Portfolio of Investments Summary Tables (unaudited)

At October 31, 2015, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
U.S. Government Agency Securities	55.7%
Other Assets and Liabilities—Net²	44.3%
TOTAL	100.0%

At October 31, 2015, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	0.0%
8-30 Days	21.0%
31-90 Days	34.7%
91-180 Days	0.0%
181 Days or more	0.0%
Other Assets and Liabilities—Net²	44.3%
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.

Semi-Annual Shareholder Report

Portfolio of Investments

October 31, 2015 (unaudited)

Principal Amount			Value
		GOVERNMENT AGENCIES—55.7%
$3,580,000		Federal Farm Credit System, 1.50% - 6.125%, 11/16/2015 - 12/29/2015	$3,591,409
32,300,000	¹	Federal Farm Credit System Floating Rate Notes, 0.148% - 0.247%, 11/2/2015 - 11/25/2015	32,300,253
10,500,000		Federal Home Loan Bank System, 0.15% - 5.00%, 12/8/2015 - 12/11/2015	10,513,432
47,682,000	²	Federal Home Loan Bank System Discount Notes, 0.03% - 0.06%, 11/4/2015 - 12/2/2015	47,680,834
5,000,000	¹	Federal Home Loan Bank System Floating Rate Notes, 0.16%, 11/11/2015	5,000,000
		TOTAL GOVERNMENT AGENCIES	99,085,928
		TOTAL INVESTMENTS—55.7% (AT AMORTIZED COST)³	99,085,928
		OTHER ASSETS AND LIABILITIES - NET—44.3%⁴	78,836,522
		TOTAL NET ASSETS—100%	$177,922,450

1	Floating rate note with current rate and next reset date shown.
2	Discount rate at time of purchase.
3	Also represents cost for federal tax purposes.
4	Assets, other than investments in securities, less liabilities. A significant portion of this balance is the result of receivables for maturing investments. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at October 31, 2015.

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.

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 October 31, 2015, 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

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

{For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 10/31/2015	Year Ended April 30,
	Six Months Ended (unaudited) 10/31/2015	2015	2014	2013			2012	2011
Net Asset Value Beginning of Period	$1.00	$1.00	$1.00		$1.00	$1.00		$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹		0.000¹	0.000¹		0.000¹
Net realized gain on investments	0.000¹	0.000¹	0.000¹		0.000¹	0.000¹		0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹		0.000¹	0.000¹		0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹		(0.000)¹	(0.000)¹		(0.000)¹
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹		(0.000)¹	(0.000)¹		(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹		(0.000)¹	(0.000)¹		(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00		$1.00	$1.00		$1.00
Total Return²	0.01%	0.01%	0.01%		0.01%	0.01%		0.01%
Ratios to Average Net Assets:
Net expenses	0.09%³	0.08%	0.09%		0.13%	0.10%		0.19%
Net investment income	0.01%³	0.01%	0.01%		0.01%	0.01%		0.01%
Expense waiver/reimbursement⁴	0.96%³	0.95%	1.07%		0.83%	0.81%		0.81%
Supplemental Data:
Net assets, end of period (000 omitted)	$177,922	$229,745	$220,554		$422,579	$426,743		$297,994

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2015 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$99,085,928
Receivable for investments sold		85,000,000
Income receivable		627,508
Receivable for shares sold		19,958
TOTAL ASSETS		184,733,394
Liabilities:
Bank overdraft	$6,685,118
Payable for shares redeemed	36,311
Payable to adviser (Note 4)	5,968
Payable for administrative fee (Note 4)	768
Income distribution payable	527
Payable for Directors'/Trustees' fees (Note 4)	454
Accrued expenses (Note 4)	81,798
TOTAL LIABILITIES		6,810,944
Net assets for 177,921,319 shares outstanding		$177,922,450
Net Assets Consists of:
Paid-in capital		$177,921,318
Accumulated net realized gain on investments		1,132
TOTAL NET ASSETS		$177,922,450
$177,922,450 ÷ 177,921,319 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended October 31, 2015 (unaudited)

Investment Income:
Interest			$111,741
Expenses:
Investment adviser fee (Note 4)		$558,917
Administrative fee (Note 4)		87,526
Custodian fees		7,929
Transfer agent fees		96,359
Directors'/Trustees' fees (Note 4)		1,409
Auditing fees		14,926
Legal fees		3,204
Other service fees (Note 2)		274,435
Portfolio accounting fees		58,967
Share registration costs		17,326
Printing and postage		22,347
Proxy expense		3,346
Miscellaneous (Note 4)		32,351
TOTAL EXPENSES		1,179,042
Waivers and Reimbursement:
Waivers of investment adviser fee (Note 4)	$(558,917)
Waivers and reimbursement of other operating expenses (Notes 2 and 4)	(519,530)
TOTAL WAIVERS AND REIMBURSEMENT		(1,078,447)
Net expenses			100,595
Net investment income			11,146
Net realized gain on investments			1,132
Change in net assets resulting from operations			$12,278

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 10/31/2015	Year End 4/30/2015
Increase (Decrease) in Net Assets
Operations:
Net investment income	$11,146	$22,807
Net realized gain on investments	1,132	2,048
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	12,278	24,855
Distributions to Shareholders:
Distributions from net investment income	(11,146)	(22,807)
Distributions from net realized gain on investments	(1,095)	(1,666)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(12,241)	(24,473)
Share Transactions:
Proceeds from sale of shares	194,503,111	399,712,520
Net asset value of shares issued to shareholders in payment of distributions declared	9,397	19,624
Cost of shares redeemed	(246,335,375)	(390,541,177)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(51,822,867)	9,190,967
Change in net assets	(51,822,830)	9,191,349
Net Assets:
Beginning of period	229,745,280	220,553,931
End of period	$177,922,450	$229,745,280

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

October 31, 2015 (unaudited)

1. ORGANIZATION

Money Market Obligations Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 33 portfolios. The financial statements included herein are only those of Federated Automated Government Cash Reserves (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 current income with stability of principal and liquidity.

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 in accordance with the procedures described below.

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

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. For the year ended October 31, 2015, unaffiliated third parties waived $62,776 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. 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 six months ended October 31, 2015, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$274,435	$(274,435)

Premium and Discount Amortization

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

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the “Code”) and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended October 31, 2015, 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 October 31, 2015, tax years 2012 through 2015 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.

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. The Fund applies Investment Company accounting and reporting guidance.

Semi-Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

	Six Months Ended 10/31/2015	Year Ended 4/30/2015
Shares sold	194,503,111	399,712,520
Shares issued to shareholders in payment of distributions declared	9,397	19,624
Shares redeemed	(246,335,375)	(390,541,177)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	(51,822,867)	9,190,967

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.50% 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 six months ended October 31, 2015, the Adviser voluntarily waived its entire fee of $558,917 and voluntarily reimbursed $182,319 of other operating expenses.

Administrative Fee

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

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

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the six months ended October 31, 2015, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

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. The Adviser and certain of its affiliates (which may include FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. 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

Semi-Annual Shareholder Report

reimbursements) will not exceed 0.59% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) July 1, 2016; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

During the six months ended October 31, 2015, 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 $0 and $92,008,706, 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, Directors'/Trustees' fees and certain expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses are paid by an affiliate of the Adviser which in due course are reimbursed by the Fund. Such expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

5. 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 October 31, 2015, there were no outstanding loans. During the six months ended October 31, 2015, the Fund did not utilize the LOC.

6. 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 October 31, 2015, there were no outstanding loans. During the six months ended October 31, 2015, the program was not utilized.

Semi-Annual Shareholder Report

7. 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 will be a requirement that institutional prime funds (i.e., not government or retail as defined in the amendments), transact fund shares based on a market-based Net Asset Value (NAV). This change does not impact government money market funds, and because it is anticipated that the Fund will constitute a government money market fund under the new rules, the Fund will be permitted 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 amendments) 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.

8. Subsequent Events

At a special meeting of the Fund, held December 8, 2015, shareholders of the Fund approved the Agreement and Plan of Reorganization (“Reorganization”) whereby Federated Government Obligations Tax-Managed Fund will acquire all or substantially all of the assets of the Fund in complete liquidation and termination of the Fund. The Reorganization occurred at the close of business on December 18, 2015.

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

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or 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 May 1, 2015 to October 31, 2015.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

Semi-Annual Shareholder Report

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

	Beginning Account Value 5/01/2015	Ending Account Value 10/31/2015	Expenses Paid During Period^1,2
Actual	$1,000	$1,000.10	$0.45
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.68	$0.46

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 184/366 (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 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.97 and $3.00, respectively.

Semi-Annual Shareholder Report

Shareholder Meeting Results (unaudited)

A Special Meeting of Shareholders of Federated Automated Cash Management Trust, Federated Automated Government Cash Reserves, Federated California Municipal Cash Trust, Federated Capital Reserves Fund, Federated Connecticut Municipal Cash Trust, Federated Florida Municipal Cash Trust, Federated Georgia Municipal Cash Trust, Federated Government Obligations Fund, Federated Government Obligations Tax-Managed Fund, Federated Government Reserves Fund, Federated Liberty U.S. Government Money Market Trust, Federated Massachusetts Municipal Cash Trust, Federated Master Trust, Federated Michigan Municipal Cash Trust, Federated Minnesota Municipal Cash Trust, Federated Money Market Management, Federated Municipal Obligations Fund, Federated Municipal Trust, Federated New Jersey Municipal Cash Trust, Federated New York Municipal Cash Trust, Federated North Carolina Municipal Cash Trust, Federated Ohio Municipal Cash Trust, Federated Pennsylvania Municipal Cash Trust, Federated Prime Cash Obligations Fund, Federated Prime Obligations Fund, Federated Prime Value Obligations Fund, Federated Tax-Free Obligations Fund, Federated Tax-Free Trust, Federated Treasury Obligations Fund, Federated Trust for U.S. Treasury Obligations, Federated U.S. Treasury Cash Reserves, Federated Virginia Municipal Cash Trust and Tax-Free Money Market Fund (collectively, the “Funds”), portfolios of Money Market Obligations Trust (the “Trust”), was held on August 6, 2015. On June 8, 2015, the record date for shareholders voting at the meeting, there were 178,349,848,437 total outstanding shares of the Trust.

On June 8, 2015, the record date for shareholders voting at the meeting, there were 178,349,848,437 total outstanding shares of the Trust.

In order to hold the Special Meeting, a “quorum” of shareholders was required to be present. The required quorum for the Special Meeting was the total number of shareholders, in person or by proxy, of at least one-fourth of the total number of shares outstanding of all Funds entitled to vote at the Special Meeting.

The approval of Proposal 1, required a plurality of votes cast (more votes for than against) to elect each of the Trustee nominees. Abstentions and broker non-votes* were counted for purposes of determining whether a quorum was present, but were not required to be, and were not, counted in the voting results on Proposal 1.

The approval of Proposals 2(a), 2(b) and 2(c) required the favorable vote of: (a) the holders of 67% or more of the outstanding voting securities present at the Special Meeting, if the holders of 50% or more of the outstanding voting securities of all of the Funds voting together were present or represented by proxy; or (b) the holders of more than 50% of the outstanding voting securities of all of the Funds voting together, whichever is less. Abstentions and broker non-votes* were counted for purposes of determining whether a quorum was present and were counted as a vote against Proposals 2(a), 2(b) and 2(c).

Broker non-votes occur when shares held by brokers or nominees, typically in “street name,” have proxies returned but: (a) voting instructions have not been received from the beneficial owners or persons entitled to vote; and (b) the broker or nominee does not have discretionary voting power or elects not to exercise discretion on a particular matter.

Proposal 1

To elect certain Trustees (“Trustees”) of the Trust, each to hold office for the term indicated.¹

Name	For	Against	Abstain
John T. Collins	82,427,412,683.875 (95.20%)	1,206,600,137.258	2,937,326,406.466
G. Thomas Hough	82,472,127,518.626 (95.46%)	972,044,673.236	2,947,167,035.737
Maureen Lally-Green	82,231,174,135.426 (95.18%)	1,240,359,680.593	2,919,805,411.580
P. Jerome Richey	82,307,948,884.016 (95.27%)	1,107,052,521.345	2,976,337,822.238

1	The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.

Due to insufficient affirmative shareholder vote for the remaining shareholder proposals, the August 6, 2015 Special Meeting of Shareholders of the Funds was adjourned until August 10, 2015, and subsequently adjourned again to August 12, 2015.

At the August 12, 2015 Special Meeting of Shareholders, the following items were considered by shareholders of the Trust and the results of their voting were as follows:

Proposal 2 (A), 2(b) and 2(c)

To modernize and make more efficient the Trust's Declaration of Trust through the following amendments:

(a) Permit the Trust or any Fund to comply with requirements of amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”), including to involuntarily redeem shares held by shareholders who do not meet qualifications for ownership or to comply with applicable laws and regulations.

For	Against	Abstain	Broker Non-Vote
68,551,793,859.693 (76.44%)	611,375,005.452	1,929,958,412.524	18,581,186,850.909

(b) Permit the Trustees to authorize the Trust, or any Fund or class, as applicable, to dissolve, convert, merge, consolidate, reorganize, sell all or any part of its assets, exchange shares or re-domicile without shareholder approval, to the extent permitted under the 1940 Act.

For	Against	Abstain	Broker Non-Vote
61,721,974,272.950 (68.83%)	7,391,892,163.229	1,979,260,841.490	18,581,186,850.909

(c) Permit future amendments to the Declaration of Trust to be made by the Trustees, to the extent that a shareholder vote is not required under the 1940 Act and that those amendments are not in contravention of federal securities laws.

For	Against	Abstain	Broker Non-Vote
60,982,221,140.632 (68.00%)	8,150,881,806.859	1,960,024,330.178	18,851,186,850.909

Evaluation and Approval of Advisory Contract–May 2015

Federated Automated Government Cash Reserves (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 2015 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 of scale 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

Semi-Annual Shareholder Report

charged to institutional and other clients of the Adviser for what might be viewed as like services. The Board was aware of these factors and was guided by them in its review of the Fund's advisory contract to the extent it considered them to be appropriate and relevant, as discussed further below.

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

Semi-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 relevant indicator of what consumers have found to be reasonable in the precise marketplace in which the Fund competes.

It was noted in the materials for the Board meeting that for the period covered by the Evaluation, the Fund's investment advisory fee was waived in its entirety. The Board reviewed the contractual 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 entirely and that the overall expense structure of the Fund remained competitive.

By contrast, the Senior Officer has reviewed Federated's fees for providing advisory services to products outside the Federated family of funds (e.g., institutional and separate accounts 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 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.

Semi-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 the 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 was above the median of the relevant peer group for the one-year period covered by the Evaluation.

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

In addition, over the past two years, following discussions regarding the Senior Officer's recommendations, Federated made meaningful reductions to the contractual advisory fees for several Funds. In May 2014, the Senior Officer recommended that Federated review the fee structures of its money market funds to determine whether it would be appropriate to consider alternative pricing structures. Federated has combined that review with its consideration of the re-structuring of its money market fund product line in response to the recently adopted amendments to Rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”).

At the Board meeting in May 2015, following previous recommendations of the Senior Officer, Federated proposed, and the Board approved, reductions in the contractual advisory fees of certain other Funds.

Semi-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.

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 also noted that Federated appeared financially sound, with the resources to fulfill its obligations under its contracts with the Funds.

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 of scale, should they exist) were likely to be enjoyed by the fund family as a whole. Federated, as it does throughout the year, and again in connection with the Board's review, furnished information relative to revenue sharing or adviser paid fees. Federated and the Senior Officer noted that this information should be viewed to determine if there was an incentive to either not apply breakpoints or to apply breakpoints at higher levels and should not be viewed to determining the appropriateness of advisory fees, because it would represent marketing and distribution expenses. 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 objection was raised to the continuation of, the Fund's advisory contract.

Semi-Annual Shareholder Report

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

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

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

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

Quarterly Portfolio Schedule

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

Semi-Annual Shareholder Report

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal. Although money market funds seek to maintain a stable net asset value of $1.00 per share, there is no assurance that they will be able to do so.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At October 31, 2015 the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
U.S. Treasury Securities	93.3%
Other Assets and Liabilities—Net²	6.7%
TOTAL	100.0%

At October 31, 2015, the Fund's effective maturity³ schedule was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	29.3%
8-30 Days	4.6%
31-90 Days	26.2%
91-180 Days	27.9%
181-365 Days	5.3%
Other Assets and Liabilities—Net²	6.7%
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.

Semi-Annual Shareholder Report

Portfolio of Investments

October 31, 2015 (unaudited)

Principal Amount			Value
		U.S. TREASURY—93.3%
		U.S. Treasury Bills—17.9%¹
$1,029,300,000		United States Treasury Bills, 0.00%—0.07%, 1/14/2016	$1,029,195,000
350,000,000		United States Treasury Bills, 0.01%—0.02%, 11/27/2015	349,996,389
318,180,000		United States Treasury Bills, 0.02%—0.06%, 1/28/2016	318,157,778
100,000,000		United States Treasury Bills, 0.05%—0.06%, 1/7/2016	99,987,458
200,000,000		United States Treasury Bills, 0.20%, 2/25/2016	199,874,334
250,000,000		United States Treasury Bills, 0.23%, 2/11/2016	249,837,083
450,000,000		United States Treasury Bills, 0.24%—0.25%, 2/18/2016	449,669,215
250,000,000		United States Treasury Bills, 0.27%, 3/17/2016	249,752,639
		TOTAL	2,946,469,896
		U.S. Treasury Bond—0.8%
125,000,000		United States Treasury Bonds, 9.25%, 2/15/2016	128,295,597
		U.S. Treasury Notes—74.6%
4,896,380,000	²	United States Treasury Floating Rate Notes, 0.065%—0.09%, 11/3/2015	4,896,596,847
400,000,000		United States Treasury Notes, 4.50%, 11/15/2015	400,671,969
1,009,000,000		United States Treasury Notes, 0.25%, 2/29/2016	1,009,429,293
1,101,950,000		United States Treasury Notes, 0.25%—1.375%, 11/30/2015	1,102,338,085
750,000,000		United States Treasury Notes, 0.25%—2.125%, 12/31/2015	751,118,550
1,009,000,000		United States Treasury Notes, 0.375%, 1/15/2016	1,009,482,131
1,511,000,000		United States Treasury Notes, 0.375%—2.00%, 1/31/2016	1,515,524,612
495,000,000		United States Treasury Notes, 0.375%—2.625%, 4/30/2016	499,608,491
300,000,000		United States Treasury Notes, 0.375%—3.25%, 5/31/2016	301,943,362
279,000,000		United States Treasury Notes, 0.375%—4.50%, 2/15/2016	279,596,822
500,000,000		United States Treasury Notes, 2.375%, 3/31/2016	504,209,941
		TOTAL	12,270,520,103
		TOTAL U.S. TREASURY	15,345,285,596
		TOTAL INVESTMENTS—93.3% (AT AMORTIZED COST)³	15,345,285,596
		OTHER ASSETS AND LIABILITIES - NET—6.7%⁴	1,106,739,851
		TOTAL NET ASSETS—100%	$16,452,025,447

Semi-Annual Shareholder Report

1	Discount rate at time of purchase.
2	Floating rate note with current rate 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 October 31, 2015.

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.

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 October 31, 2015, 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

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 10/31/2015	Year Ended April 30,
	Six Months Ended (unaudited) 10/31/2015	2015	2014	2013	2012	2011
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations:
Net investment income	—	—	—	—	—	—
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
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	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³
Ratios to Average Net Assets:
Net expenses	0.09%⁴	0.05%⁵	0.07%⁵	0.11%⁵	0.06%⁵	0.16%⁵
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/ reimbursement⁶	0.20%⁴	0.27%	0.41%	0.38%	0.43%	0.32%
Supplemental Data:
Net assets, end of period (000 omitted)	$13,015,331	$11,948,365	$13,854,806	$14,259,813	$14,588,383	$10,578,713

Semi-Annual Shareholder Report

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.05%, 0.07%, 0.11%, 0.06% and 0.16% for the years ended April 30, 2015, 2014, 2013, 2012 and 2011, respectively, after taking into account these expense reductions.
6	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

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 10/31/2015	Year Ended April 30,
	Six Months Ended (unaudited) 10/31/2015	2015	2014	2013	2012	2011
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income from Investment Operations:
Net investment income	—	—	—	—	—	—
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
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	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³	0.00%³
Ratios to Average Net Assets:
Net expenses	0.08%⁴	0.05%⁵	0.07%⁵	0.11%⁵	0.06%⁵	0.16%⁵
Net investment income	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Expense waiver/ reimbursement⁶	0.45%⁴	0.52%	0.67%	0.63%	0.68%	0.53%
Supplemental Data:
Net assets, end of period (000 omitted)	$3,436,695	$5,020,334	$5,342,450	$3,939,348	$3,746,768	$3,667,542

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.05%, 0.07%, 0.11%, 0.06% and 0.16%% for years ended April 30, 2015, 2014, 2013, 2012 and 2011, respectively, after taking into account these expense reductions.
6	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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2015 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$15,345,285,596
Cash		53,680,761
Receivable for investments sold		2,996,100,360
Income receivable		41,289,829
Receivable for shares sold		1,488,899
TOTAL ASSETS		18,437,845,445
Liabilities:
Payable for investments purchased	$1,954,717,615
Payable for shares redeemed	30,998,243
Payable for administrative fee (Note 4)	70,519
Payable for Directors'/Trustees' fees (Note 4)	15,874
Payable for investment adviser fee (Note 4)	11,162
Payable for other service fees (Note 2)	4,027
Accrued expenses (Note 4)	2,558
TOTAL LIABILITIES		1,985,819,998
Net assets for 16,451,794,970 shares outstanding		$16,452,025,447
Net Assets Consists of:
Paid-in capital		$16,451,795,049
Accumulated net realized gain on investments		230,398
TOTAL NET ASSETS		$16,452,025,447
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares:
$13,015,330,943 ÷ 13,015,134,161 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$3,436,694,504 ÷ 3,436,660,809 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended October 31, 2015 (unaudited)

Investment Income:
Interest			$7,690,593
Expenses:
Investment adviser fee (Note 4)		$17,798,136
Administrative fee (Note 4)		6,967,970
Custodian fees		282,155
Transfer agent fees		62,308
Directors'/Trustees' fees (Note 4)		59,420
Auditing fees		10,683
Legal fees		5,116
Other service fees (Note 2)		5,644,573
Portfolio accounting fees		88,098
Share registration costs		66,916
Printing and postage		131,297
Miscellaneous (Note 4)		66,603
TOTAL EXPENSES		31,183,275
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(17,222,876)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(6,269,806)
TOTAL WAIVERS AND REIMBURSEMENT		(23,492,682)
Net expenses			7,690,593
Net investment income			—
Net realized gain on investments			230,416
Change in net assets resulting from operations			$230,416

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 10/31/2015	Year End 4/30/2015
Increase (Decrease) in Net Assets
Operations:
Net investment income	$—	$—
Net realized gain on investments	230,416	234,263
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	230,416	234,263
Distributions to Shareholders:
Distributions from net realized gain on investments
Institutional Shares	(63,338)	(246,555)
Service Shares	(26,145)	(93,833)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(89,483)	(340,388)
Share Transactions:
Proceeds from sale of shares	25,670,552,659	51,096,027,584
Net asset value of shares issued to shareholders in payment of distributions declared	51,001	210,092
Cost of shares redeemed	(26,187,418,520)	(53,324,688,629)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(516,814,860)	(2,228,450,953)
Change in net assets	(516,673,927)	(2,228,557,078)
Net Assets:
Beginning of period	16,968,699,374	19,197,256,452
End of period	$16,452,025,447	$16,968,699,374

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

October 31, 2015 (unaudited)

1. ORGANIZATION

Money Market Obligations Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Trust consists of 33 portfolios. The financial statements included herein are only those of Federated U.S. Treasury Cash Reserves (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Institutional Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The fundamental investment objective of the Fund is current income consistent with stability of principal and liquidity.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Institutional Shares and Service Shares may bear distribution services fees and other service fees unique to those classes. For the six months ended October 31, 2015, unaffiliated third parties waived $369 of transfer agent 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.

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 six months ended October 31, 2015, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$5,644,573	$(5,644,573)

For the six months ended October 31, 2015, the Fund's Institutional Shares did not incur 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

Semi-Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Other

3. Shares of Beneficial Interest

The following tables summarize share activity:

	Six Months Ended 10/31/2015		Year Ended 4/30/2015
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	19,989,173,687	$19,989,173,687	37,956,403,918	$37,956,403,918
Shares issued to shareholders in payment of distributions declared	34,549	34,549	142,856	142,856
Shares redeemed	(18,922,424,117)	(18,922,424,117)	(39,862,863,247)	(39,862,863,247)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	1,066,784,119	$1,066,784,119	(1,906,316,473)	$(1,906,316,473)

	Six Months Ended 10/31/2015		Year Ended 4/30/2015
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	5,681,378,972	$5,681,378,972	13,139,623,666	$13,139,623,666
Shares issued to shareholders in payment of distributions declared	16,452	16,452	67,236	67,236
Shares redeemed	(7,264,994,403)	(7,264,994,403)	(13,461,825,382)	(13,461,825,382)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(1,583,598,979)	$(1,583,598,979)	(322,134,480)	$(322,134,480)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(516,814,860)	$(516,814,860)	(2,228,450,953)	$(2,228,450,953)

Semi-Annual Shareholder Report

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% 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 and/or reimburse certain other operating expenses of the Fund. For the six months ended October 31, 2015, the Adviser voluntarily waived $17,222,876 of its fee and voluntarily reimbursed $624,864 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 Service 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. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended October 31, 2015, the Fund's Service Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees.

Semi-Annual Shareholder Report

Expense Limitation

Due to the possibility of changes in market conditions, and other factors, there can be no assurance that the level of 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 FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. 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”): (a) July 1, 2016; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

During the six months ended October 31, 2015, 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 $471,986,540 and $3,150,478,037, respectively.

General

5. LINE OF CREDIT

6. INTERFUND LENDING

Semi-Annual Shareholder Report

7. rEGULATORY mATTERS

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 5/1/2015	Ending Account Value 10/31/2015	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,000.00	$0.45²
Service Shares	$1,000	$1,000.00	$0.40³
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.68	$0.46²
Service Shares	$1,000	$1,024.73	$0.41³

1	Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows:

Institutional Shares	0.09%
Service Shares	0.08%

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 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively.

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 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.26 and $2.29, respectively.

Semi-Annual Shareholder Report

Shareholder Meeting Results (unaudited)

On June 8, 2015, the record date for shareholders voting at the meeting, there were 178,349,848,437 total outstanding shares of the Trust.

Proposal 1

To elect certain Trustees (“Trustees”) of the Trust, each to hold office for the term indicated.¹

Name	For	Against	Abstain
John T. Collins	82,427,412,683.875 (95.20%)	1,206,600,137.258	2,937,326,406.466
G. Thomas Hough	82,472,127,518.626 (95.46%)	972,044,673.236	2,947,167,035.737
Maureen Lally-Green	82,231,174,135.426 (95.18%)	1,240,359,680.593	2,919,805,411.580
P. Jerome Richey	82,307,948,884.016 (95.27%)	1,107,052,521.345	2,976,337,822.238

1	The following Trustees continued their terms: John F. Donahue, J. Christopher Donahue, Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.

At the August 12, 2015 Special Meeting of Shareholders, the following items were considered by shareholders of the Trust and the results of their voting were as follows:

Proposal 2 (A), 2(b) and 2(c)

To modernize and make more efficient the Trust's Declaration of Trust through the following amendments:

For	Against	Abstain	Broker Non-Vote
68,551,793,859.693 (76.44%)	611,375,005.452	1,929,958,412.524	18,581,186,850.909

For	Against	Abstain	Broker Non-Vote
61,721,974,272.950 (68.83%)	7,391,892,163.229	1,979,260,841.490	18,581,186,850.909

For	Against	Abstain	Broker Non-Vote
60,982,221,140.632 (68.00%)	8,150,881,806.859	1,960,024,330.178	18,851,186,850.909

Evaluation and Approval of Advisory Contract–May 2015

Federated U.S. Treasury Cash Reserves (the “Fund”)

Semi-Annual Shareholder Report

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.

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

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, other than the reduction in the contractual (or gross) advisory fee noted above, no objection was raised to the continuation of, the Fund's advisory contract.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.

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

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.

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

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

Share Class	Ticker
Service	AGSXX

Share Class	Ticker
Institutional	UTIXX
Service	TISXX

Portfolio of Investments Summary Tables	1
Portfolio of Investments	2
Financial Highlights	3
Statement of Assets and Liabilities	4
Statement of Operations	5
Statement of Changes in Net Assets	6
Notes to Financial Statements	7
Shareholder Expense Example	12
Shareholder Meeting Results	14
Evaluation and Approval of Advisory Contract	17
Voting Proxies on Fund Portfolio Securities	23
Quarterly Portfolio Schedule	23