Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	75.4%
Municipal Notes	15.1%
Commercial Paper	9.3%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	80.8%
8-30 Days	3.7%
31-90 Days	7.6%
91-180 Days	7.7%
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 these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.8%¹
		California—99.8%
$2,385,000		ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2010) Weekly VRDNs (Ecology Action of Santa Cruz)/(Comerica Bank LOC), 0.990%, 5/4/2017	$2,385,000
1,995,000		Alameda County, CA IDA Recovery Zone Facility, (Series 2010) Weekly VRDNs (Dale Hardware, Inc.)/(Comerica Bank LOC), 1.020%, 5/4/2017	1,995,000
9,960,000	^2,3	Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.000%, 5/4/2017	9,960,000
3,320,000	^2,3	Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.950%, 5/4/2017	3,320,000
6,345,000		California Enterprise Development Authority, (Series 2007) Weekly VRDNs (Alvarado Street Bakery)/(U.S. Bank, N.A. LOC), 0.950%, 5/4/2017	6,345,000
6,070,000		California Enterprise Development Authority, (Series 2008) Weekly VRDNs (Humane Society Silicon Valley)/(FHLB of San Francisco LOC), 0.950%, 5/4/2017	6,070,000
6,575,000		California Enterprise Development Authority, (Series 2008A) Weekly VRDNs (Ramar International Corporation)/(Comerica Bank LOC), 0.970%, 5/4/2017	6,575,000
9,450,000		California Enterprise Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Regional Properties, Inc.)/(FHLB of San Francisco LOC), 0.950%, 5/4/2017	9,450,000
28,825,000	^2,3	California Health Facilities Financing Authority, Golden Blue (Series 2017-004) Weekly VRDNs (Dignity Health (Catholic Healthcare West))/(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.980%, 5/4/2017	28,825,000
8,625,000	^2,3	California Health Facilities Financing Authority, Tender Option Bond Trust Certificates (2017-XF2417) Weekly VRDNs (Sutter Health)/(Morgan Stanley Bank, N.A. LIQ), 0.920%, 5/4/2017	8,625,000
4,700,000	^2,3	California Health Facilities Financing Authority, Tender Option Bond Trust Certificates (Series 2017-XF2408) Weekly VRDNs (Sutter Health)/(Citibank NA, New York LIQ), 0.920%, 5/4/2017	4,700,000
2,120,000	^2,3	California Health Facilities Financing Authority, Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs (Lucile Salter Packard Children's Hospital at Stanford)/(Bank of America N.A. LIQ), 0.970%, 5/4/2017	2,120,000
4,000,000		California Infrastructure & Economic Development Bank, (Series 2007A) Weekly VRDNs (Tobinworld)/(Comerica Bank LOC), 0.970%, 5/4/2017	4,000,000
10,415,000		California Infrastructure & Economic Development Bank, (Series 2008) Monthly VRDNs (St. Margaret of Scotland Episcopal School)/(FHLB of San Francisco LOC), 1.000%, 5/1/2017	10,415,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		California—continued
$2,920,000		California Infrastructure & Economic Development Bank, (Series 2008A) Weekly VRDNs (Hillview Mental Health Center, Inc.)/(Comerica Bank LOC), 0.970%, 5/4/2017	$2,920,000
1,955,000		California Municipal Finance Authority, (Series 2012A) Weekly VRDNs (High Desert Partnership in Academic Excellence Foundation, Inc.)/(MUFG Union Bank, N.A. LOC), 0.950%, 5/4/2017	1,955,000
1,700,000		California PCFA, (1996 Series C) Daily VRDNs (Pacific Gas & Electric Co.)/(Mizuho Bank Ltd. LOC), 0.870%, 5/1/2017	1,700,000
2,400,000		California PCFA, (Series 1997B) Daily VRDNs (Air Products & Chemicals, Inc.), 0.890%, 5/1/2017	2,400,000
1,440,000		California PCFA, (Series 2010A) Weekly VRDNs (Mission Trail Waste Systems, Inc.)/(Comerica Bank LOC), 1.040%, 5/3/2017	1,440,000
24,500,000	^2,3	California State, Municipal Securities Trust Receipts (Series 2007-SGC-6) Weekly VRDNs (Societe Generale, Paris LIQ)/(Societe Generale, Paris LOC), 0.920%, 5/4/2017	24,500,000
4,165,000	^2,3	California State, Tender Option Bond Trust Certificates (2016-XF2372) Weekly VRDNs (Citibank NA, New York LIQ), 0.920%, 5/4/2017	4,165,000
5,600,000		California Statewide Communities Development Authority MFH, (2010 Series B: Mountain View Apartments) Weekly VRDNs (Beaumont CA Leased Housing Associates I, LP)/(FHLMC LOC), 0.980%, 5/4/2017	5,600,000
1,020,000		California Statewide Communities Development Authority, (Series 2000A) Weekly VRDNs (Nonprofits' Insurance Alliance of California)/(Comerica Bank LOC), 0.990%, 5/4/2017	1,020,000
5,045,000		California Statewide Communities Development Authority, (Series 2004E), 0.80% CP (Kaiser Permanente), Mandatory Tender 6/6/2017	5,045,000
9,300,000		California Statewide Communities Development Authority, (Series 2008C), 0.78% CP (Kaiser Permanente), Mandatory Tender 6/7/2017	9,300,000
10,000,000		California Statewide Communities Development Authority, (Series 2009B-4), 0.80% CP (Kaiser Permanente), Mandatory Tender 6/6/2017	10,000,000
2,375,000		California Statewide Communities Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Cruzio Holding Company, LLC)/(Comerica Bank LOC), 0.990%, 5/4/2017	2,375,000
2,000,000		California Statewide Communities Development Authority, (Series 2010B: Gas Supply Variable Rate Revenue Bonds), 1.01% TOBs (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), Optional Tender 5/1/2017	2,000,000
6,750,000		California Statewide Communities Development Authority, (Series 2016) Weekly VRDNs (Pacific Collegiate Foundation)/(Comerica Bank LOC), 0.990%, 5/4/2017	6,750,000
9,995,000	^2,3	Chula Vista, CA, Stage Trust (Series 2009-28C), 1.10% TOBs (San Diego Gas & Electric Co.)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Mandatory Tender 5/4/2017	9,995,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		California—continued
$4,445,000	^2,3	Culver City, CA USD, Solar Eclipse (Series 2017-0010) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 5/4/2017	$4,445,000
6,035,000	^2,3	Desert, CA CCD, Tender Option Bond Trust Certificates (2015-XM0108) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.040%, 5/4/2017	6,035,000
9,935,000	^2,3	East Side, CA Union High School District, Stage Trust (Series 2011-120C), 1.10% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 10/5/2017	9,935,000
8,450,000		Elsinore Valley, CA Water and Sewer Facilities Corp., (Series 2008B) Weekly VRDNs (Elsinore Valley, CA Municipal Water District)/(Bank of America N.A. LOC), 0.910%, 5/3/2017	8,450,000
6,000,000	^2,3	Golden State Tobacco Securitization Corp., CA, Tender Option Bond Trust Certificates (2015-XF1038) Weekly VRDNs (California State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.040%, 5/4/2017	6,000,000
1,500,000		Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 5/4/2017	1,500,000
6,000,000		Hillsborough, CA Water and Sewer Systems, (Series 2000B) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 5/4/2017	6,000,000
10,200,000		Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 5/4/2017	10,200,000
2,175,000		Hollister, CA Redevelopment Agency, (Series 2004) Weekly VRDNs (San Benito County Community Services Development Corp.)/(MUFG Union Bank, N.A. LOC), 0.950%, 5/4/2017	2,175,000
3,547,000		Irvine, CA Assessment District No. 04-20, (Series A) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.870%, 5/3/2017	3,547,000
5,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), 0.83% CP (Bank of the West, San Francisco, CA LOC), Mandatory Tender 5/4/2017	5,000,000
2,450,000		Los Angeles County, CA Metropolitan Transportation Authority, (Second Subordinate Sales Tax Revenue, Series A-TE-SMBC), 0.91% CP (Sumitomo Mitsui Banking Corp. LOC), Mandatory Tender 5/11/2017	2,450,000
6,670,000	^2,3	Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.970%, 5/4/2017	6,670,000
10,000,000	^2,3	Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs (Sumitomo Mitsui Banking Corp. LIQ), 0.980%, 5/4/2017	10,000,000
10,310,000		Oroville, CA Hospital Revenue, (Series 2012A) Weekly VRDNs (Oroville Hospital)/(Comerica Bank LOC), 0.970%, 5/4/2017	10,310,000
6,500,000		Riverside, CA Electric System, (Series 2008C) Weekly VRDNs (Barclays Bank PLC LOC), 0.860%, 5/3/2017	6,500,000
1,900,000		San Diego County, CA, (Series 2004) Weekly VRDNs (Museum of Contemporary Art San Diego)/(Northern Trust Co., Chicago, IL LOC), 0.990%, 5/4/2017	1,900,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		California—continued
$9,945,000	^2,3	San Francisco, CA City & County Airport Commission, Stage Trust (Series 2010-03C), 1.10% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 10/5/2017	$9,945,000
5,500,000		San Francisco, CA City & County Redevelopment Finance Agency MFH, (Series 1992 A-1) Weekly VRDNs (Fillmore Center Associates LP)/(FHLMC LOC), 0.930%, 5/3/2017	5,500,000
3,000,000		School Project For Utility Rate Reduction, CA, (Series 2016), 1.10% RANs, 8/1/2017	3,000,000
3,350,000		Sonoma County, CA Junior College District, (Series A), 3.00% Bonds, 8/1/2017	3,367,647
5,000,000		University of California (The Regents of), (2013 Series AL-2) Weekly VRDNs, 0.890%, 5/4/2017	5,000,000
2,675,000	^2,3	University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs (TD Bank, N.A. LIQ), 0.940%, 5/4/2017	2,675,000
11,885,000	^2,3	Victor Valley, CA CCD, Stage Trust (Series 2009-34C), 1.10% TOBs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/4/2017	11,885,000
2,120,000		West Covina, CA Public Financing Authority, (Series 2013A) Weekly VRDNs (West Covina, CA)/(Bank of the West, San Francisco, CA LOC), 0.950%, 5/4/2017	2,120,000
1,700,000		Western Placer, CA USD, 2.00% TRANs, 6/30/2017	1,703,113
		TOTAL MUNICIPAL INVESTMENTS—99.8% (AT AMORTIZED COST)⁴	342,262,760
		OTHER ASSETS AND LIABILITIES - NET—0.2%⁵	760,503
		TOTAL NET ASSETS—100%	$343,023,263

At April 30, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $163,800,000, which represented 47.8% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $163,800,000, which represented 47.8% of total net assets.
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 April 30, 2017.

Semi-Annual Shareholder Report

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

Level 1—quoted prices in active markets for identical securities.

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

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

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

As of April 30, 2017, 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:

CCD	—Community College District
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
GTD	—Guaranteed
IDA	—Industrial Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCFA	—Pollution Control Finance Authority
RANs	—Revenue 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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Investment Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016	Period Ended 10/31/2015¹
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000²	0.000²	0.000²
Net realized gain on investments	0.000²	0.003	0.000²
TOTAL FROM INVESTMENT OPERATIONS	0.000²	0.003	0.000²
Less Distributions:
Distributions from net investment income	(0.000)²	(0.000)²	(0.000)²
Distributions from net realized gain on investments	(0.000)²	(0.003)	—
TOTAL DISTRIBUTIONS	(0.000)²	(0.003)	(0.000)²
Net Asset Value, End of Period	$1.00	$1.00	$1.00
Total Return³	0.02%	0.32%	0.00%⁴
Ratios to Average Net Assets:
Net expenses	0.72%⁵	0.37%⁶	0.07%⁵
Net investment income	0.03%⁵	0.02%	0.01%⁵
Expense waiver/reimbursement⁷	0.48%⁵	0.79%	1.08%⁵
Supplemental Data:
Net assets, end of period (000 omitted)	$2,030	$5,326	$7,950

1	Reflects operations for the period from June 2, 2015 (date of initial investment) to October 31, 2015.
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	Represents less than 0.01%.
5	Computed on an annualized basis.
6	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.37% after taking into account these expense reductions.
7	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

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.002	0.003	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.004	0.005	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.002)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.002)	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.004)	(0.005)	(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	0.25%	0.49%	0.02%	0.03%	0.02%	0.03%
Ratios to Average Net Assets:
Net expenses	0.28%³	0.18%⁴	0.08%	0.09%	0.16%	0.22%
Net investment income	0.51%³	0.12%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.32%³	0.39%	0.51%	0.53%	0.43%	0.38%
Supplemental Data:
Net assets, end of period (000 omitted)	$97,380	$54,046	$147,528	$119,823	$156,765	$154,988

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.18% 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

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.001	0.003	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.004	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(0.001)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.001)	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.002)	(0.004)	(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	0.13%	0.37%	0.02%	0.03%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.53%³	0.31%⁴	0.08%	0.09%	0.17%	0.22%
Net investment income	0.24%³	0.05%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.40%³	0.55%	0.78%	0.76%	0.68%	0.62%
Supplemental Data:
Net assets, end of period (000 omitted)	$145,712	$163,198	$259,239	$64,173	$85,964	$126,610

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.31% 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

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.001	0.003	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.003	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.001)	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.002)	(0.003)	(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	0.06%	0.34%	0.02%	0.03%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.67%³	0.20%⁴	0.08%	0.09%	0.16%	0.22%
Net investment income	0.10%³	0.01%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.48%³	0.90%	1.00%	0.98%	0.88%	0.83%
Supplemental Data:
Net assets, end of period (000 omitted)	$6,474	$6,170	$114,582	$160,390	$174,069	$166,933

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.20% 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

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.003	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.003	0.001¹	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	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.003)	(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%	0.32%	0.02%	0.03%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.76%³	0.33%⁴	0.08%	0.09%	0.16%	0.22%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.78%³	1.18%	1.40%	1.38%	1.28%	1.23%
Supplemental Data:
Net assets, end of period (000 omitted)	$53,004	$55,103	$108,116	$89,717	$85,719	$96,277

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.33% after taking into account these expense reductions.
5	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

Semi-Annual Shareholder Report

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.002	0.003	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.004	0.004	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.001)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.002)	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.004)	(0.004)	(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	0.20%	0.43%	0.02%	0.03%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.38%³	0.24%⁴	0.08%	0.09%	0.16%	0.23%
Net investment income	0.40%³	0.07%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.40%³	0.52%	0.65%	0.63%	0.53%	0.48%
Supplemental Data:
Net assets, end of period (000 omitted)	$38,423	$29,806	$142,057	$156,390	$151,087	$208,071

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.24% 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.

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$342,262,760
Cash		472,962
Income receivable		569,103
Receivable for shares sold		7,850
TOTAL ASSETS		343,312,675
Liabilities:
Payable for shares redeemed	$55,723
Income distribution payable	29,387
Payable to adviser (Note 4)	2,502
Payable for administrative fees (Note 4)	2,219
Payable for transfer agent fee	51,835
Payable for portfolio accounting fees	65,680
Payable for distribution services fee (Note 4)	23,908
Payable for other service fees (Note 4)	45,609
Accrued expenses (Note 4)	12,549
TOTAL LIABILITIES		289,412
Net assets for 343,023,504 shares outstanding		$343,023,263
Net Assets Consist of:
Paid-in capital		$343,023,469
Accumulated net realized loss on investments		(3)
Distributions in excess of net investment income		(203)
TOTAL NET ASSETS		$343,023,263

Semi-Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Investment Shares:
$2,029,811 ÷ 2,029,812 shares outstanding, no par value, unlimited shares authorized		$1.00
Wealth Shares:
$97,380,196 ÷ 97,380,264 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$145,711,587 ÷ 145,711,690 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$6,474,013 ÷ 6,474,017 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$53,004,418 ÷ 53,004,456 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$38,423,238 ÷ 38,423,265 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$1,301,001
Expenses:
Investment adviser fee (Note 4)		$670,652
Administrative fee (Note 4)		131,514
Custodian fees		6,704
Transfer agent fee (Note 2)		127,689
Directors'/Trustees' fees (Note 4)		1,715
Auditing fees		10,538
Legal fees		8,359
Portfolio accounting fees		72,651
Distribution services fee (Note 4)		179,897
Other service fees (Notes 2 and 4)		290,339
Share registration costs		57,987
Printing and postage		18,729
Miscellaneous (Note 4)		5,240
TOTAL EXPENSES		1,582,014
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(532,412)
Waivers/reimbursements of other operating expenses (Notes 2 and 4)	(218,277)
TOTAL WAIVERS AND REIMBURSEMENTS		(750,689)
Net expenses			831,325
Net investment income			469,676
Change in net assets resulting from operations			$469,676

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$469,676	$390,333
Net realized gain on investments	—	953,232
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	469,676	1,343,565
Distributions to Shareholders:
Distributions from net investment income
Investment Shares	(415)	(1,027)
Wealth Shares	(211,435)	(179,349)
Service Shares	(185,938)	(119,880)
Cash II Shares	(3,426)	(5,784)
Cash Series Shares	(2,823)	(9,149)
Capital Shares	(66,162)	(74,824)
Distributions from net realized gain on investments
Investment Shares	(148)	(24,563)
Wealth Shares	(3,054)	(301,925)
Service Shares	(6,375)	(646,678)
Cash II Shares	(257)	(98,272)
Cash Series Shares	(2,200)	(231,530)
Capital Shares	(1,189)	(164,369)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(483,422)	(1,857,350)
Share Transactions:
Proceeds from sale of shares	315,777,988	1,402,749,288
Net asset value of shares issued to shareholders in payment of distributions declared	355,546	1,350,274
Cost of shares redeemed	(286,747,117)	(1,869,408,777)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	29,386,417	(465,309,215)
Change in net assets	29,372,671	(465,823,000)
Net Assets:
Beginning of period	313,650,592	779,473,592
End of period (including undistributed (distributions in excess of) net investment income of $(203) and $320, respectively)	$343,023,263	$313,650,592

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated California Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers six classes of shares: Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series 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 federal regular income tax and the personal income taxes imposed by the state of California consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

The Fund operates as a retail money market fund. As a retail money market fund, the Fund: (1) will generally continue to use amortized cost to value its portfolio securities and transact at a stable $1.00 net asset value (NAV); (2) has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons as required for a retail money market fund by Rule 2a-7 under the Act; and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Trustees determine such liquidity fees or redemption gates are in the best interest of the Fund.

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

Semi-Annual Shareholder Report

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.

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 Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares may bear distribution services fees, other service fees and transfer agent fees unique to those classes. Amortization/accretion of premium and discount is included in investment income. The detail of the total fund expense waivers and reimbursements of $750,689 is disclosed in various locations in this Note 2 and Note 4. For the six months ended April 30, 2017, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Investment Shares	$1,733	$(51)
Wealth Shares	4,155	(435)
Service Shares	72,444	(65,524)
Cash II Shares	3,680	(3,384)
Cash Series Shares	31,102	(28,558)
Capital Shares	14,575	(13,110)
TOTAL	$127,689	$(111,062)

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 Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares to unaffiliated financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder

Semi-Annual Shareholder Report

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 April 30, 2017, 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
Investment Shares	$3,850	$(541)	$(780)
Service Shares	191,302	—	—
Cash II Shares	8,224	(217)	—
Cash Series Shares	70,612	—	(61,138)
Capital Shares	16,351	—	—
TOTAL	$290,339	$(758)	$(61,918)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2017, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2017, tax years 2013 through 2016 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

When-Issued and Delayed-Delivery Transactions

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

Restricted Securities

Semi-Annual Shareholder Report

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. The Fund applies investment company accounting and reporting guidance.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Investment Shares:	Shares	Amount	Shares	Amount
Shares sold	4,219,909	$4,219,909	18,938,967	$18,938,967
Shares issued to shareholders in payment of distributions declared	552	552	25,310	25,310
Shares redeemed	(7,516,801)	(7,516,801)	(21,583,365)	(21,583,365)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	(3,296,340)	$(3,296,340)	(2,619,088)	$(2,619,088)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	137,883,791	$137,883,791	722,350,876	$722,350,876
Shares issued to shareholders in payment of distributions declared	123,596	123,596	216,015	216,015
Shares redeemed	(94,671,269)	(94,671,269)	(815,955,221)	(815,955,221)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	43,336,118	$43,336,118	(93,388,330)	$(93,388,330)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	101,663,316	$101,663,316	384,477,181	$384,477,181
Shares issued to shareholders in payment of distributions declared	156,146	156,146	536,390	536,390
Shares redeemed	(119,299,092)	(119,299,092)	(480,881,238)	(480,881,238)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(17,479,630)	$(17,479,630)	(95,867,667)	$(95,867,667)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	3,519,299	$3,519,299	21,881,255	$21,881,255
Shares issued to shareholders in payment of distributions declared	3,672	3,672	103,466	103,466
Shares redeemed	(3,218,562)	(3,218,562)	(130,320,424)	(130,320,424)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	304,409	$304,409	(108,335,703)	$(108,335,703)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	37,383,292	$37,383,292	87,013,029	$87,013,029
Shares issued to shareholders in payment of distributions declared	4,985	4,985	239,660	239,660
Shares redeemed	(39,484,825)	(39,484,825)	(140,193,393)	(140,193,393)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(2,096,548)	$(2,096,548)	(52,940,704)	$(52,940,704)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	31,108,381	$31,108,381	168,087,980	$168,087,980
Shares issued to shareholders in payment of distributions declared	66,595	66,595	229,433	229,433
Shares redeemed	(22,556,568)	(22,556,568)	(280,475,136)	(280,475,136)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	8,618,408	$8,618,408	(112,157,723)	$(112,157,723)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	29,386,417	$29,386,417	(465,309,215)	$(465,309,215)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2017, the Adviser voluntarily waived $532,412 of its fee and voluntarily reimbursed $111,062 of transfer agent fees.

Semi-Annual Shareholder Report

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 April 30, 2017, the annualized fee paid to FAS was 0.078% of average daily net assets of the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Investment Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

Share Class Name	Percentage of Average Daily Net Assets of Class
Investment Shares	0.25%
Cash II Shares	0.20%
Cash Series Shares	0.60%

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$3,850	$(1,078)
Cash II Shares	6,579	(1,645)
Cash Series Shares	169,468	(41,816)
TOTAL	$179,897	$(44,539)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2017, FSC did not retain any fees paid by the Fund.

Semi-Annual Shareholder Report

Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $758 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 certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.81%, 0.28%, 0.53%, 0.68%, 1.03% and 0.38% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

During the six months ended April 30, 2017, 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 $126,180,000 and $135,240,000, 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, 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. These expenses related to conducting meetings of the Directors/Trustees and other miscellaneous expenses may be included in Accrued and Miscellaneous Expenses on the Statement of Assets and Liabilities and Statement of Operations, respectively.

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 70.5% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 12.2% of total investments.

Semi-Annual Shareholder Report

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 April 30, 2017, there were no outstanding loans. During the six months ended April 30, 2017, the program was not utilized.

7. REGULATORY UPDATES

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

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 November 1, 2016 to April 30, 2017.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

Semi-Annual Shareholder Report

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

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Investment Shares	$1,000	$1,000.20	$3.57²
Wealth Shares	$1,000	$1,002.50	$1.39
Service Shares	$1,000	$1,001.30	$2.63
Cash II Shares	$1,000	$1,000.60	$3.32
Cash Series Shares	$1,000	$1,000.10	$3.77³
Capital Shares	$1,000	$1,002.00	$1.89
Hypothetical (assuming a 5% return before expenses):
Investment Shares	$1,000	$1,021.20	$3.61²
Wealth Shares	$1,000	$1,023.40	$1.40
Service Shares	$1,000	$1,022.20	$2.66
Cash II Shares	$1,000	$1,021.50	$3.36
Cash Series Shares	$1,000	$1,021.00	$3.81³
Capital Shares	$1,000	$1,022.90	$1.91

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:

Investment Shares	0.72%
Wealth Shares	0.28%
Service Shares	0.53%
Cash II Shares	0.67%
Cash Series Shares	0.76%
Capital Shares	0.38%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Investment Shares current Fee Limit of 0.81% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.02 and $4.06, respectively.

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

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

federated california municipal cash trust (the “Fund”)

Following a review and recommendation of approval by the Fund's independent trustees, the Fund's Board of Trustees (the “Board”) reviewed and unanimously approved at its May 2016 meetings the continuation of 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 after consideration of all of the information received on whether to continue the existing arrangements.

The 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 “Senior Officer's Evaluation”). The Board considered the Senior Officer's Evaluation, along with other information, in deciding to approve the investment 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 an adviser to a fund and its shareholders, including the performance and fees and expenses of the fund and of comparable funds; an adviser's cost of providing the services, including the profitability to an adviser of providing advisory services to a fund; the extent to which an 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 an 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 an adviser for services rendered to a fund); comparative fee and expense structures, including a comparison of fees paid to an adviser with those paid by similar funds; and the extent of care, conscientiousness and independence with which 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 an adviser's services and fees. The Board noted that the Securities and Exchange Commission (“SEC”) disclosure requirements regarding the basis for the Board's approval of the Fund's investment 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

Semi-Annual Shareholder Report

institutional and other clients of Federated Investment Management Company (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 investment 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 Investors, Inc. and its affiliates (“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 meetings at which the Board's formal review of the investment advisory contract occurred. At the May meetings, in addition to meeting in separate sessions of the independent trustees without management present, 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 investment 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 Fund; 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 funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are generally available for exchange without the incurrence of additional sales charges; compliance and

Semi-Annual Shareholder Report

audit reports concerning the Federated funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

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 to its deliberations. In this regard, the Board was presented with, and considered, information regarding the contractual advisory fee rates, net advisory fee rates, total expense ratios and each element of the Fund's total expense ratio (i.e., gross and net advisory fees, custody fees, portfolio accounting fees and transfer agency fees) relative to the 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 Senior Officer's 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.

By contrast, the Senior Officer has reviewed Federated's fees for providing advisory services to products outside the Federated 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

Semi-Annual Shareholder Report

responsibilities, addressing different degrees of risk associated with management and a variety of different costs. The Senior Officer did not consider the fees for providing advisory services to these outside products to be determinative in judging the appropriateness of mutual fund advisory fees.

Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the investment advisory contract with respect to the Fund.

The Board considered the nature, extent and quality of the services provided to the Fund by the Adviser and the resources of the Adviser and its affiliates dedicated to the Fund. In this regard, the Board evaluated, among other things, the Adviser's personnel, experience, track record, overall reputation and willingness to invest in personnel and infrastructure that benefit the Fund. In addition, the Board reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Board noted the compliance programs of and the compliance-related resources provided to the Fund by the Adviser. 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 investment advisory contract.

In evaluating the Fund's investment performance, the Board considered performance results in light of the Fund's investment objective, strategies and risks, as disclosed in the Fund's prospectus. The Board particularly considered detailed investment reports on the Fund's performance provided to the Board throughout the year and in connection with the May meetings. The Senior Officer also 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 Senior Officer's Evaluation.

Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the investment advisory contract with respect to the Fund.

Semi-Annual Shareholder Report

The Board also received financial information about Federated, including information regarding the compensation and ancillary (or “fall-out”) benefits Federated derived from its relationships with the Federated funds. This information covered not only the fees under the investment 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.

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

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 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”) and previously proposed, and the Board approved, meaningful reductions to the contractual advisory fees of certain Federated money market funds.

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 Fund.

Semi-Annual Shareholder Report

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 funds, such as personnel and processes for the portfolio management, shareholder services, compliance, internal audit, and risk management functions, as well as systems technology (including technology relating to cybersecurity), 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. The Board noted that the Adviser's investments in these areas are extensive. In addition, the Board considered that Federated and its affiliates have frequently waived fees and/or reimbursed expenses and that this has allowed fund shareholders to share potential economies of scale from a fund's inception. 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 determine 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 a fund attains a certain size.

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

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	75.4%
Municipal Notes	15.1%
Commercial Paper	9.3%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	80.8%
8-30 Days	3.7%
31-90 Days	7.6%
91-180 Days	7.7%
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 these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.8%¹
		California—99.8%
$2,385,000		ABAG Finance Authority for Non-Profit Corporations, CA, (Series 2010) Weekly VRDNs (Ecology Action of Santa Cruz)/(Comerica Bank LOC), 0.990%, 5/4/2017	$2,385,000
1,995,000		Alameda County, CA IDA Recovery Zone Facility, (Series 2010) Weekly VRDNs (Dale Hardware, Inc.)/(Comerica Bank LOC), 1.020%, 5/4/2017	1,995,000
9,960,000	^2,3	Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.000%, 5/4/2017	9,960,000
3,320,000	^2,3	Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.950%, 5/4/2017	3,320,000
6,345,000		California Enterprise Development Authority, (Series 2007) Weekly VRDNs (Alvarado Street Bakery)/(U.S. Bank, N.A. LOC), 0.950%, 5/4/2017	6,345,000
6,070,000		California Enterprise Development Authority, (Series 2008) Weekly VRDNs (Humane Society Silicon Valley)/(FHLB of San Francisco LOC), 0.950%, 5/4/2017	6,070,000
6,575,000		California Enterprise Development Authority, (Series 2008A) Weekly VRDNs (Ramar International Corporation)/(Comerica Bank LOC), 0.970%, 5/4/2017	6,575,000
9,450,000		California Enterprise Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Regional Properties, Inc.)/(FHLB of San Francisco LOC), 0.950%, 5/4/2017	9,450,000
28,825,000	^2,3	California Health Facilities Financing Authority, Golden Blue (Series 2017-004) Weekly VRDNs (Dignity Health (Catholic Healthcare West))/(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.980%, 5/4/2017	28,825,000
8,625,000	^2,3	California Health Facilities Financing Authority, Tender Option Bond Trust Certificates (2017-XF2417) Weekly VRDNs (Sutter Health)/(Morgan Stanley Bank, N.A. LIQ), 0.920%, 5/4/2017	8,625,000
4,700,000	^2,3	California Health Facilities Financing Authority, Tender Option Bond Trust Certificates (Series 2017-XF2408) Weekly VRDNs (Sutter Health)/(Citibank NA, New York LIQ), 0.920%, 5/4/2017	4,700,000
2,120,000	^2,3	California Health Facilities Financing Authority, Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs (Lucile Salter Packard Children's Hospital at Stanford)/(Bank of America N.A. LIQ), 0.970%, 5/4/2017	2,120,000
4,000,000		California Infrastructure & Economic Development Bank, (Series 2007A) Weekly VRDNs (Tobinworld)/(Comerica Bank LOC), 0.970%, 5/4/2017	4,000,000
10,415,000		California Infrastructure & Economic Development Bank, (Series 2008) Monthly VRDNs (St. Margaret of Scotland Episcopal School)/(FHLB of San Francisco LOC), 1.000%, 5/1/2017	10,415,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		California—continued
$2,920,000		California Infrastructure & Economic Development Bank, (Series 2008A) Weekly VRDNs (Hillview Mental Health Center, Inc.)/(Comerica Bank LOC), 0.970%, 5/4/2017	$2,920,000
1,955,000		California Municipal Finance Authority, (Series 2012A) Weekly VRDNs (High Desert Partnership in Academic Excellence Foundation, Inc.)/(MUFG Union Bank, N.A. LOC), 0.950%, 5/4/2017	1,955,000
1,700,000		California PCFA, (1996 Series C) Daily VRDNs (Pacific Gas & Electric Co.)/(Mizuho Bank Ltd. LOC), 0.870%, 5/1/2017	1,700,000
2,400,000		California PCFA, (Series 1997B) Daily VRDNs (Air Products & Chemicals, Inc.), 0.890%, 5/1/2017	2,400,000
1,440,000		California PCFA, (Series 2010A) Weekly VRDNs (Mission Trail Waste Systems, Inc.)/(Comerica Bank LOC), 1.040%, 5/3/2017	1,440,000
24,500,000	^2,3	California State, Municipal Securities Trust Receipts (Series 2007-SGC-6) Weekly VRDNs (Societe Generale, Paris LIQ)/(Societe Generale, Paris LOC), 0.920%, 5/4/2017	24,500,000
4,165,000	^2,3	California State, Tender Option Bond Trust Certificates (2016-XF2372) Weekly VRDNs (Citibank NA, New York LIQ), 0.920%, 5/4/2017	4,165,000
5,600,000		California Statewide Communities Development Authority MFH, (2010 Series B: Mountain View Apartments) Weekly VRDNs (Beaumont CA Leased Housing Associates I, LP)/(FHLMC LOC), 0.980%, 5/4/2017	5,600,000
1,020,000		California Statewide Communities Development Authority, (Series 2000A) Weekly VRDNs (Nonprofits' Insurance Alliance of California)/(Comerica Bank LOC), 0.990%, 5/4/2017	1,020,000
5,045,000		California Statewide Communities Development Authority, (Series 2004E), 0.80% CP (Kaiser Permanente), Mandatory Tender 6/6/2017	5,045,000
9,300,000		California Statewide Communities Development Authority, (Series 2008C), 0.78% CP (Kaiser Permanente), Mandatory Tender 6/7/2017	9,300,000
10,000,000		California Statewide Communities Development Authority, (Series 2009B-4), 0.80% CP (Kaiser Permanente), Mandatory Tender 6/6/2017	10,000,000
2,375,000		California Statewide Communities Development Authority, (Series 2010: Recovery Zone Facility) Weekly VRDNs (Cruzio Holding Company, LLC)/(Comerica Bank LOC), 0.990%, 5/4/2017	2,375,000
2,000,000		California Statewide Communities Development Authority, (Series 2010B: Gas Supply Variable Rate Revenue Bonds), 1.01% TOBs (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), Optional Tender 5/1/2017	2,000,000
6,750,000		California Statewide Communities Development Authority, (Series 2016) Weekly VRDNs (Pacific Collegiate Foundation)/(Comerica Bank LOC), 0.990%, 5/4/2017	6,750,000
9,995,000	^2,3	Chula Vista, CA, Stage Trust (Series 2009-28C), 1.10% TOBs (San Diego Gas & Electric Co.)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Mandatory Tender 5/4/2017	9,995,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		California—continued
$4,445,000	^2,3	Culver City, CA USD, Solar Eclipse (Series 2017-0010) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 5/4/2017	$4,445,000
6,035,000	^2,3	Desert, CA CCD, Tender Option Bond Trust Certificates (2015-XM0108) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.040%, 5/4/2017	6,035,000
9,935,000	^2,3	East Side, CA Union High School District, Stage Trust (Series 2011-120C), 1.10% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 10/5/2017	9,935,000
8,450,000		Elsinore Valley, CA Water and Sewer Facilities Corp., (Series 2008B) Weekly VRDNs (Elsinore Valley, CA Municipal Water District)/(Bank of America N.A. LOC), 0.910%, 5/3/2017	8,450,000
6,000,000	^2,3	Golden State Tobacco Securitization Corp., CA, Tender Option Bond Trust Certificates (2015-XF1038) Weekly VRDNs (California State)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.040%, 5/4/2017	6,000,000
1,500,000		Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 5/4/2017	1,500,000
6,000,000		Hillsborough, CA Water and Sewer Systems, (Series 2000B) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 5/4/2017	6,000,000
10,200,000		Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 5/4/2017	10,200,000
2,175,000		Hollister, CA Redevelopment Agency, (Series 2004) Weekly VRDNs (San Benito County Community Services Development Corp.)/(MUFG Union Bank, N.A. LOC), 0.950%, 5/4/2017	2,175,000
3,547,000		Irvine, CA Assessment District No. 04-20, (Series A) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.870%, 5/3/2017	3,547,000
5,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), 0.83% CP (Bank of the West, San Francisco, CA LOC), Mandatory Tender 5/4/2017	5,000,000
2,450,000		Los Angeles County, CA Metropolitan Transportation Authority, (Second Subordinate Sales Tax Revenue, Series A-TE-SMBC), 0.91% CP (Sumitomo Mitsui Banking Corp. LOC), Mandatory Tender 5/11/2017	2,450,000
6,670,000	^2,3	Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.970%, 5/4/2017	6,670,000
10,000,000	^2,3	Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs (Sumitomo Mitsui Banking Corp. LIQ), 0.980%, 5/4/2017	10,000,000
10,310,000		Oroville, CA Hospital Revenue, (Series 2012A) Weekly VRDNs (Oroville Hospital)/(Comerica Bank LOC), 0.970%, 5/4/2017	10,310,000
6,500,000		Riverside, CA Electric System, (Series 2008C) Weekly VRDNs (Barclays Bank PLC LOC), 0.860%, 5/3/2017	6,500,000
1,900,000		San Diego County, CA, (Series 2004) Weekly VRDNs (Museum of Contemporary Art San Diego)/(Northern Trust Co., Chicago, IL LOC), 0.990%, 5/4/2017	1,900,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		California—continued
$9,945,000	^2,3	San Francisco, CA City & County Airport Commission, Stage Trust (Series 2010-03C), 1.10% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 10/5/2017	$9,945,000
5,500,000		San Francisco, CA City & County Redevelopment Finance Agency MFH, (Series 1992 A-1) Weekly VRDNs (Fillmore Center Associates LP)/(FHLMC LOC), 0.930%, 5/3/2017	5,500,000
3,000,000		School Project For Utility Rate Reduction, CA, (Series 2016), 1.10% RANs, 8/1/2017	3,000,000
3,350,000		Sonoma County, CA Junior College District, (Series A), 3.00% Bonds, 8/1/2017	3,367,647
5,000,000		University of California (The Regents of), (2013 Series AL-2) Weekly VRDNs, 0.890%, 5/4/2017	5,000,000
2,675,000	^2,3	University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs (TD Bank, N.A. LIQ), 0.940%, 5/4/2017	2,675,000
11,885,000	^2,3	Victor Valley, CA CCD, Stage Trust (Series 2009-34C), 1.10% TOBs (GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/4/2017	11,885,000
2,120,000		West Covina, CA Public Financing Authority, (Series 2013A) Weekly VRDNs (West Covina, CA)/(Bank of the West, San Francisco, CA LOC), 0.950%, 5/4/2017	2,120,000
1,700,000		Western Placer, CA USD, 2.00% TRANs, 6/30/2017	1,703,113
		TOTAL MUNICIPAL INVESTMENTS—99.8% (AT AMORTIZED COST)⁴	342,262,760
		OTHER ASSETS AND LIABILITIES - NET—0.2%⁵	760,503
		TOTAL NET ASSETS—100%	$343,023,263

At April 30, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $163,800,000, which represented 47.8% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $163,800,000, which represented 47.8% of total net assets.
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 April 30, 2017.

Semi-Annual Shareholder Report

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

Level 1—quoted prices in active markets for identical securities.

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

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

As of April 30, 2017, 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:

CCD	—Community College District
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
GTD	—Guaranteed
IDA	—Industrial Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCFA	—Pollution Control Finance Authority
RANs	—Revenue 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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.002	0.003	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.004	0.005	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.002)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.002)	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.004)	(0.005)	(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	0.25%	0.49%	0.02%	0.03%	0.02%	0.03%
Ratios to Average Net Assets:
Net expenses	0.28%³	0.18%⁴	0.08%	0.09%	0.16%	0.22%
Net investment income	0.51%³	0.12%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.32%³	0.39%	0.51%	0.53%	0.43%	0.38%
Supplemental Data:
Net assets, end of period (000 omitted)	$97,380	$54,046	$147,528	$119,823	$156,765	$154,988

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.18% 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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$342,262,760
Cash		472,962
Income receivable		569,103
Receivable for shares sold		7,850
TOTAL ASSETS		343,312,675
Liabilities:
Payable for shares redeemed	$55,723
Income distribution payable	29,387
Payable to adviser (Note 4)	2,502
Payable for administrative fees (Note 4)	2,219
Payable for transfer agent fee	51,835
Payable for portfolio accounting fees	65,680
Payable for distribution services fee (Note 4)	23,908
Payable for other service fees (Note 4)	45,609
Accrued expenses (Note 4)	12,549
TOTAL LIABILITIES		289,412
Net assets for 343,023,504 shares outstanding		$343,023,263
Net Assets Consist of:
Paid-in capital		$343,023,469
Accumulated net realized loss on investments		(3)
Distributions in excess of net investment income		(203)
TOTAL NET ASSETS		$343,023,263

Semi-Annual Shareholder Report

Statement of Assets and Liabilities–continued

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Investment Shares:
$2,029,811 ÷ 2,029,812 shares outstanding, no par value, unlimited shares authorized		$1.00
Wealth Shares:
$97,380,196 ÷ 97,380,264 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$145,711,587 ÷ 145,711,690 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$6,474,013 ÷ 6,474,017 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$53,004,418 ÷ 53,004,456 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$38,423,238 ÷ 38,423,265 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$1,301,001
Expenses:
Investment adviser fee (Note 4)		$670,652
Administrative fee (Note 4)		131,514
Custodian fees		6,704
Transfer agent fee (Note 2)		127,689
Directors'/Trustees' fees (Note 4)		1,715
Auditing fees		10,538
Legal fees		8,359
Portfolio accounting fees		72,651
Distribution services fee (Note 4)		179,897
Other service fees (Notes 2 and 4)		290,339
Share registration costs		57,987
Printing and postage		18,729
Miscellaneous (Note 4)		5,240
TOTAL EXPENSES		1,582,014
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(532,412)
Waivers/reimbursements of other operating expenses (Notes 2 and 4)	(218,277)
TOTAL WAIVERS AND REIMBURSEMENTS		(750,689)
Net expenses			831,325
Net investment income			469,676
Change in net assets resulting from operations			$469,676

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$469,676	$390,333
Net realized gain on investments	—	953,232
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	469,676	1,343,565
Distributions to Shareholders:
Distributions from net investment income
Investment Shares	(415)	(1,027)
Wealth Shares	(211,435)	(179,349)
Service Shares	(185,938)	(119,880)
Cash II Shares	(3,426)	(5,784)
Cash Series Shares	(2,823)	(9,149)
Capital Shares	(66,162)	(74,824)
Distributions from net realized gain on investments
Investment Shares	(148)	(24,563)
Wealth Shares	(3,054)	(301,925)
Service Shares	(6,375)	(646,678)
Cash II Shares	(257)	(98,272)
Cash Series Shares	(2,200)	(231,530)
Capital Shares	(1,189)	(164,369)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(483,422)	(1,857,350)
Share Transactions:
Proceeds from sale of shares	315,777,988	1,402,749,288
Net asset value of shares issued to shareholders in payment of distributions declared	355,546	1,350,274
Cost of shares redeemed	(286,747,117)	(1,869,408,777)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	29,386,417	(465,309,215)
Change in net assets	29,372,671	(465,823,000)
Net Assets:
Beginning of period	313,650,592	779,473,592
End of period (including undistributed (distributions in excess of) net investment income of $(203) and $320, respectively)	$343,023,263	$313,650,592

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated California Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers six classes of shares: Investment Shares, Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares. The financial highlights of the Investment Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares are presented separately. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the state of California consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

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.

Investment Income, Gains and Losses, Expenses and Distributions

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Investment Shares	$1,733	$(51)
Wealth Shares	4,155	(435)
Service Shares	72,444	(65,524)
Cash II Shares	3,680	(3,384)
Cash Series Shares	31,102	(28,558)
Capital Shares	14,575	(13,110)
TOTAL	$127,689	$(111,062)

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

Semi-Annual Shareholder Report

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Investment Shares	$3,850	$(541)	$(780)
Service Shares	191,302	—	—
Cash II Shares	8,224	(217)	—
Cash Series Shares	70,612	—	(61,138)
Capital Shares	16,351	—	—
TOTAL	$290,339	$(758)	$(61,918)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Investment Shares:	Shares	Amount	Shares	Amount
Shares sold	4,219,909	$4,219,909	18,938,967	$18,938,967
Shares issued to shareholders in payment of distributions declared	552	552	25,310	25,310
Shares redeemed	(7,516,801)	(7,516,801)	(21,583,365)	(21,583,365)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	(3,296,340)	$(3,296,340)	(2,619,088)	$(2,619,088)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	137,883,791	$137,883,791	722,350,876	$722,350,876
Shares issued to shareholders in payment of distributions declared	123,596	123,596	216,015	216,015
Shares redeemed	(94,671,269)	(94,671,269)	(815,955,221)	(815,955,221)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	43,336,118	$43,336,118	(93,388,330)	$(93,388,330)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	101,663,316	$101,663,316	384,477,181	$384,477,181
Shares issued to shareholders in payment of distributions declared	156,146	156,146	536,390	536,390
Shares redeemed	(119,299,092)	(119,299,092)	(480,881,238)	(480,881,238)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(17,479,630)	$(17,479,630)	(95,867,667)	$(95,867,667)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	3,519,299	$3,519,299	21,881,255	$21,881,255
Shares issued to shareholders in payment of distributions declared	3,672	3,672	103,466	103,466
Shares redeemed	(3,218,562)	(3,218,562)	(130,320,424)	(130,320,424)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	304,409	$304,409	(108,335,703)	$(108,335,703)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	37,383,292	$37,383,292	87,013,029	$87,013,029
Shares issued to shareholders in payment of distributions declared	4,985	4,985	239,660	239,660
Shares redeemed	(39,484,825)	(39,484,825)	(140,193,393)	(140,193,393)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(2,096,548)	$(2,096,548)	(52,940,704)	$(52,940,704)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	31,108,381	$31,108,381	168,087,980	$168,087,980
Shares issued to shareholders in payment of distributions declared	66,595	66,595	229,433	229,433
Shares redeemed	(22,556,568)	(22,556,568)	(280,475,136)	(280,475,136)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	8,618,408	$8,618,408	(112,157,723)	$(112,157,723)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	29,386,417	$29,386,417	(465,309,215)	$(465,309,215)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Semi-Annual Shareholder Report

Administrative Fee

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

Distribution Services Fee

Share Class Name	Percentage of Average Daily Net Assets of Class
Investment Shares	0.25%
Cash II Shares	0.20%
Cash Series Shares	0.60%

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$3,850	$(1,078)
Cash II Shares	6,579	(1,645)
Cash Series Shares	169,468	(41,816)
TOTAL	$179,897	$(44,539)

Semi-Annual Shareholder Report

Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $758 of the other service fees disclosed in Note 2.

Expense Limitation

Interfund Transactions

General

5. CONCENTRATION OF RISK

Semi-Annual Shareholder Report

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual	$1,000	$1,002.50	$1.39
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,023.40	$1.40

1	Expenses are equal to the Fund's annualized net expense ratio of 0.28%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

federated california municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	76.8%
Municipal Notes	18.1%
Commercial Paper	5.0%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	76.8%
8-30 Days	6.4%
31-90 Days	4.8%
91-180 Days	11.9%
181 Days or more	0.0%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.9%¹
		Connecticut—99.9%
$2,000,000		Ansonia, CT, 2.00% BANs, 9/28/2017	$2,007,376
1,000,000		Burlington, CT, 1.25% BANs, 7/18/2017	1,000,619
2,000,000		Connecticut Development Authority, (Series 1993) Weekly VRDNs (Rand-Whitney Containerboard LP)/(Bank of Montreal LOC), 0.960%, 5/3/2017	2,000,000
3,500,000		Connecticut Health and Educational Facilities Authority, (Series O) Weekly VRDNs (Yale-New Haven Hospital)/(Wells Fargo Bank, N.A. LOC), 0.880%, 5/3/2017	3,500,000
2,000,000	^2,3	Connecticut Municipal Electric Energy Cooperative, Tender Option Bond Trust Certificates (2016-XG0059) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.050%, 5/4/2017	2,000,000
3,400,000		Connecticut State Health & Educational Facilities, (Series A) Weekly VRDNs (CIL Community Resources, Inc.)/(HSBC Bank USA, N.A. LOC), 0.930%, 5/4/2017	3,400,000
3,455,000		Connecticut State Health & Educational Facilities, (Series H) Weekly VRDNs (Lawrence & Memorial Hospital, Inc.)/(TD Bank, N.A. LOC), 0.890%, 5/3/2017	3,455,000
2,220,000	^2,3	Connecticut State Health & Educational Facilities, Tender Option Bond Trust Receipts (2016-XM0449) Weekly VRDNs (Trinity Healthcare Credit Group)/(JPMorgan Chase Bank, N.A. LIQ), 0.930%, 5/4/2017	2,220,000
2,770,000		Connecticut State HEFA, (Series A) Weekly VRDNs (Central Connecticut Coast YMCA)/(Citizens Bank, N.A., Providence LOC), 0.960%, 5/4/2017	2,770,000
2,000,000		Connecticut State HEFA, (Series A) Weekly VRDNs (Hotchkiss School)/(TD Bank, N.A. LIQ), 0.880%, 5/4/2017	2,000,000
1,410,000		Connecticut State HEFA, (Series B) Weekly VRDNs (Westover School, Inc.)/(TD Bank, N.A. LOC), 0.900%, 5/4/2017	1,410,000
1,770,000		Connecticut State HEFA, (Series C) Weekly VRDNs (Greenwich Hospital, CT)/(Bank of America N.A. LOC), 0.910%, 5/3/2017	1,770,000
3,500,000		Connecticut State HEFA, (Series C) Weekly VRDNs (Westminster School)/(Bank of America N.A. LOC), 0.950%, 5/4/2017	3,500,000
3,400,000		Connecticut State HEFA, (Series E) Weekly VRDNs (Taft School)/(Wells Fargo Bank, N.A. LOC), 0.950%, 5/3/2017	3,400,000
3,800,000		Connecticut State HEFA, Series S, 0.75% CP (Yale University), Mandatory Tender 5/9/2017	3,800,000
890,000		Connecticut State HFA, (2008 Series E) Weekly VRDNs (Bank of America N.A. LIQ), 0.920%, 5/4/2017	890,000
3,200,000		Connecticut State HFA, (2011 Subseries C-1) Weekly VRDNs (Barclays Bank PLC LIQ), 0.900%, 5/4/2017	3,200,000
1,045,000		Connecticut State HFA, (Series 2008) Weekly VRDNs (CIL Realty)/(HSBC Bank USA, N.A. LOC), 0.880%, 5/4/2017	1,045,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Connecticut—continued
$2,155,000		Connecticut State HFA, (Series 2010) Weekly VRDNs (CIL Realty)/(HSBC Bank USA, N.A. LOC), 0.930%, 5/4/2017	$2,155,000
5,000,000	^2,3	Connecticut State HFA, Tender Option Bond Trust Receipts (2016-XF0492) Weekly VRDNs (Bank of America N.A. LIQ), 1.000%, 5/4/2017	5,000,000
5,395,000	^2,3	Connecticut State, PUTTERs (Series 5003) Daily VRDNs (J.P. Morgan Securities LLC LIQ), 0.920%, 5/1/2017	5,395,000
3,090,000	^2,3	Connecticut State, Tender Option Bond Trust Certificates (2015-YX002) Weekly VRDNs (Barclays Bank PLC LIQ), 0.930%, 5/4/2017	3,090,000
2,000,000	^2,3	Connecticut State, Tender Option Bond Trust Receipts (2015-XF0222) Weekly VRDNs (TD Bank, N.A. LIQ), 0.940%, 5/4/2017	2,000,000
2,000,000		Enfield, CT, 2.00% BANs, 8/9/2017	2,005,081
1,000,000		Essex, CT, 1.75% BANs, 5/17/2017	1,000,437
1,000,000		Groton City, CT, 2.00% BANs, 10/4/2017	1,003,802
765,000		Lisbon, CT, 1.50% BANs, 8/10/2017	766,258
630,000		New Milford, CT, 1.70% BANs, 7/24/2017	630,866
2,000,000		Putnam, CT, (LOT A2), 1.50% BANs, 7/12/2017	2,001,970
3,615,000		Shelton, CT Housing Authority, (Series 1998) Weekly VRDNs (Crosby Commons)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	3,615,000
1,410,000		Stafford, CT, 1.30% BANs, 8/2/2017	1,410,714
1,795,000		Windham, CT, 1.25% BANs, 10/12/2017	1,797,635
		TOTAL MUNICIPAL INVESTMENTS—99.9% (AT AMORTIZED COST)⁴	75,239,758
		OTHER ASSETS AND LIABILITIES - NET—0.1%⁵	99,104
		TOTAL NET ASSETS—100%	$75,338,862

Securities that are subject to the federal alternative minimum tax (AMT) represent 10.5% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $19,705,000, which represented 26.2% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $19,705,000, which represented 26.2% of total net assets.
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 April 30, 2017.

Semi-Annual Shareholder Report

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

Level 1—quoted prices in active markets for identical securities.

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

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

As of April 30, 2017, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	—	0.000¹	0.000¹	—	—
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	—	(0.000)¹	(0.000)¹	—	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.04%	0.07%	0.01%	0.01%	0.01%	0.04%
Ratios to Average Net Assets:
Net expenses	0.67%³	0.38%	0.12%	0.14%	0.20%	0.28%
Net investment income	0.07%³	0.02%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.41%³	0.62%	0.84%	0.80%	0.72%	0.72%
Supplemental Data:
Net assets, end of period (000 omitted)	$20,553	$21,402	$27,515	$36,809	$35,666	$59,039

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	—	0.000¹	0.000¹	—	—
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	—	(0.000)¹	(0.000)¹	—	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.06%	0.01%	0.01%	0.01%	0.04%
Ratios to Average Net Assets:
Net expenses	0.73%⁴	0.37%	0.12%	0.14%	0.20%	0.28%
Net investment income	0.01%⁴	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.95%⁴	1.23%	1.44%	1.40%	1.36%	1.33%
Supplemental Data:
Net assets, end of period (000 omitted)	$54,786	$59,356	$77,858	$75,175	$90,468	$62,695

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$75,239,758
Income receivable		179,892
Receivable for shares sold		17,158
TOTAL ASSETS		75,436,808
Liabilities:
Payable for shares redeemed	$15,310
Bank overdraft	2,832
Income distribution payable	277
Payable to adviser (Note 4)	1,786
Payable for administrative fees (Note 4)	487
Payable for transfer agent fee	11,531
Payable for portfolio accounting fees	31,187
Payable for distribution services fee (Note 4)	10,478
Payable for other service fees (Note 4)	14,916
Payable for printing and postage	8,058
Accrued expenses (Note 4)	1,084
TOTAL LIABILITIES		97,946
Net assets for 75,338,904 shares outstanding		$75,338,862
Net Assets Consist of:
Paid-in capital		$75,338,815
Undistributed net investment income		47
TOTAL NET ASSETS		$75,338,862
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$20,552,593 ÷ 20,552,605 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$54,786,269 ÷ 54,786,299 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$289,229
Expenses:
Investment adviser fee (Note 4)		$156,312
Administrative fee (Note 4)		30,651
Custodian fees		2,305
Transfer agent fee		39,467
Directors'/Trustees' fees (Note 4)		491
Auditing fees		9,720
Legal fees		4,251
Portfolio accounting fees		34,245
Distribution services fee (Note 4)		169,313
Other service fees (Notes 2 and 4)		97,695
Share registration costs		30,853
Printing and postage		12,679
Miscellaneous (Note 4)		2,671
TOTAL EXPENSES		590,653
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(109,398)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(202,500)
TOTAL WAIVERS AND REIMBURSEMENT		(311,898)
Net expenses			278,755
Net investment income			10,474
Change in net assets resulting from operations			$10,474

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$10,474	$13,581
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	10,474	13,581
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(7,638)	(6,235)
Cash Series Shares	(2,822)	(7,315)
Distributions from net realized gain on investments
Service Shares	—	(15,955)
Cash Series Shares	—	(43,697)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(10,460)	(73,202)
Share Transactions:
Proceeds from sale of shares	80,841,205	275,226,069
Net asset value of shares issued to shareholders in payment of distributions declared	9,851	67,165
Cost of shares redeemed	(86,269,482)	(299,849,523)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(5,418,426)	(24,556,289)
Change in net assets	(5,418,412)	(24,615,910)
Net Assets:
Beginning of period	80,757,274	105,373,184
End of period (including undistributed net investment income of $47 and $33, respectively)	$75,338,862	$80,757,274

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Connecticut Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the Connecticut dividend and interest income tax consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Trustees have 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

Semi-Annual Shareholder Report

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.

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. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Service Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $311,898 is disclosed in various locations in this Note 2 and Note 4.

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 Service Shares and Cash Series 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 April 30, 2017, 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	$27,148	$(12,067)	$(1,983)
Cash Series Shares	70,547	—	(62,563)
TOTAL	$97,695	$(12,067)	$(64,546)

Federal Taxes

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recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2017, tax years 2013 through 2016 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.

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	11,522,891	$11,522,891	52,504,860	$52,504,860
Shares issued to shareholders in payment of distributions declared	7,034	7,034	16,390	16,390
Shares redeemed	(12,378,879)	(12,378,879)	(58,619,777)	(58,619,777)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(848,954)	$(848,954)	(6,098,527)	$(6,098,527)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	69,318,314	$69,318,314	222,721,209	$222,721,209
Shares issued to shareholders in payment of distributions declared	2,817	2,817	50,775	50,775
Shares redeemed	(73,890,603)	(73,890,603)	(241,229,746)	(241,229,746)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(4,569,472)	$(4,569,472)	(18,457,762)	$(18,457,762)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(5,418,426)	$(5,418,426)	(24,556,289)	$(24,556,289)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, the Adviser voluntarily waived $109,398 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

Semi-Annual Shareholder Report

incur distribution expenses at 0.60% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$169,313	$(125,887)

Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $12,067 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 certain amounts of their respective fees and/or reimburse expenses. Effective March 1, 2017, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.69% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

Semi-Annual Shareholder Report

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 45.2% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 9.2% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,000.40	$3.32
Cash Series Shares	$1,000	$1,000.00	$3.62²
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,021.50	$3.36
Cash Series Shares	$1,000	$1,021.20	$3.66²

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

Service Shares	0.67%
Cash Series Shares	0.73%

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

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Evaluation and Approval of Advisory Contract–May 2016

Federated CONNECTICUT Municipal Cash Trust (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 Senior Officer's Evaluation.

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The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	78.4%
Municipal Notes	14.3%
Commercial Paper	4.8%
Other Assets and Liabilities—Net²	2.5%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	78.4%
8-30 Days	0.0%
31-90 Days	17.5%
91-180 Days	0.0%
181 Days or more	1.6%
Other Assets and Liabilities—Net²	2.5%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—97.5%¹
		Florida—82.9%
$3,440,000		Alachua County, FL HFA, (Series 2006) Weekly VRDNs (Santa Fe I Apartments)/(Citibank NA, New York LOC), 0.920%, 5/3/2017	$3,440,000
3,750,000		Citizens Property Insurance Corp. FL, (Series 2010A-1), 5.25% Bonds (Citizens Property Insurance Coastal Account), 6/1/2017	3,763,716
3,500,000	^2,3	Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014), 1.08% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/1/2017	3,500,000
3,540,000	^2,3	Florida State Turnpike Authority, Solar Eclipse (Series 2017-0002) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 5/4/2017	3,540,000
3,000,000		Hillsborough County, FL HFA, (Series 2006: Brandywine Apartments) Weekly VRDNs (Brandywine Housing, Ltd.)/(Citibank NA, New York LOC), 0.920%, 5/3/2017	3,000,000
4,275,000	^2,3	Miami-Dade County, FL Aviation, Tender Option Bond Trust Receipts (2016-XL0035) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.180%, 5/4/2017	4,275,000
3,375,000		Miami-Dade County, FL IDA, (Series 1998) Weekly VRDNs (Professional Modification Services, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.950%, 5/3/2017	3,375,000
4,000,000		Miami-Dade County, FL IDA, (Series 2000A) Weekly VRDNs (CAE USA, Inc.)/(Royal Bank of Canada LOC), 0.930%, 5/3/2017	4,000,000
4,000,000	^2,3	Miami-Dade County, FL Water & Sewer, Tender Option Bond Trust Receipts (2015-ZF0268) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 1.050%, 5/4/2017	4,000,000
3,000,000		Orange County, FL HFA, (Series 2007A) Weekly VRDNs (Marbella Pointe)/(FHLB of San Francisco LOC), 0.920%, 5/4/2017	3,000,000
1,750,000		Orange County, FL IDA, (Series 2000) Weekly VRDNs (Central Florida Kidney Centers, Inc.)/(SunTrust Bank LOC), 0.940%, 5/3/2017	1,750,000
4,200,000	^2,3	Orange County, FL School Board, Tender Option Bond Trust Certificates (2015-XF2013) Weekly VRDNs (Assured Guaranty Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.030%, 5/4/2017	4,200,000
1,335,000	^2,3	Orlando, FL Contract Tourist Development, Floater Certificates (Series 2014-0001) Weekly VRDNs (Orlando, FL)/(Credit Suisse AG LIQ), 0.950%, 5/4/2017	1,335,000
1,590,000	^2,3	Palm Beach County, FL School Board, Eagles (Series 2017-0001) Weekly VRDNs (Citibank NA, New York LIQ), 0.940%, 5/4/2017	1,590,000
1,935,000		Seminole County, FL IDA, (Series 2008) Weekly VRDNs (3100 Camp Road LLC)/(PNC Bank, N.A. LOC), 1.020%, 5/4/2017	1,935,000
4,730,000		Sumter County, FL IDA, (Series 2007) Weekly VRDNs (American Cement Company LLC)/(Bank of America N.A. LOC), 1.000%, 5/4/2017	4,730,000
400,000		Sunshine State Governmental Finance Commission, FL, (Series 2010B) Weekly VRDNs (Miami-Dade County, FL)/(MUFG Union Bank, N.A. LOC), 0.910%, 5/4/2017	400,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Florida—continued
$4,000,000		Sunshine State Governmental Finance Commission, FL, Callable Tax-Exempt Notes (Series H), 0.80% CP (Orlando, FL)/(JPMorgan Chase Bank, N.A. LIQ), Mandatory Tender 6/8/2017	$4,000,000
4,000,000	^2,3	Tampa-Hillsborough County, FL Expressway Authority, Tender Option Bond Trust Certificates (2016-XG0097) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.050%, 5/4/2017	4,000,000
9,185,000		UCF Health Facilities Corp., FL, Capital Improvement Revenue Bonds (Series 2007) Weekly VRDNs (UCF Health Sciences Campus at Lake Nona)/(Fifth Third Bank, Cincinnati LOC), 0.990%, 5/5/2017	9,185,000
		TOTAL	69,018,716
		Illinois—4.2%
3,500,000		Illinois Educational Facilities Authority, (Series 2002A) Weekly VRDNs (Saint Xavier University)/(FirstMerit Bank, N.A. LOC), 1.120%, 5/4/2017	3,500,000
		Indiana—1.6%
1,302,000		Bartholomew Consolidated School Corp., IN, 3.25% TANs, 12/29/2017	1,313,867
		Maryland—1.6%
1,350,000		Maryland State Health & Higher Educational Facilities Authority, (Series B), 3.00% Bonds (University of Maryland Medical System Corporation), 7/1/2017	1,354,361
		Ohio—2.4%
2,000,000		Winton Woods, OH School District, Classroom Facilities, 1.75% BANs (GTD by Ohio State), 7/27/2017	2,003,848
		Texas—4.8%
4,000,000		Port of Corpus Christi Authority of Nueces County, TX, (Series 2002A) Weekly VRDNs (Flint Hills Resources LLC)/(GTD by Flint Hills Resources LLC), 1.080%, 5/3/2017	4,000,000
		TOTAL MUNICIPAL INVESTMENTS—97.5% (AT AMORTIZED COST)⁴	81,190,792
		OTHER ASSETS AND LIABILITIES - NET—2.5%⁵	2,057,518
		TOTAL NET ASSETS—100%	$83,248,310

Semi-Annual Shareholder Report

Securities that are subject to the federal alternative minimum tax (AMT) represent 39.1% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $26,440,000, which represented 31.8% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $26,440,000, which represented 31.8% of total net assets.
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 April 30, 2017.

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 April 30, 2017, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

BANs	—Bond Anticipation Notes
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
TANs	—Tax Anticipation Notes
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.000¹	0.001	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.000¹	0.001	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(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	(0.001)	(0.000)¹	(0.000)¹	—
TOTAL DISTRIBUTIONS	(0.001)	(0.000)¹	(0.001)	(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	0.10%	0.08%	0.06%	0.02%	0.02%	0.01%
Ratios to Average Net Assets:
Net expenses	0.63%³	0.36%	0.14%	0.18%	0.25%	0.35%
Net investment income	0.19%³	0.03%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.47%³	0.59%	0.78%	0.73%	0.62%	0.54%
Supplemental Data:
Net assets, end of period (000 omitted)	$27,478	$29,694	$46,703	$43,994	$68,590	$83,187

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.001	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	(0.001)	(0.000)¹	(0.000)¹	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.001)	(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%	0.05%	0.06%	0.02%	0.02%	0.01%
Ratios to Average Net Assets:
Net expenses	0.78%³	0.35%	0.13%	0.18%	0.25%	0.34%
Net investment income	0.03%³	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.53%³	0.88%	1.07%	1.02%	0.91%	0.84%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,425	$3,846	$13,767	$25,401	$27,832	$61,427

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.001	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	(0.001)	(0.000)¹	(0.000)¹	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.001)	(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%	0.04%	0.06%	0.02%	0.02%	0.01%
Ratios to Average Net Assets:
Net expenses	0.81%³	0.39%	0.14%	0.18%	0.25%	0.35%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.88%³	1.20%	1.43%	1.37%	1.27%	1.19%
Supplemental Data:
Net assets, end of period (000 omitted)	$53,345	$56,188	$77,196	$76,393	$67,173	$63,721

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$81,190,792
Cash		110,697
Income receivable		189,775
Receivable for investments sold		1,853,889
Receivable for shares sold		4,401
Prepaid expenses		1,823
TOTAL ASSETS		83,351,377
Liabilities:
Payable for shares redeemed	$4,709
Payable to adviser (Note 4)	381
Payable for administrative fees (Note 4)	538
Payable for transfer agent fee	10,618
Payable for portfolio accounting fees	35,195
Payable for distribution services fee (Note 4)	16,213
Payable for other service fees (Notes 2 and 4)	17,701
Payable for share registration costs	17,712
TOTAL LIABILITIES		103,067
Net assets for 83,247,677 shares outstanding		$83,248,310
Net Assets Consist of:
Paid-in capital		$83,247,677
Accumulated net realized gain on investments		582
Undistributed net investment income		51
TOTAL NET ASSETS		$83,248,310
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$27,478,341 ÷ 27,478,132 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$2,424,869 ÷ 2,424,851 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$53,345,100 ÷ 53,344,694 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$359,219
Expenses:
Investment adviser fee (Note 4)		$175,038
Administrative fee (Note 4)		34,323
Custodian fees		1,832
Transfer agent fee		50,626
Directors'/Trustees' fees (Note 4)		551
Auditing fees		9,720
Legal fees		4,490
Portfolio accounting fees		39,509
Distribution services fee (Note 4)		170,713
Other service fees (Notes 2 and 4)		108,820
Share registration costs		38,212
Printing and postage		12,241
Miscellaneous (Note 4)		3,044
TOTAL EXPENSES		649,119
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(175,038)
Waivers/reimbursements of other operating expenses (Notes 2 and 4)	(145,857)
TOTAL WAIVERS AND REIMBURSEMENTS		(320,895)
Net expenses			328,224
Net investment income			30,995
Net realized gain on investments			583
Change in net assets resulting from operations			$31,578

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$30,995	$25,671
Net realized gain on investments	583	41
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	31,578	25,712
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(27,816)	(16,838)
Cash II Shares	(383)	(929)
Cash Series Shares	(2,782)	(7,867)
Distributions from net realized gain on investments
Wealth Shares	(14)	(16,509)
Cash II Shares	(2)	(4,774)
Cash Series Shares	(26)	(26,304)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(31,023)	(73,221)
Share Transactions:
Proceeds from sale of shares	79,656,271	347,292,432
Net asset value of shares issued to shareholders in payment of distributions declared	30,930	63,343
Cost of shares redeemed	(86,167,372)	(395,246,135)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(6,480,171)	(47,890,360)
Change in net assets	(6,479,616)	(47,937,869)
Net Assets:
Beginning of period	89,727,926	137,665,795
End of period (including undistributed net investment income of $51 and $37, respectively)	$83,248,310	$89,727,926

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Florida Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Cash II Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax consistent with stability of principal and liquidity and to maintain an investment portfolio that will cause its shares to be exempt from the Florida state intangibles tax. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

The Florida state intangibles tax was repealed, effective January 1, 2007. Accordingly, an investment in the Fund will not be subject to the Florida state intangibles tax, and the Fund will continue to invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

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.

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. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares, Cash II Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursements of $320,895 is disclosed in various locations in this Note 2 and Note 4.

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 Wealth Shares, Cash II Shares and Cash Series 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 April 30, 2017, 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
Wealth Shares	$36,055	$(8,653)	$—
Cash II Shares	3,215	—	(1,011)
Cash Series Shares	69,550	—	(55,088)
TOTAL	$108,820	$(8,653)	$(56,099)

Semi-Annual Shareholder Report

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the “Code”) and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the six months ended April 30, 2017, the Fund did not have a liability for any uncertain tax positions. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of April 30, 2017, tax years 2013 through 2016 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

Semi-Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	10,551,102	$10,551,102	108,706,072	$108,706,072
Shares issued to shareholders in payment of distributions declared	27,755	27,755	23,586	23,586
Shares redeemed	(12,794,668)	(12,794,668)	(125,722,565)	(125,722,565)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(2,215,811)	$(2,215,811)	(16,992,907)	$(16,992,907)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	1,832,419	$1,832,419	14,055,305	$14,055,305
Shares issued to shareholders in payment of distributions declared	385	385	5,703	5,703
Shares redeemed	(3,253,976)	(3,253,976)	(23,977,342)	(23,977,342)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(1,421,172)	$(1,421,172)	(9,916,334)	$(9,916,334)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	67,272,750	$67,272,750	224,531,055	$224,531,055
Shares issued to shareholders in payment of distributions declared	2,790	2,790	34,054	34,054
Shares redeemed	(70,118,728)	(70,118,728)	(245,546,228)	(245,546,228)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(2,843,188)	$(2,843,188)	(20,981,119)	$(20,981,119)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(6,480,171)	$(6,480,171)	(47,890,360)	$(47,890,360)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, the Adviser voluntarily waived its entire fee of $175,038 and voluntarily reimbursed $2,756 of other operating expenses.

Semi-Annual Shareholder Report

Administrative Fee

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

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Wealth Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

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

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash II Shares	$3,793	$(759)
Cash Series Shares	166,920	(77,590)
TOTAL	$170,713	$(78,349)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur a distribution services fee; however, it may begin to incur this fee upon approval of the Trustees. For the six months ended April 30, 2017, FSC retained $765 of fees paid by the Fund.

Semi-Annual Shareholder Report

Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $8,653 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 certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.63%, 0.89% and 1.04% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 74.9% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 15.4% of total investments.

Semi-Annual Shareholder Report

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,001.00	$3.13
Cash II Shares	$1,000	$1,000.10	$3.87²
Cash Series Shares	$1,000	$1,000.10	$4.02³
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,021.70	$3.16
Cash II Shares	$1,000	$1,020.90	$3.91²
Cash Series Shares	$1,000	$1,020.80	$4.06³

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:

Wealth Shares	0.63%
Cash II Shares	0.78%
Cash Series Shares	0.81%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash II Shares current Fee Limit of 0.89% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.41 and $4.46, respectively.

Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.04% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.16 and $5.21, respectively.

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

Federated Florida Municipal Cash Trust (the “Fund”)

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	99.2%
Other Assets and Liabilities—Net²	0.8%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	99.2%
8-30 Days	0.0%
31-90 Days	0.0%
91-180 Days	0.0%
181 Days or more	0.0%
Other Assets and Liabilities—Net²	0.8%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount		Value
	SHORT-TERM MUNICIPALS—99.2%¹
	Alabama—8.4%
$6,000,000	Alabama HFA MFH, (2000 Series A:Turtle Lake) Weekly VRDNs (Double Lake Ventures LLC)/(FNMA LOC), 0.950%, 5/4/2017	$6,000,000
8,000,000	Mobile County, AL IDA Gulf Opportunity Zone, (Series 2011) Weekly VRDNs (SSAB Alabama, Inc.)/(Credit Agricole Corporate and Investment Bank LOC), 0.920%, 5/4/2017	8,000,000
7,500,000	Tuscaloosa County, AL IDA, (Series 2011A: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/3/2017	7,500,000
13,000,000	Tuscaloosa County, AL IDA, (Series 2011J: Gulf Opportunity Zone Bonds) Weekly VRDNs (Hunt Refining Co.)/(Bank of Nova Scotia, Toronto LOC), 0.920%, 5/4/2017	13,000,000
10,760,000	Tuscaloosa County, AL Port Authority, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (Tuscaloosa Riverfront Development, LLC)/(FHLB of Atlanta LOC), 0.950%, 5/4/2017	10,760,000
	TOTAL	45,260,000
	Alaska—2.6%
7,300,000	Alaska State Housing Finance Corp., (Series 2007A) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.940%, 5/4/2017	7,300,000
6,880,000	Alaska State Housing Finance Corp., (Series 2007B) Weekly VRDNs (Landesbank Baden-Wurttemberg LIQ), 0.940%, 5/4/2017	6,880,000
	TOTAL	14,180,000
	Arizona—0.7%
4,000,000	Maricopa County, AZ, IDA Solid Waste Disposal, (Series 2009) Weekly VRDNs (DC Paloma 2 LLC)/(CoBank, ACB LOC), 0.940%, 5/4/2017	4,000,000
	Connecticut—2.9%
3,100,000	Connecticut State HEFA, (Series E) Weekly VRDNs (Taft School)/(Wells Fargo Bank, N.A. LOC), 0.950%, 5/3/2017	3,100,000
1,430,000	Connecticut State HFA, (2013 Series B Subseries B-6) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 0.900%, 5/4/2017	1,430,000
4,810,000	Connecticut State HFA, (Series 2010) Weekly VRDNs (CIL Realty)/(HSBC Bank USA, N.A. LOC), 0.930%, 5/4/2017	4,810,000
2,000,000	Connecticut State HFA, (Subseries A-3) Weekly VRDNs (Landesbank Hessen-Thuringen LIQ), 0.890%, 5/4/2017	2,000,000
4,000,000	Connecticut State HFA, (Subseries C-3) Weekly VRDNs (Royal Bank of Canada LIQ), 0.900%, 5/4/2017	4,000,000
	TOTAL	15,340,000
	Florida—6.3%
7,400,000	Florida HFA, (Series 1985-SS) Weekly VRDNs (Woodlands Apartments)/(Northern Trust Co., Chicago, IL LOC), 0.940%, 5/3/2017	7,400,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued¹
	Florida—continued
$3,400,000	JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs (Royal Bank of Canada LIQ), 0.900%, 5/3/2017	$3,400,000
480,000	Jacksonville, FL HFDC, (Series 2002) Weekly VRDNs (University of Florida Jacksonville Physicians, Inc.)/(Bank of America N.A. LOC), 0.930%, 5/3/2017	480,000
7,400,000	Orlando, FL Utilities Commission, (Series 2008-1) Weekly VRDNs (TD Bank, N.A. LOC), 0.910%, 5/3/2017	7,400,000
7,450,000	Palm Beach County, FL, (Series 2001) Weekly VRDNs (Zoological Society of Palm Beach, Inc.)/(Northern Trust Co., Chicago, IL LOC), 0.910%, 5/4/2017	7,450,000
4,750,000	Pinellas County, FL Health Facility Authority, (Series 2009A-2) Weekly VRDNs (Baycare Health System)/(Northern Trust Co., Chicago, IL LOC), 0.910%, 5/4/2017	4,750,000
3,100,000	Sunshine State Governmental Finance Commission, FL, (Series 2010B) Weekly VRDNs (Miami-Dade County, FL)/(MUFG Union Bank, N.A. LOC), 0.910%, 5/4/2017	3,100,000
	TOTAL	33,980,000
	Georgia—1.8%
4,700,000	Cobb County, GA Housing Authority, (Series 2008) Weekly VRDNs (Highland Ridge Partners LP)/(FHLMC LOC), 0.950%, 5/4/2017	4,700,000
5,000,000	Columbus, GA Development Authority, (Series 2008) Weekly VRDNs (Lumpkin Park Partners, Ltd.)/(FHLMC LOC), 1.050%, 5/4/2017	5,000,000
	TOTAL	9,700,000
	Illinois—11.3%
12,200,000	Illinois Development Finance Authority IDB, Revenue Bonds (Series 1994) Weekly VRDNs (Chicago Symphony Orchestra Project)/(Northern Trust Co., Chicago, IL LOC), 0.920%, 5/3/2017	12,200,000
4,000,000	Illinois Development Finance Authority, (Series 1999) Weekly VRDNs (Chicago Horticultural Society)/(BMO Harris Bank, N.A. LOC), 0.960%, 5/3/2017	4,000,000
2,000,000	Illinois Finance Authority, (Series 2008) Weekly VRDNs (Chicago Horticultural Society)/(BMO Harris Bank, N.A. LOC), 0.960%, 5/3/2017	2,000,000
3,680,000	Illinois Finance Authority, (Series 2008) Weekly VRDNs (Clearbrook Corp.)/(BMO Harris Bank, N.A. LOC), 0.910%, 5/4/2017	3,680,000
10,000,000	Illinois Finance Authority, (Series 2008C-1) Weekly VRDNs (Advocate Health Care Network)/(JPMorgan Chase Bank, N.A. LIQ), 0.920%, 5/3/2017	10,000,000
3,000,000	Illinois Finance Authority, (Series 2009B) Weekly VRDNs (OSF Health Care Systems)/(PNC Bank, N.A. LOC), 0.910%, 5/3/2017	3,000,000
5,025,000	Illinois Finance Authority, (Series 2009C) Weekly VRDNs (Carle Foundation)/(Northern Trust Co., Chicago, IL LOC), 0.900%, 5/4/2017	5,025,000
3,000,000	Illinois Finance Authority, (Subseries C-3A) Weekly VRDNs (Advocate Health Care Network)/(Northern Trust Co., Chicago, IL LIQ), 0.920%, 5/3/2017	3,000,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued¹
	Illinois—continued
$7,000,000	Illinois State Toll Highway Authority, (2007 Series A-1a) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.920%, 5/4/2017	$7,000,000
10,000,000	Illinois State Toll Highway Authority, (2007 Series A-2c) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.920%, 5/4/2017	10,000,000
510,000	Southwestern Illinois Development Authority, (Series 2010) Weekly VRDNs (Molinero, Inc.)/(BMO Harris Bank, N.A. LOC), 0.910%, 5/4/2017	510,000
	TOTAL	60,415,000
	Indiana—2.8%
5,725,000	Indianapolis, IN MFH, (Series 2009A) Weekly VRDNs (Washington Pointe, LP)/(FNMA LOC), 0.910%, 5/5/2017	5,725,000
9,180,000	Valparaiso, IN EDRB, (Series 2008) Weekly VRDNs (Pines Village Retirement Community, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.980%, 5/4/2017	9,180,000
	TOTAL	14,905,000
	Iowa—3.2%
17,000,000	Iowa Finance Authority, Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs (Cargill, Inc.), 0.960%, 5/4/2017	17,000,000
	Kansas—1.0%
5,150,000	Burlington, KS, (Series 2007A) Weekly VRDNs (Kansas City Power And Light Co.)/(Mizuho Bank Ltd. LOC), 0.930%, 5/3/2017	5,150,000
	Louisiana—5.4%
8,900,000	Louisiana Local Government Environmental Facilities CDA, (Series 2002) Weekly VRDNs (Isidore Newman School)/(FHLB of Dallas LOC), 0.950%, 5/3/2017	8,900,000
3,810,000	Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Academy of the Sacred Heart of New Orleans)/(FHLB of Dallas LOC), 0.950%, 5/3/2017	3,810,000
3,350,000	Louisiana Local Government Environmental Facilities CDA, (Series 2004) Weekly VRDNs (The Christ Episcopal Church in Covington)/(FHLB of Dallas LOC), 0.950%, 5/3/2017	3,350,000
3,650,000	Louisiana Public Facilities Authority, (Series 2008) Weekly VRDNs (Coca-Cola Bottling Co.)/(U.S. Bank, N.A. LOC), 0.900%, 5/4/2017	3,650,000
3,000,000	Louisiana Public Facilities Authority, (Series 2008B) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.930%, 5/3/2017	3,000,000
1,300,000	Louisiana Public Facilities Authority, (Series 2010) Weekly VRDNs (Air Products & Chemicals, Inc.), 0.930%, 5/3/2017	1,300,000
5,025,000	New Orleans, LA IDB, (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (521 Tchoupitoulas Street LLC)/(FHLB of Dallas LOC), 0.930%, 5/4/2017	5,025,000
	TOTAL	29,035,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued¹
	Maryland—2.2%
$11,000,000	Maryland Community Development Administration—Residential Revenue, (Series 2007M) Weekly VRDNs (TD Bank, N.A. LIQ), 0.890%, 5/4/2017	$11,000,000
850,000	Maryland State Economic Development Corp., (Series 2003: Maryland Science Center) Weekly VRDNs (Maryland Academy of Sciences)/(Bank of America N.A. LOC), 0.930%, 5/4/2017	850,000
	TOTAL	11,850,000
	Massachusetts—1.7%
8,500,000	Massachusetts Development Finance Agency, (Series 2014) Weekly VRDNs (CIL Realty of Massachusetts)/(HSBC Bank USA, N.A. LOC), 0.930%, 5/4/2017	8,500,000
600,000	Massachusetts HEFA, (Series Y) Weekly VRDNs (Harvard University), 0.880%, 5/4/2017	600,000
	TOTAL	9,100,000
	Michigan—6.5%
300,000	Green Lake Township, MI Daily VRDNs (Interlochen Center)/(BMO Harris Bank, N.A. LOC), 0.850%, 5/1/2017	300,000
650,000	Kent Hospital Finance Authority, MI, (Series 2008B-3) Weekly VRDNs (Spectrum Health)/(Wells Fargo Bank, N.A. LIQ), 0.900%, 5/3/2017	650,000
2,475,000	Lenawee County, MI EDC, (Series 2009) Weekly VRDNs (Siena Heights University)/(FHLB of Chicago LOC), 0.900%, 5/4/2017	2,475,000
4,640,000	Michigan State University Board of Trustees, (Series 2005) Weekly VRDNs (Michigan State University)/(Royal Bank of Canada LIQ), 0.910%, 5/3/2017	4,640,000
2,800,000	Michigan Strategic Fund, (Series 2010) Weekly VRDNs (Kroger Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.980%, 5/4/2017	2,800,000
5,110,000	Southfield, MI EDC, (Series 2001) Weekly VRDNs (Lawrence Technological University)/(JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/3/2017	5,110,000
14,215,000	St. Joseph, MI Hospital Finance Authority, (Series 2002) Weekly VRDNs (Lakeland Hospitals at Niles & St. Joseph Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.000%, 5/4/2017	14,215,000
4,490,000	St. Joseph, MI Hospital Finance Authority, (Series 2006) Weekly VRDNs (Lakeland Hospitals at Niles & St. Joseph Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.000%, 5/4/2017	4,490,000
	TOTAL	34,680,000
	Minnesota—5.1%
2,775,000	Bloomington, MN, (Series 2008) Weekly VRDNs (Presbyterian Homes, Inc.)/(FHLMC LOC), 0.890%, 5/4/2017	2,775,000
1,110,000	Eagan, MN, (Series 2003) Weekly VRDNs (Aspenwoods of Eagan Apartments))/(FNMA LOC), 1.000%, 5/4/2017	1,110,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued¹
	Minnesota—continued
$13,750,000	Minneapolis, MN Weekly VRDNs (Symphony Place)/(FHLMC LOC), 0.900%, 5/4/2017	$13,750,000
2,650,000	Minnesota State Higher Education Facility Authority, (Series Five-G) Weekly VRDNs (Carleton College)/(JPMorgan Chase Bank, N.A. LIQ), 0.930%, 5/4/2017	2,650,000
950,000	Rochester, MN Health Care Facility Authority, (Series 2016) Weekly VRDNs (Mayo Clinic), 0.860%, 5/3/2017	950,000
3,950,000	Roseville, MN, (Series 2009) Weekly VRDNs (Eaglecrest Senior Housing, LLC)/(FHLMC LOC), 0.890%, 5/4/2017	3,950,000
2,400,000	St. Paul, MN Housing & Redevelopment Authority, (Series 2009C) Weekly VRDNs (Allina Health System, MN)/(Wells Fargo Bank, N.A. LOC), 0.900%, 5/4/2017	2,400,000
	TOTAL	27,585,000
	Nebraska—0.4%
1,030,000	Douglas County, NE Hospital Authority No. 001, (Series 2002) Weekly VRDNs (Florence Home)/(U.S. Bank, N.A. LOC), 1.150%, 5/4/2017	1,030,000
1,400,000	Washington County, NE, (Series 2010) Weekly VRDNs (Cargill, Inc.), 0.950%, 5/4/2017	1,400,000
	TOTAL	2,430,000
	Nevada—0.6%
3,050,000	Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 D-1) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.920%, 5/3/2017	3,050,000
	New York—2.5%
1,000,000	Metropolitan Transportation Authority, NY, (Series 2005D-2) Daily VRDNs (MTA Transportation Revenue)/(Landesbank Hessen-Thuringen LOC), 0.880%, 5/1/2017	1,000,000
6,000,000	New York City, NY Municipal Water Finance Authority, (Fiscal 2001 Series F-2) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.920%, 5/3/2017	6,000,000
6,200,000	New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs (Bank of New York Mellon LIQ), 0.940%, 5/3/2017	6,200,000
	TOTAL	13,200,000
	North Carolina—6.9%
1,300,000	Greensboro, NC, (Series 2003B) Weekly VRDNs (Bank of America N.A. LIQ), 0.860%, 5/3/2017	1,300,000
6,850,000	New Hanover County, NC, (Series 2008A) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.900%, 5/3/2017	6,850,000
3,490,000	North Carolina Capital Facilities Finance Agency, (Series 2004B) Weekly VRDNs (NCA&T University Foundation LLC)/(PNC Bank, N.A. LOC), 0.920%, 5/4/2017	3,490,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued¹
	North Carolina—continued
$7,250,000	North Carolina Medical Care Commission Weekly VRDNs (Trinity Healthcare Credit Group), 0.860%, 5/3/2017	$7,250,000
14,200,000	Person County, NC Industrial Facilities & PCFA, (Series 2010) Weekly VRDNs (Certainteed Gypsum, Inc.)/(Credit Industriel et Commercial LOC), 0.920%, 5/4/2017	14,200,000
1,000,000	Raleigh, NC, (Series 2005B-1) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.900%, 5/3/2017	1,000,000
870,000	Raleigh, NC, (Series 2005B-2) Weekly VRDNs (PNC Bank, N.A. LIQ), 0.900%, 5/3/2017	870,000
1,970,000	Raleigh, NC, (Series 2008B) Weekly VRDNs (Raleigh, NC Combined Enterprise System)/(Bank of America N.A. LIQ), 0.860%, 5/3/2017	1,970,000
	TOTAL	36,930,000
	Ohio—0.5%
2,600,000	Ohio Water Development Authority, (Series 2016A) Weekly VRDNs (BMO Harris Bank, N.A. LIQ), 0.930%, 5/3/2017	2,600,000
	Pennsylvania—10.9%
7,545,000	Butler County, PA General Authority, (Series 2007) Weekly VRDNs (Hampton Township School District, PA)/(Assured Guaranty Municipal Corp. INS)/(Bank of New York Mellon LIQ), 0.930%, 5/4/2017	7,545,000
6,600,000	Emmaus, PA General Authority, (Series 1996) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.950%, 5/3/2017	6,600,000
2,500,000	Lancaster, PA IDA, (Series A of 2009) Weekly VRDNs (Willow Valley Retirement Communities)/(PNC Bank, N.A. LOC), 0.930%, 5/4/2017	2,500,000
1,950,000	Lancaster, PA IDA, (Series C of 2009) Weekly VRDNs (Willow Valley Retirement Communities)/(PNC Bank, N.A. LOC), 0.930%, 5/4/2017	1,950,000
2,305,000	Lower Merion, PA School District, (Series B of 2009) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.880%, 5/4/2017	2,305,000
1,500,000	Northampton County, PA General Purpose Authority, (Series of 2003) Weekly VRDNs (Lafayette College)/(U.S. Bank, N.A. LIQ), 0.900%, 5/4/2017	1,500,000
3,000,000	Northampton County, PA General Purpose Authority, (Series of 2006) Weekly VRDNs (Lafayette College)/(TD Bank, N.A. LIQ), 0.900%, 5/4/2017	3,000,000
22,000,000	Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.990%, 5/4/2017	22,000,000
11,000,000	Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.960%, 5/4/2017	11,000,000
	TOTAL	58,400,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued¹
	Rhode Island—2.8%
$15,000,000	Rhode Island State Health and Educational Building Corp., (Series 2008) Weekly VRDNs (Rhode Island School of Design)/(U.S. Bank, N.A. LOC), 0.900%, 5/3/2017	$15,000,000
	Tennessee—1.7%
9,300,000	Metropolitan Nashville Tennessee Airport Authority, (Series 2008A) Weekly VRDNs (Societe Generale, Paris LOC), 0.960%, 5/3/2017	9,300,000
	Texas—9.9%
2,750,000	Austin, TX Hotel Occupancy Tax, Subordinate Lien Variable Rate Revenue Refunding Bonds (Series 2008-A) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/4/2017	2,750,000
2,800,000	Bexar County, TX Housing Finance Corp., (Series 2005A) Weekly VRDNs (Summit Hills Apartments)/(FHLMC LOC), 0.990%, 5/4/2017	2,800,000
9,330,000	Harris County, TX Education Facilities Finance Corp., (Series 2016E) Weekly VRDNs (Memorial Hermann Health System), 0.920%, 5/3/2017	9,330,000
25,000,000	Texas State Transportation Commission, (Series 2014-B1) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.880%, 5/3/2017	25,000,000
13,210,000	Texas State, Veterans Bonds (Series 2016) Weekly VRDNs (Landesbank Hessen-Thuringen LIQ), 0.950%, 5/3/2017	13,210,000
	TOTAL	53,090,000
	Utah—0.4%
2,000,000	St. George, UT IDRB, (Series 2010) Weekly VRDNs (Apogee Enterprises, Inc.)/(Wells Fargo Bank, N.A. LOC), 0.970%, 5/4/2017	2,000,000
	West Virginia—0.7%
2,845,000	Cabell County, WV, (Series 2010A) Weekly VRDNs (Provident Group-Marshall Properties, LLC)/(Bank of America N.A. LOC), 0.920%, 5/4/2017	2,845,000
900,000	West Virginia State Hospital Finance Authority, (Series 2008A) Weekly VRDNs (Cabell Huntington Hospital)/(Branch Banking & Trust Co. LOC), 0.950%, 5/4/2017	900,000
	TOTAL	3,745,000
	TOTAL MUNICIPAL INVESTMENTS—99.2% (AT IDENTIFIED COST)²	531,925,000
	OTHER ASSETS AND LIABILITIES - NET—0.8%³	4,129,804
	TOTAL NET ASSETS—100%	$536,054,804

At April 30, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Also represents cost for federal tax purposes.
3	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2017.

Semi-Annual Shareholder Report

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

Level 1—quoted prices in active markets for identical securities.

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

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

As of April 30, 2017, all investments of the Fund utilized Level 2 inputs, in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

CDA	—Community Development Authority
EDC	—Economic Development Commission
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
HFDC	—Health Facility Development Corporation
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
IDRB	—Industrial Development Revenue Bond
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCFA	—Pollution Control Finance Authority
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Period Ended 10/31/2016¹
Net Asset Value, Beginning of Period	$1.0000	$1.0000
Income From Investment Operations:
Net investment income	0.0026	0.0020
Net realized gain on investments	—	—
TOTAL FROM INVESTMENT OPERATIONS	0.0026	0.0020
Less Distributions:
Distributions from net investment income	(0.0026)	(0.0020)
Net Asset Value, End of Period	$1.0000	$1.0000
Total Return²	0.26%	0.20%
Ratios to Average Net Assets:
Net expenses	0.20%³	0.20%³
Net investment income	0.52%³	0.54%³
Expense waiver/reimbursement⁴	0.19%³	0.22%³
Supplemental Data:
Net assets, end of period (000 omitted)	$298,106	$231,159

1	Reflects operations for the period from February 26, 2016 (date of initial investment) to October 31, 2016.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Premier Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
Net Asset Value, Beginning of Period	$1.0000	$1.0000	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0028	0.0020	—	—	—	—
Net realized gain on investments	—	(0.0000)¹	0.000²	—	0.000²	0.000²
TOTAL FROM INVESTMENT OPERATIONS	0.0028	0.0020	0.000²	—	0.000²	0.000²
Less Distributions:
Distributions from net investment income	(0.0028)	(0.0020)	—	—	—	—
Distributions from net realized gain on investments	—	(0.0000)¹	—	(0.000)²	(0.000)²	—
TOTAL DISTRIBUTIONS	(0.0028)	(0.0020)	—	(0.000)²	(0.000)²	—
Net Asset Value, End of Period	$1.0000	$1.0000	$1.00	$1.00	$1.00	$1.00
Total Return³	0.28%	0.25%	0.00%	0.00%⁴	0.00%⁴	0.00%
Ratios to Average Net Assets:
Net expenses	0.15%⁵	0.14%	0.12%	0.16%	0.21%	0.30%
Net investment income	0.57%⁵	0.26%	0.00%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁶	0.19%⁵	0.36%	0.61%	0.55%	0.43%	0.43%
Supplemental Data:
Net assets, end of period (000 omitted)	$237,949	$155,223	$59,784	$52,973	$66,331	$76,947

1	Represents less than $0.0001.
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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at identified cost and fair value		$531,925,000
Cash		213,915
Income receivable		467,323
Receivable for shares sold		4,112,580
Prepaid expenses		6,211
TOTAL ASSETS		536,725,029
Liabilities:
Payable for shares redeemed	$406,795
Income distribution payable	198,279
Payable to adviser (Note 4)	926
Payable for administrative fees (Note 4)	3,443
Payable for Directors'/Trustees' fees (Note 4)	229
Payable for portfolio accounting fees	48,250
Payable for other service fees (Notes 2 and 4)	12,303
TOTAL LIABILITIES		670,225
Net assets for 536,054,747 shares outstanding		$536,054,804
Net Assets Consist of:
Paid-in capital		$536,054,747
Accumulated net realized loss on investments		(36)
Undistributed net investment income		93
TOTAL NET ASSETS		$536,054,804
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$298,106,048 ÷ 298,105,951 shares outstanding, no par value, unlimited shares authorized		$1.0000
Premier Shares:
$237,948,756 ÷ 237,948,796 shares outstanding, no par value, unlimited shares authorized		$1.0000

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$1,784,837
Expenses:
Investment adviser fee (Note 4)		$492,425
Administrative fee (Note 4)		193,144
Custodian fees		8,961
Transfer agent fee		18,157
Directors'/Trustees' fees (Note 4)		1,540
Auditing fees		11,455
Legal fees		4,124
Portfolio accounting fees		58,715
Other service fees (Notes 2 and 4)		70,849
Share registration costs		37,282
Printing and postage		8,934
Miscellaneous (Note 4)		18,876
TOTAL EXPENSES		924,462
Waiver and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(472,231)
Reimbursement of other operating expenses (Notes 2 and 4)	(1,958)
TOTAL WAIVER AND REIMBURSEMENT		(474,189)
Net expenses			450,273
Net investment income			1,334,564
Change in net assets resulting from operations			$1,334,564

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$1,334,564	$463,647
Net realized gain (loss) on investments	—	(36)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	1,334,564	463,611
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(718,482)	(248,973)
Premier Shares	(615,742)	(214,921)
Distributions from net realized gain on investments
Premier Shares	—	(14,137)
Institutional Shares	—	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(1,334,224)	(478,031)
Share Transactions:
Proceeds from sale of shares	655,364,481	673,810,542
Net asset value of shares issued to shareholders in payment of distributions declared	489,680	42,928
Cost of shares redeemed	(506,181,882)	(347,240,737)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	149,672,279	326,612,733
Change in net assets	149,672,619	326,598,313
Net Assets:
Beginning of period	386,382,185	59,783,872
End of period (including undistributed net investment income of $93 and $(247), respectively)	$536,054,804	$386,382,185

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Institutional Tax-Free Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Institutional Shares and Premier 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 taxes while seeking relative 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.

The Fund operates as an institutional money market fund. As an institutional money market fund, the Fund: (1) will not be limited to institutional investors, but will continue to be available to retail investors; (2) will utilize current market-based prices (except as otherwise generally permitted to value individual portfolio securities with remaining maturities of 60 days or less at amortized cost in accordance with Securities and Exchange Commission (SEC) guidance) to value its portfolio securities and transact at a floating net asset value (NAV) that uses four decimal-place precision ($1.0000); and (3) has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund's weekly liquid assets were to fall below a designated threshold, if the Fund's Board of Trustees (the “Trustees”) determine such liquidity fees or redemption gates are in the best interest of the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

In calculating its NAV, the Fund generally values investments as follows:

■	Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■	Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.
■	Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.

Semi-Annual Shareholder Report

■

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.

Fair Valuation Procedures

The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. 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 assist in determining fair value and in overseeing the calculation of the NAV. 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 calculating the NAV. 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, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, 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.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

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. Amortization/accretion of premium and discount is included in investment income. 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 Institutional Shares and Premier Shares may bear other service fees unique to those classes. The detail of the total fund expense waiver and reimbursement of $474,189 is disclosed in various locations in this Note 2 and Note 4.

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 Premier Shares 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. 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 April 30, 2017, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed
Institutional Shares	$70,849	$(1,958)

For the six months ended April 30, 2017, the Fund's Premier Shares did not incur other service fees.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Period Ended 10/31/2016¹
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	137,173,938	$137,173,938	276,650,099	$276,650,099
Shares issued to shareholders in payment of distributions declared	134,839	134,839	13,579	13,579
Shares redeemed	(70,361,791)	(70,361,791)	(45,504,713)	(45,504,713)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	66,946,986	$66,946,986	231,158,965	$231,158,965

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Premier Shares:	Shares	Amount	Shares	Amount
Shares sold	518,190,543	$518,190,543	397,160,443	$397,160,443
Shares issued to shareholders in payment of distributions declared	354,841	354,841	29,349	29,349
Shares redeemed	(435,820,091)	(435,820,091)	(301,736,024)	(301,736,024)
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS	82,725,293	$82,725,293	95,453,768	$95,453,768
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	149,672,279	$149,672,279	326,612,733	$326,612,733

1	Reflects operations for the period from February 26, 2016 (date of initial investment) to October 31, 2016.

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. 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 exceed 0.45% of its average daily net assets. In addition, the Adviser may choose to waive an additional portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2017, the Adviser waived $472,231 of its fee.

Semi-Annual Shareholder Report

Administrative Fee

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

FAS may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, the fee paid to FAS was 0.078% of average daily net assets of the Fund.

Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $1,958 of the other service fees disclosed in Note 2.

Expense Limitation

In addition to the contractual fee waiver described under “Investment Adviser Fee” above with regard to the Fund's Institutional Shares and Premier Shares, 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, interest expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Institutional Shares and Premier Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.20% and 0.15% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the 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 April 30, 2017, there were no outstanding loans. During the six months ended April 30, 2017, the program was not utilized.

6. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,002.60	$0.99
Premier Shares	$1,000	$1,002.80	$0.74
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,023.80	$1.00
Premier Shares	$1,000	$1,024.05	$0.75

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%
Premier Shares	0.15%

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

federated institutional tax-free cash trust (the “Fund”)

Semi-Annual Shareholder Report

It was noted in the materials for the Board meeting that for the period covered by the Senior Officer's 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 the Board was satisfied that the overall expense structure of the Fund remained competitive.

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

At the Board meeting in May 2015, Federated proposed and the Board approved a 0.20% reduction in the stated gross advisory fee from 0.40% to 0.20% to better align the Fund's advisory fee with the other money market funds in Federated's money market fund product line in response to the recently adopted amendments to Rule 2a-7. The effective date of the reduced gross investment advisory fee is September 30, 2015.

Semi-Annual Shareholder Report

The Senior Officer noted that, subject to the comments and recommendations made within the Senior Officer's Evaluation, his observations and the information accompanying the Senior Officer's Evaluation supported a finding by the Board that the management fee for the Fund was 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 investment advisory contract.

Semi-Annual Shareholder Report

Thus, the Board's approval of the investment 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 investment advisory contract was appropriate.

The Board based its decision to approve the investment 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 continuation of the contract reflects its determination that Federated's performance and actions provided a satisfactory basis to support the decision to continue the existing arrangement.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	92.1%
Municipal Notes	8.1%
Other Assets and Liabilities—Net²	(0.2)%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	95.3%
8-30 Days	0.0%
31-90 Days	4.9%
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 these investments.
2	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
3	Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—100.2%¹
		Georgia—100.2%
$3,400,000	^2,3	Atlanta, GA Water & Wastewater, Tender Option Bond Trust Receipts (2015-XF0234) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.940%, 5/4/2017	$3,400,000
4,000,000		Atlanta, GA, Urban Residential Finance Authority, (Series 1995) Weekly VRDNs (West End Housing Development)/(FNMA LOC), 1.050%, 5/4/2017	4,000,000
4,250,000		Atlanta, GA, Urban Residential Finance Authority, (Series 2006) Weekly VRDNs (Columbia at Sylvan Hills Apartments)/(FNMA LOC), 1.050%, 5/4/2017	4,250,000
1,850,000		Bartow County, GA Development Authority, (1st Series 2009) Weekly VRDNs (Georgia Power Co.), 1.300%, 5/3/2017	1,850,000
4,400,000		Bulloch County, GA Development Authority, (Series 1999) Weekly VRDNs (Apogee Enterprises, Inc.)/(Wells Fargo Bank, N.A. LOC), 1.090%, 5/4/2017	4,400,000
3,780,000		Cherokee County, GA Development Authority, (Series 2008) Weekly VRDNs (Goodwill of North Georgia, Inc.)/(SunTrust Bank LOC), 0.970%, 5/3/2017	3,780,000
4,000,000		Cobb County, GA Housing Authority, (Series 2002) Weekly VRDNs (Walton Reserve Apartments)/(SunTrust Bank LOC), 0.950%, 5/3/2017	4,000,000
4,550,000		Columbus, GA Development Authority, (Series 2008) Weekly VRDNs (Avalon Apartments LP)/(FNMA LOC), 1.050%, 5/4/2017	4,550,000
1,000,000		Columbus, GA Development Authority, (Series 2008) Weekly VRDNs (Lumpkin Park Partners, Ltd.)/(FHLMC LOC), 1.050%, 5/4/2017	1,000,000
2,415,000		DeKalb County, GA Development Authority, (Series 2007) Weekly VRDNs (Inland Fresh Seafood Corp.)/(Fifth Third Bank, Cincinnati LOC), 1.020%, 5/4/2017	2,415,000
3,000,000	^2,3	DeKalb Private Hospital Authority, GA, Stage Trust (Series 2009-90C), 1.10% TOBs (Children's Healthcare of Atlanta, Inc.)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/4/2017	3,000,000
1,470,000		Fitzgerald & Ben Hill County, GA Development Authority, (Series 2007) Weekly VRDNs (Agri-Products, Inc.)/(U.S. Bank, N.A. LOC), 0.970%, 5/4/2017	1,470,000
2,880,000		Floyd County, GA Development Authority PCRB, (First Series 1996) Daily VRDNs (Georgia Power Co.), 1.170%, 5/1/2017	2,880,000
900,000		Fulton County, GA Development Authority, (Series 2000) Weekly VRDNs (Donnellan School, Inc.)/(Bank of New York Mellon LOC), 1.000%, 5/4/2017	900,000
4,380,000	^2,3	Fulton County, GA, Solar Eclipse (Series 2017-0007) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 5/4/2017	4,380,000
4,675,000		Gainesville and Hall County, GA Development Authority, (Series 2002) Weekly VRDNs (Fieldale Farms Corp.)/(Cooperatieve Rabobank UA LOC), 0.930%, 5/4/2017	4,675,000

Semi-Annual Shareholder Report

Principal Amount		Value
	SHORT-TERM MUNICIPALS—continued¹
	Georgia—continued
$1,650,000	Gwinnett County, GA Development Authority Weekly VRDNs (Commercial Truck & Van Equipment)/(JPMorgan Chase Bank, N.A. LOC), 1.020%, 5/4/2017	$1,650,000
11,265,000	Kennesaw, GA Development Authority, (Series 2004) Weekly VRDNs (Lakeside Vista Apartments)/(FNMA LOC), 1.050%, 5/4/2017	11,265,000
4,460,000	Main Street Gas, Inc., GA, (Series 2010 A1), 1.01% TOBs (Royal Bank of Canada LOC), Optional Tender 6/1/2017	4,460,000
4,000,000	Pike County, GA Development Authority, (Series 2003) Weekly VRDNs (Southern Mills, Inc.)/(Bank of America N.A. LOC), 1.020%, 5/3/2017	4,000,000
5,250,000	Savannah, GA EDA, (Series 1995A) Weekly VRDNs (Home Depot, Inc.), 0.970%, 5/3/2017	5,250,000
1,000,000	Savannah, GA EDA, (Series B) Weekly VRDNs (Home Depot, Inc.)/(SunTrust Bank LOC), 0.970%, 5/3/2017	1,000,000
4,170,000	Savannah, GA Housing Authority, (Series 2003) Weekly VRDNs (Bradley Pointe Apartments)/(KeyBank, N.A. LOC), 1.010%, 5/4/2017	4,170,000
3,615,000	Wayne County, GA, IDA, (Series 2011) Weekly VRDNs (Sierra International Machinery LLC)/(Branch Banking & Trust Co. LOC), 0.980%, 5/4/2017	3,615,000
5,600,000	Willacoochee, GA Development Authority, (Series 1997) Weekly VRDNs (Langboard, Inc.)/(FHLB of Atlanta LOC), 1.050%, 5/4/2017	5,600,000
	TOTAL MUNICIPAL INVESTMENTS—100.2% (AT AMORTIZED COST)⁴	91,960,000
	OTHER ASSETS AND LIABILITIES - NET—(0.2)%⁵	(143,366)
	TOTAL NET ASSETS—100%	$91,816,634

Securities that are subject to the federal alternative minimum tax (AMT) represent 72.1% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $10,780,000, which represented 11.7% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $10,780,000, which represented 11.7% of total net assets.
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 April 30, 2017.

Semi-Annual Shareholder Report

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

Level 1—quoted prices in active markets for identical securities.

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

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

As of April 30, 2017, 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:

EDA	—Economic Development Authority
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LLC	—Limited Liability Corporation
LOC	—Letter of Credit
LP	—Limited Partnership
PCRB	—Pollution Control Revenue Bond
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.001	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	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(0.001)	(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	—
TOTAL DISTRIBUTIONS	(0.001)	(0.001)	(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	0.14%	0.11%	0.01%	0.02%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.53%³	0.32%⁴	0.12%	0.13%	0.19%	0.32%
Net investment income	0.28%³	0.05%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.49%³	0.64%	0.79%	0.78%	0.70%	0.55%
Supplemental Data:
Net assets, end of period (000 omitted)	$91,817	$98,313	$168,721	$180,311	$196,010	$223,769

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% 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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$91,960,000
Cash		31,377
Income receivable		102,092
Receivable for shares sold		449,773
TOTAL ASSETS		92,543,242
Liabilities:
Payable for shares redeemed	$647,272
Payable to adviser (Note 4)	1,521
Payable for administrative fees (Note 4)	595
Payable for portfolio accounting fees	26,469
Payable for other service fees (Note 2)	20,470
Accrued expenses (Note 4)	30,281
TOTAL LIABILITIES		726,608
Net assets for 91,816,484 shares outstanding		$91,816,634
Net Assets Consist of:
Paid-in capital		$91,816,484
Undistributed net investment income		150
TOTAL NET ASSETS		$91,816,634
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$91,816,634 ÷ 91,816,484 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$380,024
Expenses:
Investment adviser fee (Note 4)		$188,613
Administrative fee (Note 4)		36,984
Custodian fees		1,900
Transfer agent fee		49,747
Directors'/Trustees' fees (Note 4)		566
Auditing fees		9,720
Legal fees		4,332
Portfolio accounting fees		30,150
Other service fees (Note 2)		117,883
Share registration costs		24,327
Printing and postage		11,568
Miscellaneous (Note 4)		2,511
TOTAL EXPENSES		478,301
Waiver and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(188,613)
Reimbursement of other operating expenses (Note 4)	(40,608)
TOTAL WAIVER AND REIMBURSEMENT		(229,221)
Net expenses			249,080
Net investment income			130,944
Change in net assets resulting from operations			$130,944

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$130,944	$75,370
Net realized gain on investments	—	5,822
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	130,944	81,192
Distributions to Shareholders:
Distributions from net investment income	(130,843)	(75,321)
Distributions from net realized gain on investments	(5,821)	(66,772)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(136,664)	(142,093)
Share Transactions:
Proceeds from sale of shares	64,992,860	149,490,900
Net asset value of shares issued to shareholders in payment of distributions declared	136,404	135,311
Cost of shares redeemed	(71,619,616)	(219,974,033)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(6,490,352)	(70,347,822)
Change in net assets	(6,496,072)	(70,408,723)
Net Assets:
Beginning of period	98,312,706	168,721,429
End of period (including undistributed net investment income of $150 and $49, respectively)	$91,816,634	$98,312,706

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Georgia Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the income tax imposed by the state of Georgia consistent with stability of principal and liquidity. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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

Semi-Annual Shareholder Report

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.

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.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Semi-Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017	Year Ended 10/31/2016
Shares sold	64,992,860	149,490,900
Shares issued to shareholders in payment of distributions declared	136,404	135,311
Shares redeemed	(71,619,616)	(219,974,033)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	(6,490,352)	(70,347,822)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2017, the Adviser voluntarily waived its entire fee of $188,613 and voluntarily reimbursed $40,608 of other operating expenses.

Administrative Fee

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

Semi-Annual Shareholder Report

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 certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.53% (the “Fee Limit”) up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 80.7% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 27.3% of total investments.

Semi-Annual Shareholder Report

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual	$1,000	$1,001.40	$2.63
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,022.20	$2.66

1	Expenses are equal to the Fund's annualized net expense ratio of 0.53%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

Federated Georgia municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	77.3%
Municipal Notes	14.0%
Commercial Paper	8.4%
Other Assets and Liabilities—Net²	0.3%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	77.3%
8-30 Days	0.0%
31-90 Days	14.9%
91-180 Days	5.7%
181 Days or more	1.8%
Other Assets and Liabilities—Net²	0.3%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.7%¹
		Massachusetts—99.7%
$2,884,645		Clinton, MA, 1.85% BANs, 7/21/2017	$2,889,436
3,200,000	^2,3	Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.930%, 5/4/2017	3,200,000
8,000,000	^2,3	Commonwealth of Massachusetts, Municipal Securities Trust Receipts (Series 2008-SGC-51) Weekly VRDNs (Societe Generale, Paris LIQ), 0.930%, 5/4/2017	8,000,000
2,000,000	^2,3	Commonwealth of Massachusetts, PUTTERs (Series 5005) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/1/2017	2,000,000
3,648,307		Essex, MA North Shore Agricultural & Technical School District, 2.35% BANs, 8/1/2017	3,659,495
2,000,000		Haverhill, MA, 1.75% BANs, 12/1/2017	2,007,528
2,500,000		Haverhill, MA, 2.00% BANs, 6/1/2017	2,502,441
10,000,000	^2,3	Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.940%, 5/4/2017	10,000,000
3,847,000		Massachusetts Development Finance Agency, (Issue 4), 0.88% CP (FHLB of Boston LOC), Mandatory Tender 6/6/2017	3,847,000
4,025,000		Massachusetts Development Finance Agency, (Series 2013) Weekly VRDNs (CIL Realty of Massachusetts)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.940%, 5/4/2017	4,025,000
1,950,000	^2,3	Massachusetts Development Finance Agency, Tender Option Bond Trust Receipts (2016-XM0137) Weekly VRDNs (Partners Healthcare Systems)/(JPMorgan Chase Bank, N.A. LIQ), 0.930%, 5/4/2017	1,950,000
3,680,000		Massachusetts HEFA, (Series 2009C) Tranche 2 Daily VRDNs (Henry Heywood Memorial Hospital)/(TD Bank, N.A. LOC), 0.870%, 5/1/2017	3,680,000
5,400,000		Massachusetts HEFA, (Series J-2) Daily VRDNs (Baystate Medical Center)/(JPMorgan Chase Bank, N.A. LOC), 0.860%, 5/1/2017	5,400,000
5,400,000		Massachusetts HEFA, (Series Y) Weekly VRDNs (Harvard University), 0.880%, 5/4/2017	5,400,000
2,500,000		Massachusetts IFA, (Series 1992B), 1.05% CP (New England Power Co.), Mandatory Tender 5/31/2017	2,500,000
2,800,000		Massachusetts IFA, (Series 1992B), 1.05% CP (New England Power Co.), Mandatory Tender 6/9/2017	2,800,000
2,400,000		Massachusetts IFA, (Series 1994) Weekly VRDNs (Nova Realty Trust)/(TD Bank, N.A. LOC), 0.870%, 5/4/2017	2,400,000
1,625,000	^2,3	Massachusetts School Building Authority, Eagles (Series 2014-0003) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 5/4/2017	1,625,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Massachusetts—continued
$2,300,000	^2,3	Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2015-XF2203) Weekly VRDNs (Citibank NA, New York LIQ), 0.920%, 5/4/2017	$2,300,000
3,350,000	^2,3	Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs (Barclays Bank PLC LIQ), 0.930%, 5/4/2017	3,350,000
1,200,000		Massachusetts State Development Finance Agency, (Series 2006) Weekly VRDNs (Governor Dummer Academy)/(TD Bank, N.A. LOC), 0.910%, 5/3/2017	1,200,000
960,000		Massachusetts State Development Finance Agency, (Series 2006) Weekly VRDNs (Marine Biological Laboratory)/(PNC Bank, N.A. LOC), 0.910%, 5/4/2017	960,000
6,185,000		Massachusetts State Development Finance Agency, (Series 2007A) Weekly VRDNs (Tabor Academy)/(Citizens Bank, N.A., Providence LOC), 1.010%, 5/3/2017	6,185,000
2,435,000		Massachusetts State Development Finance Agency, (Series 2007B) Weekly VRDNs (Tabor Academy)/(Citizens Bank, N.A., Providence LOC), 1.010%, 5/3/2017	2,435,000
2,500,000		Massachusetts State Development Finance Agency, (Series 2008A) Weekly VRDNs (Babson College)/(Bank of America N.A. LOC), 0.900%, 5/4/2017	2,500,000
3,000,000		Massachusetts State Development Finance Agency, (Series M-2) Weekly VRDNs (Partners Healthcare Systems)/(Bank of New York Mellon LOC), 0.900%, 5/4/2017	3,000,000
5,345,000	^2,3	Massachusetts State Health & Educational Facility, Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs (Massachusetts Institute of Technology)/(Bank of America N.A. LIQ), 0.950%, 5/4/2017	5,345,000
4,000,000		Massachusetts State Housing Finance Agency Housing Revenue, (2015 Series A) Weekly VRDNs (Princeton Westford)/(Bank of America N.A. LOC), 0.920%, 5/4/2017	4,000,000
5,170,000	^2,3	Massachusetts Water Resources Authority, Tender Option Bond Trust Certificates (2016-XX1002) Weekly VRDNs (Barclays Bank PLC LIQ), 0.930%, 5/4/2017	5,170,000
2,500,000	^2,3	Metropolitan Boston Transit Parking Corporation, Stage Trust (Series 2011-77C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/31/2017	2,500,000
1,641,000		Tyngsborough, MA, 2.00% BANs, 7/14/2017	1,644,543
		TOTAL MUNICIPAL INVESTMENTS-99.7% (AT AMORTIZED COST)⁴	108,475,443
		OTHER ASSETS AND LIABILITIES - NET—0.3%⁵	314,196
		TOTAL NET ASSETS—100%	$108,789,639

Semi-Annual Shareholder Report

At April 30, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $45,440,000, which represented 41.8% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $45,440,000, which represented 41.8% of total net assets.
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 April 30, 2017.

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 April 30, 2017, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

BANs	—Bond Anticipation Notes
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
IFA	—Industrial Finance Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PUTTERs	—Puttable Tax-Exempt Receipts
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	0.000¹	0.000¹	0.000¹	0.000¹	0.001
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Less Distributions:
Distributions from net investment income	(0.001)	(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	(0.001)
TOTAL DISTRIBUTIONS	(0.001)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.10%	0.07%	0.05%	0.03%	0.02%	0.09%
Ratios to Average Net Assets:
Net expenses	0.61%³	0.32%⁴	0.12%	0.13%	0.20%	0.33%
Net investment income	0.12%³	0.03%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.34%³	0.57%	0.74%	0.70%	0.61%	0.51%
Supplemental Data:
Net assets, end of period (000 omitted)	$55,448	$71,785	$115,844	$151,956	$199,034	$183,731

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% 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

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.001
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.001)
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.04%	0.04%	0.05%	0.03%	0.02%	0.09%
Ratios to Average Net Assets:
Net expenses	0.72%³	0.35%⁴	0.12%	0.13%	0.21%	0.32%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.83%³	1.14%	1.35%	1.32%	1.22%	1.12%
Supplemental Data:
Net assets, end of period (000 omitted)	$53,342	$60,767	$80,123	$62,657	$60,291	$117,162

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.35% 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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$108,475,443
Cash		208,998
Income receivable		211,641
TOTAL ASSETS		108,896,082
Liabilities:
Payable for shares redeemed	$10,000
Income distribution payable	8,356
Payable to adviser (Note 4)	3,387
Payable for administrative fees (Note 4)	704
Payable for transfer agent fee	14,685
Payable for portfolio accounting fees	33,109
Payable for distribution services fee (Note 4)	6,792
Payable for other service fees (Notes 2 and 4)	19,892
Payable for printing and postage	8,310
Accrued expenses (Note 4)	1,208
TOTAL LIABILITIES		106,443
Net assets for 108,789,344 shares outstanding		$108,789,639
Net Assets Consist of:
Paid-in capital		$108,789,556
Undistributed net investment income		83
TOTAL NET ASSETS		$108,789,639
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$55,447,907 ÷ 55,447,757 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$53,341,732 ÷ 53,341,587 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$444,415
Expenses:
Investment adviser fee (Note 4)		$244,147
Administrative fee (Note 4)		47,868
Custodian fees		2,563
Transfer agent fee		40,187
Directors'/Trustees' fees (Note 4)		723
Auditing fees		9,720
Legal fees		5,279
Portfolio accounting fees		33,111
Distribution services fee (Note 4)		174,797
Other service fees (Notes 2 and 4)		151,797
Share registration costs		30,286
Printing and postage		12,107
Miscellaneous (Note 4)		2,892
TOTAL EXPENSES		755,477
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(59,046)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(293,700)
TOTAL WAIVERS AND REIMBURSEMENT		(352,746)
Net expenses			402,731
Net investment income			41,684
Change in net assets resulting from operations			$41,684

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$41,684	$38,744
Net realized gain on investments	—	49,990
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	41,684	88,734
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(38,774)	(30,979)
Cash Series Shares	(2,909)	(7,683)
Distributions from net realized gain on investments
Service Shares	(27,604)	(42,961)
Cash Series Shares	(22,383)	(26,051)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(91,670)	(107,674)
Share Transactions:
Proceeds from sale of shares	134,982,217	554,171,852
Net asset value of shares issued to shareholders in payment of distributions declared	50,243	51,043
Cost of shares redeemed	(158,744,797)	(617,618,515)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(23,712,337)	(63,395,620)
Change in net assets	(23,762,323)	(63,414,560)
Net Assets:
Beginning of period	132,551,962	195,966,522
End of period (including undistributed net investment income of $83 and $82, respectively)	$108,789,639	$132,551,962

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Massachusetts Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and Massachusetts state income tax consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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

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. Amortization/accretion of premium and discount is included in investment income. Investment income, realized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Service Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $352,746 is disclosed in various locations in this Note 2 and Note 4.

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

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$78,965	$(78,081)	$(884)
Cash Series Shares	72,832	—	(65,579)
TOTAL	$151,797	$(78,081)	$(66,463)

Federal Taxes

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When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	51,370,898	$51,370,898	321,670,660	$321,670,660
Shares issued to shareholders in payment of distributions declared	24,969	24,969	17,444	17,444
Shares redeemed	(67,706,313)	(67,706,313)	(365,731,859)	(365,731,859)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(16,310,446)	$(16,310,446)	(44,043,755)	$(44,043,755)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	83,611,319	$83,611,319	232,501,192	$232,501,192
Shares issued to shareholders in payment of distributions declared	25,274	25,274	33,599	33,599
Shares redeemed	(91,038,484)	(91,038,484)	(251,886,656)	(251,886,656)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(7,401,891)	$(7,401,891)	(19,351,865)	$(19,351,865)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(23,712,337)	$(23,712,337)	(63,395,620)	$(63,395,620)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

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

Semi-Annual Shareholder Report

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.60% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$174,797	$(149,156)

Other Service Fees

For the six months ended April 30, 2017, FSSC received $2,722 and reimbursed $78,081 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 certain amounts of their respective fees and/or reimburse expenses. Effective March 1, 2017, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.61% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 40.7% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 7.9% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,001.00	$3.03
Cash Series Shares	$1,000	$1,000.40	$3.57²
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,021.80	$3.06
Cash Series Shares	$1,000	$1,021.20	$3.61²

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

Service Shares	0.61%
Cash Series Shares	0.72%

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

Federated massachusetts municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	97.2%
Municipal Notes	3.1%
Other Assets and Liabilities—Net²	(0.3)%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	97.2%
8-30 Days	0.0%
31-90 Days	3.1%
91-180 Days	0.0%
181 Days or more	0.0%
Other Assets and Liabilities—Net²	(0.3)%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—100.3%¹
		Michigan—100.3%
$1,200,000	^2,3	Eastern Michigan University Board of Regents, Barclays Floater Certificates (Series 2015-6WE) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.050%, 5/4/2017	$1,200,000
450,000		Grand Rapids, MI Economic Development Corp., (Series 1991-A) Weekly VRDNs (Amway Hotel Corp.)/(Bank of America N.A. LOC), 1.160%, 5/3/2017	450,000
1,000,000		Grand Rapids, MI IDR, (Series 2007) Weekly VRDNs (Clipper Belt Lacer Co.)/(Bank of America N.A. LOC), 1.060%, 5/4/2017	1,000,000
1,400,000		Grand Valley State University Board of Trustees, MI, (Series 2008-B) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.890%, 5/4/2017	1,400,000
1,500,000		Green Lake Township, MI Daily VRDNs (Interlochen Center)/(BMO Harris Bank, N.A. LOC), 0.850%, 5/1/2017	1,500,000
1,350,000		Kent Hospital Finance Authority, MI, (Series 2008B-3) Weekly VRDNs (Spectrum Health)/(Wells Fargo Bank, N.A. LIQ), 0.900%, 5/3/2017	1,350,000
1,400,000		Lenawee County, MI EDC, (Series 2009) Weekly VRDNs (Siena Heights University)/(FHLB of Chicago LOC), 0.900%, 5/4/2017	1,400,000
1,400,000		Michigan Job Development Authority, (Series 1985) Weekly VRDNs (Andersons, Inc. (The))/(U.S. Bank, N.A. LOC), 0.990%, 5/3/2017	1,400,000
1,215,000		Michigan State Building Authority, Facilities Program (Series I) Weekly VRDNs (Citibank NA, New York LOC), 0.920%, 5/4/2017	1,215,000
1,000,000		Michigan State Finance Authority Revenue, (Series 2013MI-1), 0.78% TOBs (Trinity Healthcare Credit Group), Mandatory Tender 6/1/2017	1,000,000
800,000		Michigan State Housing Development Authority, (Series 2001B) Weekly VRDNs (Sand Creek Apartments)/(FHLB of Indianapolis LOC), 1.060%, 5/4/2017	800,000
400,000		Michigan State Strategic Fund Ltd., (Series 1999) Weekly VRDNs (B & C Leasing LLC)/(Bank of America N.A. LOC), 1.210%, 5/4/2017	400,000
2,500,000		Michigan State Strategic Fund Weekly VRDNs (Stegner East Investments LLC)/(Comerica Bank LOC), 1.050%, 5/4/2017	2,500,000
1,800,000		Michigan State Strategic Fund, (Series 2002) Weekly VRDNs (Universal Forest Products Eastern Division, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 1.100%, 5/4/2017	1,800,000
1,250,000		Michigan State Strategic Fund, (Series 2005) Weekly VRDNs (Detroit Public Television)/(Comerica Bank LOC), 0.960%, 5/4/2017	1,250,000
830,000		Michigan State Strategic Fund, (Series 2007) Weekly VRDNs (Lapeer Industries, Inc.)/(Bank of America N.A. LOC), 1.060%, 5/4/2017	830,000
632,000		Michigan State Strategic Fund, (Series B) Weekly VRDNs (Teal Run Apartments)/(FHLB of Indianapolis LOC), 1.060%, 5/4/2017	632,000
1,430,000		Michigan State University Board of Trustees, (Series 2000A-1) Weekly VRDNs (Michigan State University)/(Royal Bank of Canada LIQ), 0.910%, 5/3/2017	1,430,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Michigan—continued
$1,400,000		Michigan Strategic Fund, (Series 2007) Daily VRDNs (Air Products & Chemicals, Inc.), 0.910%, 5/1/2017	$1,400,000
1,200,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Fresh Solution Farms)/(Fifth Third Bank, Cincinnati LOC), 1.010%, 5/5/2017	1,200,000
1,615,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Washtenaw Christian Academy)/(Fifth Third Bank, Cincinnati LOC), 0.990%, 5/5/2017	1,615,000
400,000		Michigan Strategic Fund, (Series 2008) Weekly VRDNs (Wedgwood Christian Services)/(Bank of America N.A. LOC), 0.900%, 5/4/2017	400,000
1,650,000		Michigan Strategic Fund, (Series 2010) Weekly VRDNs (CS Facilities LLC)/(MUFG Union Bank, N.A. LOC), 0.910%, 5/4/2017	1,650,000
1,300,000		Michigan Strategic Fund, (Series 2010) Weekly VRDNs (Kroger Co.)/(Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 0.980%, 5/4/2017	1,300,000
1,400,000		St. Joseph, MI Hospital Finance Authority, (Series 2006) Weekly VRDNs (Lakeland Hospitals at Niles & St. Joseph Obligated Group)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.000%, 5/4/2017	1,400,000
1,300,000	^2,3	University of Michigan (The Regents of), Tender Option Bond Trust Certificates (2015-XF2205) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 5/4/2017	1,300,000
		TOTAL MUNICIPAL INVESTMENTS—100.3% (AT AMORTIZED COST)⁴	31,822,000
		OTHER ASSETS AND LIABILITIES - NET—(0.3)%⁵	(110,909)
		TOTAL NET ASSETS—100%	$31,711,091

Securities that are subject to the federal alternative minimum tax (AMT) represent 28.8% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $2,500,000, which represented 7.9% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $2,500,000, which represented 7.9% of total net assets.
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 April 30, 2017.

Semi-Annual Shareholder Report

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

Level 1—quoted prices in active markets for identical securities.

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

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

As of April 30, 2017, 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:

EDC	—Economic Development Commission
FHLB	—Federal Home Loan Bank
IDR	—Industrial Development Revenue
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain (loss) on investments	—	(0.001)¹	0.000¹	0.000¹	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.001)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from paid in capital	—	(0.000)¹	—	—	—	—
Distributions from net realized gain on investments	—	(0.000)¹	—	—	—	—
TOTAL DISTRIBUTIONS	(0.002)	(0.001)	(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	0.16%	0.13%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.44%³	0.21%⁴	0.13%	0.15%	0.19%	0.31%
Net investment income	0.33%³	0.04%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.90%³	0.51%	0.58%	0.50%	0.43%	0.36%
Supplemental Data:
Net assets, end of period (000 omitted)	$2,900	$3,138	$21,856	$32,841	$28,923	$28,258

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.21% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	(0.000)¹	0.000¹	0.000¹	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(0.001)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from paid in capital	—	(0.000)¹	—	—	—	—
Distributions from net realized gain on investments	—	(0.000)¹	—	—	—	—
TOTAL DISTRIBUTIONS	(0.001)	(0.001)	(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	0.08%	0.08%	0.01%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.60%³	0.34%⁴	0.13%	0.16%	0.19%	0.31%
Net investment income	0.18%³	0.04%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.98%³	0.66%	0.84%	0.76%	0.68%	0.61%
Supplemental Data:
Net assets, end of period (000 omitted)	$28,811	$21,957	$89,216	$97,688	$158,181	$124,197

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.34% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$31,822,000
Income receivable		26,303
Receivable for shares sold		34,404
TOTAL ASSETS		31,882,707
Liabilities:
Payable for shares redeemed	$34,404
Bank overdraft	83,957
Income distribution payable	1,163
Payable to adviser (Note 4)	2,902
Payable for administrative fees (Note 4)	205
Payable for transfer agent fee	12,828
Payable for portfolio accounting fees	31,611
Payable for other service fees (Note 4)	2,980
Accrued expenses (Note 4)	1,566
TOTAL LIABILITIES		171,616
Net assets for 31,710,972 shares outstanding		$31,711,091
Net Assets Consist of:
Paid-in capital		$31,711,079
Accumulated net realized loss on investments		(107)
Undistributed net investment income		119
TOTAL NET ASSETS		$31,711,091
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$2,899,640 ÷ 2,899,629 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$28,811,451 ÷ 28,811,343 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$108,507
Expenses:
Investment adviser fee (Note 4)		$56,135
Administrative fee (Note 4)		11,009
Custodian fees		1,050
Transfer agent fee		25,913
Directors'/Trustees' fees (Note 4)		373
Auditing fees		9,720
Legal fees		4,188
Portfolio accounting fees		34,701
Other service fees (Notes 2 and 4)		31,141
Share registration costs		30,507
Printing and postage		10,256
Miscellaneous (Note 4)		2,633
TOTAL EXPENSES		217,626
Waiver and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(56,135)
Reimbursements of other operating expenses (Notes 2 and 4)	(80,015)
TOTAL WAIVER AND REIMBURSEMENTS		(136,150)
Net expenses			81,476
Net investment income			27,031
Change in net assets resulting from operations			$27,031

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$27,031	$33,014
Net realized gain (loss) on investments	—	(107)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	27,031	32,907
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(5,200)	(4,344)
Service Shares	(21,831)	(28,650)
Distribution from paid in capital
Wealth Shares	—	(1,570)
Service Shares	—	(35,520)
Distributions from net realized gain on investments
Wealth Shares	—	(9,463)
Service Shares	—	(30,328)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(27,031)	(109,875)
Share Transactions:
Proceeds from sale of shares	35,063,938	198,508,813
Net asset value of shares issued to shareholders in payment of distributions declared	22,274	54,544
Cost of shares redeemed	(28,469,863)	(284,464,056)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	6,616,349	(85,900,699)
Change in net assets	6,616,349	(85,977,667)
Net Assets:
Beginning of period	25,094,742	111,072,409
End of period (including undistributed net investment income of $119 and $119, respectively)	$31,711,091	$25,094,742

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Michigan Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Wealth Shares and Service Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income tax imposed by the state of Michigan consistent with stability of principal and liquidity. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares and Service Shares may bear other service fees unique to those classes. The detail of the total fund expense waiver and reimbursements of $136,150 is disclosed in various locations in this Note 2 and Note 4.

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. The Fund had a paid in capital amount that, as a result of a prior acquisition of another money market fund, was in excess of the number of shares outstanding. On October 5, 2016, the Fund distributed the excess paid in capital to shareholders. These distributions were taxable income to the shareholders and were not considered a return of capital for federal tax purposes.

Other Service Fees

The Fund may pay other service fees up to 0.25% of the average daily net assets of the Fund's Wealth 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 April 30, 2017, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Reimbursed
Service Shares	$31,141	$(11,211)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

Semi-Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	1,250,708	$1,250,708	44,102,814	$44,102,814
Shares issued to shareholders in payment of distributions declared	625	625	9,127	9,127
Shares redeemed	(1,489,236)	(1,489,236)	(62,815,859)	(62,815,859)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(237,903)	$(237,903)	(18,703,918)	$(18,703,918)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	33,813,230	$33,813,230	154,405,999	$154,405,999
Shares issued to shareholders in payment of distributions declared	21,649	21,649	45,417	45,417
Shares redeemed	(26,980,627)	(26,980,627)	(221,648,197)	(221,648,197)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	6,854,252	$6,854,252	(67,196,781)	$(67,196,781)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	6,616,349	6,616,349	(85,900,699)	(85,900,699)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2017, the Adviser voluntarily waived its entire fee of $56,135 and voluntarily reimbursed $68,804 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

Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $11,211 of the other service fees disclosed in Note 2.

Semi-Annual Shareholder Report

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include 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, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares and Service Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.44% and 0.60% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 79.6% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 11.8% of total investments.

Semi-Annual Shareholder Report

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,001.60	$2.18
Service Shares	$1,000	$1,000.80	$2.98
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,022.60	$2.21
Service Shares	$1,000	$1,021.80	$3.01

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:

Wealth Shares	0.44%
Service Shares	0.60%

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

FEDERATED MICHIGAN MUNICIPAL CASH TRUST (THE “FUND”)

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	71.6%
Municipal Notes	23.8%
Other Assets and Liabilities—Net²	4.6%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	71.6%
8-30 Days	0.0%
31-90 Days	2.4%
91-180 Days	11.0%
181 Days or more	10.4%
Other Assets and Liabilities—Net²	4.6%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—95.4%¹
		Minnesota—95.4%
$2,340,000		Andover, MN, (Series 2003) Weekly VRDNs (Presbyterian Homes of Andover, Inc.)/(FNMA LOC), 0.890%, 5/4/2017	$2,340,000
1,790,000		Bloomington, MN, (Series 2008) Weekly VRDNs (Presbyterian Homes, Inc.)/(FHLMC LOC), 0.890%, 5/4/2017	1,790,000
200,000		Blue Earth, MN, (Series 2006) Weekly VRDNs (Nortech Systems, Inc.)/(Wells Fargo Bank, N.A. LOC), 1.100%, 5/4/2017	200,000
400,000		Coon Rapids, MN, (Series 1999) Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank, N.A. LOC), 1.100%, 5/4/2017	400,000
2,700,000		Eagan, MN, (Series 2003) Weekly VRDNs (Aspenwoods of Eagan Apartments))/(FNMA LOC), 1.000%, 5/4/2017	2,700,000
3,900,000		East Grand Forks, MN Solid Waste Disposal, (Series 2009) Weekly VRDNs (American Crystal Sugar Co.)/(CoBank, ACB LOC), 0.920%, 5/4/2017	3,900,000
1,000,000		Faribault, MN IDA, (Series 2001) Weekly VRDNs (Apogee Enterprises, Inc.)/(Wells Fargo Bank, N.A. LOC), 1.090%, 5/4/2017	1,000,000
2,000,000		Hennepin County, MN Housing and Redevelopment Authority, (Series 2001) Weekly VRDNs (City Apartments at Loring Park)/(FNMA LOC), 1.010%, 5/4/2017	2,000,000
2,200,000		Hennepin County, MN, 5.00% Bonds, 12/1/2017	2,253,263
180,000		Lino Lakes, MN, (Series 1998) Weekly VRDNs (Molin Concrete Products Co.)/(Wells Fargo Bank, N.A. LOC), 1.100%, 5/4/2017	180,000
2,350,000	^2,3	Minneapolis, MN Health Care System, RBC Muni Trust (Series E-19) Weekly VRDNs (Fairview Health Services)/(Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.920%, 5/4/2017	2,350,000
3,200,000		Minneapolis, MN Weekly VRDNs (Symphony Place)/(FHLMC LOC), 0.900%, 5/4/2017	3,200,000
900,000		Minneapolis/St. Paul, MN Housing & Redevelopment Authority, (Series 2009B-2) Daily VRDNs (Allina Health System, MN)/(JPMorgan Chase Bank, N.A. LOC), 0.850%, 5/1/2017	900,000
1,200,000		Minnesota State HFA Weekly VRDNs (Royal Bank of Canada LIQ), 0.900%, 5/4/2017	1,200,000
1,355,000		Minnesota State HFA, (Series D), 1.30% Bonds, 7/1/2017	1,355,000
2,400,000		Minnesota State Higher Education Facility Authority, (Series Five-G) Weekly VRDNs (Carleton College)/(JPMorgan Chase Bank, N.A. LIQ), 0.930%, 5/4/2017	2,400,000
2,000,000		Minnesota State Higher Education Facility Authority, (Series Six-J2) Weekly VRDNs (Augsburg College)/(BMO Harris Bank, N.A. LOC), 1.130%, 5/4/2017	2,000,000
450,000		Minnesota State, (Series F), 5.00% Bonds, 10/1/2017	457,961
1,585,000		Minnesota State, 5.00% Bonds, 8/1/2017	1,602,132

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Minnesota—continued
$1,000,000		Rochester, MN Electric Utility, Electric Utility Revenue and Refunding Bonds (Series 2017A), 2.00% Bonds, 12/1/2017	$1,006,013
2,350,000		Rochester, MN Health Care Facility Authority, (Series 2016) Weekly VRDNs (Mayo Clinic), 0.860%, 5/3/2017	2,350,000
1,790,000		St. Anthony, MN, (Series 2007) Weekly VRDNs (Landings at Silver Lake Village)/(FHLB of Des Moines LOC), 1.040%, 5/5/2017	1,790,000
4,000,000	^2,3	St. Cloud, MN ISD No. 742, Solar Eclipse (Series 2017-0009), 1.17% TOBs (U.S. Bank, N.A. LIQ) 8/24/2017	4,000,000
2,400,000		St. Louis Park, MN, (Series 2004) Weekly VRDNs (Parkshore Senior Campus, LLC)/(FHLMC LOC), 0.980%, 5/4/2017	2,400,000
2,000,000		St. Louis Park, MN, (Series 2010A) Weekly VRDNs (Urban Park Apartments)/(Wells Fargo Bank, N.A. LOC), 1.030%, 5/5/2017	2,000,000
1,150,000		St. Louis Park, MN, (Series 2010B) Weekly VRDNs (Urban Park Apartments)/(FHLB of Des Moines LOC), 1.130%, 5/5/2017	1,150,000
600,000		St. Paul, MN Housing & Redevelopment Authority, (Series 2009C) Weekly VRDNs (Allina Health System, MN)/(Wells Fargo Bank, N.A. LOC), 0.900%, 5/4/2017	600,000
270,000		St. Paul, MN Port Authority, (Series 2002-11) Weekly VRDNs (Camada Ltd. Partnership)/(Wells Fargo Bank, N.A. LOC), 1.050%, 5/4/2017	270,000
2,305,000		St. Paul, MN Port Authority, IDRBs (Series 1998A) Weekly VRDNs (National Checking Co.)/(U.S. Bank, N.A. LOC), 1.100%, 5/4/2017	2,305,000
2,430,000		Western Minnesota Municipal Power Agency, MN, (Series A), 3.00% Bonds, 1/1/2018	2,463,165
		TOTAL MUNICIPAL INVESTMENTS—95.4% (AT AMORTIZED COST)⁴	52,562,534
		OTHER ASSETS AND LIABILITIES - NET—4.6%⁵	2,561,064
		TOTAL NET ASSETS—100%	$55,123,598

Securities that are subject to the federal alternative minimum tax (AMT) represent 24.1% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $6,350,000, which represented 11.5% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $6,350,000, which represented 11.5% of total net assets.
4	Also represents cost for federal tax purposes.
5	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Semi-Annual Shareholder Report

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2017.

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 April 30, 2017, 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
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDRBs	—Industrial Development Revenue Bonds
ISD	—Independent School District
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	0.000¹	—	0.000¹	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.001)	(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	(0.002)	(0.001)	(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	0.20%	0.13%	0.01%	0.03%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.36%³	0.23%⁴	0.09%	0.12%	0.19%	0.28%
Net investment income	0.41%³	0.10%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.48%³	0.43%	0.53%	0.51%	0.41%	0.34%
Supplemental Data:
Net assets, end of period (000 omitted)	$43,662	$42,574	$101,761	$109,618	$95,271	$122,416

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.23% 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

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	—
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.000)¹	—	(0.000)¹	(0.000)¹	—	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.01%	0.01%	0.03%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.75%³	0.32%⁴	0.09%	0.12%	0.19%	0.28%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.85%³	1.10%	1.27%	1.26%	1.16%	1.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$11,462	$15,421	$28,512	$44,097	$40,551	$56,067

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense for the year ended October 31, 2016, was 0.32% 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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$52,562,534
Cash		2,486,318
Income receivable		141,360
Receivable for shares sold		13,019
TOTAL ASSETS		55,203,231
Liabilities:
Payable for shares redeemed	$4,015
Income distribution payable	19,106
Payable to adviser (Note 4)	1,511
Payable for administrative fees (Note 4)	356
Payable for portfolio accounting fees	31,575
Payable for distribution services fee (Note 4)	4,282
Payable for other service fees (Note 2)	3,429
Payable for share registration costs	11,952
Accrued expenses (Note 4)	3,407
TOTAL LIABILITIES		79,633
Net assets for 55,123,241 shares outstanding		$55,123,598
Net Assets Consist of:
Paid-in capital		$55,123,201
Undistributed net investment income		397
TOTAL NET ASSETS		$55,123,598
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$43,661,524 ÷ 43,661,241 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$11,462,074 ÷ 11,462,000 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$221,585
Expenses:
Investment adviser fee (Note 4)		$116,156
Administrative fee (Note 4)		22,773
Custodian fees		1,772
Transfer agent fee		10,980
Directors'/Trustees' fees (Note 4)		447
Auditing fees		9,720
Legal fees		4,149
Portfolio accounting fees		34,958
Distribution services fee (Note 4)		39,150
Other service fees (Notes 2)		19,575
Share registration costs		29,921
Printing and postage		10,850
Miscellaneous (Note 4)		2,753
TOTAL EXPENSES		303,204
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(116,156)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(52,617)
TOTAL WAIVERS AND REIMBURSEMENT		(168,773)
Net expenses			134,431
Net investment income			87,154
Change in net assets resulting from operations			$87,154

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$87,154	$108,586
Net realized gain on investments	—	140
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	87,154	108,726
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(86,031)	(106,083)
Cash Series Shares	(783)	(2,446)
Distributions from net realized gain on investments
Wealth Shares	(105)	—
Cash Series Shares	(35)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(86,954)	(108,529)
Share Transactions:
Proceeds from sale of shares	75,810,773	473,473,256
Net asset value of shares issued to shareholders in payment of distributions declared	3,455	5,038
Cost of shares redeemed	(78,686,725)	(545,755,723)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(2,872,497)	(72,277,429)
Change in net assets	(2,872,297)	(72,277,232)
Net Assets:
Beginning of period	57,995,895	130,273,127
End of period (including undistributed net investment income of $397 and $57, respectively)	$55,123,598	$57,995,895

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Minnesota Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers two classes of shares: Wealth Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the regular personal income tax imposed by the state of Minnesota consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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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. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $168,773 is disclosed in various locations in this Note 2 and Note 4.

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 Wealth Shares and Cash Series 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 April 30, 2017, other service fees for the Fund were as follows:

	Other Service Fees Incurred	Other Service Fees Waived by Unaffiliated Third Parties
Cash Series Shares	$19,575	$(17,108)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

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When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	50,912,254	$50,912,254	404,858,240	$404,858,240
Shares issued to shareholders in payment of distributions declared	2,653	2,653	2,645	2,645
Shares redeemed	(49,827,999)	(49,827,999)	(464,047,269)	(464,047,269)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	1,086,908	$1,086,908	(59,186,384)	$(59,186,384)

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	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	24,898,519	$24,898,519	68,615,016	$68,615,016
Shares issued to shareholders in payment of distributions declared	802	802	2,393	2,393
Shares redeemed	(28,858,726)	(28,858,726)	(81,708,454)	(81,708,454)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(3,959,405)	$(3,959,405)	(13,091,045)	$(13,091,045)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(2,872,497)	$(2,872,497)	(72,277,429)	$(72,277,429)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2017, the Adviser voluntarily waived its entire fee of $116,156 and voluntarily reimbursed $24,366 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

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incur distribution expenses at 0.50% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$39,150	$(11,143)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2017, FSC retained $23,860 of fees paid by 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. 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, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.36% and 1.03% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

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5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 63.7% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 14.1% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,002.00	$1.79
Cash Series Shares	$1,000	$1,000.10	$3.72²
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,023.00	$1.81
Cash Series Shares	$1,000	$1,021.10	$3.76²

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:

Wealth Shares	0.36%
Cash Series Shares	0.75%

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Evaluation and Approval of Advisory Contract–May 2016

Federated minnesota municipal cash trust (the “Fund”)

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The Fund's performance fell below the median of the relevant peer group for the one-year period covered by the Senior Officer's Evaluation. The Board discussed the Fund's performance with the Adviser and recognized the efforts being taken by the Adviser. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its peers.

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The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

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Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

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IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	81.8%
Municipal Notes	17.6%
Other Assets and Liabilities—Net²	0.6%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	83.3%
8-30 Days	0.0%
31-90 Days	0.0%
91-180 Days	3.7%
181 Days or more	12.4%
Other Assets and Liabilities—Net²	0.6%
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.

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Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.4%¹
		North Carolina—99.4%
$530,000		Alamance County, NC Industrial Facilities & PCFA, (Series 2001) Weekly VRDNs (Pure Flow, Inc.)/(Wells Fargo Bank, N.A. LOC), 1.050%, 5/4/2017	$530,000
5,000,000		Boone, NC Water and Sewer, 2.00% BANs, 11/1/2017	5,022,545
5,000,000		Boone, NC, 1.50% BANs, 11/1/2017	5,002,494
3,000,000	^2,3	Charlotte-Mecklenburg Hospital Authority, NC, Stage Trust (Series 2011-72C), 1.20% TOBs (Carolinas HealthCare System)/(GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 8/31/2017	3,000,000
1,000,000	^2,3	Charlotte-Mecklenburg Hospital Authority, NC, Tender Option Bond Trust Certificates (2016-XF2222) Weekly VRDNs (Carolinas HealthCare System)/(Citibank NA, New York LIQ), 0.930%, 5/4/2017	1,000,000
4,000,000	^2,3	Forsyth County, NC, Solar Eclipse (Series 2017-0020) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.950%, 5/4/2017	4,000,000
1,205,000		Gastonia, NC Combined Utilities System, (Series 2009), 4.00% Bonds, 5/1/2017	1,205,000
2,650,000		Greensboro, NC, (Series 2008B) Weekly VRDNs (Bank of America N.A. LIQ), 0.860%, 5/4/2017	2,650,000
7,100,000		Hertford County, NC Industrial Facilities & PCFA, (Series 2000A) Weekly VRDNs (Nucor Corp.), 1.090%, 5/3/2017	7,100,000
1,750,000		New Hanover County, NC, (Series 2008A) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.900%, 5/3/2017	1,750,000
2,000,000		New Hanover County, NC, (Series 2008B) Weekly VRDNs (New Hanover Regional Medical Center)/(PNC Bank, N.A. LOC), 0.880%, 5/3/2017	2,000,000
3,325,000		North Carolina Capital Facilities Finance Agency, (Series 2004) Weekly VRDNs (Barton College)/(Branch Banking & Trust Co. LOC), 0.930%, 5/4/2017	3,325,000
3,850,000		North Carolina Capital Facilities Finance Agency, (Series 2004B) Weekly VRDNs (NCA&T University Foundation LLC)/(PNC Bank, N.A. LOC), 0.920%, 5/4/2017	3,850,000
2,085,000		North Carolina Capital Facilities Finance Agency, (Series 2005) Weekly VRDNs (Salem Academy and College)/(Branch Banking & Trust Co. LOC), 0.930%, 5/4/2017	2,085,000
1,090,000		North Carolina Capital Facilities Finance Agency, (Series 2008) Weekly VRDNs (Summit School, Inc.)/(Branch Banking & Trust Co. LOC), 0.930%, 5/4/2017	1,090,000
2,000,000	^2,3	North Carolina Capital Facilities Finance Agency, Eagles (Series 2014-0050) Weekly VRDNs (Duke University)/(Citibank NA, New York LIQ), 0.940%, 5/4/2017	2,000,000

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Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		North Carolina—continued
$769,500	^2,3	North Carolina Capital Facilities Finance Agency, Tender Option Bond Trust Certificates (2015-ZM0105) Weekly VRDNs (Duke University)/(Morgan Stanley Bank, N.A. LIQ), 0.930%, 5/4/2017	$769,500
3,955,000		North Carolina Medical Care Commission Weekly VRDNs (Trinity Healthcare Credit Group), 0.860%, 5/3/2017	3,955,000
8,170,000	^2,3	North Carolina State Turnpike Authority, Tender Option Bond Trust Certificates (2016-XX1003) Weekly VRDNs (North Carolina State)/(Barclays Bank PLC LIQ), 0.960%, 5/4/2017	8,170,000
1,800,000	^2,3	North Carolina State, Tender Option Bond Trust Certificates (2015-XF2113) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 5/4/2017	1,800,000
5,000,000		Person County, NC Industrial Facilities & PCFA, (Series 2010) Weekly VRDNs (Certainteed Gypsum, Inc.)/(Credit Industriel et Commercial LOC), 0.920%, 5/4/2017	5,000,000
55,000		Raleigh & Durham, NC Airport Authority, (Series 2008C) Weekly VRDNs (Royal Bank of Canada LOC), 0.890%, 5/4/2017	55,000
2,095,000		Raleigh, NC, (Series 2005B-1) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.900%, 5/3/2017	2,095,000
610,000		Raleigh, NC, (Series 2005B-2) Weekly VRDNs (PNC Bank, N.A. LIQ), 0.900%, 5/3/2017	610,000
1,900,000		Raleigh, NC, (Series 2008A) Weekly VRDNs (Raleigh, NC Combined Enterprise System)/(Bank of America N.A. LIQ), 0.860%, 5/3/2017	1,900,000
2,100,000		Raleigh, NC, (Series 2008B) Weekly VRDNs (Raleigh, NC Combined Enterprise System)/(Bank of America N.A. LIQ), 0.860%, 5/3/2017	2,100,000
155,000		Robeson County, NC Industrial Facilities & PCFA, (Series 1999) Weekly VRDNs (Rempac Foam Corp.)/(JPMorgan Chase Bank, N.A. LOC), 1.110%, 5/4/2017	155,000
5,175,000		Union County, NC Industrial Facilities & PCFA, (Series 2007) Weekly VRDNs (Darnel, Inc.)/(Citibank NA, New York LOC), 0.950%, 5/4/2017	5,175,000
1,500,000		University of North Carolina at Chapel Hill, (Series 2001B) Daily VRDNs (University of North Carolina Hospitals)/(Landesbank Hessen-Thuringen LIQ), 0.850%, 5/1/2017	1,500,000
1,500,000		Yancey County, NC Industrial Facilities & PCFA, (Series 2007) Weekly VRDNs (Altec Industries, Inc.)/(Branch Banking & Trust Co. LOC), 0.980%, 5/4/2017	1,500,000
		TOTAL INVESTMENTS—99.4% (AT AMORTIZED COST)⁴	80,394,539
		OTHER ASSETS AND LIABILITIES - NET—0.6%⁵	489,056
		TOTAL NET ASSETS—100%	$80,883,595

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Securities that are subject to the federal alternative minimum tax (AMT) represent 18.0% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $20,739,500, which represented 25.6% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $20,739,500, which represented 25.6% of total net assets.
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 April 30, 2017.

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 April 30, 2017, 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
GTD	—Guaranteed
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PCFA	—Pollution Control Finance Authority
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

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Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Period Ended (unaudited) 4/30/2017	Year Ended October 31,
	Period Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(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
TOTAL DISTRIBUTIONS	(0.001)	(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	0.06%	0.02%	0.03%	0.01%	0.01%	0.01%
Ratios to Average Net Assets:
Net expenses	0.65%³	0.32%⁴	0.09%	0.11%	0.18%	0.27%
Net investment income	0.09%³	0.02%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.37%³	0.56%	0.77%	0.76%	0.66%	0.59%
Supplemental Data:
Net assets, end of period (000 omitted)	$80,884	$100,205	$187,498	$195,529	$217,056	$217,573

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 is 0.32% 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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$80,394,539
Cash		401,821
Income receivable		150,429
Receivable for shares sold		2,127
Prepaid expenses		2,628
TOTAL ASSETS		80,951,544
Liabilities:
Payable for shares redeemed	$624
Payable for administrative fees (Note 4)	523
Payable for transfer agent fee	8,485
Payable for portfolio accounting fees	31,280
Payable for other service fees (Note 4)	17,376
Payable for share registration costs	9,661
TOTAL LIABILITIES		67,949
Net assets for 80,883,678 shares outstanding		$80,883,595
Net Assets Consist of:
Paid-in capital		$80,883,501
Undistributed net investment income		94
TOTAL NET ASSETS		$80,883,595
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$80,883,595 ÷ 80,883,678 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

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$360,875
Expenses:
Investment adviser fee (Note 4)		$194,616
Administrative fee (Note 4)		38,156
Custodian fees		2,468
Transfer agent fee		52,805
Directors'/Trustees' fees (Note 4)		750
Auditing fees		9,720
Legal fees		4,479
Portfolio accounting fees		32,438
Other service fees (Notes 2 and 4)		121,635
Share registration costs		22,378
Printing and postage		11,549
Miscellaneous (Note 4)		4,803
TOTAL EXPENSES		495,797
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(170,794)
Waiver/reimbursement of other operating expenses (Notes 2 and 4)	(10,196)
TOTAL WAIVERS AND REIMBURSEMENT		(180,990)
Net expenses			314,807
Net investment income			46,068
Change in net assets resulting from operations			$46,068

See Notes which are an integral part of the Financial Statements

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Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$46,068	$43,592
Net realized gain on investments	—	7,599
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	46,068	51,191
Distributions to Shareholders:
Distributions from net investment income	(46,092)	(43,522)
Distributions from net realized gain on investments	(7,599)	—
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(53,691)	(43,522)
Share Transactions:
Proceeds from sale of shares	71,922,580	406,624,025
Net asset value of shares issued to shareholders in payment of distributions declared	53,579	25,972
Cost of shares redeemed	(91,289,537)	(493,951,097)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(19,313,378)	(87,301,100)
Change in net assets	(19,321,001)	(87,293,431)
Net Assets:
Beginning of period	100,204,596	187,498,027
End of period (including undistributed net investment income of $94 and $118, respectively)	$80,883,595	$100,204,596

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated North Carolina Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the income tax imposed by the state of North Carolina consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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

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Investment Income, Gains and Losses, Expenses and Distributions

Other Service Fees

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

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

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017	Year Ended 10/31/2016
Shares sold	71,922,580	406,624,025
Shares issued to shareholders in payment of distributions declared	53,579	25,972
Shares redeemed	(91,289,537)	(493,951,097)
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS	(19,313,378)	(87,301,100)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

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

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Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $1,217 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 certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund (after the voluntary waivers and/or reimbursements) will not exceed 0.67% (the “Fee Limit”), up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 36.5% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 9.9% of total investments.

Semi-Annual Shareholder Report

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual	$1,000	$1,000.60	$3.22
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,021.60	$3.26

1	Expenses are equal to the Fund's annualized net expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	63.5%
Municipal Notes	36.0%
Other Assets and Liabilities—Net²	0.5%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	63.5%
8-30 Days	2.9%
31-90 Days	15.3%
91-180 Days	4.1%
181 Days or more	13.7%
Other Assets and Liabilities—Net²	0.5%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.5%¹
		New Jersey—97.9%
$500,000		Burlington County, NJ Bridge Commission, (Series 2005A) Weekly VRDNs (Lutheran Home at Moorestown)/(Commerce Bank N.A., Cherry Hill, NJ LOC), 0.870%, 5/4/2017	$500,000
2,000,000		Carteret, NJ, 2.00% BANs, 10/26/2017	2,007,705
2,000,000	^2,3	Essex County, NJ, Clipper Tax-Exempt Certificates Trust (Series 2009-49) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.940%, 5/4/2017	2,000,000
2,134,000		Freehold Borough, NJ, (Series 2016A), 2.50% BANs, 12/1/2017	2,150,071
9,500,000	^2,3	Garden State Preservation Trust, NJ, Tender Option Bond Trust Receipts (2016-ZF0416) Weekly VRDNs (New Jersey State)/(Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.100%, 5/4/2017	9,500,000
2,000,000		Glassboro Borough, NJ, 2.50% BANs, 1/10/2018	2,013,705
4,000,000		Hamilton Township, NJ, 2.00% BANs, 6/8/2017	4,003,965
4,000,000		Hopatcong, NJ, 2.00% BANs, 7/27/2017	4,009,506
1,735,875		Monroe Township (Gloucester County), NJ, (Series A), 2.50% BANs, 12/6/2017	1,747,165
2,000,000		New Jersey EDA Weekly VRDNs (Baptist Home Society of New Jersey)/(Valley National Bank, Passaic, NJ LOC), 1.070%, 5/4/2017	2,000,000
3,475,000		New Jersey EDA, (Series 2000) Weekly VRDNs (Rose Hill Associates LLC)/(TD Bank, N.A. LOC), 0.990%, 5/5/2017	3,475,000
580,000		New Jersey EDA, (Series 2001) Weekly VRDNs (Geriatric Services Housing Corp., Inc.—(CNJJHA Assisted Living))/(Valley National Bank, Passaic, NJ LOC), 1.210%, 5/3/2017	580,000
1,500,000		New Jersey EDA, (Series 2001) Weekly VRDNs (Temple Emanuel of the Pascack Valley)/(U.S. Bank, N.A. LOC), 1.170%, 5/5/2017	1,500,000
5,115,000		New Jersey Health Care Facilities Financing Authority, (Series 1997) Weekly VRDNs (Christian Health Care Center)/(Valley National Bank, Passaic, NJ LOC), 1.200%, 5/3/2017	5,115,000
300,000		New Jersey Health Care Facilities Financing Authority, (Series 2008B) Weekly VRDNs (AHS Hospital Corp.)/(Bank of America N.A. LOC), 0.910%, 5/4/2017	300,000
1,600,000		New Jersey Health Care Facilities Financing Authority, (Series 2009D) Weekly VRDNs (Virtua Health)/(TD Bank, N.A. LOC), 0.850%, 5/4/2017	1,600,000
2,000,000		New Jersey Health Care Facilities Financing Authority, (Series 2009E) Weekly VRDNs (Virtua Health)/(TD Bank, N.A. LOC), 0.820%, 5/3/2017	2,000,000
1,780,000		New Jersey Health Care Facilities Financing Authority, (Series A-2) Weekly VRDNs (Christian Health Care Center)/(Valley National Bank, Passaic, NJ LOC), 1.110%, 5/4/2017	1,780,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		New Jersey—continued
$1,860,000	^2,3	New Jersey Higher Education Assistance Authority, Tender Option Bond Trust Certificates (2016-XG0032) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 1.050%, 5/4/2017	$1,860,000
3,500,000		New Jersey Housing & Mortgage Finance Agency, (Series 2005-O) Weekly VRDNs (Barclays Bank PLC LIQ), 1.100%, 5/3/2017	3,500,000
2,600,000		New Jersey State Educational Facilities Authority, (2006 Series B) Weekly VRDNs (Institute for Advanced Study)/(Wells Fargo Bank, N.A. LIQ), 0.890%, 5/3/2017	2,600,000
1,727,425		North Plainfield, NJ, 2.50% BANs, 12/15/2017	1,738,375
2,050,000	^2,3	Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-XF2112) Weekly VRDNs (Citibank NA, New York LIQ), 0.960%, 5/4/2017	2,050,000
3,236,250		Roxbury Township, NJ, 1.50% BANs, 6/2/2017	3,237,651
1,000,000		Somers Point, NJ, 2.50% BANs, 12/7/2017	1,006,836
1,000,000		Stafford Township, NJ Board of Education, 1.50% BANs, 9/29/2017	1,001,959
5,000,000	^2,3	Union County, NJ Improvement Authority, Tender Option Bond Trust Certificates (2016-XG0057) Weekly VRDNs (Union County, NJ)/(Deutsche Bank AG LIQ), 1.050%, 5/4/2017	5,000,000
2,100,000		West Orange Township, NJ, 1.75% BANs, 5/16/2017	2,100,431
1,377,513		Wood-Ridge, NJ Board of Education, 2.00% BANs, 11/2/2017	1,383,898
		TOTAL	71,761,267
		New York—1.6%
1,220,000	^2,3	Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-XF2163) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 5/4/2017	1,220,000
		TOTAL MUNICIPAL INVESTMENTS—99.5% (AT AMORTIZED COST)⁴	72,981,267
		OTHER ASSETS AND LIABILITIES - NET—0.5%⁵	335,488
		TOTAL NET ASSETS—100%	$73,316,755

Securities that are subject to the federal alternative minimum tax (AMT) represent 14.9% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $21,630,000, which represented 29.5% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $21,630,000, which represented 29.5% of total net assets.
4	Also represents cost for federal tax purposes.
5	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Semi-Annual Shareholder Report

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2017.

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 April 30, 2017, 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
EDA	—Economic Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.000¹	0.000¹	—	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(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	(0.001)	(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	0.15%	0.06%	0.01%	0.02%	0.01%	0.04%
Ratios to Average Net Assets:
Net expenses	0.58%³	0.34%⁴	0.26%	0.28%	0.34%	0.46%
Net investment income	0.30%³	0.02%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.25%³	0.36%	0.42%	0.37%	0.30%	0.17%
Supplemental Data:
Net assets, end of period (000 omitted)	$5,831	$5,208	$35,019	$46,239	$55,112	$53,860

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, is 0.34% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.000¹	0.000¹	—	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(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	(0.001)	(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	0.08%	0.04%	0.01%	0.02%	0.01%	0.04%
Ratios to Average Net Assets:
Net expenses	0.72%³	0.35%⁴	0.26%	0.28%	0.34%	0.46%
Net investment income	0.15%³	0.02%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.45%³	0.70%	0.77%	0.72%	0.64%	0.52%
Supplemental Data:
Net assets, end of period (000 omitted)	$7,048	$8,999	$37,810	$55,439	$91,247	$126,753

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, is 0.35% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	—
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	—	(0.000)¹	—	(0.000)¹	—	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.03%	0.01%	0.02%	0.01%	0.04%
Ratios to Average Net Assets:
Net expenses	0.85%³	0.45%⁴	0.26%	0.28%	0.34%	0.46%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.82%³	1.13%	1.27%	1.22%	1.15%	1.02%
Supplemental Data:
Net assets, end of period (000 omitted)	$60,438	$92,560	$84,301	$97,012	$101,903	$100,671

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, is 0.45% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$72,981,267
Cash		101,307
Income receivable		350,040
Receivable for shares sold		74
Prepaid expenses		748
TOTAL ASSETS		73,433,436
Liabilities:
Payable for shares redeemed	$18,579
Income distribution payable	3,045
Payable to adviser (Note 4)	270
Payable for administrative fees (Note 4)	474
Payable for transfer agent fee (Note 2)	16,085
Payable for portfolio accounting fees	34,537
Payable for distribution services fee (Note 4)	11,348
Payable for other service fees (Notes 2 and 4)	18,367
Payable for share registration costs	13,976
TOTAL LIABILITIES		116,681
Net assets for 73,316,150 shares outstanding		$73,316,755
Net Assets Consist of:
Paid-in capital		$73,316,150
Accumulated net realized gain on investments		577
Undistributed net investment income		28
TOTAL NET ASSETS		$73,316,755
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$5,830,648 ÷ 5,830,600 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$7,047,964 ÷ 7,047,905 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$60,438,143 ÷ 60,437,645 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$437,118
Expenses:
Investment adviser fee (Note 4)		$201,583
Administrative fee (Note 4)		39,521
Custodian fees		2,259
Transfer agent fee		58,614
Directors'/Trustees' fees (Note 4)		624
Auditing fees		9,720
Legal fees		4,755
Portfolio accounting fees		40,047
Distribution services fee (Note 4)		262,865
Other service fees (Notes 2 and 4)		118,660
Share registration costs		39,103
Printing and postage		13,829
Miscellaneous (Note 4)		5,320
TOTAL EXPENSES		796,900
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(124,127)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(257,282)
TOTAL WAIVERS AND REIMBURSEMENT		(381,409)
Net expenses			415,491
Net investment income			21,627
Net realized gain on investments			577
Change in net assets resulting from operations			$22,204

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$21,627	$17,885
Net realized gain on investments	577	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	22,204	17,885
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(8,779)	(5,012)
Service Shares	(6,547)	(2,697)
Cash Series Shares	(6,332)	(10,117)
Distributions from net realized gain on investments
Wealth Shares	—	(5,744)
Service Shares	—	(6,231)
Cash Series Shares	—	(13,525)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(21,658)	(43,326)
Share Transactions:
Proceeds from sale of shares	112,714,380	393,575,590
Net asset value of shares issued to shareholders in payment of distributions declared	11,219	32,366
Cost of shares redeemed	(146,177,064)	(443,944,324)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(33,451,465)	(50,336,368)
Change in net assets	(33,450,919)	(50,361,809)
Net Assets:
Beginning of period	106,767,674	157,129,483
End of period (including undistributed net investment income of $28 and $59, respectively)	$73,316,755	$106,767,674

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated New Jersey Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and New Jersey state income tax imposed upon non-corporate taxpayers consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares, Service Shares and Cash Series Shares may bear distribution services fees, other service fees and transfer agent fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $381,409 is disclosed in various locations in this Note 2 and Note 4.

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 Wealth Shares, Service Shares and Cash Series 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 April 30, 2017, 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	$10,968	$(4,580)	$(26)
Cash Series Shares	107,692	–	(68,084)
TOTAL	$118,660	$(4,580)	$(68,110)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

Semi-Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	7,356,919	$7,356,919	99,955,225	$99,955,225
Shares issued to shareholders in payment of distributions declared	2,990	2,990	2,968	2,968
Shares redeemed	(6,737,486)	(6,737,486)	(129,762,997)	(129,762,997)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	622,423	$622,423	(29,804,804)	$(29,804,804)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	13,386,957	$13,386,957	37,061,711	$37,061,711
Shares issued to shareholders in payment of distributions declared	1,917	1,917	6,053	6,053
Shares redeemed	(15,340,451)	(15,340,451)	(65,872,154)	(65,872,154)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(1,951,577)	$(1,951,577)	(28,804,390)	$(28,804,390)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	91,970,504	91,970,504	256,558,654	$256,558,654
Shares issued to shareholders in payment of distributions declared	6,312	6,312	23,345	23,345
Shares redeemed	(124,099,127)	(124,099,127)	(248,309,173)	(248,309,173)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(32,122,311)	$(32,122,311)	8,272,826	$8,272,826
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(33,451,465)	$(33,451,465)	(50,336,368)	$(50,336,368)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

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

Semi-Annual Shareholder Report

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Service Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

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

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$4,404	$(4,404)
Cash Series Shares	258,461	(180,188)
TOTAL	$262,865	$(184,592)

Other Service Fees

For the six months ended April 30, 2017, FSSC reimbursed $4,580 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 certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares, Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.58%, 0.73% and 1.03% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the

Semi-Annual Shareholder Report

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

Interfund Transactions

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 41.4% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 15.6% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/01/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,001.50	$2.88
Service Shares	$1,000	$1,000.80	$3.57
Cash Series Shares	$1,000	$1,000.10	$4.22²
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,021.90	$2.91
Service Shares	$1,000	$1,021.20	$3.61
Cash Series Shares	$1,000	$1,020.60	$4.26²

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:

Wealth Shares	0.58%
Service Shares	0.72%
Cash Series Shares	0.85%

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

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

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

	Percentage of Total Net Assets
Variable Rate Demand Instruments	72.7%
Municipal Notes	29.5%
Other Assets and Liabilities—Net²	(2.2)%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	69.6%
8-30 Days	3.1%
31-90 Days	20.0%
91-180 Days	0.0%
181 Days or more	9.5%
Other Assets and Liabilities—Net²	(2.2)%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—102.2%¹
		New York—97.4%
$2,500,000		Albany, NY IDA, (Series 2004) Weekly VRDNs (Renaissance Corporation of Albany)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	$2,500,000
5,291,190		Batavia Town, NY, 2.50% BANs, 3/15/2018	5,339,357
10,000,000	^2,3	Battery Park, NY City Authority, PUTTERs (Series 5012) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/1/2017	10,000,000
5,900,000		Canastota, NY CSD, 2.00% BANs, 7/21/2017	5,914,272
6,729,787		Cazenovia, NY CSD, 1.50% BANs, 7/7/2017	6,732,681
3,344,275		Cicero, NY, 2.50% BANs, 3/30/2018	3,366,761
2,500,000		Columbia County, NY IDA, (Series 2008A) Weekly VRDNs (Columbia Memorial Hospital)/(HSBC Bank USA, N.A. LOC), 0.930%, 5/4/2017	2,500,000
2,488,750		Concord, NY, 2.50% BANs, 2/22/2018	2,509,097
3,845,000		Cortland, NY, (Series 2016B), 2.00% BANs, 12/1/2017	3,860,801
7,390,000		Dutchess County, NY IDA, (Series 2007) Weekly VRDNs (Brookview, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	7,390,000
9,670,000	^2,3	Dutchess County, NY Local Development Corporation, Tender Option Bond Trust Certificates (2016-XF2343) Weekly VRDNs (Health Quest Systems, Inc. Obligated Group)/(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.980%, 5/4/2017	9,670,000
2,600,000		Elmira Heights, NY CSD, 2.00% BANs, 6/19/2017	2,602,675
6,728,950		Frankfort -Schuyler NY CSD, 1.75% BANs, 7/27/2017	6,741,813
5,000,000		Gouverneur, NY CSD, 1.50% BANs, 6/28/2017	5,004,014
3,000,000		Greenport, NY Union Free School District, 2.00% TANs, 6/27/2017	3,003,965
5,000,000		Homer, NY CSD, 2.00% BANs, 6/30/2017	5,007,643
3,000,000		Kingston, NY, (2016 Series B), 2.00% BANs, 11/9/2017	3,015,623
6,310,000		LeRoy, NY CSD, 1.50% BANs, 7/20/2017	6,318,215
6,890,000		Metropolitan Transportation Authority, NY, (Series 2015E-4) Weekly VRDNs (MTA Transportation Revenue)/(Bank of the West, San Francisco, CA LOC), 0.970%, 5/4/2017	6,890,000
18,445,000	^2,3	Metropolitan Transportation Authority, NY, Clipper Tax-Exempt Certificates Trust (Series 2009-71) Weekly VRDNs (MTA Transportation Revenue)/(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.940%, 5/4/2017	18,445,000
3,215,000	^2,3	Metropolitan Transportation Authority, NY, Tender Option Bond Trust Receipts (2016-XF0499) Weekly VRDNs (MTA Transportation Revenue)/(Toronto Dominion Bank LIQ), 1.050%, 5/4/2017	3,215,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		New York—continued
$14,000,000	^2,3	Metropolitan Transportation Authority, NY, Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs (MTA Transportation Revenue)/(Toronto Dominion Bank LIQ), 1.050%, 5/4/2017	$14,000,000
1,585,000		Monroe County, NY IDA, (Series 2004) Weekly VRDNs (Al Sigl Center for Rehabilitation Agencies, Inc. Civic Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	1,585,000
7,500,000		Monroe County, NY IDA, (Series 2008) Weekly VRDNs (Harley School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	7,500,000
900,000		Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.930%, 5/3/2017	900,000
740,000		New York City, NY IDA, (Series 2001) Weekly VRDNs (Village Community School)/(TD Bank, N.A. LOC), 1.000%, 5/4/2017	740,000
3,880,000		New York City, NY IDA, (Series 2003) Weekly VRDNs (Professional Children's School)/(Wells Fargo Bank, N.A. LOC), 0.950%, 5/4/2017	3,880,000
3,990,000		New York City, NY IDA, (Series 2004) Weekly VRDNs (Seamen's Society for Children and Families)/(TD Bank, N.A. LOC), 0.950%, 5/4/2017	3,990,000
8,800,000	^2,3	New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Receipts (2016-ZF0265) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.940%, 5/4/2017	8,800,000
3,000,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs (Bank of New York Mellon LIQ), 0.940%, 5/3/2017	3,000,000
6,250,000	^2,3	New York City, NY Transitional Finance Authority, Tender Option Bond Trust Certificates (2015-XF2157) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 5/4/2017	6,250,000
1,250,000		New York City, NY, (2004 Series H-2) Weekly VRDNs (CALPERS (California Public Employees Retirement System) LOC), 0.940%, 5/3/2017	1,250,000
5,415,000		New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.910%, 5/1/2017	5,415,000
12,000,000	^2,3	New York Liberty Development Corporation, Tender Option Bond Trust Certificates (2015-XF1027) Weekly VRDNs (Port Authority of New York and New Jersey)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.010%, 5/4/2017	12,000,000
3,735,000	^2,3	New York State Dormitory Authority, Tender Option Bond Trust Receipts (2016-XF0288) Weekly VRDNs (Memorial Sloan-Kettering Cancer Center)/(JPMorgan Chase Bank, N.A. LIQ), 1.000%, 5/4/2017	3,735,000
14,500,000	^2,3	Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs (Citibank NA, New York LIQ), 0.980%, 5/4/2017	14,500,000
10,000,000	^2,3	Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs (TD Bank, N.A. LIQ), 0.980%, 5/4/2017	10,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		New York—continued
$5,550,000		Onondaga County, NY IDA, (Series 2007) Weekly VRDNs (Syracuse Research Corp.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	$5,550,000
8,385,000		Ontario County, NY Industrial Development Agency, (Series 2005A) Monthly VRDNs (Friends of the Finger Lakes Performing Arts Center, Inc.)/(Citizens Bank, N.A., Providence LOC), 1.310%, 5/1/2017	8,385,000
1,500,000		Orange County, NY IDA, (Series 2002) Weekly VRDNs (Tuxedo Park School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	1,500,000
1,443,429		Owego-Apalachin, NY CSD, 2.00% RANs, 2/22/2018	1,450,029
1,100,000	^2,3	Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.930%, 5/4/2017	1,100,000
6,000,000		Port Washington, NY Union Free School District, 1.50% TANs, 6/22/2017	6,004,813
1,245,000		Putnam County, NY Industrial Development Authority, (Series 2005A) Weekly VRDNs (United Cerebral Palsy of Putnam and Southern Dutchess)/(TD Bank, N.A. LOC), 0.920%, 5/4/2017	1,245,000
2,525,000		Rensselaer County, NY IDA, Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs (WMHT Educational Telecommunications)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	2,525,000
4,200,000		Rotterdam-Mohonasen CSD, NY, 1.25% BANs, 6/15/2017	4,202,301
2,875,000		Sewanhaka, NY Central High School District, 1.50% TANs, 6/23/2017	2,876,949
6,095,000		Utica, NY Industrial Development Agency Civic Facility, (Series 2006) Weekly VRDNs (Munson-Williams-Proctor Arts Institute)/(Citizens Bank, N.A., Providence LOC), 1.010%, 5/4/2017	6,095,000
2,160,000		Van Buren, NY, 2.25% BANs, 1/19/2018	2,170,724
4,000,000		Watertown, NY, 2.25% BANs, 4/19/2018	4,024,749
		TOTAL	264,701,482
		New Jersey—4.8%
13,064,500	^2,3	Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-XF2178) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.930%, 5/4/2017	13,064,500
		TOTAL MUNICIPAL INVESTMENTS—102.2% (AT AMORTIZED COST)⁴	277,765,982
		OTHER ASSETS AND LIABILITIES - NET—(2.2)%⁵	(6,011,343)
		TOTAL NET ASSETS—100%	$271,754,639

Semi-Annual Shareholder Report

At April 30, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $124,779,500, which represented 45.9% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $124,779,500, which represented 45.9% of total net assets.
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 April 30, 2017.

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 April 30, 2017, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CSD	—Central School District
GTD	—Guaranteed
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PUTTERs	—Puttable Tax-Exempt Receipts
RANs	—Revenue Anticipation Notes
TANs	—Tax Anticipation Notes
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.002)	(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
TOTAL DISTRIBUTIONS	(0.002)	(0.002)	(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	0.24%	0.16%	0.01%	0.01%	0.02%	0.06%
Ratios to Average Net Assets:
Net expenses	0.32%³	0.22%⁴	0.12%	0.13%	0.20%	0.31%
Net investment income	0.49%³	0.10%	0.01%	0.01%	0.02%	0.06%
Expense waiver/reimbursement⁵	0.36%³	0.40%	0.48%	0.45%	0.39%	0.28%
Supplemental Data:
Net assets, end of period (000 omitted)	$71,653	$70,496	$215,975	$260,579	$268,137	$354,412

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(0.001)	(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
TOTAL DISTRIBUTIONS	(0.001)	(0.001)	(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	0.13%	0.06%	0.01%	0.01%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.54%³	0.30%⁴	0.12%	0.13%	0.20%	0.35%
Net investment income	0.26%³	0.02%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.64%³	0.79%	0.96%	0.92%	0.86%	0.71%
Supplemental Data:
Net assets, end of period (000 omitted)	$45,945	$35,692	$194,225	$183,805	$197,712	$205,445

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.30% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	—
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
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	0.03%	0.02%	0.01%	0.01%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.74%³	0.29%⁴	0.12%	0.13%	0.20%	0.35%
Net investment income	0.07%³	0.01%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.44%³	0.81%	0.98%	0.95%	0.89%	0.74%
Supplemental Data:
Net assets, end of period (000 omitted)	$8,549	$8,457	$65,870	$103,961	$101,130	$123,526

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.29% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	—
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
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	0.02%	0.01%	0.01%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.78%⁴	0.36%⁵	0.12%	0.13%	0.20%	0.35%
Net investment income	0.01%⁴	0.01%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁶	0.75%⁴	1.11%	1.33%	1.30%	1.25%	1.09%
Supplemental Data:
Net assets, end of period (000 omitted)	$145,609	$172,288	$285,077	$314,108	$324,637	$243,370

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 0.0005%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$277,765,982
Cash		150,066
Income receivable		917,636
Receivable for shares sold		26,605
TOTAL ASSETS		278,860,289
Liabilities:
Payable for investments purchased	$6,732,681
Payable for shares redeemed	152,605
Income distribution payable	6,262
Payable to adviser (Note 4)	1,025
Payable for administrative fees (Note 5)	1,758
Payable for distribution services fee (Note 4)	58,321
Payable for other service fees (Notes 2 and 4)	44,415
Accrued expenses (Note 4)	108,583
TOTAL LIABILITIES		7,105,650
Net assets for 271,753,094 shares outstanding		$271,754,639
Net Assets Consist of:
Paid-in capital		$271,753,094
Accumulated net realized gain on investments		1,437
Undistributed net investment income		108
TOTAL NET ASSETS		$271,754,639
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$71,652,794 ÷ 71,652,387 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$45,944,620 ÷ 45,944,359 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$8,548,685 ÷ 8,548,636 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$145,608,540 ÷ 145,607,712 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$1,128,257
Expenses:
Investment adviser fee (Note 4)		$565,146
Administrative fee (Note 4)		110,816
Custodian fees		5,695
Transfer agent fee		134,055
Directors'/Trustees' fees (Note 4)		1,407
Auditing fees		10,538
Legal fees		5,897
Portfolio accounting fees		58,053
Distribution services fee (Note 4)		550,130
Other service fees (Notes 2 and 4)		268,254
Share registration costs		46,300
Printing and postage		18,410
Miscellaneous (Note 4)		4,591
Interest expense		2,508
TOTAL EXPENSES		1,781,800
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(513,781)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(376,197)
TOTAL WAIVERS AND REIMBURSEMENT		(889,978)
Net expenses			891,822
Net investment income			236,435
Net realized gain on investments			1,437
Change in net assets resulting from operations			$237,872

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$236,435	$215,298
Net realized gain on investments	1,437	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	237,872	215,298
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(164,745)	(151,431)
Service Shares	(60,905)	(35,524)
Cash II Shares	(2,734)	(3,535)
Cash Series Shares	(8,054)	(24,697)
Distributions from net realized gain on investments
Wealth Shares	—	(12,023)
Service Shares	—	(12,848)
Cash II Shares	—	(3,684)
Cash Series Shares	—	(18,429)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(236,438)	(262,171)
Share Transactions:
Proceeds from sale of shares	282,198,723	1,126,706,806
Net asset value of shares issued to shareholders in payment of distributions declared	207,133	188,820
Cost of shares redeemed	(297,585,923)	(1,601,063,987)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(15,180,067)	(474,168,361)
Change in net assets	(15,178,633)	(474,215,234)
Net Assets:
Beginning of period	286,933,272	761,148,506
End of period (including undistributed net investment income of $108 and $111, respectively)	$271,754,639	$286,933,272

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated New York Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $889,978 is disclosed in various locations in this Note 2 and Note 4.

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 Wealth Shares, Service Shares, Cash II Shares and Cash Series 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 April 30, 2017, 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	$56,906	$(15,496)	$—
Cash II Shares	10,442	—	(1,284)
Cash Series Shares	200,906	—	(160,703)
TOTAL	$268,254	$(15,496)	$(161,987)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

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Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

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3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	68,960,181	$68,960,181	192,812,267	$192,812,267
Shares issued to shareholders in payment of distributions declared	155,764	155,764	115,709	115,709
Shares redeemed	(67,959,403)	(67,959,403)	(338,394,157)	(338,394,157)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	1,156,542	$1,156,542	(145,466,181)	$(145,466,181)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	63,509,375	$63,509,375	495,211,751	$495,211,751
Shares issued to shareholders in payment of distributions declared	40,637	40,637	23,774	23,774
Shares redeemed	(53,298,117)	(53,298,117)	(653,756,639)	(653,756,639)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	10,251,895	$10,251,895	(158,521,114)	$(158,521,114)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	9,494,955	$9,494,955	49,193,285	$49,193,285
Shares issued to shareholders in payment of distributions declared	2,722	2,722	7,090	7,090
Shares redeemed	(9,406,135)	(9,406,135)	(106,609,534)	(106,609,534)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	91,542	$91,542	(57,409,159)	$(57,409,159)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	140,234,212	$140,234,212	389,489,503	$389,489,503
Shares issued to shareholders in payment of distributions declared	8,010	8,010	42,247	42,247
Shares redeemed	(166,922,268)	(166,922,268)	(502,303,657)	(502,303,657)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(26,680,046)	$(26,680,046)	(112,771,907)	$(112,771,907)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(15,180,067)	$(15,180,067)	(474,168,361)	$(474,168,361)

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4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, the Adviser voluntarily waived $513,781 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 Service Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

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

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	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$57,514	$(48,312)
Cash II Shares	10,442	(2,088)
Cash Series Shares	482,174	(148,314)
TOTAL	$550,130	$(198,714)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2017, FSC retained $176,317 of fees paid by the Fund.

Other Service Fees

For the six months ended April 30, 2017, FSSC received $292 and reimbursed $15,496 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 certain amounts of their respective fees and/or reimburse expenses. Effective March 1, 2017, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.32%, 0.54%, 0.77% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; 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

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General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 42.9% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 10.3% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,002.40	$1.59
Service Shares	$1,000	$1,001.30	$2.68
Cash II Shares	$1,000	$1,000.30	$3.67
Cash Series Shares	$1,000	$1,000.00	$3.87²
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,023.20	$1.61
Service Shares	$1,000	$1,022.10	$2.71
Cash II Shares	$1,000	$1,021.10	$3.71
Cash Series Shares	$1,000	$1,020.90	$3.91²

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:

Wealth Shares	0.32%
Service Shares	0.54%
Cash II Shares	0.74%
Cash Series Shares	0.78%

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

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

Semi-Annual Shareholder Report

(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 investment advisory contract to the extent it considered them to be appropriate and relevant, as discussed further below.

Semi-Annual Shareholder Report

Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

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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 Senior Officer's Evaluation.

Semi-Annual Shareholder Report

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.

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

have frequently waived fees and/or reimbursed expenses and that this has allowed fund shareholders to share potential economies of scale from a fund's inception. 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 determine 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 a fund attains a certain size.

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Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

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IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

	Percentage of Total Net Assets
Variable Rate Demand Instruments	72.7%
Municipal Notes	29.5%
Other Assets and Liabilities—Net²	(2.2)%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	69.6%
8-30 Days	3.1%
31-90 Days	20.0%
91-180 Days	0.0%
181 Days or more	9.5%
Other Assets and Liabilities—Net²	(2.2)%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—102.2%¹
		New York—97.4%
$2,500,000		Albany, NY IDA, (Series 2004) Weekly VRDNs (Renaissance Corporation of Albany)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	$2,500,000
5,291,190		Batavia Town, NY, 2.50% BANs, 3/15/2018	5,339,357
10,000,000	^2,3	Battery Park, NY City Authority, PUTTERs (Series 5012) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/1/2017	10,000,000
5,900,000		Canastota, NY CSD, 2.00% BANs, 7/21/2017	5,914,272
6,729,787		Cazenovia, NY CSD, 1.50% BANs, 7/7/2017	6,732,681
3,344,275		Cicero, NY, 2.50% BANs, 3/30/2018	3,366,761
2,500,000		Columbia County, NY IDA, (Series 2008A) Weekly VRDNs (Columbia Memorial Hospital)/(HSBC Bank USA, N.A. LOC), 0.930%, 5/4/2017	2,500,000
2,488,750		Concord, NY, 2.50% BANs, 2/22/2018	2,509,097
3,845,000		Cortland, NY, (Series 2016B), 2.00% BANs, 12/1/2017	3,860,801
7,390,000		Dutchess County, NY IDA, (Series 2007) Weekly VRDNs (Brookview, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	7,390,000
9,670,000	^2,3	Dutchess County, NY Local Development Corporation, Tender Option Bond Trust Certificates (2016-XF2343) Weekly VRDNs (Health Quest Systems, Inc. Obligated Group)/(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.980%, 5/4/2017	9,670,000
2,600,000		Elmira Heights, NY CSD, 2.00% BANs, 6/19/2017	2,602,675
6,728,950		Frankfort -Schuyler NY CSD, 1.75% BANs, 7/27/2017	6,741,813
5,000,000		Gouverneur, NY CSD, 1.50% BANs, 6/28/2017	5,004,014
3,000,000		Greenport, NY Union Free School District, 2.00% TANs, 6/27/2017	3,003,965
5,000,000		Homer, NY CSD, 2.00% BANs, 6/30/2017	5,007,643
3,000,000		Kingston, NY, (2016 Series B), 2.00% BANs, 11/9/2017	3,015,623
6,310,000		LeRoy, NY CSD, 1.50% BANs, 7/20/2017	6,318,215
6,890,000		Metropolitan Transportation Authority, NY, (Series 2015E-4) Weekly VRDNs (MTA Transportation Revenue)/(Bank of the West, San Francisco, CA LOC), 0.970%, 5/4/2017	6,890,000
18,445,000	^2,3	Metropolitan Transportation Authority, NY, Clipper Tax-Exempt Certificates Trust (Series 2009-71) Weekly VRDNs (MTA Transportation Revenue)/(State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.940%, 5/4/2017	18,445,000
3,215,000	^2,3	Metropolitan Transportation Authority, NY, Tender Option Bond Trust Receipts (2016-XF0499) Weekly VRDNs (MTA Transportation Revenue)/(Toronto Dominion Bank LIQ), 1.050%, 5/4/2017	3,215,000

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Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		New York—continued
$14,000,000	^2,3	Metropolitan Transportation Authority, NY, Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs (MTA Transportation Revenue)/(Toronto Dominion Bank LIQ), 1.050%, 5/4/2017	$14,000,000
1,585,000		Monroe County, NY IDA, (Series 2004) Weekly VRDNs (Al Sigl Center for Rehabilitation Agencies, Inc. Civic Facility)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	1,585,000
7,500,000		Monroe County, NY IDA, (Series 2008) Weekly VRDNs (Harley School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	7,500,000
900,000		Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.930%, 5/3/2017	900,000
740,000		New York City, NY IDA, (Series 2001) Weekly VRDNs (Village Community School)/(TD Bank, N.A. LOC), 1.000%, 5/4/2017	740,000
3,880,000		New York City, NY IDA, (Series 2003) Weekly VRDNs (Professional Children's School)/(Wells Fargo Bank, N.A. LOC), 0.950%, 5/4/2017	3,880,000
3,990,000		New York City, NY IDA, (Series 2004) Weekly VRDNs (Seamen's Society for Children and Families)/(TD Bank, N.A. LOC), 0.950%, 5/4/2017	3,990,000
8,800,000	^2,3	New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Receipts (2016-ZF0265) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.940%, 5/4/2017	8,800,000
3,000,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs (Bank of New York Mellon LIQ), 0.940%, 5/3/2017	3,000,000
6,250,000	^2,3	New York City, NY Transitional Finance Authority, Tender Option Bond Trust Certificates (2015-XF2157) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 5/4/2017	6,250,000
1,250,000		New York City, NY, (2004 Series H-2) Weekly VRDNs (CALPERS (California Public Employees Retirement System) LOC), 0.940%, 5/3/2017	1,250,000
5,415,000		New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.910%, 5/1/2017	5,415,000
12,000,000	^2,3	New York Liberty Development Corporation, Tender Option Bond Trust Certificates (2015-XF1027) Weekly VRDNs (Port Authority of New York and New Jersey)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.010%, 5/4/2017	12,000,000
3,735,000	^2,3	New York State Dormitory Authority, Tender Option Bond Trust Receipts (2016-XF0288) Weekly VRDNs (Memorial Sloan-Kettering Cancer Center)/(JPMorgan Chase Bank, N.A. LIQ), 1.000%, 5/4/2017	3,735,000
14,500,000	^2,3	Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs (Citibank NA, New York LIQ), 0.980%, 5/4/2017	14,500,000
10,000,000	^2,3	Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs (TD Bank, N.A. LIQ), 0.980%, 5/4/2017	10,000,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		New York—continued
$5,550,000		Onondaga County, NY IDA, (Series 2007) Weekly VRDNs (Syracuse Research Corp.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	$5,550,000
8,385,000		Ontario County, NY Industrial Development Agency, (Series 2005A) Monthly VRDNs (Friends of the Finger Lakes Performing Arts Center, Inc.)/(Citizens Bank, N.A., Providence LOC), 1.310%, 5/1/2017	8,385,000
1,500,000		Orange County, NY IDA, (Series 2002) Weekly VRDNs (Tuxedo Park School)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	1,500,000
1,443,429		Owego-Apalachin, NY CSD, 2.00% RANs, 2/22/2018	1,450,029
1,100,000	^2,3	Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.930%, 5/4/2017	1,100,000
6,000,000		Port Washington, NY Union Free School District, 1.50% TANs, 6/22/2017	6,004,813
1,245,000		Putnam County, NY Industrial Development Authority, (Series 2005A) Weekly VRDNs (United Cerebral Palsy of Putnam and Southern Dutchess)/(TD Bank, N.A. LOC), 0.920%, 5/4/2017	1,245,000
2,525,000		Rensselaer County, NY IDA, Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs (WMHT Educational Telecommunications)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	2,525,000
4,200,000		Rotterdam-Mohonasen CSD, NY, 1.25% BANs, 6/15/2017	4,202,301
2,875,000		Sewanhaka, NY Central High School District, 1.50% TANs, 6/23/2017	2,876,949
6,095,000		Utica, NY Industrial Development Agency Civic Facility, (Series 2006) Weekly VRDNs (Munson-Williams-Proctor Arts Institute)/(Citizens Bank, N.A., Providence LOC), 1.010%, 5/4/2017	6,095,000
2,160,000		Van Buren, NY, 2.25% BANs, 1/19/2018	2,170,724
4,000,000		Watertown, NY, 2.25% BANs, 4/19/2018	4,024,749
		TOTAL	264,701,482
		New Jersey—4.8%
13,064,500	^2,3	Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-XF2178) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.930%, 5/4/2017	13,064,500
		TOTAL MUNICIPAL INVESTMENTS—102.2% (AT AMORTIZED COST)⁴	277,765,982
		OTHER ASSETS AND LIABILITIES - NET—(2.2)%⁵	(6,011,343)
		TOTAL NET ASSETS—100%	$271,754,639

Semi-Annual Shareholder Report

At April 30, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $124,779,500, which represented 45.9% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $124,779,500, which represented 45.9% of total net assets.
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 April 30, 2017.

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 April 30, 2017, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CSD	—Central School District
GTD	—Guaranteed
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PUTTERs	—Puttable Tax-Exempt Receipts
RANs	—Revenue Anticipation Notes
TANs	—Tax Anticipation Notes
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.002)	(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
TOTAL DISTRIBUTIONS	(0.002)	(0.002)	(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	0.24%	0.16%	0.01%	0.01%	0.02%	0.06%
Ratios to Average Net Assets:
Net expenses	0.32%³	0.22%⁴	0.12%	0.13%	0.20%	0.31%
Net investment income	0.49%³	0.10%	0.01%	0.01%	0.02%	0.06%
Expense waiver/reimbursement⁵	0.36%³	0.40%	0.48%	0.45%	0.39%	0.28%
Supplemental Data:
Net assets, end of period (000 omitted)	$71,653	$70,496	$215,975	$260,579	$268,137	$354,412

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$277,765,982
Cash		150,066
Income receivable		917,636
Receivable for shares sold		26,605
TOTAL ASSETS		278,860,289
Liabilities:
Payable for investments purchased	$6,732,681
Payable for shares redeemed	152,605
Income distribution payable	6,262
Payable to adviser (Note 4)	1,025
Payable for administrative fees (Note 5)	1,758
Payable for distribution services fee (Note 4)	58,321
Payable for other service fees (Notes 2 and 4)	44,415
Accrued expenses (Note 4)	108,583
TOTAL LIABILITIES		7,105,650
Net assets for 271,753,094 shares outstanding		$271,754,639
Net Assets Consist of:
Paid-in capital		$271,753,094
Accumulated net realized gain on investments		1,437
Undistributed net investment income		108
TOTAL NET ASSETS		$271,754,639
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$71,652,794 ÷ 71,652,387 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$45,944,620 ÷ 45,944,359 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$8,548,685 ÷ 8,548,636 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$145,608,540 ÷ 145,607,712 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$1,128,257
Expenses:
Investment adviser fee (Note 4)		$565,146
Administrative fee (Note 4)		110,816
Custodian fees		5,695
Transfer agent fee		134,055
Directors'/Trustees' fees (Note 4)		1,407
Auditing fees		10,538
Legal fees		5,897
Portfolio accounting fees		58,053
Distribution services fee (Note 4)		550,130
Other service fees (Notes 2 and 4)		268,254
Share registration costs		46,300
Printing and postage		18,410
Miscellaneous (Note 4)		4,591
Interest expense		2,508
TOTAL EXPENSES		1,781,800
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(513,781)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(376,197)
TOTAL WAIVERS AND REIMBURSEMENT		(889,978)
Net expenses			891,822
Net investment income			236,435
Net realized gain on investments			1,437
Change in net assets resulting from operations			$237,872

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$236,435	$215,298
Net realized gain on investments	1,437	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	237,872	215,298
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(164,745)	(151,431)
Service Shares	(60,905)	(35,524)
Cash II Shares	(2,734)	(3,535)
Cash Series Shares	(8,054)	(24,697)
Distributions from net realized gain on investments
Wealth Shares	—	(12,023)
Service Shares	—	(12,848)
Cash II Shares	—	(3,684)
Cash Series Shares	—	(18,429)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(236,438)	(262,171)
Share Transactions:
Proceeds from sale of shares	282,198,723	1,126,706,806
Net asset value of shares issued to shareholders in payment of distributions declared	207,133	188,820
Cost of shares redeemed	(297,585,923)	(1,601,063,987)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(15,180,067)	(474,168,361)
Change in net assets	(15,178,633)	(474,215,234)
Net Assets:
Beginning of period	286,933,272	761,148,506
End of period (including undistributed net investment income of $108 and $111, respectively)	$271,754,639	$286,933,272

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017

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 30 portfolios. The financial statements included herein are only those of Federated New York Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers four classes of shares: Wealth Shares, Services Shares, Cash II Shares and Cash Series Shares. The financial highlights of the Service Shares, Cash II Shares and Cash Series Shares are presented separately. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by New York State and New York municipalities consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $889,978 is disclosed in various locations in this Note 2 and Note 4.

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

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$56,906	$(15,496)	$—
Cash II Shares	10,442	—	(1,284)
Cash Series Shares	200,906	—	(160,703)
TOTAL	$268,254	$(15,496)	$(161,987)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Semi-Annual Shareholder Report

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

Semi-Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	68,960,181	$68,960,181	192,812,267	$192,812,267
Shares issued to shareholders in payment of distributions declared	155,764	155,764	115,709	115,709
Shares redeemed	(67,959,403)	(67,959,403)	(338,394,157)	(338,394,157)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	1,156,542	$1,156,542	(145,466,181)	$(145,466,181)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	63,509,375	$63,509,375	495,211,751	$495,211,751
Shares issued to shareholders in payment of distributions declared	40,637	40,637	23,774	23,774
Shares redeemed	(53,298,117)	(53,298,117)	(653,756,639)	(653,756,639)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	10,251,895	$10,251,895	(158,521,114)	$(158,521,114)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	9,494,955	$9,494,955	49,193,285	$49,193,285
Shares issued to shareholders in payment of distributions declared	2,722	2,722	7,090	7,090
Shares redeemed	(9,406,135)	(9,406,135)	(106,609,534)	(106,609,534)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	91,542	$91,542	(57,409,159)	$(57,409,159)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	140,234,212	$140,234,212	389,489,503	$389,489,503
Shares issued to shareholders in payment of distributions declared	8,010	8,010	42,247	42,247
Shares redeemed	(166,922,268)	(166,922,268)	(502,303,657)	(502,303,657)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(26,680,046)	$(26,680,046)	(112,771,907)	$(112,771,907)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(15,180,067)	$(15,180,067)	(474,168,361)	$(474,168,361)

Semi-Annual Shareholder Report

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, the Adviser voluntarily waived $513,781 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 Service Shares, Cash II Shares and Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at the following percentages of average daily net assets annually, to compensate FSC:

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

Semi-Annual Shareholder Report

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$57,514	$(48,312)
Cash II Shares	10,442	(2,088)
Cash Series Shares	482,174	(148,314)
TOTAL	$550,130	$(198,714)

Other Service Fees

For the six months ended April 30, 2017, FSSC received $292 and reimbursed $15,496 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 certain amounts of their respective fees and/or reimburse expenses. Effective March 1, 2017, total annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares, Service Shares, Cash II Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.32%, 0.54%, 0.77% and 1.02% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 42.9% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 10.3% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual	$1,000	$1,002.40	$1.59
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,023.20	$1.61

1	Expenses are equal to the Fund's annualized net expense ratio of 0.32%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half-year period).

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

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

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	80.5%
Municipal Notes	19.0%
Other Assets and Liabilities—Net²	0.5%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	76.9%
8-30 Days	0.0%
31-90 Days	14.0%
91-180 Days	0.0%
181 Days or more	8.6%
Other Assets and Liabilities—Net²	0.5%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount		Value
	SHORT-TERM MUNICIPALS—99.5%¹
	Louisiana—3.9%
$2,600,000	St. James Parish, LA, (Series 2010B-1) Weekly VRDNs (Nucor Steel Louisiana LLC)/(GTD by Nucor Corp.), 1.060%, 5/3/2017	$2,600,000
	Ohio—95.6%
3,300,000	Allen County, OH, (Series 2010C) Daily VRDNs (Mercy Health)/(MUFG Union Bank, N.A. LOC), 0.900%, 5/1/2017	3,300,000
1,000,000	Avon, OH Water System, 2.00% BANs, 2/1/2018	1,005,225
1,950,000	Cleveland-Cuyahoga County, OH Port Authority, Revenue Bonds (Series 2007) Weekly VRDNs (Carnegie/89th Garage and Service Center LLC)/(JPMorgan Chase Bank, N.A. LOC), 0.890%, 5/4/2017	1,950,000
1,950,000	Cuyahoga Falls, OH, 2.00% BANs, 11/30/2017	1,961,265
3,350,000	Franklin County, OH Health Care Facilities, (Series 2005B) Weekly VRDNs (Ohio Presbyterian Retirement Services)/(Comerica Bank LOC), 0.940%, 5/4/2017	3,350,000
2,500,000	Franklin County, OH Hospital Facility Authority, (Series 2011C) Weekly VRDNs (OhioHealth Corp,), 0.850%, 5/3/2017	2,500,000
3,000,000	Franklin County, OH Hospital Facility Authority, (Series A) Weekly VRDNs (U.S. Health Corp. of Columbus)/(Northern Trust Co., Chicago, IL LOC), 0.890%, 5/4/2017	3,000,000
3,000,000	Franklin County, OH Mortgage Revenue, (Series 2013OH), 0.75% TOBs (Trinity Healthcare Credit Group), Mandatory Tender 6/1/2017	3,000,000
3,000,000	Hamilton County, OH Hospital Facilities Authority, (Series 1997A) Weekly VRDNs (Children's Hospital Medical Center)/(PNC Bank, N.A. LOC), 0.900%, 5/4/2017	3,000,000
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), 0.920%, 5/4/2017	4,000,000
1,685,000	Hamilton County, OH, (Series 2008) Weekly VRDNs (The Children's Home of Cincinnati)/(U.S. Bank, N.A. LOC), 0.900%, 5/4/2017	1,685,000
355,000	Hamilton, OH MFH, (Series 2003B: Knollwood Crossing II Apartments) Weekly VRDNs (Pedcor Investments-2003-LIX LP)/(FHLB of Indianapolis LOC), 1.060%, 5/4/2017	355,000
1,773,000	Hancock County, OH, 2.25% BANs, 11/3/2017	1,783,273
1,000,000	Independence, OH, (Series 2), 2.00% BANs, 12/6/2017	1,005,040
415,000	Lake County, OH, (Series 1996) Weekly VRDNs (Apsco Properties Ltd.)/(FirstMerit Bank, N.A. LOC), 1.070%, 5/4/2017	415,000
1,260,000	Lorain County, OH Port Authority, (Series 2008) Weekly VRDNs (St. Ignatius High School)/(U.S. Bank, N.A. LOC), 0.930%, 5/4/2017	1,260,000
1,500,000	Mahoning County, OH IDA, (Series 1999) Weekly VRDNs (Modern Builders Supply, Inc.)/(PNC Bank, N.A. LOC), 1.020%, 5/4/2017	1,500,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Ohio—continued
$2,895,000		Marion County, OH MFH, (Series 2006) Weekly VRDNs (Avalon Lakes)/(FHLB of Cincinnati LOC), 0.930%, 5/4/2017	$2,895,000
1,900,000		Miamisburg, OH, 4.00% BANs, 6/29/2017	1,908,760
2,255,000	^2,3	Middletown, OH, Golden Blue (Series 2017-003) Weekly VRDNs (Premier Health Partners Obligated Group)/(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.050%, 5/4/2017	2,255,000
1,910,000		Ohio HFA, (Series 2016 G) Weekly VRDNs (FHLB of Cincinnati LIQ), 0.920%, 5/3/2017	1,910,000
165,000		Ohio HFA, (Series 2016 I) Weekly VRDNs (FHLB of Cincinnati LIQ), 0.920%, 5/3/2017	165,000
2,410,000	^2,3	Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), Golden Blue (Series 2017-006) VRENs (University Hospitals Health System, Inc.)/(Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.120%, 5/4/2017	2,410,000
250,000		Ohio State Higher Educational Facility Commission, (Series 2008 B-4) Daily VRDNs (Cleveland Clinic)/(Barclays Bank PLC LIQ), 0.880%, 5/1/2017	250,000
1,000,000		Ohio State Higher Educational Facility Commission, (Series 2013B-1) Daily VRDNs (Cleveland Clinic)/(Wells Fargo Bank, N.A. LIQ), 0.850%, 5/1/2017	1,000,000
1,000,000		Ohio State Higher Educational Facility Commission, (Series A) Weekly VRDNs (John Carroll University, OH)/(JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/4/2017	1,000,000
1,600,000		Ohio State, (Series 2016B) Weekly VRDNs, 0.890%, 5/3/2017	1,600,000
1,645,000		Ohio Water Development Authority, (Series 2016A) Weekly VRDNs (BMO Harris Bank, N.A. LIQ), 0.930%, 5/3/2017	1,645,000
390,000		Summit County, OH IDA, (Series 1998) Weekly VRDNs (Waldonia Investment)/(KeyBank, N.A. LOC), 1.030%, 5/3/2017	390,000
1,200,000		Summit County, OH IDA, (Series 2001) Weekly VRDNs (AESCO, Inc.)/(FirstMerit Bank, N.A. LOC), 1.070%, 5/4/2017	1,200,000
440,000		Summit County, OH IDA, Variable Rate IDRB's (Series 1998A) Weekly VRDNs (Wintek Ltd.)/(FirstMerit Bank, N.A. LOC), 1.070%, 5/4/2017	440,000
3,600,000		Toledo-Lucas County, OH Port Authority, (Series 2006) Weekly VRDNs (Van Deurzen Dairy LLC)/(Bank of America N.A. LOC), 0.980%, 5/4/2017	3,600,000
2,020,000		Wadsworth, OH, 2.75% BANs, 6/22/2017	2,024,737
4,085,000		Wooster, OH, Health Care Facilities Revenue Bonds (Series 2003) Weekly VRDNs (West View Manor)/(Fifth Third Bank, Cincinnati LOC), 1.030%, 5/4/2017	4,085,000
		TOTAL MUNICIPAL INVESTMENTS—99.5% (AT AMORTIZED COST)⁴	66,448,300
		OTHER ASSETS AND LIABILITIES - NET—0.5%⁵	326,796
		TOTAL NET ASSETS—100%	$66,775,096

Semi-Annual Shareholder Report

Securities that are subject to the federal alternative minimum tax (AMT) represent 19.4% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $4,665,000, which represented 7.0% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $4,665,000, which represented 7.0% of total net assets.
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 April 30, 2017.

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 April 30, 2017, 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
FHLB	—Federal Home Loan Bank
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
LP	—Limited Partnership
MFH	—Multi-Family Housing
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes
VRENs	—Variable Rate Extendible Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.001	0.002	—	0.000¹	—	—
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.001)	(0.002)	(0.000)¹	—	—	—
TOTAL DISTRIBUTIONS	(0.002)	(0.002)	(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	0.17%	0.26%	0.01%	0.01%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.53%³	0.31%	0.12%	0.18%	0.22%	0.32%
Net investment income	0.25%³	0.03%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁴	0.40%³	0.27%	0.44%	0.39%	0.33%	0.24%
Supplemental Data:
Net assets, end of period (000 omitted)	$38,819	$29,851	$278,899	$229,753	$257,317	$289,835

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.003	—	0.000¹	—	—
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.003	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.001)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.001)	(0.002)	(0.000)¹	—	—	—
TOTAL DISTRIBUTIONS	(0.001)	(0.003)	(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	0.08%	0.23%	0.01%	0.01%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.71%³	0.31%	0.12%	0.18%	0.22%	0.31%
Net investment income	0.07%³	0.01%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁴	0.48%³	0.52%	0.69%	0.64%	0.58%	0.50%
Supplemental Data:
Net assets, end of period (000 omitted)	$10,689	$10,387	$40,560	$24,096	$44,654	$52,266

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.002	—	0.000¹	—	—
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.002	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	(0.001)	(0.002)	(0.000)¹	—	—	—
TOTAL DISTRIBUTIONS	(0.001)	(0.002)	(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	0.05%	0.22%	0.01%	0.01%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.76%³	0.34%	0.12%	0.18%	0.22%	0.31%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁴	0.69%³	0.80%	0.99%	0.94%	0.88%	0.80%
Supplemental Data:
Net assets, end of period (000 omitted)	$17,267	$16,778	$39,426	$40,306	$38,365	$36,674

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

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$66,448,300
Cash		246,698
Income receivable		136,869
Receivable for shares sold		11,399
Prepaid expenses		4,309
TOTAL ASSETS		66,847,575
Liabilities:
Payable for shares redeemed	$178
Income distribution payable	13,288
Payable to adviser (Note 4)	490
Payable for administrative fees (Note 4)	432
Payable for portfolio accounting fees	41,261
Payable for distribution services fee (Note 4)	2,864
Payable for other service fees (Notes 2 and 4)	6,030
Payable for printing and postage	7,936
TOTAL LIABILITIES		72,479
Net assets for 66,764,878 shares outstanding		$66,775,096
Net Assets Consist of:
Paid-in capital		$66,775,072
Undistributed net investment income		24
TOTAL NET ASSETS		$66,775,096
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$38,818,584 ÷ 38,812,643 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$10,689,252 ÷ 10,687,618 shares outstanding, no par value, unlimited shares authorized		$1.00
Class II Shares:
$17,267,260 ÷ 17,264,617 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$232,195
Expenses:
Investment adviser fee (Note 4)		$119,670
Administrative fee (Note 4)		23,466
Custodian fees		2,408
Transfer agent fee		22,336
Directors'/Trustees' fees (Note 4)		771
Auditing fees		9,720
Legal fees		4,589
Portfolio accounting fees		39,482
Distribution services fee (Note 4)		23,587
Other service fees (Notes 2 and 4)		35,038
Share registration costs		39,336
Printing and postage		11,823
Miscellaneous (Note 4)		3,435
Interest expense		2,400
TOTAL EXPENSES		338,061
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 4)	$(119,670)
Waivers/reimbursements of other operating expenses (Notes 2 and 4)	(30,219)
TOTAL WAIVERS AND REIMBURSEMENTS		(149,889)
Net expenses			188,172
Net investment income			44,023
Change in net assets resulting from operations			$44,023

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$44,023	$86,126
Net realized gain on investments	—	425,087
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	44,023	511,213
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(39,495)	(78,306)
Service Shares	(3,645)	(4,804)
Class II Shares	(891)	(2,984)
Distributions from net realized gain on investments
Wealth Shares	(15,254)	(319,765)
Service Shares	(5,605)	(28,209)
Class II Shares	(9,227)	(47,027)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(74,117)	(481,095)
Share Transactions:
Proceeds from sale of shares	55,329,301	538,279,450
Net asset value of shares issued to shareholders in payment of distributions declared	18,934	80,371
Cost of shares redeemed	(45,558,243)	(840,259,749)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	9,789,992	(301,899,928)
Change in net assets	9,759,898	(301,869,810)
Net Assets:
Beginning of period	57,015,198	358,885,008
End of period (including undistributed net investment income of $24 and $32, respectively)	$66,775,096	$57,015,198

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Ohio Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth 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 primary investment objective of the Fund is to provide current income exempt from federal regular income tax and the personal income taxes imposed by the state of Ohio and Ohio municipalities consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares, Service Shares and Cash II Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursements of $149,889 is disclosed in various locations in this Note 2 and Note 4.

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 Wealth Shares, 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 six months ended April 30, 2017, 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	$13,375	$(3,034)	$(810)
Cash II Shares	$21,663	$(210)	$(16,712)
TOTAL	$35,038	$(3,244)	$(17,522)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

Semi-Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	34,481,206	$34,481,461	407,021,714	$407,021,714
Shares issued to shareholders in payment of distributions declared	550	550	8,718	8,718
Shares redeemed	(25,498,875)	(25,498,875)	(656,091,894)	(656,096,833)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	8,982,881	$8,983,136	(249,061,462)	$(249,066,401)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	9,376,557	$9,376,558	80,404,772	$80,404,772
Shares issued to shareholders in payment of distributions declared	8,277	8,277	22,199	22,199
Shares redeemed	(9,076,508)	(9,076,626)	(110,606,247)	(110,615,552)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	308,326	$308,209	(30,179,276)	$(30,188,581)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	11,471,282	$11,471,282	50,838,720	$50,852,964
Shares issued to shareholders in payment of distributions declared	10,107	10,107	49,454	49,454
Shares redeemed	(10,982,605)	(10,982,742)	(73,547,364)	(73,547,364)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	498,784	$498,647	(22,659,190)	$(22,644,946)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	9,789,991	$9,789,992	(301,899,928)	$(301,899,928)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee and/or reimburse certain operating expenses of the Fund. For the six months ended April 30, 2017, the Adviser voluntarily waived its entire fee of $119,670 and voluntarily reimbursed $1,737 of other operating expenses.

Administrative Fee

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

Semi-Annual Shareholder Report

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Cash II Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.30% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash II Shares	$23,587	$(7,716)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2017, FSC retained $13,029 of fees paid by the Fund.

Other Service Fees

For the six months ended April 30, 2017, FSSC received $1,900 and reimbursed $3,244 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 certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares, Service Shares and Cash II Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.53%, 0.73% and 1.03% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 67.3% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 10.5% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,001.70	$2.63
Service Shares	$1,000	$1,000.80	$3.52
Cash II Shares	$1,000	$1,000.50	$3.77²
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,022.20	$2.66
Service Shares	$1,000	$1,021.30	$3.56
Cash II Shares	$1,000	$1,021.00	$3.81²

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:

Wealth Shares	0.53%
Service Shares	0.71%
Cash II Shares	0.76%

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

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

Federated ohio municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	79.7%
Municipal Notes	20.2%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	91.5%
8-30 Days	0.0%
31-90 Days	0.6%
91-180 Days	2.9%
181 Days or more	4.9%
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.

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—99.9%¹
		Pennsylvania—99.9%
$4,500,000	^2,3	Allegheny County Sanitation Authority, Tender Option Bond Trust Certificates (2016-XM0278) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.960%, 5/4/2017	$4,500,000
4,400,000		Allegheny County, PA HDA, (Series 1997) Weekly VRDNs (Dialysis Clinic, Inc.)/(Fifth Third Bank, Cincinnati LOC), 1.000%, 5/4/2017	4,400,000
775,000	^2,3	Allegheny County, PA HDA, PUTTERs (Series 4323) Daily VRDNs (UPMC Health System)/(JPMorgan Chase Bank, N.A. LIQ), 0.920%, 5/1/2017	775,000
2,200,000	^2,3	Allegheny County, PA HDA, PUTTERs (Series 5011) Daily VRDNs (UPMC Health System)/(JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.920%, 5/1/2017	2,200,000
5,410,000		Allegheny County, PA IDA, (Series of 2002) Weekly VRDNs (Carnegie Museums of Pittsburgh)/(Citizens Bank of Pennsylvania LOC), 0.950%, 5/4/2017	5,410,000
1,000,000		Butler County, PA General Authority, (Series 2007) Weekly VRDNs (Hampton Township School District, PA)/(Assured Guaranty Municipal Corp. INS)/(Bank of New York Mellon LIQ), 0.930%, 5/4/2017	1,000,000
2,500,000		Butler County, PA Hospital Authority, (Series A of 2012) Weekly VRDNs (Concordia Lutheran Obligated Group)/(BMO Harris Bank, N.A. LOC), 0.920%, 5/4/2017	2,500,000
1,570,000		Butler County, PA Hospital Authority, (Series A of 2012) Weekly VRDNs (Concordia Lutheran Obligated Group)/(BMO Harris Bank, N.A. LOC), 0.920%, 5/4/2017	1,570,000
620,000		Butler County, PA IDA, IDRBs (Series 1997) Weekly VRDNs (Wise Business Forms, Inc.)/(Branch Banking & Trust Co. LOC), 0.990%, 5/5/2017	620,000
3,000,000		Chester County, PA HEFA, (Series of 2009) Weekly VRDNs (Tel Hai Obligated Group Project)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	3,000,000
550,000		Commonwealth of Pennsylvania, UT GO (First Series of 2012), 5.00% Bonds, 6/1/2017	551,985
3,000,000		Commonwealth of Pennsylvania, UT GO (Second Series of 2013), 5.00% Bonds, 10/15/2017	3,056,051
4,330,000		Delaware County, PA Authority, (Series 2008) Weekly VRDNs (Eastern University)/(TD Bank, N.A. LOC), 0.920%, 5/4/2017	4,330,000
3,900,000		Emmaus, PA General Authority, (Series 1996) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.950%, 5/3/2017	3,900,000
2,715,000		Erie County, PA Hospital Authority, (Series 2010B) Weekly VRDNs (St. Vincent Health System)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/4/2017	2,715,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Pennsylvania—continued
$1,425,000		Lancaster, PA IDA, (Series A of 2007) Weekly VRDNs (John F. Martin & Sons, Inc.)/(Fulton Bank, N.A. LOC), 1.100%, 5/4/2017	$1,425,000
1,740,000		Lancaster, PA IDA, (Series A of 2009) Weekly VRDNs (Willow Valley Retirement Communities)/(PNC Bank, N.A. LOC), 0.930%, 5/4/2017	1,740,000
1,460,000		Lehigh County, PA General Purpose Authority, (Series B of 1998) Weekly VRDNs (Phoebe-DeVitt Homes Obligated Group)/(Citizens Bank of Pennsylvania LOC), 1.080%, 5/4/2017	1,460,000
2,395,000		Lower Merion, PA School District, (Series B of 2009) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.880%, 5/4/2017	2,395,000
4,500,000		Montgomery County, PA IDA, (Series 2000) Weekly VRDNs (Lonza, Inc.)/(Landesbank Hessen-Thuringen LOC), 1.030%, 5/4/2017	4,500,000
3,100,000		Northampton County, PA General Purpose Authority, (Series of 2003) Weekly VRDNs (Lafayette College)/(U.S. Bank, N.A. LIQ), 0.900%, 5/4/2017	3,100,000
2,500,000		Northampton County, PA General Purpose Authority, (Series of 2006) Weekly VRDNs (Lafayette College)/(TD Bank, N.A. LIQ), 0.900%, 5/4/2017	2,500,000
2,500,000	^2,3	Pennsylvania Economic Development Financing Authority, Tender Option Bond Trust Certificates (2015-XM0048) Weekly VRDNs (Dauphin County, PA)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.010%, 5/4/2017	2,500,000
1,665,000	^2,3	Pennsylvania Economic Development Financing Authority, Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs (UPMC Health System)/(JPMorgan Chase Bank, N.A. LIQ), 1.000%, 5/4/2017	1,665,000
1,370,000		Pennsylvania HFA, (Series 2008-O) Weekly VRDNs (Foxwood Manor Apartments)/(GTD by FHLMC), 0.900%, 5/4/2017	1,370,000
1,000,000		Pennsylvania State Higher Education Facilities Authority, (Series 2002 K1) Weekly VRDNs (University of Scranton)/(PNC Bank, N.A. LOC), 0.930%, 5/4/2017	1,000,000
3,335,000	^2,3	Pennsylvania State Turnpike Commission, Tender Option Bond Trust Certificates (2017-XX1044) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.960%, 5/4/2017	3,335,000
11,025,000	^2,3	Philadelphia, PA Municipal Authority, Stage Trust (Series 2009-36C), 1.10% TOBs (Philadelphia, PA)/(GTD by Wells Fargo & Co.)/(Wells Fargo & Co. LIQ), Optional Tender 5/4/2017	11,025,000
3,160,000	^2,3	Philadelphia, PA Water & Wastewater System, Tender Option Bond Trust Certificates (2017-XX1048) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.950%, 5/4/2017	3,160,000
1,000,000		Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.990%, 5/4/2017	1,000,000
4,600,000		Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.960%, 5/4/2017	4,600,000
1,325,000		Pleasant Valley, PA School District, LT GO (Series 2015), 3.00% Bonds, 5/1/2017	1,325,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Pennsylvania—continued
$2,920,000		Ridley, PA School District, (Series of 2009) Weekly VRDNs (TD Bank, N.A. LOC), 0.900%, 5/4/2017	$2,920,000
5,155,000		Sayre, PA, Health Care Facilities Authority, (Guthrie Healthcare System, PA), Revenue Bonds (Series 2007), 1.357%, 6/1/2017	5,162,163
2,800,000		Southcentral PA, General Authority, (Series 2005) Weekly VRDNs (Hanover Lutheran Retirement Village, Inc.)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/5/2017	2,800,000
4,500,000	^2,3	State Public School Building Authority, PA, Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs (Philadelphia, PA School District)/(Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.020%, 5/4/2017	4,500,000
640,000		York County, PA IDA, (Series A of 2000) Weekly VRDNs (UL Holdings)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.100%, 5/5/2017	640,000
		TOTAL MUNICIPAL INVESTMENTS—99.9% (AT AMORTIZED COST)⁴	104,650,199
		OTHER ASSETS AND LIABILITIES - NET—0.1%⁵	59,547
		TOTAL NET ASSETS—100%	$104,709,746

Securities that are subject to the federal alternative minimum tax (AMT) represent 6.9% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $33,660,000, which represented 32.1% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $33,660,000, which represented 32.1% of total net assets.
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 April 30, 2017.

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).

Semi-Annual Shareholder Report

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

As of April 30, 2017, 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:

FHLMC	—Federal Home Loan Mortgage Corporation
GO	—General Obligation
GTD	—Guaranteed
HDA	—Hospital Development Authority
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
IDRBs	—Industrial Development Revenue Bonds
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
LT	—Limited Tax
PUTTERs	—Puttable Tax-Exempt Receipts
TOBs	—Tender Option Bonds
UT	—Unlimited Tax
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.002	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	—	0.000¹	0.000¹	0.000¹	—
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.001)	(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	(0.002)	(0.001)	(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	0.16%	0.13%	0.03%	0.02%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.47%³	0.31%⁴	0.13%	0.12%	0.22%	0.34%
Net investment income	0.36%³	0.06%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.28%³	0.34%	0.49%	0.45%	0.39%	0.25%
Supplemental Data:
Net assets, end of period (000 omitted)	$28,889	$10,015	$44,264	$61,114	$79,413	$93,370

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	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	0.001	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(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	(0.001)	(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	0.06%	0.09%	0.03%	0.02%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.66%³	0.31%⁴	0.13%	0.12%	0.22%	0.34%
Net investment income	0.09%³	0.02%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁵	0.35%³	0.59%	0.74%	0.71%	0.63%	0.50%
Supplemental Data:
Net assets, end of period (000 omitted)	$13,647	$30,951	$103,462	$120,457	$120,509	$129,670

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction.
5	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	—
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	—	(0.000)¹	(0.000)¹	(0.000)¹	—	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.00%³	0.06%	0.03%	0.02%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.78%⁴	0.36%⁵	0.13%	0.12%	0.22%	0.34%
Net investment income	0.01%⁴	0.01%	0.01%	0.01%	0.02%	0.02%
Expense waiver/reimbursement⁶	0.63%⁴	0.94%	1.14%	1.11%	1.03%	0.90%
Supplemental Data:
Net assets, end of period (000 omitted)	$62,173	$51,604	$83,856	$90,441	$108,681	$134,865

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Represents less than 0.01%.
4	Computed on an annualized basis.
5	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account this expense reduction.
6	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$104,650,199
Cash		28,798
Income receivable		159,055
Receivable for shares sold		3,344
Prepaid expenses		900
TOTAL ASSETS		104,842,296
Liabilities:
Payable for shares redeemed	$15,810
Income distribution payable	14,347
Payable to adviser (Note 4)	1,099
Payable for administrative fee (Note 4)	677
Payable for transfer agent fee	11,736
Payable for portfolio accounting fees	36,755
Payable for distribution services fee (Note 4)	17,632
Payable for other service fees (Notes 2 and 4)	16,190
Payable for share registration costs	18,304
TOTAL LIABILITIES		132,550
Net assets for 104,709,785 shares outstanding		$104,709,746
Net Assets Consist of:
Paid-in capital		$104,709,722
Undistributed net investment income		24
TOTAL NET ASSETS		$104,709,746
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$28,889,494 ÷ 28,889,505 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$13,646,957 ÷ 13,646,962 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$62,173,295 ÷ 62,173,318 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$404,856
Expenses:
Investment adviser fee (Note 4)		$206,303
Administrative fee (Note 4)		40,454
Custodian fees		2,558
Transfer agent fee		32,870
Directors'/Trustees' fees (Note 4)		658
Auditing fees		9,720
Legal fees		4,764
Portfolio accounting fees		38,183
Distribution services fee (Note 4)		110,860
Other service fees (Notes 2 and 4)		107,334
Share registration costs		38,212
Printing and postage		12,697
Miscellaneous (Note 4)		3,242
TOTAL EXPENSES		607,855
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(148,137)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(102,406)
TOTAL WAIVERS AND REIMBURSEMENT		(250,543)
Net expenses			357,312
Net investment income			47,544
Change in net assets resulting from operations			$47,544

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$47,544	$56,638
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	47,544	56,638
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(30,116)	(27,658)
Service Shares	(14,729)	(21,233)
Cash Series Shares	(2,768)	(7,654)
Distributions from net realized gain on investments
Wealth Shares	—	(22,578)
Service Shares	—	(42,957)
Cash Series Shares	—	(39,584)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(47,613)	(161,664)
Share Transactions:
Proceeds from sale of shares	215,597,193	608,515,511
Net asset value of shares issued to shareholders in payment of distributions declared	8,610	62,976
Cost of shares redeemed	(203,465,809)	(747,486,437)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	12,139,994	(138,907,950)
Change in net assets	12,139,925	(139,012,976)
Net Assets:
Beginning of period	92,569,821	231,582,797
End of period (including undistributed net investment income of $24 and $93, respectively)	$104,709,746	$92,569,821

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Pennsylvania Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income taxes and the personal income tax imposed by the Commonwealth of Pennsylvania consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Semi-Annual Shareholder Report

Investment Income, Gains and Losses, Expenses and Distributions

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from investment transactions are recorded on an identified-cost basis. Interest income and expenses are accrued daily. Distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares, Service Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $250,543 is disclosed in various locations in this Note 2 and Note 4.

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

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$38,258	$(7,567)	$(520)
Cash Series Shares	69,076	—	(60,120)
TOTAL	$107,334	$(7,567)	$(60,640)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

Semi-Annual Shareholder Report

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	42,090,266	$42,090,266	172,603,583	$172,603,583
Shares issued to shareholders in payment of distributions declared	1,517	1,517	1,758	1,758
Shares redeemed	(23,217,727)	(23,217,727)	(206,834,683)	(206,834,683)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	18,874,056	$18,874,056	(34,229,342)	$(34,229,342)

Semi-Annual Shareholder Report

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	58,387,045	$58,387,045	223,257,658	$223,257,658
Shares issued to shareholders in payment of distributions declared	4,350	4,350	14,533	14,533
Shares redeemed	(75,695,162)	(75,695,162)	(295,736,116)	(295,736,116)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(17,303,767)	$(17,303,767)	(72,463,925)	$(72,463,925)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	115,119,882	$115,119,882	212,654,270	$212,654,270
Shares issued to shareholders in payment of distributions declared	2,743	2,743	46,685	46,685
Shares redeemed	(104,552,920)	(104,552,920)	(244,915,638)	(244,915,638)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	10,569,705	$10,569,705	(32,214,683)	$(32,214,683)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	12,139,994	$12,139,994	(138,907,950)	$(138,907,950)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, the Adviser voluntarily waived $148,137 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

Semi-Annual Shareholder Report

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.40% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$110,860	$(34,199)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2017, FSC retained $63,839 of fees paid by the Fund.

Other Service Fees

For the six months ended April 30, 2017, FSSC received $1,914 and reimbursed $7,567 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 certain amounts of their respective fees and/or reimburse expenses. Effective March 1, 2017, annual fund operating expenses (as shown in the financial highlights, excluding interest expense, extraordinary expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares, Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.47%, 0.67% and 1.06% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its applicable affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Trustees.

Interfund Transactions

Semi-Annual Shareholder Report

General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 82.7% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 14.3% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

Semi-Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Semi-Annual Shareholder Report

	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,001.60	$2.33
Service Shares	$1,000	$1,000.60	$3.27
Cash Series Shares	$1,000	$1,000.00	$3.87²
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,022.50	$2.36
Service Shares	$1,000	$1,021.50	$3.31
Cash Series Shares	$1,000	$1,020.90	$3.91²

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:

Wealth Shares	0.47%
Service Shares	0.66%
Cash Series Shares	0.78%

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

Semi-Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2016

Federated pennsylvania municipal cash trust (the “Fund”)

Semi-Annual Shareholder Report

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

Semi-Annual Shareholder Report

The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

Semi-Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Semi-Annual Shareholder Report

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

Semi-Annual Shareholder Report

Portfolio of Investments Summary Tables (unaudited)

At April 30, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	88.7%
Municipal Notes	7.9%
Commercial Paper	3.5%
Other Assets and Liabilities—Net²	(0.1)%
TOTAL	100.0%

At April 30, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	90.7%
8-30 Days	0.0%
31-90 Days	5.3%
91-180 Days	4.1%
181 Days or more	0.0%
Other Assets and Liabilities—Net²	(0.1)%
TOTAL	100.0%

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

Semi-Annual Shareholder Report

Portfolio of Investments

April 30, 2017 (unaudited)

Principal Amount			Value
		SHORT-TERM MUNICIPALS—100.1%¹
		Virginia—91.6%
$5,500,000		Albemarle County, VA IDA, (Series 2007) Weekly VRDNs (Jefferson Scholars Foundation)/(SunTrust Bank LOC), 0.940%, 5/3/2017	$5,500,000
650,000		Arlington County, VA IDA, (Series 2000A) Weekly VRDNs (National Science Teachers Association)/(SunTrust Bank LOC), 0.970%, 5/3/2017	650,000
4,900,000		Arlington County, VA IDA, (Series 2005) Weekly VRDNs (Gates of Ballston Apartments)/(PNC Bank, N.A. LOC), 0.920%, 5/3/2017	4,900,000
6,150,000		Arlington County, VA IDA, (Series 2011A) Weekly VRDNs (Westover Apartments, LP)/(FHLMC LOC), 0.910%, 5/4/2017	6,150,000
565,000		Bedford County, VA IDA, (Series 1999) Weekly VRDNs (David R. Snowman and Carol J. Snowman)/(SunTrust Bank LOC), 1.050%, 5/3/2017	565,000
6,000,000	^2,3	Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs (Citibank NA, New York LIQ), 1.030%, 5/4/2017	6,000,000
8,000,000		Botetourt County, VA IDA, (Series 2001) Weekly VRDNs (Altec Industries, Inc.)/(Bank of America N.A. LOC), 1.060%, 5/4/2017	8,000,000
2,510,000		Emporia, VA Industrial Development Board, (Series 1999) Weekly VRDNs (Toll VA III LP)/(SunTrust Bank LOC), 1.100%, 5/4/2017	2,510,000
4,580,000		Fairfax County, VA EDA, (Series 2001) Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.950%, 5/5/2017	4,580,000
11,520,000		Fairfax County, VA EDA, (Series 2007) Weekly VRDNs (Mount Vernon Ladies' Association of the Union)/(SunTrust Bank LOC), 0.940%, 5/3/2017	11,520,000
6,985,000	^2,3	Fairfax County, VA IDA, ROCs (Series 11772) Weekly VRDNs (Inova Health System)/(Citibank NA, New York LIQ), 0.930%, 5/4/2017	6,985,000
6,085,000		Fauquier County, VA IDA, (Series 2008) Weekly VRDNs (Wakefield School, Inc.)/(PNC Bank, N.A. LOC), 0.930%, 5/4/2017	6,085,000
4,000,000		Halifax, VA IDA, MMMs, PCR (Series 1992), 0.95% CP (Virginia Electric & Power Co.), Mandatory Tender 5/4/2017	4,000,000
7,120,000		Hanover County, VA EDA, (Series 2008D-1) Weekly VRDNs (Bon Secours Health System)/(Bank of New York Mellon LOC), 0.960%, 5/3/2017	7,120,000
7,500,000		Harrisonburg, VA Redevelopment & Housing Authority, (Series 2001A: Huntington Village Apartments) Weekly VRDNs (Richfield Place Associates LP)/(FNMA LOC), 0.860%, 5/4/2017	7,500,000
1,255,000		Henrico County, VA EDA, (Series 2001) Weekly VRDNs (JAS-LCS LLC)/(Wells Fargo Bank, N.A. LOC), 1.050%, 5/4/2017	1,255,000
10,240,000		King George County IDA, VA, (Series 1996) Weekly VRDNs (Garnet of Virginia, Inc.)/(JPMorgan Chase Bank, N.A. LOC), 0.910%, 5/4/2017	10,240,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		Virginia—continued
$3,000,000		King George County IDA, VA, (Series 1996A) Daily VRDNs (Birchwood Power Partners LP Project)/(Mizuho Bank Ltd. LOC), 0.910%, 5/1/2017	$3,000,000
4,700,000		King George County IDA, VA, (Series 1997) Daily VRDNs (Birchwood Power Partners LP Project)/(Mizuho Bank Ltd. LOC), 0.910%, 5/1/2017	4,700,000
2,600,000		Loudoun County, VA IDA, (Series 2003B) Weekly VRDNs (Howard Hughes Medical Institute), 0.890%, 5/3/2017	2,600,000
2,090,000		Loudoun County, VA IDA, (Series 2003C) Weekly VRDNs (Howard Hughes Medical Institute), 0.860%, 5/3/2017	2,090,000
3,000,000		Loudoun County, VA IDA, (Series 2003E) Weekly VRDNs (Howard Hughes Medical Institute), 0.910%, 5/3/2017	3,000,000
2,175,000		Loudoun County, VA IDA, (Series 2009B) Weekly VRDNs (Howard Hughes Medical Institute), 0.860%, 5/3/2017	2,175,000
8,700,000		Lynchburg, VA IDA, (Series 2004 C) Weekly VRDNs (Centra Health, Inc.)/(Branch Banking & Trust Co. LOC), 0.910%, 5/4/2017	8,700,000
2,900,000		Montgomery County, VA IDA, (Series 2005) Daily VRDNs (Virginia Tech Foundation)/(Bank of New York Mellon LOC), 0.800%, 5/1/2017	2,900,000
7,555,000		Newport News, VA IDA, (Series 2004) Weekly VRDNs (CNU Warwick LLC)/(Bank of America N.A. LOC), 0.950%, 5/4/2017	7,555,000
12,415,000		Norfolk, VA Redevelopment and Housing Authority, (Series 2005) Weekly VRDNs (E2F Student Housing I, LLC)/(Bank of America N.A. LOC), 0.940%, 5/4/2017	12,415,000
7,000,000		Norfolk, VA, (Series 2007) Weekly VRDNs (Royal Bank of Canada LIQ), 0.900%, 5/3/2017	7,000,000
7,630,000	^2,3	Suffolk, VA EDA, Eagles (Series 2003-0014), 1.25% TOBs (Sentara Health Systems Obligation Group)/(Citibank NA, New York LIQ), Optional Tender 6/15/2017	7,630,000
5,330,000	^2,3	University of Virginia, Solar Eclipse (Series 2017-0017) Weekly VRDNs (U.S. Bank, N.A. LIQ), 1.080%, 5/4/2017	5,330,000
4,745,000	^2,3	Virginia Beach, VA, PUTTERs (Series 2667) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.930%, 5/4/2017	4,745,000
3,175,000	^2,3	Virginia Commonwealth Transportation Board, Tender Option Bond Trust Certificates (2015-ZM0097) Weekly VRDNs (Virginia State)/(Morgan Stanley Bank, N.A. LIQ), 0.930%, 5/4/2017	3,175,000
5,210,000		Virginia Small Business Financing Authority, (Series 2007) Weekly VRDNs (BleachTech LLC)/(PNC Bank, N.A. LOC), 0.940%, 5/4/2017	5,210,000
5,000,000		Virginia Small Business Financing Authority, (Series 2008) Daily VRDNs (Virginia State University Real Estate Foundation)/(Bank of America N.A. LOC), 0.900%, 5/1/2017	5,000,000
2,700,000	^2,3	Virginia Small Business Financing Authority, Tender Option Bond Trust Receipts (2016-ZF0360) Weekly VRDNs (Sentara Health Systems Obligation Group)/(JPMorgan Chase Bank, N.A. LIQ), 0.930%, 5/4/2017	2,700,000
		TOTAL	183,485,000

Semi-Annual Shareholder Report

Principal Amount			Value
		SHORT-TERM MUNICIPALS—continued¹
		District of Columbia—8.5%
$5,805,000		Metropolitan Washington, DC Airports Authority, (Series 2011A-3) Weekly VRDNs (Royal Bank of Canada LOC), 0.920%, 5/4/2017	$5,805,000
3,000,000		Metropolitan Washington, DC Airports Authority, (Series One), 0.78% CP (JPMorgan Chase Bank, N.A. LOC), Mandatory Tender 6/6/2017	3,000,000
8,200,000	^2,3	Metropolitan Washington, DC Airports Authority, Stage Trust (Series 2011-107C), 1.27% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 10/5/2017	8,200,000
		TOTAL	17,005,000
		TOTAL MUNICIPAL INVESTMENTS—100.1% (AT AMORTIZED COST)⁴	200,490,000
		OTHER ASSETS AND LIABILITIES - NET—(0.1)%⁵	(251,358)
		TOTAL NET ASSETS—100%	$200,238,642

Securities that are subject to the federal alternative minimum tax (AMT) represent 38.9% of the portfolio as calculated based upon total market value.

1	Current rate and next reset date shown for Variable Rate Demand Instruments.
2	Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2017, these restricted securities amounted to $44,765,000, which represented 22.4% of total net assets.
3	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees (the “Trustees”). At April 30, 2017, these liquid restricted securities amounted to $44,765,000, which represented 22.4% of total net assets.
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 April 30, 2017.

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 April 30, 2017, all investments of the Fund are valued at amortized cost, which is considered a Level 2 input, in valuing the Fund's assets.

Semi-Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	—	0.000¹	0.000¹	—	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.001)	(0.001)	(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	—
TOTAL DISTRIBUTIONS	(0.001)	(0.001)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	0.20%	0.08%	0.01%	0.01%	0.02%	0.01%
Ratios to Average Net Assets:
Net expenses	0.51%³	0.27%⁴	0.09%	0.10%	0.16%	0.24%
Net investment income	0.24%³	0.03%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.19%³	0.37%	0.54%	0.52%	0.45%	0.37%
Supplemental Data:
Net assets, end of period (000 omitted)	$3,306	$3,605	$45,817	$50,867	$50,079	$63,746

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.27% 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

Semi-Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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
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	—
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	0.13%	0.06%	0.01%	0.01%	0.02%	0.01%
Ratios to Average Net Assets:
Net expenses	0.65%³	0.33%⁴	0.09%	0.10%	0.16%	0.24%
Net investment income	0.10%³	0.03%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.30%³	0.57%	0.79%	0.77%	0.71%	0.62%
Supplemental Data:
Net assets, end of period (000 omitted)	$109,784	$118,843	$165,877	$204,803	$229,563	$255,494

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios for the year ended October 31, 2016, was 0.33% 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

Semi-Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited) 4/30/2017	Year Ended October 31,
	Six Months Ended (unaudited) 4/30/2017	2016	2015	2014	2013	2012
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
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	—
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	0.08%	0.03%	0.01%	0.01%	0.02%	0.01%
Ratios to Average Net Assets:
Net expenses	0.74%³	0.35%⁴	0.09%	0.10%	0.16%	0.24%
Net investment income	0.01%³	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁵	0.81%³	1.15%	1.39%	1.38%	1.31%	1.22%
Supplemental Data:
Net assets, end of period (000 omitted)	$87,148	$96,705	$109,464	$145,799	$126,265	$120,396

1	Represents less than $0.001.
2	Based on net asset value. Total returns for periods of less than one year are not annualized.
3	Computed on an annualized basis.
4	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios for the year ended October 31, 2016, was 0.35% 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

Semi-Annual Shareholder Report

Statement of Assets and Liabilities

April 30, 2017 (unaudited)

Assets:
Total investment in securities, at amortized cost and fair value		$200,490,000
Income receivable		221,178
Receivable for shares sold		505,349
TOTAL ASSETS		201,216,527
Liabilities:
Payable for shares redeemed	$800,464
Bank overdraft	15,560
Income distribution payable	1,119
Payable to adviser (Note 4)	5,023
Payable for administrative fees (Note 4)	1,297
Payable for transfer agent fee	34,448
Payable for portfolio accounting fees	45,407
Payable for distribution services fee (Note 4)	21,778
Payable for other service fees (Note 2 and Note 4)	37,995
Accrued expenses (Note 4)	14,794
TOTAL LIABILITIES		977,885
Net assets for 200,238,512 shares outstanding		$200,238,642
Net Assets Consist of:
Paid-in capital		$200,238,079
Undistributed net investment income		563
TOTAL NET ASSETS		$200,238,642
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$3,306,390 ÷ 3,306,388 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$109,784,395 ÷ 109,784,324 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$87,147,857 ÷ 87,147,800 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Operations

Six Months Ended April 30, 2017 (unaudited)

Investment Income:
Interest			$813,487
Expenses:
Investment adviser fee (Note 4)		$432,665
Administrative fee (Note 4)		84,834
Custodian fees		4,368
Transfer agent fee		115,998
Directors'/Trustees' fees (Note 4)		1,176
Auditing fees		9,720
Legal fees		4,743
Portfolio accounting fees		49,547
Distribution services fee (Note 4)		297,063
Other service fees (Notes 2 and 4)		266,346
Share registration costs		38,820
Printing and postage		14,438
Miscellaneous (Note 4)		3,558
TOTAL EXPENSES		1,323,276
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 4)	$(210,239)
Waivers/reimbursement of other operating expenses (Notes 2 and 4)	(366,472)
TOTAL WAIVERS AND REIMBURSEMENT		(576,711)
Net expenses			746,565
Net investment income			66,922
Change in net assets resulting from operations			$66,922

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 4/30/2017	Year Ended 10/31/2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$66,922	$69,173
Net realized gain on investments	—	168,826
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	66,922	237,999
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(3,977)	(10,434)
Service Shares	(57,538)	(46,315)
Cash Series Shares	(4,956)	(12,312)
Distributions from net realized gain on investments
Wealth Shares	(2,384)	(10,036)
Service Shares	(87,230)	(39,583)
Cash Series Shares	(79,212)	(29,903)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(235,297)	(148,583)
Share Transactions:
Proceeds from sale of shares	191,508,732	618,705,005
Net asset value of shares issued to shareholders in payment of distributions declared	229,181	119,849
Cost of shares redeemed	(210,484,101)	(720,919,750)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(18,746,188)	(102,094,896)
Change in net assets	(18,914,563)	(102,005,480)
Net Assets:
Beginning of period	219,153,205	321,158,685
End of period (including undistributed net investment income of $563 and $112, respectively)	$200,238,642	$219,153,205

See Notes which are an integral part of the Financial Statements

Semi-Annual Shareholder Report

Notes to Financial Statements

April 30, 2017 (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 30 portfolios. The financial statements included herein are only those of Federated Virginia Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers three classes of shares: Wealth Shares, Service Shares and Cash Series Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide current income exempt from federal regular income tax and income tax imposed by the Commonwealth of Virginia consistent with stability of principal. Interest income from the Fund's investments may be subject to the federal AMT for individuals and corporations.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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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, if any, are declared daily and paid monthly. Amortization/accretion of premium and discount is included in investment income. 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 Wealth Shares, Service Shares and Cash Series Shares may bear distribution services fees and other service fees unique to those classes. The detail of the total fund expense waivers and reimbursement of $576,711 is disclosed in various locations in this Note 2 and Note 4.

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

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Service Shares	$142,570	$(55,565)	$(5,138)
Cash Series Shares	$123,776	—	(111,627)
TOTAL	$266,346	$(55,565)	$(116,765)

For the six months ended April 30, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

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When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	3,829,098	$3,829,098	140,661,930	$140,661,930
Shares issued to shareholders in payment of distributions declared	269	269	4,541	4,541
Shares redeemed	(4,125,469)	(4,125,469)	(182,870,582)	(182,870,582)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(296,102)	$(296,102)	(42,204,111)	$(42,204,111)

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	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	76,969,876	$76,969,876	209,773,120	$209,773,120
Shares issued to shareholders in payment of distributions declared	144,761	144,761	73,285	73,285
Shares redeemed	(86,082,003)	(86,082,003)	(256,929,612)	(256,929,612)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(8,967,366)	$(8,967,366)	(47,083,207)	$(47,083,207)

	Six Months Ended 4/30/2017		Year Ended 10/31/2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	110,709,758	$110,709,758	268,269,955	$268,269,955
Shares issued to shareholders in payment of distributions declared	84,151	84,151	42,023	42,023
Shares redeemed	(120,276,629)	(120,276,629)	(281,119,556)	(281,119,556)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(9,482,720)	$(9,482,720)	(12,807,578)	$(12,807,578)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(18,746,188)	$(18,746,188)	(102,094,896)	$(102,094,896)

4. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, the Adviser voluntarily waived $210,239 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

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Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Cash Series Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses at 0.60% of average daily net assets, annually, to compensate FSC. Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the six months ended April 30, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$297,063	$(194,142)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the six months ended April 30, 2017, FSC retained $13,950 of fees paid by the Fund.

Other Service Fees

For the six months ended April 30, 2017, FSSC received $394 and reimbursed $55,565 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 certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (as shown in the financial highlights, excluding extraordinary expenses, interest expense and proxy-related expenses paid by the Fund, if any) paid by the Fund's Wealth Shares, Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 0.51%, 0.66% and 1.05% (the “Fee Limit”), respectively, up to but not including the later of (the “Termination Date”): (a) March 1, 2018; 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

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General

5. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at April 30, 2017, 71.4% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 16.4% of total investments.

6. INTERFUND LENDING

7. REGULATORY UPDATES

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Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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	Beginning Account Value 11/1/2016	Ending Account Value 4/30/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,002.00	$2.53
Service Shares	$1,000	$1,001.30	$3.23
Cash Series Shares	$1,000	$1,000.80	$3.67²
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,022.30	$2.56
Service Shares	$1,000	$1,021.60	$3.26
Cash Series Shares	$1,000	$1,021.10	$3.71²

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:

Wealth Shares	0.51%
Service Shares	0.65%
Cash Series Shares	0.74%

Actual and Hypothetical expenses paid during the period utilizing the Fund's Cash Series Shares current Fee Limit of 1.05% (as reflected in the Notes to Financial Statements, Note 4 under Expense Limitation), multiplied by the average account value over the period, multiplied by 181/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.21 and $5.26, respectively.

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Evaluation and Approval of Advisory Contract–May 2016

Federated virginia municipal cash trust (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 Senior Officer Evaluation.

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The Board considered Federated's previous reductions in contractual management fees to certain funds in response to the Senior Officer's recommendations.

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Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

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IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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(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.

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
Investment	CMIXX
Wealth	CAIXX
Service	CACXX
Cash II	CALXX
Cash Series	CCSXX
Capital	CCCXX

Portfolio of Investments Summary Tables	1
Portfolio of Investments	2
Financial Highlights	7
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Notes to Financial Statements	17
Shareholder Expense Example	25
Evaluation and Approval of Advisory Contract	27
Voting Proxies on Fund Portfolio Securities	34
Quarterly Portfolio Schedule	34