fee (Note 5)		$1,913,809
Administrative fee (Note 5)		498,333
Custodian fees		25,489
Transfer agent fees		641,942
Directors'/Trustees' fees (Note 5)		2,880
Auditing fees		20,600
Legal fees		20,682
Distribution services fee (Note 5)		3,508,650
Other service fees (Notes 2 and 5)		1,594,841
Portfolio accounting fees		115,449
Share registration costs		254,499
Printing and postage		34,799
Miscellaneous (Note 5)		7,232
TOTAL EXPENSES		8,639,205
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 5)	$(1,871,808)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(5,417,838)
TOTAL WAIVERS AND REIMBURSEMENTS		(7,289,646)
Net expenses			1,349,559
Net investment income			—
Net realized gain on investments			51,577
Change in net assets resulting from operations			$51,577

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	51,577	83,556
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	51,577	83,556
Distributions to Shareholders:
Distributions from net realized gain on investments	(88,505)	(96,966)
Share Transactions:
Proceeds from sale of shares	698,834,469	589,633,957
Net asset value of shares issued to shareholders in payment of distributions declared	88,505	96,966
Cost of shares redeemed	(688,074,815)	(493,588,481)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	10,848,159	96,142,442
Change in net assets	10,811,231	96,129,032
Net Assets:
Beginning of period	591,968,412	495,839,380
End of period	$602,779,643	$591,968,412

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Municipal Trust (the “Fund”). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to provide current income which is (exempt from federal regular income tax) consistent with stability of principal. The Fund may be subject to the federal AMT for individuals and corporations and state and local income taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Investment Income, Gains and Losses, Expenses and Distributions

Annual Shareholder Report

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, unaffiliated third-party financial intermediaries waived $1,594,186 of other service fees.

Premium and Discount Amortization

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

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended July 31	2014	2013
Shares sold	698,834,469	589,633,957
Shares issued to shareholders in payment of distributions declared	88,505	96,966
Shares redeemed	(688,074,815)	(493,588,481)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	10,848,159	96,142,442

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary Income¹	$16,280	$94,535
Long-term capital gains	$72,225	$2,431

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²	$128
Undistributed long-term capital gains	$15,023

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

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 0.30% 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 year ended July 31, 2014, the Adviser voluntarily waived $1,871,808 of its fee, and voluntarily reimbursed $296,671 of other operating expenses.

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 shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.55% 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 year ended July 31, 2014, FSC waived its entire fee of $3,508,650. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares.

Other Service Fees

For the year ended July 31, 2014, FSSC reimbursed $655 of the other service fees disclosed in Note 2.

Expense Limitation

Annual Shareholder Report

Interfund Transactions

During the year ended July 31, 2014, the Fund engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Trustees, and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act and amounted to $404,905,000 and $995,375,000, respectively.

General

Certain Officers and Trustees of the Fund are Officers and Directors or Trustees of certain of the above companies. To efficiently facilitate payment, Trustees' fees and certain expenses related to conducting meetings of the 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.

6. LINE OF CREDIT

7. INTERFUND LENDING

Annual Shareholder Report

8. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended July 31, 2014, the Fund designated $72,225 of its distribution as long-term capital gain distributions.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF trustees OF Money Market Obligations trust AND SHAREHOLDERS OF federated Municipal trust:

We have audited the accompanying statement of assets and liabilities of Federated Municipal Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Municipal Trust, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.00	$0.99
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,023.80	$1.00

Expenses are equal to the Fund's annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: December 2004	Principal Occupations: Mary Jo Ochson has been the Fund's Portfolio Manager since December 2004. Ms. Ochson was named Chief Investment Officer of Federated's tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.
Michael W. Sirianni Jr. Birth Date: April 29, 1965 Vice President Officer since: June 2012 Portfolio Manager since: December 2004	Principal Occupations: Michael W. Sirianni Jr. has been the Fund's Portfolio Manager since December 2004. He is Vice President of the Trust with respect to the Fund. Mr. Sirianni joined Federated in 1988 and has been a Senior Portfolio Manager since September 2007 and Vice President of the Fund's Adviser since January 1999. Mr. Sirianni received his B.A. from Pennsylvania State University and M.B.A. from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Municipal Trust (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Municipal Trust
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 608919106

Q450510 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
U.S. Government Agency Securities	54.9%
Repurchase Agreements	44.0%
U.S. Treasury Securities	1.4%
Other Assets and Liabilities—Net²	(0.3)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	51.6%
8-30 Days	10.4%
31-90 Days	16.5%
91-180 Days	13.6%
181 Days or more	8.2%
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 the types of securities in which the Fund invests.
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		GOVERNMENT AGENCIES—54.9%
$85,000,000	¹	Federal Farm Credit System Discount Notes, 0.120%, 12/11/2014 - 2/6/2015	$84,955,000
1,077,885,000	²	Federal Farm Credit System Floating Rate Notes, 0.112% - 0.185%, 8/1/2014 - 9/2/2014	1,077,956,586
80,000,000		Federal Farm Credit System Notes, 1.625%, 11/19/2014	80,355,958
4,871,250,000	¹	Federal Home Loan Bank System Discount Notes, 0.060% - 0.110%, 8/6/2014 - 2/25/2015	4,870,372,257
2,032,000,000	²	Federal Home Loan Bank System Floating Rate Notes, 0.102% - 0.161%, 8/2/2014 - 10/27/2014	2,031,855,805
5,477,345,000		Federal Home Loan Bank System Notes, 0.070% - 0.250%, 8/1/2014 - 8/25/2015	5,477,152,318
1,262,500,000	¹	Federal Home Loan Mortgage Corp. Discount Notes, 0.070% - 0.110%, 8/6/2014 - 2/18/2015	1,262,233,458
190,500,000	²	Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.132%, 8/18/2014	190,489,212
465,450,000	¹	Federal National Mortgage Association Discount Notes, 0.070% - 0.120%, 9/8/2014 - 4/1/2015	465,186,368
444,000,000	²	Federal National Mortgage Association Floating Rate Notes, 0.124% - 0.126%, 8/5/2014 - 8/27/2014	443,949,477
579,757,175	²	Housing and Urban Development Floating Rate Notes, 0.435%, 8/1/2014	579,757,175
		TOTAL GOVERNMENT AGENCIES	16,564,263,614
		U.S. TREASURY—1.4%
100,000,000		United States Treasury Notes, 2.125%, 11/30/2014	100,666,100
100,000,000		United States Treasury Notes, 2.250%, 1/31/2015	101,059,418
200,000,000		United States Treasury Notes, 2.375%, 8/31/2014	200,373,067
34,000,000		United States Treasury Notes, 4.250%, 8/15/2014	34,054,736
		TOTAL U.S. TREASURY	436,153,321
		REPURCHASE AGREEMENTS—44.0%
450,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $450,001,125 on 8/1/2014.The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/20/2043 and the market value of those underlying securities was $459,001,856.	450,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$100,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $100,000,250 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $102,000,284.	$100,000,000
255,000,000	³	Interest in $393,000,000 joint repurchase agreement 0.07%, dated 5/16/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $393,068,775 on 8/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2044 and the market value of those underlying securities was $401,427,416.	255,000,000
250,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $250,000,625 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/20/2044 and the market value of those underlying securities was $255,000,638.	250,000,000
900,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $900,002,250 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/20/2044 and the market value of those underlying securities was $920,145,875.	900,000,000
100,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which Bank of Montreal will repurchase securities provided as collateral for $100,000,250 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2044 and the market value of those underlying securities was $102,500,685.	100,000,000
161,000,000	³	Interest in $250,000,000 joint repurchase agreement 0.08%, dated 5/7/2014 under which Bank of Nova Scotia will repurchase securities provided as collateral for $250,051,111 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2044 and the market value of those underlying securities was $255,404,542.	161,000,000
250,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which Bank of Nova Scotia will repurchase securities provided as collateral for $250,000,625 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agencies and a U.S. Treasury securities with various maturities to 7/1/2044 and the market value of those underlying securities was $255,002,304.	250,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$300,000,000	³	Interest in $695,000,000 joint repurchase agreement 0.06%, dated 5/22/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $695,085,717 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2023 and the market value of those underlying securities was $708,983,898.	$300,000,000
344,000,000	³	Interest in $925,000,000 joint repurchase agreement 0.06%, dated 7/14/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $925,046,250 on 8/13/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2042 and the market value of those underlying securities was $943,528,379.	344,000,000
373,000,000	³	Interest in $955,000,000 joint repurchase agreement 0.06%, dated 7/16/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $955,047,750 on 8/15/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2023 and the market value of those underlying securities was $974,126,024.	373,000,000
300,000,000	³	Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/18/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $500,028,333 on 8/21/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2023 and the market value of those underlying securities was $510,011,964.	300,000,000
123,000,000	³	Interest in $485,000,000 joint repurchase agreement 0.06%, dated 7/7/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $485,024,250 on 8/6/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2023 and the market value of those underlying securities was $494,720,642.	123,000,000
381,500,000	³	Interest in $820,000,000 joint repurchase agreement 0.08%, dated 7/29/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $820,164,000 on 10/27/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $836,405,585.	381,500,000
588,358,000		Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	588,358,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$500,000,000	Repurchase agreement 0.10%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,001,389 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/1/2044 and the market value of those underlying securities was $510,001,417.	$500,000,000
775,000,000	Interest in $1,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,002,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2040 and the market value of those underlying securities was $1,020,002,558.	775,000,000
255,000,000	Interest in $400,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $400,007,000 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/15/2044 and the market value of those underlying securities was $410,374,590.	255,000,000
250,000,000	Repurchase agreement 0.10%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $250,000,694 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2042 and the market value of those underlying securities was $255,000,709.	250,000,000
2,000,000,000	Repurchase agreement 0.05%, dated 7/31/2014 under which Federal Reserve Bank of New York will repurchase a security provided as collateral for $2,000,002,778 on 8/1/2014. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 2/29/2016 and the market value of that underlying security was $2,000,002,822.	2,000,000,000
250,000,000	Interest in $350,000,000 joint repurchase agreement 0.07%, dated 7/28/2014 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $350,004,764 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/15/2044 and the market value of those underlying securities was $360,502,804.	250,000,000
250,000,000	Repurchase agreement 0.08%, dated 7/31/2014 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $250,000,556 on 8/1/2014. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S Government Agency Securities with various maturities to 7/1/2044 and the market value of those underlying securities was $257,500,068.	250,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$250,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $250,000,625 on 8/1/2014. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S Government Agency Securities with various maturities to 7/1/2044 and the market value of those underlying securities was $257,504,072.	$250,000,000
147,190,000		Repurchase agreement 0.09%, dated 7/31/2014 under which ING Financial Markets LLC will repurchase securities provided as collateral for $147,190,368 on 8/1/2014. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 9/15/2043 and the market value of those underlying securities was $151,606,243.	147,190,000
400,000,000	³	Repurchase agreement 0.14%, dated 7/10/2014 under which ING Financial Markets LLC will repurchase securities provided as collateral for $400,280,000 on 1/6/2015. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 6/25/2043 and the market value of those underlying securities was $412,035,463.	400,000,000
102,000,000	³	Interest in $400,000,000 joint repurchase agreement 0.14%, dated 7/10/2014 under which ING Financial Markets LLC will repurchase securities provided as collateral for $400,280,000 on 1/6/2015. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 9/15/2043 and the market value of those underlying securities was $412,034,754.	102,000,000
300,000,000		Repurchase agreement 0.09%, dated 7/31/2014 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $300,000,750 on 8/1/2014. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 1/15/2054 and the market value of those underlying securities was $307,927,152.	300,000,000
48,000,000	³	Interest in $400,000,000 joint repurchase agreement 0.08%, dated 7/16/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $400,080,000 on 10/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2044 and the market value of those underlying securities was $411,466,598.	48,000,000
300,000,000		Repurchase agreement 0.08%, dated 7/31/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $300,004,667 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency Securities with various maturities to 4/1/2044 and the market value of those underlying securities was $308,903,634.	300,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$223,000,000	³	Interest in $400,000,000 joint repurchase agreement 0.10%, dated 6/13/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $400,100,000 on 9/11/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2044 and the market value of those underlying securities was $411,814,500.	$223,000,000
34,553,000	³	Interest in $300,000,000 joint repurchase agreement 0.07%, dated 7/14/2014 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $300,016,917 on 8/12/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2044 and the market value of those underlying securities was $306,791,077.	34,553,000
322,500,000	³	Interest in $500,000,000 joint repurchase agreement 0.07%, dated 7/2/2014 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $500,032,083 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2044 and the market value of those underlying securities was $511,942,708.	322,500,000
640,000,000		Repurchase agreement 0.07%, dated 7/30/2014 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $640,008,711 on 8/6/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/20/2044 and the market value of those underlying securities was $655,148,212.	640,000,000
230,000,000	³	Interest in $340,000,000 joint repurchase agreement 0.08%, dated 6/2/2014 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $340,047,600 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/20/2044 and the market value of those underlying securities was $347,639,060.	230,000,000
360,000,000	³	Repurchase agreement 0.08%, dated 7/16/2014 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $360,072,000 on 10/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2044 and the market value of those underlying securities was $367,437,464.	360,000,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$750,000,000	Interest in $2,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $2,000,004,444 on 8/1/2014. The securities provided as collateral at the end of the period held BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/15/2052 and the market value of those underlying securities was $2,047,554,995.	$750,000,000
	TOTAL REPURCHASE AGREEMENTS	13,263,101,000
	TOTAL INVESTMENTS—100.3% (AT AMORTIZED COST)⁴	30,263,517,935
	OTHER ASSETS AND LIABILITIES - NET—(0.3)%⁵	(91,924,587)
	TOTAL NET ASSETS—100%	$30,171,593,348

1	Discount rate at time of purchase.
2	Floating rate notes with current rate and next reset date shown.
3	Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
4	Also represents cost for federal tax purposes.
5	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 July 31, 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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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	0.001
Less Distributions:
Distributions from net investment income	(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	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.03%	0.07%
Ratios to Average Net Assets:
Net expenses	0.09%	0.17%	0.16%	0.18%	0.21%
Net investment income	0.01%	0.01%	0.01%	0.03%	0.06%
Expense waiver/reimbursement³	0.19%	0.11%	0.12%	0.10%	0.08%
Supplemental Data:
Net assets, end of period (000 omitted)	$20,822,025	$20,861,776	$22,433,579	$22,402,775	$24,719,818

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.09%	0.17%	0.16%	0.20%	0.26%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.44%	0.36%	0.37%	0.33%	0.28%
Supplemental Data:
Net assets, end of period (000 omitted)	$7,659,830	$6,928,513	$6,370,823	$5,628,043	$5,870,000

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.09%	0.17%	0.16%	0.20%	0.26%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.29%	0.21%	0.22%	0.18%	0.13%
Supplemental Data:
Net assets, end of period (000 omitted)	$951,188	$1,320,027	$1,148,641	$1,259,845	$1,655,591

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.09%	0.17%	0.16%	0.19%	0.26%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.69%	0.61%	0.62%	0.59%	0.53%
Supplemental Data:
Net assets, end of period (000 omitted)	$738,550	$643,644	$591,070	$846,039	$621,400

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements	$13,263,101,000
Investment in securities	17,000,416,935
Total investment in securities, at amortized cost and fair value		$30,263,517,935
Cash		295,584
Income receivable		6,500,231
Receivable for shares sold		2,595,517
TOTAL ASSETS		30,272,909,267
Liabilities:
Payable for investments purchased	100,000,000
Payable for shares redeemed	791,023
Income distribution payable	168,538
Payable to adviser (Note 5)	43,036
Payable for other service fees (Notes 2 and 5)	376
Accrued expenses (Note 5)	312,946
TOTAL LIABILITIES		101,315,919
Net assets for 30,171,580,851 shares outstanding		$30,171,593,348
Net Assets Consist of:
Paid-in capital		$30,171,592,046
Accumulated net realized gain on investments		186
Undistributed net investment income		1,116
TOTAL NET ASSETS		$30,171,593,348
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$20,822,025,444 ÷ 20,822,013,329 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$7,659,829,767 ÷ 7,659,829,466 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$951,188,385 ÷ 951,188,339 shares outstanding, no par value, unlimited shares authorized		$1.00
Trust Shares:
$738,549,752 ÷ 738,549,717 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$32,414,187
Expenses:
Investment adviser fee (Note 5)		$63,044,449
Administrative fee (Note 5)		24,623,953
Custodian fees		964,439
Transfer agent fee		294,473
Directors'/Trustees' fees (Note 5)		163,295
Auditing fees		21,999
Legal fees		21,307
Portfolio accounting fees		203,740
Distribution services fee (Note 5)		1,741,829
Other service fees (Notes 2 and 5)		24,864,103
Share registration costs		136,207
Printing and postage		85,106
Miscellaneous (Note 5)		204,793
TOTAL EXPENSES		116,369,693
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(60,606,796)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(26,605,932)
TOTAL WAIVERS AND REIMBURSEMENT		(87,212,728)
Net expenses			29,156,965
Net investment income			3,257,222
Net realized gain on investments			921
Change in net assets resulting from operations			$3,258,143

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$3,257,222	$3,567,986
Net realized gain on investments	921	25,480
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	3,258,143	3,593,466
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(2,091,654)	(2,712,946)
Service Shares	(883,541)	(722,424)
Capital Shares	(107,430)	(129,679)
Trust Shares	(69,834)	(63,372)
Distributions from net realized gain on investments
Institutional Shares	(7,874)	(31,123)
Service Shares	(2,686)	(9,085)
Capital Shares	(461)	(1,692)
Trust Shares	(251)	(816)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(3,163,731)	(3,671,137)
Share Transactions:
Proceeds from sale of shares	147,318,660,917	153,038,261,336
Proceeds from shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Government Money Market Fund	—	1,167,657,835
Net asset value of shares issued to shareholders in payment of distributions declared	1,180,473	1,426,605
Cost of shares redeemed	(146,902,302,305)	(154,997,422,389)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	417,539,085	(790,076,613)
Change in net assets	417,633,497	(790,154,284)
Net Assets:
Beginning of period	29,753,959,851	30,544,114,135
End of period (including undistributed (distributions in excess of) net investment income of $1,116 and $(103,647), respectively)	$30,171,593,348	$29,753,959,851

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Government Obligations Fund (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: Institutional Shares, Service Shares, Capital Shares and Trust 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 consistent with stability of principal.

On September 7, 2012, the Fund acquired all of the net assets of Fifth Third Institutional Government Money Market Fund (the “Acquired Fund”), an open-end investment company in a tax-free reorganization in exchange for shares of the Fund, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders on September 5, 2012. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund's realized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed on August 1, 2012, the beginning of the annual reporting period of the Fund, the Fund's pro forma results of operations for the year ended July 31, 2013, were as follows:

Net investment income*	$3,561,417
Net realized and unrealized gain on investments	$25,480
Net increase in net assets resulting from operations	$3,586,897

*	Net investment income includes $20,812 of pro forma additional expenses.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amount of earnings of the Acquired Fund that has been included in the Fund's Statement of Changes in Net Assets for the year ended July 31, 2013.

For every one share of Fifth Third Institutional Government Money Market Fund, Institutional Shares exchanged, a shareholder received one share of the Fund's Institutional Shares.

For every one share of Fifth Third Institutional Government Money Market Fund, Select Shares exchanged, a shareholder received one share of the Fund's Institutional Shares.

For every one share of Fifth Third Institutional Government Money Market Fund, Preferred Shares exchanged, a shareholder received one share of the Fund's Capital Shares.

For every one share of Fifth Third Institutional Government Money Market Fund, Trust Shares exchanged, a shareholder received one share of the Fund's Service Shares.

Annual Shareholder Report

The Fund received net assets from Fifth Third Institutional Government Money Market Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Fifth Third Institutional Government Money Market Fund Net Assets Received	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
1,167,657,835	$1,167,657,835	$29,169,456,138	$30,337,113,973

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

Annual Shareholder Report

additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

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, Capital Shares and Trust Shares may bear distribution services fees and other service fees unique to those classes.

Annual Shareholder Report

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares, Capital Shares and Trust Shares to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$22,050,066	$(27,550)	$(22,022,516)
Capital Shares	1,072,208	—	(1,072,208)
Trust Shares	1,741,829	—	(1,741,829)
TOTAL	$24,864,103	$(27,550)	$(24,836,553)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares	Shares	Amount	Shares	Amount
Shares sold	114,767,099,002	$114,767,099,002	121,548,788,573	$121,548,788,573
Shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Government Money Market Fund	—	—	876,242,660	876,242,660
Shares issued to shareholders in payment of distributions declared	781,832	781,832	1,133,628	1,133,628
Shares redeemed	(114,807,696,971)	(114,807,696,971)	(123,997,915,025)	(123,997,915,025)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(39,816,137)	$(39,816,137)	(1,571,750,164)	$(1,571,750,164)

Year Ended July 31	2014		2013
Service Shares	Shares	Amount	Shares	Amount
Shares sold	27,267,241,941	$27,267,241,941	24,880,882,745	$24,880,882,745
Shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Government Money Market Fund	—	—	118,195,557	118,195,557
Shares issued to shareholders in payment of distributions declared	318,637	318,637	202,225	202,225
Shares redeemed	(26,536,266,086)	(26,536,266,086)	(24,441,571,886)	(24,441,571,886)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	731,294,492	$731,294,492	557,708,641	$557,708,641

Annual Shareholder Report

Year Ended July 31	2014		2013
Capital Shares	Shares	Amount	Shares	Amount
Shares sold	2,739,935,261	$2,739,935,261	4,368,011,815	$4,368,011,815
Shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Government Money Market Fund	—	—	173,219,618	173,219,618
Shares issued to shareholders in payment of distributions declared	72,043	72,043	81,155	81,155
Shares redeemed	(3,108,850,391)	(3,108,850,391)	(4,369,923,026)	(4,369,923,026)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(368,843,087)	$(368,843,087)	171,389,562	$171,389,562

Year Ended July 31	2014		2013
Trust Shares	Shares	Amount	Shares	Amount
Shares sold	2,544,384,713	$2,544,384,713	2,240,578,203	$2,240,578,203
Shares issued to shareholders in payment of distributions declared	7,961	7,961	9,597	9,597
Shares redeemed	(2,449,488,857)	(2,449,488,857)	(2,188,012,452)	(2,188,012,452)
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS	94,903,817	$94,903,817	52,575,348	$52,575,348
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	417,539,085	$417,539,085	(790,076,613)	$(790,076,613)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$3,163,731	$3,671,137

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$1,302

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

Annual Shareholder Report

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 0.20% 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 year ended July 31, 2014, the Adviser voluntarily waived $60,606,796 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 Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund's Trust Shares may incur distribution expenses at 0.25% 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 year ended July 31, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Trust Shares	$1,741,829	$(1,741,829)

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

Annual Shareholder Report

Other Service Fees

For the year ended July 31, 2014, FSSC reimbursed $27,550 of other service fees disclosed in Note 2.

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) on their own initiative have 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, Capital Shares and Trust Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45%, 0.30% and 0.70% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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.

General

6. LINE OF CREDIT

7. INTERFUND LENDING

Annual Shareholder Report

8. regulatory matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended July 31, 2014, 100% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs Creation Act of 2004.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF FEDERATED GOVERNMENT OBLIGATIONS FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Federated Government Obligations Fund (the “Fund”), a portfolio of Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Government Obligations Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.00	$0.45²
Service Shares	$1,000	$1,000.00	$0.45³
Capital Shares	$1,000	$1,000.00	$0.45⁴
Trust Shares	$1,000	$1,000.00	$0.45⁵
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.35	$0.45²
Service Shares	$1,000	$1,024.35	$0.45³
Capital Shares	$1,000	$1,024.35	$0.45⁴
Trust Shares	$1,000	$1,024.35	$0.45⁵

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	0.09%
Service Shares	0.09%
Capital Shares	0.09%
Trust Shares	0.09%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (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 $0.99 and $1.00 respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (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 $2.23 and $2.26 respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.30% (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 $1.49 and $1.51 respectively.
5	Actual and Hypothetical expenses paid during the period utilizing the Fund's Trust Shares current Fee Limit of 0.70% (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 $3.47 and $3.51, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since January 1994. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

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Evaluation and Approval of Advisory Contract–May 2014

Federated Government Obligations Fund (the “Fund”)

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

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change in an allocation estimate may dramatically alter the resulting estimate of cost and/or profitability of a fund and may produce unintended consequences. The allocation information, including the Senior Officer's view that fund-by-fund estimations may be unreliable, was considered in the analysis by the Board.

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Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

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Federated Government Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N104
CUSIP 60934N807
CUSIP 608919809
CUSIP 60934N153

Q450513 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
U.S. Government Agency Securities	81.0%
U.S. Treasury Securities	19.1%
Other Assets and Liabilities—Net²	(0.1)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	2.1%
8-30 Days	40.3%
31-90 Days	35.5%
91-180 Days	20.0%
181 Days or more	2.2%
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 the principal types of securities in which the Fund invests.
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.

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Portfolio of Investments

July 31, 2014

Principal Amount			Value
		GOVERNMENT AGENCIES—81.0%
$1,170,500,000	¹	Federal Farm Credit System Discount Notes, 0.050% - 0.120%, 8/1/2014 - 3/27/2015	$1,170,290,246
808,830,000	²	Federal Farm Credit System Floating Rate Notes, 0.089% - 0.400%, 8/1/2014 - 10/29/2014	808,915,016
183,300,000		Federal Farm Credit System, 0.270% - 2.800%, 8/21/2014 - 2/24/2015	183,870,214
1,215,000,000	¹	Federal Home Loan Bank System Discount Notes, 0.065% - 0.090%, 9/2/2014 - 10/22/2014	1,214,878,226
588,000,000	²	Federal Home Loan Bank System Floating Rate Notes, 0.095% - 0.731%, 8/11/2014 - 9/18/2014	588,004,115
432,775,000		Federal Home Loan Bank System, 0.080% - 5.500%, 8/13/2014 - 1/15/2015	432,789,729
		TOTAL GOVERNMENT AGENCIES	4,398,747,546
		U.S. TREASURY—19.1%
113,000,000		United States Treasury Notes, 0.375%, 11/15/2014	113,099,848
445,000,000		United States Treasury Notes, 0.500% - 4.250%, 8/15/2014	445,364,807
373,000,000		United States Treasury Notes, 2.125%, 11/30/2014	375,543,356
100,000,000		United States Treasury Notes, 2.375%, 9/30/2014	100,380,070
		TOTAL U.S. TREASURY	1,034,388,081
		TOTAL INVESTMENTS—100.1% (AT AMORTIZED COST)³	5,433,135,627
		OTHER ASSETS AND LIABILITIES – NET —(0.1)%⁴	(6,041,022)
		TOTAL NET ASSETS—100%	$5,427,094,605

1	Discount rate at time of purchase.
2	Floating rate notes with current rate and maturity or tender date shown.
3	Also represents cost for federal tax purposes.
4	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 July 31, 2014.

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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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

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Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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	0.001
Less Distributions:
Distributions from net investment income	(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	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.01%	0.05%
Ratios to Average Net Assets:
Net expenses	0.08%³	0.13%³	0.10%³	0.17%³	0.20%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.06%
Expense waiver/reimbursement⁴	0.21%	0.16%	0.19%	0.12%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,849,186	$3,132,447	$4,442,693	$4,621,767	$5,440,448

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.08%, 0.13%, 0.10% and 0.17% for the years ended July 31, 2014, 2013, 2012 and 2011, respectively, after taking into account this expense reduction.
4	This expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

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Statement of Assets and Liabilities

July 31, 2014

Assets:
Total investment in securities, at amortized cost and fair value		$5,433,135,627
Income receivable		7,781,291
Receivable for shares sold		556
TOTAL ASSETS		5,440,917,474
Liabilities:
Bank overdraft	$13,640,737
Income distribution payable	29,542
Payable for shares redeemed	10,837
Payable for Directors'/Trustees' fees (Note 5)	2,084
Payable to adviser (Note 5)	1,889
Accrued expenses (Note 5)	137,780
TOTAL LIABILITIES		13,822,869
Net assets for 5,427,052,985 shares outstanding		$5,427,094,605
Net Assets Consists of:
Paid-in capital		$5,427,062,365
Accumulated net realized gain on investments		32,240
TOTAL NET ASSETS		$5,427,094,605
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$2,849,186,230 ÷ 2,849,160,154 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$2,577,908,375 ÷ 2,577,892,831 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

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Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$4,712,560
Expenses:
Investment adviser fee (Note 5)		$10,735,468
Administrative fee (Note 5)		4,193,121
Custodian fees		172,505
Transfer agent fees		52,437
Directors'/Trustees' fees (Note 5)		36,271
Auditing fees		20,999
Legal fees		20,307
Other service fees (Notes 2 and 5)		5,931,768
Portfolio accounting fees		175,433
Share registration costs		53,127
Printing and postage		30,122
Miscellaneous (Note 5)		70,487
TOTAL EXPENSES		21,492,045
Waivers, Reimbursement and Reduction:
Waiver of investment adviser fee (Note 5)	$(10,734,141)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(6,580,757)
Reduction of custodian fees (Note 6)	(286)
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION		(17,315,184)
Net expenses			4,176,861
Net investment income			535,699
Net realized gain on investments			38,520
Change in net assets resulting from operations			$574,219

See Notes which are an integral part of the Financial Statements

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Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$535,699	$617,602
Net realized gain on investments	38,520	88,888
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	574,219	706,490
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(297,982)	(390,895)
Service Shares	(237,653)	(226,709)
Distributions from net realized gain on investments
Institutional Shares	(51,817)	(15,875)
Service Shares	(39,621)	(7,471)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(627,073)	(640,950)
Share Transactions:
Proceeds from sale of shares	18,616,432,988	22,288,952,027
Net asset value of shares issued to shareholders in payment of distributions declared	204,564	262,873
Cost of shares redeemed	(18,782,521,654)	(23,467,648,551)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(165,884,102)	(1,178,433,651)
Change in net assets	(165,936,956)	(1,178,368,111)
Net Assets:
Beginning of period	5,593,031,561	6,771,399,672
End of period (including distributions in excess of net investment income of $0 and $(64), respectively)	$5,427,094,605	$5,593,031,561

See Notes which are an integral part of the Financial Statements

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Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Government Obligations Tax-Managed Fund (the “Fund”). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held. 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 financial highlights of the Service Shares are presented separately. The investment objective of the Fund is to provide current income consistent with stability of principal and liquidity.

2. SIGNIFICANT ACCOUNTING POLICIES

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 market value, the value of the portfolio securities will be determined under procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”).

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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 other service fees unique to those classes.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Service Shares to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$5,931,768	$(3,076)	$(5,928,692)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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 on fixed-income securities are amortized/accreted using the effective-interest-rate method.

Federal Taxes

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When-Issued and Delayed-Delivery Transactions

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	11,664,666,536	$11,664,666,536	13,514,723,857	$13,514,723,857
Shares issued to shareholders in payment of distributions declared	159,902	159,902	211,382	211,382
Shares redeemed	(11,948,055,875)	(11,948,055,875)	(14,825,208,345)	(14,825,208,345)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(283,229,437)	$(283,229,437)	(1,310,273,106)	$(1,310,273,106)

Year Ended July 31	2014		2013
Service Shares:	Shares	Shares	Shares	Amount
Shares sold	6,951,766,452	$6,951,766,452	8,774,228,170	$8,774,228,170
Shares issued to shareholders in payment of distributions declared	44,662	44,662	51,491	51,491
Shares redeemed	(6,834,465,779)	(6,834,465,779)	(8,642,440,206)	(8,642,440,206)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	117,345,335	$117,345,335	131,839,455	$131,839,455
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(165,884,102)	$(165,884,102)	(1,178,433,651)	$(1,178,433,651)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$627,073	$640,950

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

Annual Shareholder Report

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$32,240

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

5. 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

Other Service Fees

For the year ended July 31, 2014, FSSC reimbursed $3,076 of the other service fees disclosed in Note 2.

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waiver/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) on their own initiative have 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 reimbursements) will not exceed 0.20% and 0.45% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”):

Annual Shareholder Report

(a) October 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 year ended July 31, 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 $581,016,517 and $1,229,131,558, respectively.

General

6. EXPENSE REDUCTION

Through arrangements with the Fund's custodian, net credits realized as a result of uninvested cash balances were used to reduce custody expenses. For the year ended July 31, 2014, the Fund's expenses were reduced by $286 under these arrangements.

7. LINE OF CREDIT

8. INTERFUND LENDING

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9. REGULATORY MATTERS

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's, operations, financial statements and accompanying notes.

10. Federal Tax Information (unaudited)

For the fiscal year ended July 31, 2014, 100% of the dividends paid by the Fund are interest-related dividends as provided by the American Jobs Creation Act of 2004.

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Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE institutional class SHAREHOLDERS OF FEDERATED GOVERNMENT OBLIGATIONS TAX-MANAGED FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Government Obligations Tax-Managed Fund (the “Fund”), a portfolio of the Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Government Obligations Tax-Managed Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

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 ratios 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.

Annual Shareholder Report

	Beginning Account Value 8/1/2013	Ending Account Value 1/31/2014	Expenses Paid During Period¹
Actual	$1,000	$1,000.00	$0.40²
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.40	$0.40²

Expenses are equal to the Fund's annualized net expense ratio of 0.08% 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 0.20% (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 $0.99 and $1.00, respectively.

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Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: May 1995	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since May 1995. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Government Obligations Tax-Managed Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Government Obligations Tax-Managed Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N856

33517 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
U.S. Government Agency Securities	81.0%
U.S. Treasury Securities	19.1%
Other Assets and Liabilities—Net²	(0.1)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	2.1%
8-30 Days	40.3%
31-90 Days	35.5%
91-180 Days	20.0%
181 Days or more	2.2%
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 the principal types of securities in which the Fund invests.
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		GOVERNMENT AGENCIES—81.0%
$1,170,500,000	¹	Federal Farm Credit System Discount Notes, 0.050% - 0.120%, 8/1/2014 - 3/27/2015	$1,170,290,246
808,830,000	²	Federal Farm Credit System Floating Rate Notes, 0.089% - 0.400%, 8/1/2014 - 10/29/2014	808,915,016
183,300,000		Federal Farm Credit System, 0.270% - 2.800%, 8/21/2014 - 2/24/2015	183,870,214
1,215,000,000	¹	Federal Home Loan Bank System Discount Notes, 0.065% - 0.090%, 9/2/2014 - 10/22/2014	1,214,878,226
588,000,000	²	Federal Home Loan Bank System Floating Rate Notes, 0.095% - 0.731%, 8/11/2014 - 9/18/2014	588,004,115
432,775,000		Federal Home Loan Bank System, 0.080% - 5.500%, 8/13/2014 - 1/15/2015	432,789,729
		TOTAL GOVERNMENT AGENCIES	4,398,747,546
		U.S. TREASURY—19.1%
113,000,000		United States Treasury Notes, 0.375%, 11/15/2014	113,099,848
445,000,000		United States Treasury Notes, 0.500% - 4.250%, 8/15/2014	445,364,807
373,000,000		United States Treasury Notes, 2.125%, 11/30/2014	375,543,356
100,000,000		United States Treasury Notes, 2.375%, 9/30/2014	100,380,070
		TOTAL U.S. TREASURY	1,034,388,081
		TOTAL INVESTMENTS—100.1% (AT AMORTIZED COST)³	5,433,135,627
		OTHER ASSETS AND LIABILITIES – NET —(0.1)%⁴	(6,041,022)
		TOTAL NET ASSETS—100%	$5,427,094,605

1	Discount rate at time of purchase.
2	Floating rate notes with current rate and maturity or tender date shown.
3	Also represents cost for federal tax purposes.
4	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 July 31, 2014.

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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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	0.001
Less Distributions:
Distributions from net investment income	(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	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.01%	0.05%
Ratios to Average Net Assets:
Net expenses	0.08%³	0.13%³	0.10%³	0.17%³	0.20%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.06%
Expense waiver/reimbursement⁴	0.21%	0.16%	0.19%	0.12%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,849,186	$3,132,447	$4,442,693	$4,621,767	$5,440,448

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.08%, 0.13%, 0.10% and 0.17% for the years ended July 31, 2014, 2013, 2012 and 2011, respectively, after taking into account this expense reduction.
4	This expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.08%³	0.12%³	0.10%³	0.17%³	0.25%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.46%	0.41%	0.43%	0.36%	0.29%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,577,908	$2,460,585	$2,328,706	$2,227,361	$1,859,596

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.08%, 0.12%, 0.10% and 0.17% for the years ended July 31, 2014, 2013, 2012 and 2011, respectively, after taking into account this expense reduction.
4	This expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Total investment in securities, at amortized cost and fair value		$5,433,135,627
Income receivable		7,781,291
Receivable for shares sold		556
TOTAL ASSETS		5,440,917,474
Liabilities:
Bank overdraft	$13,640,737
Income distribution payable	29,542
Payable for shares redeemed	10,837
Payable for Directors'/Trustees' fees (Note 5)	2,084
Payable to adviser (Note 5)	1,889
Accrued expenses (Note 5)	137,780
TOTAL LIABILITIES		13,822,869
Net assets for 5,427,052,985 shares outstanding		$5,427,094,605
Net Assets Consists of:
Paid-in capital		$5,427,062,365
Accumulated net realized gain on investments		32,240
TOTAL NET ASSETS		$5,427,094,605
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$2,849,186,230 ÷ 2,849,160,154 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$2,577,908,375 ÷ 2,577,892,831 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$4,712,560
Expenses:
Investment adviser fee (Note 5)		$10,735,468
Administrative fee (Note 5)		4,193,121
Custodian fees		172,505
Transfer agent fees		52,437
Directors'/Trustees' fees (Note 5)		36,271
Auditing fees		20,999
Legal fees		20,307
Other service fees (Notes 2 and 5)		5,931,768
Portfolio accounting fees		175,433
Share registration costs		53,127
Printing and postage		30,122
Miscellaneous (Note 5)		70,487
TOTAL EXPENSES		21,492,045
Waivers, Reimbursement and Reduction:
Waiver of investment adviser fee (Note 5)	$(10,734,141)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(6,580,757)
Reduction of custodian fees (Note 6)	(286)
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION		(17,315,184)
Net expenses			4,176,861
Net investment income			535,699
Net realized gain on investments			38,520
Change in net assets resulting from operations			$574,219

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$535,699	$617,602
Net realized gain on investments	38,520	88,888
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	574,219	706,490
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(297,982)	(390,895)
Service Shares	(237,653)	(226,709)
Distributions from net realized gain on investments
Institutional Shares	(51,817)	(15,875)
Service Shares	(39,621)	(7,471)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(627,073)	(640,950)
Share Transactions:
Proceeds from sale of shares	18,616,432,988	22,288,952,027
Net asset value of shares issued to shareholders in payment of distributions declared	204,564	262,873
Cost of shares redeemed	(18,782,521,654)	(23,467,648,551)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(165,884,102)	(1,178,433,651)
Change in net assets	(165,936,956)	(1,178,368,111)
Net Assets:
Beginning of period	5,593,031,561	6,771,399,672
End of period (including distributions in excess of net investment income of $0 and $(64), respectively)	$5,427,094,605	$5,593,031,561

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Government Obligations Tax-Managed Fund (the “Fund”). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held. 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 consistent with stability of principal and liquidity.

2. SIGNIFICANT ACCOUNTING POLICIES

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 market value, the value of the portfolio securities will be determined under procedures established by and under the general supervision of the Fund's Board of Trustees (the “Trustees”).

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 other service fees unique to those classes.

Other Service Fees

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$5,931,768	$(3,076)	$(5,928,692)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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 on fixed-income securities are amortized/accreted using the effective-interest-rate method.

Federal Taxes

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	11,664,666,536	$11,664,666,536	13,514,723,857	$13,514,723,857
Shares issued to shareholders in payment of distributions declared	159,902	159,902	211,382	211,382
Shares redeemed	(11,948,055,875)	(11,948,055,875)	(14,825,208,345)	(14,825,208,345)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(283,229,437)	$(283,229,437)	(1,310,273,106)	$(1,310,273,106)

Year Ended July 31	2014		2013
Service Shares:	Shares	Shares	Shares	Amount
Shares sold	6,951,766,452	$6,951,766,452	8,774,228,170	$8,774,228,170
Shares issued to shareholders in payment of distributions declared	44,662	44,662	51,491	51,491
Shares redeemed	(6,834,465,779)	(6,834,465,779)	(8,642,440,206)	(8,642,440,206)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	117,345,335	$117,345,335	131,839,455	$131,839,455
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(165,884,102)	$(165,884,102)	(1,178,433,651)	$(1,178,433,651)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$627,073	$640,950

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

Annual Shareholder Report

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$32,240

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

5. 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

Other Service Fees

For the year ended July 31, 2014, FSSC reimbursed $3,076 of the other service fees disclosed in Note 2.

Expense Limitation

Annual Shareholder Report

Interfund Transactions

During the year ended July 31, 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 $581,016,517 and $1,229,131,558, respectively.

General

6. EXPENSE REDUCTION

7. LINE OF CREDIT

8. INTERFUND LENDING

Annual Shareholder Report

9. REGULATORY MATTERS

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's, operations, financial statements and accompanying notes.

10. Federal Tax Information (unaudited)

For the fiscal year ended July 31, 2014, 100% of the dividends paid by the Fund are interest-related dividends as provided by the American Jobs Creation Act of 2004.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE SHAREHOLDERS OF FEDERATED GOVERNMENT OBLIGATIONS TAX-MANAGED FUND:

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.00	$0.40²
Service Shares	$1,000	$1,000.00	$0.40³
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.40	$0.40²
Service Shares	$1,000	$1,024.40	$0.40³

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	0.08%
Service Shares	0.08%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (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 $2.23 and $2.26, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: May 1995	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since May 1995. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Government Obligations Tax-Managed Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Government Obligations Tax-Managed Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N856
CUSIP 60934N849

39009 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Annual Shareholder Report

July 31, 2014

Share Class	Ticker
A	LUGXX
B	LIBXX
C	LUCXX
F	LUFXX

Federated Liberty U.S. Government Money Market Trust

Fund Established 1980

A Portfolio of Money Market Obligations Trust

Dear Valued Shareholder,

I am pleased to present the Annual Shareholder Report for your fund covering the period from August 1, 2013 through July 31, 2014. This report includes a complete listing of your fund's holdings, performance information and financial statements along with other important fund information.

In addition, our website, FederatedInvestors.com, offers easy access to Federated resources that include timely fund updates, economic and market insights from our investment strategists, and financial planning tools. We invite you to register to take full advantage of its capabilities.

Thank you for investing with Federated. I hope you find this information useful and look forward to keeping you informed.

Sincerely,

J. Christopher Donahue, President

Not FDIC Insured
May Lose Value

No Bank Guarantee

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
U.S. Government Agency Securities	55.4%
Repurchase Agreements	43.7%
U.S. Treasury Securities	1.6%
Other Assets and Liabilities—Net²	(0.7)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	47.5%
8-30 Days	12.6%
31-90 Days	19.8%
91-180 Days	13.6%
181 Days or more	7.2%
Other Assets and Liabilities—Net²	(0.7)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		GOVERNMENT AGENCIES—55.4%
$4,750,000	¹	Federal Farm Credit System Floating Rate Notes, 0.113% - 0.185%, 8/2/2014 - 8/30/2014	$4,750,598
500,000		Federal Farm Credit System Notes, 1.625%, 11/19/2014	502,225
17,650,000	²	Federal Home Loan Bank System Discount Notes, 0.070% - 0.110%, 9/2/2014 - 2/25/2015	17,647,004
8,400,000	¹	Federal Home Loan Bank System Floating Rate Notes, 0.092% - 0.161%, 8/2/2014 - 10/27/2014	8,399,431
20,950,000		Federal Home Loan Bank System Notes, 0.070% - 5.250%, 8/1/2014 - 8/25/2015	20,955,004
6,500,000	²	Federal Home Loan Mortgage Corp. Discount Notes, 0.070% - 0.110%, 8/6/2014 - 1/14/2015	6,498,697
1,000,000	¹	Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.132%, 8/16/2014	999,943
3,000,000		Federal Home Loan Mortgage Corp. Notes, 0.500% - 1.000%, 8/20/2014 - 9/22/2014	3,001,862
2,750,000	²	Federal National Mortgage Association Discount Notes, 0.070% - 0.120%, 9/8/2014 - 4/1/2015	2,748,598
2,250,000	¹	Federal National Mortgage Association Floating Rate Notes, 0.124% - 0.126%, 8/5/2014 - 8/27/2014	2,249,745
2,596,000		Federal National Mortgage Association Notes, 0.875% - 1.300%, 8/28/2014 - 11/17/2014	2,600,369
		TOTAL GOVERNMENT AGENCIES	70,353,476
		REPURCHASE AGREEMENTS—43.7%
1,000,000	³	Interest in $393,000,000 joint repurchase agreement 0.07%, dated 5/16/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $393,068,775 on 8/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2044 and the market value of those underlying securities was $401,427,416.	1,000,000
1,000,000	³	Interest in $250,000,000 joint repurchase agreement 0.08%, dated 5/7/2014 under which Bank of Nova Scotia will repurchase securities provided as collateral for $250,051,111 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2044 and the market value of those underlying securities was $255,404,542.	1,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$1,500,000	³	Interest in $820,000,000 joint repurchase agreement 0.08%, dated 7/29/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $820,164,000 on 10/27/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $836,405,585.	$1,500,000
7,000,000		Interest in $900,000,000 joint repurchase agreement 0.07%, dated 7/30/2014 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $900,012,250 on 8/6/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency and U.S. Treasury securities with various maturities to 7/1/2044 and the market value of those underlying securities was $921,702,632.	7,000,000
3,387,000		Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	3,387,000
1,000,000		Interest in $400,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $400,007,000 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/15/2044 and the market value of those underlying securities was $410,374,590.	1,000,000
1,000,000		Interest in $350,000,000 joint repurchase agreement 0.07%, dated 7/28/2014 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $350,004,764 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/15/2044 and the market value of those underlying securities was $360,502,804.	1,000,000
3,000,000	³	Interest in $400,000,000 joint repurchase agreement 0.14%, dated 7/10/2014 under which ING Financial Markets LLC will repurchase securities provided as collateral for $400,280,000 on 1/6/2015. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S Government Agency Securities with various maturities to 9/15/2043 and the market value of those underlying securities was $412,034,754.	3,000,000
$2,000,000	³	Interest in $400,000,000 joint repurchase agreement 0.08%, dated 7/16/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $400,080,000 on 10/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency Securities with various maturities to 4/1/2044 and the market value of those underlying securities was $411,466,598.	2,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
10,000,000		Interest in $500,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $500,001,250 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency Securities with various maturities to 7/20/2044 and the market value of those underlying securities was $513,114,422.	$10,000,000
2,000,000	³	Interest in $400,000,000 joint repurchase agreement 0.10%, dated 6/13/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $400,100,000 on 9/11/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency Securities with various maturities to 7/1/2044 and the market value of those underlying securities was $411,814,500.	2,000,000
10,000,000		Interest in $500,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $500,001,250 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency Securities and U.S. Treasury securities with various maturities to 7/16/2050 and the market value of those underlying securities was $511,830,115.	10,000,000
10,000,000		Interest in $100,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Pershing LLC will repurchase securities provided as collateral for $100,000,250 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency Securities and U.S. Treasury securities with various maturities to 6/20/2064 and the market value of those underlying securities was $102,010,837.	10,000,000
1,500,000	³	Interest in $500,000,000 joint repurchase agreement 0.07%, dated 7/2/2014 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $500,032,038 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency Securities with various maturities to 7/1/2044 and the market value of those underlying securities was $511,942,708.	1,500,000
$1,000,000	³	Interest in $340,000,000 joint repurchase agreement 0.08%, dated 6/2/2014 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $340,047,600 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S Government Agency Securities with various maturities to 7/20/2044 and the market value of those underlying securities was $347,639,060.	1,000,000
		TOTAL REPURCHASE AGREEMENTS	55,387,000
		U.S. TREASURY—1.6%
500,000		United States Treasury Notes, 2.125%, 11/30/2014	503,331
500,000		United States Treasury Notes, 2.250%, 1/31/2015	505,297

Annual Shareholder Report

Principal Amount		Value
	U.S. TREASURY—continued
1,000,000	United States Treasury Notes, 4.250%, 8/15/2014	$1,001,610
	TOTAL U.S. TREASURY	2,010,238
	TOTAL INVESTMENTS—100.7% (AT AMORTIZED COST)	127,750,714
	OTHER ASSETS AND LIABILITIES - NET—(0.7)%	(848,811)
	TOTAL NET ASSETS—100%	$126,901,903

1	Floating rate notes with current rate(s) and next reset date(s) shown.
2	Discount rate(s) at time of purchase.
3	Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.

Note: The categories of investments are shown as a percentage of total net assets at July 31, 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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Class A Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	—
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
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	—	—	—
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	—
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%
Ratios to Average Net Assets:
Net expenses	0.10%	0.18%	0.18%	0.21%	0.28%
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁴	1.12%	1.07%	1.12%	1.11%	0.96%
Supplemental Data:
Net assets, end of period (000 omitted)	$113,360	$124,032	$128,392	$159,854	$171,125

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
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

Annual Shareholder Report

Financial Highlights–Class B Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	—
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
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	—	—	—
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)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%
Ratios to Average Net Assets:
Net expenses	0.10%	0.18%	0.18%	0.21%	0.28%
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁴	1.86%	1.82%	1.87%	1.85%	1.72%
Supplemental Data:
Net assets, end of period (000 omitted)	$5,020	$8,397	$10,689	$16,983	$25,240

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
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

Annual Shareholder Report

Financial Highlights–Class C Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	—
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
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	—	—	—
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)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%
Ratios to Average Net Assets:
Net expenses	0.10%	0.18%	0.18%	0.21%	0.28%
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁴	1.86%	1.83%	1.87%	1.86%	1.72%
Supplemental Data:
Net assets, end of period (000 omitted)	$6,949	$11,202	$7,644	$9,634	$8,567

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
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

Annual Shareholder Report

Financial Highlights–Class F Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	—
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
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	—	—	—
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)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%
Ratios to Average Net Assets:
Net expenses	0.10%	0.17%	0.18%	0.21%	0.28%
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁴	1.11%	1.11%	1.12%	1.12%	0.94%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,573	$2,835	$1,212	$1,389	$1,184

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements	$55,387,000
Investment in securities	72,363,714
Total investment in securities, at amortized cost and fair value		$127,750,714
Cash		43,220
Income receivable		69,783
Receivable for shares sold		104,781
TOTAL ASSETS		127,968,498
Liabilities:
Payable for investments purchased	500,000
Payable for shares redeemed	441,236
Payable to adviser (Note 5)	16,832
Payable for transfer agent fee	69,899
Payable for other service fees (Notes 2 and 5)	1,744
Accrued expenses (Note 5)	36,884
TOTAL LIABILITIES		1,066,595
Net assets for 126,956,817 shares outstanding		$126,901,903
Net Assets Consist of:
Paid-in capital		$126,901,891
Accumulated net realized gain on investments		12
TOTAL NET ASSETS		$126,901,903

Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class A Shares:
Net asset value per share ($113,360,456 ÷ 113,415,291 shares outstanding), no par value, unlimited shares authorized		$1.00
Offering price per share		$1.00
Redemption proceeds per share		$1.00
Class B Shares:
Net asset value per share ($5,020,073 ÷ 5,020,154 shares outstanding), no par value, unlimited shares authorized		$1.00
Offering price per share		$1.00
Redemption proceeds per share (94.50/100 of $1.00)¹		$0.95
Class C Shares:
Net asset value per share ($6,948,714 ÷ 6,948,712 shares outstanding), no par value, unlimited shares authorized		$1.00
Offering price per share		$1.00
Redemption proceeds per share (99.00/100 of $1.00)¹		$0.99
Class F Shares:
Net asset value per share ($1,572,660 ÷ 1,572,660 shares outstanding), no par value, unlimited shares authorized		$1.00
Offering price per share		$1.00
Redemption proceeds per share (99.00/100 of $1.00)¹		$0.99

1	Under certain limited conditions, a “Contingent Deferred Sales Charge” of up to 5.50% for Class B Shares and up to 1.00% for Class C Shares and Class F Shares may be imposed. See “Sales Charge When You Redeem” in the Prospectus.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$141,254
Expenses:
Investment adviser fee (Note 5)		$705,825
Administrative fee (Note 5)		110,271
Custodian fees		15,252
Transfer agent fee (Note 2)		299,476
Directors'/Trustees' fees (Note 5)		923
Auditing fees		20,250
Legal fees		20,057
Portfolio accounting fees		79,170
Distribution services fee (Note 5)		126,622
Other service fees (Note 2 and 5)		351,728
Share registration costs		77,193
Printing and postage		31,799
Miscellaneous (Note 5)		6,686
TOTAL EXPENSES		1,845,252
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 5)	$(705,825)
Waiver/reimbursements of other operating expenses (Notes 2 and 5)	(998,173)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,703,998)
Net expenses			141,254
Net investment income			—
Net realized gain on investments			59
Change in net assets resulting from operations			$59

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	59	4
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	59	4
Distributions to Shareholders:
Distributions from net investment income
Class A Shares	(0)¹	(0)¹
Class B Shares	(0)¹	(0)¹
Class C Shares	(0)¹	(0)¹
Class F Shares	(0)¹	(0)¹
Distributions from net realized gain on investments
Class A Shares	(38)	(379)
Class B Shares	(3)	(33)
Class C Shares	(5)	(24)
Class F Shares	(1)	(3)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(47)	(439)
Share Transactions:
Proceeds from sale of shares	83,259,594	89,314,691
Net asset value of shares issued to shareholders in payment of distributions declared	44	410
Cost of shares redeemed	(102,823,191)	(90,786,490)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(19,563,553)	(1,471,389)
Change in net assets	(19,563,541)	(1,471,824)
Net Assets:
Beginning of period	146,465,444	147,937,268
End of period	$126,901,903	$146,465,444

1	Represents less than $1.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Liberty U.S. Government Money Market 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: Class A Shares, Class B Shares, Class C Shares and Class F 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 stability of principal and current income consistent with stability of principal.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

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 Class A Shares, Class B Shares, Class C Shares and Class F Shares may bear distribution services fees, other service fees and transfer agent fees unique to those classes. For the year ended July 31, 2014, unaffiliated third parties waived $14,528 of transfer agent fees.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Class A Shares, Class B Shares, Class C Shares and Class F Shares to unaffiliated 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

Annual Shareholder Report

Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Class A Shares	$303,373	$—	$(303,373)
Class B Shares	17,733	(17,733)	—
Class C Shares	24,474	—	(24,474)
Class F Shares	6,148	—	(6,148)
TOTAL	$351,728	$(17,733)	$(333,995)

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

Annual Shareholder Report

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. The Fund's restricted securities, like other securities, are priced in accordance with procedures established by and under the general supervision of the Trustees.

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Class A Shares:	Shares	Amount	Shares	Amount
Shares sold	70,290,581	$70,290,581	70,637,942	$70,637,942
Shares issued to shareholders in payment of distributions declared	35	35	352	352
Shares redeemed	(80,962,186)	(80,962,186)	(74,998,160)	(74,998,160)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	(10,671,570)	$(10,671,570)	(4,359,866)	$(4,359,866)

Year Ended July 31	2014		2013
Class B Shares:	Shares	Amount	Shares	Amount
Shares sold	2,473,446	$2,473,446	4,244,392	$4,244,392
Shares issued to shareholders in payment of distributions declared	3	3	32	32
Shares redeemed	(5,849,894)	(5,849,894)	(6,536,736)	(6,536,736)
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS	(3,376,445)	$(3,376,445)	(2,292,312)	$(2,292,312)

Year Ended July 31	2014		2013
Class C Shares:	Shares	Amount	Shares	Amount
Shares sold	7,823,375	$7,823,375	10,888,981	$10,888,981
Shares issued to shareholders in payment of distributions declared	5	5	23	23
Shares redeemed	(12,076,472)	(12,076,472)	(7,331,543)	(7,331,543)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(4,253,092)	$(4,253,092)	3,557,461	$3,557,461

Annual Shareholder Report

Year Ended July 31	2014		2013
Class F Shares:	Shares	Amount	Shares	Amount
Shares sold	2,672,192	$2,672,192	3,543,376	$3,543,376
Shares issued to shareholders in payment of distributions declared	1	1	3	3
Shares redeemed	(3,934,639)	(3,934,639)	(1,920,051)	(1,920,051)
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS	(1,262,446)	$(1,262,446)	1,623,328	$1,623,328
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(19,563,553)	$ (19,563,553)	(1,471,389)	$(1,471,389)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$47	$439

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$12

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

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 0.500% on the first $500 million; 0.475% on the second $500 million; 0.450% on the third $500 million; 0.425% on the fourth $500 million; and 0.400% over $2 billion 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 year ended July 31, 2014, the Adviser voluntarily waived its entire fee of $705,825 and voluntarily reimbursed $505,295 of other operating expenses.

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

Share Class Name	Percentage of Average Daily Net Assets of Class
Class B Shares	0.75%
Class C Shares	0.75%

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Class B Shares	$53,200	$(53,200)
Class C Shares	73,422	(73,422)
TOTAL	$126,622	$(126,622)

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

Other Service Fees

For the year ended July 31, 2014, FSSC received $8,594 and reimbursed $17,733 of the other service fees disclosed in Note 2.

Annual Shareholder Report

Sales Charges

Front-end sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. For the year ended July 31, 2014, FSC retained $25,098 of CDSC relating to redemptions of Class B Shares, $4,221 relating to redemptions of Class C Shares and $3,001 relating to redemptions of Class F 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) on their own initiative have 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 Class A Shares, Class B Shares, Class C Shares and Class F Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.93%, 1.83%, 1.83% and 0.93% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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.

General

6. LINE OF CREDIT

7. INTERFUND LENDING

Annual Shareholder Report

8. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF trustees OF Money Market Obligations trust AND SHAREHOLDERS OF Federated liberty u.s. government money market trust:

We have audited the accompanying statement of assets and liabilities of Federated Liberty U.S. Government Money Market Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Liberty U.S. Government Money Market Trust, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including contingent deferred sales charges on redemption of Class B Shares, Class C Shares and Class F Shares; and (2) ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service 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 February 1, 2014 to July 31, 2014.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as contingent deferred sales charges on redemptions. 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. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Class A Shares	$1,000	$1,000.00	$0.50²
Class B Shares	$1,000	$1,000.00	$0.50³
Class C Shares	$1,000	$1,000.00	$0.50⁴
Class F Shares	$1,000	$1,000.00	$0.50⁵
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,024.30	$0.50²
Class B Shares	$1,000	$1,024.30	$0.50³
Class C Shares	$1,000	$1,024.30	$0.50⁴
Class F Shares	$1,000	$1,024.30	$0.50⁵

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:

Class A Shares	0.10%
Class B Shares	0.10%
Class C Shares	0.10%
Class F Shares	0.10%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Class A Shares current Fee Limit of 0.93% (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 $4.61 and $4.66, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Class B Shares current Fee Limit of 1.83% (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 $9.07 and $9.15, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Class C Shares current Fee Limit of 1.83% (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 $9.07 and $9.15, respectively.
5	Actual and Hypothetical expenses paid during the period utilizing the Fund's Class F Shares current Fee Limit of 0.93% (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 $4.61 and $4.66, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since January 1994. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Liberty U.S. Government Money Market Trust (the “Fund”)

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Liberty U.S. Government Money Market Trust
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N732
CUSIP 60934N724
CUSIP 608919817
CUSIP 608919791

8042603 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Commercial Paper and Notes	32.9%
Bank Instruments	26.9%
Variable Rate Instruments	7.3%
Other Repurchase Agreements and Repurchase Agreements	32.9%
Other Assets and Liabilities—Net^2,3	0.0%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity schedule⁴ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	41.4%⁵
8-30 Days	16.7%
31-90 Days	23.6%
91-180 Days	15.1%
181 Days or more	3.2%
Other Assets and Liabilities—Net^2,3	0.0%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper and Notes include asset-backed securities, bank notes, commercial paper, corporate bonds and corporate notes with interest rates that are fixed or reset periodically.
2	Represents less than 0.1%.
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
4	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.
5	Overnight securities comprised 26.0% of the Fund's portfolio.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		ASSET-BACKED SECURITIES—2.0%
		Finance - Automotive—2.0%
$11,469,489	^1,2	Enterprise Fleet Financing LLC 2014-1, Class A1, 0.250%, 2/20/2015	$11,469,489
5,990,552	^1,2	Wheels SPV 2, LLC 2014-1, Class A1, 0.240%, 5/20/2015	5,990,552
		TOTAL ASSET-BACKED SECURITIES	17,460,041
		BANK NOTE—0.1%
		Finance - Banking—0.1%
500,000		Bank of America N.A., 0.210%, 10/20/2014	500,000
		CERTIFICATES OF DEPOSIT—26.9%
		Finance - Banking—26.9%
800,000		BNP Paribas SA, 0.210% - 0.230%, 8/12/2014 - 10/3/2014	800,000
20,000,000	³	Bank of Montreal, 0.227%, 9/3/2014	20,000,000
50,800,000		Bank of Tokyo-Mitsubishi UFJ Ltd., 0.200% - 0.210%, 8/28/2014 - 10/30/2014	50,800,000
15,800,000	³	Canadian Imperial Bank of Commerce, 0.315%, 8/26/2014	15,800,000
10,000,000		Credit Suisse, Zurich, 0.230%, 9/2/2014	10,000,000
500,000	³	Deutsche Bank AG, 0.470%, 8/1/2014	500,000
20,500,000		DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.260%, 10/6/2014	20,490,237
40,000,000	³	Royal Bank of Canada, Montreal, 0.232%, 8/12/2014	40,000,000
900,000		Standard Chartered Bank PLC, 0.210%, 8/22/2014	899,890
49,900,000		Sumitomo Mitsui Banking Corp., 0.220%, 8/5/2014 - 11/3/2014	49,900,000
500,000	³	Toronto Dominion Bank, 0.215%, 8/18/2014	500,000
25,000,000	³	Toronto Dominion Bank, 0.223%, 8/6/2014	25,000,000
400,000	³	Toronto Dominion Bank, 0.234%, 10/15/2014	400,000
		TOTAL CERTIFICATES OF DEPOSIT	235,090,127
		COMMERCIAL PAPER—27.0%⁴
		Finance - Banking—14.9%
45,000,000		BNP Paribas Finance, Inc., 0.220%, 10/6/2014	44,981,850
5,000,000	^1,2	Bedford Row Funding Corp., (GTD by Royal Bank of Canada, Montreal), 0.331%, 8/5/2014	4,999,817
20,000,000		Credit Agricole North America, Inc., 0.230%, 10/21/2014	19,989,650
20,300,000		ING (U.S.) Funding LLC, 0.203% - 0.210%, 10/10/2014 - 10/30/2014	20,289,377
40,000,000	^1,2	Nationwide Building Society, 0.210%, 10/30/2014	39,979,000
		TOTAL	130,239,694
		Finance - Commercial—8.5%
45,800,000	^1,2	Alpine Securitization Corp., 0.210% - 0.230%, 9/8/2014 - 10/23/2014	45,788,180

Annual Shareholder Report

Principal Amount			Value
		COMMERCIAL PAPER—continued⁴
		Finance - Commercial—continued
$28,488,000	^1,2	Atlantic Asset Securitization LLC, 0.210% - 0.230%, 8/20/2014 - 9/26/2014	$28,484,751
		TOTAL	74,272,931
		Finance - Retail—2.4%
20,900,000	^1,2	Jupiter Securitization Co. LLC, 0.212% - 0.284%, 9/12/2014 - 1/6/2015	20,875,081
		Sovereign—1.2%
10,000,000	^1,2	Caisse des Depots et Consignations (CDC), 0.215%, 12/4/2014	9,992,535
		TOTAL COMMERCIAL PAPER	235,380,241
		CORPORATE BONDS—2.6%
		Finance - Banking—0.2%
1,225,000	^1,2	Nordea Bank AB, 3.700%, 11/13/2014	1,236,825
		Finance - Commercial—2.3%
20,000,000		General Electric Capital Corp., 2.150%, 1/9/2015	20,162,804
		Insurance—0.1%
475,000	^1,2	Metropolitan Life Global Funding I, 2.000%, 1/9/2015	478,476
500,000	^1,2	New York Life Global Funding, 1.300%, 1/12/2015	502,193
		TOTAL	980,669
		TOTAL CORPORATE BONDS	22,380,298
		CORPORATE NOTE—1.2%
		Insurance—1.2%
10,000,000	^1,2	Metropolitan Life Global Funding I, 1.700%, 6/29/2015	10,123,653
		NOTES - VARIABLE—7.3%³
		Aerospace/Auto—1.2%
10,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.231%, 9/10/2014	10,000,000
300,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.380%, 9/10/2014	300,278
300,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.383%, 10/8/2014	300,324
		TOTAL	10,600,602
		Finance - Banking—6.1%
7,880,000		Campus Crusade for Christ, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	7,880,000
1,500,000		DeKalb County, GA Housing Authority, (Series 2004-T Highlands), (Mizuho Bank Ltd. LOC), 0.190%, 8/7/2014	1,500,000
2,856,000		Kern, CA Water Bank Authority, (Series B), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	2,856,000
3,070,000		Maryland State Economic Development Corp., Human Genome Sciences (Series 1999-A), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	3,070,000

Annual Shareholder Report

Principal Amount		Value
	NOTES - VARIABLE—continued³
	Finance - Banking—continued
$10,000,000	New York State HFA, (Series 2013-A), (Wells Fargo Bank, N.A. LOC), 0.090%, 8/6/2014	$10,000,000
800,000	Salvation Army, (Series 2004-A), (Bank of New York Mellon LOC), 0.120%, 8/7/2014	800,000
1,055,000	Stratford Properties LP, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.500%, 8/5/2014	1,055,000
25,970,000	Urban Campus Environments LLC, (Series 2006), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	25,970,000
385,000	Washington State Housing Finance Commission, Revenue Bonds, (Wells Fargo Bank, N.A. LOC), 0.130%, 8/7/2014	385,000
	TOTAL	53,516,000
	TOTAL NOTES—VARIABLE	64,116,602
	OTHER REPURCHASE AGREEMENTS—13.8%
	Finance - Banking—13.8%
25,000,000	Barclays Capital, Inc., 0.203%, 8/15/2014, interest in a $200,000,000 collateralized loan agreement, dated 6/16/2014, in which U.S. Government Agency securities with a market value of $204,052,134 have been received as collateral and held with BNY Mellon as tri-party agent.	25,000,000
44,000,000	Citigroup Global Markets, Inc., 0.568% - 0.760%, 8/1/2014 - 9/23/2014, interest in a $325,000,000 collateralized loan agreement, dated 7/25/2014 - 7/31/2014, in which asset-backed securities, collateralized mortgage obligations and convertible bonds with a market value of $331,755,785 have been received as collateral and held with BNY Mellon as tri-party agent.	44,000,000
16,000,000	Credit Suisse Securities (USA) LLC, 0.193% - 0.639%, 8/1/2014 - 8/29/2014, interest in a $285,000,000 collateralized loan agreement, dated 6/30/2014 - 7/31/2014, in which common stocks, collateralized mortgage obligations, convertible bonds, mutual funds and warrants with a market value of $290,778,608 have been received as collateral and held with JPMorgan Chase as tri-party agent.	16,000,000
35,000,000	HSBC Securities (USA), Inc., 0.264%, 8/1/2014, interest in a $180,000,000 collateralized loan agreement, dated 7/31/2014, in which corporate bonds with a market value of $183,603,473 have been received as collateral and held with JPMorgan Chase as tri-party agent.	35,000,000
500,000	JPMorgan Securities LLC, 0.314%, 10/1/2014, interest in a $250,000,000 collateralized loan agreement, dated 6/30/2014, in which asset-backed securities with a market value of $255,070,415 have been received as collateral and held with JPMorgan Chase as tri-party agent.	500,000
	TOTAL OTHER REPURCHASE AGREEMENTS	120,500,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—19.1%
$16,542,000	Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	$16,542,000
75,000,000	Interest in $2,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,005,000 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/15/2055 and the market value of those underlying securities was $2,041,755,937.	75,000,000
75,000,000	Interest in $3,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,000,007,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/16/2052 and the market value of those underlying securities was $3,066,126,351.	75,000,000
	TOTAL REPURCHASE AGREEMENTS	166,542,000
	TOTAL INVESTMENTS—100.0% (AT AMORTIZED COST)⁵	872,092,962
	OTHER ASSETS AND LIABILITIES - NET—(0.0)%⁶	(78,277)
	TOTAL NET ASSETS—100%	$872,014,685

1	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 July 31, 2014, these restricted securities amounted to $179,920,552, which represented 20.6% of total net assets.
2	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 July 31, 2014, these liquid restricted securities amounted to $179,920,552, which represented 20.6% of total net assets.
3	Denotes a variable rate security with current rate and next reset date shown.
4	Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
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 July 31, 2014.

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 July 31, 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:

GTD	—Guaranteed
HFA	—Housing Finance Authority
LOC	—Letter of Credit

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014^1,2	2013¹	2012¹	2011¹	2010¹
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.001	0.001	0.002	0.002	0.002
Net realized gain (loss) on investments	0.000³	0.000³	0.000³	(0.000)³	0.000³
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.001	0.002	0.002	0.002
Less Distributions:
Distributions from net investment income	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Distributions from net realized gain on investments	(0.000)³	(0.000)³	—	(0.000)³	—
TOTAL DISTRIBUTIONS	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return⁴	0.05%	0.13%	0.19%	0.19%	0.24%
Ratios to Average Net Assets:
Net expenses	0.20%⁵	0.20%	0.20%	0.20%	0.20%
Net investment income	0.05%	0.14%	0.19%	0.20%	0.25%
Expense waiver/reimbursement⁶	0.11%	0.10%	0.10%	0.10%	0.10%
Supplemental Data:
Net assets, end of period (000 omitted)	$461,278	$695,138	$682,218	$905,645	$1,249,578

1	Federated Prime Management Obligations Fund (the “Predecessor Fund”) was reorganized into Federated Money Market Management (the “Fund”) as of the close of business on July 18, 2014. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund's operations.
2	Beginning with the year ended July 31, 2014, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
3	Represents less than $0.001.
4	Based on net asset value.
5	Ratio may be higher than the Fund's current Fee Limit. Net expenses for the period include those of the Predecessor Fund prior to July 18, 2014.
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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014^1,2	2013¹	2012¹	2011¹	2010¹
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000³	0.000³	0.000³	0.000³	0.000³
Net realized gain (loss) on investments	0.000³	0.000³	0.000³	(0.000)³	0.000³
TOTAL FROM INVESTMENT OPERATIONS	0.000³	0.000³	0.000³	0.000³	0.000³
Less Distributions:
Distributions from net investment income	(0.000)³	(0.000)³	(0.000)³	(0.000)³	(0.000)³
Distributions from net realized gain on investments	(0.000)³	(0.000)³	—	(0.000)³	—
TOTAL DISTRIBUTIONS	(0.000)³	(0.000)³	(0.000)³	(0.000)³	(0.000)³
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return⁴	0.01%	0.01%	0.01%	0.01%	0.04%
Ratios to Average Net Assets:
Net expenses	0.25%⁵	0.33%	0.38%	0.39%	0.40%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.04%
Expense waiver/reimbursement⁶	0.31%	0.23%	0.17%	0.16%	0.15%
Supplemental Data:
Net assets, end of period (000 omitted)	$359,164	$863,455	$785,594	$860,836	$832,807

1	The Predecessor Fund was reorganized into the Fund as of the close of business on July 18, 2014. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund's operations.
2	Beginning with the year ended July 31, 2014, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
3	Represents less than $0.001.
4	Based on net asset value.
5	Ratio may be higher than the Fund's current Fee Limit. Net expenses for the period include those of the Predecessor Fund prior to July 18, 2014.
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

Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014^1,2	2013¹	2012¹	2011¹	2010¹
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000³	0.000³	0.001	0.001	0.001
Net realized gain (loss) on investments	0.000³	0.000³	0.000³	(0.000)³	0.000³
TOTAL FROM INVESTMENT OPERATIONS	0.000³	0.000³	0.001	0.001	0.001
Less Distributions:
Distributions from net investment income	(0.000)³	(0.000)³	(0.001)	(0.001)	(0.001)
Distributions from net realized gain on investments	(0.000)³	(0.000)³	—	(0.000)³	—
TOTAL DISTRIBUTIONS	(0.000)³	(0.000)³	(0.001)	(0.001)	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return⁴	0.01%	0.04%	0.09%	0.10%	0.15%
Ratios to Average Net Assets:
Net expenses	0.25%⁵	0.29%	0.30%	0.30%	0.29%
Net investment income	0.01%	0.04%	0.09%	0.10%	0.16%
Expense waiver/reimbursement⁶	0.15%	0.11%	0.10%	0.10%	0.11%
Supplemental Data:
Net assets, end of period (000 omitted)	$34,502	$348,153	$322,787	$403,955	$614,863

1	The Predecessor Fund was reorganized into the Fund as of the close of business on July 18, 2014. The Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are the Fund's operations.
2	Beginning with the year ended July 31, 2014, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
3	Represents less than $0.001.
4	Based on net asset value.
5	Ratio may be higher than the Fund's current Fee Limit. Net expenses for the period include those of the Predecessor Fund prior to July 18, 2014.
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

Annual Shareholder Report

Financial Highlights–Eagle Shares

(For a Share Outstanding Throughout the Period)

Period Ended July 31	2014¹
Net Asset Value, Beginning of Period	$1.00
Income From Investment Operations:
Net investment income	—
Net realized gain on investments	—
TOTAL FROM INVESTMENT OPERATIONS	—
Less Distributions:
Distributions from net investment income	—
Distributions from net realized gain on investments	—
TOTAL DISTRIBUTIONS	—
Net Asset Value, End of Period	$1.00
Total Return²	0.00%
Ratios to Average Net Assets:
Net expenses	0.23%³
Net investment income	0.00%³
Expense waiver/reimbursement⁴	0.51%³
Supplemental Data:
Net assets, end of period (000 omitted)	$17,071

1	Reflects operations for the period from July 21, 2014 (deemed the date of initial investment pursuant to a reorganization that took place on July 18, 2014) to July 31, 2014.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements and other repurchase agreements	$287,042,000
Investment in securities	585,050,962
Total investment in securities, at amortized cost and fair value		$872,092,962
Cash		11,062
Income receivable		166,921
Receivable for shares sold		48,122
TOTAL ASSETS		872,319,067
Liabilities:
Payable for shares redeemed	145,916
Income distribution payable	5,175
Payable to adviser (Note 6)	849
Payable for transfer agent fee	12,589
Payable for Directors'/Trustees' fees (Note 6)	370
Payable for auditing fees	20,600
Payable for portfolio accounting fees	18,323
Payable for other service fees (Note 6)	52,775
Payable for share registration costs	30,731
Payable for printing and postage	5,472
Accrued expenses (Note 6)	11,582
TOTAL LIABILITIES		304,382
Net assets for 872,016,103 shares outstanding		$872,014,685
Net Assets Consist of:
Paid-in capital		$872,014,513
Accumulated net realized loss on investments		(67)
Undistributed net investment income		239
TOTAL NET ASSETS		$872,014,685
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$461,277,635 ÷ 461,278,730 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$359,164,083 ÷ 359,164,625 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$34,502,105 ÷ 34,502,152 shares outstanding, no par value, unlimited shares authorized		$1.00
Eagle Shares:
$17,070,862 ÷ 17,070,596 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$4,258,262
Expenses:
Investment adviser fee (Note 6)		$3,290,625
Administrative fee (Note 6)		1,285,155
Custodian fees		80,421
Transfer agent fee		22,089
Directors'/Trustees' fees (Note 6)		13,295
Auditing fees		38,600
Legal fees		46,310
Portfolio accounting fees		176,605
Other service fees (Notes 3 and 6)		1,919,644
Share registration costs		55,307
Printing and postage		110,144
Miscellaneous (Note 6)		19,926
TOTAL EXPENSES		7,058,121
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 6)	$(1,778,172)
Waiver/reimbursement of other operating expenses (Notes 3 and 6)	(1,515,290)
TOTAL WAIVERS AND REIMBURSEMENT		(3,293,462)
Net expenses			3,764,659
Net investment income			493,603
Net realized gain on investments			5,334
Change in net assets resulting from operations			$498,937

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014¹	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$493,603	$1,233,589
Net realized gain on investments	5,334	23,570
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	498,937	1,257,159
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(411,636)	(1,002,766)
Service Shares	(20,681)	(81,588)
Capital Shares	(67,144)	(149,511)
Distributions from net realized gain on investments
Institutional Shares	(7,725)	(7,592)
Service Shares	(2,947)	(8,311)
Capital Shares	(8,373)	(3,488)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(518,506)	(1,253,256)
Share Transactions:
Proceeds from sale of shares	6,459,610,522	7,067,322,196
Exchange of Successor Fund Shares in connection with the tax-free reorganization of assets from Federated Prime Management Obligations Fund	17,798,273	—
Net asset value of shares issued to shareholders in payment of distributions declared	229,973	667,814
Cost of shares redeemed	(7,512,350,643)	(6,951,847,054)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(1,034,711,875)	116,142,956
Change in net assets	(1,034,731,444)	116,146,859
Net Assets:
Beginning of period	1,906,746,129	1,790,599,270
End of period (including undistributed net investment income of $239 and $485, respectively)	$872,014,685	$1,906,746,129

1	Beginning with the year ended July 31, 2014, the Fund was audited by Ernst & Young LLP. The previous year was audited by another independent registered public accounting firm.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Money Market Management (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: Institutional Shares, Service Shares, Capital Shares and Eagle 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 consistent with stability of principal.
2. REORGANIZATION

The Fund is the successor (the “Successor Fund”) to Federated Prime Management Obligations Fund (the “Predecessor Fund”), another open-end investment company of the Trust, pursuant to a tax-free reorganization, approved by the Trustees on April 30, 2014, that took place as of the close of business on July 18, 2014. On that date, Institutional Shares, Service Shares and Capital Shares of the Predecessor Fund were exchanged for Institutional Shares, Service Shares and Capital Shares, respectively, of the Fund. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies.

For every one share of the Predecessor Fund's Institutional Shares exchanged, a shareholder received one share of the Successor Fund's Institutional Shares.

For every one share of the Predecessor Fund's Service Shares exchanged, a shareholder received one share of the Successor Fund's Service Shares.

For every one share of the Predecessor Fund's, Capital Shares exchanged a shareholder received one share of the Successor Fund's Capital Shares.

As a result of the reorganization on July 18, 2014, the Predecessor Fund became the accounting survivor. Accordingly, the performance information presented in the financial statements for the periods prior to July 18, 2014, is historical information of the Predecessor Fund.

Assuming the acquisition had been completed on August 1, 2013, the beginning of the annual reporting period of the Fund, the Successor Fund's pro forma results of operations for the year ended July 31, 2014, are as follows:

Net investment income*	$498,374
Net realized gain on investments	$5,334
Net increase in net assets resulting from operations	$503,708

*	Net investment income includes $4,697 of pro forma additional expenses.

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Fund that has been included in the Fund's Statement of Changes as of July 31, 2014.

Annual Shareholder Report

The Successor Fund received net assets from the Predecessor Fund as the result of the tax-free reorganization as follows:

Shares of the Successor Fund Issued	Predecessor Fund Net Assets Received	Net Assets of the Successor Fund Immediately Prior to Combination	Net Assets of the Successor Fund Immediately After Combination
900,378,547	$900,378,547	$17,798,273	$918,176,820

3. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

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, Capital Shares and Eagle Shares may bear other service fees unique to those classes.

Annual Shareholder Report

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares, Capital Shares and Eagle Shares to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$1,710,155	$(144,802)	$(1,260,290)
Capital Shares	208,227	(7,026)	(102,293)
Eagle Shares	1,262	(5)	(874)
TOTAL	$1,919,644	$(151,833)	$(1,363,457)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

Restricted Securities

Other

4. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014¹		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	5,299,212,245	$5,299,213,970	5,423,507,969	$5,423,507,969
Exchange of Successor Fund shares in connection with the tax-free reorganization of Federated Prime Management Obligations Fund	1,030,530	1,030,530	—	—
Shares issued to shareholders in payment of distributions declared	164,787	164,787	474,243	474,243
Shares redeemed	(5,534,261,845)	(5,534,261,845)	(5,411,063,675)	(5,411,063,675)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(233,854,283)	$(233,852,558)	12,918,537	$12,918,537

Year Ended July 31	2014¹		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	848,876,138	$848,877,810	1,087,277,603	$1,087,277,603
Exchange of Successor Fund shares in connection with the tax-free reorganization of Federated Prime Management Obligations Fund	100	100	—	—
Shares issued to shareholders in payment of distributions declared	47,866	47,866	67,844	67,844
Shares redeemed	(1,353,208,040)	(1,353,208,040)	(1,009,486,445)	(1,009,486,445)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(504,283,936)	$(504,282,264)	77,859,002	$77,859,002

Annual Shareholder Report

Year Ended July 31	2014¹		2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	311,093,030	$311,093,204	556,536,624	$556,536,624
Exchange of Successor Fund shares in connection with the tax-free reorganization of Federated Prime Management Obligations Fund	100	100	—	—
Shares issued to shareholders in payment of distributions declared	17,320	17,320	125,727	125,727
Shares redeemed	(624,758,657)	(624,758,657)	(531,296,934)	(531,296,934)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(313,648,207)	$(313,648,033)	25,365,417	$25,365,417

Year Ended July 31	Period Ended 7/31/2014²		2013
Eagle Shares:	Shares	Amount	Shares	Amount
Shares sold	425,523	$425,538	—	—
Exchange of Successor Fund shares in connection with the tax-free reorganization of Federated Prime Management Obligations Fund	16,767,174	16,767,543	—	—
Shares redeemed	(122,101)	(122,101)	—	—
NET CHANGE RESULTING FROM EAGLE SHARE TRANSACTIONS	17,070,596	$17,070,980	—	—
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(1,034,715,830)	$ (1,034,711,875)	(116,142,956)	$(116,142,956)

1	Beginning with the year ended July 31, 2014, the Fund was audited by Ernst & Young LLP. The previous year was audited by another independent registered public accounting firm.
2	Reflects operations for the period from July 21, 2014 (date of initial investment) to July 31, 2014.

5. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to reorganization adjustments.

For the year ended July 31, 2014, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income (Loss)	Accumulated Net Realized Gain (Loss)
$(5,545)	$5,612	$(67)

Net investment income (loss), net realized gains (losses), and net assets were not affected by this reclassification.

Annual Shareholder Report

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$518,506	$1,253,256

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²	$239
Capital loss carryforwards	$(67)

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

At July 31, 2014, the Fund had a capital loss carryforward of $67 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 carryforwards and expiration years:

Expiration Year	Short-Term	Long-Term	Total
No Expiration	$17	—	$17
2019	$50	NA	$50

6. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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

Other Service Fees

For the year ended July 31, 2014, FSSC received $711 and reimbursed $151,833 of the other service fees disclosed in Note 2.

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) on their own initiative have 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, Capital Shares and Eagle Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.15%, 0.40%, 0.25% and 0.40% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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

Annual Shareholder Report

General

7. CONCENTRATION OF RISK

8. LINE OF CREDIT

9. INTERFUND LENDING

10. REGULATORY MATTERS

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (“NAV”). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF trustees OF Money Market Obligations trust AND SHAREHOLDERS OF FEDERATED Money market management:

We have audited the accompanying statement of assets and liabilities of Federated Money Market Management (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations and changes in net assets for the year then ended, and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended July 31, 2013 and the financial highlights for each of the four years ended July 31, 2013 were audited by another independent registered public accounting firm whose report, dated September 23, 2013, expressed an unqualified opinion on that statement of changes in net assets and those financial highlights.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Money Market Management, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations and the changes in its net assets for the year then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.20	$0.99²
Service Shares	$1,000	$1,000.10	$1.19³
Capital Shares	$1,000	$1,000.10	$1.14
Eagle Shares	$1,000	$1,000.00	$0.07^4,5
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.80	$1.00²
Service Shares	$1,000	$1,023.60	$1.20³
Capital Shares	$1,000	$1,023.65	$1.15
Eagle Shares	$1,000	$1,023.65	$1.15^4,5

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	0.20%
Service Shares	0.24%
Capital Shares	0.23%
Eagle Shares	0.23%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.15% (as reflected in the Notes to Financial Statements, Note 6 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 $0.74 and $0.75, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.40% (as reflected in the Notes to Financial Statements, Note 6 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 $1.98 and $2.01, respectively.
4	“Actual” expense information for the Fund's Eagle Shares is for the period from July 21, 2014 (date of initial investment) to July 31, 2014. Actual expenses are equal to the Fund's annualized net expense ratio of 0.23%, multiplied by 11/365 (to reflect the date of initial investment to July 31, 2014). “Hypothetical” expense information for Eagle Shares is presented on the basis of the full one-half-year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 181/365 (to reflect the full half-year period).
5	Actual and Hypothetical expenses paid during the period utilizing the Fund's Eagle Shares current Fee Limit of 0.40% (as reflected in the Notes to Financial Statements, Note 6 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 $1.98 and $2.01, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Paige M. Wilhelm Birth Date: May 28, 1962 VICE PRESIDENT Officer since: August 2006 Portfolio Manager since: April 1997	Principal Occupations: Paige M. Wilhelm has been the Fund's Portfolio Manager since April 1997. She is Vice President of the Trust with respect to the Fund. Ms. Wilhelm joined Federated in 1985 and has been a Senior Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years
and Previous Position(s)

Mark F. Weiss
Birth Date: January 8, 1972
Vice President
Officer since: June 2012
Portfolio Manager since: September 2011

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Money Market Management (the “Fund”)

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 advisory fee rate, net advisory fee rate and other expenses of the Fund with the Adviser and noted the position of the Fund's fee rates relative to its peers. In this regard, the Board noted that the contractual advisory fee rate was below the median of the relevant peer group and that it was satisfied that the overall expense structure of the Fund remained competitive.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

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

Federated Money Market Management
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 608919775
CUSIP 608919742
CUSIP 608919759
CUSIP 60934N211

28876 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	81.4%
Municipal Notes	17.9%
Commercial Paper	1.9%
Other Assets and Liabilities—Net²	(1.2)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	80.7%
8-30 Days	5.7%
31-90 Days	2.4%
91-180 Days	2.9%
181 Days or more	9.5%
Other Assets and Liabilities—Net²	(1.2)%
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		SHORT-TERM MUNICIPALS—101.2%^1,2
		Alabama—5.4%
$3,215,000		Alabama HFA MFH, (2000 Series C: Parktowne Apartments) Weekly VRDNs (Park Towne Villas Ltd.)/(Branch Banking & Trust Co. LOC), 0.090%, 8/7/2014	$3,215,000
3,470,000		Alabama HFA MFH, (2007 Series C) Weekly VRDNs (Summit South Mall Apartments Ltd.)/(FNMA LOC), 0.090%, 8/7/2014	3,470,000
7,325,000		Alabama HFA MFH, (Series 2001D) Weekly VRDNs (Cottage Hill Pointe Apts., Ltd.)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	7,325,000
8,400,000		Alabama HFA MFH, (Series 2002C) Weekly VRDNs (Liberty Square Apartments, Ltd.)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	8,400,000
8,440,000		Alabama HFA MFH, (Series 2003A) Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	8,440,000
1,735,000		Autauga County, AL IDA, (Series 2008) Weekly VRDNs (Marshall Prattville, LLC)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	1,735,000
10,000,000		Bridgeport, AL IDB, (Series 1987) Weekly VRDNs (Beaulieu Nylon, Inc.)/(Bank of America N.A. LOC), 0.160%, 8/7/2014	10,000,000
5,920,000		Chambers County, AL IDA, (Series 2007) Weekly VRDNs (Daeki America, Inc.)/(Comerica Bank LOC), 0.110%, 8/7/2014	5,920,000
25,000,000		Columbia, AL IDB PCRB, (Series 1997) Daily VRDNs (Alabama Power Co.), 0.110%, 8/1/2014	25,000,000
15,000,000		Columbia, AL IDB PCRB, (Series 1997) Weekly VRDNs (Alabama Power Co.), 0.080%, 8/7/2014	15,000,000
16,975,000		Millport, AL IDA, (Series 2007) Weekly VRDNs (Steel Dust Recycling, LLC)/(Comerica Bank LOC), 0.090%, 8/7/2014	16,975,000
10,000,000		Millport, AL IDA, (Series 2011) Weekly VRDNs (Steel Dust Recycling, LLC)/(Citibank NA, New York LOC), 0.110%, 8/7/2014	10,000,000
23,200,000		Mobile, AL IDB, PCRBs (Series 2007B), 0.28% TOBs (Alabama Power Co.), Mandatory Tender 4/8/2015	23,200,000
6,000,000		Montgomery, AL IDB, IDRBs (Series 1996) Weekly VRDNs (CSC Fabrication, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.120%, 8/7/2014	6,000,000
520,000		Tallassee, AL IDB, (Series 1998) Weekly VRDNs (Milstead Farm Group, Inc.)/(FHLB of Atlanta LOC), 0.230%, 8/7/2014	520,000
		TOTAL	145,200,000
		Alaska—0.4%
11,985,000	^3,4	Alaska State Housing Finance Corp., PUTTERs (Series 4324), 0.16% TOBs (JPMorgan Chase & Co. LIQ) 10/9/2014	11,985,000
		California—5.3%
3,000,000		Alameda County, CA IDA, (Series 2005: Essai, Inc. Project) Weekly VRDNs (Oz Enterprises, LLC)/(Union Bank, N.A. LOC), 0.090%, 8/7/2014	3,000,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	California—continued
$2,485,000	Alameda County, CA IDA, (Series 2005A) Weekly VRDNs (Convergent Laser Technologies)/(Comerica Bank LOC), 0.080%, 8/7/2014	$2,485,000
2,550,000	Alameda County, CA IDA, (Series 2014) Weekly VRDNs (Evolve Manufacturing Technologies, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	2,550,000
8,585,000	California Educational Facilities Authority, (Series 2007) Weekly VRDNs (Charles Drew University of Medicine & Science)/(Santander Bank, N.A. LOC), 0.710%, 8/7/2014	8,585,000
1,550,000	California PCFA, (Series 2001) Weekly VRDNs (Bos Farms)/(CoBank, ACB LOC), 0.110%, 8/7/2014	1,550,000
6,815,000	California PCFA, (Series 2001) Weekly VRDNs (Brawley Beef, LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	6,815,000
380,000	California PCFA, (Series 2001A) Weekly VRDNs (Mission Trail Waste Systems, Inc.)/(Comerica Bank LOC), 0.100%, 8/6/2014	380,000
5,000,000	California PCFA, (Series 2001A) Weekly VRDNs (Western Sky Dairy)/(Bank of America N.A. LOC), 0.150%, 8/7/2014	5,000,000
3,500,000	California PCFA, (Series 2002) Weekly VRDNs (Carlos Echeverria and Sons Dairy)/(CoBank, ACB LOC), 0.110%, 8/7/2014	3,500,000
2,940,000	California PCFA, (Series 2002) Weekly VRDNs (T & W Farms)/(Bank of America N.A. LOC), 0.170%, 8/7/2014	2,940,000
8,000,000	California PCFA, (Series 2003) Weekly VRDNs (B & B Dairy, LLC)/(CoBank, ACB LOC), 0.110%, 8/7/2014	8,000,000
2,000,000	California PCFA, (Series 2003) Weekly VRDNs (C.A. and E.J. Vanderham Family Trust)/(CoBank, ACB LOC), 0.090%, 8/7/2014	2,000,000
3,000,000	California PCFA, (Series 2003) Weekly VRDNs (P & D Dairy and Poso Creek Family Dairy, LLC)/(Bank of the West, San Francisco, CA LOC), 0.200%, 8/7/2014	3,000,000
2,350,000	California PCFA, (Series 2003: JDS Ranch) Weekly VRDNs (John & Jacqueline Scheenstra Trust)/(Wells Fargo Bank, N.A. LOC), 0.110%, 8/7/2014	2,350,000
2,000,000	California PCFA, (Series 2004) Weekly VRDNs (A & M Farms)/(Wells Fargo Bank, N.A. LOC), 0.110%, 8/7/2014	2,000,000
6,645,000	California PCFA, (Series 2006A) Weekly VRDNs (Garaventa Enterprises, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/6/2014	6,645,000
1,840,000	California PCFA, (Series 2007A) Weekly VRDNs (Northern Recycling & Waste Services LLC)/(Union Bank, N.A. LOC), 0.090%, 8/6/2014	1,840,000
2,215,000	California PCFA, (Series 2011) Weekly VRDNs (Recycling Industries, Inc.)/(Comerica Bank LOC), 0.100%, 8/6/2014	2,215,000
2,805,000	California PCFA, (Series 2011A) Weekly VRDNs (Zerep Management Corp.)/(Comerica Bank LOC), 0.100%, 8/6/2014	2,805,000
5,135,000	California PCFA, (Series 2012) Weekly VRDNs (Alameda County Industries AR, Inc.)/(Bank of the West, San Francisco, CA LOC), 0.110%, 8/6/2014	5,135,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$2,540,000		California PCFA, (Series 2012) Weekly VRDNs (California Waste Recovery Systems, LLC)/(Union Bank, N.A. LOC), 0.090%, 8/6/2014	$2,540,000
5,500,000		California PCFA, (Series 2012) Weekly VRDNs (The Ratto Group of Companies, Inc.)/(Union Bank, N.A. LOC), 0.090%, 8/6/2014	5,500,000
2,825,000		California PCFA, (Series 2012A) Weekly VRDNs (Metropolitan Recycling LLC)/(Comerica Bank LOC), 0.100%, 8/6/2014	2,825,000
1,170,000		California PCFA, (Series 2014) Weekly VRDNs (Mill Valley Refuse Service, Inc.)/(Comerica Bank LOC), 0.100%, 8/6/2014	1,170,000
1,355,000		California PCFA, (Series 2014) Weekly VRDNs (Zerep Management Corp.)/(Comerica Bank LOC), 0.100%, 8/6/2014	1,355,000
2,400,000		California Statewide Communities Development Authority IDRB, (Series 2001A: American Modular Systems, Inc.) Weekly VRDNs (Sarich Family Living Trust)/(Bank of the West, San Francisco, CA LOC), 0.390%, 8/7/2014	2,400,000
3,380,000		California Statewide Communities Development Authority IDRB, (Series 2006) Weekly VRDNs (Gateway Circle LLC)/(Citibank NA, New York LOC), 0.160%, 8/7/2014	3,380,000
13,315,000	^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), 0.080%, 8/7/2014	13,315,000
15,000,000	^3,4	Nuveen California Dividend Advantage Municipal Fund, (NAC Series 2), Weekly VRDPs, (Citibank NA, New York LIQ), 0.130%, 8/7/2014	15,000,000
6,000,000	^3,4	Nuveen California Dividend Advantage Municipal Fund, (NAC Series 3), Weekly VRDPs, (Deutsche Bank AG LIQ), 0.150%, 8/7/2014	6,000,000
15,390,000	^3,4	San Mateo County, CA CCD, SPEARs (Series DB-631) Weekly VRDNs (Deutsche Bank AG LIQ), 0.080%, 8/7/2014	15,390,000
		TOTAL	141,670,000
		Colorado—3.2%
1,000,000		Boulder, CO Housing Authority, Broadway East Apartments (Series 2007) Weekly VRDNs (Broadway East Community LLP)/(U.S. Bank, N.A. LOC), 0.160%, 8/7/2014	1,000,000
2,300,000		Colorado HFA (Class I Bonds), (Series 2005A) Weekly VRDNs (Closet Factory)/(FHLB of Topeka LOC), 0.110%, 8/7/2014	2,300,000
3,310,000		Colorado HFA (Class I Bonds), (Series 2007A) Weekly VRDNs (Ready Foods, Inc.)/(U.S. Bank, N.A. LOC), 0.110%, 8/7/2014	3,310,000
23,600,000		Denver, CO City & County Airport Authority, (Series 2002C) Weekly VRDNs (Lloyds Bank PLC, London LOC), 0.100%, 8/6/2014	23,600,000
15,000,000	^3,4	Denver, CO City & County Airport Authority, RBC Muni Trust (Series E-25) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.080%, 8/7/2014	15,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Colorado—continued
$14,860,000	^3,4	Denver, CO City & County Airport Authority, SPEARs (Series DBE-467) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.140%, 8/7/2014	$14,860,000
27,340,000	^3,4	Denver, CO City & County Airport Authority, SPEARs (Series DBE-485) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	27,340,000
		TOTAL	87,410,000
		Connecticut—4.7%
2,800,000		Connecticut Development Authority, (Series 1993) Weekly VRDNs (Rand-Whitney Containerboard LP)/(Bank of Montreal LOC), 0.080%, 8/6/2014	2,800,000
1,460,000		Connecticut State HEFA, (Series D) Weekly VRDNs (Choate Rosemary Hall)/(JPMorgan Chase Bank, N.A. LOC), 0.060%, 8/7/2014	1,460,000
800,000		Connecticut State HEFA, (Series E) Weekly VRDNs (Taft School)/(Wells Fargo Bank, N.A. LOC), 0.070%, 8/6/2014	800,000
119,045,000		Connecticut State HFA, (2008 Series E) Weekly VRDNs (Bank of America N.A. LIQ), 0.090%, 8/7/2014	119,045,000
1,300,000		Connecticut State HFA, (Series 2012D-3) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 0.070%, 8/7/2014	1,300,000
		TOTAL	125,405,000
		District of Columbia—0.1%
3,705,000	^3,4	Metropolitan Washington, DC Airports Authority, SPEARs (Series DB-505) Weekly VRDNs (Deutsche Bank AG LIQ), 0.090%, 8/7/2014	3,705,000
		Florida—3.6%
820,000	^3,4	Clipper Tax-Exempt Certificates Trust (Florida AMT) (Series 2009-75) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	820,000
2,579,000	^3,4	Florida Housing Finance Corp., Clipper Tax-Exempt Certificates Trust (Series 2009-21) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	2,579,000
3,445,000	^3,4	Florida Housing Finance Corp., MERLOTS (Series 2006-B17), 0.20% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 7/8/2015	3,445,000
10,290,000	^3,4	Hillsborough County, FL Aviation Authority, SPEARs (Series DBE-645) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.140%, 8/7/2014	10,290,000
22,294,000	^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), 0.190%, 8/7/2014	22,294,000
48,785,000		St. Lucie County, FL Solid Waste Disposal, (Series 2003) Daily VRDNs (Florida Power & Light Co.), 0.060%, 8/1/2014	48,785,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Florida—continued
$8,830,000		UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	$8,830,000
		TOTAL	97,043,000
		Georgia—5.4%
5,400,000		Bulloch County, GA Development Authority, (Series 1999) Weekly VRDNs (Apogee Enterprises, Inc.)/(Comerica Bank LOC), 0.170%, 8/7/2014	5,400,000
12,600,000		Burke County, GA Development Authority, (Second Series 1995) Daily VRDNs (Georgia Power Co.), 0.070%, 8/1/2014	12,600,000
7,500,000		Burke County, GA Development Authority, (Third Series 2012) Daily VRDNs (Georgia Power Co.), 0.070%, 8/1/2014	7,500,000
8,000,000		DeKalb County, GA MFH Authority, (Series 2004) Weekly VRDNs (Highlands at East Atlanta Apartments)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	8,000,000
16,000,000		Fulton County, GA Development Authority, (Series 2004) Weekly VRDNs (Hidden Creste Apartments)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	16,000,000
18,000,000		Fulton County, GA Housing Authority, (Series 1999) Weekly VRDNs (Walton Falls Apartments)/(Wells Fargo Bank, N.A. LOC), 0.110%, 8/7/2014	18,000,000
17,725,000	^3,4	Georgia State HFA, MERLOTS (Series 2006-B11), 0.170% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/17/2014	17,725,000
8,100,000		Gordon County, GA Development Authority, (Series 2007) Weekly VRDNs (Pine Hall Brick Co., Inc.)/(Branch Banking & Trust Co. LOC), 0.090%, 8/7/2014	8,100,000
2,100,000		Gwinnett County, GA Development Authority Weekly VRDNs (Commercial Truck & Van Equipment)/(JPMorgan Chase Bank, N.A. LOC), 0.110%, 8/7/2014	2,100,000
3,800,000		Heard County, GA Development Authority, (First Series 1996) Daily VRDNs (Georgia Power Co.), 0.080%, 8/1/2014	3,800,000
9,500,000		Heard County, GA Development Authority, (First Series 2007) Daily VRDNs (Georgia Power Co.), 0.090%, 8/1/2014	9,500,000
10,600,000		Kennesaw, GA Development Authority, (Series 2004) Weekly VRDNs (Lakeside Vista Apartments)/(FNMA LOC), 0.090%, 8/7/2014	10,600,000
10,750,000		Savannah, GA EDA, (Series 1995A) Weekly VRDNs (Home Depot, Inc.), 0.110%, 8/6/2014	10,750,000
15,000,000		Wayne County, GA, IDA, (Series 2000) Weekly VRDNs (Rayonier, Inc.)/(Bank of America N.A. LOC), 0.110%, 8/6/2014	15,000,000
		TOTAL	145,075,000
		Idaho—0.5%
1,300,000		Minidoka County, ID IDC, (Series 1998) Weekly VRDNs (Nature's Best Produce, Inc.)/(CoBank, ACB LOC), 0.110%, 8/7/2014	1,300,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Idaho—continued
$11,000,000	Power County, ID IDC, (Series 2012) Weekly VRDNs (J.R. Simplot Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/6/2014	$11,000,000
	TOTAL	12,300,000
	Illinois—1.5%
630,000	Arlington Heights, IL, (Series 1997) Weekly VRDNs (3E Graphics & Printing)/(BMO Harris Bank, N.A. LOC), 0.330%, 8/7/2014	630,000
3,655,000	Chicago, IL MFH Revenue, (Series 2003) Weekly VRDNs (Churchview Supportive Living L.P.)/(BMO Harris Bank, N.A. LOC), 0.130%, 8/7/2014	3,655,000
1,120,000	Chicago, IL MFH Revenue, (Series 2007: Renaissance Place Apartments) Weekly VRDNs (RPA LP)/(BMO Harris Bank, N.A. LOC), 0.170%, 8/7/2014	1,120,000
450,000	Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs (Bank of Montreal LOC), 0.070%, 8/7/2014	450,000
4,900,000	Chicago, IL O'Hare International Airport, Special Facility Revenue Bonds (Series 1990) Weekly VRDNs (Compagnie Nationale Air France Project)/(Societe Generale, Paris LOC), 0.110%, 8/6/2014	4,900,000
8,628,000	Chicago, IL, (Series D-1), 0.13% CP (Chicago, IL O'Hare International Airport)/(BMO Harris Bank, N.A. LOC), Mandatory Tender 9/4/2014	8,628,000
1,235,000	Crystal Lake, IL IDA, (Series 2006) Weekly VRDNs (Millennium Electronics, Inc.)/(U.S. Bank, N.A. LOC), 0.260%, 8/7/2014	1,235,000
1,370,000	Illinois Development Finance Authority IDB Weekly VRDNs (R.A. Zweig, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.130%, 8/6/2014	1,370,000
6,000,000	Illinois Development Finance Authority IDB, (Series 1997) Weekly VRDNs (Toyal America, Inc.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	6,000,000
2,615,000	Illinois Development Finance Authority IDB, (Series 2001) Weekly VRDNs (Val-Matic Valve & Manufacturing Corp.)/(Bank of America N.A. LOC), 0.260%, 8/7/2014	2,615,000
4,005,000	Illinois Finance Authority, (Series 2008) Weekly VRDNs (Kenall Manufacturing Co.)/(BMO Harris Bank, N.A. LOC), 0.170%, 8/7/2014	4,005,000
2,375,000	Illinois Housing Development Authority, Florida House (2008 Series C) Weekly VRDNs (FHLB of Chicago LIQ), 0.090%, 8/7/2014	2,375,000
3,000,000	Illinois Housing Development Authority, Larkin Village (2008 Series A) Weekly VRDNs (FHLB of Chicago LIQ), 0.090%, 8/7/2014	3,000,000
375,000	Woodridge, DuPage, Will and Cook Counties, IL, (Series 2005) Weekly VRDNs (Home Run Inn Frozen Foods Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.320%, 8/7/2014	375,000
	TOTAL	40,358,000
	Indiana—4.8%
10,000,000	Bartholomew Consolidated School Corp., IN, 2.00% TANs, 12/31/2014	10,064,676

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Indiana—continued
$7,250,000	Bloomington, IN EDRB, (Series 2008: Henderson Court Apartments) Weekly VRDNs (SY Henderson Court Investors, LP)/(FHLMC LOC), 0.090%, 8/7/2014	$7,250,000
10,000,000	Gibson County, IN, (Series 1998) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	10,000,000
10,000,000	Gibson County, IN, (Series 1999A) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	10,000,000
10,000,000	Gibson County, IN, (Series 2001) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	10,000,000
5,000,000	Gibson County, IN, PCRBs (Series 1997) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	5,000,000
145,000	Huntington, IN, (Series 1999) Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	145,000
1,800,000	Indiana Development Finance Authority, D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs (South Central Community Mental Health Centers, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	1,800,000
7,400,000	Indianapolis, IN MFH, (Series 2007A: Forest Ridge Apartments) Weekly VRDNs (Pedcor Investments-2006-LXXXVIII LP)/(Citizens Bank, N.A., Providence LOC), 0.230%, 8/7/2014	7,400,000
5,000,000	Jasper County, IN EDA, (Series 2010A) Weekly VRDNs (T & M LP)/(AgriBank FCB and AgriBank FCB LOCs), 0.100%, 8/7/2014	5,000,000
6,000,000	Logansport, IN, (Series 2006) Weekly VRDNs (Andersons Clymers Ethanol LLC)/(CoBank, ACB LOC), 0.090%, 8/7/2014	6,000,000
5,150,000	Portage, IN, (Series 1999) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	5,150,000
10,000,000	Portage, IN, PCRB (Series 1998-A) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	10,000,000
1,000,000	Portage, IN, PCRB (Series 1998-B) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	1,000,000
26,500,000	Posey County, IN EDA, (Series 2013A), 0.30% TOBs (Midwest Fertilizer Corp.)/(GTD by United States Treasury), Mandatory Tender 11/18/2014	26,500,000
10,000,000	Spencer County, IN PCA, (Series 1998) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	10,000,000
3,680,000	Spencer County, IN PCA, (Series 2000) Weekly VRDNs (American Iron Oxide Co.)/(Mizuho Bank Ltd. LOC), 0.270%, 8/7/2014	3,680,000
300,000	Whitley County, IN, (Series 1999) Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	300,000
	TOTAL	129,289,676

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Iowa—0.9%
$4,770,000		Iowa Finance Authority, (Series 2001A) Weekly VRDNs (U.S. Filter Water)/(Societe Generale, Paris LOC), 0.220%, 8/7/2014	$4,770,000
7,700,000		Iowa Finance Authority, (Series 2006) Weekly VRDNs (Ag Real Estate Iowa One, LP)/(AgriBank FCB LOC), 0.090%, 8/7/2014	7,700,000
5,300,000		Iowa Finance Authority, (Series 2007) Weekly VRDNs (Five Star Holdings LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	5,300,000
6,000,000		Iowa Finance Authority, (Series 2007) Weekly VRDNs (Roorda Dairy, LLC)/(AgriBank FCB LOC), 0.090%, 8/7/2014	6,000,000
		TOTAL	23,770,000
		Kansas—0.2%
837,000	^3,4	Clipper Tax-Exempt Certificates Trust (Kansas-AMT)/(Series 2009-11) Weekly VRDNs (Sedgwick & Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	837,000
3,430,000		Dodge City, KS IDA, (Series 2000) Weekly VRDNs (Farmland National Beef Packing Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	3,430,000
		TOTAL	4,267,000
		Kentucky—1.7%
5,500,000		Hopkinsville, KY, (Series 2007A) Weekly VRDNs (Riken Elastomers Corp.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	5,500,000
15,500,000		Louisville & Jefferson County, KY Metropolitan Sewer District, (Series 2013), 2.00% BANs, 11/26/2014	15,580,163
5,740,000		Maysville, KY, (Series 1996) Weekly VRDNs (Green Tokai)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	5,740,000
10,000,000		Shelbyville, KY, (Series 2008A) Weekly VRDNs (NIFCO North America, Inc.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.070%, 8/7/2014	10,000,000
10,000,000		Somerset, KY Industrial Building, (Series 2009) Weekly VRDNs (Armstrong Hardwood Flooring Co.)/(Bank of Nova Scotia, Toronto LOC), 0.090%, 8/7/2014	10,000,000
		TOTAL	46,820,163
		Louisiana—0.9%
4,900,000		Calcasieu Parish, LA, IDB, (Series 1998) Weekly VRDNs (HydroServe Westlake, LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.120%, 8/6/2014	4,900,000
1,565,000	^3,4	Clipper Tax-Exempt Certificates Trust (Louisiana-AMT)/ (Series 2009-10) Weekly VRDNs (Louisiana HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	1,565,000
4,630,000		Louisiana HFA, (Series 2007) Weekly VRDNs (Emerald Point Apartments Partners, Ltd.)/(FNMA LOC), 0.090%, 8/7/2014	4,630,000
7,000,000		St. James Parish, LA, (Series 2010A-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(GTD by Nucor Corp.), 0.280%, 8/6/2014	7,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Louisiana—continued
$6,000,000		St. James Parish, LA, (Series 2010B-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(GTD by Nucor Corp.), 0.300%, 8/6/2014	$6,000,000
		TOTAL	24,095,000
		Maine—0.6%
15,000,000		Maine State Housing Authority, (Series 2004 C-3) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.080%, 8/7/2014	15,000,000
		Maryland—0.3%
220,000		Baltimore County, MD, (1994 Issue) Weekly VRDNs (Direct Marketing Associates, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260%, 8/6/2014	220,000
4,225,000	^3,4	Maryland Community Development Administration—Residential Revenue, PUTTERs (Series 3364) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 8/7/2014	4,225,000
1,415,000		Maryland State Economic Development Corp., (Series 2005A) Weekly VRDNs (Canusa Hershman Recycling)/(Wells Fargo Bank, N.A. LOC), 0.220%, 8/1/2014	1,415,000
1,800,000		Washington County, MD Economic Development Revenue Board, (Series 2006) Weekly VRDNs (Packaging Services of Maryland, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	1,800,000
		TOTAL	7,660,000
		Massachusetts—2.6%
11,000,000		Assabet Valley, MA Regional Vocational School District, 1.00% BANs, 7/8/2015	11,073,684
7,700,000		Massachusetts IFA, (Series 1992B), 0.27% CP (New England Power Co.), Mandatory Tender 8/8/2014	7,700,000
6,000,000		Massachusetts State Development Finance Agency, (Series 2007A) Weekly VRDNs (Tabor Academy)/(Citizens Bank, N.A., Providence LOC), 0.260%, 8/6/2014	6,000,000
2,655,000		Massachusetts State Development Finance Agency, (Series 2007B) Weekly VRDNs (Tabor Academy)/(Citizens Bank, N.A., Providence LOC), 0.260%, 8/6/2014	2,655,000
10,000,000		Methuen, MA, 1.00% BANs, 8/8/2014	10,001,050
2,500,000		Millis, MA, 0.55% BANs, 6/26/2015	2,504,474
2,671,500		Nahant, MA, 1.00% BANs, 7/17/2015	2,689,353
2,900,000		Pentucket, MA Regional School District, 0.45% BANs, 2/6/2015	2,902,227
3,754,000		Rockland, MA, 0.60% BANs, 6/30/2015	3,760,815
10,000,000		Springfield, MA, 0.75% BANs, 2/13/2015	10,027,681
10,000,000		Springfield, MA, 1.00% BANs, 2/13/2015	10,038,823
		TOTAL	69,353,107
		Michigan—4.2%
5,500,000		Grand Rapids, MI IDR, (Series 2007) Weekly VRDNs (Clipper Belt Lacer Co.)/(Bank of America N.A. LOC), 0.180%, 8/7/2014	5,500,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Michigan—continued
$1,490,000		Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Davenport University, MI)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	$1,490,000
4,800,000		Michigan State Financial Authority, (Series C) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 0.160%, 8/6/2014	4,800,000
11,825,000		Michigan State Housing Development Authority, (Series 2007C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/6/2014	11,825,000
36,430,000		Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/1/2014	36,430,000
4,500,000		Michigan State Housing Development Authority, MFH Revenue Bonds (Series 2002A) Weekly VRDNs (Bank of America N.A. LIQ), 0.090%, 8/7/2014	4,500,000
3,600,000		Michigan State Strategic Fund Weekly VRDNs (Bishop Creek LLC)/(Comerica Bank LOC), 0.160%, 8/7/2014	3,600,000
2,035,000		Michigan State Strategic Fund, (Series 2007) Weekly VRDNs (Lapeer Industries, Inc.)/(Bank of America N.A. LOC), 0.180%, 8/7/2014	2,035,000
2,000,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Fresh Solution Farms)/(Fifth Third Bank, Cincinnati LOC), 0.170%, 8/1/2014	2,000,000
2,665,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Washtenaw Christian Academy)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	2,665,000
6,945,000		Michigan Strategic Fund, (Series 2010) Weekly VRDNs (CS Facilities LLC)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/7/2014	6,945,000
30,850,000	^3,4	Wayne County, MI Airport Authority, SPEARs (Series DBE-652) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.150%, 8/7/2014	30,850,000
		TOTAL	112,640,000
		Minnesota—0.6%
360,000		Blue Earth, MN, (Series 2006) Weekly VRDNs (Nortech Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	360,000
1,000,000		Coon Rapids, MN, (Series 1999) Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	1,000,000
1,700,000		Hennepin County, MN Housing and Redevelopment Authority, (Series 2001) Weekly VRDNs (City Apartments at Loring Park)/(FNMA LOC), 0.090%, 8/7/2014	1,700,000
1,160,000		Melrose, MN, (Series 2008) Weekly VRDNs (Proliant Dairy, Inc.)/(Bank of America N.A. LOC), 0.180%, 8/7/2014	1,160,000
4,965,000		Plymouth, MN, (Series 2003) Weekly VRDNs (Harbor Lane Apartments)/(FNMA LOC), 0.110%, 8/7/2014	4,965,000
5,245,000		St. Anthony, MN, (Series 2007) Weekly VRDNs (Landings at Silver Lake Village)/(FHLB of Des Moines LOC), 0.120%, 8/1/2014	5,245,000
415,000		St. Paul, MN Port Authority, (Series 2002-11) Weekly VRDNs (Camada Ltd. Partnership)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	415,000
		TOTAL	14,845,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Mississippi—1.6%
$1,435,000	^3,4	Clipper Tax-Exempt Certificates Trust (Mississippi-AMT)/ (Series 2009-14) Weekly VRDNs (Mississippi Home Corp.)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	$1,435,000
9,570,000		Mississippi Home Corp., (Series 1999C) Weekly VRDNs (Summer Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	9,570,000
6,600,000		Mississippi Home Corp., (Series 2004-6) Weekly VRDNs (Windsor Park Partners LP)/(FNMA LOC), 0.090%, 8/7/2014	6,600,000
9,330,000		Mississippi Home Corp., (Series 2006-1) Weekly VRDNs (Terrace Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	9,330,000
9,670,000		Mississippi Home Corp., (Series 2006-2) Weekly VRDNs (Bradford Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	9,670,000
6,075,000		Mississippi Home Corp., (Series 2006-5) Weekly VRDNs (Ashton Park Apartments)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	6,075,000
		TOTAL	42,680,000
		Missouri—0.0%
100,000		St. Louis, MO IDA, (Series 1997) Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, N.A., Kansas City LOC), 0.330%, 8/7/2014	100,000
		Montana—1.4%
37,475,000		Forsyth, MT, PCRB (Series 1988) Daily VRDNs (Pacificorp)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/1/2014	37,475,000
		Multi-State—14.6%
11,069,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-13) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	11,069,000
655,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-68) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	655,000
4,965,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-77) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	4,965,000
5,126,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-78) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	5,126,000
53,425,000	^3,4	FHLMC, Eagles (Series 2008-0055F) Weekly VRDNs (GTD by FHLMC)/(FHLMC LIQ), 0.110%, 8/7/2014	53,425,000
9,970,000		FHLMC, Floater Certificates (Series M015-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.090%, 8/7/2014	9,970,000
17,058,000		FHLMC, Floater Certificates (Series M017-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.110%, 8/7/2014	17,058,000
23,551,000		FHLMC, Floater Certificates (Series M020-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.090%, 8/7/2014	23,551,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Multi-State—continued
$85,300,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 1), Weekly VRDPs, (GTD by Deutsche Bank AG),0.150%, 8/7/2014	$85,300,000
5,000,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Citibank NA, New York), 0.140%, 8/7/2014	5,000,000
91,300,000	^3,4	Nuveen Dividend Advantage Municipal Fund 2, (Series 2), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.130%, 8/7/2014	91,300,000
30,000,000	^3,4	Nuveen Insured Municipal Opportunity Fund, (Series 1), Weekly VRDPs, (GTD by Citibank NA, New York), 0.150%, 8/7/2014	30,000,000
25,000,000	^3,4	Nuveen Municipal Market Opportunity Fund, Inc., (Series 1), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.180%, 8/7/2014	25,000,000
30,000,000	^3,4	Nuveen Premium Income Municipal Fund 2, Inc., (4,895 Series 1), Weekly VRDPs, (GTD by Barclays Bank PLC), 0.150%, 8/7/2014	30,000,000
		TOTAL	392,419,000
		Nebraska—1.7%
43,000,000		Central Plains Energy Project, (Project #2) (Series 2009) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	43,000,000
2,000,000		Nebraska Investment Finance Authority, (Series 2005) Weekly VRDNs (Tuls Properties LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/7/2014	2,000,000
		TOTAL	45,000,000
		Nevada—0.4%
10,495,000		Clark County, NV Airport System, (Series C-1), 2.50% Bonds, 7/1/2015	10,707,906
		New Hampshire—0.1%
3,500,000		New Hampshire Business Finance Authority, (Series 2008) Daily VRDNs (Valley Regional Hospital)/(Citizens Bank, N.A., Providence LOC), 0.300%, 8/1/2014	3,500,000
		New Jersey—4.4%
8,000,000		Belmar, NJ, 0.75% BANs, 9/12/2014	8,003,268
5,700,000		Carteret, NJ, 1.00% BANs, 2/6/2015	5,711,636
6,848,880		Evesham Township, NJ, 1.00% BANs, 10/17/2014	6,853,183
5,986,371		Harrison Township, NJ, 1.25% BANs, 11/17/2014	5,997,454
5,000,000		Middletown Township, NJ, 1.25% BANs, 9/16/2014	5,003,627
9,259,841		Montclair Township, NJ, 1.00% BANs, 11/7/2014	9,270,957
14,557,527		Morristown, NJ, 1.00% BANs, 6/12/2015	14,635,004
5,615,000		New Jersey Health Care Facilities Financing Authority, (Series 1997) Weekly VRDNs (Christian Health Care Center)/(Valley National Bank, Passaic, NJ LOC), 0.320%, 8/6/2014	5,615,000
5,350,000		New Jersey State, (Series H), 5.25% Bonds (Assured Guaranty Municipal Corp. INS), 7/1/2015	5,591,904

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New Jersey—continued
$25,000,000	^3,4	New Jersey State, PUTTERs (Series 4459) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.100%, 8/1/2014	$25,000,000
6,000,000	^3,4	Nuveen New Jersey Investment Quality Municipal Fund, Inc., (Series 2), Weekly VRDPs, (Royal Bank of Canada, Montreal LIQ), 0.140%, 8/7/2014	6,000,000
16,000,000	^3,4	Nuveen New Jersey Premium Income Municipal Fund, Inc., (Series 2), Weekly VRDPs, (GTD by Citibank NA, New York), 0.140%, 8/7/2014	16,000,000
6,000,000		Ramsey, NJ, 1.00% BANs, 1/16/2015	6,008,225
		TOTAL	119,690,258
		New Mexico—0.2%
100,000		Albuquerque, NM IDRB, (Series 1996) Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	100,000
3,400,000		Albuquerque, NM IDRB, (Series 1999) Weekly VRDNs (El Encanto, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	3,400,000
850,000		Los Lunas Village, NM, (Series 1998) Weekly VRDNs (Wall Colmonoy Corp.)/(Bank of America N.A. LOC), 0.330%, 8/6/2014	850,000
		TOTAL	4,350,000
		New York—10.9%
9,628,858		Afton, NY CSD, 1.00% BANs, 6/26/2015	9,685,012
2,525,000		Berlin, NY CSD, 1.00% BANs, 6/30/2015	2,534,145
7,870,262		Brasher Falls, NY CSD, 1.00% BANs, 6/22/2015	7,903,681
6,883,047		Dundee, NY CSD, 0.75% BANs, 6/18/2015	6,910,166
10,000,000		Frontier, NY CSD, 0.75% BANs, 7/22/2015	10,029,941
5,000,000		Harpursville, NY CSD, (Series 2014B), 1.00% BANs, 7/23/2015	5,029,114
5,590,000		Hempstead (town), NY IDA MFH, (Series 2006) Weekly VRDNs (Hempstead Village Housing Associates LP)/(FNMA LOC), 0.070%, 8/7/2014	5,590,000
6,015,000		Hornell, NY City School District, 0.75% BANs, 6/26/2015	6,037,127
10,000,000		Ithaca, NY, (Series 2014A), 0.75% BANs, 2/19/2015	10,029,221
5,650,000		Jamestown, NY City School District, 0.75% BANs, 6/25/2015	5,669,192
5,000,000		Metropolitan Transportation Authority, NY VRNs, 0.304%, 8/1/2014	5,000,000
4,455,000		New Rochelle, NY IDA, (Series 2006: West End Phase I Facility) Weekly VRDNs (180 Union Avenue Owner LP)/(Citibank NA, New York LOC), 0.180%, 8/7/2014	4,455,000
25,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.070%, 8/1/2014	25,000,000
32,380,000		New York City, NY, (Fiscal 2004 Series H-7) Daily VRDNs (KBC Bank N.V. LOC), 0.080%, 8/1/2014	32,380,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$13,400,000		New York City, NY, (Fiscal 2006 Series H-2) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.060%, 8/1/2014	$13,400,000
1,700,000		New York City, NY, (Fiscal 2008 Subseries D-4) Weekly VRDNs (Credit Agricole Corporate and Investment Bank LIQ), 0.080%, 8/7/2014	1,700,000
16,500,000		New York Liberty Development Corporation, Towers 3-4 (Series a-1 Remarketed 3/19/14), 0.15% TOBs (3 World Trade Center)/(GTD by United States Treasury) 3/19/2015	16,500,000
24,880,000		New York State Energy Research & Development Authority, (1997 Series A) Weekly VRDNs (National Grid Generation LLC)/(Royal Bank of Scotland PLC, Edinburgh LOC), 0.230%, 8/6/2014	24,880,000
5,275,000		New York State HFA, (2007 Series A) Weekly VRDNs (Prospect Plaza Apartments)/(Citibank NA, New York LOC), 0.090%, 8/6/2014	5,275,000
11,800,000		New York State Mortgage Agency, (Series 132) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.100%, 8/1/2014	11,800,000
5,000,000		New York State Mortgage Agency, (Series 139) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.100%, 8/1/2014	5,000,000
11,620,000		New York State Mortgage Agency, (Series 144) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/1/2014	11,620,000
4,870,000	^3,4	New York State Mortgage Agency, ROCs (Series 11702) Weekly VRDNs (Citibank NA, New York LIQ), 0.120%, 8/7/2014	4,870,000
5,775,000		Oceanside, NY Union Free School District, 0.75% TANs, 6/19/2015	5,801,380
20,000,000		Ogdensburg, NY Enlarged City School District, 1.00% BANs, 6/23/2015	20,101,600
4,500,000		Oswego, NY City School District, 0.75% BANs, 7/23/2015	4,515,274
6,400,000		Oxford Academy and CSD, NY, (Series 2014), 0.75% BANs, 6/26/2015	6,420,652
15,150,000		Rochester, NY, 2.00% BANs, 8/10/2015	15,416,792
1,720,000		Rockland County, NY IDA, (Series 2001) Weekly VRDNs (Gussack Realty Co./Tappan Wire and Cable, Inc.)/(Citizens Bank, N.A., Providence LOC), 0.210%, 8/6/2014	1,720,000
6,580,000		Utica, NY Industrial Development Agency Civic Facility, (Series 2006) Weekly VRDNs (Munson-Williams-Proctor Arts Institute)/(Citizens Bank, N.A., Providence LOC), 0.260%, 8/7/2014	6,580,000
		TOTAL	291,853,297
		North Carolina—0.6%
3,000,000		North Carolina Capital Facilities Finance Agency, (Series 2010) Weekly VRDNs (Elon University)/(U.S. Bank, N.A. LOC), 0.050%, 8/6/2014	3,000,000
2,270,000		North Carolina HFA, (Series 16-C) Daily VRDNs (TD Bank, N.A. LIQ), 0.080%, 8/6/2014	2,270,000
6,955,000		North Carolina HFA, (Series 18-C) Daily VRDNs (TD Bank, N.A. LIQ), 0.080%, 8/6/2014	6,955,000
1,480,000	^3,4	North Carolina HFA, MERLOTS (Series 2008-C20) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.110%, 8/6/2014	1,480,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		North Carolina—continued
$2,650,000	^3,4	North Carolina HFA, PUTTERs (Series 3722Z) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/7/2014	$2,650,000
		TOTAL	16,355,000
		North Dakota—0.2%
5,000,000		Grand Forks County, ND, (Series 2011) Weekly VRDNs (J.R. Simplot Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/6/2014	5,000,000
125,000		Hebron, ND IDA, (Series 1998) Weekly VRDNs (Dacco, Inc.)/(U.S. Bank, N.A. LOC), 0.150%, 8/7/2014	125,000
		TOTAL	5,125,000
		Oklahoma—1.1%
8,000,000		Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank, N.A. LOC), 0.120%, 8/7/2014	8,000,000
1,951,052	^3,4	Clipper Tax-Exempt Certificates Trust (Oklahoma AMT)/(Series 2009-5) Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	1,951,052
20,000,000		Oklahoma State Turnpike Authority, (Series 2006F) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/1/2014	20,000,000
		TOTAL	29,951,052
		Oregon—0.7%
10,000,000		Port of Morrow, OR, (Series 2001A) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	10,000,000
10,000,000		Port of Morrow, OR, (Series 2001C) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	10,000,000
		TOTAL	20,000,000
		Pennsylvania—0.0%
1,110,000		Pennsylvania EDFA, (Series 2006) Weekly VRDNs (AMC Delancey Traditions of Hershey Partners, L.P.)/(FHLB of Pittsburgh LOC), 0.080%, 8/7/2014	1,110,000
		South Carolina—0.8%
8,000,000		Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.), 0.340%, 8/6/2014	8,000,000
6,000,000		Berkeley County, SC IDB, (Series 1998) Weekly VRDNs (Nucor Corp.), 0.250%, 8/6/2014	6,000,000
6,935,000		South Carolina Jobs-EDA, IDBs (Series 2008) Weekly VRDNs (South Carolina Electric and Gas)/(Branch Banking & Trust Co. LOC), 0.070%, 8/7/2014	6,935,000
		TOTAL	20,935,000
		South Dakota—0.4%
8,410,000		South Dakota EDFA, (Series 1996) Weekly VRDNs (Hastings Filters, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.140%, 8/7/2014	8,410,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	South Dakota—continued
$3,000,000	South Dakota Value Added Finance Authority, (Series 2004) Weekly VRDNs (Prairie Gold Dairy LLC)/(CoBank, ACB LOC), 0.090%, 8/7/2014	$3,000,000
	TOTAL	11,410,000
	Tennessee—1.9%
3,500,000	Jackson, TN Health Educational & Housing Facilities Board Multifamily Revenue, (Series 1998) Weekly VRDNs (Park Ridge Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	3,500,000
7,500,000	Marion County, TN IDA, (Series 2000) Weekly VRDNs (Valmont Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	7,500,000
5,200,000	Memphis-Shelby County, TN Industrial Development Board—PCRB, (Series 2007) Weekly VRDNs (Nucor Steel Memphis, Inc.)/(GTD by Nucor Corp.), 0.340%, 8/6/2014	5,200,000
33,890,000	Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds (Series V-A-1) Weekly VRDNs (Metropolitan Knoxville, TN Airport Authority)/(Branch Banking & Trust Co. LOC), 0.110%, 8/6/2014	33,890,000
	TOTAL	50,090,000
	Texas—8.5%
14,500,000	Calhoun County, TX Navigation District Environmental Facilities, (Series 2006) Weekly VRDNs (Formosa Plastic Corp.)/(Bank of America N.A. LOC), 0.090%, 8/7/2014	14,500,000
11,200,000	Calhoun, TX Port Authority, (Series 2011B) Weekly VRDNs (Formosa Plastic Corp.)/(Sumitomo Mitsui Banking Corp. LOC), 0.090%, 8/7/2014	11,200,000
2,100,000	Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (DARE Investments)/(AgriBank FCB LOC), 0.090%, 8/7/2014	2,100,000
2,950,000	Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (Northside Farms LLC)/(AgriBank FCB LOC), 0.090%, 8/7/2014	2,950,000
3,000,000	Dallam County, TX IDC (Series 2006) Weekly VRDNs (Dalhart Jersey Ranch, Inc.)/(CoBank, ACB LOC), 0.090%, 8/7/2014	3,000,000
19,000,000	Gulf Coast, TX Waste Disposal Authority, (Series 2003) Weekly VRDNs (American Acryl LP)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	19,000,000
11,990,000	Harris County, TX HFDC, (Subseries 2008A-2) Daily VRDNs (Methodist Hospital, Harris County, TX), 0.080%, 8/1/2014	11,990,000
14,370,000	Harris County, TX Housing Finance Corp., Park at Kirkstall Apartments (Series 2002) Weekly VRDNs (Harris Park Partners LP)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	14,370,000
4,000,000	Jewett, TX Economic Development Corporation, (Series 2003) Weekly VRDNs (Nucor Corp.), 0.340%, 8/6/2014	4,000,000
27,400,000	Texas State Department of Housing & Community Affairs, (Series 2004B) Weekly VRDNs (Texas State LIQ), 0.090%, 8/6/2014	27,400,000
100,000,000	Texas State, (Series 2013), 2.00% TRANs, 8/28/2014	100,132,902

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Texas—continued
$7,140,000	^3,4	Texas State, MERLOTS (Series 2008-C47), 0.17% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/24/2014	$7,140,000
10,000,000		Texas State, Veterans' Housing Assistance Program, Fund II (Series 2004B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.090%, 8/6/2014	10,000,000
		TOTAL	227,782,902
		Utah—0.0%
1,105,000		Salt Lake County, UT Training Facilities, (Series 2000) Weekly VRDNs (Community Foundation For The Disabled, Inc.)/(Wells Fargo Bank Northwest, N.A. LOC), 0.210%, 8/7/2014	1,105,000
		Vermont—0.2%
6,500,000		Vermont HFA, (2013 Series A) Weekly VRDNs (TD Bank, N.A. LIQ), 0.090%, 8/7/2014	6,500,000
		Washington—3.1%
2,350,000		Kitsap County, WA IDC, (Series 2006) Weekly VRDNs (Cara Land Co., LLC)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	2,350,000
1,120,000		Port of Pasco, WA Economic Development Corp., (Series 1996) Weekly VRDNs (Douglas Fruit Co., Inc.)/(U.S. Bank, N.A. LOC), 0.130%, 8/7/2014	1,120,000
34,500,000		Port of Tacoma, WA, (Series B: Subordinate Lien), 0.10% CP (Bank of America N.A. LOC), Mandatory Tender 8/13/2014	34,500,000
2,465,000		Washington State EDFA, (Series 2000C) Weekly VRDNs (AMI-Moore LLC)/(Key Bank, N.A. LOC), 0.300%, 8/7/2014	2,465,000
7,375,000		Washington State EDFA, (Series 2001E) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Bank of America N.A. LOC), 0.150%, 8/7/2014	7,375,000
1,000,000		Washington State EDFA, (Series 2001L) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Bank of America N.A. LOC), 0.150%, 8/7/2014	1,000,000
10,000,000		Washington State EDFA, (Series 2007A) Weekly VRDNs (Delta Marine Industries, Inc.)/(Key Bank, N.A. LOC), 0.260%, 8/7/2014	10,000,000
4,000,000		Washington State EDFA, (Series 2007J) Weekly VRDNs (Ocean Gold Seafoods, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.180%, 8/7/2014	4,000,000
16,000,000		Washington State Health Care Facilities Authority, (Catholic Health Initiatives), MVRENs (Series 2013B), 0.210%, 8/7/2014	16,000,000
5,560,000		Washington State Housing Finance Commission: MFH, (Series 2007) Weekly VRDNs (Clark Island LP)/(FHLMC LOC), 0.110%, 8/7/2014	5,560,000
		TOTAL	84,370,000
		Wisconsin—0.7%
4,000,000		Combined Locks, WI IDRB, (Series 1997) Weekly VRDNs (Appleton Papers)/(Fifth Third Bank, Cincinnati LOC), 0.270%, 8/7/2014	4,000,000
2,790,000		Kiel, WI IDA, (Series 2007) Weekly VRDNs (Polar Ware Co.)/(Wells Fargo Bank, N.A. LOC), 0.190%, 8/7/2014	2,790,000
3,850,000		Lancaster, WI IDRB, (Series 2007) Weekly VRDNs (Woolwich Dairy (USA), Inc.)/(BMO Harris Bank, N.A. LOC), 0.170%, 8/7/2014	3,850,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Wisconsin—continued
$1,460,000	West Bend, WI IDA, (Series 2006) Weekly VRDNs (Jackson Concrete, Inc.)/(U.S. Bank, N.A. LOC), 0.260%, 8/7/2014	$1,460,000
6,860,000	Wisconsin Housing & EDA, Home Ownership Revenue (2004 Series D) Weekly VRDNs (FHLB of Chicago LIQ), 0.090%, 8/6/2014	6,860,000
	TOTAL	18,960,000
	Wyoming—0.8%
22,700,000	Sweetwater County, WY Environmental Improvement, (Series 2007) Weekly VRDNs (Simplot Phosphates LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/6/2014	22,700,000
	TOTAL MUNICIPAL INVESTMENTS—101.2% (AT AMORTIZED COST)⁵	2,722,060,361
	OTHER ASSETS AND LIABILITIES - NET—(1.2)%⁶	(32,622,222)
	TOTAL NET ASSETS—100%	$2,689,438,139

Securities that are subject to the federal alternative minimum tax (AMT) represent 67.2% of the portfolio as calculated based upon total market value (percentage is unaudited).

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 July 31, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value (unaudited)

First Tier	Second Tier
96.8%	3.2%

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 July 31, 2014, these restricted securities amounted to $625,591,052, which represented 23.3% 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 July 31, 2014, these liquid restricted securities amounted to $625,591,052, which represented 23.3% 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 July 31, 2014.

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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Annual Shareholder Report

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CCD	—Community College District
COL	—Collateralized
CP	—Commercial Paper
CSD	—Central School District
EDA	—Economic Development Authority
EDFA	—Economic Development Finance Authority
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
HFDC	—Health Facility Development Corporation
IDA	—Industrial Development Authority
IDB(s)	—Industrial Development Bond(s)
IDC	—Industrial Development Corporation
IDR	—Industrial Development Revenue
IDRB(s)	—Industrial Development Revenue Bond(s)
IFA	—Industrial Finance Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC(s)	—Letter of Credit(s)
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH	—Multi-Family Housing
MVRENs	—Municipal Variable Rate Exchangeable Notes
PCA	—Pollution Control Authority
PCFA	—Pollution Control Finance Authority
PCRB(s)	—Pollution Control Revenue Bond(s)
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
SPEARs	—Short Puttable Exempt Adjustable Receipts
TANs	—Tax Anticipation Notes
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

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.001	0.001	0.002	0.003
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.001	0.001	0.002	0.003
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.003)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.003)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.05%	0.15%	0.20%	0.27%
Ratios to Average Net Assets:
Net expenses	0.16%	0.21%	0.21%³	0.21%³	0.22%
Net investment income	0.01%	0.06%	0.14%	0.20%	0.26%
Expense waiver/reimbursement⁴	0.14%	0.09%	0.08%	0.08%	0.08%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,242,908	$1,229,003	$2,268,337	$2,802,916	$3,472,460

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.21% and 0.21% for the years ended July 31, 2012 and 2011, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Total investment in securities, at amortized cost and fair value		$2,722,060,361
Cash		492,603
Income receivable		3,091,731
TOTAL ASSETS		2,725,644,695
Liabilities:
Payable for investments purchased	$35,518,392
Payable for shares redeemed	554,860
Income distribution payable	7,405
Payable to adviser (Note 5)	15,657
Payable for Directors'/Trustees' fees (Note 5)	994
Payable for other service fees (Notes 2 and 5)	5,324
Accrued expenses (Note 5)	103,924
TOTAL LIABILITIES		36,206,556
Net assets for 2,689,338,357 shares outstanding		$2,689,438,139
Net Assets Consist of:
Paid-in capital		$2,689,318,046
Accumulated net realized gain on investments		119,927
Undistributed net investment income		166
TOTAL NET ASSETS		$2,689,438,139
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$1,242,907,705 ÷ 1,242,854,202 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$747,980,440 ÷ 747,962,475 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$698,549,994 ÷ 698,521,680 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$4,936,084
Expenses:
Investment adviser fee (Note 5)		$5,955,324
Administrative fee (Note 5)		2,326,029
Custodian fees		96,845
Transfer agent fee		30,922
Directors'/Trustees' fees (Note 5)		15,602
Auditing fees		20,999
Legal fees		28,577
Portfolio accounting fees		190,619
Other service fees (Notes 2 and 5)		2,802,487
Share registration costs		94,695
Printing and postage		47,268
Miscellaneous (Note 5)		28,561
TOTAL EXPENSES		11,637,928
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(4,203,578)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(2,802,487)
TOTAL WAIVERS AND REIMBURSEMENT		(7,006,065)
Net expenses			4,631,863
Net investment income			304,221
Net realized gain on investments			127,040
Change in net assets resulting from operations			$431,261

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$304,221	$1,144,595
Net realized gain on investments	127,040	216,491
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	431,261	1,361,086
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(137,382)	(966,932)
Service Shares	(80,534)	(79,419)
Capital Shares	(79,858)	(85,338)
Distributions from net realized gain on investments
Institutional Shares	(90,581)	(41,454)
Service Shares	(50,658)	(17,953)
Capital Shares	(53,336)	(16,484)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(492,349)	(1,207,580)
Share Transactions:
Proceeds from sale of shares	5,200,389,388	6,855,950,761
Net asset value of shares issued to shareholders in payment of distributions declared	345,466	788,418
Cost of shares redeemed	(5,205,786,520)	(8,367,832,517)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(5,051,666)	(1,511,093,338)
Change in net assets	(5,112,754)	(1,510,939,832)
Net Assets:
Beginning of period	2,694,550,893	4,205,490,725
End of period (including undistributed (distributions in excess of) net investment income of $166 and $(6,281), respectively)	$2,689,438,139	$2,694,550,893

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Municipal Obligations Fund (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 Capital Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The financial highlights of the Service Shares and Capital Shares are presented separately. The investment objective of the Fund is to provide current income exempt from all federal regular 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 and state and local taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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 Capital Shares may bear other service fees unique to those classes.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$2,003,250	$(70,649)	$(1,932,601)
Capital Shares	799,237	(3,533)	(795,704)
TOTAL	$2,802,487	$(74,182)	$(2,728,305)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	2,512,551,712	$2,512,551,712	4,398,899,667	$4,398,899,667
Shares issued to shareholders in payment of distributions declared	118,921	118,921	618,582	618,582
Shares redeemed	(2,498,737,396)	(2,498,737,396)	(5,438,920,983)	(5,438,920,983)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	13,933,237	$ 13,933,237	(1,039,402,734)	$(1,039,402,734)

Annual Shareholder Report

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	1,682,637,326	$1,682,637,326	1,525,139,812	$1,525,139,812
Shares issued to shareholders in payment of distributions declared	113,962	113,962	86,198	86,198
Shares redeemed	(1,673,316,317)	(1,673,316,317)	(1,615,523,739)	(1,615,523,739)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	9,434,971	$9,434,971	(90,297,729)	$(90,297,729)

Year Ended July 31	2014		2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	1,005,200,350	$1,005,200,350	931,911,282	$931,911,282
Shares issued to shareholders in payment of distributions declared	112,583	112,583	83,638	83,638
Shares redeemed	(1,033,732,807)	(1,033,732,807)	(1,313,387,795)	(1,313,387,795)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(28,419,874)	$(28,419,874)	(381,392,875)	$(381,392,875)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(5,051,666)	$(5,051,666)	(1,511,093,338)	$(1,511,093,338)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Tax-exempt income	$297,774	$1,131,689
Ordinary income¹	$24,609	$26,644
Long-term capital gains	$169,966	$49,247

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	$166
Undistributed ordinary income²	$4,583
Undistributed long-term capital gains	$115,344

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

Annual Shareholder Report

5. 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

Other Service Fees

FSSC reimbursed $74,182 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.46% and 0.31% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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.

Annual Shareholder Report

Interfund Transactions

During the year ended July 31, 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 $1,561,300,000 and $1,533,980,000, respectively.

General

6. LINE OF CREDIT

7. INTERFUND LENDING

8. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e., not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE Institutional Class SHAREHOLDERS OF FEDERATED MUNICIPAL OBLIGATIONS FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Municipal Obligations Fund (the “Fund”), a portfolio of the Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Municipal Obligations Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
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 Institutional Shares current Fee Limit of 0.21% (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 $1.04 and $1.05, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 Vice President Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer and Vice President Officer since: May 2004 Portfolio Manager since: November 1996	Principal Occupations: Mary Jo Ochson has been the Fund's Portfolio Manager since November 1996. Ms. Ochson was named Chief Investment Officer of Federated's tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010 and is Vice President of the Trust with respect to the Fund. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Municipal Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Municipal Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N658

33515 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	81.4%
Municipal Notes	17.9%
Commercial Paper	1.9%
Other Assets and Liabilities—Net²	(1.2)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	80.7%
8-30 Days	5.7%
31-90 Days	2.4%
91-180 Days	2.9%
181 Days or more	9.5%
Other Assets and Liabilities—Net²	(1.2)%
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		SHORT-TERM MUNICIPALS—101.2%^1,2
		Alabama—5.4%
$3,215,000		Alabama HFA MFH, (2000 Series C: Parktowne Apartments) Weekly VRDNs (Park Towne Villas Ltd.)/(Branch Banking & Trust Co. LOC), 0.090%, 8/7/2014	$3,215,000
3,470,000		Alabama HFA MFH, (2007 Series C) Weekly VRDNs (Summit South Mall Apartments Ltd.)/(FNMA LOC), 0.090%, 8/7/2014	3,470,000
7,325,000		Alabama HFA MFH, (Series 2001D) Weekly VRDNs (Cottage Hill Pointe Apts., Ltd.)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	7,325,000
8,400,000		Alabama HFA MFH, (Series 2002C) Weekly VRDNs (Liberty Square Apartments, Ltd.)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	8,400,000
8,440,000		Alabama HFA MFH, (Series 2003A) Weekly VRDNs (Lakeshore Crossing Apartments Ltd.)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	8,440,000
1,735,000		Autauga County, AL IDA, (Series 2008) Weekly VRDNs (Marshall Prattville, LLC)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	1,735,000
10,000,000		Bridgeport, AL IDB, (Series 1987) Weekly VRDNs (Beaulieu Nylon, Inc.)/(Bank of America N.A. LOC), 0.160%, 8/7/2014	10,000,000
5,920,000		Chambers County, AL IDA, (Series 2007) Weekly VRDNs (Daeki America, Inc.)/(Comerica Bank LOC), 0.110%, 8/7/2014	5,920,000
25,000,000		Columbia, AL IDB PCRB, (Series 1997) Daily VRDNs (Alabama Power Co.), 0.110%, 8/1/2014	25,000,000
15,000,000		Columbia, AL IDB PCRB, (Series 1997) Weekly VRDNs (Alabama Power Co.), 0.080%, 8/7/2014	15,000,000
16,975,000		Millport, AL IDA, (Series 2007) Weekly VRDNs (Steel Dust Recycling, LLC)/(Comerica Bank LOC), 0.090%, 8/7/2014	16,975,000
10,000,000		Millport, AL IDA, (Series 2011) Weekly VRDNs (Steel Dust Recycling, LLC)/(Citibank NA, New York LOC), 0.110%, 8/7/2014	10,000,000
23,200,000		Mobile, AL IDB, PCRBs (Series 2007B), 0.28% TOBs (Alabama Power Co.), Mandatory Tender 4/8/2015	23,200,000
6,000,000		Montgomery, AL IDB, IDRBs (Series 1996) Weekly VRDNs (CSC Fabrication, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.120%, 8/7/2014	6,000,000
520,000		Tallassee, AL IDB, (Series 1998) Weekly VRDNs (Milstead Farm Group, Inc.)/(FHLB of Atlanta LOC), 0.230%, 8/7/2014	520,000
		TOTAL	145,200,000
		Alaska—0.4%
11,985,000	^3,4	Alaska State Housing Finance Corp., PUTTERs (Series 4324), 0.16% TOBs (JPMorgan Chase & Co. LIQ) 10/9/2014	11,985,000
		California—5.3%
3,000,000		Alameda County, CA IDA, (Series 2005: Essai, Inc. Project) Weekly VRDNs (Oz Enterprises, LLC)/(Union Bank, N.A. LOC), 0.090%, 8/7/2014	3,000,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	California—continued
$2,485,000	Alameda County, CA IDA, (Series 2005A) Weekly VRDNs (Convergent Laser Technologies)/(Comerica Bank LOC), 0.080%, 8/7/2014	$2,485,000
2,550,000	Alameda County, CA IDA, (Series 2014) Weekly VRDNs (Evolve Manufacturing Technologies, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	2,550,000
8,585,000	California Educational Facilities Authority, (Series 2007) Weekly VRDNs (Charles Drew University of Medicine & Science)/(Santander Bank, N.A. LOC), 0.710%, 8/7/2014	8,585,000
1,550,000	California PCFA, (Series 2001) Weekly VRDNs (Bos Farms)/(CoBank, ACB LOC), 0.110%, 8/7/2014	1,550,000
6,815,000	California PCFA, (Series 2001) Weekly VRDNs (Brawley Beef, LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	6,815,000
380,000	California PCFA, (Series 2001A) Weekly VRDNs (Mission Trail Waste Systems, Inc.)/(Comerica Bank LOC), 0.100%, 8/6/2014	380,000
5,000,000	California PCFA, (Series 2001A) Weekly VRDNs (Western Sky Dairy)/(Bank of America N.A. LOC), 0.150%, 8/7/2014	5,000,000
3,500,000	California PCFA, (Series 2002) Weekly VRDNs (Carlos Echeverria and Sons Dairy)/(CoBank, ACB LOC), 0.110%, 8/7/2014	3,500,000
2,940,000	California PCFA, (Series 2002) Weekly VRDNs (T & W Farms)/(Bank of America N.A. LOC), 0.170%, 8/7/2014	2,940,000
8,000,000	California PCFA, (Series 2003) Weekly VRDNs (B & B Dairy, LLC)/(CoBank, ACB LOC), 0.110%, 8/7/2014	8,000,000
2,000,000	California PCFA, (Series 2003) Weekly VRDNs (C.A. and E.J. Vanderham Family Trust)/(CoBank, ACB LOC), 0.090%, 8/7/2014	2,000,000
3,000,000	California PCFA, (Series 2003) Weekly VRDNs (P & D Dairy and Poso Creek Family Dairy, LLC)/(Bank of the West, San Francisco, CA LOC), 0.200%, 8/7/2014	3,000,000
2,350,000	California PCFA, (Series 2003: JDS Ranch) Weekly VRDNs (John & Jacqueline Scheenstra Trust)/(Wells Fargo Bank, N.A. LOC), 0.110%, 8/7/2014	2,350,000
2,000,000	California PCFA, (Series 2004) Weekly VRDNs (A & M Farms)/(Wells Fargo Bank, N.A. LOC), 0.110%, 8/7/2014	2,000,000
6,645,000	California PCFA, (Series 2006A) Weekly VRDNs (Garaventa Enterprises, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/6/2014	6,645,000
1,840,000	California PCFA, (Series 2007A) Weekly VRDNs (Northern Recycling & Waste Services LLC)/(Union Bank, N.A. LOC), 0.090%, 8/6/2014	1,840,000
2,215,000	California PCFA, (Series 2011) Weekly VRDNs (Recycling Industries, Inc.)/(Comerica Bank LOC), 0.100%, 8/6/2014	2,215,000
2,805,000	California PCFA, (Series 2011A) Weekly VRDNs (Zerep Management Corp.)/(Comerica Bank LOC), 0.100%, 8/6/2014	2,805,000
5,135,000	California PCFA, (Series 2012) Weekly VRDNs (Alameda County Industries AR, Inc.)/(Bank of the West, San Francisco, CA LOC), 0.110%, 8/6/2014	5,135,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$2,540,000		California PCFA, (Series 2012) Weekly VRDNs (California Waste Recovery Systems, LLC)/(Union Bank, N.A. LOC), 0.090%, 8/6/2014	$2,540,000
5,500,000		California PCFA, (Series 2012) Weekly VRDNs (The Ratto Group of Companies, Inc.)/(Union Bank, N.A. LOC), 0.090%, 8/6/2014	5,500,000
2,825,000		California PCFA, (Series 2012A) Weekly VRDNs (Metropolitan Recycling LLC)/(Comerica Bank LOC), 0.100%, 8/6/2014	2,825,000
1,170,000		California PCFA, (Series 2014) Weekly VRDNs (Mill Valley Refuse Service, Inc.)/(Comerica Bank LOC), 0.100%, 8/6/2014	1,170,000
1,355,000		California PCFA, (Series 2014) Weekly VRDNs (Zerep Management Corp.)/(Comerica Bank LOC), 0.100%, 8/6/2014	1,355,000
2,400,000		California Statewide Communities Development Authority IDRB, (Series 2001A: American Modular Systems, Inc.) Weekly VRDNs (Sarich Family Living Trust)/(Bank of the West, San Francisco, CA LOC), 0.390%, 8/7/2014	2,400,000
3,380,000		California Statewide Communities Development Authority IDRB, (Series 2006) Weekly VRDNs (Gateway Circle LLC)/(Citibank NA, New York LOC), 0.160%, 8/7/2014	3,380,000
13,315,000	^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), 0.080%, 8/7/2014	13,315,000
15,000,000	^3,4	Nuveen California Dividend Advantage Municipal Fund, (NAC Series 2), Weekly VRDPs, (Citibank NA, New York LIQ), 0.130%, 8/7/2014	15,000,000
6,000,000	^3,4	Nuveen California Dividend Advantage Municipal Fund, (NAC Series 3), Weekly VRDPs, (Deutsche Bank AG LIQ), 0.150%, 8/7/2014	6,000,000
15,390,000	^3,4	San Mateo County, CA CCD, SPEARs (Series DB-631) Weekly VRDNs (Deutsche Bank AG LIQ), 0.080%, 8/7/2014	15,390,000
		TOTAL	141,670,000
		Colorado—3.2%
1,000,000		Boulder, CO Housing Authority, Broadway East Apartments (Series 2007) Weekly VRDNs (Broadway East Community LLP)/(U.S. Bank, N.A. LOC), 0.160%, 8/7/2014	1,000,000
2,300,000		Colorado HFA (Class I Bonds), (Series 2005A) Weekly VRDNs (Closet Factory)/(FHLB of Topeka LOC), 0.110%, 8/7/2014	2,300,000
3,310,000		Colorado HFA (Class I Bonds), (Series 2007A) Weekly VRDNs (Ready Foods, Inc.)/(U.S. Bank, N.A. LOC), 0.110%, 8/7/2014	3,310,000
23,600,000		Denver, CO City & County Airport Authority, (Series 2002C) Weekly VRDNs (Lloyds Bank PLC, London LOC), 0.100%, 8/6/2014	23,600,000
15,000,000	^3,4	Denver, CO City & County Airport Authority, RBC Muni Trust (Series E-25) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.080%, 8/7/2014	15,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Colorado—continued
$14,860,000	^3,4	Denver, CO City & County Airport Authority, SPEARs (Series DBE-467) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.140%, 8/7/2014	$14,860,000
27,340,000	^3,4	Denver, CO City & County Airport Authority, SPEARs (Series DBE-485) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	27,340,000
		TOTAL	87,410,000
		Connecticut—4.7%
2,800,000		Connecticut Development Authority, (Series 1993) Weekly VRDNs (Rand-Whitney Containerboard LP)/(Bank of Montreal LOC), 0.080%, 8/6/2014	2,800,000
1,460,000		Connecticut State HEFA, (Series D) Weekly VRDNs (Choate Rosemary Hall)/(JPMorgan Chase Bank, N.A. LOC), 0.060%, 8/7/2014	1,460,000
800,000		Connecticut State HEFA, (Series E) Weekly VRDNs (Taft School)/(Wells Fargo Bank, N.A. LOC), 0.070%, 8/6/2014	800,000
119,045,000		Connecticut State HFA, (2008 Series E) Weekly VRDNs (Bank of America N.A. LIQ), 0.090%, 8/7/2014	119,045,000
1,300,000		Connecticut State HFA, (Series 2012D-3) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 0.070%, 8/7/2014	1,300,000
		TOTAL	125,405,000
		District of Columbia—0.1%
3,705,000	^3,4	Metropolitan Washington, DC Airports Authority, SPEARs (Series DB-505) Weekly VRDNs (Deutsche Bank AG LIQ), 0.090%, 8/7/2014	3,705,000
		Florida—3.6%
820,000	^3,4	Clipper Tax-Exempt Certificates Trust (Florida AMT) (Series 2009-75) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	820,000
2,579,000	^3,4	Florida Housing Finance Corp., Clipper Tax-Exempt Certificates Trust (Series 2009-21) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	2,579,000
3,445,000	^3,4	Florida Housing Finance Corp., MERLOTS (Series 2006-B17), 0.20% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 7/8/2015	3,445,000
10,290,000	^3,4	Hillsborough County, FL Aviation Authority, SPEARs (Series DBE-645) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.140%, 8/7/2014	10,290,000
22,294,000	^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), 0.190%, 8/7/2014	22,294,000
48,785,000		St. Lucie County, FL Solid Waste Disposal, (Series 2003) Daily VRDNs (Florida Power & Light Co.), 0.060%, 8/1/2014	48,785,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Florida—continued
$8,830,000		UCF Health Facilities Corp., Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	$8,830,000
		TOTAL	97,043,000
		Georgia—5.4%
5,400,000		Bulloch County, GA Development Authority, (Series 1999) Weekly VRDNs (Apogee Enterprises, Inc.)/(Comerica Bank LOC), 0.170%, 8/7/2014	5,400,000
12,600,000		Burke County, GA Development Authority, (Second Series 1995) Daily VRDNs (Georgia Power Co.), 0.070%, 8/1/2014	12,600,000
7,500,000		Burke County, GA Development Authority, (Third Series 2012) Daily VRDNs (Georgia Power Co.), 0.070%, 8/1/2014	7,500,000
8,000,000		DeKalb County, GA MFH Authority, (Series 2004) Weekly VRDNs (Highlands at East Atlanta Apartments)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	8,000,000
16,000,000		Fulton County, GA Development Authority, (Series 2004) Weekly VRDNs (Hidden Creste Apartments)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	16,000,000
18,000,000		Fulton County, GA Housing Authority, (Series 1999) Weekly VRDNs (Walton Falls Apartments)/(Wells Fargo Bank, N.A. LOC), 0.110%, 8/7/2014	18,000,000
17,725,000	^3,4	Georgia State HFA, MERLOTS (Series 2006-B11), 0.170% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/17/2014	17,725,000
8,100,000		Gordon County, GA Development Authority, (Series 2007) Weekly VRDNs (Pine Hall Brick Co., Inc.)/(Branch Banking & Trust Co. LOC), 0.090%, 8/7/2014	8,100,000
2,100,000		Gwinnett County, GA Development Authority Weekly VRDNs (Commercial Truck & Van Equipment)/(JPMorgan Chase Bank, N.A. LOC), 0.110%, 8/7/2014	2,100,000
3,800,000		Heard County, GA Development Authority, (First Series 1996) Daily VRDNs (Georgia Power Co.), 0.080%, 8/1/2014	3,800,000
9,500,000		Heard County, GA Development Authority, (First Series 2007) Daily VRDNs (Georgia Power Co.), 0.090%, 8/1/2014	9,500,000
10,600,000		Kennesaw, GA Development Authority, (Series 2004) Weekly VRDNs (Lakeside Vista Apartments)/(FNMA LOC), 0.090%, 8/7/2014	10,600,000
10,750,000		Savannah, GA EDA, (Series 1995A) Weekly VRDNs (Home Depot, Inc.), 0.110%, 8/6/2014	10,750,000
15,000,000		Wayne County, GA, IDA, (Series 2000) Weekly VRDNs (Rayonier, Inc.)/(Bank of America N.A. LOC), 0.110%, 8/6/2014	15,000,000
		TOTAL	145,075,000
		Idaho—0.5%
1,300,000		Minidoka County, ID IDC, (Series 1998) Weekly VRDNs (Nature's Best Produce, Inc.)/(CoBank, ACB LOC), 0.110%, 8/7/2014	1,300,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Idaho—continued
$11,000,000	Power County, ID IDC, (Series 2012) Weekly VRDNs (J.R. Simplot Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/6/2014	$11,000,000
	TOTAL	12,300,000
	Illinois—1.5%
630,000	Arlington Heights, IL, (Series 1997) Weekly VRDNs (3E Graphics & Printing)/(BMO Harris Bank, N.A. LOC), 0.330%, 8/7/2014	630,000
3,655,000	Chicago, IL MFH Revenue, (Series 2003) Weekly VRDNs (Churchview Supportive Living L.P.)/(BMO Harris Bank, N.A. LOC), 0.130%, 8/7/2014	3,655,000
1,120,000	Chicago, IL MFH Revenue, (Series 2007: Renaissance Place Apartments) Weekly VRDNs (RPA LP)/(BMO Harris Bank, N.A. LOC), 0.170%, 8/7/2014	1,120,000
450,000	Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs (Bank of Montreal LOC), 0.070%, 8/7/2014	450,000
4,900,000	Chicago, IL O'Hare International Airport, Special Facility Revenue Bonds (Series 1990) Weekly VRDNs (Compagnie Nationale Air France Project)/(Societe Generale, Paris LOC), 0.110%, 8/6/2014	4,900,000
8,628,000	Chicago, IL, (Series D-1), 0.13% CP (Chicago, IL O'Hare International Airport)/(BMO Harris Bank, N.A. LOC), Mandatory Tender 9/4/2014	8,628,000
1,235,000	Crystal Lake, IL IDA, (Series 2006) Weekly VRDNs (Millennium Electronics, Inc.)/(U.S. Bank, N.A. LOC), 0.260%, 8/7/2014	1,235,000
1,370,000	Illinois Development Finance Authority IDB Weekly VRDNs (R.A. Zweig, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.130%, 8/6/2014	1,370,000
6,000,000	Illinois Development Finance Authority IDB, (Series 1997) Weekly VRDNs (Toyal America, Inc.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	6,000,000
2,615,000	Illinois Development Finance Authority IDB, (Series 2001) Weekly VRDNs (Val-Matic Valve & Manufacturing Corp.)/(Bank of America N.A. LOC), 0.260%, 8/7/2014	2,615,000
4,005,000	Illinois Finance Authority, (Series 2008) Weekly VRDNs (Kenall Manufacturing Co.)/(BMO Harris Bank, N.A. LOC), 0.170%, 8/7/2014	4,005,000
2,375,000	Illinois Housing Development Authority, Florida House (2008 Series C) Weekly VRDNs (FHLB of Chicago LIQ), 0.090%, 8/7/2014	2,375,000
3,000,000	Illinois Housing Development Authority, Larkin Village (2008 Series A) Weekly VRDNs (FHLB of Chicago LIQ), 0.090%, 8/7/2014	3,000,000
375,000	Woodridge, DuPage, Will and Cook Counties, IL, (Series 2005) Weekly VRDNs (Home Run Inn Frozen Foods Corp.)/(JPMorgan Chase Bank, N.A. LOC), 0.320%, 8/7/2014	375,000
	TOTAL	40,358,000
	Indiana—4.8%
10,000,000	Bartholomew Consolidated School Corp., IN, 2.00% TANs, 12/31/2014	10,064,676

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Indiana—continued
$7,250,000	Bloomington, IN EDRB, (Series 2008: Henderson Court Apartments) Weekly VRDNs (SY Henderson Court Investors, LP)/(FHLMC LOC), 0.090%, 8/7/2014	$7,250,000
10,000,000	Gibson County, IN, (Series 1998) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	10,000,000
10,000,000	Gibson County, IN, (Series 1999A) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	10,000,000
10,000,000	Gibson County, IN, (Series 2001) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	10,000,000
5,000,000	Gibson County, IN, PCRBs (Series 1997) Weekly VRDNs (Toyota Motor Manufacturing, Indiana, Inc.)/(GTD by Toyota Motor Credit Corp.), 0.060%, 8/6/2014	5,000,000
145,000	Huntington, IN, (Series 1999) Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	145,000
1,800,000	Indiana Development Finance Authority, D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs (South Central Community Mental Health Centers, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	1,800,000
7,400,000	Indianapolis, IN MFH, (Series 2007A: Forest Ridge Apartments) Weekly VRDNs (Pedcor Investments-2006-LXXXVIII LP)/(Citizens Bank, N.A., Providence LOC), 0.230%, 8/7/2014	7,400,000
5,000,000	Jasper County, IN EDA, (Series 2010A) Weekly VRDNs (T & M LP)/(AgriBank FCB and AgriBank FCB LOCs), 0.100%, 8/7/2014	5,000,000
6,000,000	Logansport, IN, (Series 2006) Weekly VRDNs (Andersons Clymers Ethanol LLC)/(CoBank, ACB LOC), 0.090%, 8/7/2014	6,000,000
5,150,000	Portage, IN, (Series 1999) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	5,150,000
10,000,000	Portage, IN, PCRB (Series 1998-A) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	10,000,000
1,000,000	Portage, IN, PCRB (Series 1998-B) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	1,000,000
26,500,000	Posey County, IN EDA, (Series 2013A), 0.30% TOBs (Midwest Fertilizer Corp.)/(GTD by United States Treasury), Mandatory Tender 11/18/2014	26,500,000
10,000,000	Spencer County, IN PCA, (Series 1998) Weekly VRDNs (American Iron Oxide Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.270%, 8/7/2014	10,000,000
3,680,000	Spencer County, IN PCA, (Series 2000) Weekly VRDNs (American Iron Oxide Co.)/(Mizuho Bank Ltd. LOC), 0.270%, 8/7/2014	3,680,000
300,000	Whitley County, IN, (Series 1999) Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	300,000
	TOTAL	129,289,676

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Iowa—0.9%
$4,770,000		Iowa Finance Authority, (Series 2001A) Weekly VRDNs (U.S. Filter Water)/(Societe Generale, Paris LOC), 0.220%, 8/7/2014	$4,770,000
7,700,000		Iowa Finance Authority, (Series 2006) Weekly VRDNs (Ag Real Estate Iowa One, LP)/(AgriBank FCB LOC), 0.090%, 8/7/2014	7,700,000
5,300,000		Iowa Finance Authority, (Series 2007) Weekly VRDNs (Five Star Holdings LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	5,300,000
6,000,000		Iowa Finance Authority, (Series 2007) Weekly VRDNs (Roorda Dairy, LLC)/(AgriBank FCB LOC), 0.090%, 8/7/2014	6,000,000
		TOTAL	23,770,000
		Kansas—0.2%
837,000	^3,4	Clipper Tax-Exempt Certificates Trust (Kansas-AMT)/(Series 2009-11) Weekly VRDNs (Sedgwick & Shawnee Counties, KS)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	837,000
3,430,000		Dodge City, KS IDA, (Series 2000) Weekly VRDNs (Farmland National Beef Packing Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	3,430,000
		TOTAL	4,267,000
		Kentucky—1.7%
5,500,000		Hopkinsville, KY, (Series 2007A) Weekly VRDNs (Riken Elastomers Corp.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	5,500,000
15,500,000		Louisville & Jefferson County, KY Metropolitan Sewer District, (Series 2013), 2.00% BANs, 11/26/2014	15,580,163
5,740,000		Maysville, KY, (Series 1996) Weekly VRDNs (Green Tokai)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	5,740,000
10,000,000		Shelbyville, KY, (Series 2008A) Weekly VRDNs (NIFCO North America, Inc.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.070%, 8/7/2014	10,000,000
10,000,000		Somerset, KY Industrial Building, (Series 2009) Weekly VRDNs (Armstrong Hardwood Flooring Co.)/(Bank of Nova Scotia, Toronto LOC), 0.090%, 8/7/2014	10,000,000
		TOTAL	46,820,163
		Louisiana—0.9%
4,900,000		Calcasieu Parish, LA, IDB, (Series 1998) Weekly VRDNs (HydroServe Westlake, LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.120%, 8/6/2014	4,900,000
1,565,000	^3,4	Clipper Tax-Exempt Certificates Trust (Louisiana-AMT)/ (Series 2009-10) Weekly VRDNs (Louisiana HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	1,565,000
4,630,000		Louisiana HFA, (Series 2007) Weekly VRDNs (Emerald Point Apartments Partners, Ltd.)/(FNMA LOC), 0.090%, 8/7/2014	4,630,000
7,000,000		St. James Parish, LA, (Series 2010A-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(GTD by Nucor Corp.), 0.280%, 8/6/2014	7,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Louisiana—continued
$6,000,000		St. James Parish, LA, (Series 2010B-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(GTD by Nucor Corp.), 0.300%, 8/6/2014	$6,000,000
		TOTAL	24,095,000
		Maine—0.6%
15,000,000		Maine State Housing Authority, (Series 2004 C-3) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.080%, 8/7/2014	15,000,000
		Maryland—0.3%
220,000		Baltimore County, MD, (1994 Issue) Weekly VRDNs (Direct Marketing Associates, Inc. Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.260%, 8/6/2014	220,000
4,225,000	^3,4	Maryland Community Development Administration—Residential Revenue, PUTTERs (Series 3364) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.110%, 8/7/2014	4,225,000
1,415,000		Maryland State Economic Development Corp., (Series 2005A) Weekly VRDNs (Canusa Hershman Recycling)/(Wells Fargo Bank, N.A. LOC), 0.220%, 8/1/2014	1,415,000
1,800,000		Washington County, MD Economic Development Revenue Board, (Series 2006) Weekly VRDNs (Packaging Services of Maryland, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	1,800,000
		TOTAL	7,660,000
		Massachusetts—2.6%
11,000,000		Assabet Valley, MA Regional Vocational School District, 1.00% BANs, 7/8/2015	11,073,684
7,700,000		Massachusetts IFA, (Series 1992B), 0.27% CP (New England Power Co.), Mandatory Tender 8/8/2014	7,700,000
6,000,000		Massachusetts State Development Finance Agency, (Series 2007A) Weekly VRDNs (Tabor Academy)/(Citizens Bank, N.A., Providence LOC), 0.260%, 8/6/2014	6,000,000
2,655,000		Massachusetts State Development Finance Agency, (Series 2007B) Weekly VRDNs (Tabor Academy)/(Citizens Bank, N.A., Providence LOC), 0.260%, 8/6/2014	2,655,000
10,000,000		Methuen, MA, 1.00% BANs, 8/8/2014	10,001,050
2,500,000		Millis, MA, 0.55% BANs, 6/26/2015	2,504,474
2,671,500		Nahant, MA, 1.00% BANs, 7/17/2015	2,689,353
2,900,000		Pentucket, MA Regional School District, 0.45% BANs, 2/6/2015	2,902,227
3,754,000		Rockland, MA, 0.60% BANs, 6/30/2015	3,760,815
10,000,000		Springfield, MA, 0.75% BANs, 2/13/2015	10,027,681
10,000,000		Springfield, MA, 1.00% BANs, 2/13/2015	10,038,823
		TOTAL	69,353,107
		Michigan—4.2%
5,500,000		Grand Rapids, MI IDR, (Series 2007) Weekly VRDNs (Clipper Belt Lacer Co.)/(Bank of America N.A. LOC), 0.180%, 8/7/2014	5,500,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Michigan—continued
$1,490,000		Michigan Higher Education Facilities Authority, (Series 2008) Weekly VRDNs (Davenport University, MI)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	$1,490,000
4,800,000		Michigan State Financial Authority, (Series C) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 0.160%, 8/6/2014	4,800,000
11,825,000		Michigan State Housing Development Authority, (Series 2007C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/6/2014	11,825,000
36,430,000		Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/1/2014	36,430,000
4,500,000		Michigan State Housing Development Authority, MFH Revenue Bonds (Series 2002A) Weekly VRDNs (Bank of America N.A. LIQ), 0.090%, 8/7/2014	4,500,000
3,600,000		Michigan State Strategic Fund Weekly VRDNs (Bishop Creek LLC)/(Comerica Bank LOC), 0.160%, 8/7/2014	3,600,000
2,035,000		Michigan State Strategic Fund, (Series 2007) Weekly VRDNs (Lapeer Industries, Inc.)/(Bank of America N.A. LOC), 0.180%, 8/7/2014	2,035,000
2,000,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Fresh Solution Farms)/(Fifth Third Bank, Cincinnati LOC), 0.170%, 8/1/2014	2,000,000
2,665,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Washtenaw Christian Academy)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/1/2014	2,665,000
6,945,000		Michigan Strategic Fund, (Series 2010) Weekly VRDNs (CS Facilities LLC)/(Fifth Third Bank, Cincinnati LOC), 0.150%, 8/7/2014	6,945,000
30,850,000	^3,4	Wayne County, MI Airport Authority, SPEARs (Series DBE-652) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.150%, 8/7/2014	30,850,000
		TOTAL	112,640,000
		Minnesota—0.6%
360,000		Blue Earth, MN, (Series 2006) Weekly VRDNs (Nortech Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	360,000
1,000,000		Coon Rapids, MN, (Series 1999) Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	1,000,000
1,700,000		Hennepin County, MN Housing and Redevelopment Authority, (Series 2001) Weekly VRDNs (City Apartments at Loring Park)/(FNMA LOC), 0.090%, 8/7/2014	1,700,000
1,160,000		Melrose, MN, (Series 2008) Weekly VRDNs (Proliant Dairy, Inc.)/(Bank of America N.A. LOC), 0.180%, 8/7/2014	1,160,000
4,965,000		Plymouth, MN, (Series 2003) Weekly VRDNs (Harbor Lane Apartments)/(FNMA LOC), 0.110%, 8/7/2014	4,965,000
5,245,000		St. Anthony, MN, (Series 2007) Weekly VRDNs (Landings at Silver Lake Village)/(FHLB of Des Moines LOC), 0.120%, 8/1/2014	5,245,000
415,000		St. Paul, MN Port Authority, (Series 2002-11) Weekly VRDNs (Camada Ltd. Partnership)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	415,000
		TOTAL	14,845,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Mississippi—1.6%
$1,435,000	^3,4	Clipper Tax-Exempt Certificates Trust (Mississippi-AMT)/ (Series 2009-14) Weekly VRDNs (Mississippi Home Corp.)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	$1,435,000
9,570,000		Mississippi Home Corp., (Series 1999C) Weekly VRDNs (Summer Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	9,570,000
6,600,000		Mississippi Home Corp., (Series 2004-6) Weekly VRDNs (Windsor Park Partners LP)/(FNMA LOC), 0.090%, 8/7/2014	6,600,000
9,330,000		Mississippi Home Corp., (Series 2006-1) Weekly VRDNs (Terrace Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	9,330,000
9,670,000		Mississippi Home Corp., (Series 2006-2) Weekly VRDNs (Bradford Park Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	9,670,000
6,075,000		Mississippi Home Corp., (Series 2006-5) Weekly VRDNs (Ashton Park Apartments)/(Mizuho Bank Ltd. LOC), 0.090%, 8/7/2014	6,075,000
		TOTAL	42,680,000
		Missouri—0.0%
100,000		St. Louis, MO IDA, (Series 1997) Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, N.A., Kansas City LOC), 0.330%, 8/7/2014	100,000
		Montana—1.4%
37,475,000		Forsyth, MT, PCRB (Series 1988) Daily VRDNs (Pacificorp)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/1/2014	37,475,000
		Multi-State—14.6%
11,069,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-13) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	11,069,000
655,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-68) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	655,000
4,965,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-77) Weekly VRDNs (GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	4,965,000
5,126,000	^3,4	Clipper Tax-Exempt Certificates Trust (Multi-State AMT)/ (Series 2009-78) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.210%, 8/7/2014	5,126,000
53,425,000	^3,4	FHLMC, Eagles (Series 2008-0055F) Weekly VRDNs (GTD by FHLMC)/(FHLMC LIQ), 0.110%, 8/7/2014	53,425,000
9,970,000		FHLMC, Floater Certificates (Series M015-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.090%, 8/7/2014	9,970,000
17,058,000		FHLMC, Floater Certificates (Series M017-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.110%, 8/7/2014	17,058,000
23,551,000		FHLMC, Floater Certificates (Series M020-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.090%, 8/7/2014	23,551,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Multi-State—continued
$85,300,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 1), Weekly VRDPs, (GTD by Deutsche Bank AG),0.150%, 8/7/2014	$85,300,000
5,000,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Citibank NA, New York), 0.140%, 8/7/2014	5,000,000
91,300,000	^3,4	Nuveen Dividend Advantage Municipal Fund 2, (Series 2), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.130%, 8/7/2014	91,300,000
30,000,000	^3,4	Nuveen Insured Municipal Opportunity Fund, (Series 1), Weekly VRDPs, (GTD by Citibank NA, New York), 0.150%, 8/7/2014	30,000,000
25,000,000	^3,4	Nuveen Municipal Market Opportunity Fund, Inc., (Series 1), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.180%, 8/7/2014	25,000,000
30,000,000	^3,4	Nuveen Premium Income Municipal Fund 2, Inc., (4,895 Series 1), Weekly VRDPs, (GTD by Barclays Bank PLC), 0.150%, 8/7/2014	30,000,000
		TOTAL	392,419,000
		Nebraska—1.7%
43,000,000		Central Plains Energy Project, (Project #2) (Series 2009) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	43,000,000
2,000,000		Nebraska Investment Finance Authority, (Series 2005) Weekly VRDNs (Tuls Properties LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/7/2014	2,000,000
		TOTAL	45,000,000
		Nevada—0.4%
10,495,000		Clark County, NV Airport System, (Series C-1), 2.50% Bonds, 7/1/2015	10,707,906
		New Hampshire—0.1%
3,500,000		New Hampshire Business Finance Authority, (Series 2008) Daily VRDNs (Valley Regional Hospital)/(Citizens Bank, N.A., Providence LOC), 0.300%, 8/1/2014	3,500,000
		New Jersey—4.4%
8,000,000		Belmar, NJ, 0.75% BANs, 9/12/2014	8,003,268
5,700,000		Carteret, NJ, 1.00% BANs, 2/6/2015	5,711,636
6,848,880		Evesham Township, NJ, 1.00% BANs, 10/17/2014	6,853,183
5,986,371		Harrison Township, NJ, 1.25% BANs, 11/17/2014	5,997,454
5,000,000		Middletown Township, NJ, 1.25% BANs, 9/16/2014	5,003,627
9,259,841		Montclair Township, NJ, 1.00% BANs, 11/7/2014	9,270,957
14,557,527		Morristown, NJ, 1.00% BANs, 6/12/2015	14,635,004
5,615,000		New Jersey Health Care Facilities Financing Authority, (Series 1997) Weekly VRDNs (Christian Health Care Center)/(Valley National Bank, Passaic, NJ LOC), 0.320%, 8/6/2014	5,615,000
5,350,000		New Jersey State, (Series H), 5.25% Bonds (Assured Guaranty Municipal Corp. INS), 7/1/2015	5,591,904

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New Jersey—continued
$25,000,000	^3,4	New Jersey State, PUTTERs (Series 4459) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.100%, 8/1/2014	$25,000,000
6,000,000	^3,4	Nuveen New Jersey Investment Quality Municipal Fund, Inc., (Series 2), Weekly VRDPs, (Royal Bank of Canada, Montreal LIQ), 0.140%, 8/7/2014	6,000,000
16,000,000	^3,4	Nuveen New Jersey Premium Income Municipal Fund, Inc., (Series 2), Weekly VRDPs, (GTD by Citibank NA, New York), 0.140%, 8/7/2014	16,000,000
6,000,000		Ramsey, NJ, 1.00% BANs, 1/16/2015	6,008,225
		TOTAL	119,690,258
		New Mexico—0.2%
100,000		Albuquerque, NM IDRB, (Series 1996) Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	100,000
3,400,000		Albuquerque, NM IDRB, (Series 1999) Weekly VRDNs (El Encanto, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	3,400,000
850,000		Los Lunas Village, NM, (Series 1998) Weekly VRDNs (Wall Colmonoy Corp.)/(Bank of America N.A. LOC), 0.330%, 8/6/2014	850,000
		TOTAL	4,350,000
		New York—10.9%
9,628,858		Afton, NY CSD, 1.00% BANs, 6/26/2015	9,685,012
2,525,000		Berlin, NY CSD, 1.00% BANs, 6/30/2015	2,534,145
7,870,262		Brasher Falls, NY CSD, 1.00% BANs, 6/22/2015	7,903,681
6,883,047		Dundee, NY CSD, 0.75% BANs, 6/18/2015	6,910,166
10,000,000		Frontier, NY CSD, 0.75% BANs, 7/22/2015	10,029,941
5,000,000		Harpursville, NY CSD, (Series 2014B), 1.00% BANs, 7/23/2015	5,029,114
5,590,000		Hempstead (town), NY IDA MFH, (Series 2006) Weekly VRDNs (Hempstead Village Housing Associates LP)/(FNMA LOC), 0.070%, 8/7/2014	5,590,000
6,015,000		Hornell, NY City School District, 0.75% BANs, 6/26/2015	6,037,127
10,000,000		Ithaca, NY, (Series 2014A), 0.75% BANs, 2/19/2015	10,029,221
5,650,000		Jamestown, NY City School District, 0.75% BANs, 6/25/2015	5,669,192
5,000,000		Metropolitan Transportation Authority, NY VRNs, 0.304%, 8/1/2014	5,000,000
4,455,000		New Rochelle, NY IDA, (Series 2006: West End Phase I Facility) Weekly VRDNs (180 Union Avenue Owner LP)/(Citibank NA, New York LOC), 0.180%, 8/7/2014	4,455,000
25,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.070%, 8/1/2014	25,000,000
32,380,000		New York City, NY, (Fiscal 2004 Series H-7) Daily VRDNs (KBC Bank N.V. LOC), 0.080%, 8/1/2014	32,380,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$13,400,000		New York City, NY, (Fiscal 2006 Series H-2) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.060%, 8/1/2014	$13,400,000
1,700,000		New York City, NY, (Fiscal 2008 Subseries D-4) Weekly VRDNs (Credit Agricole Corporate and Investment Bank LIQ), 0.080%, 8/7/2014	1,700,000
16,500,000		New York Liberty Development Corporation, Towers 3-4 (Series a-1 Remarketed 3/19/14), 0.15% TOBs (3 World Trade Center)/(GTD by United States Treasury) 3/19/2015	16,500,000
24,880,000		New York State Energy Research & Development Authority, (1997 Series A) Weekly VRDNs (National Grid Generation LLC)/(Royal Bank of Scotland PLC, Edinburgh LOC), 0.230%, 8/6/2014	24,880,000
5,275,000		New York State HFA, (2007 Series A) Weekly VRDNs (Prospect Plaza Apartments)/(Citibank NA, New York LOC), 0.090%, 8/6/2014	5,275,000
11,800,000		New York State Mortgage Agency, (Series 132) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.100%, 8/1/2014	11,800,000
5,000,000		New York State Mortgage Agency, (Series 139) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.100%, 8/1/2014	5,000,000
11,620,000		New York State Mortgage Agency, (Series 144) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/1/2014	11,620,000
4,870,000	^3,4	New York State Mortgage Agency, ROCs (Series 11702) Weekly VRDNs (Citibank NA, New York LIQ), 0.120%, 8/7/2014	4,870,000
5,775,000		Oceanside, NY Union Free School District, 0.75% TANs, 6/19/2015	5,801,380
20,000,000		Ogdensburg, NY Enlarged City School District, 1.00% BANs, 6/23/2015	20,101,600
4,500,000		Oswego, NY City School District, 0.75% BANs, 7/23/2015	4,515,274
6,400,000		Oxford Academy and CSD, NY, (Series 2014), 0.75% BANs, 6/26/2015	6,420,652
15,150,000		Rochester, NY, 2.00% BANs, 8/10/2015	15,416,792
1,720,000		Rockland County, NY IDA, (Series 2001) Weekly VRDNs (Gussack Realty Co./Tappan Wire and Cable, Inc.)/(Citizens Bank, N.A., Providence LOC), 0.210%, 8/6/2014	1,720,000
6,580,000		Utica, NY Industrial Development Agency Civic Facility, (Series 2006) Weekly VRDNs (Munson-Williams-Proctor Arts Institute)/(Citizens Bank, N.A., Providence LOC), 0.260%, 8/7/2014	6,580,000
		TOTAL	291,853,297
		North Carolina—0.6%
3,000,000		North Carolina Capital Facilities Finance Agency, (Series 2010) Weekly VRDNs (Elon University)/(U.S. Bank, N.A. LOC), 0.050%, 8/6/2014	3,000,000
2,270,000		North Carolina HFA, (Series 16-C) Daily VRDNs (TD Bank, N.A. LIQ), 0.080%, 8/6/2014	2,270,000
6,955,000		North Carolina HFA, (Series 18-C) Daily VRDNs (TD Bank, N.A. LIQ), 0.080%, 8/6/2014	6,955,000
1,480,000	^3,4	North Carolina HFA, MERLOTS (Series 2008-C20) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.110%, 8/6/2014	1,480,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		North Carolina—continued
$2,650,000	^3,4	North Carolina HFA, PUTTERs (Series 3722Z) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/7/2014	$2,650,000
		TOTAL	16,355,000
		North Dakota—0.2%
5,000,000		Grand Forks County, ND, (Series 2011) Weekly VRDNs (J.R. Simplot Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/6/2014	5,000,000
125,000		Hebron, ND IDA, (Series 1998) Weekly VRDNs (Dacco, Inc.)/(U.S. Bank, N.A. LOC), 0.150%, 8/7/2014	125,000
		TOTAL	5,125,000
		Oklahoma—1.1%
8,000,000		Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(JPMorgan Chase Bank, N.A. LOC), 0.120%, 8/7/2014	8,000,000
1,951,052	^3,4	Clipper Tax-Exempt Certificates Trust (Oklahoma AMT)/(Series 2009-5) Weekly VRDNs (Oklahoma HFA)/(GNMA COL)/(State Street Bank and Trust Co. LIQ), 0.180%, 8/7/2014	1,951,052
20,000,000		Oklahoma State Turnpike Authority, (Series 2006F) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/1/2014	20,000,000
		TOTAL	29,951,052
		Oregon—0.7%
10,000,000		Port of Morrow, OR, (Series 2001A) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	10,000,000
10,000,000		Port of Morrow, OR, (Series 2001C) Weekly VRDNs (Threemile Canyon Farms LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.110%, 8/7/2014	10,000,000
		TOTAL	20,000,000
		Pennsylvania—0.0%
1,110,000		Pennsylvania EDFA, (Series 2006) Weekly VRDNs (AMC Delancey Traditions of Hershey Partners, L.P.)/(FHLB of Pittsburgh LOC), 0.080%, 8/7/2014	1,110,000
		South Carolina—0.8%
8,000,000		Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.), 0.340%, 8/6/2014	8,000,000
6,000,000		Berkeley County, SC IDB, (Series 1998) Weekly VRDNs (Nucor Corp.), 0.250%, 8/6/2014	6,000,000
6,935,000		South Carolina Jobs-EDA, IDBs (Series 2008) Weekly VRDNs (South Carolina Electric and Gas)/(Branch Banking & Trust Co. LOC), 0.070%, 8/7/2014	6,935,000
		TOTAL	20,935,000
		South Dakota—0.4%
8,410,000		South Dakota EDFA, (Series 1996) Weekly VRDNs (Hastings Filters, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.140%, 8/7/2014	8,410,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	South Dakota—continued
$3,000,000	South Dakota Value Added Finance Authority, (Series 2004) Weekly VRDNs (Prairie Gold Dairy LLC)/(CoBank, ACB LOC), 0.090%, 8/7/2014	$3,000,000
	TOTAL	11,410,000
	Tennessee—1.9%
3,500,000	Jackson, TN Health Educational & Housing Facilities Board Multifamily Revenue, (Series 1998) Weekly VRDNs (Park Ridge Apartments)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	3,500,000
7,500,000	Marion County, TN IDA, (Series 2000) Weekly VRDNs (Valmont Industries, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.210%, 8/7/2014	7,500,000
5,200,000	Memphis-Shelby County, TN Industrial Development Board—PCRB, (Series 2007) Weekly VRDNs (Nucor Steel Memphis, Inc.)/(GTD by Nucor Corp.), 0.340%, 8/6/2014	5,200,000
33,890,000	Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds (Series V-A-1) Weekly VRDNs (Metropolitan Knoxville, TN Airport Authority)/(Branch Banking & Trust Co. LOC), 0.110%, 8/6/2014	33,890,000
	TOTAL	50,090,000
	Texas—8.5%
14,500,000	Calhoun County, TX Navigation District Environmental Facilities, (Series 2006) Weekly VRDNs (Formosa Plastic Corp.)/(Bank of America N.A. LOC), 0.090%, 8/7/2014	14,500,000
11,200,000	Calhoun, TX Port Authority, (Series 2011B) Weekly VRDNs (Formosa Plastic Corp.)/(Sumitomo Mitsui Banking Corp. LOC), 0.090%, 8/7/2014	11,200,000
2,100,000	Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (DARE Investments)/(AgriBank FCB LOC), 0.090%, 8/7/2014	2,100,000
2,950,000	Dalhart, TX Economic Development Corp., (Series 2005) Weekly VRDNs (Northside Farms LLC)/(AgriBank FCB LOC), 0.090%, 8/7/2014	2,950,000
3,000,000	Dallam County, TX IDC (Series 2006) Weekly VRDNs (Dalhart Jersey Ranch, Inc.)/(CoBank, ACB LOC), 0.090%, 8/7/2014	3,000,000
19,000,000	Gulf Coast, TX Waste Disposal Authority, (Series 2003) Weekly VRDNs (American Acryl LP)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.080%, 8/7/2014	19,000,000
11,990,000	Harris County, TX HFDC, (Subseries 2008A-2) Daily VRDNs (Methodist Hospital, Harris County, TX), 0.080%, 8/1/2014	11,990,000
14,370,000	Harris County, TX Housing Finance Corp., Park at Kirkstall Apartments (Series 2002) Weekly VRDNs (Harris Park Partners LP)/(Wells Fargo Bank, N.A. LOC), 0.090%, 8/7/2014	14,370,000
4,000,000	Jewett, TX Economic Development Corporation, (Series 2003) Weekly VRDNs (Nucor Corp.), 0.340%, 8/6/2014	4,000,000
27,400,000	Texas State Department of Housing & Community Affairs, (Series 2004B) Weekly VRDNs (Texas State LIQ), 0.090%, 8/6/2014	27,400,000
100,000,000	Texas State, (Series 2013), 2.00% TRANs, 8/28/2014	100,132,902

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Texas—continued
$7,140,000	^3,4	Texas State, MERLOTS (Series 2008-C47), 0.17% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/24/2014	$7,140,000
10,000,000		Texas State, Veterans' Housing Assistance Program, Fund II (Series 2004B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.090%, 8/6/2014	10,000,000
		TOTAL	227,782,902
		Utah—0.0%
1,105,000		Salt Lake County, UT Training Facilities, (Series 2000) Weekly VRDNs (Community Foundation For The Disabled, Inc.)/(Wells Fargo Bank Northwest, N.A. LOC), 0.210%, 8/7/2014	1,105,000
		Vermont—0.2%
6,500,000		Vermont HFA, (2013 Series A) Weekly VRDNs (TD Bank, N.A. LIQ), 0.090%, 8/7/2014	6,500,000
		Washington—3.1%
2,350,000		Kitsap County, WA IDC, (Series 2006) Weekly VRDNs (Cara Land Co., LLC)/(Wells Fargo Bank, N.A. LOC), 0.260%, 8/7/2014	2,350,000
1,120,000		Port of Pasco, WA Economic Development Corp., (Series 1996) Weekly VRDNs (Douglas Fruit Co., Inc.)/(U.S. Bank, N.A. LOC), 0.130%, 8/7/2014	1,120,000
34,500,000		Port of Tacoma, WA, (Series B: Subordinate Lien), 0.10% CP (Bank of America N.A. LOC), Mandatory Tender 8/13/2014	34,500,000
2,465,000		Washington State EDFA, (Series 2000C) Weekly VRDNs (AMI-Moore LLC)/(Key Bank, N.A. LOC), 0.300%, 8/7/2014	2,465,000
7,375,000		Washington State EDFA, (Series 2001E) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Bank of America N.A. LOC), 0.150%, 8/7/2014	7,375,000
1,000,000		Washington State EDFA, (Series 2001L) Weekly VRDNs (Darigold, Inc./WestFarm Foods)/(Bank of America N.A. LOC), 0.150%, 8/7/2014	1,000,000
10,000,000		Washington State EDFA, (Series 2007A) Weekly VRDNs (Delta Marine Industries, Inc.)/(Key Bank, N.A. LOC), 0.260%, 8/7/2014	10,000,000
4,000,000		Washington State EDFA, (Series 2007J) Weekly VRDNs (Ocean Gold Seafoods, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.180%, 8/7/2014	4,000,000
16,000,000		Washington State Health Care Facilities Authority, (Catholic Health Initiatives), MVRENs (Series 2013B), 0.210%, 8/7/2014	16,000,000
5,560,000		Washington State Housing Finance Commission: MFH, (Series 2007) Weekly VRDNs (Clark Island LP)/(FHLMC LOC), 0.110%, 8/7/2014	5,560,000
		TOTAL	84,370,000
		Wisconsin—0.7%
4,000,000		Combined Locks, WI IDRB, (Series 1997) Weekly VRDNs (Appleton Papers)/(Fifth Third Bank, Cincinnati LOC), 0.270%, 8/7/2014	4,000,000
2,790,000		Kiel, WI IDA, (Series 2007) Weekly VRDNs (Polar Ware Co.)/(Wells Fargo Bank, N.A. LOC), 0.190%, 8/7/2014	2,790,000
3,850,000		Lancaster, WI IDRB, (Series 2007) Weekly VRDNs (Woolwich Dairy (USA), Inc.)/(BMO Harris Bank, N.A. LOC), 0.170%, 8/7/2014	3,850,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Wisconsin—continued
$1,460,000	West Bend, WI IDA, (Series 2006) Weekly VRDNs (Jackson Concrete, Inc.)/(U.S. Bank, N.A. LOC), 0.260%, 8/7/2014	$1,460,000
6,860,000	Wisconsin Housing & EDA, Home Ownership Revenue (2004 Series D) Weekly VRDNs (FHLB of Chicago LIQ), 0.090%, 8/6/2014	6,860,000
	TOTAL	18,960,000
	Wyoming—0.8%
22,700,000	Sweetwater County, WY Environmental Improvement, (Series 2007) Weekly VRDNs (Simplot Phosphates LLC)/(Rabobank Nederland NV, Utrecht LOC), 0.090%, 8/6/2014	22,700,000
	TOTAL MUNICIPAL INVESTMENTS—101.2% (AT AMORTIZED COST)⁵	2,722,060,361
	OTHER ASSETS AND LIABILITIES - NET—(1.2)%⁶	(32,622,222)
	TOTAL NET ASSETS—100%	$2,689,438,139

Securities that are subject to the federal alternative minimum tax (AMT) represent 67.2% of the portfolio as calculated based upon total market value (percentage is unaudited).

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 July 31, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value (unaudited)

First Tier	Second Tier
96.8%	3.2%

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 July 31, 2014, these restricted securities amounted to $625,591,052, which represented 23.3% 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 July 31, 2014, these liquid restricted securities amounted to $625,591,052, which represented 23.3% 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 July 31, 2014.

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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Annual Shareholder Report

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CCD	—Community College District
COL	—Collateralized
CP	—Commercial Paper
CSD	—Central School District
EDA	—Economic Development Authority
EDFA	—Economic Development Finance Authority
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
HFDC	—Health Facility Development Corporation
IDA	—Industrial Development Authority
IDB(s)	—Industrial Development Bond(s)
IDC	—Industrial Development Corporation
IDR	—Industrial Development Revenue
IDRB(s)	—Industrial Development Revenue Bond(s)
IFA	—Industrial Finance Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC(s)	—Letter of Credit(s)
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH	—Multi-Family Housing
MVRENs	—Municipal Variable Rate Exchangeable Notes
PCA	—Pollution Control Authority
PCFA	—Pollution Control Finance Authority
PCRB(s)	—Pollution Control Revenue Bond(s)
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
SPEARs	—Short Puttable Exempt Adjustable Receipts
TANs	—Tax Anticipation Notes
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

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.001	0.001	0.002	0.003
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.001	0.001	0.002	0.003
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.003)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	—	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.001)	(0.001)	(0.002)	(0.003)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.05%	0.15%	0.20%	0.27%
Ratios to Average Net Assets:
Net expenses	0.16%	0.21%	0.21%³	0.21%³	0.22%
Net investment income	0.01%	0.06%	0.14%	0.20%	0.26%
Expense waiver/reimbursement⁴	0.14%	0.09%	0.08%	0.08%	0.08%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,242,908	$1,229,003	$2,268,337	$2,802,916	$3,472,460

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.21% and 0.21% for the years ended July 31, 2012 and 2011, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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	0.001
Less Distributions:
Distributions from net investment income	(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	—	—
TOTAL DISTRIBUTIONS	(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
Total Return²	0.02%	0.01%	0.02%	0.01%	0.06%
Ratios to Average Net Assets:
Net expenses	0.16%	0.25%	0.34%³	0.40%³	0.43%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.06%
Expense waiver/reimbursement⁴	0.39%	0.30%	0.20%	0.14%	0.12%
Supplemental Data:
Net assets, end of period (000 omitted)	$747,980	$738,562	$828,815	$852,955	$772,448

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.34% and 0.40% for the years ended July 31, 2012 and 2011, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)	(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	(0.001)	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.01%	0.06%	0.10%	0.17%
Ratios to Average Net Assets:
Net expenses	0.16%	0.25%	0.31%³	0.31%³	0.32%
Net investment income	0.01%	0.01%	0.04%	0.10%	0.17%
Expense waiver/reimbursement⁴	0.24%	0.15%	0.08%	0.08%	0.08%
Supplemental Data:
Net assets, end of period (000 omitted)	$698,550	$726,987	$1,108,338	$1,284,749	$1,154,692

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.31% and 0.31% for the years ended July 31, 2012 and 2011, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Total investment in securities, at amortized cost and fair value		$2,722,060,361
Cash		492,603
Income receivable		3,091,731
TOTAL ASSETS		2,725,644,695
Liabilities:
Payable for investments purchased	$35,518,392
Payable for shares redeemed	554,860
Income distribution payable	7,405
Payable to adviser (Note 5)	15,657
Payable for Directors'/Trustees' fees (Note 5)	994
Payable for other service fees (Notes 2 and 5)	5,324
Accrued expenses (Note 5)	103,924
TOTAL LIABILITIES		36,206,556
Net assets for 2,689,338,357 shares outstanding		$2,689,438,139
Net Assets Consist of:
Paid-in capital		$2,689,318,046
Accumulated net realized gain on investments		119,927
Undistributed net investment income		166
TOTAL NET ASSETS		$2,689,438,139
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$1,242,907,705 ÷ 1,242,854,202 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$747,980,440 ÷ 747,962,475 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$698,549,994 ÷ 698,521,680 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$4,936,084
Expenses:
Investment adviser fee (Note 5)		$5,955,324
Administrative fee (Note 5)		2,326,029
Custodian fees		96,845
Transfer agent fee		30,922
Directors'/Trustees' fees (Note 5)		15,602
Auditing fees		20,999
Legal fees		28,577
Portfolio accounting fees		190,619
Other service fees (Notes 2 and 5)		2,802,487
Share registration costs		94,695
Printing and postage		47,268
Miscellaneous (Note 5)		28,561
TOTAL EXPENSES		11,637,928
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(4,203,578)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(2,802,487)
TOTAL WAIVERS AND REIMBURSEMENT		(7,006,065)
Net expenses			4,631,863
Net investment income			304,221
Net realized gain on investments			127,040
Change in net assets resulting from operations			$431,261

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$304,221	$1,144,595
Net realized gain on investments	127,040	216,491
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	431,261	1,361,086
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(137,382)	(966,932)
Service Shares	(80,534)	(79,419)
Capital Shares	(79,858)	(85,338)
Distributions from net realized gain on investments
Institutional Shares	(90,581)	(41,454)
Service Shares	(50,658)	(17,953)
Capital Shares	(53,336)	(16,484)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(492,349)	(1,207,580)
Share Transactions:
Proceeds from sale of shares	5,200,389,388	6,855,950,761
Net asset value of shares issued to shareholders in payment of distributions declared	345,466	788,418
Cost of shares redeemed	(5,205,786,520)	(8,367,832,517)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(5,051,666)	(1,511,093,338)
Change in net assets	(5,112,754)	(1,510,939,832)
Net Assets:
Beginning of period	2,694,550,893	4,205,490,725
End of period (including undistributed (distributions in excess of) net investment income of $166 and $(6,281), respectively)	$2,689,438,139	$2,694,550,893

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 diversified portfolios. The financial statements included herein are only those of Federated Municipal Obligations Fund (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 Capital 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 all federal regular 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 and state and local taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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 Capital Shares may bear other service fees unique to those classes.

Other Service Fees

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$2,003,250	$(70,649)	$(1,932,601)
Capital Shares	799,237	(3,533)	(795,704)
TOTAL	$2,802,487	$(74,182)	$(2,728,305)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	2,512,551,712	$2,512,551,712	4,398,899,667	$4,398,899,667
Shares issued to shareholders in payment of distributions declared	118,921	118,921	618,582	618,582
Shares redeemed	(2,498,737,396)	(2,498,737,396)	(5,438,920,983)	(5,438,920,983)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	13,933,237	$ 13,933,237	(1,039,402,734)	$(1,039,402,734)

Annual Shareholder Report

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	1,682,637,326	$1,682,637,326	1,525,139,812	$1,525,139,812
Shares issued to shareholders in payment of distributions declared	113,962	113,962	86,198	86,198
Shares redeemed	(1,673,316,317)	(1,673,316,317)	(1,615,523,739)	(1,615,523,739)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	9,434,971	$9,434,971	(90,297,729)	$(90,297,729)

Year Ended July 31	2014		2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	1,005,200,350	$1,005,200,350	931,911,282	$931,911,282
Shares issued to shareholders in payment of distributions declared	112,583	112,583	83,638	83,638
Shares redeemed	(1,033,732,807)	(1,033,732,807)	(1,313,387,795)	(1,313,387,795)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(28,419,874)	$(28,419,874)	(381,392,875)	$(381,392,875)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(5,051,666)	$(5,051,666)	(1,511,093,338)	$(1,511,093,338)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Tax-exempt income	$297,774	$1,131,689
Ordinary income¹	$24,609	$26,644
Long-term capital gains	$169,966	$49,247

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	$166
Undistributed ordinary income²	$4,583
Undistributed long-term capital gains	$115,344

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

Annual Shareholder Report

5. 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

Other Service Fees

FSSC reimbursed $74,182 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.21%, 0.46% and 0.31% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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.

Annual Shareholder Report

Interfund Transactions

During the year ended July 31, 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 $1,561,300,000 and $1,533,980,000, respectively.

General

6. LINE OF CREDIT

7. INTERFUND LENDING

8. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e., not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on all redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE SHAREHOLDERS OF FEDERATED MUNICIPAL OBLIGATIONS FUND:

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.00	$0.79²
Service Shares	$1,000	$1,000.00	$0.79³
Capital Shares	$1,000	$1,000.00	$0.79⁴
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
Capital Shares	$1,000	$1,024.00	$0.80⁴

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%
Capital Shares	0.16%

2	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.21% (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 $1.04 and $1.05, respectively.
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.46% (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 $2.28 and $2.31, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.31% (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 $1.54 and $1.56, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1998	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 Vice President Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer and Vice President Officer since: May 2004 Portfolio Manager since: November 1996	Principal Occupations: Mary Jo Ochson has been the Fund's Portfolio Manager since November 1996. Ms. Ochson was named Chief Investment Officer of Federated's tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010 and is a Vice President of the Trust with respect to the Fund. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Funds Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Municipal Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Municipal Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N658
CUSIP 60934N641
CUSIP 60934N633

Q450516 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Bank Instruments	36.9%
Commercial Paper and Notes	28.6%
Variable Rate Instruments	7.6%
Other Repurchase Agreements and Repurchase Agreements	26.9%
Other Assets and Liabilities—Net²	(0.0)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity schedule³ was as follows:

Securities with an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	43.0%⁴
8-30 Days	9.2%
31-90 Days	38.6%
91-180 Days	7.1%
181 Days or more	2.1%
Other Assets and Liabilities—Net²	(0.0)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper and Notes includes asset-backed securities, commercial paper, corporate bonds and a corporate note.
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.
4	Overnight securities comprised 22.2% of the Fund's portfolio.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		ASSET-BACKED SECURITIES—0.6%
		Finance - Automotive—0.4%
$30,624,241	^1,2	ARI Fleet Lease Trust 2014-A, Class A1, 0.250%, 4/15/2015	$30,624,241
24,973,443	³	Santander Drive Auto Receivables Trust 2014-3, Class A1, 0.250%, 8/15/2014	24,973,443
		TOTAL	55,597,684
		Finance - Equipment—0.1%
8,808,960	^1,2	CIT Equipment Collateral 2013-VT1, Class A1, 0.300%, 11/20/2014	8,808,960
		Finance - Retail—0.1%
25,000,000	^1,2,3	Fosse Master Issuer PLC (Series 2014-1), Class A1, 0.275%, 8/18/2014	25,000,001
		TOTAL ASSET-BACKED SECURITIES	89,406,645
		CERTIFICATES OF DEPOSIT—33.4%
		Finance - Banking—33.4%
526,200,000		BNP Paribas SA, 0.210% - 0.230%, 8/12/2014 - 10/7/2014	526,200,000
100,000,000	³	Bank of Montreal, 0.225%, 8/29/2014	100,000,000
250,000,000	³	Bank of Montreal, 0.226%, 8/6/2014	250,000,000
150,000,000		Bank of Nova Scotia, Toronto, 0.240%, 10/20/2014	150,000,000
330,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd., 0.200% - 0.210%, 9/22/2014 - 10/2/2014	330,000,000
75,000,000	³	Canadian Imperial Bank of Commerce, 0.315%, 8/26/2014	75,000,000
284,000,000		Credit Agricole Corporate and Investment Bank, 0.220% - 0.250%, 8/21/2014 - 11/3/2014	284,000,000
115,000,000		Credit Suisse, Zurich, 0.230%, 9/2/2014	115,000,000
185,000,000		DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.200%, 8/8/2014	185,000,000
80,000,000		DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.260%, 10/6/2014	79,961,901
150,200,000	³	Deutsche Bank AG, 0.303%, 10/23/2014	150,200,000
50,000,000	³	Deutsche Bank AG, 0.470%, 8/1/2014	50,000,000
150,000,000	³	JPMorgan Chase Bank, N.A., 0.416%, 8/21/2014	150,000,000
499,000,000		Mizuho Bank Ltd., 0.200%, 9/12/2014	499,000,000
50,000,000	³	Royal Bank of Canada, Montreal, 0.232%, 8/12/2014	50,000,000
325,000,000	³	Royal Bank of Canada, Montreal, 0.322%, 10/6/2014	325,000,000
171,100,000		Standard Chartered Bank PLC, 0.210%, 8/22/2014	171,079,052
778,100,000		Sumitomo Mitsui Banking Corp., 0.220%, 9/19/2014 - 10/14/2014	778,100,000
150,000,000	³	Toronto Dominion Bank, 0.223%, 8/6/2014	150,000,000
75,000,000	³	Toronto Dominion Bank, 0.226%, 8/6/2014	75,000,000
250,000,000	³	Toronto Dominion Bank, 0.234%, 10/15/2014	250,000,000

Annual Shareholder Report

Principal Amount			Value
		CERTIFICATES OF DEPOSIT—continued
		Finance - Banking—continued
$50,000,000	³	Wells Fargo Bank, N.A., 0.232%, 9/16/2014	$50,000,000
		TOTAL CERTIFICATES OF DEPOSIT	4,793,540,953
		COMMERCIAL PAPER—27.7%⁴
		Finance - Banking—21.1%
215,000,000	³	Australia & New Zealand Banking Group, Melbourne, 0.431%, 8/4/2014	215,000,000
170,000,000		Barclays US Funding Corp., 0.210%, 8/19/2014 - 8/25/2014	169,978,650
225,000,000	^1,2	Bedford Row Funding Corp., (GTD by Royal Bank of Canada, Montreal), 0.301% - 0.321%, 4/1/2015 - 6/1/2015	224,462,361
150,000,000		HSBC USA, Inc., 0.240%, 9/2/2014	149,968,000
15,000,000		ICICI Bank Ltd., Hong Kong (Series B), (Wells Fargo Bank, N.A. LOC), 0.290%, 10/7/2014	14,991,903
725,000,000		ING (U.S.) Funding LLC, 0.210%, 8/1/2014 - 10/30/2014	724,757,742
269,000,000	^1,2	JPMorgan Securities LLC, 0.230% - 0.331%, 9/3/2014 - 2/27/2015	268,791,404
137,400,000	^1,2	LMA-Americas LLC, 0.210% - 0.240%, 8/21/2014 - 10/8/2014	137,345,070
400,000,000		Lloyds Bank PLC, London, 0.100%, 8/5/2014	399,995,556
395,000,000	^1,2	Nationwide Building Society, 0.200%, 8/13/2014 - 9/23/2014	394,916,722
176,000,000		Societe Generale North America, Inc., (GTD by Societe Generale, Paris), 0.210%, 10/31/2014	175,906,573
150,000,000		Standard Chartered Bank PLC, 0.190%, 8/25/2014	149,981,000
		TOTAL	3,026,094,981
		Finance - Commercial—2.1%
250,000,000	^1,2	Alpine Securitization Corp., 0.210%, 9/8/2014 - 10/15/2014	249,933,792
56,000,000	^1,2	Atlantic Asset Securitization LLC, 0.210%, 8/1/2014 - 9/18/2014	55,989,920
		TOTAL	305,923,712
		Finance - Retail—3.7%
95,000,000	^1,2	CAFCO, LLC, 0.220%, 10/14/2014 - 11/5/2014	94,950,989
225,000,000	^1,2	Chariot Funding LLC, 0.210% - 0.281%, 10/7/2014 - 4/20/2015	224,798,625
174,600,000	^1,2	Jupiter Securitization Co. LLC, 0.220% - 0.301%, 9/29/2014 - 11/25/2014	174,500,902
38,000,000	^1,2	Starbird Funding Corp., 0.220%, 9/16/2014	37,989,318
		TOTAL	532,239,834
		Sovereign—0.8%
115,000,000	^1,2	Caisse des Depots et Consignations (CDC), 0.215%, 12/4/2014	114,914,149
		TOTAL COMMERCIAL PAPER	3,979,172,676
		CORPORATE BONDS—0.3%
		Finance - Banking—0.1%
3,340,000	^1,2	Commonwealth Bank of Australia, 3.750%, 10/15/2014	3,363,839

Annual Shareholder Report

Principal Amount			Value
		CORPORATE BONDS—continued
		Finance - Banking—continued
$15,000,000		Royal Bank of Canada, Montreal, 1.450%, 10/30/2014	$15,044,497
		TOTAL	18,408,336
		Finance - Commercial—0.1%
2,500,000		General Electric Capital Corp., 3.750%, 11/14/2014	2,523,964
13,612,000		General Electric Capital Corp., 4.875%, 3/4/2015	13,977,488
		TOTAL	16,501,452
		Insurance—0.1%
14,526,000	^1,2	Metropolitan Life Global Funding I, 2.000%, 1/9/2015	14,633,780
		TOTAL CORPORATE BONDS	49,543,568
		CORPORATE NOTE—0.0%
		Insurance—0.0%
500,000	^1,2	New York Life Global Funding, 3.000%, 5/4/2015	509,984
		NOTES - VARIABLE—7.6%³
		Aerospace/Auto—2.6%
45,000,000		BMW US Capital LLC, (GTD by Bayerische Motoren Werke AG), 0.354%, 10/17/2014	45,000,000
100,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.231%, 9/10/2014	100,000,000
175,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.233%, 10/8/2014	175,000,000
60,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.234%, 10/14/2014	60,000,000
		TOTAL	380,000,000
		Finance - Banking—4.3%
2,000,000		Albuquerque, NM IDRB, (Series 1997 El Canto, Inc.), (Wells Fargo Bank, N.A. LOC), 0.200%, 8/7/2014	2,000,000
3,535,000		Anchor Holdings LLC, (Series 2000), (U.S. Bank, N.A. LOC), 0.300%, 8/7/2014	3,535,000
718,000		Australia & New Zealand Banking Group, Melbourne, 2.125%, 9/19/2014	719,786
8,770,000		BJ Financing, LLC, (Series 2007A), (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	8,770,000
8,790,000		Capital Markets Access Co. LC, West Broad Holdings, LLC (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.140%, 8/7/2014	8,790,000
5,800,000		Charlotte Christian School, (Series 1999), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/6/2014	5,800,000
6,900,000		Connecticut Health and Educational Facilities Authority, (Series D) Griffin Hospital, (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	6,900,000
74,625,000		Corporate Finance Managers, Inc., (Series B), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	74,625,000

Annual Shareholder Report

Principal Amount		Value
	NOTES - VARIABLE—continued³
	Finance - Banking—continued
$2,000,000	Douglas County, GA Development Authority, (Series 2007-B), (Wells Fargo Bank, N.A. LOC), 0.200%, 8/7/2014	$2,000,000
4,230,000	Freeport, IL, (U.S. Bank, N.A. LOC), 0.150%, 8/7/2014	4,230,000
5,095,000	Gadsden, AL Airport Authority, (Series 2004), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	5,095,000
7,065,000	Guiding Light Church, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	7,065,000
18,270,000	Hamilton Station Park and Ride, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	18,270,000
9,915,000	J.R. Adventures Insurance Trust, (Wells Fargo Bank, N.A. LOC), 0.140%, 8/7/2014	9,915,000
2,260,000	Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance 2007B-1, (U.S. Bank, N.A. LOC), 0.130%, 8/6/2014	2,260,000
18,230,000	Kentucky Housing Corp., (2005 Series L), 0.060%, 8/6/2014	18,230,000
200,000	Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank, N.A. LOC), 0.100%, 8/7/2014	200,000
20,900,000	Madison Hotel Investors I LLC, (Series 2005 A), (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	20,900,000
25,000,000	Michigan Finance Authority, (Series 2010-B), (PNC Bank, N.A. LOC), 0.110%, 8/7/2014	25,000,000
1,950,000	Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 0.140%, 8/7/2014	1,950,000
9,719,000	New Hampshire Health and Education Facilities Authority, (Royal Bank of Canada, Montreal LOC), 0.110%, 8/7/2014	9,719,000
26,670,000	Osprey Properties Limited Partnership, LLP & Nighthawk Properties, LLC, (Series 2008), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	26,670,000
5,000,000	PCP Investors, LLC, (Series 2003), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	5,000,000
150,000,000	PNC Bank, N.A., 0.466%, 9/20/2014	150,000,000
3,280,000	Physicians Real Estate LLP, (Wells Fargo Bank, N.A. LOC), 0.140%, 8/6/2014	3,280,000
15,000,000	Saint Paul Minnesota Sales Tax Revenue, Revenue Bond—Rivercentre Arena PJ (Series 2009 A), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	15,000,000
18,965,000	Salem Green, LLP, Salem Green Apartments Project, (Series 2010), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	18,965,000
8,730,000	San Juan Regional Medical Center, Inc., (Series 2007-B), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	8,730,000
50,000,000	State Street Bank and Trust Co., 0.321%, 9/18/2014	50,000,000
11,750,000	Tack Capital Co., (Series 2001-A), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	11,750,000
1,310,000	University Church of Christ, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/1/2014	1,310,000
475,000	Vista Grande Villa, (Bank of America N.A. LOC), 0.420%, 8/7/2014	475,000

Annual Shareholder Report

Principal Amount			Value
		NOTES - VARIABLE—continued³
		Finance - Banking—continued
$15,930,000		Washington State EDFA, (Series 2005B), (Bank of America N.A. LOC), 0.110%, 8/6/2014	$15,930,000
50,000,000		Wells Fargo Bank, N.A., 0.321%, 9/20/2014	50,000,000
12,340,000		Woerner Holdings, Inc., (Series 2007), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	12,340,000
11,230,000		World Wildlife Fund, Inc., (U.S. Bank, N.A. LOC), 0.150%, 8/7/2014	11,230,000
2,280,000		Ypsilanti, MI, UT GO, (Comerica Bank LOC), 0.180%, 8/6/2014	2,280,000
		TOTAL	618,933,786
		Finance - Commercial—0.4%
50,000,000	^1,2	Fairway Finance Co. LLC, 0.195%, 8/4/2014	49,998,029
6,600,000	^1,2	M3 Realty, LLC, (Series 2007), (General Electric Capital Corp. LOC), 0.220%, 8/7/2014	6,600,000
		TOTAL	56,598,029
		Finance - Retail—0.1%
15,000,000		Barton Capital LLC, 0.185%, 8/26/2014	14,996,417
		Government Agency—0.2%
500,000		Augusta, GA Housing Authority, Westbury Creek Apartments Project (Series 2003 B), (FNMA LOC), 0.110%, 8/6/2014	500,000
615,000		California Statewide Communities Development Authority, Valley Palms Apartments Project Taxable (2002 Series C-T), (FNMA LOC), 0.090%, 8/7/2014	615,000
901,000		Indianapolis, IN Economic Development MFH Revenue Bond, Revenue Bond (Series B), (FHLB of Indianapolis LOC), 0.500%, 8/7/2014	901,000
22,000,000		Sunroad Centrum Apartments 23, LP, (Series 2012-A) Centrum Apartments Project, (FHLB of San Francisco LOC), 0.130%, 8/7/2014	22,000,000
200,000		Washington State Housing Finance Commission: MFH, Revenue Bonds, (FNMA LOC), 0.100%, 8/7/2014	200,000
		TOTAL	24,216,000
		TOTAL NOTES—VARIABLE	1,094,744,232
		TIME DEPOSIT—3.5%
		Finance - Banking—3.5%
500,000,000		Australia & New Zealand Banking Group, Melbourne, 0.050%, 8/1/2014	500,000,000
		OTHER REPURCHASE AGREEMENTS—12.9%
		Finance - Banking—12.9%
185,800,000		BNP Paribas Securities Corp., 0.162% - 0.436%, 8/1/2014, interest in a $425,000,000 collateralized loan agreement, dated 5/5/2014 - 7/31/2014, in which asset-backed securities, corporate bonds and municipal bonds with a market value of $433,612,840 have been received as collateral and held with BNY Mellon as tri-party agent.	185,800,000

Annual Shareholder Report

Principal Amount		Value
	OTHER REPURCHASE AGREEMENTS—continued
	Finance - Banking—continued
$330,000,000	Barclays Capital, Inc., 0.203% - 0.679%, 8/15/2014 - 1/21/2015, interest in a $1,150,000,000 collateralized loan agreement, dated 1/22/2014 - 6/25/2014, in which asset-backed securities, collateralized mortgage obligations, U.S. Government Agency securities and U.S. Treasury securities with a market value of $1,143,484,346 have been received as collateral and held with BNY Mellon as tri-party agent.	$330,000,000
413,200,000	Credit Suisse Securities (USA) LLC, 0.193% - 0.568%, 8/1/2014 - 8/19/2014, interest in a $1,215,000,000 collateralized loan agreement, dated 6/2/2014 - 7/31/2014, in which collateralized mortgage obligations, common stocks, convertible bonds, mutual funds and warrants with a market value of $1,240,019,104 have been received as collateral and held with JPMorgan Chase as tri-party agent.	413,200,000
24,500,000	HSBC Securities (USA), Inc., 0.264%, 8/1/2014, interest in a $180,000,000 collateralized loan agreement, dated 7/31/2014, in which corporate bonds with a market value of $183,603,473 have been received as collateral and held with BNY Mellon as tri-party agent.	24,500,000
232,500,000	J.P. Morgan Securities LLC, 0.314% - 0.324%, 9/11/2014 - 10/1/2014, interest in a $650,000,000 collateralized loan agreement, dated 6/13/2014 – 6/30/2014, in which asset-backed securities with a market value of $663,246,114 have been received as collateral and held with J.P. Morgan Chase Bank as tri-party agent.	232,500,000
388,500,000	Mitsubishi UFJ Securities (USA), Inc., 0.213% - 0.253%, 8/1/2014 - 8/25/2014, interest in a $1,050,000,000 collateralized loan agreement, dated 7/3/2014 - 7/29/2014, in which asset-backed securities, common stocks, corporate bonds, exchange-traded funds, medium term notes and municipal bonds with a market value of $1,071,121,199 have been received as collateral and held with BNY Mellon as tri-party agent.	388,500,000
273,500,000	Wells Fargo Securities, LLC, 0.456%, 10/10/2014 - 10/21/2014 interest in a $800,000,000 collateralized loan agreement, dated 7/16/2014 - 7/21/2014, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $816,150,451 have been received as collateral and held with BNY Mellon as tri-party agent.	273,500,000
	TOTAL OTHER REPURCHASE AGREEMENTS	1,848,000,000
	REPURCHASE AGREEMENTS—14.0%
406,818,000	Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	406,818,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$600,000,000	Interest in $2,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,005,000 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/15/2055 and the market value of those underlying securities was $2,041,755,937.	$600,000,000
1,000,000,000	Interest in $3,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,000,007,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent , were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/16/2052 and the market value of those underlying securities was $3,066,126,351.	1,000,000,000
	TOTAL REPURCHASE AGREEMENTS	2,006,818,000
	TOTAL INVESTMENTS—100.0% (AT AMORTIZED COST)⁵	14,361,736,058
	OTHER ASSETS AND LIABILITIES - NET—(0.0)%⁶	(3,939,890)
	TOTAL NET ASSETS—100%	$14,357,796,168

1	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 July 31, 2014, these restricted securities amounted to $2,118,132,086, which represented 14.8% of total net assets.
2	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 July 31, 2014, these liquid restricted securities amounted to $2,118,132,086, which represented 14.8% of total net assets.
3	Denotes a variable rate security with current rate and next reset date shown.
4	Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
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 July 31, 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.

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.001	0.002	0.002	0.002
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.001	0.002	0.002	0.002
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.001)	(0.002)	(0.002)	(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	(0.001)	(0.002)	(0.002)	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.03%	0.10%	0.18%	0.18%	0.19%
Ratios to Average Net Assets:
Net expenses	0.20%	0.20%	0.20%	0.20%	0.21%
Net investment income	0.03%	0.10%	0.18%	0.17%	0.20%
Expense waiver/reimbursement³	0.08%	0.08%	0.08%	0.08%	0.08%
Supplemental Data:
Net assets, end of period (000 omitted)	$10,709,538	$16,653,985	$19,275,552	$21,021,890	$17,271,503

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
Net realized gain (loss) on investments	(0.000)¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	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
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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.22%	0.30%	0.37%	0.37%	0.39%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement³	0.31%	0.24%	0.17%	0.16%	0.15%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,032,001	$1,058,246	$949,905	$969,180	$1,176,540

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.001	0.001	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	0.001	0.001	0.001
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(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	(0.001)	(0.001)	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.08%	0.08%	0.10%
Ratios to Average Net Assets:
Net expenses	0.22%	0.28%	0.30%	0.30%	0.31%
Net investment income	0.01%	0.02%	0.08%	0.07%	0.10%
Expense waiver/reimbursement³	0.17%	0.10%	0.08%	0.08%	0.08%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,616,257	$2,883,158	$2,655,471	$1,630,823	$1,142,742

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements and other repurchase agreements	$3,854,818,000
Investment in securities	10,506,918,058
Total investment in securities, at amortized cost and fair value		$14,361,736,058
Cash		4,004
Income receivable		2,628,305
Receivable for shares sold		520,064
TOTAL ASSETS		14,364,888,431
Liabilities:
Payable for investments purchased	3,849,065
Payable for shares redeemed	2,754,221
Income distribution payable	109,744
Payable for Directors'/Trustees' fees (Note 5)	2,732
Payable for other service fees (Notes 2 and 5)	130,736
Accrued expenses (Note 5)	245,765
TOTAL LIABILITIES		7,092,263
Net assets for 14,357,769,228 shares outstanding		$14,357,796,168
Net Assets Consist of:
Paid-in capital		$14,357,749,471
Accumulated net realized gain on investments		46,458
Undistributed net investment income		239
TOTAL NET ASSETS		$14,357,796,168
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$10,709,538,360 ÷ 10,709,518,653 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$1,032,001,145 ÷ 1,032,001,340 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$2,616,256,663 ÷ 2,616,249,235 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$40,496,657
Expenses:
Investment adviser fee (Note 5)		$35,023,364
Administrative fee (Note 5)		13,679,192
Custodian fees		676,972
Transfer agent fee		132,393
Directors'/Trustees' fees (Note 5)		117,124
Auditing fees		21,000
Legal fees		26,058
Portfolio accounting fees		191,144
Other service fees (Notes 2 and 5)		5,561,919
Share registration costs		105,826
Printing and postage		83,311
Miscellaneous (Note 5)		163,850
TOTAL EXPENSES		55,782,153
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(14,338,798)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(4,932,344)
TOTAL WAIVERS AND REIMBURSEMENT		(19,271,142)
Net expenses			36,511,011
Net investment income			3,985,646
Net realized gain on investments			54,043
Change in net assets resulting from operations			$4,039,689

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$3,985,646	$21,453,116
Net realized gain on investments	54,043	124,768
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	4,039,689	21,577,884
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(3,575,889)	(20,614,444)
Service Shares	(109,623)	(112,532)
Capital Shares	(283,361)	(746,437)
Distributions from net realized gain on investments
Institutional Shares	(79,868)	(31,773)
Service Shares	(5,770)	(1,761)
Capital Shares	(15,007)	(4,730)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(4,069,518)	(21,511,677)
Share Transactions:
Proceeds from sale of shares	55,575,396,867	80,066,755,072
Proceeds from shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Money Market Fund	—	1,481,474,738
Net asset value of shares issued to shareholders in payment of distributions declared	2,476,179	13,526,013
Cost of shares redeemed	(61,815,436,428)	(83,847,360,137)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(6,237,563,382)	(2,285,604,314)
Change in net assets	(6,237,593,211)	(2,285,538,107)
Net Assets:
Beginning of period	20,595,389,379	22,880,927,486
End of period (including undistributed (distributions in excess of) net investment income of $239 and $(16,534), respectively)	$14,357,796,168	$20,595,389,379

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Prime Cash Obligations Fund (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 Capital 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 consistent with stability of principal and liquidity.

On September 7, 2012, the Fund acquired all of the net assets of Fifth Third Institutional Money Market Fund (the “Acquired Fund”), an open-end investment company in a tax-free reorganization in exchange for shares of the Fund, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders on September 5, 2012. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund's realized gains and losses with amounts distributable to shareholders for tax purposes.

Net investment income*	$21,542,002
Net realized gain on investments	$217,490
Net increase in net assets resulting from operations	$21,759,492

*	Net investment income includes $2,276 of pro forma eliminated expenses.

For every one share of Fifth Third Institutional Money Market Fund, Institutional Shares exchanged, a shareholder received one share of the Fund's Institutional Shares.

For every one share of Fifth Third Institutional Money Market Fund, Select Shares exchanged, a shareholder received one share of the Fund's Institutional Shares.

For every one share of Fifth Third Institutional Money Market Fund, Preferred Shares exchanged, a shareholder received one share of the Fund's Capital Shares.

For every one share of Fifth Third Institutional Money Market Fund, Trust Shares exchanged, a shareholder received one share of the Fund's Service Shares.

Annual Shareholder Report

The Fund received net assets from Fifth Third Institutional Money Market Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Fifth Third Institutional Money Market Fund Net Assets Received	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
1,481,474,738	$1,481,474,738	$24,497,002,035	$25,978,476,773

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

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 Capital Shares may bear other service fees unique to those classes.

Annual Shareholder Report

Other Service Fees

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$2,729,084	$(401,588)	$(2,151,778)
Capital Shares	2,832,835	(565,564)	(1,813,414)
TOTAL	$5,561,919	$(967,152)	$(3,965,192)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

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:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	47,225,655,540	$47,225,655,540	70,295,580,560	$70,295,580,560
Shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Money Market Fund	—	—	1,217,329,503	1,217,329,503
Shares issued to shareholders in payment of distributions declared	2,354,195	2,354,195	13,235,646	13,235,646
Shares redeemed	(53,172,429,735)	(53,172,429,735)	(74,147,765,044)	(74,147,765,044)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(5,944,420,000)	$(5,944,420,000)	(2,621,619,335)	$(2,621,619,335)

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	2,855,711,757	$2,855,711,757	3,362,263,457	$3,362,263,457
Shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Money Market Fund	—	—	207,863,892	207,863,892
Shares issued to shareholders in payment of distributions declared	51,710	51,710	57,883	57,883
Shares redeemed	(2,882,008,147)	(2,882,008,147)	(3,461,847,499)	(3,461,847,499)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(26,244,680)	$(26,244,680)	108,337,733	$108,337,733

Annual Shareholder Report

Year Ended July 31	2014		2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	5,494,029,570	$5,494,029,570	6,408,911,055	$6,408,911,055
Shares issued in connection with the tax-free transfer of assets from Fifth Third Institutional Money Market Fund	—	—	56,281,343	56,281,343
Shares issued to shareholders in payment of distributions declared	70,274	70,274	232,484	232,484
Shares redeemed	(5,760,998,546)	(5,760,998,546)	(6,237,747,594)	(6,237,747,594)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(266,898,702)	$(266,898,702)	227,677,288	$227,677,288
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(6,237,563,382)	$(6,237,563,382)	(2,285,604,314)	$(2,285,604,314)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$4,069,518	$21,511,677

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$46,697

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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

Other Service Fees

For the year ended July 31, 2014, FSSC reimbursed $967,152 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.30% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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 year ended July 31, 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 $93,743,073 and $488,866,000, respectively.

Annual Shareholder Report

General

6. CONCENTRATION OF RISK

7. LINE OF CREDIT

8. INTERFUND LENDING

9. REGULATORY MATTERS

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

10. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended July 31, 2014, 92.7% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs Creation Act of 2004.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE SHAREHOLDERS of federated prime cash obligations fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Prime Cash Obligations Fund (the “Fund”), a portfolio of the Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Prime Cash Obligations Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.10	$0.99
Service Shares	$1,000	$1,000.00	$1.09²
Capital Shares	$1,000	$1,000.00	$1.09³
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.80	$1.00
Service Shares	$1,000	$1,023.70	$1.10²
Capital Shares	$1,000	$1,023.70	$1.10³

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	0.20%
Service Shares	0.22%
Capital Shares	0.22%

Actual and Hypothetical expenses paid during the period, utilizing the Fund's Service Shares current Fee Limit of 0.45% (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 $2.23 and $2.26, respectively.

Actual and Hypothetical expenses paid during the period, utilizing the Fund's Capital Shares current Fee Limit of 0.30% (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 $1.49 and $1.51, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2013, the Trust comprised 36 portfolio(s), and the Federated Fund Family consisted of 42 investment companies (comprising 135 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Fund Family and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since November 1996. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Paige M. Wilhelm Birth Date: May 28, 1962 Vice President Officer since: August 2006 Portfolio Manager since: April 1997	Principal Occupations: Paige M. Wilhelm has been the Fund's Portfolio Manager since April 1997. She is Vice President of the Trust with respect to the Fund. Ms. Wilhelm joined Federated in 1985 and has been a Senior Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Prime Cash Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Prime Cash Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N625
CUSIP 60934N617
CUSIP 60934N591

Q450519 (9/14)

Federated is a registered trademark of Federated Investors, Inc.
2014 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Bank Instruments	40.8%
Commercial Paper and Notes	25.9%
Variable Rate Instruments	8.9%
Other Repurchase Agreements and Repurchase Agreements	24.4%
Other Assets and Liabilities—Net^2,3	0.0%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity⁴ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	39.6%⁵
8-30 Days	14.4%
31-90 Days	38.0%
91-180 Days	4.4%
181 Days or more	3.6%
Other Assets and Liabilities—Net^2,3	0.0%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper and Notes includes asset-backed securities, bank note, commercial paper, corporate bonds and corporate notes, with interest rates that are fixed or that reset periodically.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Represents less than 0.1%.
4	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.
5	Overnight securities comprised 23.1% of the Fund's portfolio.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		ASSET-BACKED SECURITIES—0.1%
		Finance - Automotive—0.1%
$21,103,860	^1,2,3	Enterprise Fleet Financing LLC 2014-1, Class A1, 0.250%, 8/15/2014	$21,103,860
		Finance - Equipment—0.0%
20,260,608	^1,2	CIT Equipment Collateral 2013-VT1, Class A1, 0.300%, 11/20/2014	20,260,608
		TOTAL ASSET-BACKED SECURITIES	41,364,468
		BANK NOTE—1.5%
		Finance - Banking—1.5%
480,000,000		Bank of America N.A., 0.210%, 10/10/2014	480,000,000
		CERTIFICATES OF DEPOSIT—34.0%
		Finance - Banking—34.0%
1,300,000,000		BNP Paribas SA, 0.230%, 10/3/2014–10/7/2014	1,300,000,000
200,000,000	³	Bank of Montreal, 0.224%, 8/18/2014	200,000,000
300,000,000	³	Bank of Montreal, 0.225%, 8/29/2014	300,000,000
50,000,000	³	Bank of Montreal, 0.229%, 8/20/2014	50,000,000
250,000,000	³	Bank of Montreal, 0.233%, 8/11/2014	250,000,000
150,000,000	³	Bank of Montreal, 0.233%, 8/11/2014	150,000,000
40,000,000	³	Bank of Montreal, 0.234%, 10/14/2014	40,000,651
100,000,000	³	Bank of Montreal, 0.235%, 8/18/2014	100,000,000
536,000,000		Bank of Nova Scotia, Toronto, 0.240%, 10/20/2014	536,000,000
1,108,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd., 0.200%–0.210%, 9/22/2014–10/6/2014	1,108,000,000
300,000,000	³	Canadian Imperial Bank of Commerce, 0.315%, 8/26/2014	300,000,000
125,000,000		Chase Bank USA, N.A., 0.300%, 5/15/2015	125,000,000
352,500,000		Credit Agricole Corporate and Investment Bank, 0.210%–0.220%, 8/18/2014–8/21/2014	352,500,000
125,000,000		Credit Suisse, Zurich, 0.210%, 10/6/2014	125,000,000
95,000,000		DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.200%, 8/8/2014	95,000,000
100,000,000	³	Deutsche Bank AG, 0.303%, 10/23/2014	100,000,000
499,500,000	³	Deutsche Bank AG, 0.470%, 8/1/2014	499,500,000
453,000,000	³	JPMorgan Chase Bank, N.A., 0.416%, 8/21/2014	453,000,000
1,248,500,000		Mizuho Bank Ltd., 0.200%, 8/15/2014–9/12/2014	1,248,499,033
90,000,000	³	Royal Bank of Canada, Montreal, 0.232%, 8/12/2014	90,000,000
542,000,000	³	Royal Bank of Canada, Montreal, 0.234%, 8/27/2014	542,000,000
150,000,000	³	Royal Bank of Canada, Montreal, 0.235%, 8/18/2014	150,000,000
25,000,000	³	Royal Bank of Canada, Montreal, 0.322%, 10/6/2014	25,000,000

Annual Shareholder Report

Principal Amount			Value
		CERTIFICATES OF DEPOSIT—continued
		Finance - Banking—continued
$1,811,000,000		Sumitomo Mitsui Banking Corp., 0.220%, 9/19/2014–10/14/2014	$1,811,000,000
250,000,000	³	Toronto Dominion Bank, 0.214%, 8/22/2014	250,000,000
194,500,000	³	Toronto Dominion Bank, 0.215%, 8/18/2014	194,500,000
150,000,000	³	Toronto Dominion Bank, 0.223%, 8/6/2014	150,000,000
484,600,000	³	Toronto Dominion Bank, 0.234%, 10/15/2014	484,600,000
40,000,000	³	Wells Fargo Bank, N.A., 0.232%, 9/16/2014	40,000,000
		TOTAL CERTIFICATES OF DEPOSIT	11,069,599,684
		COMMERCIAL PAPER—23.1%⁴
		Aerospace/Auto—0.3%
85,000,000	³	Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.205%, 8/26/2014	85,000,000
		Finance—Banking - 15.7%
430,000,000		Barclays US Funding Corp., 0.210%, 8/19/2014–8/25/2014	429,941,550
440,000,000	^1,2	Bedford Row Funding Corp., (GTD by Royal Bank of Canada, Montreal), 0.190%—0.331%, 8/5/2014–6/5/2015	439,516,856
465,000,000		HSBC USA, Inc., 0.225%–0.240%, 9/3/2014–12/1/2014	464,788,333
1,592,840,000		ING (U.S.) Funding LLC, 0.200%–0.220%, 8/1/2014–11/5/2014	1,592,268,343
541,000,000	^1,2	JPMorgan Securities LLC, 0.230%–0.331%, 10/24/2014–2/27/2015	540,132,117
611,100,000	^1,2	LMA-Americas LLC, 0.210%–0.240%, 8/5/2014–10/22/2014	610,948,422
1,000,000,000		Lloyds Bank PLC, London, 0.100%, 8/5/2014	999,988,889
50,000,000	^1,2	Matchpoint Master Trust, 0.210%–0.220%, 8/19/2014–8/25/2014	49,993,708
		TOTAL	5,127,578,218
		Finance - Commercial—2.6%
361,800,000	^1,2	Alpine Securitization Corp., 0.210%–0.230%, 9/8/2014–10/15/2014	361,669,678
400,850,000	^1,2	Atlantic Asset Securitization LLC, 0.210%–0.240%, 8/15/2014–10/14/2014	400,727,324
100,000,000	^1,2	CIESCO, LLC, 0.220%, 11/3/2014–11/5/2014	99,941,945
		TOTAL	862,338,947
		Finance - Retail—4.5%
170,000,000	^1,2	Barton Capital LLC, 0.200%, 8/15/2014–9/3/2014	169,976,500
540,000,000	^1,2	Chariot Funding LLC, 0.210%–0.301%, 9/4/2014–4/24/2015	539,445,768
607,500,000	^1,2	Jupiter Securitization Co. LLC, 0.271%–0.301%, 9/5/2014–3/26/2015	606,905,521
135,000,000	^1,2	Starbird Funding Corp., 0.210%–0.240%, 8/25/2014–9/22/2014	134,971,089
		TOTAL	1,451,298,878
		TOTAL COMMERCIAL PAPER	7,526,216,043
		CORPORATE BONDS—1.0%
		Finance - Banking—0.3%
500,000		Bank of New York Mellon Corp., 1.077%, 11/24/2014	501,348

Annual Shareholder Report

Principal Amount			Value
		CORPORATE BONDS—continued
		Finance - Banking—continued
$52,135,000		Wells Fargo & Co., 1.250%, 2/13/2015	$52,398,944
10,000,000		Wells Fargo & Co., 3.750%, 10/1/2014	10,058,301
17,074,000		Wells Fargo Bank, N.A., 4.750%, 2/9/2015	17,465,818
		TOTAL	80,424,411
		Finance - Commercial—0.6%
7,204,000	³	General Electric Capital Corp., 1.000%, 8/11/2014	7,260,973
635,000		General Electric Capital Corp., 1.625%, 7/2/2015	642,443
16,770,000		General Electric Capital Corp., 2.150%, 1/9/2015	16,905,578
1,000,000		General Electric Capital Corp., 3.500%, 6/29/2015	1,028,652
35,442,000		General Electric Capital Corp., 3.750%, 11/14/2014	35,791,151
131,081,000		General Electric Capital Corp., 4.750%, 9/15/2014	131,786,826
		TOTAL	193,415,623
		Insurance—0.1%
45,996,000	^1,2	Metropolitan Life Global Funding I, 2.000%, 1/9/2015	46,336,382
		TOTAL CORPORATE BONDS	320,176,416
		CORPORATE NOTES—0.2%
		Insurance—0.2%
68,078,000	^1,2	Metropolitan Life Global Funding I, 1.700%, 6/29/2015	68,919,277
750,000	^1,2	New York Life Global Funding, 0.750%, 7/24/2015	752,922
		TOTAL CORPORATE NOTES	69,672,199
		NOTES - VARIABLE—8.9%³
		Aerospace/Auto—1.2%
75,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.231%, 9/10/2014	75,000,000
298,000,000		Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 0.233%, 10/8/2014	298,000,000
9,500,000		Toyota Motor Credit Corp., Sr. Unsecured, (Toyota Motor Corp. SA), 0.334%, 10/15/2014	9,504,633
1,250,000		Toyota Motor Credit Corp., Sr. Unsecured, (Toyota Motor Corp. SA), 0.397%, 8/21/2014	1,250,690
3,873,000		Toyota Motor Credit Corp., Sr. Unsecured, (Toyota Motor Corp. SA), 0.397%, 9/5/2014	3,875,379
		TOTAL	387,630,702
		Diversified—0.0%
815,000	^1,2	Alabama State IDA, General Electric Project, (General Electric Co. LOC), 0.600%, 8/7/2014	815,000
		Finance - Banking—6.6%
565,000		Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. LOC), 0.150%, 8/7/2014	565,000

Annual Shareholder Report

Principal Amount			Value
		NOTES - VARIABLE—continued³
		Finance - Banking—continued
$100,000,000	^1,2	Bedford Row Funding Corp., (GTD by Royal Bank of Canada, Montreal), 0.227%, 8/21/2014	$100,000,000
4,885,000		Capital Markets Access Co. LC, (Series 2008) Sunshine Professional Suites, LLC Project, (Wells Fargo Bank, N.A. LOC), 0.140%, 8/7/2014	4,885,000
7,310,000		Capital Markets Access Co. LC, (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	7,310,000
3,425,000		Church at Brook Hills, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/1/2014	3,425,000
17,705,000		Dynetics, Inc., (Series 2010-A), (Branch Banking & Trust Co. LOC), 0.140%, 8/7/2014	17,705,000
66,605,000		Fiore Capital LLC, (Series 2005-A), (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	66,605,000
33,900,000		Greene County Development Authority, Reynolds Lodge, LLC (Series 2000 A), (U.S. Bank, N.A. LOC), 0.130%, 8/6/2014	33,900,000
3,000,000		Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 0.140%, 8/7/2014	3,000,000
7,550,000		Gulf Gate Apartments LLC, (Series 2003), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	7,550,000
1,170,000		Hamilton Station Park and Ride, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	1,170,000
4,620,000		Hillsborough County, FL HFA, (Series 2006: Brandywine Apartments), (Citibank NA, New York LOC), 0.090%, 8/6/2014	4,620,000
25,000,000		JPMorgan Chase Bank, N.A., 0.384%, 10/20/2014	25,004,222
11,075,000		Johnson City, TN Health & Education Facilities Board, (Series 2013-B) (Mountain State Health Alliance), (U.S. Bank, N.A. LOC), 0.120%, 8/6/2014	11,075,000
2,265,000		Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance 2007B-1, (U.S. Bank, N.A. LOC), 0.130%, 8/6/2014	2,265,000
15,425,000		Kentucky Housing Corp., (2006 Series C), 0.060%, 8/6/2014	15,425,000
1,205,000		Kings Creek Country Club, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2014	1,205,000
740,000		L.H. Kroh, Inc., (Series 1998), (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2014	740,000
22,735,000		Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 0.150%, 8/6/2014	22,735,000
30,000,000		Maine State Housing Authority, (2013 Series G) Federally Taxable, 0.120%, 8/7/2014	30,000,000
1,750,000		Massachusetts State Development Finance Agency, (Series 2001-B) Whaler's Cove Project, (U.S. Bank, N.A. LOC), 0.240%, 8/7/2014	1,750,000
25,000,000		Michigan Finance Authority, (Series 2010-A), (Bank of America N.A. LOC), 0.110%, 8/7/2014	25,000,000
44,000,000		Michigan Finance Authority, (Series 2010-C), (Bank of Montreal LOC), 0.120%, 8/7/2014	44,000,000
10,000,000		Mississippi Business Finance Corp., Kohler Project, (Wells Fargo Bank, N.A. LOC), 0.240%, 8/7/2014	10,000,000

Annual Shareholder Report

Principal Amount			Value
		NOTES - VARIABLE—continued³
		Finance - Banking—continued
$6,479,000		New Hampshire HEFA, (Royal Bank of Canada, Montreal LOC), 0.110%, 8/7/2014	$6,479,000
5,485,000		New York State HFA, Revenue Bonds (Series 2011B), (Wells Fargo Bank, N.A. LOC), 0.100%, 8/6/2014	5,485,000
8,650,000		North Oaks Partnership, (Series 1998), (Bank of America N.A. LOC), 0.160%, 8/7/2014	8,650,000
61,800,000		Novant Health, Inc., (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/6/2014	61,800,000
300,000,000		PNC Bank, N.A., 0.466%, 9/20/2014	300,000,000
4,655,000		Palm Desert Financing Authority, Emergency Independence Program (Series 2009), (Wells Fargo Bank, N.A. LOC), 0.200%, 8/7/2014	4,655,000
7,645,000		Public Building Corp. Springfield, MO, Jordan Valley Ice Park, (Series 2003), (U.S. Bank, N.A. LOC), 0.250%, 8/7/2014	7,645,000
15,210,000		Reading, PA, (Series 2008-D), (PNC Bank, N.A. LOC), 0.150%, 8/7/2014	15,210,000
5,775,000		Roman Catholic Bishop of San Jose, CA, (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	5,775,000
150,000,000		Royal Bank of Canada, Montreal, 0.462%, 10/6/2014	150,151,041
14,345,000		Sabri Arac, The Quarry Lane School (Series 2005), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	14,345,000
29,200,000		Salvation Army, (Series 2004-A), (Bank of New York Mellon LOC), 0.120%, 8/7/2014	29,200,000
9,965,000		Spira Millennium LLC, (Series 2001), (Bank of America N.A. LOC), 0.810%, 8/7/2014	9,965,000
390,000		St. Paul, MN Port Authority, National Checking Co. Project (Series 1998-B), (U.S. Bank, N.A. LOC), 0.300%, 8/7/2014	390,000
350,000,000		State Street Bank and Trust Co., 0.321%, 9/18/2014	350,000,000
8,250,000		TMF Biofuels LLC, (Series 2012), (Rabobank Nederland NV, Utrecht LOC), 0.160%, 8/7/2014	8,250,000
7,765,000		The Larry L. Henry 2013 Family Trust, (Series 2013), (Wells Fargo Bank, N.A. LOC), 0.140%, 8/1/2014	7,765,000
14,000,000		Toronto Dominion Bank, Sr. Unsecured, MTN, 0.403%, 8/7/2014	14,019,555
10,000,000		University of Illinois, (Series 2014C), (Northern Trust Corp. LOC), 0.100%, 8/7/2014	10,000,000
469,000,000		Wells Fargo Bank, N.A., 0.321%, 9/20/2014	469,000,000
203,000,000		Wells Fargo Bank, N.A., 0.370%, 9/22/2014	203,000,000
8,770,000		World Wildlife Fund, Inc., (U.S. Bank, N.A. LOC), 0.150%, 8/7/2014	8,770,000
7,295,000		Yeshivas Novominsk, (Series 2008), (TD Bank, N.A. LOC), 0.130%, 8/7/2014	7,295,000
		TOTAL	2,137,783,818
		Finance - Commercial—0.1%
30,000,000	^1,2	Fairway Finance Co. LLC, 0.182%, 7/11/2014	29,999,510

Annual Shareholder Report

Principal Amount			Value
		NOTES - VARIABLE—continued³
		Finance - Commercial—continued
$10,890,000	^1,2	The Anderson's, Inc., Series 2008, (General Electric Capital Corp. LOC), 0.150%, 8/7/2014	$10,890,000
		TOTAL	40,889,510
		Finance - Retail—0.3%
20,000,000		Barton Capital LLC, 0.185%, 8/26/2014	19,995,223
80,000,000	^1,2	Barton Capital LLC, 0.213%, 8/8/2014	80,000,000
		TOTAL	99,995,223
		Government Agency—0.6%
12,000,000		Aquarium Parking Deck, LLC, (Series 2005), (FHLB of Atlanta LOC), 0.080%, 8/6/2014	12,000,000
22,760,000		COG Leasing Co. LLP, (Series 2007), (FHLB of Des Moines LOC), 0.130%, 8/7/2014	22,760,000
35,380,000		Capital Trust Agency, FL, (FNMA LOC), 0.120%, 8/7/2014	35,380,000
7,590,000		Frogtown LLC, (Series 2004), (FHLB of Cincinnati LOC), 0.300%, 8/7/2014	7,590,000
2,755,000		Grand Pointe II Ltd. Partnership, (Series 1999) Globe Apartments, (FHLB of Indianapolis LOC), 0.420%, 8/7/2014	2,755,000
8,290,000		Helmholdt Capital, LLC, (Series 2007-A), (FHLB of San Francisco LOC), 0.200%, 8/7/2014	8,290,000
11,000,000		KDF Pioneer LP, (Series 2013-A), (FHLB of San Francisco LOC), 0.130%, 8/1/2014	11,000,000
6,200,000		Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 0.130%, 8/7/2014	6,200,000
15,000,000		OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 0.130%, 8/1/2014	15,000,000
8,000,000		Oakmont of Whittier LLC, (Series 2014-A), (FHLB of San Francisco LOC), 0.130%, 8/1/2014	8,000,000
7,500,000		Premier Mushrooms, Inc., (Series 2012), (CoBank, ACB LOC), 0.140%, 8/7/2014	7,500,000
6,040,000		St. Louis County, MO IDA, Barat Academy Project (Series 2012), (FHLB of Chicago LOC), 0.130%, 8/7/2014	6,040,000
9,570,000		Tack Capital Co., (FHLB of New York LOC), 0.150%, 8/1/2014	9,570,000
56,000,000		Varenna LLC, Varenna at Fountain Grove Project (Series 2011-A), (FHLB of San Francisco LOC), 0.130%, 8/1/2014	56,000,000
		TOTAL	208,085,000
		University—0.1%
17,000,000		University of California (The Regents of), (Series 2011 Z-1), 0.080%, 8/7/2014	17,000,000
17,000,000		University of California (The Regents of), (Series 2011 Z-2), 0.080%, 8/7/2014	17,000,000
		TOTAL	34,000,000
		TOTAL NOTES – VARIABLE	2,909,199,253

Annual Shareholder Report

Principal Amount		Value
	TIME DEPOSITS—6.8%
	Finance - Banking—6.8%
$500,000,000	DNB Bank ASA, 0.050%, 8/1/2014	$500,000,000
750,000,000	DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.060%, 8/1/2014	750,000,000
960,000,000	Svenska Handelsbanken, Stockholm, 0.050% - 0.060%, 8/1/2014	960,000,000
	TOTAL TIME DEPOSITS	2,210,000,000
	OTHER REPURCHASE AGREEMENTS—11.6%
	Finance - Banking—11.6%
55,000,000	BMO Capital Markets Corp., 0.162%, 8/1/2014, interest in a $55,000,000 collateralized loan agreement, dated 7/31/2014, in which corporate bonds and medium term notes with a market value of $56,100,249 have been received as collateral and held with BNY Mellon as tri-party agent.	55,000,000
261,000,000	BNP Paribas Securities Corp., 0.162% - 0.436%, 8/1/2014–10/02/2014, interest in a $575,000,000 collateralized loan agreement, dated 5/5/2014–7/31/2014, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and municipal bonds with a market value of $586,677,498 have been received as collateral and held with BNY Mellon as tri-party agent.	261,000,000
700,000,000	Barclays Capital, Inc., 0.152%–0.679%, 8/15/2014–1/21/2015, interest in a $1,275,000,000 collateralized loan agreement, dated 1/22/2014–7/28/2014, in which a asset-backed securities, collateralized mortgage obligations, U.S. Government Agency securities and a U.S. Treasury security with a market value of $1,302,054,199 have been received as collateral and held with BNY Mellon as tri-party agent.	700,000,000
1,174,000,000	Credit Suisse Securities (USA) LLC, 0.193%–0.639%, 8/1/2014–8/29/2014, interest in a $1,700,000,000 collateralized loan agreement, dated 6/2/2014–7/31/2014, in which collateralized mortgage obligations, common stocks, convertible bonds, mutual funds and warrants with a market value of $1,734,966,200 have been received as collateral and held with JPMorgan Chase as tri-party agent.	1,174,000,000
185,000,000	HSBC Securities (USA), Inc., 0.162%–0.264%, 8/1/2014, interest in a $245,000,000 collateralized loan agreement, dated 7/31/2014, in which corporate bonds, U.S. Government Agency securities and a U.S Treasury security with a market value of $249,907,905 have been received as collateral and held with BNY Mellon as tri-party agent.	185,000,000
230,000,000	J.P. Morgan Securities LLC, 0.314%–0.324%, 9/11/2014–10/1/2014, interest in a $650,000,000 collateralized loan agreement, dated 6/13/2014–6/30/2014, in which asset-backed securities with a market value of $663,246,114 have been received as collateral and held with JPMorgan Chase as tri-party agent.	230,000,000

Annual Shareholder Report

Principal Amount		Value
	OTHER REPURCHASE AGREEMENTS—continued
	Finance - Banking—continued
$552,000,000	Mitsubishi UFJ Securities (USA), Inc., 0.213%–0.253%, 8/1/2014–8/26/2014, interest in a $1,000,000,000 collateralized loan agreement, dated 7/3/2014–7/30/2014, in which asset-backed securities, common stocks, corporate bonds, exchange-traded funds, medium term notes, municipal bonds and mutual funds with a market value of $102,100,303 have been received as collateral and held with BNY Mellon as tri-party agent.	$552,000,000
600,000,000	Wells Fargo Securities, LLC, 0.456%, 10/10/2014–10/27/2014, interest in a $750,000,000 collateralized loan agreement, dated 7/16/2014–7/28/2014, in which asset-backed securities and collateralized mortgage obligations with a market value of $765,102,001 have been received as collateral and held with BNY Mellon as tri-party agent.	600,000,000
	TOTAL OTHER REPURCHASE AGREEMENTS	3,757,000,000
	REPURCHASE AGREEMENTS—12.8%
	Finance - Banking—12.8%
559,889,000	Interest in $895,000,000 joint repurchase agreement 0.08%, dated 7/31/2014 under which Bank of America, N.A. will repurchase securities provided as collateral for $895,001,989 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/25/2041 and the market value of those underlying securities was $921,036,179.	559,889,000
200,000,000	Repurchase agreement 0.08%, dated 7/31/2014 under which Barclays Capital, Inc. will repurchase a security provided as collateral for $200,000,444 on 8/1/2014. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 8/15/2043 and the market value of that underlying security was $204,000,494.	200,000,000
523,807,000	Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	523,807,000
346,630,000	Interest in $2,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Natixis Financial Products LLC. will repurchase securities provided as collateral for $2,000,005,000 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/15/2055 and the market value of those underlying securities was $2,041,755,937.	346,630,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
	Finance - Banking—continued
$1,100,000,000	Interest in $2,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2012 under which Societe Generale, New York will repurchase securities provided as collateral for $2,000,004,444 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/15/2052 and the market value of those underlying securities was $2,047,554,995.	$1,100,000,000
1,210,000,000	Interest in $3,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,000,007,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/16/2052 and the market value of those underlying securities was $3,066,126,351.	1,210,000,000
228,400,000	Repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $228,400,571 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security and U.S. Government Agency securities with various maturities to 3/8/2017 and the market value of those underlying securities was $232,968,591.	228,400,000
	TOTAL REPURCHASE AGREEMENTS	4,168,726,000
	TOTAL INVESTMENTS—100.0% (AT AMORTIZED COST)⁵	32,551,954,063
	OTHER ASSETS AND LIABILITIES - NET—0.0%⁶	(9,362,492)
	TOTAL NET ASSETS—100%	$32,542,591,571

1	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 July 31, 2014, these restricted securities amounted to $4,333,306,487, which represented 13.3% of total net assets.
2	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 July 31, 2014, these liquid restricted securities amounted to $4,333,306,487, which represented 13.3% of total net assets.
3	Denotes a variable rate security with current rate and next reset date shown.
4	Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
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 July 31, 2014.

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 July 31, 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:

FHLB	—Federal Home Loan Bank
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
LOC	—Letter of Credit

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout the Period)

Period Ended July 31	2014¹
Net Asset Value, Beginning of Period	$1.00
Income From Investment Operations:
Net investment income (loss)	(0.000)²
Net realized gain on investments	0.000²
TOTAL FROM INVESTMENT OPERATIONS	0.000²
Less Distributions:
Distributions from net investment income	(0.000)²
Net Asset Value, End of Period	$1.00
Total Return³	0.00%
Ratios to Average Net Assets:
Net expenses	0.23%⁴
Net investment income (loss)	(0.00)%^4,5
Expense waiver/reimbursement⁶	0.42%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$24,189

1	Reflects operations for the period from June 12, 2014 (date of initial investment) to July 31, 2014.
2	Represents less than $0.001.
3	Based on net asset value. Total returns for periods of less than one year are not annualized.
4	Computed on an annualized basis.
5	Represents less than 0.01%.
6	This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.001	0.002	0.002	0.002
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.001	0.002	0.002	0.002
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.001)	(0.002)	(0.002)	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.02%	0.10%	0.17%	0.16%	0.17%
Ratios to Average Net Assets:
Net expenses	0.20%	0.20%	0.20%	0.20%	0.21%
Net investment income	0.02%	0.10%	0.17%	0.16%	0.18%
Expense waiver/reimbursement³	0.08%	0.08%	0.08%	0.08%	0.08%
Supplemental Data:
Net assets, end of period (000 omitted)	$26,947,649	$36,127,647	$42,697,762	$39,900,328	$38,408,721

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.22%	0.29%	0.36%	0.36%	0.37%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.31%	0.24%	0.17%	0.17%	0.17%
Supplemental Data:
Net assets, end of period (000 omitted)	$3,336,274	$3,059,336	$3,285,564	$4,009,732	$5,040,046

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended July 31,		Period Ended 7/31/2012¹
	2014	2013	Period Ended 7/31/2012¹
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000³	0.001²	0.000³
Net realized gain (loss) on investments	0.000³	(0.000)³	0.000³
TOTAL FROM INVESTMENT OPERATIONS	0.000³	0.001	0.000³
Less Distributions:
Distributions from net investment income	(0.000)³	(0.001)	(0.000)³
Net Asset Value, End of Period	$1.00	$1.00	$1.00
Total Return⁴	0.01%	0.06%	0.01%
Ratios to Average Net Assets:
Net expenses	0.22%	0.25%	0.25⁵
Net investment income	0.01%	0.05%	0.12⁵
Expense waiver/reimbursement⁶	0.12%	0.09%	0.28⁵
Supplemental Data:
Net assets, end of period (000 omitted)	$816,589	$1,234,586	$0⁷

1	Reflects operations for the period from June 25, 2012 (date of initial investment) to July 31, 2012.
2	Per share number has been calculated using the average shares method
3	Represents less than $0.001.
4	Based on net asset value.
5	Computed on an annualized basis.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.
7	Represents less than $1,000.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.22%	0.29%	0.36%	0.35%	0.37%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.57%	0.49%	0.42%	0.43%	0.42%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,417,891	$2,761,275	$2,556,504	$2,818,977	$612,569

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in other repurchase agreements and repurchase agreements	$7,925,726,000
Investment in securities	24,626,228,063
Total investment in securities, at amortized cost and fair value		$32,551,954,063
Cash		1,190
Income receivable		9,305,326
Receivable for shares sold		1,940,123
TOTAL ASSETS		32,563,200,702
Liabilities:
Payable for shares redeemed	19,691,640
Income distribution payable	296,467
Payable for Directors'/Trustees' fees (Note 5)	9,477
Payable for distribution services fee (Note 5)	14,989
Payable for other service fees (Notes 2 and 5)	177,340
Accrued expenses (Note 5)	419,218
TOTAL LIABILITIES		20,609,131
Net assets for 32,525,947,220 shares outstanding		$32,542,591,571
Net Assets Consist of:
Paid-in capital		$32,552,557,133
Accumulated net realized loss on investments		(10,108,359)
Undistributed net investment income		142,797
TOTAL NET ASSETS		$32,542,591,571
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Automated Shares:
$24,188,712 ÷ 24,196,227 shares outstanding, no par value, unlimited shares authorized		$1.00
Institutional Shares:
$26,947,649,045 ÷ 26,931,337,828 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$3,336,273,724 ÷ 3,335,268,867 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$816,588,871 ÷ 816,820,380 shares outstanding, no par value, unlimited shares authorized		$1.00
Trust Shares:
$1,417,891,219 ÷ 1,418,323,918 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$93,352,789
Expenses:
Investment adviser fee (Note 5)		$81,452,367
Administrative fee (Note 5)		31,812,945
Custodian fees		1,372,831
Transfer agent fee		434,123
Directors'/Trustees' fees (Note 5)		251,726
Auditing fees		22,000
Legal fees		31,114
Portfolio accounting fees		211,493
Distribution services fee (Note 5)		6,988,071
Other service fees (Notes 2 and 5)		15,328,709
Share registration costs		112,531
Printing and postage		164,342
Miscellaneous (Note 5)		270,793
TOTAL EXPENSES		138,453,045
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 5)	$(32,675,343)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(21,335,090)
TOTAL WAIVERS AND REIMBURSEMENTS		(54,010,433)
Net expenses			84,442,612
Net investment income			8,910,177
Net realized gain on investments			195,525
Change in net assets resulting from operations			$9,105,702

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$8,910,177	$41,897,562
Net realized gain on investments	195,525	213,692
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	9,105,702	42,111,254
Distributions to Shareholders:
Distributions from net investment income
Automated Shares	(115)	—
Institutional Shares	(8,229,009)	(41,000,390)
Service Shares	(316,255)	(329,228)
Capital Shares	(103,770)	(277,112)
Trust Shares	(278,761)	(293,592)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(8,927,910)	(41,900,322)
Share Transactions:
Proceeds from sale of shares	230,725,393,199	258,653,957,987
Proceeds from shares issued in connection with the tax-free transfer of assets from Performance Money Market Fund	—	486,374,216
Net asset value of shares issued to shareholders in payment of distributions declared	4,840,237	21,736,172
Cost of shares redeemed	(241,370,663,852)	(264,519,265,435)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(10,640,430,416)	(5,357,197,060)
Change in net assets	(10,640,252,624)	(5,356,986,128)
Net Assets:
Beginning of period	43,182,844,195	48,539,830,323
End of period (including undistributed net investment income of $142,797 and $160,530, respectively)	$32,542,591,571	$43,182,844,195

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 diversified portfolios. The financial statements included herein are only those of Federated Prime Obligations Fund (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: Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust 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 consistent with stability of principal.

Effective June 12, 2014, the Fund began offering Automated Shares.

On September 21, 2012, the Fund acquired all of the net assets of Performance Money Market Fund (the “Acquired Fund”), an open-end investment company in a tax-free reorganization in exchange for shares of the Fund, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders on September 19, 2012. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund's realized gains and losses with amounts distributable to shareholders for tax purposes.

Net investment income*	$41,869,357
Net realized gain on investments	$213,692
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$42,083,049

*	Net investment income includes $172,193 of pro forma additional expenses.

For every one share of Performance Money Market Fund Institutional Shares exchanged, a shareholder received one share of the Fund's Service Shares.

For every one share of Performance Money Market Fund Class A Shares exchanged, a shareholder received one share of the Fund's Trust Shares.

Annual Shareholder Report

The Fund received net assets from the Acquired Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Performance Money Market Fund Net Assets Received	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
486,368,998	$486,374,216	$50,713,168,019	$51,199,542,235

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.

Annual Shareholder Report

Repurchase Agreements

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 Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares may bear distribution services fees and other services fees unique to those classes.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms

Annual Shareholder Report

described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Automated Shares	$2,687	$(2,491)	$(196)
Service Shares	7,813,986	(1,666,424)	(5,697,084)
Capital Shares	523,965	(49,049)	(329,812)
Trust Shares	6,988,071	(15,815)	(6,972,256)
TOTAL	$15,328,709	$(1,733,779)	$(12,999,348)

For the year ended July 31, 2014, FSSC received $936 of fees paid by the Fund.

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Period Ended July 31	2014¹		2013
Automated Shares:	Shares	Amount	Shares	Amount
Shares sold	25,242,471	$25,242,471	—	$—
Shares issued to shareholders in payment of distributions declared	115	115	—	—
Shares redeemed	(1,046,359)	(1,046,359)	—	—
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS	24,196,227	$24,196,227	—	$—

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	208,195,708,088	$208,195,708,088	240,166,339,409	$240,166,339,409
Shares issued to shareholders in payment of distributions declared	4,483,738	4,483,738	21,389,966	21,389,966
Shares redeemed	(217,380,428,531)	(217,380,428,531)	(246,758,437,613)	(246,758,437,613)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(9,180,236,705)	$(9,180,236,705)	(6,570,708,238)	$(6,570,708,238)

Annual Shareholder Report

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	11,860,273,783	$11,860,273,783	11,586,545,338	$11,586,545,338
Shares issued in connection with the tax-free transfer of assets from Performance Money Market Fund	—	—	480,689,244	480,694,359
Shares issued to shareholders in payment of distributions declared	85,482	85,482	90,940	90,940
Shares redeemed	(11,583,130,393)	(11,583,130,393)	(12,293,532,930)	(12,293,532,930)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	277,228,872	$277,228,872	(226,207,408)	$(226,202,293)

Year Ended July 31	2014		2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	7,448,705,058	$7,448,705,058	4,123,054,369	$4,123,054,369
Shares issued to shareholders in payment of distributions declared	44,888	44,888	21,593	21,593
Shares redeemed	(7,866,774,814)	(7,866,774,814)	(2,888,230,815)	(2,888,230,815)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(418,024,868)	$(418,024,868)	1,234,845,147	$1,234,845,147

Year Ended July 31	2014		2013
Trust Shares:	Shares	Amount	Shares	Amount
Shares sold	3,195,463,799	$3,195,463,799	2,778,018,871	$2,778,018,871
Shares issued in connection with the tax-free transfer of assets from Performance Money Market Fund	—	—	5,679,754	5,679,857
Shares issued to shareholders in payment of distributions declared	226,014	226,014	233,673	233,673
Shares redeemed	(4,539,283,755)	(4,539,283,755)	(2,579,064,077)	(2,579,064,077)
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS	(1,343,593,942)	$(1,343,593,942)	204,868,221	$204,868,324
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(10,640,430,416)	$(10,640,430,416)	(5,357,202,278)	$(5,357,197,060)

1	Reflects operations for the period from June 12, 2014 (date of initial investment) to July 31, 2014.

Annual Shareholder Report

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income	$8,927,910	$41,900,322

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$142,797
Capital loss carryforwards	$(10,108,359)

At July 31, 2014, the Fund had a capital loss carryforward of $10,108,359 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 carryforwards and expiration years:

Expiration Year	Short-Term	Long-Term	Total
2017	$10,105,431	NA	$10,105,431
2018	$2,928	NA	$2,928

The Fund used capital loss carryforwards of $195,525 to offset capital gains realized during the year ended July 31, 2014.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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 Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.25% 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 year ended July 31, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Trust Shares	$6,988,071	$(6,588,748)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended July 31, 2014, FSC did not retain any fees paid by the Fund.

Other Service Fees

For the year ended July 31, 2014, FSSC received $936 and reimbursed $1,733,779 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.55%, 0.20%, 0.45%, 0.25% and 0.70% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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 year ended July 31, 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 $150,810,000 and $646,178,073, respectively.

General

6. CONCENTRATION OF RISK

7. LINE OF CREDIT

Annual Shareholder Report

8. INTERFUND LENDING

9. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

10. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended July 31, 2014, 100% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs Creation Act of 2004.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE SHAREHOLDERS of federated prime obligations fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Prime Obligations Fund (the “Fund”), a portfolio of the Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Prime Obligations Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 8/31/2014	Expenses Paid During Period¹
Actual:
Automated Shares	$1,000	$1,000.00	$1.14²
Institutional Shares	$1,000	$1,000.10	$0.99
Service Shares	$1,000	$1,000.00	$1.09³
Capital Shares	$1,000	$1,000.00	$1.09⁴
Trust Shares	$1,000	$1,000.00	$1.04⁵
Hypothetical (assuming a 5% return before expenses):
Automated Shares	$1,000	$1,023.65	$1.15²
Institutional Shares	$1,000	$1,023.80	$1.00
Service Shares	$1,000	$1,023.70	$1.10³
Capital Shares	$1,000	$1,023.70	$1.10⁴
Trust Shares	$1,000	$1,023.75	$1.05⁵

Annual Shareholder Report

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:

Automated Shares	0.23%
Institutional Shares	0.20%
Service Shares	0.22%
Capital Shares	0.22%
Trust Shares	0.21%

2	“Actual” expense information for the Fund's Automated Shares is for the period from June 12, 2014 (date of initial investment) to July 31, 2014. Actual expenses are equal to the Fund's annualized net expense ratio of 0.23%, multiplied by 50/365 (to reflect the date of initial investment to July 31, 2014). “Hypothetical” expense information for Automated Shares is presented on the basis of the full one-half-year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 181/365 (to reflect the full half-year period).
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (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 $2.23 and $2.26, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.25% (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 $1.24 and $1.25, respectively.
5	Actual and Hypothetical expenses paid during the period utilizing the Fund's Trust Shares current Fee Limit of 0.70% (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 $3.47 and $3.51, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 Vice President Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: July 1991	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since July 1991. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Paige M. Wilhelm Birth Date: May 28, 1962 Vice President Officer since: August 2006 Portfolio Manager since: July 2003	Principal Occupations: Paige M. Wilhelm has been the Fund's Portfolio Manager since July 2003. She is Vice President of the Trust with respect to the Fund. Ms. Wilhelm joined Federated in 1985 and has been a Senior Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Prime Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Prime Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 608919734
CUSIP 60934N203
CUSIP 60934N708
CUSIP 608919767
CUSIP 60934N146

Q450523 (9/14)

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Commercial Paper and Notes	34.1%
Bank Instruments	25.9%
Variable Rate Instruments	10.7%
Other Repurchase Agreements and Repurchase Agreements	29.9%
Other Assets and Liabilities—Net²	(0.6)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	43.7%⁴
8-30 Days	14.7%
31-90 Days	26.1%
91-180 Days	13.7%
181 Days or more	2.4%
Other Assets and Liabilities—Net²	(0.6)%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper and Notes include asset-backed securities, commercial paper, corporate bonds, corporate notes, loan participation and short-term municipals with interest rates that are fixed or that reset periodically.
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.
4	Overnight securities comprised 24.6% of the Fund's portfolio.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		ASSET-BACKED SECURITIES—2.0%
		Finance - Automotive—0.4%
$10,412,242	^1,2	ARI Fleet Lease Trust 2014-A, Class A1, 0.250%, 4/15/2015	$10,412,242
7,805,593	^1,2	GM Financial Automobile Leasing Trust 2014-1, Class A1, 0.250%, 4/20/2015	7,805,593
16,732,625	³	Santander Drive Auto Receivables Trust 2014-3, Class A1, 0.250%, 8/15/2014	16,732,625
		TOTAL	34,950,460
		Finance - Equipment—0.4%
35,619,951	^1,2	GE Equipment Small Ticket LLC Series 2014-1, Class A1, 0.250%, 4/24/2015	35,619,951
		Finance - Retail—1.2%
91,000,000	^1,2,3	Fosse Master Issuer PLC Series 2014-1, Class A1, 0.275%, 8/18/2014	91,000,000
		TOTAL ASSET-BACKED SECURITIES	161,570,411
		CERTIFICATES OF DEPOSIT—25.9%
		Finance - Banking—25.9%
60,000,000		BNP Paribas SA, 0.230%, 10/3/2014 - 10/21/2014	60,000,000
100,000,000	³	Bank of Montreal, 0.224%, 8/18/2014	100,000,000
50,000,000	³	Bank of Montreal, 0.225%, 8/26/2014	50,000,000
34,000,000	³	Bank of Montreal, 0.227%, 9/3/2014	34,000,000
100,000,000	³	Bank of Montreal, 0.234%, 10/21/2014	100,000,000
50,000,000		Bank of Nova Scotia, Toronto, 0.240%, 10/20/2014	50,000,000
75,000,000		Bank of Nova Scotia, Toronto, 0.250%, 3/12/2015	75,000,000
180,000,000		Bank of Tokyo-Mitsubishi UFJ Ltd., 0.210% - 0.220%, 8/1/2014 - 9/22/2014	180,000,000
100,000,000	³	Canadian Imperial Bank of Commerce, 0.315%, 8/26/2014	100,000,000
110,000,000		Credit Agricole Corporate and Investment Bank, 0.250%, 11/3/2014	110,000,000
150,000,000		Credit Suisse, Zurich, 0.220%, 10/9/2014	150,000,000
24,500,000		DZ Bank AG Deutsche Zentral-Genossenschaftbank, 0.260%, 10/6/2014	24,488,332
100,000,000	³	Deutsche Bank AG, 0.303%, 10/23/2014	100,000,000
50,000,000	³	Deutsche Bank AG, 0.470%, 8/1/2014	50,000,000
150,000,000	³	JPMorgan Chase Bank, N.A., 0.416%, 8/21/2014	150,000,000
15,000,000		Mizuho Bank Ltd., 0.200%, 9/12/2014	15,000,000
66,000,000		Natixis, 0.220% - 0.240%, 8/11/2014 - 9/2/2014	66,000,000
60,000,000	³	Natixis, 0.243%, 8/11/2014	60,000,000
50,000,000	³	Royal Bank of Canada, Montreal, 0.322%, 10/6/2014	50,000,000
23,000,000		Standard Chartered Bank PLC, 0.210%, 8/22/2014	22,997,184

Annual Shareholder Report

Principal Amount			Value
		CERTIFICATES OF DEPOSIT—continued
		Finance - Banking—continued
$285,000,000		Sumitomo Mitsui Banking Corp., 0.220%, 8/1/2014 - 11/13/2014	$285,000,000
100,000,000	³	Toronto Dominion Bank, 0.215%, 8/18/2014	100,000,000
75,000,000	³	Toronto Dominion Bank, 0.226%, 8/6/2014	75,000,000
40,000,000	³	Wells Fargo Bank, N.A., 0.232%, 9/16/2014	40,000,000
		TOTAL CERTIFICATES OF DEPOSIT	2,047,485,516
		COMMERCIAL PAPER—29.3%⁴
		Aerospace/Auto—0.7%
40,364,000	^1,2	Nissan Motor Acceptance Corp., (Nissan Motor Co., Ltd. SA), 0.250% - 0.260%, 8/14/2014 - 9/5/2014	40,357,499
14,000,000	^1,2	VW Credit, Inc., (GTD by Volkswagen AG), 0.250%, 8/15/2014	13,998,639
		TOTAL	54,356,138
		Finance - Banking—18.8%
61,000,000		BNP Paribas Finance, Inc., 0.220%, 10/6/2014	60,975,397
70,000,000		Barclays US Funding Corp., 0.210%, 8/19/2014	69,992,650
20,000,000	^1,2	Bedford Row Funding Corp., (GTD by Royal Bank of Canada, Montreal), 0.331%, 8/5/2014	19,999,267
395,000,000		ING (U.S.) Funding LLC, 0.200% - 0.210%, 9/5/2014 - 10/31/2014	394,826,313
50,000,000	^1,2	JPMorgan Securities LLC, 0.230%, 11/21/2014	49,964,222
106,000,000	^1,2	LMA-Americas LLC, 0.210% - 0.240%, 9/10/2014 - 10/22/2014	105,966,951
100,000,000		Lloyds Bank PLC, London, 0.100%, 8/5/2014	99,998,889
12,500,000		Los Angeles County, CA Metropolitan Transportation Authority (Series A-T-SMBC), (Sumitomo Mitsui Banking Corp. LOC), 0.160%, 8/6/2014	12,500,000
31,846,000		Los Angeles County, CA Metropolitan Transportation Authority (Series A-T-UB), (Union Bank, N.A. LOC), 0.160% - 0.210%, 8/6/2014 - 9/10/2014	31,846,000
50,000,000	^1,2	Matchpoint Master Trust, 0.230%, 10/27/2014	49,972,208
298,000,000	^1,2	Nationwide Building Society, 0.200% - 0.210%, 8/12/2014 - 10/30/2014	297,931,183
65,000,000		PNC Bank, N.A., 0.300%, 11/4/2014	65,000,000
50,000,000		PNC Bank, N.A., 0.310%, 1/13/2015	50,000,000
50,000,000		PNC Bank, N.A., 0.310%, 1/13/2015	50,000,000
50,000,000		PNC Bank, N.A., 0.310%, 1/16/2015	50,000,000
80,000,000	^1,2	Sumitomo Mitsui Banking Corp., 0.220%, 11/20/2014	79,945,733
		TOTAL	1,488,918,813
		Finance - Commercial—8.2%
290,000,000	^1,2	Alpine Securitization Corp., 0.210% - 0.230%, 9/2/2014 - 11/7/2014	289,894,754
105,000,000	^1,2	Atlantic Asset Securitization LLC, 0.210% - 0.220%, 8/1/2014 - 10/22/2014	104,962,417
124,000,000	^1,2	CIESCO, LLC, 0.220% - 0.240%, 12/2/2014 - 1/6/2015	123,884,471

Annual Shareholder Report

Principal Amount			Value
		COMMERCIAL PAPER—continued⁴
		Finance - Commercial—continued
$125,000,000	^1,2	Versailles Commercial Paper LLC, 0.220%, 8/5/2014 - 10/2/2014	$124,967,428
		TOTAL	643,709,070
		Finance - Retail—0.9%
50,000,000	^1,2	CAFCO, LLC, 0.220%, 12/2/2014	49,962,417
20,000,000	^1,2	Chariot Funding LLC, 0.271%, 4/1/2015	19,963,550
		TOTAL	69,925,967
		Oil & Oil Finance—0.4%
29,735,000	^1,2	Enbridge (U.S.) Inc., (GTD by Enbridge, Inc.), 0.260% - 0.280%, 8/7/2014 - 8/26/2014	29,732,706
1,800,000		Motiva Enterprises LLC, 0.260%, 8/7/2014	1,799,921
		TOTAL	31,532,627
		Telecommunications—0.3%
14,550,000	^1,2	Bell Canada, 0.250%, 8/12/2014 - 8/21/2014	14,548,348
11,985,000	^1,2	NBCUniversal Enterprise, Inc., (GTD by Comcast Corp.), 0.240%, 8/1/2014	11,985,000
		TOTAL	26,533,348
		TOTAL COMMERCIAL PAPER	2,314,975,963
		CORPORATE BONDS—1.0%
		Finance - Banking—1.0%
500,000		Bank of America Corp., 0.561%, 9/15/2014	500,089
6,500,000		Citigroup, Inc., 5.000%, 9/15/2014	6,536,087
13,774,000		Citigroup, Inc., 5.500%, 10/15/2014	13,917,464
7,902,000		Citigroup, Inc., 6.375%, 8/12/2014	7,916,133
37,600,000		Royal Bank of Canada, Montreal, 1.450%, 10/30/2014	37,710,191
15,000,000		Wells Fargo Bank, N.A., 4.750%, 2/9/2015	15,344,320
		TOTAL CORPORATE BONDS	81,924,284
		CORPORATE NOTE—0.1%
		Insurance—0.1%
5,600,000	^1,2	Metropolitan Life Global Funding I, 1.700%, 6/29/2015	5,668,292
		LOAN PARTICIPATION—1.5%
		Chemicals—1.5%
120,000,000		DuPont Teijin Films U.S. L.P., (GTD by DuPont (E.I.) de Nemours & Co.), 0.400%, 8/27/2014	120,000,000
		NOTES - VARIABLE—10.7%³
		Aerospace/Auto—0.3%
25,000,000		BMW US Capital LLC, (GTD by Bayerische Motoren Werke AG), 0.354%, 10/17/2014	25,000,000

Annual Shareholder Report

Principal Amount			Value
		NOTES - VARIABLE—continued³
		Finance - Banking—8.8%
$10,000		Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Bank of America N.A. LOC), 0.150%, 8/7/2014	$10,000
100,000,000		Australia & New Zealand Banking Group, Melbourne, 0.431%, 8/4/2014	100,000,000
2,895,000		Baramax LLC, Series 2002, (TD Bank, N.A. LOC), 0.250%, 8/6/2014	2,895,000
24,500,000	^1,2	BlackRock Municipal Bond Trust, VMTP Preferred Shares (Series T0014), 0.160%, 8/1/2014	24,500,000
11,100,000		CEI Capital, LLC, Crystal Enterprises, Inc., (Fifth Third Bank, Cincinnati LOC), 0.220%, 8/7/2014	11,100,000
9,260,000		Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 0.220%, 8/7/2014	9,260,000
2,750,000		Commercial Contractors, Inc., (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	2,750,000
10,265,000		Connecticut Water Co., (Series 2004), (Citizens Bank, N.A., Providence LOC), 0.400%, 8/6/2014	10,265,000
3,055,000		Dellridge Care Center LP, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	3,055,000
4,700,000		Elsinore Properties LP, (Series 2012), (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	4,700,000
7,440,000		Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 0.250%, 8/7/2014	7,440,000
1,615,000		Gannett Fleming, Inc., (Series 2001), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/1/2014	1,615,000
16,700,000		Greene County Development Authority, Reynolds Lodge, LLC (Series 2000B), (U.S. Bank, N.A. LOC), 0.130%, 8/6/2014	16,700,000
7,000,000		Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 0.140%, 8/7/2014	7,000,000
3,005,000		Hazlet Manor Associates, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	3,005,000
112,770,000	^1,2	Illinois State, Taxable PUTTERs (Series SGT01), 0.180%, 8/1/2014	112,770,000
7,500,000		Kingston Healthcare Co., Series 2003A, (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	7,500,000
14,540,000		Madison Hotel Investors I LLC, (Series 2005 A), (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	14,540,000
7,240,000		Marsh Enterprises, L.L.C., (Series 2003), (Fifth Third Bank, Cincinnati LOC), 0.240%, 8/7/2014	7,240,000
16,000,000		Maryland State Economic Development Corp., (Series 2001A) Human Genome Sciences, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	16,000,000
15,470,000		Maryland State Economic Development Corp., Human Genome (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	15,470,000

Annual Shareholder Report

Principal Amount			Value
		NOTES - VARIABLE—continued³
		Finance - Banking—continued
$25,985,000		Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series B), (Deutsche Bank AG LOC), 0.140%, 8/7/2014	$25,985,000
10,330,000	^1,2	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-433), (GTD by Deutsche Bank AG), 0.130%, 8/7/2014	10,330,000
27,000,000		Michigan Finance Authority, Series 2010-C, (Bank of Montreal LOC), 0.120%, 8/7/2014	27,000,000
2,845,000		Miller, James & Deborah, (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/5/2014	2,845,000
3,240,000		New Hampshire Health and Education Facilities Authority, (Royal Bank of Canada, Montreal LOC), 0.110%, 8/7/2014	3,240,000
6,845,000		New York City Housing Development Corp., (Series 2009 A2), (Citizens Bank, N.A., Providence LOC), 0.260%, 8/6/2014	6,845,000
50,500,000		New York City Housing Development Corp., (Series 2009-A1), (Citizens Bank, N.A., Providence LOC), 0.220%, 8/6/2014	50,500,000
31,085,000		New York City Housing Development Corp., (Series 2010-A2), (Citizens Bank, N.A., Providence LOC), 0.260%, 8/6/2014	31,085,000
5,875,000		Orthopaedic Hospital of Wisconsin LLC, (Series 09-A), (Bank of Montreal LOC), 0.150%, 8/7/2014	5,875,000
13,725,000		PA SPE LLC, (Series 2009 A), (BMO Harris Bank, N.A. LOC), 0.150%, 8/7/2014	13,725,000
75,000,000		PNC Bank, N.A., 0.466%, 9/22/2014	75,000,000
4,460,000		Silvio Properties, LLC, (Series 2007), (Fifth Third Bank, Cincinnati LOC), 0.220%, 8/7/2014	4,460,000
6,290,000		Urban Campus Environments LLC, (Series 2006), (Wells Fargo Bank, N.A. LOC), 0.150%, 8/7/2014	6,290,000
6,090,000		WCN Properties, Inc., (Series 2), (Fulton Bank, N.A. LOC), 1.200%, 8/7/2014	6,090,000
25,000,000		Wells Fargo Bank, N.A., 0.321%, 9/22/2014	25,000,000
9,200,000		Wells Fargo Bank, N.A., Sr. Unsecured, 0.514%, 10/21/2014	9,222,670
4,810,000		West Shore Country Club, (Series 2000), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/1/2014	4,810,000
3,130,000		Wilsbach Distributors, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.500%, 8/6/2014	3,130,000
6,065,000		Yonkers, NY IDA, JME Associates, LLC (Series 2006), (TD Bank, N.A. LOC), 0.220%, 8/7/2014	6,065,000
		TOTAL	695,312,670
		Finance - Commercial—0.6%
50,000,000		Fairway Finance Co. LLC, 0.210%, 8/4/2014	49,997,063
950,000		General Electric Capital Corp., 1.261%, 10/2/2014	959,091
		TOTAL	50,956,154

Annual Shareholder Report

Principal Amount		Value
	NOTES - VARIABLE—continued³
	Finance - Retail—0.5%
$43,000,000	AFS Insurance Premium Receivables Trust, (Series 1994-A), 0.706%, 8/15/2014	$43,000,000
	Metals—0.2%
15,000,000	St. James Parish, LA, (Series 2010A-1), (GTD by Nucor Corp.), 0.280%, 8/6/2014	15,000,000
	Municipal—0.1%
7,000,000	Hertford County, NC Industrial Facilities & PCFA, (Series 2000A), 0.350%, 8/6/2014	7,000,000
	Oil & Oil Finance—0.2%
14,525,000	Port of Port Arthur Navigation District, Revenue Bonds Series 1998, (GTD by Total S.A.), 0.150%, 8/6/2014	14,525,000
	TOTAL NOTES - VARIABLE	850,793,824
	SHORT-TERM MUNICIPAL—0.2%
	Municipal—0.2%
12,920,000	Brick Township, NJ, Taxable (Series 2014B), 0.800%, 10/10/2014	12,923,618
	OTHER REPURCHASE AGREEMENTS—20.7%
	Finance - Banking—20.7%
148,000,000	BNP Paribas Securities Corp., 0.162% - 0.365%, 8/1/2014 - 10/10/2014, interest in a $375,000,000 collateralized loan agreement, dated 7/14/2014-7/31/2014, in which asset-backed securities, corporate bonds and medium term notes with a market value of $382,512,767 have been received as collateral and held with BNY Mellon as tri-party agent.	148,000,000
113,000,000	Barclays Capital, Inc., 0.203% - 0.679%, 9/23/2014 - 1/21/2015, interest in a $950,000,000 collateralized loan agreement, dated 1/22/2014-7/25/2014, in which collateralized mortgage obligations and U.S. government securities with a market value of $969,432,212 have been received as collateral and held with BNY Mellon as tri-party agent.	113,000,000
168,000,000	Citigroup Global Markets, Inc., 0.568% - 0.760%, 8/1/2014 - 9/23/2014, interest in a $325,000,000 collateralized loan agreement, dated 7/25/2014-7/31/2014, in which asset-backed securities, collateralized mortgage obligations and convertible bonds with a market value of $331,755,785 have been received as collateral and held with BNY Mellon as tri-party agent.	168,000,000
65,000,000	Credit Suisse Securities (USA) LLC, 0.548% - 0.639%, 8/1/2014 - 8/29/2014, interest in a $435,000,000 collateralized loan agreement, dated 6/2/2014-6/30/2014, in which collateralized mortgage obligations with a market value of $444,068,365 have been received as collateral and held with JPMorgan Chase as tri-party agent.	65,000,000
80,000,000	JPMorgan Securities LLC, 0.314% - 0.324%, 9/11/2014 - 10/1/2014, interest in a $650,000,000 collateralized loan agreement, dated 6/13/2014-6/30/2014, in which asset-backed securities with a market value of $663,246,114 have been received as collateral and held with JPMorgan Chase as tri-party agent.	80,000,000

Annual Shareholder Report

Principal Amount		Value
	OTHER REPURCHASE AGREEMENTS—continued
	Finance - Banking—continued
$303,000,000	Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.365% - 0.689%, 8/1/2014 - 10/21/2014, interest in a $480,000,000 collateralized loan agreement, dated 7/23/2014-7/31/2014, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and U.S. Government Agency securities with a market value of $489,626,578 have been received as collateral and held with BNY Mellon as tri-party agent.	$303,000,000
183,000,000	Mitsubishi UFJ Securities (USA), Inc., 0.213% - 0.253%, 8/7/2014 - 8/25/2014, interest in a $700,000,000 collateralized loan agreement, dated 7/11/2014-7/29/2014, in which asset-backed securities, common stock, corporate bonds, exchange-traded funds, medium term notes, municipal bonds and mutual funds with a market value of $714,056,740 have been received as collateral and held with BNY Mellon as tri-party agent.	183,000,000
100,000,000	Mizuho Securities USA, Inc., 0.456% - 1.156%, 8/4/2014 - 10/10/2014, interest in a $237,000,000 collateralized loan agreement, dated 7/14/2014-7/21/2014, in which asset-backed securities, a collateralized mortgage obligation, a corporate bond and a medium term note with a market value of $243,433,004 have been received as collateral and held with BNY Mellon as tri-party agent.	100,000,000
275,000,000	Pershing LLC, 0.314% - 0.365%, 8/1/2014, interest in a $400,000,000 collateralized loan agreement, dated 7/31/2014, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium term notes and municipal bonds with a market value of $408,011,999 have been received as collateral and held with BNY Mellon as tri-party agent.	275,000,000
200,000,000	Wells Fargo Securities, LLC, 0.456%, 10/16/2014 - 10/17/2014, interest in a $410,000,000 collateralized loan agreement, dated 7/16/2014, in which asset-backed securities, collateralized mortgage obligations, convertible bonds, common stock, exchange-traded funds and a medium term note with a market value of $418,283,655 have been received as collateral and held with BNY Mellon as tri-party agent.	200,000,000
	TOTAL OTHER REPURCHASE AGREEMENTS	1,635,000,000
	REPURCHASE AGREEMENTS—9.2%
225,348,000	Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	225,348,000
250,000,000	Interest in $2,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,005,000 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/15/2055 and the market value of those underlying securities was $2,041,755,937.	250,000,000

Annual Shareholder Report

Principal Amount		Value
	REPURCHASE AGREEMENTS—continued
$250,000,000	Interest in $3,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,000,007,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/16/2052 and the market value of those underlying securities was $3,066,126,351.	$250,000,000
	TOTAL REPURCHASE AGREEMENTS	725,348,000
	TOTAL INVESTMENTS—100.6% (AT AMORTIZED COST)⁵	7,955,689,908
	OTHER ASSETS AND LIABILITIES - NET—(0.6)%⁶	(49,265,179)
	TOTAL NET ASSETS—100%	$7,906,424,729

1	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 July 31, 2014, these restricted securities amounted to $1,726,142,871, which represented 21.8% of total net assets.
2	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 July 31, 2014, these liquid restricted securities amounted to $1,726,142,871, which represented 21.8% of total net assets.
3	Denotes a variable rate security with current rate and next reset date shown.
4	Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
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 July 31, 2014.

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 July 31, 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:

GTD	—Guaranteed
IDA	—Industrial Development Authority
LOC	—Letter of Credit
PCFA	—Pollution Control Finance Authority
PUTTERs	—Puttable Tax-Exempt Receipts
SPEARs	—Short Puttable Exempt Adjustable Receipts
VMTP	—Variable Municipal Term Preferred

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.001	0.001	0.002	0.002	0.002
Net realized gain (loss) on investments	0.000¹	0.000¹	0.000¹	0.000¹	(0.000)¹
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.001	0.002	0.002	0.002
Less Distributions:
Distributions from net investment income	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	—	—
TOTAL DISTRIBUTIONS	(0.001)	(0.001)	(0.002)	(0.002)	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.07%	0.13%	0.20%	0.20%	0.24%
Ratios to Average Net Assets:
Net expenses	0.20%	0.20%	0.20%	0.20%	0.20%
Net investment income	0.07%	0.14%	0.20%	0.20%	0.25%
Expense waiver/reimbursement³	0.08%	0.08%	0.08%	0.09%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$5,213,209	$4,925,798	$4,994,520	$6,333,286	$6,423,716

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
Net realized gain (loss) on investments	0.000¹	0.000¹	0.000¹	0.000¹	(0.000)¹
TOTAL FROM INVESTMENT OPERATIONS	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
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	—	—
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.04%
Ratios to Average Net Assets:
Net expenses	0.26%	0.33%	0.39%	0.40%	0.41%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.05%
Expense waiver/reimbursement³	0.28%	0.21%	0.15%	0.14%	0.13%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,962,506	$1,719,825	$1,001,793	$989,380	$1,052,627

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.001	0.001	0.001
Net realized gain (loss) on investments	0.000¹	0.000¹	0.000¹	0.000¹	(0.000)¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.001	0.001	0.001
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.001)
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	—	—	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.001)	(0.001)	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.04%	0.10%	0.10%	0.14%
Ratios to Average Net Assets:
Net expenses	0.26%	0.29%	0.30%	0.30%	0.30%
Net investment income	0.01%	0.04%	0.10%	0.10%	0.16%
Expense waiver/reimbursement³	0.13%	0.09%	0.08%	0.09%	0.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$730,710	$497,885	$547,326	$549,187	$662,048

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements and other repurchase agreements	$2,360,348,000
Investment in securities	5,595,341,908
Total investment in securities, at amortized cost and fair value		$7,955,689,908
Cash		2,792,355
Income receivable		2,308,764
Receivable for shares sold		812,293
TOTAL ASSETS		7,961,603,320
Liabilities:
Payable for investments purchased	53,739,838
Payable for shares redeemed	1,115,145
Income distribution payable	74,426
Payable for other service fees (Notes 2 and 5)	127,718
Accrued expenses (Note 5)	121,464
TOTAL LIABILITIES		55,178,591
Net assets for 7,906,391,505 shares outstanding		$7,906,424,729
Net Assets Consist of:
Paid-in capital		$7,906,391,505
Accumulated net realized gain on investments		33,787
Distributions in excess of net investment income		(563)
TOTAL NET ASSETS		$7,906,424,729
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$5,213,209,090 ÷ 5,213,187,197 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$1,962,505,641 ÷ 1,962,497,367 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$730,709,998 ÷ 730,706,941 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$20,821,556
Expenses:
Investment adviser fee (Note 5)		$15,399,638
Administrative fee (Note 5)		6,014,815
Custodian fees		259,990
Transfer agent fee		90,339
Directors'/Trustees' fees (Note 5)		43,425
Auditing fees		22,000
Legal fees		23,194
Portfolio accounting fees		188,292
Other service fees (Notes 2 and 5)		5,021,622
Share registration costs		127,924
Printing and postage		63,642
Miscellaneous (Note 5)		60,077
TOTAL EXPENSES		27,314,958
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(6,516,407)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(3,726,895)
TOTAL WAIVERS AND REIMBURSEMENT		(10,243,302)
Net expenses			17,071,656
Net investment income			3,749,900
Net realized gain on investments			35,124
Change in net assets resulting from operations			$3,785,024

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$3,749,900	$7,997,749
Net realized gain on investments	35,124	39,961
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	3,785,024	8,037,710
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(3,489,385)	(7,639,360)
Service Shares	(179,009)	(168,571)
Capital Shares	(54,730)	(207,464)
Distributions from net realized gain on investments
Institutional Shares	(24,075)	(13,225)
Service Shares	(7,758)	(3,171)
Capital Shares	(2,141)	(1,236)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(3,757,098)	(8,033,027)
Share Transactions:
Proceeds from sale of shares	89,169,430,325	73,035,757,124
Proceeds from shares issued in connection with the tax-free transfer of assets from Fifth Third Prime Money Market Fund	—	817,780,854
Net asset value of shares issued to shareholders in payment of distributions declared	2,453,536	4,798,594
Cost of shares redeemed	(88,408,994,868)	(73,258,471,361)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	762,888,993	599,865,211
Change in net assets	762,916,919	599,869,894
Net Assets:
Beginning of period	7,143,507,810	6,543,637,916
End of period (including (distributions in excess of) net investment income of $(563) and $(27,339), respectively)	$7,906,424,729	$7,143,507,810

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Prime Value Obligations Fund (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 Capital 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 consistent with stability of principal and liquidity.

On September 7, 2012, the Fund acquired all of the net assets of Fifth Third Prime Money Market Fund (the “Acquired Fund”), an open-end investment company in a tax-free reorganization in exchange for shares of the Fund, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders on September 5, 2012. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund's realized gains and losses with amounts distributable to shareholders for tax purposes.

Net investment income*	$7,923,113
Net realized gain on investments	$39,961
Net increase in net assets resulting from operations	$7,963,074

*	Net investment income includes $84,180 of pro forma additional expenses.

For every one share of Fifth Third Prime Money Market Fund's Institutional Shares, Class A Shares, Class B Shares and Class C Shares exchanged, a shareholder received one share of the Fund's Service Shares.

Annual Shareholder Report

The Fund received net assets from Fifth Third Prime Money Market Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Fifth Third Prime Money Market Fund Net Assets Received	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
817,780,854	$817,780,854	$7,891,938,895	$8,709,719,749

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

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 Capital Shares may bear other service fees unique to those classes.

Annual Shareholder Report

Other Service Fees

The Fund may pay fees other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Service Shares and Capital Shares to unaffiliated 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 other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended July 31, 2014, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$4,480,047	$(289,071)	$(3,199,825)
Capital Shares	541,575	(57,273)	(180,726)
TOTAL	$5,021,622	$(346,344)	$(3,380,551)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur Other Service Fees.

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

Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	80,179,275,805	$80,179,275,805	68,196,092,749	$68,196,092,749
Shares issued to shareholders in payment of distributions declared	2,305,942	2,305,942	4,559,474	4,559,474
Shares redeemed	(79,894,189,017)	(79,894,189,017)	(68,269,376,070)	(68,269,376,070)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	287,392,730	$287,392,730	(68,723,847)	$(68,723,847)

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	6,909,223,997	$6,909,223,997	3,032,171,466	$3,032,171,466
Proceeds from shares issued in connection with the tax-free transfer of assets from Fifth Third Prime Money Market Fund	—	—	817,780,854	817,780,854
Shares issued to shareholders in payment of distributions declared	110,356	110,356	95,944	95,944
Shares redeemed	(6,666,660,466)	(6,666,660,466)	(3,132,017,814)	(3,132,017,814)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	242,673,887	$242,673,887	718,030,450	$718,030,450

Annual Shareholder Report

Year Ended July 31	2014		2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	2,080,930,523	$2,080,930,523	1,807,492,909	$1,807,492,909
Shares issued to shareholders in payment of distributions declared	37,238	37,238	143,176	143,176
Shares redeemed	(1,848,145,385)	(1,848,145,385)	(1,857,077,477)	(1,857,077,477)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	232,822,376	$232,822,376	(49,441,392)	$(49,441,392)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	762,888,993	$762,888,993	599,865,211	$599,865,211

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$3,757,098	$8,032,857
Long-term capital gains	—	$170

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$33,224

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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

Other Service Fees

For the year ended July 31, 2014, FSSC received $108 and reimbursed $346,344 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20%, 0.45% and 0.30% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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 year ended July 31, 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 $33,485,000 and $83,000,000, respectively.

Annual Shareholder Report

General

6. CONCENTRATION OF RISK

7. LINE OF CREDIT

8. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC), 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 or lend money to other participating affiliated funds. As of July 31, 2014, there were no outstanding loans. During the year ended July 31, 2014, the program was not utilized.

9. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). Other types of money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES the MONEY MARKET OBLIGATIONS TRUST AND THE SHAREHOLDERS OF FEDERATED PRIME VALUE OBLIGATIONS FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Prime Value Obligations Fund (the “Fund”), a portfolio of the Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Prime Value Obligations Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.30	$0.99
Service Shares	$1,000	$1,000.00	$1.29²
Capital Shares	$1,000	$1,000.00	$1.29³
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.80	$1.00
Service Shares	$1,000	$1,023.51	$1.30²
Capital Shares	$1,000	$1,023.51	$1.30³

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	0.20%
Service Shares	0.26%
Capital Shares	0.26%

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since November 1996. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Paige M. Wilhelm Birth Date: May 28, 1962 Vice President Officer since: August 2006 Portfolio Manager since: April 1997	Principal Occupations: Paige M. Wilhelm has been the Fund's Portfolio Manager since April 1997. She is Vice President of the Trust with respect to the Fund. Ms. Wilhelm joined Federated in 1985 and has been a Senior Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Prime Value Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Prime Value Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N583
CUSIP 60934N575
CUSIP 60934N567

Q450527 (9/14)

Portfolio of Investments Summary Tables

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	78.3%
Municipal Notes	16.7%
Commercial Paper	6.2%
Other Assets and Liabilities—Net²	(1.2)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective³ maturity schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	74.5%
8-30 Days	4.1%
31-90 Days	5.0%
91-180 Days	7.2%
181 Days or more	10.4%
Other Assets and Liabilities—Net²	(1.2)%
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		SHORT-TERM MUNICIPALS—101.2%^1,2
		Alabama—4.7%
$6,000,000		Alabama HFA MFH, (2000 Series A: Turtle Lake) Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC), 0.060%, 8/7/2014	$6,000,000
4,000,000	^3,4	Alabama Special Care Facilities Financing Authority of Birmingham, Solar Eclipse (Series 2007-0046) Weekly VRDNs (Ascension Health Alliance Senior Credit Group)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	4,000,000
8,000,000	^3,4	Birmingham, AL Waterworks & Sewer Board, Floater Certificates (Series 2008-2707) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.070%, 8/7/2014	8,000,000
9,900,000		Birmingham-St. Martin's, AL Special Care Facilities Financing Authority, (Series 2007) Weekly VRDNs (St. Martin's In The Pines)/(FHLB of Atlanta LOC), 0.080%, 8/7/2014	9,900,000
15,400,000		Columbia, AL IDB PCRB, (Series 1999-C) Daily VRDNs (Alabama Power Co.), 0.070%, 8/1/2014	15,400,000
28,000,000		Mobile County, AL IDA Gulf Opportunity Zone, (Series 2011) Weekly VRDNs (SSAB Alabama, Inc.)/(Credit Agricole Corporate and Investment Bank LOC), 0.090%, 8/7/2014	28,000,000
12,000,000		Mobile, AL IDB, PCR (Series 1993B) Weekly VRDNs (Alabama Power Co.), 0.070%, 8/7/2014	12,000,000
31,500,000		Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), 0.45% TOBs (Alabama Power Co.), Mandatory Tender 9/23/2014	31,504,515
27,600,000		Tuscaloosa County, AL IDA, (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Citibank NA, New York LOC), 0.070%, 8/6/2014	27,600,000
10,000,000		Tuscaloosa County, AL IDA, (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Bank of Nova Scotia, Toronto LOC), 0.060%, 8/6/2014	10,000,000
100,000,000		Tuscaloosa County, AL IDA, (Series 2011A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Sumitomo Mitsui Banking Corp. LOC), 0.060%, 8/6/2014	100,000,000
25,000,000		Tuscaloosa County, AL IDA, (Series 2011J: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Bank of Nova Scotia, Toronto LOC), 0.060%, 8/6/2014	25,000,000
10,000,000		Tuscaloosa County, AL IDA, (Series 2011K: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Bank of Nova Scotia, Toronto LOC), 0.060%, 8/6/2014	10,000,000
11,310,000		Tuscaloosa County, AL Port Authority, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Tuscaloosa Riverfront Development, LLC)/(FHLB of Atlanta LOC), 0.100%, 8/7/2014	11,310,000
5,410,000	^3,4	University of South Alabama, Solar Eclipse (Series 2007-0023) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	5,410,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Alabama—continued
$2,675,000		Washington County, AL IDA, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Bay Gas Storage Company, Ltd.)/(UBS AG LOC), 0.070%, 8/6/2014	$2,675,000
		TOTAL	306,799,515
		Arizona—1.4%
21,860,000	^3,4	Arizona State, Stage Trust (Series 2011-9C), 0.12% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 9/18/2014	21,860,000
4,000,000		Maricopa County, AZ, IDA Solid Waste Disposal, (Series 2009) Weekly VRDNs (DC Paloma 2 LLC)/(CoBank, ACB LOC), 0.070%, 8/7/2014	4,000,000
7,845,000	^3,4	Salt River Project, AZ Agricultural Improvement & Power District, Floater Certificates (Series 2008-3284) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.070%, 8/7/2014	7,845,000
10,135,000	^3,4	Salt River Project, AZ Agricultural Improvement & Power District, ROCs (Series 12276) Weekly VRDNs (Citibank NA, New York LIQ), 0.070%, 8/7/2014	10,135,000
28,500,000		Yavapai County, AZ IDA—Recovery Zone Facility, (Series 2010: Drake Cement Project) Weekly VRDNs (Skanon Investments, Inc.)/(Citibank NA, New York LOC), 0.070%, 8/7/2014	28,500,000
20,985,000		Yavapai County, AZ IDA Hospital Facilities, (Series 2008B) Weekly VRDNs (Northern Arizona Healthcare System, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/7/2014	20,985,000
		TOTAL	93,325,000
		California—6.2%
12,885,000	^3,4	Bay Area Toll Authority, CA, PUTTERs (Series 1962) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/7/2014	12,885,000
28,000,000		California Health Facilities Financing Authority, (Series 2006E), 0.12% CP (Kaiser Permanente), Mandatory Tender 11/4/2014	28,000,000
14,750,000		California Infrastructure & Economic Development Bank, (Series 2008) Weekly VRDNs (Santa Barbara Center for the Performing Arts)/(Bank of America N.A. LOC), 0.080%, 8/7/2014	14,750,000
19,700,000		California PCFA, (Series 1997B) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	19,700,000
76,300,000		California State, (Series 2005B-1) Weekly VRDNs (Bank of America N.A. LOC), 0.070%, 8/6/2014	76,300,000
4,400,000		California Statewide CDA MFH, (2010 Series B: Mountain View Apartments) Weekly VRDNs (Beaumont CA Leased Housing Associates I, LP)/(FHLMC LOC), 0.060%, 8/7/2014	4,400,000
19,045,000		California Statewide CDA, (Series 2004E), 0.14% CP (Kaiser Permanente), Mandatory Tender 3/4/2015	19,045,000
30,000,000		California Statewide CDA, (Series 2004I), 0.11% CP (Kaiser Permanente), Mandatory Tender 11/3/2014	30,000,000
9,630,000		California Statewide CDA, Gas Supply Variable Rate Revenue Bonds (Series 2010) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	9,630,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$4,760,000		Elsinore Valley, CA Water and Sewer Facilities Corp., (Series 2011A) Weekly VRDNs (Elsinore Valley, CA Municipal Water District)/(Union Bank, N.A. LOC), 0.050%, 8/6/2014	$4,760,000
13,120,000	^3,4	Los Angeles Department of Water & Power, Eagles (Series 2014-0029) Weekly VRDNs (Los Angeles, CA Department of Water & Power (Electric/Power System))/(Citibank NA, New York LIQ), 0.080%, 8/7/2014	13,120,000
14,000,000	^3,4	Los Angeles, CA CCD, ROCs (Series 11728) Weekly VRDNs (Citibank NA, New York LIQ), 0.060%, 8/7/2014	14,000,000
14,930,000	^3,4	Los Angeles, CA Department of Water & Power (Electric/Power System), Eagles (Series 2013-0005) Weekly VRDNs (Citibank NA, New York LIQ), 0.070%, 8/7/2014	14,930,000
25,310,000	^3,4	Los Angeles, CA USD, Solar Eclipse (Series 2006-0018) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	25,310,000
5,900,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Deutsche Bank Trust Co., LIQ), 0.140%, 8/7/2014	5,900,000
21,500,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 4), Weekly VRDPs, (GTD by Citibank NA LIQ), 0.120%, 8/7/2014	21,500,000
10,125,000	^3,4	Orange County, CA Sanitation District, ROCs (Series 11738) Weekly VRDNs (Citibank NA, New York LIQ), 0.060%, 8/7/2014	10,125,000
8,315,000		Riverside County, CA Transportation Commission, (2009 Series C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 8/7/2014	8,315,000
10,000,000		San Francisco, CA City & County Redevelopment Agency Community Facilities District No. 7, (Series 2005A: Hunters Point Shipyard Phase One) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	10,000,000
34,945,000	^3,4	Santa Clara County, CA, Stage Trust (Series 2009-19C) Weekly VRDNs (Wells Fargo & Co. LIQ), 0.060%, 8/7/2014	34,945,000
16,775,000		Santa Clara Valley, CA Transportation Authority, (2008 Series D) Weekly VRDNs (2000 Measure A Sales Tax)/(Sumitomo Mitsui Banking Corp. LIQ), 0.070%, 8/7/2014	16,775,000
7,080,000	^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), 0.060%, 8/7/2014	7,080,000
4,500,000		Upland, CA Community Redevelopment Agency, (Series 2007) Weekly VRDNs (Sunset Ridge Apartments and Village Apartments)/(FHLB of San Francisco LOC), 0.090%, 8/6/2014	4,500,000
		TOTAL	405,970,000
		Colorado—0.6%
16,775,000	^3,4	Denver, CO City & County Airport Authority, SPEARs (Series DBE-493) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	16,775,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Colorado—continued
$8,235,000		Traer Creek Metropolitan District, CO, (Series 2002) Weekly VRDNs (BNP Paribas SA LOC), 0.140%, 8/6/2014	$8,235,000
15,800,000		Traer Creek Metropolitan District, CO, (Series 2004) Weekly VRDNs (BNP Paribas SA LOC), 0.140%, 8/6/2014	15,800,000
		TOTAL	40,810,000
		Connecticut—0.2%
10,200,000	^3,4	Connecticut State Health & Educational Facilities, Eagles (Series 720053031) Weekly VRDNs (Yale University)/(Citibank NA, New York LIQ), 0.060%, 8/7/2014	10,200,000
		District of Columbia—1.7%
3,540,000		District of Columbia Revenue, (Series 1999) Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/1/2014	3,540,000
4,505,000		District of Columbia Revenue, (Series 2006) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,505,000
15,050,000		District of Columbia Revenue, (Series 2008) Daily VRDNs (American University)/(JPMorgan Chase Bank, N.A. LOC), 0.080%, 8/1/2014	15,050,000
12,200,000		District of Columbia Revenue, (Series 2009) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	12,200,000
12,590,000	^3,4	District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2007-0056) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,590,000
33,250,000		District of Columbia, (Series 2006) Weekly VRDNs (Carnegie Endowment for International Peace)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/7/2014	33,250,000
26,665,000	^3,4	Washington, DC Convention Center Authority, Floater Certificates (Series 2006-1606) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Credit Suisse, Zurich LIQ), 0.060%, 8/7/2014	26,665,000
		TOTAL	107,800,000
		Florida—7.2%
28,375,000	^3,4	Broward County, FL, Clipper Tax-Exempt Certificates Trust (Series 2009-55) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.090%, 8/7/2014	28,375,000
18,000,000	^3,4	Clipper Tax-Exempt Certificates Trust (Florida Non-AMT) (Series 2009-83) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.060%, 8/7/2014	18,000,000
15,865,000	^3,4	Florida State Board of Education, P-FLOATs (Series PZ-198) Weekly VRDNs (Florida State)/(Wells Fargo & Co. LIQ), 0.080%, 8/7/2014	15,865,000
58,605,000		Florida State Municipal Power Agency, (Series 2008C) Daily VRDNs (Bank of America N.A. LOC), 0.060%, 8/1/2014	58,605,000
4,705,000	^3,4	Florida State, MERLOTS (Series 2008-C7) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.060%, 8/6/2014	4,705,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Florida—continued
$16,500,000		JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	$16,500,000
5,000,000		Jacksonville, FL HFDC, (Series 2002) Weekly VRDNs (University of Florida Jacksonville Physicians, Inc.)/(Bank of America N.A. LOC), 0.080%, 8/6/2014	5,000,000
14,900,000		Manatee County, FL, Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs (Florida Power & Light Co.), 0.080%, 8/1/2014	14,900,000
19,680,000		Orange County, FL School Board, COPs (Series 2008C) Weekly VRDNs (Bank of America N.A. LOC), 0.070%, 8/7/2014	19,680,000
11,715,000	^3,4	Orange County, FL, Health Facilities Authority, SPEARs (Series DBE-1071) Weekly VRDNs (Orlando Health, Inc.)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	11,715,000
77,350,000	^3,4	Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0081) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.080%, 8/7/2014	77,350,000
22,600,000	^3,4	Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0145) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.070%, 8/7/2014	22,600,000
36,400,000	^3,4	Orlando & Orange County Expressway Authority, FL, Eagles (Series 2014-0038) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.090%, 8/7/2014	36,400,000
6,000,000		Pinellas County, FL Health Facility Authority, (Series 2009A-2) Weekly VRDNs (Baycare Health System)/(Northern Trust Co., Chicago, IL LOC), 0.060%, 8/7/2014	6,000,000
16,500,000		Polk County, FL IDA, (Baycare Health System), MVRENs (Series 2014A-2), 0.140%, 8/7/2014	16,500,000
109,200,000		St. Lucie County, FL PCRB, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.070%, 8/1/2014	109,200,000
10,000,000		Tampa, FL, (Baycare Health System), Health System Revenue Bonds MVRENs (Series 2012B), 0.140%, 8/7/2014	10,000,000
		TOTAL	471,395,000
		Georgia—2.5%
8,950,000		Bartow County, GA Development Authority, (Series 2010) Weekly VRDNs (VMC Specialty Alloys LLC)/(Comerica Bank LOC), 0.070%, 8/7/2014	8,950,000
10,000,000		Columbus, GA Development Authority, (Series 2008) Weekly VRDNs (Lumpkin Park Partners, Ltd.)/(FHLMC LOC), 0.090%, 8/7/2014	10,000,000
1,865,000		Columbus, GA Development Authority, (Series 2009) Weekly VRDNs (Foundation Properties, Inc.)/(FHLB of Atlanta LOC), 0.110%, 8/7/2014	1,865,000
1,840,000		DeKalb County, GA Development Authority, (Series 2007) Weekly VRDNs (Sophia Academy, Inc.)/(FHLB of Atlanta LOC), 0.110%, 8/7/2014	1,840,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Georgia—continued
$15,000,000		DeKalb County, GA School District, (Series 2014), 0.75% TANs, 12/16/2014	$15,031,225
300,000		Fayette County, GA Hospital Authority, Series 2009B Weekly VRDNs (Fayette Community Hospital)/(FHLB of Atlanta LOC), 0.050%, 8/6/2014	300,000
1,400,000		Fulton County, GA Development Authority, (Series 2001) Weekly VRDNs (Alpharetta Christian Academy, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.160%, 8/7/2014	1,400,000
53,145,000		Fulton County, GA Development Authority, (Series 2008) Weekly VRDNs (Children's Healthcare of Atlanta, Inc.)/(Landesbank Hessen-Thuringen LIQ), 0.090%, 8/6/2014	53,145,000
6,205,000	^3,4	Georgia State, GS Trust (Series 2006-85TP) Weekly VRDNs (Wells Fargo & Co. LIQ), 0.060%, 8/7/2014	6,205,000
6,590,000		Glynn-Brunswick, GA Hospital Authority, (Series 2008) Weekly VRDNs (Southeast Georgia Health System, Inc.)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	6,590,000
58,765,000		Main Street Gas, Inc., (Series 2010A) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	58,765,000
		TOTAL	164,091,225
		Idaho—0.6%
27,225,000	^3,4	Boise State University, Solar Eclipse (Series 2007-0002) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	27,225,000
10,910,000		Idaho Health Facilities Authority, (CHE Trinity Healthcare Credit Group), MVRENs (Series 2013ID), 0.130%, 8/7/2014	10,910,000
		TOTAL	38,135,000
		Illinois—7.7%
12,410,000		Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 2006) Weekly VRDNs (Covey at Fox Valley Apartments)/(FNMA LOC), 0.060%, 8/7/2014	12,410,000
27,570,000		Canton, IL, (Series 2009) Weekly VRDNs (Graham Hospital Association)/(BMO Harris Bank, N.A. LOC), 0.080%, 8/7/2014	27,570,000
3,700,000		Chicago, IL MFH Revenue, (Series 2012) Weekly VRDNs (Churchview Manor Senior Apartments)/(BMO Harris Bank, N.A. LOC), 0.260%, 8/7/2014	3,700,000
4,460,000		Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs (Bank of Montreal LOC), 0.070%, 8/7/2014	4,460,000
15,205,000	^3,4	Chicago, IL O'Hare International Airport, SPEARs (Series DBE-534) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	15,205,000
20,000,000	^3,4	Chicago, IL Transit Authority, Clipper Tax-Exempt Certificate Trust (2014-04A) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.090%, 8/7/2014	20,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Illinois—continued
$6,520,000		Freeport, IL, (Series 2001) Weekly VRDNs (Freeport Regional Health Care Foundation)/(U.S. Bank, N.A. LOC), 0.080%, 8/7/2014	$6,520,000
15,400,000		Galesburg, IL, (Series 1996) Weekly VRDNs (Knox College)/(PNC Bank, N.A. LOC), 0.050%, 8/7/2014	15,400,000
33,200,000		Illinois Development Finance Authority IDB Weekly VRDNs (Lyric Opera of Chicago)/(BMO Harris Bank, N.A., JPMorgan Chase Bank, N.A. and Northern Trust Co., Chicago, IL LOCs), 0.070%, 8/6/2014	33,200,000
30,500,000		Illinois Development Finance Authority IDB, (Series 1994) Weekly VRDNs (Museum of Contemporary Art)/(JPMorgan Chase Bank, N.A. and Northern Trust Co., Chicago, IL LOCs), 0.070%, 8/6/2014	30,500,000
450,000		Illinois Development Finance Authority IDB, (Series 1997) Weekly VRDNs (Ada S. McKinley Community Services, Inc.)/(BMO Harris Bank, N.A. LOC), 0.270%, 8/7/2014	450,000
20,000,000		Illinois Development Finance Authority, (Series 1999) Weekly VRDNs (Chicago Horticultural Society)/(Northern Trust Co., Chicago, IL LOC), 0.060%, 8/6/2014	20,000,000
6,500,000		Illinois Development Finance Authority, (Series 2002) Weekly VRDNs (St. Ignatius College Prep.)/(PNC Bank, N.A. LOC), 0.060%, 8/6/2014	6,500,000
7,000,000		Illinois Finance Authority, (Advocate Health Care Network), Revenue Bonds MVRENs (Series 2011B), 0.180%, 8/7/2014	7,000,000
24,000,000		Illinois Finance Authority, (Series 2004) Weekly VRDNs (Ingalls Health System Obligated Group)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/6/2014	24,000,000
30,000,000		Illinois Finance Authority, (Series 2007) Weekly VRDNs (Erikson Institute)/(Bank of America N.A. LOC), 0.080%, 8/7/2014	30,000,000
1,000,000		Illinois Finance Authority, (Series 2008) Weekly VRDNs (Clearbrook Corp.)/(BMO Harris Bank, N.A. LOC), 0.120%, 8/7/2014	1,000,000
99,900,000		Illinois Finance Authority, (Series 2008C-1) Weekly VRDNs (Advocate Health Care Network)/(JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	99,900,000
6,000,000		Illinois Finance Authority, (Series 2009C) Weekly VRDNs (Carle Foundation)/(Northern Trust Co., Chicago, IL LOC), 0.060%, 8/7/2014	6,000,000
14,840,000		Illinois Finance Authority, (Series 2010A) Daily VRDNs (University of Chicago Medical Center)/(Bank of America N.A. LOC), 0.060%, 8/1/2014	14,840,000
9,600,000		Illinois International Port District, (Series 2003) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.090%, 8/1/2014	9,600,000
27,110,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-433) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	27,110,000
21,150,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-442) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	21,150,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Illinois—continued
$11,570,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-453) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	$11,570,000
33,880,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-476) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	33,880,000
14,405,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-607) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	14,405,000
6,605,000		Southwestern Illinois Development Authority, (Series 2010) Weekly VRDNs (Molinero, Inc.)/(BMO Harris Bank, N.A. LOC), 0.080%, 8/7/2014	6,605,000
		TOTAL	502,975,000
		Indiana—1.8%
730,000		Dekko Foundation, IN Educational Facilities Tax Exempt Income Trust, (Series 1) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.470%, 8/7/2014	730,000
24,000,000		Indiana Development Finance Authority, (Series 2012) Weekly VRDNs (Archer-Daniels-Midland Co.), 0.070%, 8/6/2014	24,000,000
12,000,000	^3,4	Indiana State Finance Authority (Hospital Revenue Bonds), RBC Muni Trust (Series E-23) Weekly VRDNs (Indiana University Health Obligated Group)/(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.060%, 8/7/2014	12,000,000
6,500,000		Jasper County, IN EDA, (Series 2010C) Weekly VRDNs (T & M LP)/(AgriBank FCB and AgriBank FCB LOCs), 0.080%, 8/7/2014	6,500,000
62,000,000		Posey County, IN EDA, (Series 2013A), 0.30% TOBs (Midwest Fertilizer Corp.)/(GTD by United States Treasury), Mandatory Tender 11/18/2014	62,000,000
9,750,000		Valparaiso, IN EDRB, (Series 2008) Weekly VRDNs (Pines Village Retirement Community, Inc.)/(Bank of America N.A. LOC), 0.130%, 8/7/2014	9,750,000
		TOTAL	114,980,000
		Iowa—1.5%
8,700,000		Iowa Finance Authority—Health Facilities, (Series 2013B-1) Weekly VRDNs (UnityPoint Health)/(Union Bank, N.A. LOC), 0.050%, 8/6/2014	8,700,000
11,870,000		Iowa Finance Authority, (Series 2006) Weekly VRDNs (Unity Healthcare)/(Bank of America N.A. LOC), 0.060%, 8/7/2014	11,870,000
23,500,000		Iowa Finance Authority, Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs (Cargill, Inc.), 0.100%, 8/7/2014	23,500,000
56,900,000		Iowa Finance Authority, Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs (Archer-Daniels-Midland Co.), 0.050%, 8/6/2014	56,900,000
		TOTAL	100,970,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Kansas—0.1%
$3,800,000		Salina, KS, (Series 2013-1), 1.00% BANs, 8/1/2014	$3,800,000
5,400,000		Shawnee, KS, (Series 2008A) Weekly VRDNs (Pinegate West Associates LP)/(BMO Harris Bank, N.A. LOC), 0.070%, 8/7/2014	5,400,000
		TOTAL	9,200,000
		Kentucky—1.4%
16,000,000		Kentucky EDFA, (Catholic Health Initiatives), MVRENs (Series 2011B-2), 0.210%, 8/7/2014	16,000,000
12,900,000		Kentucky EDFA, (Catholic Health Initiatives), MVRENs (Series 2011B-3), 0.210%, 8/7/2014	12,900,000
42,250,000		Louisville & Jefferson County, KY Metropolitan Sewer District, (Series 2013), 2.00% BANs, 11/26/2014	42,468,508
15,000,000		Pikeville, KY, (Series 2014), 1.00% BANs (Pikeville Medical Center, Inc.), 3/1/2015	15,061,134
2,915,000		Williamstown, KY, (2008 Series A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.070%, 8/1/2014	2,915,000
		TOTAL	89,344,642
		Louisiana—4.0%
1,810,000		Ascension Parish, LA IDB, (Series 2007) Weekly VRDNs (IMTT-Geismar)/(FHLB of Atlanta LOC), 0.050%, 8/6/2014	1,810,000
25,000,000		Ascension Parish, LA IDB, (Series 2009) Weekly VRDNs (BASF Corp.)/(GTD by BASF SE), 0.130%, 8/6/2014	25,000,000
3,860,000		Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(FHLB of Dallas LOC), 0.090%, 8/6/2014	3,860,000
3,350,000		Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Christ Episcopal Church in Covington)/(FHLB of Dallas LOC), 0.090%, 8/6/2014	3,350,000
23,200,000		Louisiana Public Facilities Authority, (Series 2007A) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	23,200,000
35,150,000		Louisiana Public Facilities Authority, (Series 2008) Daily VRDNs (Dynamic Fuels, LLC)/(Bank of America N.A. LOC), 0.070%, 8/1/2014	35,150,000
12,125,000		Louisiana Public Facilities Authority, (Series 2008) Weekly VRDNs (Coca-Cola Bottling Co.)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,125,000
36,500,000		Louisiana Public Facilities Authority, (Series 2008A) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	36,500,000
20,820,000	^3,4	Louisiana Public Facilities Authority, Solar Eclipse (Series 2007-0042) Weekly VRDNs (Tulane University, LA)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.070%, 8/7/2014	20,820,000
96,075,000	^3,4	Louisiana State Gas & Fuels Second Lien, ROCs (Series 660) Weekly VRDNs (Citibank NA, New York LIQ), 0.060%, 8/7/2014	96,075,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Louisiana—continued
$5,400,000		New Orleans, LA IDB, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (521 Tchoupitoulas Street LLC)/(FHLB of Dallas LOC), 0.090%, 8/7/2014	$5,400,000
		TOTAL	263,290,000
		Maine—0.2%
6,500,000		Kittery, ME, 1.00% BANs, 9/15/2014	6,505,591
3,350,000	^3,4	Maine Health & Higher Educational Facilities Authority, Solar Eclipse (Series 2007-0104) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	3,350,000
		TOTAL	9,855,591
		Maryland—0.5%
2,985,000		Howard County, MD Revenue Bonds, (Series 1995) Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/5/2014	2,985,000
20,000,000		Maryland Community Development Administration—Residential Revenue, (Series 2007J) Daily VRDNs (TD Bank, N.A. LIQ), 0.050%, 8/7/2014	20,000,000
2,000,000		Maryland Community Development Administration—Residential Revenue, (Series 2007M) Daily VRDNs (TD Bank, N.A. LIQ), 0.050%, 8/7/2014	2,000,000
919,500		Maryland State Health & Higher Educational Facilities Authority Weekly VRDNs (Capitol College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/5/2014	919,500
1,364,000		Montgomery County, MD Housing Opportunities Commission, (Series 1998 Issue I) Weekly VRDNs (Byron House, Inc., Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.160%, 8/5/2014	1,364,000
3,000,000		Washington County, MD, (Series 2000) Weekly VRDNs (YMCA of Hagerstown, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/1/2014	3,000,000
		TOTAL	30,268,500
		Massachusetts—2.1%
9,935,000	^3,4	Commonwealth of Massachusetts, MERLOTS (Series 2006-B30), 0.12% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/17/2014	9,935,000
17,000,000	^3,4	Commonwealth of Massachusetts, Municipal Securities Trust Receipts (Series 2008-SGC-51) Weekly VRDNs (Societe Generale, Paris LIQ), 0.070%, 8/7/2014	17,000,000
50,000,000	^3,4	Commonwealth of Massachusetts, SPEARs (DB-1257) Weekly VRDNs (Deutsche Bank AG LIQ), 0.070%, 8/7/2014	50,000,000
17,625,000		Massachusetts Bay Transportation Authority General Transportation System, (Series B), 0.07% CP (Sumitomo Mitsui Banking Corp. LIQ), Mandatory Tender 9/4/2014	17,625,000
11,210,000		Massachusetts Bay Transportation Authority Sales Tax Revenue, 7 Month Window MVRENs (Series 2010A), 0.150%, 8/7/2014	11,210,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Massachusetts—continued
$5,000,000		Massachusetts Development Finance Agency, (Series 2013) Weekly VRDNs (CIL Realty of Massachusetts)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.060%, 8/7/2014	$5,000,000
8,000,000		Massachusetts State Health & Educational Facility, (2005 Series I) Weekly VRDNs (Amherst College), 0.060%, 8/7/2014	8,000,000
10,000,000		Newburyport, MA, 0.50% BANs, 10/24/2014	10,008,767
8,715,000		University of Massachusetts Building Authority, MA, (Commonwealth of Massachusetts), MVRENs (Series 2011-2), 0.150%, 8/7/2014	8,715,000
		TOTAL	137,493,767
		Michigan—2.7%
14,025,000		Grand Rapids, MI EDR, (Series 2007) Weekly VRDNs (MapleCreek)/(Comerica Bank LOC), 0.100%, 8/7/2014	14,025,000
36,250,000		Jackson County, MI Hospital Finance Authority, (Series 2011A) Weekly VRDNs (Allegiance Health)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	36,250,000
2,350,000		Kent Hospital Finance Authority, MI, (Series 2008B-3) Weekly VRDNs (Spectrum Health)/(Wells Fargo Bank, N.A. LIQ), 0.050%, 8/6/2014	2,350,000
1,210,000		Michigan Finance Authority, Healthcare Equipment Loan (Series D) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	1,210,000
33,000,000	^3,4	Michigan State Building Authority, Eagles (2014-0028) Weekly VRDNs (Citibank NA, New York LIQ), 0.070%, 8/7/2014	33,000,000
8,650,000		Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs (Subseries F-6), 0.120%, 8/7/2014	8,650,000
9,475,000		Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs (Subseries F-7), 0.120%, 8/7/2014	9,475,000
7,100,000		Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs (Subseries F-8), 0.120%, 8/7/2014	7,100,000
3,200,000		Michigan State Housing Development Authority, (Series 2000) Weekly VRDNs (JAS Nonprofit Housing Corp. VI)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	3,200,000
8,135,000		Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Lutheran Social Services of Michigan)/(Comerica Bank LOC), 0.100%, 8/7/2014	8,135,000
3,745,000		Michigan State Strategic Fund, (Series 2005) Weekly VRDNs (Detroit Public Television)/(Comerica Bank LOC), 0.070%, 8/7/2014	3,745,000
4,400,000		Michigan Strategic Fund, (Series 2007) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	4,400,000
8,000,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Consumers Energy)/(JPMorgan Chase Bank, N.A. LOC), 0.060%, 8/6/2014	8,000,000
31,175,000		Michigan Strategic Fund, (Series 2010) Weekly VRDNs (Kroger Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.060%, 8/7/2014	31,175,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Michigan—continued
$3,145,000		Southfield, MI EDC, (Series 2001) Weekly VRDNs (Lawrence Technological University)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/6/2014	$3,145,000
		TOTAL	173,860,000
		Minnesota—1.4%
2,550,000		Eagan, MN, (Series 2003) Weekly VRDNs (Aspenwoods of Eagan Apartments)/(FNMA LOC), 0.080%, 8/7/2014	2,550,000
12,000,000		Hennepin County, MN, (Series C) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.050%, 8/7/2014	12,000,000
18,000,000		Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988) Weekly VRDNs (Symphony Place)/(FHLMC LOC), 0.060%, 8/7/2014	18,000,000
13,235,000		Minneapolis, MN, Variable Rate Housing Revenue Bonds Weekly VRDNs (One Ten Grant Project)/(FNMA LOC), 0.060%, 8/7/2014	13,235,000
12,045,000		Minnesota State Higher Education Facility Authority, (Series Five-N2) Weekly VRDNs (College of Saint Catherine)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,045,000
2,655,000		New Hope, MN, (Series 2003A) Weekly VRDNs (Broadway Lanel)/(FNMA LOC), 0.070%, 8/7/2014	2,655,000
4,560,000		Plymouth, MN, (Series 2003) Weekly VRDNs (Parkside Apartments)/(FNMA LOC), 0.070%, 8/7/2014	4,560,000
7,180,000		Richfield, MN, (Series 2004) Weekly VRDNs (Market Plaza Housing)/(FHLMC LOC), 0.060%, 8/7/2014	7,180,000
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), 0.050%, 8/6/2014	2,500,000
1,100,000		Rochester, MN Health Care Facility Authority, (Series 2002A) Weekly VRDNs (Mayo Clinic)/(Bank of America N.A. LIQ), 0.050%, 8/6/2014	1,100,000
1,900,000		Rochester, MN Health Care Facility Authority, (Series A) Weekly VRDNs (Mayo Clinic)/(Wells Fargo Bank, N.A. LIQ), 0.050%, 8/6/2014	1,900,000
1,000,000		St. Cloud, MN ISD No. 742, (Series B), 0.65% TANs (GTD by Minnesota State), 8/8/2014	1,000,038
2,100,000		St. Francis, MN ISD#015, Certificates of Indebtedness (Series 2013A), 1.25% TANs (GTD by Minnesota State), 9/4/2014	2,101,853
7,292,000		St. Louis Park, MN, (Series 2004) Weekly VRDNs (Parkshore Senior Campus, LLC)/(FHLMC LOC), 0.060%, 8/7/2014	7,292,000
3,000,000		St. Paul, MN Housing & Redevelopment Authority, (Series 2009C) Weekly VRDNs (Allina Health System, MN)/(Wells Fargo Bank, N.A. LOC), 0.050%, 8/7/2014	3,000,000
		TOTAL	91,118,891
		Mississippi—0.2%
12,230,000	^3,4	Mississippi Development Bank, Solar Eclipse (Series 2006-0153) Weekly VRDNs (Jackson, MS)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,230,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Missouri—1.2%
$7,955,000		Golden Valley, MO Memorial Hospital District, (Series 2006) Weekly VRDNs (UMB Bank, N.A. LOC), 0.160%, 8/7/2014	$7,955,000
15,565,000		Kansas City, MO, H. Roe Bartle Convention Center (Series 2008F) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.070%, 8/6/2014	15,565,000
12,000,000		Missouri State HEFA, (BJC Health System, MO), MVRENs (Series 2013C), 0.130%, 8/7/2014	12,000,000
26,000,000		Southwest City, MO IDA, (Series 2009) Weekly VRDNs (Simmons Foods, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.080%, 8/7/2014	26,000,000
17,400,000		St. Joseph, MO IDA, (Series 2009A) Weekly VRDNs (Heartland Regional Medical Center)/(Bank of Montreal LOC), 0.060%, 8/6/2014	17,400,000
		TOTAL	78,920,000
		Multi-State—1.1%
9,960,000		FHLMC, Floater Certificates (Series M027-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.070%, 8/7/2014	9,960,000
11,500,000		FHLMC, Floater Certificates (Series M031-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.070%, 8/7/2014	11,500,000
33,400,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 1), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.150%, 8/7/2014	33,400,000
19,000,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Citibank NA LIQ), 0.140%, 8/7/2014	19,000,000
		TOTAL	73,860,000
		Nebraska—1.0%
53,455,000		Central Plains Energy Project, (Project #2) (Series 2009) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	53,455,000
10,000,000		Washington County, NE, (Series 2010) Weekly VRDNs (Cargill, Inc.), 0.090%, 8/7/2014	10,000,000
		TOTAL	63,455,000
		Nevada—1.1%
6,500,000		Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 D-1) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.050%, 8/6/2014	6,500,000
35,000,000		Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 D-3) Weekly VRDNs (Bank of America N.A. LOC), 0.060%, 8/6/2014	35,000,000
4,250,000		Clark County, NV Passenger Facility, (2010 Series F-2) Weekly VRDNs (Las Vegas-McCarran International Airport)/(Union Bank, N.A. LOC), 0.060%, 8/6/2014	4,250,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Nevada—continued
$28,500,000	^3,4	Henderson, NV Health Facility, Floater Certificates (Series 2008-2633) Weekly VRDNs (Dignity Health (Catholic Healthcare West))/(Berkshire Hathaway Assurance Corp. INS)/(Credit Suisse, Zurich LIQ), 0.060%, 8/7/2014	$28,500,000
		TOTAL	74,250,000
		New Jersey—6.5%
11,980,000		Avalon Boro, NJ, 1.00% BANs, 2/25/2015	12,024,155
5,803,300		Bernardsville, NJ, 1.00% BANs, 2/19/2015	5,825,686
7,862,775		Bloomfield Township, NJ, 1.00% BANs, 1/16/2015	7,879,686
7,391,463		Cinnaminson, NJ, 1.00% BANs, 5/19/2015	7,420,772
5,657,000		Kinnelon, NJ, 1.00% BANs, 2/20/2015	5,670,434
10,000,000		Long Branch, NJ, 1.00% BANs, 2/13/2015	10,012,243
9,500,000		New Jersey Health Care Facilities Financing Authority, (Series 2008B) Weekly VRDNs (AHS Hospital Corp.)/(Bank of America N.A. LOC), 0.050%, 8/7/2014	9,500,000
3,500,000		New Jersey Health Care Facilities Financing Authority, (Series 2009B) Daily VRDNs (Virtua Health)/(JPMorgan Chase Bank, N.A. LOC), 0.050%, 8/1/2014	3,500,000
11,500,000	^3,4	New Jersey State Educational Facilities Authority, (Series DBE-1307) Weekly VRDNs (New Jersey State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	11,500,000
40,000,000	^3,4	New Jersey State Transportation Trust Fund Authority, Clipper Tax-Exempt Certificate Trust (Series 2009-70) Weekly VRDNs (New Jersey State)/(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.070%, 8/7/2014	40,000,000
30,305,000	^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), 0.130%, 8/7/2014	30,305,000
40,000,000	^3,4	New Jersey State, PUTTERs (Series 4459) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.100%, 8/1/2014	40,000,000
75,000,000	^3,4	New Jersey State, PUTTERs (Series 4460), 0.12% TOBs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), Optional Tender 11/20/2014	75,000,000
40,000,000	^3,4	New Jersey State, PUTTERs (Series 4461), 0.11% TOBs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC) 10/9/2014	40,000,000
18,000,000		Ocean City, NJ, (Series 2014-1), 0.75% BANs, 6/18/2015	18,074,130
12,900,000		Ocean City, NJ, (Series 2014-2), 0.50% BANs, 9/10/2014	12,903,854
21,214,285		Ocean Township, NJ, (Series 2013), 1.00% BANs, 12/17/2014	21,260,531
20,000,000		Passaic County, NJ, (Series 2013A), 1.25% BANs, 12/19/2014	20,078,760
17,384,000		Rahway, NJ, 1.00% BANs, 8/8/2014	17,385,591
10,800,000		Sea Isle City, NJ, 1.00% BANs, 9/19/2014	10,805,756
9,275,600		Springfield Township, NJ, 0.75% BANs, 7/24/2015	9,318,966

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	New Jersey—continued
$5,695,076	Upper Saddle River, NJ, 1.00% BANs, 2/20/2015	$5,716,197
8,747,000	Wayne Township, NJ, 0.75% BANs, 7/20/2015	8,791,704
	TOTAL	422,973,465
	New Mexico—1.9%
124,915,000	New Mexico Municipal Energy Acquisition Authority, (Series 2009: Gas Supply Revenue Bonds) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.110%, 8/7/2014	124,915,000
	New York—11.6%
20,000,000	Copiague, NY Union Free School District, 0.75% TANs, 6/19/2015	20,096,779
5,740,000	Ithaca City, NY School District, 0.75% BANs, 7/2/2015	5,765,182
20,000,000	Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	20,000,000
23,300,000	New York City, NY Municipal Water Finance Authority, (2014 Series AA-1) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.060%, 8/1/2014	23,300,000
40,500,000	New York City, NY Municipal Water Finance Authority, (Series 2015BB-3) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.060%, 8/7/2014	40,500,000
25,000,000	New York City, NY Municipal Water Finance Authority, Fiscal 2011 (Subseries FF-1) Daily VRDNs (Bank of America N.A. LIQ), 0.070%, 8/1/2014	25,000,000
25,090,000	New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2007 Series C-C1) Daily VRDNs (Bank of Nova Scotia, Toronto LIQ), 0.050%, 8/1/2014	25,090,000
18,600,000	New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs (TD Bank, N.A. LIQ), 0.050%, 8/1/2014	18,600,000
74,900,000	New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.070%, 8/1/2014	74,900,000
30,580,000	New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.080%, 8/6/2014	30,580,000
7,400,000	New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.050%, 8/7/2014	7,400,000
8,750,000	New York City, NY, (Fiscal 2008 Subseries D-3) Weekly VRDNs (Credit Agricole Corporate and Investment Bank LIQ), 0.100%, 8/7/2014	8,750,000
49,600,000	New York City, NY, (Fiscal 2008 Subseries L-3) Daily VRDNs (Bank of America N.A. LIQ), 0.070%, 8/1/2014	49,600,000
6,500,000	New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.050%, 8/7/2014	6,500,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$18,000,000		New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.060%, 8/1/2014	$18,000,000
105,000,000		New York Liberty Development Corporation, (Series A-1 remarketed 3/19/14), 0.15% TOBs (3 World Trade Center)/(GTD by United States Treasury) 3/19/2015	105,000,000
2,500,000		New York State Dormitory Authority, (Series 2005A) Weekly VRDNs (Rockefeller University)/(JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/7/2014	2,500,000
400,000		New York State Dormitory Authority, (Series 2008A) Weekly VRDNs (Rockefeller University)/(JPMorgan Chase Bank, N.A. LIQ), 0.060%, 8/7/2014	400,000
33,000,000		New York State HFA, (Series 2009A: 505 West 37th Street Housing) Daily VRDNs (Midtown West B LLC)/(Landesbank Hessen-Thuringen LOC), 0.080%, 8/1/2014	33,000,000
19,000,000		New York State HFA, (Series 2009B: 505 West 37th Street Housing) Daily VRDNs (Midtown West B LLC)/(Landesbank Hessen-Thuringen LOC), 0.080%, 8/1/2014	19,000,000
10,700,000		New York State HFA, (Series A) Weekly VRDNs (2180 Broadway)/(Wells Fargo Bank, N.A. LOC), 0.050%, 8/6/2014	10,700,000
5,500,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 1)/(GTD by Citibank NA LIQ), 0.120%, 8/7/2014	5,500,000
31,000,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 2)/(GTD by Citibank NA LIQ), 0.120%, 8/7/2014	31,000,000
31,000,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 3)/(GTD by Citibank NA LIQ), 0.120%, 8/7/2014	31,000,000
21,000,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 4)/(GTD by Deutsche Bank Trust Co., LIQ), 0.140%, 8/7/2014	21,000,000
14,025,000		Oceanside, NY Union Free School District, 0.75% TANs, 6/19/2015	14,089,065
10,000,000		Ogdensburg, NY Enlarged City School District, (Series 2014A), 0.75% BANs, 6/23/2015	10,032,868
5,000,000		Ogdensburg, NY Enlarged City School District, 1.00% BANs, 8/7/2014	5,000,466
10,000,000		Rochester, NY, 1.00% BANs, 8/10/2015	10,076,600
20,000,000		Rochester, NY, 2.00% BANs, 8/10/2015	20,352,200
5,208,000		Southern Cayuga, NY CSD, (Series 2014A), 0.75% BANs, 6/26/2015	5,224,336
7,237,974		Taconic Hills, NY CSD, 0.75% BANs, 7/2/2015	7,272,385
19,725,000		Tarrytowns, NY Union Free School District, 0.50% BANs, 2/12/2015	19,760,724
4,490,000		Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels (Series 2001C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	4,490,000
23,905,000		Watkins Glen, NY CSD, 0.75% BANs, 8/4/2015	23,995,122
		TOTAL	753,475,727

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		North Carolina—1.2%
$18,290,000		Mecklenburg County, NC, 7 Month Windows MVRENs (Series 2009D), 0.160%, 8/7/2014	$18,290,000
1,215,000		New Hanover County, NC, (Series 2008A) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.050%, 8/6/2014	1,215,000
4,250,000		New Hanover County, NC, (Series 2008B) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.060%, 8/6/2014	4,250,000
4,305,000		North Carolina Capital Facilities Finance Agency, (Series 2005) Weekly VRDNs (Salem Academy and College)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,305,000
4,010,000		North Carolina Capital Facilities Finance Agency, (Series 2006) Weekly VRDNs (High Point University)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,010,000
8,040,000		North Carolina Capital Facilities Finance Agency, (Series 2007) Weekly VRDNs (High Point University)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	8,040,000
6,735,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (Countryside Montessori School)/(Wells Fargo Bank, N.A. LOC), 0.160%, 8/7/2014	6,735,000
9,280,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (St. David's School)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	9,280,000
2,615,000		North Carolina Educational Facilities Finance Agency, (Series 2000) Weekly VRDNs (Charlotte Country Day School)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	2,615,000
7,075,000		North Carolina Medical Care Commission, (Series 2005) Weekly VRDNs (Southeastern Regional Medical Center)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	7,075,000
4,015,000	^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	4,015,000
7,300,000		Raleigh, NC, (Series 2005B-2) Weekly VRDNs (PNC Bank, N.A. LIQ), 0.050%, 8/6/2014	7,300,000
		TOTAL	77,130,000
		North Dakota—0.4%
29,124,000		Grand Forks County, ND, (Series 2010) Weekly VRDNs (J.R. Simplot Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.080%, 8/6/2014	29,124,000
		Ohio—0.5%
6,180,000		Akron, OH, 1.00% BANs, 11/12/2014	6,192,696
6,425,000		Butler County, OH, 0.30% BANs, 7/30/2015	6,425,000
10,000,000		Dayton CSD, OH, (Series 2013B), 1.25% BANs, 10/15/2014	10,019,459
465,000		Erie County, OH, (Series 1996A) Weekly VRDNs (Providence Care Center)/(JPMorgan Chase Bank, N.A. LOC), 0.130%, 8/7/2014	465,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Ohio—continued
$5,480,000		Franklin County, OH Mortgage Revenue, (CHE Trinity Healthcare Credit Group), MVRENs (Series 2013OH), 0.130%, 8/7/2014	$5,480,000
4,000,000		Hamilton County, OH Hospital Facilities Authority, (Series 2002A) Weekly VRDNs (The Elizabeth Gamble Deaconess Home Association)/(Northern Trust Co., Chicago, IL LOC), 0.050%, 8/6/2014	4,000,000
2,000,000	^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), 0.060%, 8/7/2014	2,000,000
		TOTAL	34,582,155
		Oklahoma—0.2%
5,970,000		Oklahoma State Industrial Authority, (Series 2002) Weekly VRDNs (American Cancer Society, Inc.)/(Bank of America N.A. LOC), 0.110%, 8/7/2014	5,970,000
7,000,000		Oklahoma State Turnpike Authority, (Series 2006F) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/1/2014	7,000,000
		TOTAL	12,970,000
		Pennsylvania—2.2%
56,000,000	^3,4	Allegheny County, PA HDA, PUTTERs (Series 4323), 0.13% TOBs (UPMC Health System)/(JPMorgan Chase Bank, N.A. LIQ) 10/9/2014	56,000,000
8,600,000		Bucks County, PA IDA, (Series B of 2008) Weekly VRDNs (Grand View Hospital)/(PNC Bank, N.A. LOC), 0.050%, 8/7/2014	8,600,000
2,000,000		Butler County, PA General Authority, (Series 2011A) Weekly VRDNs (North Allegheny, PA School District)/(PNC Bank, N.A. LIQ), 0.050%, 8/7/2014	2,000,000
5,000,000		Butler County, PA General Authority, (Series 2014) Weekly VRDNs (North Allegheny, PA School District)/(PNC Bank, N.A. LIQ), 0.050%, 8/7/2014	5,000,000
1,200,000		Chester County, PA Intermediate Unit, (Series 2003) Weekly VRDNs (PNC Bank, N.A. LOC), 0.060%, 8/7/2014	1,200,000
7,475,000		Cumberland County, PA Municipal Authority, (Series 2008B) Weekly VRDNs (Presbyterian Homes Obligated Group)/(Bank of America N.A. LOC), 0.050%, 8/7/2014	7,475,000
4,015,000		Dallastown Area School District, PA, (Series of 2014) VRNs, 1.250%, 10/1/2014	4,030,921
6,000,000		Dallastown Area School District, PA, (Series of 2014) VRNs, 1.256%, 10/1/2014	6,039,094
15,395,000		Erie County, PA Hospital Authority, (Series 2010B) Weekly VRDNs (St. Vincent Health System)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.080%, 8/7/2014	15,395,000
5,000,000	^3,4	Hempfield, PA School District, RBC Muni Trust (Series 2011-E30) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.060%, 8/7/2014	5,000,000
4,285,000		Lancaster, PA IDA, (Series A of 2009) Weekly VRDNs (Willow Valley Retirement Communities)/(PNC Bank, N.A. LOC), 0.050%, 8/7/2014	4,285,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Pennsylvania—continued
$10,800,000	North Penn, PA Water Authority, (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	$10,800,000
2,075,000	Pennsylvania EDFA, (2006 Series A1) Weekly VRDNs (Ellwood City Hospital (PA))/(PNC Bank, N.A. LOC), 0.060%, 8/7/2014	2,075,000
11,650,000	Philadelphia, PA School District, (Series F of 2010) Weekly VRDNs (Barclays Bank PLC LOC), 0.050%, 8/7/2014	11,650,000
2,200,000	Upper St. Clair Township, PA, (Series of 2008) Weekly VRDNs (Bank of New York Mellon LIQ), 0.070%, 8/7/2014	2,200,000
	TOTAL	141,750,015
	South Carolina—0.4%
5,000,000	Lexington, SC, (Series 2013B), 2.50% BANs (Lexington, SC Water & Sewage), 12/2/2014	5,036,950
2,075,000	South Carolina Education Facilities Authority Weekly VRDNs (Newberry College)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	2,075,000
8,650,000	South Carolina Jobs-EDA, (Series 2006B) Weekly VRDNs (Oconee Memorial Hospital, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.070%, 8/7/2014	8,650,000
4,000,000	South Carolina Jobs-EDA, (Series 2007A) Weekly VRDNs (Woodhead LLC)/(FHLB of Atlanta LOC), 0.160%, 8/7/2014	4,000,000
4,585,000	South Carolina Jobs-EDA, (Series 2008) Weekly VRDNs (Pinewood Preparatory School)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,585,000
	TOTAL	24,346,950
	Tennessee—2.2%
36,875,000	Blount County, TN Public Building Authority, (Series E-6-A) Weekly VRDNs (Bradley County, TN)/(Branch Banking & Trust Co. LOC), 0.050%, 8/6/2014	36,875,000
5,200,000	Blount County, TN Public Building Authority, (Series E-7-A) Weekly VRDNs (Monroe County, TN)/(Branch Banking & Trust Co. LOC), 0.050%, 8/6/2014	5,200,000
35,095,000	Metropolitan Government Nashville & Davidson County, TN HEFA, (Ascension Health Alliance Senior Credit Group), MVRENs (Series 2001B-1), 0.120%, 8/7/2014	35,095,000
12,500,000	Metropolitan Government Nashville & Davidson County, TN, (2014 Program), 0.130%, 10/7/2014	12,500,000
4,365,000	Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,365,000
30,200,000	Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs (Sevier County, TN)/(Bank of America N.A. LOC), 0.070%, 8/6/2014	30,200,000
18,800,000	Wilson County, TN Sports Authority, (Series 1999) Weekly VRDNs (PNC Bank, N.A. LOC), 0.070%, 8/7/2014	18,800,000
	TOTAL	143,035,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Texas—13.4%
$3,500,000		Bexar County, TX Housing Finance Corp., (Series 2005A) Weekly VRDNs (Summit Hills Apartments)/(FHLMC LOC), 0.070%, 8/7/2014	$3,500,000
24,150,000	^3,4	Clipper Tax-Exempt Certificates Trust (Texas Non-AMT) (Series 2009-64) Weekly VRDNs (GTD by Texas PSFG Program)/(State Street Bank and Trust Co. LIQ), 0.090%, 8/7/2014	24,150,000
8,000,000		Dallas, TX Performing Arts Cultural Facilities Corp., (Series 2008A) Weekly VRDNs (Dallas Center for the Performing Arts Foundation, Inc.)/(Bank of America N.A. LOC), 0.070%, 8/7/2014	8,000,000
19,270,000		Dallas, TX Performing Arts Cultural Facilities Corp., (Series 2008B) Weekly VRDNs (Dallas Center for the Performing Arts Foundation, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	19,270,000
10,345,000	^3,4	Denton, TX ISD, SPEARs (Series DB-513) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.090%, 8/7/2014	10,345,000
13,650,000	^3,4	Grand Parkway Transportation Corp., TX, Clipper Tax-Exempt Certificate Trust (Series 2013-9A) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.070%, 8/7/2014	13,650,000
35,000,000		Harris County, TX Cultural Education Facilities Finance Corp., (Series 2009 C-2), 0.16% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 11/20/2014	35,000,000
28,000,000		Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.14% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 12/3/2014	28,000,000
34,000,000		Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.14% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 2/4/2015	34,000,000
57,500,000		Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.16% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 11/5/2014	57,500,000
18,000,000		Harris County, TX HFDC, (Subseries 2008A-2) Daily VRDNs (Methodist Hospital, Harris County, TX), 0.080%, 8/1/2014	18,000,000
11,000,000	^3,4	Harris County, TX HFDC, RBC Muni Trust (Series E-27) Weekly VRDNs (Memorial Hermann Health System)/(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.060%, 8/7/2014	11,000,000
35,260,000		Houston, TX Airport System, (Series 2010) Weekly VRDNs (Barclays Bank PLC LOC), 0.070%, 8/6/2014	35,260,000
11,205,000	^3,4	Irving, TX ISD, SPEARs (Series DB-603) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.110%, 8/7/2014	11,205,000
13,665,000	^3,4	Judson, TX ISD, SPEARs (Series DB-423) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	13,665,000
5,130,000	^3,4	Lamar, TX Consolidated ISD, ROCs (Series 12266) Weekly VRDNs (GTD by Texas PSFG Program)/(Citibank NA, New York LIQ), 0.070%, 8/7/2014	5,130,000
50,000,000	^3,4	Leander, TX ISD, SPEARs (DB-1253) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.090%, 8/7/2014	50,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Texas—continued
$18,965,000	^3,4	Longview, TX ISD, Stage Trust (Series 2008-45C), 0.12% TOBs (GTD by Texas PSFG Program)/(Wells Fargo & Co. LIQ), Optional Tender 9/18/2014	$18,965,000
7,300,000		Port Arthur Navigation District, TX IDC, (Series 2005) Daily VRDNs (Air Products LP)/(GTD by Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	7,300,000
16,235,000		Port Arthur Navigation District, TX IDC, (Series 2006) Daily VRDNs (Air Products LP)/(GTD by Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	16,235,000
13,000,000		Port Arthur Navigation District, TX IDC, (Series 2011) Weekly VRDNs (TOTAL Petrochemicals USA, Inc.)/(GTD by Total S.A.), 0.070%, 8/6/2014	13,000,000
25,000,000		Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010) Weekly VRDNs (TOTAL Petrochemicals USA, Inc.)/(GTD by Total S.A.), 0.070%, 8/6/2014	25,000,000
16,750,000		San Antonio, TX Electric & Gas System, (2012 Series C), 0.10% CP, Mandatory Tender 8/6/2014	16,750,000
33,595,000	^3,4	San Antonio, TX Electric & Gas System, Municipal Securities Trust Receipts (Series 1997-SG-105) Weekly VRDNs (Societe Generale, Paris LIQ)/(United States Treasury PRF), 0.140%, 8/7/2014	33,595,000
15,000,000		San Antonio, TX Housing Finance Corp., (Series 2008) Weekly VRDNs (Artisan at San Pedro Creek Apartments)/(FHLMC LOC), 0.060%, 8/7/2014	15,000,000
10,000,000		Tarrant County, TX Cultural Education Facilities Finance Corp., (Baylor Health Care System), MVRENs (Series 2013B), 0.150%, 8/7/2014	10,000,000
8,685,000	^3,4	Texas State Transportation Commission, Eagles (Series 2007-0139) Weekly VRDNs (Texas State)/(Citibank NA, New York LIQ), 0.060%, 8/7/2014	8,685,000
16,000,000	^3,4	Texas State Transportation Commission, Floater Certificates (Series 3371) Weekly VRDNs (Texas State Highway Fund)/(Morgan Stanley Bank, N.A. LIQ), 0.070%, 8/7/2014	16,000,000
192,050,000		Texas State, (Series 2013), 2.00% TRANs, 8/28/2014	192,306,468
23,000,000	^3,4	Texas State, Municipal Securities Trust Receipts (Series 2007-SGC-9) Weekly VRDNs (Societe Generale, Paris LIQ), 0.070%, 8/7/2014	23,000,000
33,420,000		Texas State, Veterans Bonds (Series 2011A) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	33,420,000
53,330,000		Texas State, Veterans Bonds (Series 2013B) Weekly VRDNs (Bank of New York Mellon LIQ), 0.070%, 8/6/2014	53,330,000
10,180,000	^3,4	Texas Water Development Board, MERLOTS (Series 2008-C51), 0.12% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/24/2014	10,180,000
		TOTAL	870,441,468
		Utah—0.7%
11,550,000	^3,4	Salt Lake County, UT Research Facility, (MT-847) Weekly VRDNs (Huntsman Cancer Foundation)/(GTD by Bank of America N.A.)/(Bank of America N.A. LIQ), 0.130%, 8/7/2014	11,550,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Utah—continued
$8,000,000		Utah County, UT, (IHC Health Services, Inc.), MVRENs (Series 2014C), 0.120%, 8/7/2014	$8,000,000
23,700,000		Utah County, UT, (Series 2002C) Weekly VRDNs (IHC Health Services, Inc.)/(U.S. Bank, N.A. LIQ), 0.070%, 8/7/2014	23,700,000
		TOTAL	43,250,000
		Vermont—0.6%
14,350,000		Vermont EDA, (Series 2006B) Weekly VRDNs (Wake Robin Corp.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.060%, 8/7/2014	14,350,000
21,690,000		Vermont Educational and Health Buildings Financing Agency, (Series 2008A) Weekly VRDNs (Fletcher Allen Health Care Inc.)/ (TD Bank, N.A. LOC), 0.060%, 8/6/2014	21,690,000
		TOTAL	36,040,000
		Virginia—1.3%
16,130,000		Alexandria, VA IDA, (Series 2000B) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.070%, 8/7/2014	16,130,000
9,595,000		Alexandria, VA IDA, (Series 2005) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.070%, 8/7/2014	9,595,000
4,910,000		Fairfax County, VA IDA, (Inova Health System), MVRENs (Series 2012 C), 0.140%, 8/7/2014	4,910,000
4,500,000		Hanover County, VA EDA, (Series 2008D-2) Weekly VRDNs (Bon Secours Health System)/(U.S. Bank, N.A. LOC), 0.050%, 8/6/2014	4,500,000
4,820,000		Harrisonburg, VA IDA, (Series B) Weekly VRDNs (Virginia Mennonite Retirement Community)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,820,000
14,800,000		Lynchburg, VA IDA, (Series 2004 B) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	14,800,000
16,360,000		Lynchburg, VA IDA, (Series 2004 C) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	16,360,000
9,150,000		Norfolk, VA EDA, (Sentara Health Systems Obligation Group), MVRENs (Series 2010 C), 0.180%, 8/7/2014	9,150,000
180,000		Norfolk, VA Redevelopment and Housing Authority, (Series 2008) Daily VRDNs (Old Dominion University)/(Bank of America N.A. LOC), 0.070%, 8/1/2014	180,000
3,000,000		Virginia Small Business Financing Authority, (Series 2008A) Weekly VRDNs (Hampton University)/(PNC Bank, N.A. LOC), 0.040%, 8/7/2014	3,000,000
		TOTAL	83,445,000
		Washington—0.9%
3,340,000	^3,4	NJB Properties, Solar Eclipse (Series 2007-0106) Weekly VRDNs (King County, WA)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	3,340,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Washington—continued
$18,000,000		Washington State Health Care Facilities Authority, (Catholic Health Initiatives), MVRENs (Series 2013), 0.210%, 8/7/2014	$18,000,000
6,000,000		Washington State Health Care Facilities Authority, (Catholic Health Initiatives), MVRENs (Series 2013B), 0.210%, 8/7/2014	6,000,000
8,225,000	^3,4	Washington State Health Care Facilities Authority, Stage Trust (Series 2008-48C) Weekly VRDNs (Virginia Mason Medical Center)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.060%, 8/7/2014	8,225,000
4,000,000		Washington State Housing Finance Commission, (Series 2013), 0.43% TOBs (Family Tree and Lincoln Way LLC), Mandatory Tender 1/5/2015	4,000,000
19,185,000		Washington State Housing Finance Commission, (Series A) Weekly VRDNs (Eastside Catholic School)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/7/2014	19,185,000
		TOTAL	58,750,000
		West Virginia—1.1%
49,995,000		Cabell County, WV, (Series 2010A) Weekly VRDNs (Provident Group-Marshall Properties, LLC)/(Bank of America N.A. LOC), 0.090%, 8/7/2014	49,995,000
22,900,000		West Virginia State Hospital Finance Authority, (Series 2008A) Weekly VRDNs (Cabell Huntington Hospital)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	22,900,000
		TOTAL	72,895,000
		Wisconsin—3.0%
14,500,000		Milwaukee, WI, (Series 2012 C-6), 0.080%, 8/8/2014	14,500,000
4,050,000		Oak Creek, WI, 2.00% BANs, 4/1/2015	4,097,904
3,500,000		Sparta, WI, 1.50% BANs, 11/1/2014	3,500,000
8,375,000		Whitewater, WI CDA, (Series 2007) Weekly VRDNs (Wisconsin Housing Preservation Corp.)/(BMO Harris Bank, N.A. LOC), 0.080%, 8/7/2014	8,375,000
9,375,000		Wisconsin HEFA, (Ascension Health Alliance Senior Credit Group), MVRENs (Series 2013B), 0.120%, 8/7/2014	9,375,000
49,925,000		Wisconsin HEFA, (Series 2010C), 0.12% CP (Aurora Health Care, Inc.)/(Bank of America N.A. LOC), Mandatory Tender 10/7/2014	49,925,000
28,155,000		Wisconsin HEFA, (Series 2010C), 0.12% CP (Aurora Health Care, Inc.)/(Bank of America N.A. LOC), Mandatory Tender 12/4/2014	28,155,000
11,200,000		Wisconsin HEFA, (UnityPoint Health), MVRENs (Series 2014B-2), 0.140%, 8/7/2014	11,200,000
23,165,000		Wisconsin State HEFA Weekly VRDNs (Ripon College)/(BMO Harris Bank, N.A. LOC), 0.070%, 8/7/2014	23,165,000
3,770,000		Wisconsin State HEFA, (Series 2008A) Weekly VRDNs (Meriter Retirement Services, Inc.)/(KBC Bank N.V. LOC), 0.160%, 8/7/2014	3,770,000
4,365,000		Wisconsin State HEFA, (Series 2008B) Weekly VRDNs (Meriter Retirement Services, Inc.)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	4,365,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Wisconsin—continued
$3,570,000	Wisconsin State HEFA, (Series 2009) Weekly VRDNs (Lawrence University, WI)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	$3,570,000
31,545,000	Wisconsin State, GO Extendible Municipal Commercial Paper, 0.080%, 8/6/2014	31,545,000
	TOTAL	195,542,904
	Wyoming—0.0%
760,000	Sweetwater County, WY PCRB, PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.050%, 8/6/2014	760,000
	TOTAL INVESTMENTS—101.2% (AT AMORTIZED COST)⁵	6,590,023,815
	OTHER ASSETS AND LIABILITIES - NET—(1.2)%⁶	(75,848,320)
	TOTAL NET ASSETS—100%	$6,514,175,495

At July 31, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

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 July 31, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value (unaudited)

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 July 31, 2014, these restricted securities amounted to $1,675,350,000, which represented 25.7% 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 July 31, 2014, these liquid restricted securities amounted to $1,675,350,000, which represented 25.7% 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 July 31, 2014.

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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Annual Shareholder Report

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CCD	—Community College District
CDA	—Community Development Authority
COPs	—Certificates of Participation
CP	—Commercial Paper
CSD	—Central School District
EDA	—Economic Development Authority
EDC	—Economic Development Commission
EDFA	—Economic Development Finance Authority
EDR	—Economic Development Revenue
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HDA	—Hospital Development Authority
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
HFDC	—Health Facility Development Corporation
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
IDC	—Industrial Development Corporation
INS	—Insured
ISD	—Independent School District
LIQs	—Liquidity Agreements
LOC	—Letter of Credit
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH	—Multi-Family Housing
MVRENs	—Municipal Variable Rate Exchangeable Notes
P-FLOATs	—Puttable Floating Option Tax-Exempt Receipts
PCFA	—Pollution Control Finance Authority
PCR	—Pollution Control Revenue
PCRB	—Pollution Control Revenue Bond
PRF	—Prerefunded
PSFG	—Permanent School Fund Guarantee
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
SPEARs	—Short Puttable Exempt Adjustable Receipts
TANs	—Tax Anticipation Notes
TOBs	—Tender Option Bonds
TRANs	—Tax and Revenue Anticipation Notes
USD	—Unified School District
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

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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	0.002
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	0.002
Less Distributions:
Distributions from net investment income	(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	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.04%	0.10%	0.18%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.18%³	0.21%³	0.21%³	0.22%³
Net investment income	0.01%	0.02%	0.03%	0.10%	0.17%
Expense waiver/reimbursement⁴	0.19%	0.11%	0.08%	0.08%	0.07%
Supplemental Data:
Net assets, end of period (000 omitted)	$5,272,724	$5,906,897	$6,671,609	$9,147,097	$8,290,468

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.10%, 0.18%, 0.21%, 0.21% and 0.22% for the years ended July 31, 2014, 2013, 2012, 2011 and 2010, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Total investment in securities, at amortized cost and fair value		$6,590,023,815
Cash		516,673
Income receivable		6,256,920
Receivable for investments sold		20,008,889
Receivable for shares sold		487,032
TOTAL ASSETS		6,617,293,329
Liabilities:
Payable for investments purchased	$102,924,832
Payable for shares redeemed	28,706
Income distribution payable	43,465
Payable to adviser (Note 5)	35,006
Payable for Directors'/Trustees' fees (Note 5)	4,124
Payable for other service fees (Notes 2 and 5)	520
Accrued expenses (Note 5)	81,181
TOTAL LIABILITIES		103,117,834
Net assets for 6,513,613,054 shares outstanding		$6,514,175,495
Net Assets Consist of:
Paid-in capital		$6,513,593,571
Accumulated net realized gain on investments		581,883
Undistributed net investment income		41
TOTAL NET ASSETS		$6,514,175,495
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$5,272,724,238 ÷ 5,272,264,831 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$1,241,451,257 ÷ 1,241,348,223 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$7,908,330
Expenses:
Investment adviser fee (Note 5)		$14,535,918
Administrative fee (Note 5)		5,677,409
Custodian fees		232,915
Transfer agent fee		63,417
Directors'/Trustees' fees (Note 5)		45,600
Auditing fees		20,999
Legal fees		50,782
Portfolio accounting fees		183,452
Other service fees (Notes 2 and 5)		3,356,228
Share registration costs		62,483
Printing and postage		45,102
Miscellaneous (Note 5)		69,695
TOTAL EXPENSES		24,344,000
Waivers, Reimbursement and Reduction:
Waiver of investment adviser fee (Note 5)	$(13,846,139)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(3,356,828)
Reduction of custodian fees (Note 6)	(214)
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION		(17,203,181)
Net expenses			7,140,819
Net investment income			767,511
Net realized gain on investments			604,719
Change in net assets resulting from operations			$1,372,230

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$767,511	$1,268,190
Net realized gain on investments	604,719	109,408
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	1,372,230	1,377,598
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(592,127)	(1,105,159)
Service Shares	(134,238)	(148,899)
Distributions from net realized gain on investments
Institutional Shares	(83,609)	(46,993)
Service Shares	(18,188)	(10,838)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(828,162)	(1,311,889)
Share Transactions:
Proceeds from sale of shares	20,340,536,889	23,973,771,616
Net asset value of shares issued to shareholders in payment of distributions declared	208,368	313,680
Cost of shares redeemed	(21,073,624,036)	(25,020,057,222)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(732,878,779)	(1,045,971,926)
Change in net assets	(732,334,711)	(1,045,906,217)
Net Assets:
Beginning of period	7,246,510,206	8,292,416,423
End of period (including undistributed (distributions in excess of) net investment income of $41 and $(41,105), respectively)	$6,514,175,495	$7,246,510,206

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Tax-Free Obligations Fund (the “Fund”). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. 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 financial highlights of the Service Shares are presented separately. The investment objective of the Fund is to provide dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund's investments normally will not be subject to the AMT for individuals and corporations, and may be subject to state and local taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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 other service fees unique to those classes.

For the year ended July 31, 2014, unaffiliated third parties waived $600 of transfer agent fees.

Other Service Fees

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$3,356,228	$(14,891)	$(3,341,337)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	17,484,880,139	$17,484,880,139	20,786,743,615	$20,786,743,615
Shares issued to shareholders in payment of distributions declared	151,517	151,517	253,312	253,312
Shares redeemed	(18,119,646,590)	(18,119,646,590)	(21,551,761,598)	(21,551,761,598)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(634,614,934)	$(634,614,934)	(764,764,671)	$(764,764,671)

Annual Shareholder Report

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	2,855,656,750	$2,855,656,750	3,187,028,001	$3,187,028,001
Shares issued to shareholders in payment of distributions declared	56,851	56,851	60,368	60,368
Shares redeemed	(2,953,977,446)	(2,953,977,446)	(3,468,295,624)	(3,468,295,624)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(98,263,845)	$(98,263,845)	(281,207,255)	$(281,207,255)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(732,878,779)	$ (732,878,779)	(1,045,971,926)	$(1,045,971,926)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013 was as follows:

	2014	2013
Tax-exempt income	$726,365	$1,254,058
Ordinary income¹	$10,014	$20,764
Long-term capital gains	$91,783	$37,067

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	$41
Undistributed ordinary income²	$123,991
Undistributed long-term capital gains	$457,892

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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

Other Service Fees

FSSC reimbursed $14,891 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 reimbursements) will not exceed 0.21% and 0.46% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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 year ended July 31, 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 $4,375,780,000 and $3,262,210,000, respectively.

General

Annual Shareholder Report

6. EXPENSE Reduction

7. LINE OF CREDIT

8. INTERFUND LENDING

9. Regulatory Matters

10. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended July 31, 2014, the amount of long-term capital gains designated by the Fund was $91,783.

For the year ended July 31, 2014, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE Institutional Class SHAREHOLDERS of federated tax-free obligations fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Tax-Free Obligations Fund (the “Fund”), a portfolio of the Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Tax-Free Obligations Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual	$1,000	$1,000.00	$0.45²
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.35	$0.45²

Expenses are equal to the Fund's Institutional Shares annualized net expense ratio of 0.09%, 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 0.21% (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 $1.04 and $1.05, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER AND VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: December 1989	Principal Occupations: Mary Jo Ochson has been the Fund's Portfolio Manager since December 1989. Ms. Ochson was named Chief Investment Officer of Federated's tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010 and is Vice President of the Trust with respect to the Fund. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Tax-Free Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Tax-Free Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N401

39006 (9/14)

Portfolio of Investments Summary Tables

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	78.3%
Municipal Notes	16.7%
Commercial Paper	6.2%
Other Assets and Liabilities—Net²	(1.2)%
TOTAL	100.0%

At July 31, 2014, the Fund's effective³ maturity schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	74.5%
8-30 Days	4.1%
31-90 Days	5.0%
91-180 Days	7.2%
181 Days or more	10.4%
Other Assets and Liabilities—Net²	(1.2)%
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		SHORT-TERM MUNICIPALS—101.2%^1,2
		Alabama—4.7%
$6,000,000		Alabama HFA MFH, (2000 Series A: Turtle Lake) Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC), 0.060%, 8/7/2014	$6,000,000
4,000,000	^3,4	Alabama Special Care Facilities Financing Authority of Birmingham, Solar Eclipse (Series 2007-0046) Weekly VRDNs (Ascension Health Alliance Senior Credit Group)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	4,000,000
8,000,000	^3,4	Birmingham, AL Waterworks & Sewer Board, Floater Certificates (Series 2008-2707) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.070%, 8/7/2014	8,000,000
9,900,000		Birmingham-St. Martin's, AL Special Care Facilities Financing Authority, (Series 2007) Weekly VRDNs (St. Martin's In The Pines)/(FHLB of Atlanta LOC), 0.080%, 8/7/2014	9,900,000
15,400,000		Columbia, AL IDB PCRB, (Series 1999-C) Daily VRDNs (Alabama Power Co.), 0.070%, 8/1/2014	15,400,000
28,000,000		Mobile County, AL IDA Gulf Opportunity Zone, (Series 2011) Weekly VRDNs (SSAB Alabama, Inc.)/(Credit Agricole Corporate and Investment Bank LOC), 0.090%, 8/7/2014	28,000,000
12,000,000		Mobile, AL IDB, PCR (Series 1993B) Weekly VRDNs (Alabama Power Co.), 0.070%, 8/7/2014	12,000,000
31,500,000		Mobile, AL IDB, PCR (Series 2008: Gulf Opportunity Zone Bond), 0.45% TOBs (Alabama Power Co.), Mandatory Tender 9/23/2014	31,504,515
27,600,000		Tuscaloosa County, AL IDA, (Series 2008A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Citibank NA, New York LOC), 0.070%, 8/6/2014	27,600,000
10,000,000		Tuscaloosa County, AL IDA, (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Bank of Nova Scotia, Toronto LOC), 0.060%, 8/6/2014	10,000,000
100,000,000		Tuscaloosa County, AL IDA, (Series 2011A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Sumitomo Mitsui Banking Corp. LOC), 0.060%, 8/6/2014	100,000,000
25,000,000		Tuscaloosa County, AL IDA, (Series 2011J: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Bank of Nova Scotia, Toronto LOC), 0.060%, 8/6/2014	25,000,000
10,000,000		Tuscaloosa County, AL IDA, (Series 2011K: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Bank of Nova Scotia, Toronto LOC), 0.060%, 8/6/2014	10,000,000
11,310,000		Tuscaloosa County, AL Port Authority, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Tuscaloosa Riverfront Development, LLC)/(FHLB of Atlanta LOC), 0.100%, 8/7/2014	11,310,000
5,410,000	^3,4	University of South Alabama, Solar Eclipse (Series 2007-0023) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	5,410,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Alabama—continued
$2,675,000		Washington County, AL IDA, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Bay Gas Storage Company, Ltd.)/(UBS AG LOC), 0.070%, 8/6/2014	$2,675,000
		TOTAL	306,799,515
		Arizona—1.4%
21,860,000	^3,4	Arizona State, Stage Trust (Series 2011-9C), 0.12% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 9/18/2014	21,860,000
4,000,000		Maricopa County, AZ, IDA Solid Waste Disposal, (Series 2009) Weekly VRDNs (DC Paloma 2 LLC)/(CoBank, ACB LOC), 0.070%, 8/7/2014	4,000,000
7,845,000	^3,4	Salt River Project, AZ Agricultural Improvement & Power District, Floater Certificates (Series 2008-3284) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.070%, 8/7/2014	7,845,000
10,135,000	^3,4	Salt River Project, AZ Agricultural Improvement & Power District, ROCs (Series 12276) Weekly VRDNs (Citibank NA, New York LIQ), 0.070%, 8/7/2014	10,135,000
28,500,000		Yavapai County, AZ IDA—Recovery Zone Facility, (Series 2010: Drake Cement Project) Weekly VRDNs (Skanon Investments, Inc.)/(Citibank NA, New York LOC), 0.070%, 8/7/2014	28,500,000
20,985,000		Yavapai County, AZ IDA Hospital Facilities, (Series 2008B) Weekly VRDNs (Northern Arizona Healthcare System, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/7/2014	20,985,000
		TOTAL	93,325,000
		California—6.2%
12,885,000	^3,4	Bay Area Toll Authority, CA, PUTTERs (Series 1962) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.090%, 8/7/2014	12,885,000
28,000,000		California Health Facilities Financing Authority, (Series 2006E), 0.12% CP (Kaiser Permanente), Mandatory Tender 11/4/2014	28,000,000
14,750,000		California Infrastructure & Economic Development Bank, (Series 2008) Weekly VRDNs (Santa Barbara Center for the Performing Arts)/(Bank of America N.A. LOC), 0.080%, 8/7/2014	14,750,000
19,700,000		California PCFA, (Series 1997B) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	19,700,000
76,300,000		California State, (Series 2005B-1) Weekly VRDNs (Bank of America N.A. LOC), 0.070%, 8/6/2014	76,300,000
4,400,000		California Statewide CDA MFH, (2010 Series B: Mountain View Apartments) Weekly VRDNs (Beaumont CA Leased Housing Associates I, LP)/(FHLMC LOC), 0.060%, 8/7/2014	4,400,000
19,045,000		California Statewide CDA, (Series 2004E), 0.14% CP (Kaiser Permanente), Mandatory Tender 3/4/2015	19,045,000
30,000,000		California Statewide CDA, (Series 2004I), 0.11% CP (Kaiser Permanente), Mandatory Tender 11/3/2014	30,000,000
9,630,000		California Statewide CDA, Gas Supply Variable Rate Revenue Bonds (Series 2010) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	9,630,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		California—continued
$4,760,000		Elsinore Valley, CA Water and Sewer Facilities Corp., (Series 2011A) Weekly VRDNs (Elsinore Valley, CA Municipal Water District)/(Union Bank, N.A. LOC), 0.050%, 8/6/2014	$4,760,000
13,120,000	^3,4	Los Angeles Department of Water & Power, Eagles (Series 2014-0029) Weekly VRDNs (Los Angeles, CA Department of Water & Power (Electric/Power System))/(Citibank NA, New York LIQ), 0.080%, 8/7/2014	13,120,000
14,000,000	^3,4	Los Angeles, CA CCD, ROCs (Series 11728) Weekly VRDNs (Citibank NA, New York LIQ), 0.060%, 8/7/2014	14,000,000
14,930,000	^3,4	Los Angeles, CA Department of Water & Power (Electric/Power System), Eagles (Series 2013-0005) Weekly VRDNs (Citibank NA, New York LIQ), 0.070%, 8/7/2014	14,930,000
25,310,000	^3,4	Los Angeles, CA USD, Solar Eclipse (Series 2006-0018) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	25,310,000
5,900,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Deutsche Bank Trust Co., LIQ), 0.140%, 8/7/2014	5,900,000
21,500,000	^3,4	Nuveen California AMT-Free Municipal Income Fund, (Series 4), Weekly VRDPs, (GTD by Citibank NA LIQ), 0.120%, 8/7/2014	21,500,000
10,125,000	^3,4	Orange County, CA Sanitation District, ROCs (Series 11738) Weekly VRDNs (Citibank NA, New York LIQ), 0.060%, 8/7/2014	10,125,000
8,315,000		Riverside County, CA Transportation Commission, (2009 Series C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.080%, 8/7/2014	8,315,000
10,000,000		San Francisco, CA City & County Redevelopment Agency Community Facilities District No. 7, (Series 2005A: Hunters Point Shipyard Phase One) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	10,000,000
34,945,000	^3,4	Santa Clara County, CA, Stage Trust (Series 2009-19C) Weekly VRDNs (Wells Fargo & Co. LIQ), 0.060%, 8/7/2014	34,945,000
16,775,000		Santa Clara Valley, CA Transportation Authority, (2008 Series D) Weekly VRDNs (2000 Measure A Sales Tax)/(Sumitomo Mitsui Banking Corp. LIQ), 0.070%, 8/7/2014	16,775,000
7,080,000	^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), 0.060%, 8/7/2014	7,080,000
4,500,000		Upland, CA Community Redevelopment Agency, (Series 2007) Weekly VRDNs (Sunset Ridge Apartments and Village Apartments)/(FHLB of San Francisco LOC), 0.090%, 8/6/2014	4,500,000
		TOTAL	405,970,000
		Colorado—0.6%
16,775,000	^3,4	Denver, CO City & County Airport Authority, SPEARs (Series DBE-493) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	16,775,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Colorado—continued
$8,235,000		Traer Creek Metropolitan District, CO, (Series 2002) Weekly VRDNs (BNP Paribas SA LOC), 0.140%, 8/6/2014	$8,235,000
15,800,000		Traer Creek Metropolitan District, CO, (Series 2004) Weekly VRDNs (BNP Paribas SA LOC), 0.140%, 8/6/2014	15,800,000
		TOTAL	40,810,000
		Connecticut—0.2%
10,200,000	^3,4	Connecticut State Health & Educational Facilities, Eagles (Series 720053031) Weekly VRDNs (Yale University)/(Citibank NA, New York LIQ), 0.060%, 8/7/2014	10,200,000
		District of Columbia—1.7%
3,540,000		District of Columbia Revenue, (Series 1999) Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/1/2014	3,540,000
4,505,000		District of Columbia Revenue, (Series 2006) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,505,000
15,050,000		District of Columbia Revenue, (Series 2008) Daily VRDNs (American University)/(JPMorgan Chase Bank, N.A. LOC), 0.080%, 8/1/2014	15,050,000
12,200,000		District of Columbia Revenue, (Series 2009) Weekly VRDNs (Washington Center for Internships & Academic Seminars)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	12,200,000
12,590,000	^3,4	District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2007-0056) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,590,000
33,250,000		District of Columbia, (Series 2006) Weekly VRDNs (Carnegie Endowment for International Peace)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/7/2014	33,250,000
26,665,000	^3,4	Washington, DC Convention Center Authority, Floater Certificates (Series 2006-1606) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Credit Suisse, Zurich LIQ), 0.060%, 8/7/2014	26,665,000
		TOTAL	107,800,000
		Florida—7.2%
28,375,000	^3,4	Broward County, FL, Clipper Tax-Exempt Certificates Trust (Series 2009-55) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.090%, 8/7/2014	28,375,000
18,000,000	^3,4	Clipper Tax-Exempt Certificates Trust (Florida Non-AMT) (Series 2009-83) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.060%, 8/7/2014	18,000,000
15,865,000	^3,4	Florida State Board of Education, P-FLOATs (Series PZ-198) Weekly VRDNs (Florida State)/(Wells Fargo & Co. LIQ), 0.080%, 8/7/2014	15,865,000
58,605,000		Florida State Municipal Power Agency, (Series 2008C) Daily VRDNs (Bank of America N.A. LOC), 0.060%, 8/1/2014	58,605,000
4,705,000	^3,4	Florida State, MERLOTS (Series 2008-C7) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.060%, 8/6/2014	4,705,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Florida—continued
$16,500,000		JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	$16,500,000
5,000,000		Jacksonville, FL HFDC, (Series 2002) Weekly VRDNs (University of Florida Jacksonville Physicians, Inc.)/(Bank of America N.A. LOC), 0.080%, 8/6/2014	5,000,000
14,900,000		Manatee County, FL, Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs (Florida Power & Light Co.), 0.080%, 8/1/2014	14,900,000
19,680,000		Orange County, FL School Board, COPs (Series 2008C) Weekly VRDNs (Bank of America N.A. LOC), 0.070%, 8/7/2014	19,680,000
11,715,000	^3,4	Orange County, FL, Health Facilities Authority, SPEARs (Series DBE-1071) Weekly VRDNs (Orlando Health, Inc.)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	11,715,000
77,350,000	^3,4	Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0081) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.080%, 8/7/2014	77,350,000
22,600,000	^3,4	Orlando & Orange County Expressway Authority, FL, Eagles (Series 2007-0145) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.070%, 8/7/2014	22,600,000
36,400,000	^3,4	Orlando & Orange County Expressway Authority, FL, Eagles (Series 2014-0038) Weekly VRDNs (Berkshire Hathaway Assurance Corp. INS)/(Citibank NA, New York LIQ), 0.090%, 8/7/2014	36,400,000
6,000,000		Pinellas County, FL Health Facility Authority, (Series 2009A-2) Weekly VRDNs (Baycare Health System)/(Northern Trust Co., Chicago, IL LOC), 0.060%, 8/7/2014	6,000,000
16,500,000		Polk County, FL IDA, (Baycare Health System), MVRENs (Series 2014A-2), 0.140%, 8/7/2014	16,500,000
109,200,000		St. Lucie County, FL PCRB, (Series 2000) Daily VRDNs (Florida Power & Light Co.), 0.070%, 8/1/2014	109,200,000
10,000,000		Tampa, FL, (Baycare Health System), Health System Revenue Bonds MVRENs (Series 2012B), 0.140%, 8/7/2014	10,000,000
		TOTAL	471,395,000
		Georgia—2.5%
8,950,000		Bartow County, GA Development Authority, (Series 2010) Weekly VRDNs (VMC Specialty Alloys LLC)/(Comerica Bank LOC), 0.070%, 8/7/2014	8,950,000
10,000,000		Columbus, GA Development Authority, (Series 2008) Weekly VRDNs (Lumpkin Park Partners, Ltd.)/(FHLMC LOC), 0.090%, 8/7/2014	10,000,000
1,865,000		Columbus, GA Development Authority, (Series 2009) Weekly VRDNs (Foundation Properties, Inc.)/(FHLB of Atlanta LOC), 0.110%, 8/7/2014	1,865,000
1,840,000		DeKalb County, GA Development Authority, (Series 2007) Weekly VRDNs (Sophia Academy, Inc.)/(FHLB of Atlanta LOC), 0.110%, 8/7/2014	1,840,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Georgia—continued
$15,000,000		DeKalb County, GA School District, (Series 2014), 0.75% TANs, 12/16/2014	$15,031,225
300,000		Fayette County, GA Hospital Authority, Series 2009B Weekly VRDNs (Fayette Community Hospital)/(FHLB of Atlanta LOC), 0.050%, 8/6/2014	300,000
1,400,000		Fulton County, GA Development Authority, (Series 2001) Weekly VRDNs (Alpharetta Christian Academy, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.160%, 8/7/2014	1,400,000
53,145,000		Fulton County, GA Development Authority, (Series 2008) Weekly VRDNs (Children's Healthcare of Atlanta, Inc.)/(Landesbank Hessen-Thuringen LIQ), 0.090%, 8/6/2014	53,145,000
6,205,000	^3,4	Georgia State, GS Trust (Series 2006-85TP) Weekly VRDNs (Wells Fargo & Co. LIQ), 0.060%, 8/7/2014	6,205,000
6,590,000		Glynn-Brunswick, GA Hospital Authority, (Series 2008) Weekly VRDNs (Southeast Georgia Health System, Inc.)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	6,590,000
58,765,000		Main Street Gas, Inc., (Series 2010A) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	58,765,000
		TOTAL	164,091,225
		Idaho—0.6%
27,225,000	^3,4	Boise State University, Solar Eclipse (Series 2007-0002) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	27,225,000
10,910,000		Idaho Health Facilities Authority, (CHE Trinity Healthcare Credit Group), MVRENs (Series 2013ID), 0.130%, 8/7/2014	10,910,000
		TOTAL	38,135,000
		Illinois—7.7%
12,410,000		Aurora, Kane, DuPage, Will and Kendall Counties, IL, (Series 2006) Weekly VRDNs (Covey at Fox Valley Apartments)/(FNMA LOC), 0.060%, 8/7/2014	12,410,000
27,570,000		Canton, IL, (Series 2009) Weekly VRDNs (Graham Hospital Association)/(BMO Harris Bank, N.A. LOC), 0.080%, 8/7/2014	27,570,000
3,700,000		Chicago, IL MFH Revenue, (Series 2012) Weekly VRDNs (Churchview Manor Senior Apartments)/(BMO Harris Bank, N.A. LOC), 0.260%, 8/7/2014	3,700,000
4,460,000		Chicago, IL Midway Airport, Second Lien Revenue Bonds (Series 2004D) Weekly VRDNs (Bank of Montreal LOC), 0.070%, 8/7/2014	4,460,000
15,205,000	^3,4	Chicago, IL O'Hare International Airport, SPEARs (Series DBE-534) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	15,205,000
20,000,000	^3,4	Chicago, IL Transit Authority, Clipper Tax-Exempt Certificate Trust (2014-04A) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.090%, 8/7/2014	20,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Illinois—continued
$6,520,000		Freeport, IL, (Series 2001) Weekly VRDNs (Freeport Regional Health Care Foundation)/(U.S. Bank, N.A. LOC), 0.080%, 8/7/2014	$6,520,000
15,400,000		Galesburg, IL, (Series 1996) Weekly VRDNs (Knox College)/(PNC Bank, N.A. LOC), 0.050%, 8/7/2014	15,400,000
33,200,000		Illinois Development Finance Authority IDB Weekly VRDNs (Lyric Opera of Chicago)/(BMO Harris Bank, N.A., JPMorgan Chase Bank, N.A. and Northern Trust Co., Chicago, IL LOCs), 0.070%, 8/6/2014	33,200,000
30,500,000		Illinois Development Finance Authority IDB, (Series 1994) Weekly VRDNs (Museum of Contemporary Art)/(JPMorgan Chase Bank, N.A. and Northern Trust Co., Chicago, IL LOCs), 0.070%, 8/6/2014	30,500,000
450,000		Illinois Development Finance Authority IDB, (Series 1997) Weekly VRDNs (Ada S. McKinley Community Services, Inc.)/(BMO Harris Bank, N.A. LOC), 0.270%, 8/7/2014	450,000
20,000,000		Illinois Development Finance Authority, (Series 1999) Weekly VRDNs (Chicago Horticultural Society)/(Northern Trust Co., Chicago, IL LOC), 0.060%, 8/6/2014	20,000,000
6,500,000		Illinois Development Finance Authority, (Series 2002) Weekly VRDNs (St. Ignatius College Prep.)/(PNC Bank, N.A. LOC), 0.060%, 8/6/2014	6,500,000
7,000,000		Illinois Finance Authority, (Advocate Health Care Network), Revenue Bonds MVRENs (Series 2011B), 0.180%, 8/7/2014	7,000,000
24,000,000		Illinois Finance Authority, (Series 2004) Weekly VRDNs (Ingalls Health System Obligated Group)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/6/2014	24,000,000
30,000,000		Illinois Finance Authority, (Series 2007) Weekly VRDNs (Erikson Institute)/(Bank of America N.A. LOC), 0.080%, 8/7/2014	30,000,000
1,000,000		Illinois Finance Authority, (Series 2008) Weekly VRDNs (Clearbrook Corp.)/(BMO Harris Bank, N.A. LOC), 0.120%, 8/7/2014	1,000,000
99,900,000		Illinois Finance Authority, (Series 2008C-1) Weekly VRDNs (Advocate Health Care Network)/(JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	99,900,000
6,000,000		Illinois Finance Authority, (Series 2009C) Weekly VRDNs (Carle Foundation)/(Northern Trust Co., Chicago, IL LOC), 0.060%, 8/7/2014	6,000,000
14,840,000		Illinois Finance Authority, (Series 2010A) Daily VRDNs (University of Chicago Medical Center)/(Bank of America N.A. LOC), 0.060%, 8/1/2014	14,840,000
9,600,000		Illinois International Port District, (Series 2003) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.090%, 8/1/2014	9,600,000
27,110,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-433) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	27,110,000
21,150,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-442) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	21,150,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Illinois—continued
$11,570,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-453) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	$11,570,000
33,880,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-476) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	33,880,000
14,405,000	^3,4	Metropolitan Pier & Exposition Authority, IL, SPEARs (Series DBE-607) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	14,405,000
6,605,000		Southwestern Illinois Development Authority, (Series 2010) Weekly VRDNs (Molinero, Inc.)/(BMO Harris Bank, N.A. LOC), 0.080%, 8/7/2014	6,605,000
		TOTAL	502,975,000
		Indiana—1.8%
730,000		Dekko Foundation, IN Educational Facilities Tax Exempt Income Trust, (Series 1) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.470%, 8/7/2014	730,000
24,000,000		Indiana Development Finance Authority, (Series 2012) Weekly VRDNs (Archer-Daniels-Midland Co.), 0.070%, 8/6/2014	24,000,000
12,000,000	^3,4	Indiana State Finance Authority (Hospital Revenue Bonds), RBC Muni Trust (Series E-23) Weekly VRDNs (Indiana University Health Obligated Group)/(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.060%, 8/7/2014	12,000,000
6,500,000		Jasper County, IN EDA, (Series 2010C) Weekly VRDNs (T & M LP)/(AgriBank FCB and AgriBank FCB LOCs), 0.080%, 8/7/2014	6,500,000
62,000,000		Posey County, IN EDA, (Series 2013A), 0.30% TOBs (Midwest Fertilizer Corp.)/(GTD by United States Treasury), Mandatory Tender 11/18/2014	62,000,000
9,750,000		Valparaiso, IN EDRB, (Series 2008) Weekly VRDNs (Pines Village Retirement Community, Inc.)/(Bank of America N.A. LOC), 0.130%, 8/7/2014	9,750,000
		TOTAL	114,980,000
		Iowa—1.5%
8,700,000		Iowa Finance Authority—Health Facilities, (Series 2013B-1) Weekly VRDNs (UnityPoint Health)/(Union Bank, N.A. LOC), 0.050%, 8/6/2014	8,700,000
11,870,000		Iowa Finance Authority, (Series 2006) Weekly VRDNs (Unity Healthcare)/(Bank of America N.A. LOC), 0.060%, 8/7/2014	11,870,000
23,500,000		Iowa Finance Authority, Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs (Cargill, Inc.), 0.100%, 8/7/2014	23,500,000
56,900,000		Iowa Finance Authority, Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs (Archer-Daniels-Midland Co.), 0.050%, 8/6/2014	56,900,000
		TOTAL	100,970,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Kansas—0.1%
$3,800,000		Salina, KS, (Series 2013-1), 1.00% BANs, 8/1/2014	$3,800,000
5,400,000		Shawnee, KS, (Series 2008A) Weekly VRDNs (Pinegate West Associates LP)/(BMO Harris Bank, N.A. LOC), 0.070%, 8/7/2014	5,400,000
		TOTAL	9,200,000
		Kentucky—1.4%
16,000,000		Kentucky EDFA, (Catholic Health Initiatives), MVRENs (Series 2011B-2), 0.210%, 8/7/2014	16,000,000
12,900,000		Kentucky EDFA, (Catholic Health Initiatives), MVRENs (Series 2011B-3), 0.210%, 8/7/2014	12,900,000
42,250,000		Louisville & Jefferson County, KY Metropolitan Sewer District, (Series 2013), 2.00% BANs, 11/26/2014	42,468,508
15,000,000		Pikeville, KY, (Series 2014), 1.00% BANs (Pikeville Medical Center, Inc.), 3/1/2015	15,061,134
2,915,000		Williamstown, KY, (2008 Series A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.070%, 8/1/2014	2,915,000
		TOTAL	89,344,642
		Louisiana—4.0%
1,810,000		Ascension Parish, LA IDB, (Series 2007) Weekly VRDNs (IMTT-Geismar)/(FHLB of Atlanta LOC), 0.050%, 8/6/2014	1,810,000
25,000,000		Ascension Parish, LA IDB, (Series 2009) Weekly VRDNs (BASF Corp.)/(GTD by BASF SE), 0.130%, 8/6/2014	25,000,000
3,860,000		Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(FHLB of Dallas LOC), 0.090%, 8/6/2014	3,860,000
3,350,000		Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Christ Episcopal Church in Covington)/(FHLB of Dallas LOC), 0.090%, 8/6/2014	3,350,000
23,200,000		Louisiana Public Facilities Authority, (Series 2007A) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	23,200,000
35,150,000		Louisiana Public Facilities Authority, (Series 2008) Daily VRDNs (Dynamic Fuels, LLC)/(Bank of America N.A. LOC), 0.070%, 8/1/2014	35,150,000
12,125,000		Louisiana Public Facilities Authority, (Series 2008) Weekly VRDNs (Coca-Cola Bottling Co.)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,125,000
36,500,000		Louisiana Public Facilities Authority, (Series 2008A) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	36,500,000
20,820,000	^3,4	Louisiana Public Facilities Authority, Solar Eclipse (Series 2007-0042) Weekly VRDNs (Tulane University, LA)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.070%, 8/7/2014	20,820,000
96,075,000	^3,4	Louisiana State Gas & Fuels Second Lien, ROCs (Series 660) Weekly VRDNs (Citibank NA, New York LIQ), 0.060%, 8/7/2014	96,075,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Louisiana—continued
$5,400,000		New Orleans, LA IDB, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (521 Tchoupitoulas Street LLC)/(FHLB of Dallas LOC), 0.090%, 8/7/2014	$5,400,000
		TOTAL	263,290,000
		Maine—0.2%
6,500,000		Kittery, ME, 1.00% BANs, 9/15/2014	6,505,591
3,350,000	^3,4	Maine Health & Higher Educational Facilities Authority, Solar Eclipse (Series 2007-0104) Weekly VRDNs (U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	3,350,000
		TOTAL	9,855,591
		Maryland—0.5%
2,985,000		Howard County, MD Revenue Bonds, (Series 1995) Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/5/2014	2,985,000
20,000,000		Maryland Community Development Administration—Residential Revenue, (Series 2007J) Daily VRDNs (TD Bank, N.A. LIQ), 0.050%, 8/7/2014	20,000,000
2,000,000		Maryland Community Development Administration—Residential Revenue, (Series 2007M) Daily VRDNs (TD Bank, N.A. LIQ), 0.050%, 8/7/2014	2,000,000
919,500		Maryland State Health & Higher Educational Facilities Authority Weekly VRDNs (Capitol College)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/5/2014	919,500
1,364,000		Montgomery County, MD Housing Opportunities Commission, (Series 1998 Issue I) Weekly VRDNs (Byron House, Inc., Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.160%, 8/5/2014	1,364,000
3,000,000		Washington County, MD, (Series 2000) Weekly VRDNs (YMCA of Hagerstown, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.110%, 8/1/2014	3,000,000
		TOTAL	30,268,500
		Massachusetts—2.1%
9,935,000	^3,4	Commonwealth of Massachusetts, MERLOTS (Series 2006-B30), 0.12% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/17/2014	9,935,000
17,000,000	^3,4	Commonwealth of Massachusetts, Municipal Securities Trust Receipts (Series 2008-SGC-51) Weekly VRDNs (Societe Generale, Paris LIQ), 0.070%, 8/7/2014	17,000,000
50,000,000	^3,4	Commonwealth of Massachusetts, SPEARs (DB-1257) Weekly VRDNs (Deutsche Bank AG LIQ), 0.070%, 8/7/2014	50,000,000
17,625,000		Massachusetts Bay Transportation Authority General Transportation System, (Series B), 0.07% CP (Sumitomo Mitsui Banking Corp. LIQ), Mandatory Tender 9/4/2014	17,625,000
11,210,000		Massachusetts Bay Transportation Authority Sales Tax Revenue, 7 Month Window MVRENs (Series 2010A), 0.150%, 8/7/2014	11,210,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Massachusetts—continued
$5,000,000		Massachusetts Development Finance Agency, (Series 2013) Weekly VRDNs (CIL Realty of Massachusetts)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.060%, 8/7/2014	$5,000,000
8,000,000		Massachusetts State Health & Educational Facility, (2005 Series I) Weekly VRDNs (Amherst College), 0.060%, 8/7/2014	8,000,000
10,000,000		Newburyport, MA, 0.50% BANs, 10/24/2014	10,008,767
8,715,000		University of Massachusetts Building Authority, MA, (Commonwealth of Massachusetts), MVRENs (Series 2011-2), 0.150%, 8/7/2014	8,715,000
		TOTAL	137,493,767
		Michigan—2.7%
14,025,000		Grand Rapids, MI EDR, (Series 2007) Weekly VRDNs (MapleCreek)/(Comerica Bank LOC), 0.100%, 8/7/2014	14,025,000
36,250,000		Jackson County, MI Hospital Finance Authority, (Series 2011A) Weekly VRDNs (Allegiance Health)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	36,250,000
2,350,000		Kent Hospital Finance Authority, MI, (Series 2008B-3) Weekly VRDNs (Spectrum Health)/(Wells Fargo Bank, N.A. LIQ), 0.050%, 8/6/2014	2,350,000
1,210,000		Michigan Finance Authority, Healthcare Equipment Loan (Series D) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	1,210,000
33,000,000	^3,4	Michigan State Building Authority, Eagles (2014-0028) Weekly VRDNs (Citibank NA, New York LIQ), 0.070%, 8/7/2014	33,000,000
8,650,000		Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs (Subseries F-6), 0.120%, 8/7/2014	8,650,000
9,475,000		Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs (Subseries F-7), 0.120%, 8/7/2014	9,475,000
7,100,000		Michigan State Financial Authority, (Ascension Health Credit Group), MVRENs (Subseries F-8), 0.120%, 8/7/2014	7,100,000
3,200,000		Michigan State Housing Development Authority, (Series 2000) Weekly VRDNs (JAS Nonprofit Housing Corp. VI)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	3,200,000
8,135,000		Michigan State Strategic Fund, (Series 2003) Weekly VRDNs (Lutheran Social Services of Michigan)/(Comerica Bank LOC), 0.100%, 8/7/2014	8,135,000
3,745,000		Michigan State Strategic Fund, (Series 2005) Weekly VRDNs (Detroit Public Television)/(Comerica Bank LOC), 0.070%, 8/7/2014	3,745,000
4,400,000		Michigan Strategic Fund, (Series 2007) Daily VRDNs (Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	4,400,000
8,000,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Consumers Energy)/(JPMorgan Chase Bank, N.A. LOC), 0.060%, 8/6/2014	8,000,000
31,175,000		Michigan Strategic Fund, (Series 2010) Weekly VRDNs (Kroger Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.060%, 8/7/2014	31,175,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Michigan—continued
$3,145,000		Southfield, MI EDC, (Series 2001) Weekly VRDNs (Lawrence Technological University)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/6/2014	$3,145,000
		TOTAL	173,860,000
		Minnesota—1.4%
2,550,000		Eagan, MN, (Series 2003) Weekly VRDNs (Aspenwoods of Eagan Apartments)/(FNMA LOC), 0.080%, 8/7/2014	2,550,000
12,000,000		Hennepin County, MN, (Series C) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.050%, 8/7/2014	12,000,000
18,000,000		Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988) Weekly VRDNs (Symphony Place)/(FHLMC LOC), 0.060%, 8/7/2014	18,000,000
13,235,000		Minneapolis, MN, Variable Rate Housing Revenue Bonds Weekly VRDNs (One Ten Grant Project)/(FNMA LOC), 0.060%, 8/7/2014	13,235,000
12,045,000		Minnesota State Higher Education Facility Authority, (Series Five-N2) Weekly VRDNs (College of Saint Catherine)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,045,000
2,655,000		New Hope, MN, (Series 2003A) Weekly VRDNs (Broadway Lanel)/(FNMA LOC), 0.070%, 8/7/2014	2,655,000
4,560,000		Plymouth, MN, (Series 2003) Weekly VRDNs (Parkside Apartments)/(FNMA LOC), 0.070%, 8/7/2014	4,560,000
7,180,000		Richfield, MN, (Series 2004) Weekly VRDNs (Market Plaza Housing)/(FHLMC LOC), 0.060%, 8/7/2014	7,180,000
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), 0.050%, 8/6/2014	2,500,000
1,100,000		Rochester, MN Health Care Facility Authority, (Series 2002A) Weekly VRDNs (Mayo Clinic)/(Bank of America N.A. LIQ), 0.050%, 8/6/2014	1,100,000
1,900,000		Rochester, MN Health Care Facility Authority, (Series A) Weekly VRDNs (Mayo Clinic)/(Wells Fargo Bank, N.A. LIQ), 0.050%, 8/6/2014	1,900,000
1,000,000		St. Cloud, MN ISD No. 742, (Series B), 0.65% TANs (GTD by Minnesota State), 8/8/2014	1,000,038
2,100,000		St. Francis, MN ISD#015, Certificates of Indebtedness (Series 2013A), 1.25% TANs (GTD by Minnesota State), 9/4/2014	2,101,853
7,292,000		St. Louis Park, MN, (Series 2004) Weekly VRDNs (Parkshore Senior Campus, LLC)/(FHLMC LOC), 0.060%, 8/7/2014	7,292,000
3,000,000		St. Paul, MN Housing & Redevelopment Authority, (Series 2009C) Weekly VRDNs (Allina Health System, MN)/(Wells Fargo Bank, N.A. LOC), 0.050%, 8/7/2014	3,000,000
		TOTAL	91,118,891
		Mississippi—0.2%
12,230,000	^3,4	Mississippi Development Bank, Solar Eclipse (Series 2006-0153) Weekly VRDNs (Jackson, MS)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	12,230,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Missouri—1.2%
$7,955,000		Golden Valley, MO Memorial Hospital District, (Series 2006) Weekly VRDNs (UMB Bank, N.A. LOC), 0.160%, 8/7/2014	$7,955,000
15,565,000		Kansas City, MO, H. Roe Bartle Convention Center (Series 2008F) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.070%, 8/6/2014	15,565,000
12,000,000		Missouri State HEFA, (BJC Health System, MO), MVRENs (Series 2013C), 0.130%, 8/7/2014	12,000,000
26,000,000		Southwest City, MO IDA, (Series 2009) Weekly VRDNs (Simmons Foods, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.080%, 8/7/2014	26,000,000
17,400,000		St. Joseph, MO IDA, (Series 2009A) Weekly VRDNs (Heartland Regional Medical Center)/(Bank of Montreal LOC), 0.060%, 8/6/2014	17,400,000
		TOTAL	78,920,000
		Multi-State—1.1%
9,960,000		FHLMC, Floater Certificates (Series M027-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.070%, 8/7/2014	9,960,000
11,500,000		FHLMC, Floater Certificates (Series M031-A) Weekly VRDNs (MFH Revenue Bond Pass-Through Certificates)/(GTD by FHLMC)/(FHLMC LIQ), 0.070%, 8/7/2014	11,500,000
33,400,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 1), Weekly VRDPs, (GTD by Deutsche Bank AG), 0.150%, 8/7/2014	33,400,000
19,000,000	^3,4	Nuveen AMT-Free Municipal Income Fund, (Series 2), Weekly VRDPs, (GTD by Citibank NA LIQ), 0.140%, 8/7/2014	19,000,000
		TOTAL	73,860,000
		Nebraska—1.0%
53,455,000		Central Plains Energy Project, (Project #2) (Series 2009) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.060%, 8/7/2014	53,455,000
10,000,000		Washington County, NE, (Series 2010) Weekly VRDNs (Cargill, Inc.), 0.090%, 8/7/2014	10,000,000
		TOTAL	63,455,000
		Nevada—1.1%
6,500,000		Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 D-1) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.050%, 8/6/2014	6,500,000
35,000,000		Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 D-3) Weekly VRDNs (Bank of America N.A. LOC), 0.060%, 8/6/2014	35,000,000
4,250,000		Clark County, NV Passenger Facility, (2010 Series F-2) Weekly VRDNs (Las Vegas-McCarran International Airport)/(Union Bank, N.A. LOC), 0.060%, 8/6/2014	4,250,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Nevada—continued
$28,500,000	^3,4	Henderson, NV Health Facility, Floater Certificates (Series 2008-2633) Weekly VRDNs (Dignity Health (Catholic Healthcare West))/(Berkshire Hathaway Assurance Corp. INS)/(Credit Suisse, Zurich LIQ), 0.060%, 8/7/2014	$28,500,000
		TOTAL	74,250,000
		New Jersey—6.5%
11,980,000		Avalon Boro, NJ, 1.00% BANs, 2/25/2015	12,024,155
5,803,300		Bernardsville, NJ, 1.00% BANs, 2/19/2015	5,825,686
7,862,775		Bloomfield Township, NJ, 1.00% BANs, 1/16/2015	7,879,686
7,391,463		Cinnaminson, NJ, 1.00% BANs, 5/19/2015	7,420,772
5,657,000		Kinnelon, NJ, 1.00% BANs, 2/20/2015	5,670,434
10,000,000		Long Branch, NJ, 1.00% BANs, 2/13/2015	10,012,243
9,500,000		New Jersey Health Care Facilities Financing Authority, (Series 2008B) Weekly VRDNs (AHS Hospital Corp.)/(Bank of America N.A. LOC), 0.050%, 8/7/2014	9,500,000
3,500,000		New Jersey Health Care Facilities Financing Authority, (Series 2009B) Daily VRDNs (Virtua Health)/(JPMorgan Chase Bank, N.A. LOC), 0.050%, 8/1/2014	3,500,000
11,500,000	^3,4	New Jersey State Educational Facilities Authority, (Series DBE-1307) Weekly VRDNs (New Jersey State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	11,500,000
40,000,000	^3,4	New Jersey State Transportation Trust Fund Authority, Clipper Tax-Exempt Certificate Trust (Series 2009-70) Weekly VRDNs (New Jersey State)/(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.070%, 8/7/2014	40,000,000
30,305,000	^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), 0.130%, 8/7/2014	30,305,000
40,000,000	^3,4	New Jersey State, PUTTERs (Series 4459) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.100%, 8/1/2014	40,000,000
75,000,000	^3,4	New Jersey State, PUTTERs (Series 4460), 0.12% TOBs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), Optional Tender 11/20/2014	75,000,000
40,000,000	^3,4	New Jersey State, PUTTERs (Series 4461), 0.11% TOBs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC) 10/9/2014	40,000,000
18,000,000		Ocean City, NJ, (Series 2014-1), 0.75% BANs, 6/18/2015	18,074,130
12,900,000		Ocean City, NJ, (Series 2014-2), 0.50% BANs, 9/10/2014	12,903,854
21,214,285		Ocean Township, NJ, (Series 2013), 1.00% BANs, 12/17/2014	21,260,531
20,000,000		Passaic County, NJ, (Series 2013A), 1.25% BANs, 12/19/2014	20,078,760
17,384,000		Rahway, NJ, 1.00% BANs, 8/8/2014	17,385,591
10,800,000		Sea Isle City, NJ, 1.00% BANs, 9/19/2014	10,805,756
9,275,600		Springfield Township, NJ, 0.75% BANs, 7/24/2015	9,318,966

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	New Jersey—continued
$5,695,076	Upper Saddle River, NJ, 1.00% BANs, 2/20/2015	$5,716,197
8,747,000	Wayne Township, NJ, 0.75% BANs, 7/20/2015	8,791,704
	TOTAL	422,973,465
	New Mexico—1.9%
124,915,000	New Mexico Municipal Energy Acquisition Authority, (Series 2009: Gas Supply Revenue Bonds) Weekly VRDNs (GTD by Royal Bank of Canada, Montreal)/(Royal Bank of Canada, Montreal LIQ), 0.110%, 8/7/2014	124,915,000
	New York—11.6%
20,000,000	Copiague, NY Union Free School District, 0.75% TANs, 6/19/2015	20,096,779
5,740,000	Ithaca City, NY School District, 0.75% BANs, 7/2/2015	5,765,182
20,000,000	Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	20,000,000
23,300,000	New York City, NY Municipal Water Finance Authority, (2014 Series AA-1) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.060%, 8/1/2014	23,300,000
40,500,000	New York City, NY Municipal Water Finance Authority, (Series 2015BB-3) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.060%, 8/7/2014	40,500,000
25,000,000	New York City, NY Municipal Water Finance Authority, Fiscal 2011 (Subseries FF-1) Daily VRDNs (Bank of America N.A. LIQ), 0.070%, 8/1/2014	25,000,000
25,090,000	New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2007 Series C-C1) Daily VRDNs (Bank of Nova Scotia, Toronto LIQ), 0.050%, 8/1/2014	25,090,000
18,600,000	New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs (TD Bank, N.A. LIQ), 0.050%, 8/1/2014	18,600,000
74,900,000	New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.070%, 8/1/2014	74,900,000
30,580,000	New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly VRDNs (GTD by Landesbank Hessen-Thuringen LIQ), 0.080%, 8/6/2014	30,580,000
7,400,000	New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.050%, 8/7/2014	7,400,000
8,750,000	New York City, NY, (Fiscal 2008 Subseries D-3) Weekly VRDNs (Credit Agricole Corporate and Investment Bank LIQ), 0.100%, 8/7/2014	8,750,000
49,600,000	New York City, NY, (Fiscal 2008 Subseries L-3) Daily VRDNs (Bank of America N.A. LIQ), 0.070%, 8/1/2014	49,600,000
6,500,000	New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.050%, 8/7/2014	6,500,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		New York—continued
$18,000,000		New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.060%, 8/1/2014	$18,000,000
105,000,000		New York Liberty Development Corporation, (Series A-1 remarketed 3/19/14), 0.15% TOBs (3 World Trade Center)/(GTD by United States Treasury) 3/19/2015	105,000,000
2,500,000		New York State Dormitory Authority, (Series 2005A) Weekly VRDNs (Rockefeller University)/(JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/7/2014	2,500,000
400,000		New York State Dormitory Authority, (Series 2008A) Weekly VRDNs (Rockefeller University)/(JPMorgan Chase Bank, N.A. LIQ), 0.060%, 8/7/2014	400,000
33,000,000		New York State HFA, (Series 2009A: 505 West 37th Street Housing) Daily VRDNs (Midtown West B LLC)/(Landesbank Hessen-Thuringen LOC), 0.080%, 8/1/2014	33,000,000
19,000,000		New York State HFA, (Series 2009B: 505 West 37th Street Housing) Daily VRDNs (Midtown West B LLC)/(Landesbank Hessen-Thuringen LOC), 0.080%, 8/1/2014	19,000,000
10,700,000		New York State HFA, (Series A) Weekly VRDNs (2180 Broadway)/(Wells Fargo Bank, N.A. LOC), 0.050%, 8/6/2014	10,700,000
5,500,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 1)/(GTD by Citibank NA LIQ), 0.120%, 8/7/2014	5,500,000
31,000,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 2)/(GTD by Citibank NA LIQ), 0.120%, 8/7/2014	31,000,000
31,000,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 3)/(GTD by Citibank NA LIQ), 0.120%, 8/7/2014	31,000,000
21,000,000	^3,4	Nuveen NY AMT-Free Municipal Income Fund, Weekly VRDPs (Series 4)/(GTD by Deutsche Bank Trust Co., LIQ), 0.140%, 8/7/2014	21,000,000
14,025,000		Oceanside, NY Union Free School District, 0.75% TANs, 6/19/2015	14,089,065
10,000,000		Ogdensburg, NY Enlarged City School District, (Series 2014A), 0.75% BANs, 6/23/2015	10,032,868
5,000,000		Ogdensburg, NY Enlarged City School District, 1.00% BANs, 8/7/2014	5,000,466
10,000,000		Rochester, NY, 1.00% BANs, 8/10/2015	10,076,600
20,000,000		Rochester, NY, 2.00% BANs, 8/10/2015	20,352,200
5,208,000		Southern Cayuga, NY CSD, (Series 2014A), 0.75% BANs, 6/26/2015	5,224,336
7,237,974		Taconic Hills, NY CSD, 0.75% BANs, 7/2/2015	7,272,385
19,725,000		Tarrytowns, NY Union Free School District, 0.50% BANs, 2/12/2015	19,760,724
4,490,000		Triborough Bridge & Tunnel Authority, NY, MTA Bridges and Tunnels (Series 2001C) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	4,490,000
23,905,000		Watkins Glen, NY CSD, 0.75% BANs, 8/4/2015	23,995,122
		TOTAL	753,475,727

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		North Carolina—1.2%
$18,290,000		Mecklenburg County, NC, 7 Month Windows MVRENs (Series 2009D), 0.160%, 8/7/2014	$18,290,000
1,215,000		New Hanover County, NC, (Series 2008A) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.050%, 8/6/2014	1,215,000
4,250,000		New Hanover County, NC, (Series 2008B) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.060%, 8/6/2014	4,250,000
4,305,000		North Carolina Capital Facilities Finance Agency, (Series 2005) Weekly VRDNs (Salem Academy and College)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,305,000
4,010,000		North Carolina Capital Facilities Finance Agency, (Series 2006) Weekly VRDNs (High Point University)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,010,000
8,040,000		North Carolina Capital Facilities Finance Agency, (Series 2007) Weekly VRDNs (High Point University)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	8,040,000
6,735,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (Countryside Montessori School)/(Wells Fargo Bank, N.A. LOC), 0.160%, 8/7/2014	6,735,000
9,280,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (St. David's School)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	9,280,000
2,615,000		North Carolina Educational Facilities Finance Agency, (Series 2000) Weekly VRDNs (Charlotte Country Day School)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	2,615,000
7,075,000		North Carolina Medical Care Commission, (Series 2005) Weekly VRDNs (Southeastern Regional Medical Center)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	7,075,000
4,015,000	^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	4,015,000
7,300,000		Raleigh, NC, (Series 2005B-2) Weekly VRDNs (PNC Bank, N.A. LIQ), 0.050%, 8/6/2014	7,300,000
		TOTAL	77,130,000
		North Dakota—0.4%
29,124,000		Grand Forks County, ND, (Series 2010) Weekly VRDNs (J.R. Simplot Co.)/(Rabobank Nederland NV, Utrecht LOC), 0.080%, 8/6/2014	29,124,000
		Ohio—0.5%
6,180,000		Akron, OH, 1.00% BANs, 11/12/2014	6,192,696
6,425,000		Butler County, OH, 0.30% BANs, 7/30/2015	6,425,000
10,000,000		Dayton CSD, OH, (Series 2013B), 1.25% BANs, 10/15/2014	10,019,459
465,000		Erie County, OH, (Series 1996A) Weekly VRDNs (Providence Care Center)/(JPMorgan Chase Bank, N.A. LOC), 0.130%, 8/7/2014	465,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Ohio—continued
$5,480,000		Franklin County, OH Mortgage Revenue, (CHE Trinity Healthcare Credit Group), MVRENs (Series 2013OH), 0.130%, 8/7/2014	$5,480,000
4,000,000		Hamilton County, OH Hospital Facilities Authority, (Series 2002A) Weekly VRDNs (The Elizabeth Gamble Deaconess Home Association)/(Northern Trust Co., Chicago, IL LOC), 0.050%, 8/6/2014	4,000,000
2,000,000	^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), 0.060%, 8/7/2014	2,000,000
		TOTAL	34,582,155
		Oklahoma—0.2%
5,970,000		Oklahoma State Industrial Authority, (Series 2002) Weekly VRDNs (American Cancer Society, Inc.)/(Bank of America N.A. LOC), 0.110%, 8/7/2014	5,970,000
7,000,000		Oklahoma State Turnpike Authority, (Series 2006F) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/1/2014	7,000,000
		TOTAL	12,970,000
		Pennsylvania—2.2%
56,000,000	^3,4	Allegheny County, PA HDA, PUTTERs (Series 4323), 0.13% TOBs (UPMC Health System)/(JPMorgan Chase Bank, N.A. LIQ) 10/9/2014	56,000,000
8,600,000		Bucks County, PA IDA, (Series B of 2008) Weekly VRDNs (Grand View Hospital)/(PNC Bank, N.A. LOC), 0.050%, 8/7/2014	8,600,000
2,000,000		Butler County, PA General Authority, (Series 2011A) Weekly VRDNs (North Allegheny, PA School District)/(PNC Bank, N.A. LIQ), 0.050%, 8/7/2014	2,000,000
5,000,000		Butler County, PA General Authority, (Series 2014) Weekly VRDNs (North Allegheny, PA School District)/(PNC Bank, N.A. LIQ), 0.050%, 8/7/2014	5,000,000
1,200,000		Chester County, PA Intermediate Unit, (Series 2003) Weekly VRDNs (PNC Bank, N.A. LOC), 0.060%, 8/7/2014	1,200,000
7,475,000		Cumberland County, PA Municipal Authority, (Series 2008B) Weekly VRDNs (Presbyterian Homes Obligated Group)/(Bank of America N.A. LOC), 0.050%, 8/7/2014	7,475,000
4,015,000		Dallastown Area School District, PA, (Series of 2014) VRNs, 1.250%, 10/1/2014	4,030,921
6,000,000		Dallastown Area School District, PA, (Series of 2014) VRNs, 1.256%, 10/1/2014	6,039,094
15,395,000		Erie County, PA Hospital Authority, (Series 2010B) Weekly VRDNs (St. Vincent Health System)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.080%, 8/7/2014	15,395,000
5,000,000	^3,4	Hempfield, PA School District, RBC Muni Trust (Series 2011-E30) Weekly VRDNs (Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.060%, 8/7/2014	5,000,000
4,285,000		Lancaster, PA IDA, (Series A of 2009) Weekly VRDNs (Willow Valley Retirement Communities)/(PNC Bank, N.A. LOC), 0.050%, 8/7/2014	4,285,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Pennsylvania—continued
$10,800,000	North Penn, PA Water Authority, (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	$10,800,000
2,075,000	Pennsylvania EDFA, (2006 Series A1) Weekly VRDNs (Ellwood City Hospital (PA))/(PNC Bank, N.A. LOC), 0.060%, 8/7/2014	2,075,000
11,650,000	Philadelphia, PA School District, (Series F of 2010) Weekly VRDNs (Barclays Bank PLC LOC), 0.050%, 8/7/2014	11,650,000
2,200,000	Upper St. Clair Township, PA, (Series of 2008) Weekly VRDNs (Bank of New York Mellon LIQ), 0.070%, 8/7/2014	2,200,000
	TOTAL	141,750,015
	South Carolina—0.4%
5,000,000	Lexington, SC, (Series 2013B), 2.50% BANs (Lexington, SC Water & Sewage), 12/2/2014	5,036,950
2,075,000	South Carolina Education Facilities Authority Weekly VRDNs (Newberry College)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	2,075,000
8,650,000	South Carolina Jobs-EDA, (Series 2006B) Weekly VRDNs (Oconee Memorial Hospital, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.070%, 8/7/2014	8,650,000
4,000,000	South Carolina Jobs-EDA, (Series 2007A) Weekly VRDNs (Woodhead LLC)/(FHLB of Atlanta LOC), 0.160%, 8/7/2014	4,000,000
4,585,000	South Carolina Jobs-EDA, (Series 2008) Weekly VRDNs (Pinewood Preparatory School)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,585,000
	TOTAL	24,346,950
	Tennessee—2.2%
36,875,000	Blount County, TN Public Building Authority, (Series E-6-A) Weekly VRDNs (Bradley County, TN)/(Branch Banking & Trust Co. LOC), 0.050%, 8/6/2014	36,875,000
5,200,000	Blount County, TN Public Building Authority, (Series E-7-A) Weekly VRDNs (Monroe County, TN)/(Branch Banking & Trust Co. LOC), 0.050%, 8/6/2014	5,200,000
35,095,000	Metropolitan Government Nashville & Davidson County, TN HEFA, (Ascension Health Alliance Senior Credit Group), MVRENs (Series 2001B-1), 0.120%, 8/7/2014	35,095,000
12,500,000	Metropolitan Government Nashville & Davidson County, TN, (2014 Program), 0.130%, 10/7/2014	12,500,000
4,365,000	Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,365,000
30,200,000	Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs (Sevier County, TN)/(Bank of America N.A. LOC), 0.070%, 8/6/2014	30,200,000
18,800,000	Wilson County, TN Sports Authority, (Series 1999) Weekly VRDNs (PNC Bank, N.A. LOC), 0.070%, 8/7/2014	18,800,000
	TOTAL	143,035,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Texas—13.4%
$3,500,000		Bexar County, TX Housing Finance Corp., (Series 2005A) Weekly VRDNs (Summit Hills Apartments)/(FHLMC LOC), 0.070%, 8/7/2014	$3,500,000
24,150,000	^3,4	Clipper Tax-Exempt Certificates Trust (Texas Non-AMT) (Series 2009-64) Weekly VRDNs (GTD by Texas PSFG Program)/(State Street Bank and Trust Co. LIQ), 0.090%, 8/7/2014	24,150,000
8,000,000		Dallas, TX Performing Arts Cultural Facilities Corp., (Series 2008A) Weekly VRDNs (Dallas Center for the Performing Arts Foundation, Inc.)/(Bank of America N.A. LOC), 0.070%, 8/7/2014	8,000,000
19,270,000		Dallas, TX Performing Arts Cultural Facilities Corp., (Series 2008B) Weekly VRDNs (Dallas Center for the Performing Arts Foundation, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	19,270,000
10,345,000	^3,4	Denton, TX ISD, SPEARs (Series DB-513) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.090%, 8/7/2014	10,345,000
13,650,000	^3,4	Grand Parkway Transportation Corp., TX, Clipper Tax-Exempt Certificate Trust (Series 2013-9A) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.070%, 8/7/2014	13,650,000
35,000,000		Harris County, TX Cultural Education Facilities Finance Corp., (Series 2009 C-2), 0.16% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 11/20/2014	35,000,000
28,000,000		Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.14% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 12/3/2014	28,000,000
34,000,000		Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.14% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 2/4/2015	34,000,000
57,500,000		Harris County, TX Cultural Education Facilities Finance Corp., (Subseries 2009C-1), 0.16% CP (Methodist Hospital, Harris County, TX), Mandatory Tender 11/5/2014	57,500,000
18,000,000		Harris County, TX HFDC, (Subseries 2008A-2) Daily VRDNs (Methodist Hospital, Harris County, TX), 0.080%, 8/1/2014	18,000,000
11,000,000	^3,4	Harris County, TX HFDC, RBC Muni Trust (Series E-27) Weekly VRDNs (Memorial Hermann Health System)/(Royal Bank of Canada, Montreal LIQ)/(Royal Bank of Canada, Montreal LOC), 0.060%, 8/7/2014	11,000,000
35,260,000		Houston, TX Airport System, (Series 2010) Weekly VRDNs (Barclays Bank PLC LOC), 0.070%, 8/6/2014	35,260,000
11,205,000	^3,4	Irving, TX ISD, SPEARs (Series DB-603) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.110%, 8/7/2014	11,205,000
13,665,000	^3,4	Judson, TX ISD, SPEARs (Series DB-423) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.130%, 8/7/2014	13,665,000
5,130,000	^3,4	Lamar, TX Consolidated ISD, ROCs (Series 12266) Weekly VRDNs (GTD by Texas PSFG Program)/(Citibank NA, New York LIQ), 0.070%, 8/7/2014	5,130,000
50,000,000	^3,4	Leander, TX ISD, SPEARs (DB-1253) Weekly VRDNs (GTD by Texas PSFG Program)/(Deutsche Bank AG LIQ), 0.090%, 8/7/2014	50,000,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Texas—continued
$18,965,000	^3,4	Longview, TX ISD, Stage Trust (Series 2008-45C), 0.12% TOBs (GTD by Texas PSFG Program)/(Wells Fargo & Co. LIQ), Optional Tender 9/18/2014	$18,965,000
7,300,000		Port Arthur Navigation District, TX IDC, (Series 2005) Daily VRDNs (Air Products LP)/(GTD by Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	7,300,000
16,235,000		Port Arthur Navigation District, TX IDC, (Series 2006) Daily VRDNs (Air Products LP)/(GTD by Air Products & Chemicals, Inc.), 0.060%, 8/1/2014	16,235,000
13,000,000		Port Arthur Navigation District, TX IDC, (Series 2011) Weekly VRDNs (TOTAL Petrochemicals USA, Inc.)/(GTD by Total S.A.), 0.070%, 8/6/2014	13,000,000
25,000,000		Port of Port Arthur Navigation District of Jefferson County, TX, (Series 2010) Weekly VRDNs (TOTAL Petrochemicals USA, Inc.)/(GTD by Total S.A.), 0.070%, 8/6/2014	25,000,000
16,750,000		San Antonio, TX Electric & Gas System, (2012 Series C), 0.10% CP, Mandatory Tender 8/6/2014	16,750,000
33,595,000	^3,4	San Antonio, TX Electric & Gas System, Municipal Securities Trust Receipts (Series 1997-SG-105) Weekly VRDNs (Societe Generale, Paris LIQ)/(United States Treasury PRF), 0.140%, 8/7/2014	33,595,000
15,000,000		San Antonio, TX Housing Finance Corp., (Series 2008) Weekly VRDNs (Artisan at San Pedro Creek Apartments)/(FHLMC LOC), 0.060%, 8/7/2014	15,000,000
10,000,000		Tarrant County, TX Cultural Education Facilities Finance Corp., (Baylor Health Care System), MVRENs (Series 2013B), 0.150%, 8/7/2014	10,000,000
8,685,000	^3,4	Texas State Transportation Commission, Eagles (Series 2007-0139) Weekly VRDNs (Texas State)/(Citibank NA, New York LIQ), 0.060%, 8/7/2014	8,685,000
16,000,000	^3,4	Texas State Transportation Commission, Floater Certificates (Series 3371) Weekly VRDNs (Texas State Highway Fund)/(Morgan Stanley Bank, N.A. LIQ), 0.070%, 8/7/2014	16,000,000
192,050,000		Texas State, (Series 2013), 2.00% TRANs, 8/28/2014	192,306,468
23,000,000	^3,4	Texas State, Municipal Securities Trust Receipts (Series 2007-SGC-9) Weekly VRDNs (Societe Generale, Paris LIQ), 0.070%, 8/7/2014	23,000,000
33,420,000		Texas State, Veterans Bonds (Series 2011A) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.070%, 8/6/2014	33,420,000
53,330,000		Texas State, Veterans Bonds (Series 2013B) Weekly VRDNs (Bank of New York Mellon LIQ), 0.070%, 8/6/2014	53,330,000
10,180,000	^3,4	Texas Water Development Board, MERLOTS (Series 2008-C51), 0.12% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 9/24/2014	10,180,000
		TOTAL	870,441,468
		Utah—0.7%
11,550,000	^3,4	Salt Lake County, UT Research Facility, (MT-847) Weekly VRDNs (Huntsman Cancer Foundation)/(GTD by Bank of America N.A.)/(Bank of America N.A. LIQ), 0.130%, 8/7/2014	11,550,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Utah—continued
$8,000,000		Utah County, UT, (IHC Health Services, Inc.), MVRENs (Series 2014C), 0.120%, 8/7/2014	$8,000,000
23,700,000		Utah County, UT, (Series 2002C) Weekly VRDNs (IHC Health Services, Inc.)/(U.S. Bank, N.A. LIQ), 0.070%, 8/7/2014	23,700,000
		TOTAL	43,250,000
		Vermont—0.6%
14,350,000		Vermont EDA, (Series 2006B) Weekly VRDNs (Wake Robin Corp.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.060%, 8/7/2014	14,350,000
21,690,000		Vermont Educational and Health Buildings Financing Agency, (Series 2008A) Weekly VRDNs (Fletcher Allen Health Care Inc.)/ (TD Bank, N.A. LOC), 0.060%, 8/6/2014	21,690,000
		TOTAL	36,040,000
		Virginia—1.3%
16,130,000		Alexandria, VA IDA, (Series 2000B) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.070%, 8/7/2014	16,130,000
9,595,000		Alexandria, VA IDA, (Series 2005) Weekly VRDNs (Institute for Defense Analyses)/(Branch Banking & Trust Co. LOC), 0.070%, 8/7/2014	9,595,000
4,910,000		Fairfax County, VA IDA, (Inova Health System), MVRENs (Series 2012 C), 0.140%, 8/7/2014	4,910,000
4,500,000		Hanover County, VA EDA, (Series 2008D-2) Weekly VRDNs (Bon Secours Health System)/(U.S. Bank, N.A. LOC), 0.050%, 8/6/2014	4,500,000
4,820,000		Harrisonburg, VA IDA, (Series B) Weekly VRDNs (Virginia Mennonite Retirement Community)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	4,820,000
14,800,000		Lynchburg, VA IDA, (Series 2004 B) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	14,800,000
16,360,000		Lynchburg, VA IDA, (Series 2004 C) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	16,360,000
9,150,000		Norfolk, VA EDA, (Sentara Health Systems Obligation Group), MVRENs (Series 2010 C), 0.180%, 8/7/2014	9,150,000
180,000		Norfolk, VA Redevelopment and Housing Authority, (Series 2008) Daily VRDNs (Old Dominion University)/(Bank of America N.A. LOC), 0.070%, 8/1/2014	180,000
3,000,000		Virginia Small Business Financing Authority, (Series 2008A) Weekly VRDNs (Hampton University)/(PNC Bank, N.A. LOC), 0.040%, 8/7/2014	3,000,000
		TOTAL	83,445,000
		Washington—0.9%
3,340,000	^3,4	NJB Properties, Solar Eclipse (Series 2007-0106) Weekly VRDNs (King County, WA)/(U.S. Bank, N.A. LIQ)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	3,340,000

Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued^1,2
		Washington—continued
$18,000,000		Washington State Health Care Facilities Authority, (Catholic Health Initiatives), MVRENs (Series 2013), 0.210%, 8/7/2014	$18,000,000
6,000,000		Washington State Health Care Facilities Authority, (Catholic Health Initiatives), MVRENs (Series 2013B), 0.210%, 8/7/2014	6,000,000
8,225,000	^3,4	Washington State Health Care Facilities Authority, Stage Trust (Series 2008-48C) Weekly VRDNs (Virginia Mason Medical Center)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), 0.060%, 8/7/2014	8,225,000
4,000,000		Washington State Housing Finance Commission, (Series 2013), 0.43% TOBs (Family Tree and Lincoln Way LLC), Mandatory Tender 1/5/2015	4,000,000
19,185,000		Washington State Housing Finance Commission, (Series A) Weekly VRDNs (Eastside Catholic School)/(Wells Fargo Bank, N.A. LOC), 0.060%, 8/7/2014	19,185,000
		TOTAL	58,750,000
		West Virginia—1.1%
49,995,000		Cabell County, WV, (Series 2010A) Weekly VRDNs (Provident Group-Marshall Properties, LLC)/(Bank of America N.A. LOC), 0.090%, 8/7/2014	49,995,000
22,900,000		West Virginia State Hospital Finance Authority, (Series 2008A) Weekly VRDNs (Cabell Huntington Hospital)/(Branch Banking & Trust Co. LOC), 0.050%, 8/7/2014	22,900,000
		TOTAL	72,895,000
		Wisconsin—3.0%
14,500,000		Milwaukee, WI, (Series 2012 C-6), 0.080%, 8/8/2014	14,500,000
4,050,000		Oak Creek, WI, 2.00% BANs, 4/1/2015	4,097,904
3,500,000		Sparta, WI, 1.50% BANs, 11/1/2014	3,500,000
8,375,000		Whitewater, WI CDA, (Series 2007) Weekly VRDNs (Wisconsin Housing Preservation Corp.)/(BMO Harris Bank, N.A. LOC), 0.080%, 8/7/2014	8,375,000
9,375,000		Wisconsin HEFA, (Ascension Health Alliance Senior Credit Group), MVRENs (Series 2013B), 0.120%, 8/7/2014	9,375,000
49,925,000		Wisconsin HEFA, (Series 2010C), 0.12% CP (Aurora Health Care, Inc.)/(Bank of America N.A. LOC), Mandatory Tender 10/7/2014	49,925,000
28,155,000		Wisconsin HEFA, (Series 2010C), 0.12% CP (Aurora Health Care, Inc.)/(Bank of America N.A. LOC), Mandatory Tender 12/4/2014	28,155,000
11,200,000		Wisconsin HEFA, (UnityPoint Health), MVRENs (Series 2014B-2), 0.140%, 8/7/2014	11,200,000
23,165,000		Wisconsin State HEFA Weekly VRDNs (Ripon College)/(BMO Harris Bank, N.A. LOC), 0.070%, 8/7/2014	23,165,000
3,770,000		Wisconsin State HEFA, (Series 2008A) Weekly VRDNs (Meriter Retirement Services, Inc.)/(KBC Bank N.V. LOC), 0.160%, 8/7/2014	3,770,000
4,365,000		Wisconsin State HEFA, (Series 2008B) Weekly VRDNs (Meriter Retirement Services, Inc.)/(U.S. Bank, N.A. LOC), 0.060%, 8/7/2014	4,365,000

Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued^1,2
	Wisconsin—continued
$3,570,000	Wisconsin State HEFA, (Series 2009) Weekly VRDNs (Lawrence University, WI)/(JPMorgan Chase Bank, N.A. LOC), 0.070%, 8/7/2014	$3,570,000
31,545,000	Wisconsin State, GO Extendible Municipal Commercial Paper, 0.080%, 8/6/2014	31,545,000
	TOTAL	195,542,904
	Wyoming—0.0%
760,000	Sweetwater County, WY PCRB, PCRB (Series 1994) Weekly VRDNs (Pacificorp)/(Wells Fargo Bank, N.A. LOC), 0.050%, 8/6/2014	760,000
	TOTAL INVESTMENTS—101.2% (AT AMORTIZED COST)⁵	6,590,023,815
	OTHER ASSETS AND LIABILITIES - NET—(1.2)%⁶	(75,848,320)
	TOTAL NET ASSETS—100%	$6,514,175,495

At July 31, 2014, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

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 July 31, 2014, the portfolio securities were rated as follows:
	Tier Rating Percentages Based on Total Market Value (unaudited)

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 July 31, 2014, these restricted securities amounted to $1,675,350,000, which represented 25.7% 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 July 31, 2014, these liquid restricted securities amounted to $1,675,350,000, which represented 25.7% 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 July 31, 2014.

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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Annual Shareholder Report

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CCD	—Community College District
CDA	—Community Development Authority
COPs	—Certificates of Participation
CP	—Commercial Paper
CSD	—Central School District
EDA	—Economic Development Authority
EDC	—Economic Development Commission
EDFA	—Economic Development Finance Authority
EDR	—Economic Development Revenue
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HDA	—Hospital Development Authority
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
HFDC	—Health Facility Development Corporation
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
IDC	—Industrial Development Corporation
INS	—Insured
ISD	—Independent School District
LIQs	—Liquidity Agreements
LOC	—Letter of Credit
MERLOTS	—Municipal Exempt Receipts-Liquidity Optional Tender Series
MFH	—Multi-Family Housing
MVRENs	—Municipal Variable Rate Exchangeable Notes
P-FLOATs	—Puttable Floating Option Tax-Exempt Receipts
PCFA	—Pollution Control Finance Authority
PCR	—Pollution Control Revenue
PCRB	—Pollution Control Revenue Bond
PRF	—Prerefunded
PSFG	—Permanent School Fund Guarantee
PUTTERs	—Puttable Tax-Exempt Receipts
ROCs	—Reset Option Certificates
SPEARs	—Short Puttable Exempt Adjustable Receipts
TANs	—Tax Anticipation Notes
TOBs	—Tender Option Bonds
TRANs	—Tax and Revenue Anticipation Notes
USD	—Unified School District
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

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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	0.002
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	0.002
Less Distributions:
Distributions from net investment income	(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	(0.002)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.04%	0.10%	0.18%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.18%³	0.21%³	0.21%³	0.22%³
Net investment income	0.01%	0.02%	0.03%	0.10%	0.17%
Expense waiver/reimbursement⁴	0.19%	0.11%	0.08%	0.08%	0.07%
Supplemental Data:
Net assets, end of period (000 omitted)	$5,272,724	$5,906,897	$6,671,609	$9,147,097	$8,290,468

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.10%, 0.18%, 0.21%, 0.21% and 0.22% for the years ended July 31, 2014, 2013, 2012, 2011 and 2010, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.03%
Ratios to Average Net Assets:
Net expenses	0.10%³	0.18%³	0.24%³	0.30%³	0.37%³
Net investment income	0.01%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.44%	0.36%	0.30%	0.24%	0.17%
Supplemental Data:
Net assets, end of period (000 omitted)	$1,241,451	$1,339,613	$1,620,808	$1,634,926	$1,950,703

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.10%, 0.18%, 0.24%, 0.30% and 0.37% for the years ended July 31, 2014, 2013, 2012, 2011 and 2010, respectively, after taking into account these expense reductions.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Total investment in securities, at amortized cost and fair value		$6,590,023,815
Cash		516,673
Income receivable		6,256,920
Receivable for investments sold		20,008,889
Receivable for shares sold		487,032
TOTAL ASSETS		6,617,293,329
Liabilities:
Payable for investments purchased	$102,924,832
Payable for shares redeemed	28,706
Income distribution payable	43,465
Payable to adviser (Note 5)	35,006
Payable for Directors'/Trustees' fees (Note 5)	4,124
Payable for other service fees (Notes 2 and 5)	520
Accrued expenses (Note 5)	81,181
TOTAL LIABILITIES		103,117,834
Net assets for 6,513,613,054 shares outstanding		$6,514,175,495
Net Assets Consist of:
Paid-in capital		$6,513,593,571
Accumulated net realized gain on investments		581,883
Undistributed net investment income		41
TOTAL NET ASSETS		$6,514,175,495
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$5,272,724,238 ÷ 5,272,264,831 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$1,241,451,257 ÷ 1,241,348,223 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$7,908,330
Expenses:
Investment adviser fee (Note 5)		$14,535,918
Administrative fee (Note 5)		5,677,409
Custodian fees		232,915
Transfer agent fee		63,417
Directors'/Trustees' fees (Note 5)		45,600
Auditing fees		20,999
Legal fees		50,782
Portfolio accounting fees		183,452
Other service fees (Notes 2 and 5)		3,356,228
Share registration costs		62,483
Printing and postage		45,102
Miscellaneous (Note 5)		69,695
TOTAL EXPENSES		24,344,000
Waivers, Reimbursement and Reduction:
Waiver of investment adviser fee (Note 5)	$(13,846,139)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(3,356,828)
Reduction of custodian fees (Note 6)	(214)
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION		(17,203,181)
Net expenses			7,140,819
Net investment income			767,511
Net realized gain on investments			604,719
Change in net assets resulting from operations			$1,372,230

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$767,511	$1,268,190
Net realized gain on investments	604,719	109,408
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	1,372,230	1,377,598
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(592,127)	(1,105,159)
Service Shares	(134,238)	(148,899)
Distributions from net realized gain on investments
Institutional Shares	(83,609)	(46,993)
Service Shares	(18,188)	(10,838)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(828,162)	(1,311,889)
Share Transactions:
Proceeds from sale of shares	20,340,536,889	23,973,771,616
Net asset value of shares issued to shareholders in payment of distributions declared	208,368	313,680
Cost of shares redeemed	(21,073,624,036)	(25,020,057,222)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(732,878,779)	(1,045,971,926)
Change in net assets	(732,334,711)	(1,045,906,217)
Net Assets:
Beginning of period	7,246,510,206	8,292,416,423
End of period (including undistributed (distributions in excess of) net investment income of $41 and $(41,105), respectively)	$6,514,175,495	$7,246,510,206

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 portfolios. The financial statements included herein are only those of Federated Tax-Free Obligations Fund (the “Fund”). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. 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 dividend income exempt from federal regular income tax consistent with stability of principal. Interest income from the Fund's investments normally will not be subject to the AMT for individuals and corporations, and may be subject to state and local taxes.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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 other service fees unique to those classes.

For the year ended July 31, 2014, unaffiliated third parties waived $600 of transfer agent fees.

Other Service Fees

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$3,356,228	$(14,891)	$(3,341,337)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	17,484,880,139	$17,484,880,139	20,786,743,615	$20,786,743,615
Shares issued to shareholders in payment of distributions declared	151,517	151,517	253,312	253,312
Shares redeemed	(18,119,646,590)	(18,119,646,590)	(21,551,761,598)	(21,551,761,598)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(634,614,934)	$(634,614,934)	(764,764,671)	$(764,764,671)

Annual Shareholder Report

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	2,855,656,750	$2,855,656,750	3,187,028,001	$3,187,028,001
Shares issued to shareholders in payment of distributions declared	56,851	56,851	60,368	60,368
Shares redeemed	(2,953,977,446)	(2,953,977,446)	(3,468,295,624)	(3,468,295,624)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(98,263,845)	$(98,263,845)	(281,207,255)	$(281,207,255)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(732,878,779)	$ (732,878,779)	(1,045,971,926)	$(1,045,971,926)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013 was as follows:

	2014	2013
Tax-exempt income	$726,365	$1,254,058
Ordinary income¹	$10,014	$20,764
Long-term capital gains	$91,783	$37,067

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income	$41
Undistributed ordinary income²	$123,991
Undistributed long-term capital gains	$457,892

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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

Other Service Fees

FSSC reimbursed $14,891 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 reimbursements) will not exceed 0.21% and 0.46% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 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 year ended July 31, 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 $4,375,780,000 and $3,262,210,000, respectively.

Annual Shareholder Report

General

6. EXPENSE Reduction

7. LINE OF CREDIT

8. INTERFUND LENDING

Annual Shareholder Report

9. Regulatory Matters

10. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended July 31, 2014, the amount of long-term capital gains designated by the Fund was $91,783.

For the year ended July 31, 2014, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE SHAREHOLDERS of federated tax-free obligations fund:

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.00	$0.45²
Service Shares	$1,000	$1,000.00	$0.45³
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.35	$0.45²
Service Shares	$1,000	$1,024.35	$0.45³

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	0.09%
Service Shares	0.09%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.46% (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 $2.28 and $2.31, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER AND VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: December 1989	Principal Occupations: Mary Jo Ochson has been the Fund's Portfolio Manager since December 1989. Ms. Ochson was named Chief Investment Officer of Federated's tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010 and is a Vice President of the Trust with respect to the Fund. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Tax-Free Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Tax-Free Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N401
CUSIP 60934N880

Q450528 (9/14)

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Repurchase Agreements	70.5%
U.S Treasury Securities	29.4%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	71.8%
8-30 Days	2.9%
31-90 Days	2.1%
91-180 Days	13.2%
181 Days or more	9.9%
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 the types of securities in which the Fund invests.
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		REPURCHASE AGREEMENTS—70.5%
$275,000,000		Interest in $500,000,000 joint repurchase agreement 0.08%, dated 7/31/2014 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $500,001,111 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $510,001,443.	$275,000,000
414,000,000	¹	Interest in $460,000,000 joint repurchase agreement 0.07%, dated 7/23/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $460,080,500 on 10/21/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $469,208,246.	414,000,000
50,000,000		Repurchase agreement 0.07%, dated 7/31/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $50,000,097 on 8/1/2014. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 8/21/2014 and the market value of that underlying security was $51,000,190.	50,000,000
333,000,000	¹	Interest in $360,000,000 joint repurchase agreement 0.08%, dated 6/2/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $360,080,000 on 9/10/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2029 and the market value of those underlying securities was $367,249,260.	333,000,000
270,000,000		Interest in $300,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Bank of Nova Scotia will repurchase securities provided as collateral for $300,000,583 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 4/15/2028 and the market value of those underlying securities was $306,000,690.	270,000,000
250,000,000	¹	Interest in $695,000,000 joint repurchase agreement 0.06%, dated 5/22/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $695,085,717 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2023 and the market value of those underlying securities was $708,983,898.	250,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$241,000,000	¹	Interest in $925,000,000 joint repurchase agreement 0.06%, dated 7/14/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $925,046,250 on 8/13/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2042 and the market value of those underlying securities was $943,528,379.	$241,000,000
300,000,000	¹	Interest in $955,000,000 joint repurchase agreement 0.06%, dated 7/16/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $955,047,750 on 8/15/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2023 and the market value of those underlying securities was $974,126,024.	300,000,000
415,000,000	¹	Interest in $460,000,000 joint repurchase agreement 0.06%, dated 7/28/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $460,046,000 on 9/26/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2021 and the market value of those underlying securities was $469,203,182.	415,000,000
50,000,000		Repurchase agreement 0.06%, dated 7/31/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $50,000,083 on 8/1/2014. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 8/15/2043 and the market value of that underlying security was $51,000,097.	50,000,000
225,000,000		Interest in $450,000,000 joint repurchase agreement 0.06%, dated 7/31/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $450,000,750 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $459,000,848.	225,000,000
447,000,000	¹	Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/31/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $500,011,667 on 8/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/28/2021 and the market value of those underlying securities was $510,000,855.	447,000,000
250,000,000	¹	Interest in $485,000,000 joint repurchase agreement 0.06%, dated 7/7/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $485,024,250 on 8/6/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2023 and the market value of those underlying securities was $494,720,642.	250,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$350,000,000		Repurchase agreement 0.07%, dated 7/25/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $350,004,764 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2020 and the market value of those underlying securities was $357,004,860.	$350,000,000
200,000,000	¹	Interest in $820,000,000 joint repurchase agreement 0.08%, dated 7/29/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $820,164,000 on 10/27/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $836,405,585.	200,000,000
250,000,000		Repurchase agreement 0.06%, dated 7/31/2014 under which Citibank, N.A. will repurchase securities provided as collateral for $250,000,417 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2024 and the market value of those underlying securities was $255,000,448.	250,000,000
400,000,000		Interest in $450,000,000 joint repurchase agreement 0.06%, dated 7/30/2014 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $450,005,250 on 8/6/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $459,001,584.	400,000,000
150,000,000		Repurchase agreement 0.06%, dated 7/31/2014 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $150,000,250 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $153,000,313.	150,000,000
793,516,000		Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	793,516,000
125,000,000		Repurchase agreement 0.06%, dated 7/31/2014 under which Credit Suisse Securities (USA) LLC will repurchase securities provided as collateral for $125,000,208 on 8/1/2014. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 1/15/2017 and the market value of that underlying security was $127,501,290.	125,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$100,000,000		Repurchase agreement 0.01%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $100,000,028 on 8/1/2014. The security provided as collateral at the end of the period held with BNY Mellon as tri-party agent, was a U.S. Treasury security maturing on 7/15/2022 and the market value of that underlying security was $102,000,029.	$100,000,000
452,000,000		Interest in $500,000,000 joint repurchase agreement 0.08%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $500,007,778 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $510,001,227.	452,000,000
6,000,000,000		Repurchase agreement 0.05%, dated 7/31/2014 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $6,000,008,333 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2019 and the market value of those underlying securities was $6,000,008,334.	6,000,000,000
1,084,000,000	¹	Interest in $1,200,000,000 joint repurchase agreement 0.06%, dated 7/14/2014 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $1,200,070,000 on 8/18/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2038 and the market value of those underlying securities was $1,224,036,815.	1,084,000,000
586,000,000	¹	Interest in $650,000,000 joint repurchase agreement 0.06%, dated 7/28/2014 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $650,034,667 on 8/29/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2041 and the market value of those underlying securities was $663,004,500.	586,000,000
113,514,000		Repurchase agreement 0.06%, dated 7/31/2014 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $113,514,189 on 8/1/2014. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury Securities with various maturities to 1/15/2023 and the market value of those underlying securities was $115,788,981.	113,514,000
500,000,000		Repurchase agreement 0.07%, dated 7/31/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $500,000,972 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury Securities with various maturities to 5/15/2044 and the market value of those underlying securities was $510,001,046.	500,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$300,000,000		Repurchase agreement 0.07%, dated 7/31/2014 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $300,004,083 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury Securities with various maturities to 8/15/2020 and the market value of those underlying securities was $306,000,624.	$300,000,000
450,000,000		Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/10/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,024,167 on 8/8/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 7/15/2021 and the market value of those underlying securities was $510,018,725.	450,000,000
450,000,000	¹	Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/25/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,011,667 on 8/8/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $510,006,045.	450,000,000
447,000,000	¹	Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/18/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,011,667 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2042 and the market value of those underlying securities was $510,011,985.	447,000,000
275,000,000		Interest in $500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,000,972 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2043 and the market value of those underlying securities was $510,001,012.	275,000,000
223,500,000		Interest in $250,000,000 joint repurchase agreement 0.06%, dated 7/28/2014 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $250,002,917 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $255,001,773.	223,500,000
		TOTAL REPURCHASE AGREEMENTS	16,769,530,000
		U.S. TREASURY—29.4%
364,750,000	²	United States Treasury Bills, 0.080%, 9/4/2014	364,722,441
300,000,000	²	United States Treasury Bills, 0.105%, 4/30/2015	299,762,000
42,000,000		United States Treasury Bonds, 11.250%, 2/15/2015	44,527,284
187,500,000	³	United States Treasury Floating Rate Notes, 0.070%, 8/1/2014	187,445,829
129,000,000		United States Treasury Notes, 0.099%, 4/30/2016	129,011,421

Annual Shareholder Report

Principal Amount		Value
	U.S. TREASURY—continued
$1,763,000,000	United States Treasury Notes, 0.250%–2.125%, 11/30/2014	$1,767,829,303
859,400,000	United States Treasury Notes, 0.250%–2.375%, 10/31/2014	862,001,209
638,622,000	United States Treasury Notes, 0.250%–2.375%, 2/28/2015	644,618,418
278,000,000	United States Treasury Notes, 0.250%, 1/15/2015	278,237,942
173,000,000	United States Treasury Notes, 0.250%, 7/15/2015	173,149,152
144,000,000	United States Treasury Notes, 0.375%–4.250%, 11/15/2014	144,940,251
428,000,000	United States Treasury Notes, 0.375%, 3/15/2015	428,778,888
213,500,000	United States Treasury Notes, 0.375%, 6/30/2015	213,982,047
711,500,000	United States Treasury Notes, 0.500%–4.250%, 8/15/2014	711,902,651
283,500,000	United States Treasury Notes, 2.250%, 1/31/2015	286,503,151
125,000,000	United States Treasury Notes, 2.375%, 8/31/2014	125,226,644
86,450,000	United States Treasury Notes, 2.625%, 12/31/2014	87,331,705
256,500,000	United States Treasury Notes, 4.000%, 2/15/2015	261,881,068
	TOTAL U.S. TREASURY	7,011,851,404
	TOTAL INVESTMENTS—99.9% (AT AMORTIZED COST)⁴	23,781,381,404
	OTHER ASSETS AND LIABILITIES - NET—0.1%⁵	16,653,500
	TOTAL NET ASSETS—100%	$23,798,034,904

1	Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
2	Discount rate at time of purchase.
3	Floating rate notes with current rate and next reset date shown.
4	Also represents cost for federal tax purposes.
5	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 July 31, 2014.

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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Automated Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 7/31/2014¹
Net Asset Value, Beginning of Period	$1.00
Income From Investment Operations:
Net investment income	0.000²
Net realized gain on investments	—
TOTAL FROM INVESTMENT OPERATIONS	0.000²
Less Distributions:
Distributions from net investment income	(0.000)²
Net Asset Value, End of Period	$1.00
Total Return^3,4	0.00%
Ratios to Average Net Assets:
Net expenses	0.06%⁵
Net investment income	0.03%⁵
Expense waiver/reimbursement⁶	0.62%⁵
Supplemental Data:
Net assets, end of period (000 omitted)	$1,259,398

1	Reflects operations for the period from June 12, 2014 (date of initial investment) to July 31, 2014.
2	Represents less than $0.001.
3	Based on net asset value.
4	Represents less than 0.01%.
5	Computed on an annualized basis.
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

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.06%	0.14%	0.10%	0.15%	0.18%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement³	0.22%	0.15%	0.18%	0.13%	0.10%
Supplemental Data:
Net assets, end of period (000 omitted)	$17,466,664	$18,310,173	$16,201,298	$10,259,195	$9,951,813

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.06%	0.14%	0.10%	0.16%	0.20%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.47%	0.40%	0.43%	0.37%	0.33%
Supplemental Data:
Net assets, end of period (000 omitted)	$4,053,950	$4,382,656	$4,525,468	$5,048,852	$4,335,717

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.06%	0.14%	0.09%	0.16%	0.21%
Net investment income	0.01%	0.01%	0.02%	0.01%	0.01%
Expense waiver/reimbursement³	0.32%	0.25%	0.29%	0.23%	0.17%
Supplemental Data:
Net assets, end of period (000 omitted)	$581,661	$634,334	$372,061	$1,171,302	$748,595

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Financial Highlights–Trust Shares

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$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
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
Less Distributions:
Distributions from net investment income	(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	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.01%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.06%	0.14%	0.10%	0.16%	0.20%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement³	0.72%	0.65%	0.68%	0.63%	0.58%
Supplemental Data:
Net assets, end of period (000 omitted)	$436,361	$560,816	$710,705	$826,650	$714,267

1	Represents less than $0.001.
2	Based on net asset value.
3	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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements	$16,769,530,000
Investment in securities	7,011,851,404
Total investment in securities, at amortized cost and fair value		$23,781,381,404
Cash		49,417
Income receivable		25,238,358
Receivable for shares sold		519,907
TOTAL ASSETS		23,807,189,086
Liabilities:
Payable for shares redeemed	8,636,386
Income distribution payable	140,612
Payable to adviser (Note 5)	90,475
Payable for other service fees (Notes 2 and 5)	520
Accrued expenses (Note 5)	286,189
TOTAL LIABILITIES		9,154,182
Net assets for 23,797,812,204 shares outstanding		$23,798,034,904
Net Assets Consist of:
Paid-in capital		$23,797,975,199
Accumulated net realized gain on investments		74,077
Distributions in excess of net investment income		(14,372)
TOTAL NET ASSETS		$23,798,034,904
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Automated Shares:
$1,259,397,878 ÷ 1,259,394,722 shares outstanding, no par value, unlimited shares authorized		$1.00
Institutional Shares:
$17,466,664,175 ÷ 17,466,511,156 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$4,053,950,332 ÷ 4,053,926,184 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$581,661,383 ÷ 581,620,087 shares outstanding, no par value, unlimited shares authorized		$1.00
Trust Shares:
$436,361,136 ÷ 436,360,055 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$18,148,097
Expenses:
Investment adviser fee (Note 5)		$48,944,517
Administrative fee (Note 5)		19,116,772
Custodian fees		835,131
Transfer agent fee		194,866
Directors'/Trustees' fees (Note 5)		122,526
Auditing fees		22,000
Legal fees		21,307
Portfolio accounting fees		202,348
Distribution services fee (Note 5)		1,190,342
Other service fees (Notes 2 and 5)		12,738,629
Share registration costs		134,116
Printing and postage		47,489
Miscellaneous (Note 5)		167,214
TOTAL EXPENSES		83,737,257
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 5)	$(48,944,517)
Waivers/reimbursements of other operating expenses (Notes 2 and 5)	(19,076,462)
TOTAL WAIVERS AND REIMBURSEMENTS		(68,020,979)
Net expenses			15,716,278
Net investment income			2,431,819
Net realized gain on investments			93,135
Change in net assets resulting from operations			$2,524,954

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$2,431,819	$2,500,280
Net realized gain on investments	93,135	2,455
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	2,524,954	2,502,735
Distributions to Shareholders:
Distributions from net investment income
Automated Shares	(2,675)	—
Institutional Shares	(1,901,425)	(1,849,571)
Service Shares	(435,765)	(429,444)
Capital Shares	(59,736)	(69,757)
Trust Shares	(47,576)	(60,697)
Distributions from net realized gain on investments
Institutional Shares	(15,739)	(52,417)
Service Shares	(3,915)	(13,506)
Capital Shares	(520)	(1,074)
Trust Shares	(438)	(2,152)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(2,467,789)	(2,478,618)
Share Transactions:
Proceeds from sale of shares	117,764,846,923	126,072,006,077
Proceeds from shares issued in connection with the tax-free transfer of assets from Fifth Third U.S. Treasury Money Market Fund	—	907,710,835
Net asset value of shares issued to shareholders in payment of distributions declared	751,010	744,202
Cost of shares redeemed	(117,855,599,844)	(124,902,038,442)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(90,001,911)	2,078,422,672
Change in net assets	(89,944,746)	2,078,446,789
Net Assets:
Beginning of period	23,887,979,650	21,809,532,861
End of period (including undistributed (distributions in excess of) net investment income of $(14,372) and $986, respectively)	$23,798,034,904	$23,887,979,650

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

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 34 diversified portfolios. The financial statements included herein are only those of Federated Treasury Obligations Fund (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: Institutional Shares, Service Shares, Capital Shares and Trust 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 consistent with stability of principal.

On September 7, 2012, the Fund acquired all of the net assets of Fifth Third U.S. Treasury Money Market Fund (the “Acquired Fund”), an open-end investment company in a tax-free reorganization in exchange for shares of the Fund, pursuant to a plan of reorganization approved by the Acquired Fund's shareholders on September 5, 2012. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Fund's realized gains and losses with amounts distributable to shareholders for tax purposes.

Net investment income*	$2,501,628
Net realized gain on investments	$2,455
Net increase in net assets resulting from operations	$2,504,083

*	Net investment income includes $9,235 of pro forma additional expenses.

For every one share of Fifth Third U.S. Treasury Money Market Fund Institutional Shares exchanged, a shareholder received one share of the Fund's Institutional Shares.

For every one share of Fifth Third U.S. Treasury Money Market Fund Select Shares exchanged, a shareholder received one share of the Fund's Institutional Shares.

For every one share of Fifth Third U.S. Treasury Money Market Fund Preferred Shares exchanged, a shareholder received one share of the Fund's Capital Shares.

For every one share of Fifth Third U.S. Treasury Money Market Fund Trust Shares exchanged, a shareholder received one share of the Fund's Service Shares.

Annual Shareholder Report

The Fund received net assets from Fifth Third U.S. Treasury Money Market Fund as the result of the tax-free reorganization as follows:

Shares of the Fund Issued	Fifth Third U.S. Treasury Money Market Fund Net Assets Received	Net Assets of the Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
907,547,840	$907,710,835	$22,157,798,813	$23,065,509,648

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.

Repurchase Agreements

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 and unrealized gains and losses and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares may bear distribution services fees, other service fees and certain transfer agent fees unique to those classes. For the year ended July 31, 2014, unaffiliated third parties waived $23,083 of transfer agent fees.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Institutional Shares, Automated Shares, Service Shares, Capital Shares and Trust Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. Subject to the terms

Annual Shareholder Report

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Automated Shares	$58,019	$(769)	$(57,250)
Service Shares	10,893,120	—-	(10,893,120)
Capital Shares	597,184	—-	(597,184)
Trust Shares	1,190,306	—-	(1,190,306)
TOTAL	$12,738,629	$(769)	$(12,737,860)

For the year ended July 31, 2014, the Fund's Institutional Shares did not incur other service fees.

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

Other

Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended July 31	2014¹		2013
Automated Shares:	Shares	Amount	Shares	Amount
Shares sold	1,284,237,834	$1,284,237,834
Shares issued to shareholders in payment of distributions declared	2,673	2,673	—	—
Shares redeemed	(24,845,785)	(24,845,785)	—	—
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS	1,259,394,722	1,259,394,722	—	—

Year Ended July 31	2014		2013
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	100,011,933,367	$100,011,933,367	$108,927,925,985	$108,927,925,985
Shares issued in connection with the tax-free transfer of assets from Fifth Third U.S. Treasury Money Market Fund	—	—	606,203,413	606,312,287
Shares issued to shareholders in payment of distributions declared	644,824	644,824	622,393	622,393
Shares redeemed	(100,856,128,881)	(100,856,128,881)	(107,426,003,917)	(107,426,003,917)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(843,550,690)	$(843,550,690)	2,108,747,874	$2,108,856,748

Year Ended July 31	2014		2013
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	13,432,609,342	$13,432,609,342	13,154,648,289	$13,154,648,289
Shares issued in connection with the tax-free transfer of assets from Fifth Third U.S. Treasury Money Market Fund	—	—	79,434,774	79,449,040
Shares issued to shareholders in payment of distributions declared	67,533	67,533	70,888	70,888
Shares redeemed	(13,761,392,210)	(13,761,392,210)	(13,376,984,866)	(13,376,984,866)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(328,715,335)	$(328,715,335)	(142,830,915)	$(142,816,649)

Annual Shareholder Report

Year Ended July 31	2014		2013
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	2,045,139,331	$2,045,139,331	3,192,647,011	$3,192,647,011
Shares issued in connection with the tax-free transfer of assets from Fifth Third U.S. Treasury Money Market Fund	—	—	221,909,653	221,949,508
Shares issued to shareholders in payment of distributions declared	18,729	18,729	29,869	29,869
Shares redeemed	(2,097,832,478)	(2,097,832,478)	(3,152,353,896)	(3,152,353,896)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	(52,674,418)	$(52,674,418)	262,232,637	$262,272,492

Year Ended July 31	2014		2013
Trust Shares:	Shares	Amount	Shares	Amount
Shares sold	990,927,049	$990,927,049	796,784,792	$796,784,792
Shares issued to shareholders in payment of distributions declared	17,251	17,251	21,052	21,052
Shares redeemed	(1,115,400,490)	(1,115,400,490)	(946,695,763)	(946,695,763)
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS	(124,456,190)	$(124,456,190)	(149,889,919)	$(149,889,919)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(90,001,911)	$(90,001,911)	1,816,027,040	$2,078,422,672

1	Reflects operations for the period from June 12, 2014 (date of initial investment) to July 31, 2014.

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013, was as follows:

	2014	2013
Ordinary income¹	$2,467,789	$2,478,618

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$59,705

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

Annual Shareholder Report

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 0.20 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 and/or reimburse any portion of its fee. For the year ended July 31, 2014, the Adviser voluntarily waived its entire fee of $48,944,517 its fee, and voluntarily reimbursed $307 of transfer agent fees and voluntarily reimbursed $5,124,101 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 Trust Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund's Trust Shares may incur distribution expenses at 0.25 % 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 year ended July 31, 2014, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Trust Shares	$1,190,342	$(1,190,342)

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

Annual Shareholder Report

Other Service Fees

For the year ended July 31, 2014, FSSC reimbursed $769 of the other service fees disclosed in Note 2.

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) on their own initiative have 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 Automated Shares, Institutional Shares, Service Shares, Capital Shares and Trust Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.55%, 0.20%, 0.45%, 0.30% and 0.70% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) October 31, 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 year ended July 31, 2014, the Fund engaged in purchase transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees and/or common Officers. These purchase transactions complied with Rule 17a-7 under the Act and amounted to $254,502,252.

General

Certain Officers and Directors 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.

6. LINE OF CREDIT

Annual Shareholder Report

7. INTERFUND LENDING

8. REGULATORY MATTERS

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended July 31, 2014, 100% of dividends paid by the Fund are interest-related dividends, as provided by the American Jobs Creation Act of 2004.

10. SUBSEQUENT EVENT

On May 16, 2014, the Trustees approved the reorganization of Federated Automated Government Money Trust into the Fund, another portfolio of the Trust. The reorganization is expected to occur in the fourth quarter of 2014.

On May 16, 2014, the Trustees approved the reorganization of Federated Treasury Cash Series II, a portfolio of Cash Trust Series II into the Fund. The reorganization is expected to occur in the third quarter of 2014.

Management has evaluated subsequent events through the date the financial statements were issued, and determined that no additional events have occurred that require disclosure.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF the MONEY MARKET OBLIGATIONS TRUST AND THE SHAREHOLDERS OF federated treasury obligations fund:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Treasury Obligations Fund (the “Fund”), a portfolio of the Money Market Obligations Trust, as of July 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Treasury Obligations Fund as of July 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period¹
Actual:
Automated Shares	$1,000	$1,000.00	$0.08²
Institutional Shares	$1,000	$1,000.00	$0.30³
Service Shares	$1,000	$1,000.00	$0.30⁴
Capital Shares	$1,000	$1,000.00	$0.30⁵
Trust Shares	$1,000	$1,000.00	$0.30⁶
Hypothetical (assuming a 5% return before expenses):
Automated Shares	$1,000	$1,006.77	$0.08²
Institutional Shares	$1,000	$1,024.50	$0.30³
Service Shares	$1,000	$1,024.50	$0.30⁴
Capital Shares	$1,000	$1,024.50	$0.30⁵
Trust Shares	$1,000	$1,024.50	$0.30⁶

Annual Shareholder Report

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:

Automated Shares	0.06%
Institutional Shares	0.06%
Service Shares	0.06%
Capital Shares	0.06%
Trust Shares	0.06%

2	“Actual” expense information for the Fund's Automated Shares is for the period from June 12, 2014 (date of initial investment) to July 31, 2014. Actual expenses are equal to the Fund's annualized net expense ratio of 0.06%, multiplied by 50/365 (to reflect the date of initial investment to July 31, 2014). “Hypothetical” expense information for Automated Shares is presented on the basis of the full one-half-year period to enable comparison to other funds. It is based on assuming the same net expense ratio and average account value over the period, but it is multiplied by 181/365 (to reflect the full half-year period).
3	Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (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 $0.99 and $1.00, respectively.
4	Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (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 $2.23 and $2.26, respectively.
5	Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.30% (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 $1.49 and $1.51, respectively.
6	Actual and Hypothetical expenses paid during the period utilizing the Fund's Trust Shares current Fee Limit of 0.70% (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 $3.47 and $3.51, respectively.

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since January 1994. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Treasury Obligations Fund (the “Fund”)

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Treasury Obligations Fund
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 608919726
CUSIP 60934N500
CUSIP 60934N872
CUSIP 60934N823
CUSIP 60934N120

Q450531 (9/14)

Portfolio of Investments Summary Tables (unaudited)

At July 31, 2014, the Fund's portfolio composition¹ was as follows:

Portfolio Composition	Percentage of Total Net Assets
Repurchase Agreements	90.2%
U.S. Treasury Securities	9.8%
Other Assets and Liabilities—Net²	0.0%
TOTAL	100.0%

At July 31, 2014, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	90.5%
8-30 Days	2.6%
31-90 Days	1.8%
91-180 Days	2.9%
181 Days or more	2.2%
Other Assets and Liabilities—Net²	0.0%
TOTAL	100.0%

1	See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests.
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.

Annual Shareholder Report

Portfolio of Investments

July 31, 2014

Principal Amount			Value
		REPURCHASE AGREEMENTS—90.2%
$19,500,000		Interest in $500,000,000 joint repurchase agreement 0.08%, dated 7/31/2014 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $500,001,111 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $510,001,443.	$19,500,000
3,000,000	¹	Interest in $460,000,000 joint repurchase agreement 0.07%, dated 7/23/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $460,080,500 on 10/21/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $469,208,246.	3,000,000
2,000,000	¹	Interest in $360,000,000 joint repurchase agreement 0.08%, dated 6/2/2014 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $360,080,000 on 9/10/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2029 and the market value of those underlying securities was $367,249,260.	2,000,000
30,000,000		Interest in $300,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Bank of Nova Scotia will repurchase securities provided as collateral for $300,000,583 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 4/15/2028 and the market value of those underlying securities was $306,000,690.	30,000,000
2,000,000	¹	Interest in $695,000,000 joint repurchase agreement 0.06%, dated 5/22/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $695,085,717 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2023 and the market value of those underlying securities was $708,983,898.	2,000,000
2,000,000	¹	Interest in $955,000,000 joint repurchase agreement 0.06%, dated 7/16/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $955,047,750 on 8/15/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2023 and the market value of those underlying securities was $974,126,024.	2,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$2,000,000	¹	Interest in $460,000,000 joint repurchase agreement 0.06%, dated 7/28/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $460,046,000 on 9/26/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2021 and the market value of those underlying securities was $469,203,182.	$2,000,000
19,500,000		Interest in $450,000,000 joint repurchase agreement 0.06%, dated 7/31/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $450,000,750 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $459,000,848.	19,500,000
3,000,000	¹	Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/31/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $500,011,667 on 8/14/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/28/2021 and the market value of those underlying securities was $510,000,855.	3,000,000
2,000,000	¹	Interest in $485,000,000 joint repurchase agreement 0.06%, dated 7/7/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $485,024,250 on 8/6/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2023 and the market value of those underlying securities was $494,720,642.	2,000,000
1,500,000	¹	Interest in $820,000,000 joint repurchase agreement 0.08%, dated 7/29/2014 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $820,164,000 on 10/27/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $836,405,585.	1,500,000
38,724,000		Interest in $3,500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $3,500,006,806 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $3,570,006,958.	38,724,000
3,000,000		Interest in $500,000,000 joint repurchase agreement 0.08%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $500,007,778 on 8/7/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $510,001,227.	3,000,000

Annual Shareholder Report

Principal Amount			Value
		REPURCHASE AGREEMENTS—continued
$19,500,000		Interest in $1,000,000,000 joint repurchase agreement 0.09%, dated 7/31/2014 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,002,500 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2040 and the market value of those underlying securities was $1,020,002,558.	$19,500,000
6,000,000	¹	Interest in $1,200,000,000 joint repurchase agreement 0.06%, dated 7/14/2014 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $1,200,070,000 on 8/18/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2038 and the market value of those underlying securities was $1,224,036,815.	6,000,000
4,000,000	¹	Interest in $650,000,000 joint repurchase agreement 0.06%, dated 7/25/2014 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $650,034,667 on 8/29/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2041 and the market value of those underlying securities was $663,004,500.	4,000,000
3,000,000	¹	Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/18/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,011,667 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2042 and the market value of those underlying securities was $510,011,985.	3,000,000
3,000,000	¹	Interest in $500,000,000 joint repurchase agreement 0.06%, dated 7/25/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,011,667 on 8/8/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $510,006,045.	3,000,000
19,500,000		Interest in $500,000,000 joint repurchase agreement 0.07%, dated 7/31/2014 under which Societe Generale, New York will repurchase securities provided as collateral for $500,000,972 on 8/1/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2043 and the market value of those underlying securities was $510,001,012.	19,500,000
1,500,000		Interest in $250,000,000 joint repurchase agreement 0.06%, dated 7/28/2014 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $250,002,917 on 8/4/2014. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $255,001,773.	1,500,000
		TOTAL REPURCHASE AGREEMENTS	184,724,000

Annual Shareholder Report

Principal Amount			Value
		U.S. TREASURY—9.8%
$3,000,000	²	United States Treasury Bills, 0.080%, 9/4/2014	$2,999,773
1,000,000	²	United States Treasury Bills, 0.105%, 4/30/2015	999,207
500,000	³	United States Treasury Floating Rate Notes, 0.075%, 8/5/2014	499,810
5,250,000		United States Treasury Notes, 0.500% - 4.250%, 8/15/2014	5,252,282
1,000,000		United States Treasury Notes, 2.125%, 11/30/2014	1,006,661
2,500,000		United States Treasury Notes, 2.250%, 1/31/2015	2,526,482
3,500,000		United States Treasury Notes, 2.375%, 10/31/2014	3,519,562
750,000		United States Treasury Notes, 2.375%, 8/31/2014	751,360
500,000		United States Treasury Notes, 2.625%, 12/31/2014	505,089
1,000,000		United States Treasury Notes, 4.000%, 2/15/2015	1,020,902
1,000,000		United States Treasury Notes, 4.250%, 11/15/2014	1,011,881
		TOTAL U.S. TREASURY	20,093,009
		TOTAL INVESTMENTS—100.0% (AT AMORTIZED COST)⁴	204,817,009
		OTHER ASSETS AND LIABILITIES - NET—0.0%⁵	85,847
		TOTAL NET ASSETS—100%	$204,902,856

1	Although the repurchase date is more than seven days after the date of purchase, the Fund has the right to terminate the repurchase agreement at any time with seven-days' notice.
2	Discount rate(s) at time of purchase.
3	Floating rate notes with current rate(s) and next reset date(s) shown.
4	Also represents cost for federal tax purposes.
5	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 July 31, 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 July 31, 2014, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended July 31	2014	2013	2012	2011	2010
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	—	—	—	—	—
Net realized gain on investments	(0.000)¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	(0.000)¹	—	(0.000)¹	(0.000)¹	(0.000)¹
Less Distributions:
Distributions from net realized gain on investments	(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
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³
Ratios to Average Net Assets:
Net expenses	0.07%	0.14%	0.11%	0.18%	0.21%
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁴	0.52%	0.43%	0.46%	0.42%	0.36%
Supplemental Data:
Net assets, end of period (000 omitted)	$204,903	$174,791	$181,606	$192,803	$172,737

1	Represents less than $0.001.
2	Based on net asset value.
3	Represents less than 0.01%.
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

Annual Shareholder Report

Statement of Assets and Liabilities

July 31, 2014

Assets:
Investment in repurchase agreements	$184,724,000
Investment in securities	20,093,009
Total investment in securities, at amortized cost and fair value		$204,817,009
Cash		28,445
Income receivable		91,578
Receivable for shares sold		2,122
TOTAL ASSETS		204,939,154
Liabilities:
Payable to adviser (Note 5)	2,994
Payable for custodian fees	3,046
Payable for transfer agent fee	1,660
Payable for legal fees	1,903
Payable for portfolio accounting fees	7,792
Payable for share registration costs	6,032
Payable for printing and postage	985
Payable for rating services	11,886
TOTAL LIABILITIES		36,298
Net assets for 204,902,338 shares outstanding		$204,902,856
Net Assets Consist of:
Paid-in capital		$204,902,356
Accumulated net realized gain on investments		500
TOTAL NET ASSETS		$204,902,856
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$204,902,856 ÷ 204,902,338 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended July 31, 2014

Investment Income:
Interest			$127,802
Expenses:
Investment adviser fee (Note 5)		$702,422
Administrative fee (Note 5)		137,174
Custodian fees		20,499
Transfer agent fee		7,380
Directors'/Trustees' fees (Note 5)		914
Auditing fees		20,250
Legal fees		20,128
Portfolio accounting fees		46,480
Share registration costs		39,360
Printing and postage		11,688
Miscellaneous (Note 5)		36,176
TOTAL EXPENSES		1,042,471
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(702,422)
Waiver/reimbursement of other operating expenses (Notes 2 and 5)	(212,247)
TOTAL WAIVERS AND REIMBURSEMENT		(914,669)
Net expenses			127,802
Net investment income			—
Net realized gain on investments			718
Change in net assets resulting from operations			$718

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended July 31	2014	2013
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	718	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	718	—
Distributions to Shareholders:
Distributions from net realized gain on investments	(218)	(412)
Share Transactions:
Proceeds from sale of shares	1,095,501,987	903,801,966
Net asset value of shares issued to shareholders in payment of distributions declared	64	99
Cost of shares redeemed	(1,065,390,887)	(910,616,742)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	30,111,164	(6,814,677)
Change in net assets	30,111,664	(6,815,089)
Net Assets:
Beginning of period	174,791,192	181,606,281
End of period	$204,902,856	$174,791,192

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

July 31, 2014

1. ORGANIZATION

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.

Annual Shareholder Report

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

For the year ended July 31, 2014, unaffiliated third parties waived $878 of transfer agent fees.

Annual Shareholder Report

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. FSSC may voluntarily reimburse the Fund for other service fees. This voluntary reimbursement can be modified or terminated at any time. For the year ended July 31, 2014, the Fund did not incur other service fees.

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

Other

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended July 31	2014	2013
Shares sold	1,095,501,987	903,801,966
Shares issued to shareholders in payment of distributions declared	64	99
Shares redeemed	(1,065,390,887)	(910,616,742)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	30,111,164	(6,814,677)

Annual Shareholder Report

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended July 31, 2014 and 2013 was as follows:

	2014	2013
Ordinary income¹	$218	$412

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

As of July 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income²

$500

2	For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings.

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. 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, federal and state registration fees, expenses of withholding taxes and extraordinary expenses exceed 0.45 % of its average daily net assets. In addition, the Adviser may choose to waive any portion of its fee and/or reimburse certain operating expense of the Fund. The Adviser can modify or terminate this voluntary waiver and/or reimbursement at any time at its sole discretion. For the year ended July 31, 2014, the Adviser waived its entire fee of $702,422 and reimbursed $211,369 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

FAS may voluntarily choose to waive any portion of its fee. For the year ended July 31, 2014, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

Annual Shareholder Report

General

6. LINE OF CREDIT

7. INTERFUND LENDING

8. Regulatory Matters

On July 23, 2014, the SEC voted to amend the rules under the Act which currently govern the operations of the Fund. A significant change resulting from these amendments is a requirement that institutional (i.e. not retail as defined in the amendments) prime, including institutional municipal money market funds, transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and therefore, permits the Fund to continue transacting fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund, like the Fund, which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The amendments have staggered compliance dates. Compliance with a majority of these amendments will be required on October 14, 2016, two years after the effective date for the rule amendments. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). At this time, management is evaluating the implications of these amendments and their impact to the Fund's operations, financial statements and accompanying notes.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF trustees OF Money Market Obligations trust AND SHAREHOLDERS OF Federated Trust for u.s. treasury obligations:

We have audited the accompanying statement of assets and liabilities of Federated Trust for U.S. Treasury Obligations (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodian and others. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Trust for U.S. Treasury Obligations, a portfolio of Money Market Obligations Trust, at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
September 23, 2014

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 2/1/2014	Ending Account Value 7/31/2014	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.00	$0.35
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.25	$0.35

Expenses are equal to the Fund's annualized net expense ratio of 0.07%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 Trustee Began serving: October 1988	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Family's Executive Committee. Previous Positions: Chairman of the Federated Fund Family; Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling.
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Began serving: April 1989	Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

*	Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue; both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

Annual Shareholder Report

INDEPENDENT TRUSTEES Background

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
John T. Collins Birth Date: January 24, 1947 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Chairman and CEO, The Collins Group, Inc. (a private equity firm). Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Former Director, National Association of Printers and Lithographers. Previous Positions: Director and Audit Committee Member, Bank of America Corp. Qualifications: Business management and director experience.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Associate General Secretary and Director, Office for Church Relations, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law; Superior Court of Pennsylvania (service began 1998 and ended July 2009). Other Directorships Held: Director, Consol Energy (service started June 2013); Director, Auberle (service ended December 2013); Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh (service ended December 2013); Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society (service ended December 2013); Director, Our Campaign for the Church Alive!, Inc.; Director, Pennsylvania Bar Institute (2013-present); Director, Cardinal Wuerl North Catholic High School (2013-present). Previous Position: Professor of Law, Duquesne University School of Law, Pittsburgh (1983-1998). Qualifications: Legal and director experience.
Peter E. Madden Birth Date: March 16, 1942 Trustee Began serving: August 1991	Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Family. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. Qualifications: Business management, mutual fund services and director experience.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President, DVC Group, Inc. (marketing, communications and technology). Qualifications: Banking, business management, education and director experience.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Began serving: October 2006	Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida. Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber). Qualifications: Business management, mutual fund, director and investment experience.
P. Jerome Richey Birth Date: February 23, 1949 Trustee Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; General Counsel, University of Pittsburgh. Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh. Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). Qualifications: Business management, legal and director experience.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

Principal Occupation(s) for Past Five Years,
Other Directorships Held, Previous Position(s) and Qualifications

John S. Walsh
Birth Date: November 28, 1957
Trustee

Began serving: January 1999

Previous Position: Vice President, Walsh & Kelly, Inc.

Qualifications: Business management and director experience.

OFFICERS

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Officer since: October 1988	Principal Occupations: Executive Vice President and Secretary of the Federated Fund Family; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions: Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013	Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Family. He is General Counsel and Vice President, Federated Investors, Inc.; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Brian P. Bouda Birth Date: February 28, 1947 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: August 2004	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. Previous Positions: Served in Senior Management positions with a large regional banking organization.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Deborah A. Cunningham has been the Fund's Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Susan R. Hill Birth Date: June 20, 1963 VICE PRESIDENT Officer since: May 2004 Portfolio Manager since: January 1994	Principal Occupations: Susan R. Hill has been the Fund's Portfolio Manager since January 1994. She is Vice President of the Trust with respect to the Fund. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2014

Federated Trust for U.S. Treasury Obligations (the “Fund”)

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Trust for U.S. Treasury Obligations
Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561

Federated Securities Corp., Distributor

CUSIP 60934N799

28731 (9/14)

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2014- Audit consents issued for N-14 merger documents and travel to Audit Committee Meetings.

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $8,971 and $4,576 respectively. Fiscal year ended 2014- Audit consents issued for N-14 merger documents. Fiscal year ended 2013- Audit consents issued for N-14 merger document.

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

(h) The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(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
Institutional	GOIXX
Service	GOSXX
Capital	GOCXX
Trust	GORXX

Share Class	Ticker
Automated	PBAXX
Institutional	POIXX
Service	PRSXX
Capital	POPXX
Trust	POLXX