Portfolio of Investments Summary Tables (unaudited)

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	68.8%
Municipal Notes	6.9%
Commercial Paper	19.7%
Other Assets and Liabilities—Net²	4.6%
TOTAL	100.0%

At October 31, 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	8.4%
31-90 Days	12.1 %
91-180 Days	11.4 %
181 Days or more	0.0 %
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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—95.4%
		California—95.4%
$2,385,000		ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	$2,385,000
1,005,000		Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs (Comerica Bank LOC), 1.060%, 11/2/2017	1,005,000
9,960,000		Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.020%, 11/2/2017	9,960,000
3,365,000		Banning, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2440) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.970%, 11/2/2017	3,365,000
9,000,000		Bay Area Toll Authority, CA, Tender Option Bond Trust Receipts (Series 2017-ZM0542) Weekly VRDNs (Bank of America N.A. LIQ), 0.930%, 11/2/2017	9,000,000
3,320,000		Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.970%, 11/2/2017	3,320,000
6,005,000		California Enterprise Development Authority (Alvarado Street Bakery), (Series 2007) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.970%, 11/2/2017	6,005,000
4,845,000		California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs (FHLB of San Francisco LOC), 0.970%, 11/2/2017	4,845,000
6,575,000		California Enterprise Development Authority (Ramar International Corporation), (Series 2008A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	6,575,000
35,000,000		California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.080%, 11/2/2017	35,000,000
4,180,000		California Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at Stanford), Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs (Bank of America N.A. LIQ), 0.980%, 11/2/2017	4,180,000
8,625,000		California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Certificates (2017-XF2417) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.940%, 11/2/2017	8,625,000
4,700,000		California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Certificates (Series 2017-XF2408) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 11/2/2017	4,700,000
10,415,000		California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs (FHLB of San Francisco LOC), 1.100%, 11/1/2017	10,415,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$4,000,000		California Infrastructure & Economic Development Bank (Tobinworld), (Series 2007A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	$4,000,000
1,955,000		California Municipal Finance Authority (High Desert Partnership in Academic Excellence Foundation, Inc.), (Series 2012A) Weekly VRDNs (MUFG Union Bank, N.A. LOC), 0.970%, 11/2/2017	1,955,000
10,100,000		California PCFA (Air Products & Chemicals, Inc.), (Series 1997B) Daily VRDNs, 0.910%, 11/1/2017	10,100,000
1,440,000		California PCFA (Mission Trail Waste Systems, Inc.), (Series 2010A) Weekly VRDNs (Comerica Bank LOC), 1.060%, 11/1/2017	1,440,000
5,000,000		California State, (Series A-8), 0.85% CP (Bank of the West, San Francisco, CA LOC), Mandatory Tender 11/3/2017	5,000,000
4,165,000		California State, Tender Option Bond Trust Certificates (2016-XF2372) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 11/2/2017	4,165,000
2,375,000		California Statewide Communities Development Authority (Cruzio Holding Company, LLC), (Series 2010: Recovery Zone Facility) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	2,375,000
5,045,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), 1.04% CP, Mandatory Tender 4/5/2018	5,045,000
5,950,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), 0.90% CP, Mandatory Tender 2/8/2018	5,950,000
6,230,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), 1.02% CP, Mandatory Tender 2/7/2018	6,230,000
15,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), 1.04% CP, Mandatory Tender 4/5/2018	15,000,000
9,300,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), 0.96% CP, Mandatory Tender 11/1/2017	9,300,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), 0.98% CP, Mandatory Tender 11/8/2017	10,000,000
735,000		California Statewide Communities Development Authority (Nonprofits' Insurance Alliance of California), (Series 2000A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	735,000
6,610,000		California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	6,610,000
5,600,000		California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 Series B: Mountain View Apartments) Weekly VRDNs (FHLMC LOC), 1.000%, 11/2/2017	5,600,000
1,960,000		California Statewide Communities Development Authority, (Series 2010B: Gas Supply Variable Rate Revenue Bonds), 1.02% TOBs (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), Optional Tender 11/1/2017	1,960,000
4,445,000		Culver City, CA USD, Solar Eclipse (Series 2017-0010) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.950%, 11/2/2017	4,445,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$9,925,000		East Side, CA Union High School District, Stage Trust (Series 2011-120C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 4/5/2018	$9,925,000
3,200,000		Elk Grove, CA USD, Solar Eclipse (Series 2017-0033), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017	3,200,000
4,625,000		Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs (Bank of America N.A. LIQ), 0.930%, 11/2/2017	4,625,000
12,900,000		Golden State Tobacco Securitization Corp., CA (California State), Tender Option Bond Trust Certificates (2015-XF1038) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.000%, 11/2/2017	12,900,000
16,560,000		Hayward, CA USD, Tender Option Bond Trust Receipts (2017-XF0545) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.940%, 11/2/2017	16,560,000
2,800,000		Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 11/2/2017	2,800,000
5,700,000		Hillsborough, CA Water and Sewer Systems, (Series 2000B) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 11/2/2017	5,700,000
9,820,000		Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 11/2/2017	9,820,000
2,175,000		Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs (MUFG Union Bank, N.A. LOC), 0.970%, 11/2/2017	2,175,000
3,100,000		Huntington Beach, CA City School District, Solar Eclipse (Series 2017-0029), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017	3,100,000
3,547,000		Irvine, CA Assessment District No. 04-20, (Series A) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.900%, 11/1/2017	3,547,000
7,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), 0.97% CP (Bank of the West, San Francisco, CA LOC), Mandatory Tender 11/14/2017	7,000,000
11,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series B), 0.85% CP (U.S. Bank, N.A. LOC), Mandatory Tender 12/7/2017	11,000,000
5,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series B), 0.94% CP (U.S. Bank, N.A. LOC), Mandatory Tender 11/2/2017	5,000,000
4,700,000		Los Angeles County, CA Metropolitan Transportation Authority, (Second Subordinate Sales Tax Revenue, Series A-TE-SMBC), 0.94% CP (Sumitomo Mitsui Banking Corp. LOC), Mandatory Tender 11/15/2017	4,700,000
3,300,000		Los Angeles, CA Department of Water & Power (Electric/Power System), Tender Option Bond Trust Receipts (Series 2017-XF0570) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 11/2/2017	3,300,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$3,000,000		Los Angeles, CA Department of Water & Power (Water Works/System), Tender Option Bond Trust Receipts (Series 2017-XG0121) Weekly VRDNs (Bank of America N.A. LIQ), 0.930%, 11/2/2017	$3,000,000
6,670,000		Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.990%, 11/2/2017	6,670,000
3,400,000		Newhall, CA School District (School Facilities Improvement District No. 2011-1), Solar Eclipse, 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/28/2017	3,400,000
10,000,000		Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs (Sumitomo Mitsui Banking Corp. LIQ), 1.000%, 11/2/2017	10,000,000
2,500,000		Oakland, CA, Solar Eclipse (Series 2017-0046) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.950%, 11/2/2017	2,500,000
10,310,000		Oroville, CA Hospital Revenue (Oroville Hospital), (Series 2012A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	10,310,000
5,000,000		Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs (TD Bank, N.A. LIQ), 0.970%, 11/2/2017	5,000,000
17,690,000		Pomona, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2446) Weekly VRDNs (Build America Mutual Assurance INS)/(Citibank NA, New York LIQ), 1.020%, 11/2/2017	17,690,000
1,900,000		San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 1.030%, 11/2/2017	1,900,000
9,945,000		San Francisco, CA City & County Airport Commission, Stage Trust (Series 2010-03C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 4/5/2018	9,945,000
6,000,000		San Francisco, CA City & County MFH (Related /Mariposa Development Co. LP), (2017 Series B-1) Weekly VRDNs (Bank of America N.A. LOC), 0.900%, 11/1/2017	6,000,000
5,500,000		San Francisco, CA City & County Redevelopment Finance Agency MFH (Fillmore Center Associates LP), (Series 1992 A-1) Weekly VRDNs (FHLMC LOC), 0.920%, 11/1/2017	5,500,000
8,490,000		Twin Rivers, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2442) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.970%, 11/2/2017	8,490,000
3,500,000		University of California (The Regents of), (2013 Series AL-2) Weekly VRDNs, 0.900%, 11/2/2017	3,500,000
6,000,000		University of California (The Regents of), (Series A), 0.87% CP, Mandatory Tender 12/5/2017	6,000,000
2,675,000		University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs (TD Bank, N.A. LIQ), 0.930%, 11/2/2017	2,675,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$2,055,000		West Covina, CA Public Financing Authority (West Covina, CA), (Series 2013A) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 0.970%, 11/2/2017	$2,055,000
10,000,000		Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.990%, 11/2/2017	10,000,000
7,000,000		Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital), (Series 2009A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.870%, 11/1/2017	7,000,000
		TOTAL INVESTMENT IN SECURITIES—95.4% (AT AMORTIZED COST)²	436,277,000
		OTHER ASSETS AND LIABILITIES - NET—4.6%³	20,989,236
		TOTAL NET ASSETS—100%	$457,266,236

At October 31, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 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 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.

In valuing the Fund's assets, as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.006	0.002	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.003	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.006	0.005	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.006)	(0.002)	(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
TOTAL DISTRIBUTIONS	(0.006)	(0.005)	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.56%	0.49%	0.02%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.28%	0.18%³	0.08%	0.09%	0.16%
Net investment income	0.58%	0.12%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.29%	0.39%	0.51%	0.53%	0.43%
Supplemental Data:
Net assets, end of period (000 omitted)	$156,974	$54,046	$147,528	$119,823	$156,765

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.18% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.003	0.001	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.003	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.003	0.004	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.003)	(0.001)	(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
TOTAL DISTRIBUTIONS	(0.003)	(0.004)	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.31%	0.37%	0.02%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.53%	0.31%³	0.08%	0.09%	0.17%
Net investment income	0.30%	0.05%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.38%	0.55%	0.78%	0.76%	0.68%
Supplemental Data:
Net assets, end of period (000 omitted)	$150,916	$163,198	$259,239	$64,173	$85,964

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 21, 2016, was 0.31% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.003	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.002	0.003	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.000)¹	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.002)	(0.003)	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.16%	0.34%	0.02%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.68%	0.20%³	0.08%	0.09%	0.16%
Net investment income	0.16%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.42%	0.90%	1.00%	0.98%	0.88%
Supplemental Data:
Net assets, end of period (000 omitted)	$8,242	$6,170	$114,582	$160,390	$174,069

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 21, 2016, was 0.20% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.003	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.003	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.000)¹	(0.003)	(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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.32%	0.02%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.83%	0.33%³	0.08%	0.09%	0.16%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.70%	1.18%	1.40%	1.38%	1.28%
Supplemental Data:
Net assets, end of period (000 omitted)	$51,752	$55,103	$108,116	$89,717	$85,719

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 21, 2016, was 0.33% after taking into account these expense reductions.
4	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

Financial Highlights–Capital Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.005	0.001	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.003	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.005	0.004	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.005)	(0.001)	(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
TOTAL DISTRIBUTIONS	(0.005)	(0.004)	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.46%	0.43%	0.02%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.38%	0.24%³	0.08%	0.09%	0.16%
Net investment income	0.49%	0.07%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.36%	0.52%	0.65%	0.63%	0.53%
Supplemental Data:
Net assets, end of period (000 omitted)	$89,382	$29,806	$142,057	$156,390	$151,087

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 21, 2016, was 0.24% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$436,277,000
Cash		321,706
Income receivable		797,380
Receivable for investments sold		19,861,826
Receivable for shares sold		685,722
TOTAL ASSETS		457,943,634
Liabilities:
Payable for shares redeemed	$402,312
Income distribution payable	36,178
Payable to adviser (Note 5)	1,800
Payable for administrative fees (Note 5)	1,004
Payable for transfer agent fee	32,257
Payable for portfolio accounting fees	53,009
Payable for distribution services fee (Note 5)	23,245
Payable for other service fees (Notes 2 and 5)	51,808
Payable for share registration costs	52,723
Accrued expenses (Note 5)	23,062
TOTAL LIABILITIES		677,398
Net assets for 457,141,719 shares outstanding		$457,266,236
Net Assets Consist of:
Paid-in capital		$457,141,684
Accumulated net realized gain on investments		121,344
Undistributed net investment income		3,208
TOTAL NET ASSETS		$457,266,236

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$3,267,277
Expenses:
Investment adviser fee (Note 5)		$1,542,188
Administrative fee (Note 5)		304,280
Custodian fees		14,232
Transfer agent fee (Note 2)		239,645
Directors'/Trustees' fees (Note 5)		3,523
Auditing fees		21,249
Legal fees		18,167
Portfolio accounting fees		149,540
Distribution services fee (Note 5)		356,757
Other service fees (Notes 2 and 5)		593,554
Share registration costs		112,565
Printing and postage		34,933
Miscellaneous (Note 5)		10,502
TOTAL EXPENSES		3,401,135
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 5)	$(1,148,184)
Waivers/reimbursements of other operating expenses (Notes 2 and 5)	(390,390)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,538,574)
Net expenses			1,862,561
Net investment income			1,404,716
Net realized gain on investments			121,347
Change in net assets resulting from operations			$1,526,063

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$1,404,716	$390,333
Net realized gain on investments	121,347	953,232
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	1,526,063	1,343,565
Distributions to Shareholders:
Distributions from net investment income
Investment Shares	(1,138)	(1,027)
Wealth Shares	(644,411)	(179,349)
Service Shares	(449,704)	(119,880)
Cash II Shares	(10,720)	(5,784)
Cash Series Shares	(5,620)	(9,149)
Capital Shares	(290,235)	(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	(1,415,051)	(1,857,350)
Share Transactions:
Proceeds from sale of shares	837,355,645	1,402,749,288
Net asset value of shares issued to shareholders in payment of distributions declared	1,100,707	1,350,274
Cost of shares redeemed	(694,951,720)	(1,869,408,777)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	143,504,632	(465,309,215)
Change in net assets	143,615,644	(465,823,000)
Net Assets:
Beginning of period	313,650,592	779,473,592
End of period (including undistributed net investment income of $3,208 and $320, respectively)	$457,266,236	$313,650,592

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 portfolios. The financial statements included herein are only those of Federated California Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers five classes of shares: Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares. On October 27, 2017, the Fund's Investment Shares merged into the Fund's Cash II Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide 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 interests 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. 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.

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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. 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, 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 $1,538,574 is disclosed in various locations in this Note 2 and Note 5. For the year ended October 31, 2017, transfer agent fees for the Fund were as follows:

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Investment Shares	$2,758	$(112)
Wealth Shares	6,649	—
Service Shares	122,652	(112,557)
Cash II Shares	4,663	(4,213)
Cash Series Shares	56,215	(52,389)
Capital Shares	46,708	(42,678)
TOTAL	$239,645	$(211,949)

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, 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 accounts. Subject to the terms

Annual Shareholder Report

described in the Expense Limitation note, FSSC may voluntarily reimburse the Fund for other service fees. In addition, unaffiliated third-party financial intermediaries may waive other service fees. This waiver can be modified or terminated at any time. For the year ended October 31, 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	$6,180	$(549)	$(781)
Service Shares	$371,237	$—	$—
Cash II Shares	$16,591	$(218)	$—
Cash Series Shares	$140,544	$(67)	$(104,390)
Capital Shares	$59,002	$—	$—
TOTAL	$593,554	$(834)	$(105,171)

For the year ended October 31, 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 (the “Code”) and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended October 31, 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 October 31, 2017, tax years 2014 through 2017 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

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. The Fund's restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Annual Shareholder Report

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:

Year Ended October 31	2017		2016
Investment Shares:	Shares	Amount	Shares	Amount
Shares sold	7,521,019	$7,521,019	18,938,967	$18,938,967
Shares issued to shareholders in payment of distributions declared	1,151	1,151	25,310	25,310
Shares redeemed	(12,848,322)	(12,848,322)	(21,583,365)	(21,583,365)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	(5,326,152)	$(5,326,152)	(2,619,088)	$(2,619,088)

Year Ended October 31	2017		2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	331,095,775	$331,095,775	722,350,876	$722,350,876
Shares issued to shareholders in payment of distributions declared	440,380	440,380	216,015	216,015
Shares redeemed	(228,649,293)	(228,649,293)	(815,955,221)	(815,955,221)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	102,886,862	$102,886,862	(93,388,330)	$(93,388,330)

Year Ended October 31	2017		2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	257,057,350	$257,057,350	384,477,181	$384,477,181
Shares issued to shareholders in payment of distributions declared	360,832	360,832	536,390	536,390
Shares redeemed	(269,734,222)	(269,734,222)	(480,881,238)	(480,881,238)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(12,316,040)	$(12,316,040)	(95,867,667)	$(95,867,667)

Year Ended October 31	2017		2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	12,629,347	$12,629,347	21,881,255	$21,881,255
Shares issued to shareholders in payment of distributions declared	10,907	10,907	103,466	103,466
Shares redeemed	(10,569,974)	(10,569,974)	(130,320,424)	(130,320,424)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	2,070,280	$2,070,280	(108,335,703)	$(108,335,703)

Annual Shareholder Report

Year Ended October 31	2017		2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	71,161,783	$71,161,783	87,013,029	$87,013,029
Shares issued to shareholders in payment of distributions declared	7,633	7,633	239,660	239,660
Shares redeemed	(74,532,819)	(74,532,819)	(140,193,393)	(140,193,393)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(3,363,403)	$(3,363,403)	(52,940,704)	$(52,940,704)

Year Ended October 31	2017		2016
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	157,890,371	$157,890,371	168,087,980	$168,087,980
Shares issued to shareholders in payment of distributions declared	279,804	279,804	229,433	229,433
Shares redeemed	(98,617,090)	(98,617,090)	(280,475,136)	(280,475,136)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	59,553,085	$59,553,085	(112,157,723)	$(112,157,723)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	143,504,632	$143,504,632	(465,309,215)	$(465,309,215)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$1,401,828	$390,013
Ordinary income¹	$2,692	$599,067
Long-term capital gains	$10,531	$868,270

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

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$3,208
Undistributed ordinary income²	$49,313
Undistributed long-term capital gains	$72,031

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

Annual Shareholder Report

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% 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 year ended October 31, 2017, the Adviser voluntarily waived $1,148,184 of its fee and reimbursed $211,949 of transfer agent fees.

Administrative Fee

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

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Subject to the terms described in the Expense Limitation note, FAS may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2017, the annualized fee paid to FAS was 0.079% of average daily net assets of the Fund.

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Distribution Services Fee

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

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

Annual Shareholder Report

Subject to the terms described in the Expense Limitation note, FSC may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$6,180	$(1,730)
Cash II Shares	13,273	(3,318)
Cash Series Shares	337,304	(67,388)
TOTAL	$356,757	$(72,436)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2017, FSC did not retain any of fees paid by the Fund.

Other Service Fees

For the year ended October 31, 2017, FSSC received $55 and reimbursed $834 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, Cash II Shares, Cash Series Shares and Capital Shares (after the voluntary waivers and/or reimbursements) will not exceed 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 year ended October 31, 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 $375,535,000 and $384,600,000, 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.

Annual Shareholder Report

6. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2017, 60.6% 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 10.3% of total investments.

7. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC), the Fund, along with other funds advised by subsidiaries of Federated Investors, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds. As of October 31, 2017, there were no outstanding loans. During the year ended October 31, 2017, the program was not utilized.

8. Subsequent event

In August of 2017, the Trustees approved an amendment to the Trust's investment advisory agreement to reduce the Fund's investment advisory fee from 0.40% to 0.30%, effective on or about February 28, 2018.

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, the amount of long-term capital gains designated by the Fund was $10,531.

For the year ended October 31, 2017, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF federated CALIFORNIA MUNICIPAL CASH TRUST:

We have audited the accompanying statement of assets and liabilities of Federated California Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017 and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods or years indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated California Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods or years indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and to the extent applicable, distribution (12b-1) fees and/or other service fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2017 to October 31, 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.

Annual Shareholder Report

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

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,003.10	$1.41
Service Shares	$1,000	$1,001.80	$2.67
Cash II Shares	$1,000	$1,001.10	$3.43
Cash Series Shares	$1,000	$1,000.10	$4.49²
Capital Shares	$1,000	$1,002.60	$1.92
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,023.80	$1.43
Service Shares	$1,000	$1,022.50	$2.70
Cash II Shares	$1,000	$1,021.80	$3.47
Cash Series Shares	$1,000	$1,020.70	$4.53²
Capital Shares	$1,000	$1,023.30	$1.94

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

Wealth Shares	0.28%
Service Shares	0.53%
Cash II Shares	0.69%
Cash Series Shares	0.89%
Capital Shares	0.38%

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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.19 and $5.25, respectively.

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

(Former Chairman and President, and Emeritus Director/Trustee, of the Federated Funds, and Founder, Former Chairman, President and Chief Executive Officer, and Chairman Emeritus, of Federated Investors, Inc.)

Jack Donahue, along with Richard B. Fisher, founded Federated in 1955 and served as a leader and member of the Boards of Directors/Trustees of the Federated Funds and the Board of Directors of Federated Investors, Inc. Mr. Donahue was a family man of deep faith with exemplary character and fealty, who served his religion, family, community, and the Federated Funds and Federated, as well as their shareholders, officers and employees, with distinction. His integrity, intelligence, and keen sense of fiduciary duty, coupled with his faith, family and background as a West Point graduate and Strategic Air Command B-29 pilot, served as a foundation for his strong business acumen and leadership. Among his many achievements, Mr. Donahue's steadfast and innovative leadership of the Federated Funds and Federated, as well as within the investment management industry, led to the birth of money market funds in the 1970s and their growth as an innovative, efficient and effective cash management vehicle throughout the 1980s, 1990s, 2000s and beyond. Federated expresses deep gratitude to Mr. Donahue for his inspiring leadership, distinguished service and contributions as a husband, father, founder, Board member and officer, colleague and friend.

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

John McGonigle served the Federated Funds and their respective Boards with distinction for more than 50 years as Fund Secretary and also served as Director for several closed-end funds. Mr. McGonigle was a gifted lawyer and wise counselor with a genial presence, keen intellect and convivial demeanor. A man of deep faith, he was a devoted husband, father and grandfather. A graduate of Duquesne University School of Law, Mr. McGonigle served as an officer in the U.S. Army for two years, achieving the rank of Captain. He also served on the staff of the Securities and Exchange Commission before joining Federated in 1966. Among many professional accomplishments, Mr. McGonigle helped fashion the regulatory foundation for money market funds, established Federated's first offshore funds in Ireland, and represented Federated on the Board of Governors of the Investment Company Institute where he was a member of the Executive Committee. Federated expresses deep gratitude for Mr. McGonigle and his impact on his family, friends, the community, and the mutual fund industry.

Annual Shareholder Report

Board of Trustees and Trust Officers

The Board of Trustees is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Trustee and the senior officers of the Fund. Where required, the tables separately list Trustees who are “interested persons” of the Fund (i.e., “Interested” Trustees) and those who are not (i.e., “Independent” Trustees). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222. The address of all Independent Trustees listed is 4000 Ericsson Drive, Warrendale, PA 15086-7561; Attention: Mutual Fund Board. As of December 31, 2016, the Trust comprised 30 portfolio(s), and the Federated Fund Family consisted of 40 investment companies (comprising 124 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Trustee oversees all portfolios in the Federated Fund Family and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

Interested TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company.

Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd.

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc.

Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc.

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO, The Collins Group, Inc. (a private equity firm). Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital).

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

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

Other Directorships Held: None.

Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors).

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation.

Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 Vice President Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

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 the continuation of the Fund's investment advisory contract for an additional one-year term at its May 2017 meetings. The Board's decision regarding the contract reflects the exercise of its business judgment after considering 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 also considered judicial decisions concerning allegedly excessive investment advisory fees in its decision. Using these judicial decisions as a guide, the Board has indicated that the following factors may be relevant to an adviser's fiduciary duty with respect to its receipt of compensation from a fund: (1) the nature and quality of the services provided by an adviser to a fund and its shareholders (including the performance of the Fund and of comparable funds); (2) an adviser's cost of providing the services (including the profitability to an adviser of providing advisory services to a fund); (3) 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; (4) 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); (5) comparative fee and expense structures (including a comparison of fees paid to an adviser with those paid by similar funds); and (6) the extent of care, conscientiousness and independence with which the Fund's 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 align with the factors listed above. Consistent with the judicial decisions and SEC disclosure requirements, the

Annual Shareholder Report

Board also considered management fees charged to institutional and other clients of Federated Investment Management Company (the “Adviser”) and its advisory affiliates 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 factors 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. The Board was assisted in its deliberations by independent legal counsel. In addition to the extensive materials that comprise and accompany the Senior Officer's Evaluation, the Board received detailed information about the Fund and the Federated organization throughout the year, and in connection with its May meetings. Federated provided much of this information at each regular meeting of the Board, and furnished additional information in connection with the May meetings, at which the Board's formal approval 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 matters as the need arose. 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-term and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in terms relative 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 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 audit reports concerning

Annual Shareholder Report

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, in that they are readily available to Fund shareholders as alternative investment vehicles. Also, 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 marketplace in which the Fund competes.

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

For comparison, 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 responsibilities, addressing different degrees of risk

Annual Shareholder Report

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, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

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. The Adviser's ability to execute this program was one of the Board's considerations in reaching a conclusion that the nature, extent, and quality of the Adviser's investment management services warrant the 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 that were 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. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its peers.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

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. Moreover, the Board receives regular reporting as to the institution, adjustment or elimination of these voluntary waivers.

Federated furnished information, requested by the Senior Officer, that reported revenues on a fund-by-fund basis and made estimates of the allocation of expenses on a fund-by-fund basis, using allocation methodologies specified by the Senior Officer. The Senior Officer noted that, while these cost allocation reports apply consistent allocation processes, the inherent difficulties in 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 its profitability information 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.

Annual Shareholder Report

year, and 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. It 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.

While the Senior Officer noted certain items for follow-up reporting to the Board and further consideration by management, he stated that his observations and 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.

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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

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

Quarterly Portfolio Schedule

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

Annual Shareholder Report

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.

Federated California Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 60934N369
CUSIP 60934N351
CUSIP 60934N179
CUSIP 608919403
CUSIP 608919502

29366 (12/17)

Federated is a registered trademark of Federated Investors, Inc.
2017 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	68.8%
Municipal Notes	6.9%
Commercial Paper	19.7%
Other Assets and Liabilities—Net²	4.6%
TOTAL	100.0%

At October 31, 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	8.4%
31-90 Days	12.1 %
91-180 Days	11.4 %
181 Days or more	0.0 %
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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—95.4%
		California—95.4%
$2,385,000		ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	$2,385,000
1,005,000		Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs (Comerica Bank LOC), 1.060%, 11/2/2017	1,005,000
9,960,000		Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.020%, 11/2/2017	9,960,000
3,365,000		Banning, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2440) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.970%, 11/2/2017	3,365,000
9,000,000		Bay Area Toll Authority, CA, Tender Option Bond Trust Receipts (Series 2017-ZM0542) Weekly VRDNs (Bank of America N.A. LIQ), 0.930%, 11/2/2017	9,000,000
3,320,000		Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.970%, 11/2/2017	3,320,000
6,005,000		California Enterprise Development Authority (Alvarado Street Bakery), (Series 2007) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.970%, 11/2/2017	6,005,000
4,845,000		California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs (FHLB of San Francisco LOC), 0.970%, 11/2/2017	4,845,000
6,575,000		California Enterprise Development Authority (Ramar International Corporation), (Series 2008A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	6,575,000
35,000,000		California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.080%, 11/2/2017	35,000,000
4,180,000		California Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at Stanford), Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs (Bank of America N.A. LIQ), 0.980%, 11/2/2017	4,180,000
8,625,000		California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Certificates (2017-XF2417) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.940%, 11/2/2017	8,625,000
4,700,000		California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Certificates (Series 2017-XF2408) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 11/2/2017	4,700,000
10,415,000		California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs (FHLB of San Francisco LOC), 1.100%, 11/1/2017	10,415,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$4,000,000		California Infrastructure & Economic Development Bank (Tobinworld), (Series 2007A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	$4,000,000
1,955,000		California Municipal Finance Authority (High Desert Partnership in Academic Excellence Foundation, Inc.), (Series 2012A) Weekly VRDNs (MUFG Union Bank, N.A. LOC), 0.970%, 11/2/2017	1,955,000
10,100,000		California PCFA (Air Products & Chemicals, Inc.), (Series 1997B) Daily VRDNs, 0.910%, 11/1/2017	10,100,000
1,440,000		California PCFA (Mission Trail Waste Systems, Inc.), (Series 2010A) Weekly VRDNs (Comerica Bank LOC), 1.060%, 11/1/2017	1,440,000
5,000,000		California State, (Series A-8), 0.85% CP (Bank of the West, San Francisco, CA LOC), Mandatory Tender 11/3/2017	5,000,000
4,165,000		California State, Tender Option Bond Trust Certificates (2016-XF2372) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 11/2/2017	4,165,000
2,375,000		California Statewide Communities Development Authority (Cruzio Holding Company, LLC), (Series 2010: Recovery Zone Facility) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	2,375,000
5,045,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), 1.04% CP, Mandatory Tender 4/5/2018	5,045,000
5,950,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), 0.90% CP, Mandatory Tender 2/8/2018	5,950,000
6,230,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), 1.02% CP, Mandatory Tender 2/7/2018	6,230,000
15,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), 1.04% CP, Mandatory Tender 4/5/2018	15,000,000
9,300,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), 0.96% CP, Mandatory Tender 11/1/2017	9,300,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), 0.98% CP, Mandatory Tender 11/8/2017	10,000,000
735,000		California Statewide Communities Development Authority (Nonprofits' Insurance Alliance of California), (Series 2000A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	735,000
6,610,000		California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	6,610,000
5,600,000		California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 Series B: Mountain View Apartments) Weekly VRDNs (FHLMC LOC), 1.000%, 11/2/2017	5,600,000
1,960,000		California Statewide Communities Development Authority, (Series 2010B: Gas Supply Variable Rate Revenue Bonds), 1.02% TOBs (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), Optional Tender 11/1/2017	1,960,000
4,445,000		Culver City, CA USD, Solar Eclipse (Series 2017-0010) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.950%, 11/2/2017	4,445,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$9,925,000		East Side, CA Union High School District, Stage Trust (Series 2011-120C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 4/5/2018	$9,925,000
3,200,000		Elk Grove, CA USD, Solar Eclipse (Series 2017-0033), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017	3,200,000
4,625,000		Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs (Bank of America N.A. LIQ), 0.930%, 11/2/2017	4,625,000
12,900,000		Golden State Tobacco Securitization Corp., CA (California State), Tender Option Bond Trust Certificates (2015-XF1038) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.000%, 11/2/2017	12,900,000
16,560,000		Hayward, CA USD, Tender Option Bond Trust Receipts (2017-XF0545) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.940%, 11/2/2017	16,560,000
2,800,000		Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 11/2/2017	2,800,000
5,700,000		Hillsborough, CA Water and Sewer Systems, (Series 2000B) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 11/2/2017	5,700,000
9,820,000		Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs (Bank of the West, San Francisco, CA LIQ), 0.940%, 11/2/2017	9,820,000
2,175,000		Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs (MUFG Union Bank, N.A. LOC), 0.970%, 11/2/2017	2,175,000
3,100,000		Huntington Beach, CA City School District, Solar Eclipse (Series 2017-0029), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017	3,100,000
3,547,000		Irvine, CA Assessment District No. 04-20, (Series A) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.900%, 11/1/2017	3,547,000
7,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), 0.97% CP (Bank of the West, San Francisco, CA LOC), Mandatory Tender 11/14/2017	7,000,000
11,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series B), 0.85% CP (U.S. Bank, N.A. LOC), Mandatory Tender 12/7/2017	11,000,000
5,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series B), 0.94% CP (U.S. Bank, N.A. LOC), Mandatory Tender 11/2/2017	5,000,000
4,700,000		Los Angeles County, CA Metropolitan Transportation Authority, (Second Subordinate Sales Tax Revenue, Series A-TE-SMBC), 0.94% CP (Sumitomo Mitsui Banking Corp. LOC), Mandatory Tender 11/15/2017	4,700,000
3,300,000		Los Angeles, CA Department of Water & Power (Electric/Power System), Tender Option Bond Trust Receipts (Series 2017-XF0570) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 11/2/2017	3,300,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$3,000,000		Los Angeles, CA Department of Water & Power (Water Works/System), Tender Option Bond Trust Receipts (Series 2017-XG0121) Weekly VRDNs (Bank of America N.A. LIQ), 0.930%, 11/2/2017	$3,000,000
6,670,000		Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.990%, 11/2/2017	6,670,000
3,400,000		Newhall, CA School District (School Facilities Improvement District No. 2011-1), Solar Eclipse, 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/28/2017	3,400,000
10,000,000		Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs (Sumitomo Mitsui Banking Corp. LIQ), 1.000%, 11/2/2017	10,000,000
2,500,000		Oakland, CA, Solar Eclipse (Series 2017-0046) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.950%, 11/2/2017	2,500,000
10,310,000		Oroville, CA Hospital Revenue (Oroville Hospital), (Series 2012A) Weekly VRDNs (Comerica Bank LOC), 0.990%, 11/2/2017	10,310,000
5,000,000		Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs (TD Bank, N.A. LIQ), 0.970%, 11/2/2017	5,000,000
17,690,000		Pomona, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2446) Weekly VRDNs (Build America Mutual Assurance INS)/(Citibank NA, New York LIQ), 1.020%, 11/2/2017	17,690,000
1,900,000		San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 1.030%, 11/2/2017	1,900,000
9,945,000		San Francisco, CA City & County Airport Commission, Stage Trust (Series 2010-03C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 4/5/2018	9,945,000
6,000,000		San Francisco, CA City & County MFH (Related /Mariposa Development Co. LP), (2017 Series B-1) Weekly VRDNs (Bank of America N.A. LOC), 0.900%, 11/1/2017	6,000,000
5,500,000		San Francisco, CA City & County Redevelopment Finance Agency MFH (Fillmore Center Associates LP), (Series 1992 A-1) Weekly VRDNs (FHLMC LOC), 0.920%, 11/1/2017	5,500,000
8,490,000		Twin Rivers, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2442) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.970%, 11/2/2017	8,490,000
3,500,000		University of California (The Regents of), (2013 Series AL-2) Weekly VRDNs, 0.900%, 11/2/2017	3,500,000
6,000,000		University of California (The Regents of), (Series A), 0.87% CP, Mandatory Tender 12/5/2017	6,000,000
2,675,000		University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs (TD Bank, N.A. LIQ), 0.930%, 11/2/2017	2,675,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$2,055,000		West Covina, CA Public Financing Authority (West Covina, CA), (Series 2013A) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 0.970%, 11/2/2017	$2,055,000
10,000,000		Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.990%, 11/2/2017	10,000,000
7,000,000		Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital), (Series 2009A) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.870%, 11/1/2017	7,000,000
		TOTAL INVESTMENT IN SECURITIES—95.4% (AT AMORTIZED COST)²	436,277,000
		OTHER ASSETS AND LIABILITIES - NET—4.6%³	20,989,236
		TOTAL NET ASSETS—100%	$457,266,236

At October 31, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 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.

In valuing the Fund's assets, as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.006	0.002	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.003	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.006	0.005	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.006)	(0.002)	(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
TOTAL DISTRIBUTIONS	(0.006)	(0.005)	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.56%	0.49%	0.02%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.28%	0.18%³	0.08%	0.09%	0.16%
Net investment income	0.58%	0.12%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.29%	0.39%	0.51%	0.53%	0.43%
Supplemental Data:
Net assets, end of period (000 omitted)	$156,974	$54,046	$147,528	$119,823	$156,765

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.18% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$436,277,000
Cash		321,706
Income receivable		797,380
Receivable for investments sold		19,861,826
Receivable for shares sold		685,722
TOTAL ASSETS		457,943,634
Liabilities:
Payable for shares redeemed	$402,312
Income distribution payable	36,178
Payable to adviser (Note 5)	1,800
Payable for administrative fees (Note 5)	1,004
Payable for transfer agent fee	32,257
Payable for portfolio accounting fees	53,009
Payable for distribution services fee (Note 5)	23,245
Payable for other service fees (Notes 2 and 5)	51,808
Payable for share registration costs	52,723
Accrued expenses (Note 5)	23,062
TOTAL LIABILITIES		677,398
Net assets for 457,141,719 shares outstanding		$457,266,236
Net Assets Consist of:
Paid-in capital		$457,141,684
Accumulated net realized gain on investments		121,344
Undistributed net investment income		3,208
TOTAL NET ASSETS		$457,266,236

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$3,267,277
Expenses:
Investment adviser fee (Note 5)		$1,542,188
Administrative fee (Note 5)		304,280
Custodian fees		14,232
Transfer agent fee (Note 2)		239,645
Directors'/Trustees' fees (Note 5)		3,523
Auditing fees		21,249
Legal fees		18,167
Portfolio accounting fees		149,540
Distribution services fee (Note 5)		356,757
Other service fees (Notes 2 and 5)		593,554
Share registration costs		112,565
Printing and postage		34,933
Miscellaneous (Note 5)		10,502
TOTAL EXPENSES		3,401,135
Waivers and Reimbursements:
Waiver of investment adviser fee (Note 5)	$(1,148,184)
Waivers/reimbursements of other operating expenses (Notes 2 and 5)	(390,390)
TOTAL WAIVERS AND REIMBURSEMENTS		(1,538,574)
Net expenses			1,862,561
Net investment income			1,404,716
Net realized gain on investments			121,347
Change in net assets resulting from operations			$1,526,063

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$1,404,716	$390,333
Net realized gain on investments	121,347	953,232
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	1,526,063	1,343,565
Distributions to Shareholders:
Distributions from net investment income
Investment Shares	(1,138)	(1,027)
Wealth Shares	(644,411)	(179,349)
Service Shares	(449,704)	(119,880)
Cash II Shares	(10,720)	(5,784)
Cash Series Shares	(5,620)	(9,149)
Capital Shares	(290,235)	(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	(1,415,051)	(1,857,350)
Share Transactions:
Proceeds from sale of shares	837,355,645	1,402,749,288
Net asset value of shares issued to shareholders in payment of distributions declared	1,100,707	1,350,274
Cost of shares redeemed	(694,951,720)	(1,869,408,777)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	143,504,632	(465,309,215)
Change in net assets	143,615,644	(465,823,000)
Net Assets:
Beginning of period	313,650,592	779,473,592
End of period (including undistributed net investment income of $3,208 and $320, respectively)	$457,266,236	$313,650,592

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 portfolios. The financial statements included herein are only those of Federated California Municipal Cash Trust (the “Fund”), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. Each portfolio pays its own expenses. The Fund offers five classes of shares: Wealth Shares, Service Shares, Cash II Shares, Cash Series Shares and Capital Shares. On October 27, 2017, the Fund's Investment Shares merged into the Fund's Cash II Shares. The financial highlights of the 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

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

	Transfer Agent Fees Incurred	Transfer Agent Fees Reimbursed
Investment Shares	$2,758	$(112)
Wealth Shares	6,649	—
Service Shares	122,652	(112,557)
Cash II Shares	4,663	(4,213)
Cash Series Shares	56,215	(52,389)
Capital Shares	46,708	(42,678)
TOTAL	$239,645	$(211,949)

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

Annual Shareholder Report

	Other Service Fees Incurred	Other Service Fees Reimbursed	Other Service Fees Waived by Unaffiliated Third Parties
Investment Shares	$6,180	$(549)	$(781)
Service Shares	$371,237	$—	$—
Cash II Shares	$16,591	$(218)	$—
Cash Series Shares	$140,544	$(67)	$(104,390)
Capital Shares	$59,002	$—	$—
TOTAL	$593,554	$(834)	$(105,171)

For the year ended October 31, 2017, the Fund's Wealth Shares did not incur other service fees.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Annual Shareholder Report

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended October 31	2017		2016
Investment Shares:	Shares	Amount	Shares	Amount
Shares sold	7,521,019	$7,521,019	18,938,967	$18,938,967
Shares issued to shareholders in payment of distributions declared	1,151	1,151	25,310	25,310
Shares redeemed	(12,848,322)	(12,848,322)	(21,583,365)	(21,583,365)
NET CHANGE RESULTING FROM INVESTMENT SHARE TRANSACTIONS	(5,326,152)	$(5,326,152)	(2,619,088)	$(2,619,088)

Year Ended October 31	2017		2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	331,095,775	$331,095,775	722,350,876	$722,350,876
Shares issued to shareholders in payment of distributions declared	440,380	440,380	216,015	216,015
Shares redeemed	(228,649,293)	(228,649,293)	(815,955,221)	(815,955,221)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	102,886,862	$102,886,862	(93,388,330)	$(93,388,330)

Year Ended October 31	2017		2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	257,057,350	$257,057,350	384,477,181	$384,477,181
Shares issued to shareholders in payment of distributions declared	360,832	360,832	536,390	536,390
Shares redeemed	(269,734,222)	(269,734,222)	(480,881,238)	(480,881,238)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(12,316,040)	$(12,316,040)	(95,867,667)	$(95,867,667)

Year Ended October 31	2017		2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	12,629,347	$12,629,347	21,881,255	$21,881,255
Shares issued to shareholders in payment of distributions declared	10,907	10,907	103,466	103,466
Shares redeemed	(10,569,974)	(10,569,974)	(130,320,424)	(130,320,424)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	2,070,280	$2,070,280	(108,335,703)	$(108,335,703)

Annual Shareholder Report

Year Ended October 31	2017		2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	71,161,783	$71,161,783	87,013,029	$87,013,029
Shares issued to shareholders in payment of distributions declared	7,633	7,633	239,660	239,660
Shares redeemed	(74,532,819)	(74,532,819)	(140,193,393)	(140,193,393)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(3,363,403)	$(3,363,403)	(52,940,704)	$(52,940,704)

Year Ended October 31	2017		2016
Capital Shares:	Shares	Amount	Shares	Amount
Shares sold	157,890,371	$157,890,371	168,087,980	$168,087,980
Shares issued to shareholders in payment of distributions declared	279,804	279,804	229,433	229,433
Shares redeemed	(98,617,090)	(98,617,090)	(280,475,136)	(280,475,136)
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS	59,553,085	$59,553,085	(112,157,723)	$(112,157,723)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	143,504,632	$143,504,632	(465,309,215)	$(465,309,215)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$1,401,828	$390,013
Ordinary income¹	$2,692	$599,067
Long-term capital gains	$10,531	$868,270

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

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$3,208
Undistributed ordinary income²	$49,313
Undistributed long-term capital gains	$72,031

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

Annual Shareholder Report

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Distribution Services Fee

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

Annual Shareholder Report

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Investment Shares	$6,180	$(1,730)
Cash II Shares	13,273	(3,318)
Cash Series Shares	337,304	(67,388)
TOTAL	$356,757	$(72,436)

Other Service Fees

For the year ended October 31, 2017, FSSC received $55 and reimbursed $834 of the other service fees disclosed in Note 2.

Expense Limitation

Interfund Transactions

General

Annual Shareholder Report

6. CONCENTRATION OF RISK

7. INTERFUND LENDING

8. Subsequent event

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, the amount of long-term capital gains designated by the Fund was $10,531.

For the year ended October 31, 2017, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF federated CALIFORNIA MUNICIPAL CASH TRUST, WEALTH SHARES:

We have audited the accompanying statement of assets and liabilities of Federated California Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017 and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights of the Wealth Shares for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated California Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights of the Wealth Shares for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual	$1,000	$1,003.10	$1.41
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,023.80	$1.43

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 184/365 (to reflect the one-half-year period).

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 Vice President Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated California Municipal Cash Trust (the “Fund”)

Annual Shareholder Report

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated California Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 60934N369

33949 (12/17)

Federated is a registered trademark of Federated Investors, Inc.
2017 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At October 31, 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 October 31, 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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount or Shares			Value
	¹	SHORT-TERM MUNICIPALS—99.2%
		Alabama—11.1%
$6,000,000		Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A:Turtle Lake) Weekly VRDNs (FNMA LOC), 0.970%, 11/2/2017	$6,000,000
8,000,000		Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs (Nordea Bank AB LOC), 0.960%, 11/2/2017	8,000,000
5,775,000		Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs (FHLB of Dallas LOC), 0.960%, 11/2/2017	5,775,000
12,750,000		Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011A: Gulf Opportunity Zone Bonds) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.970%, 11/1/2017	12,750,000
13,000,000		Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011J: Gulf Opportunity Zone Bonds) Weekly VRDNs (Bank of Nova Scotia, Toronto LOC), 0.940%, 11/2/2017	13,000,000
16,120,000		Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (FHLB of Atlanta LOC), 0.970%, 11/2/2017	16,120,000
		TOTAL	61,645,000
		Arizona—3.1%
13,500,000		Maricopa County, AZ, IDA (Banner Health), (Series 2017D) Weekly VRDNs, 0.920%, 11/1/2017	13,500,000
4,000,000		Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs (CoBank, ACB LOC), 0.960%, 11/2/2017	4,000,000
		TOTAL	17,500,000
		California—1.0%
5,500,000		California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs (FHLB of San Francisco LOC), 0.970%, 11/2/2017	5,500,000
		Connecticut—4.1%
4,505,000		Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 0.950%, 11/2/2017	4,505,000
3,000,000		Connecticut State HEFA (Hotchkiss School), (Series A) Weekly VRDNs (TD Bank, N.A. LIQ), 0.920%, 11/2/2017	3,000,000
3,800,000		Connecticut State HEFA (Westminster School), (Series C) Weekly VRDNs (Bank of America N.A. LOC), 0.950%, 11/2/2017	3,800,000
6,765,000		Connecticut State HFA (CIL Realty), (Series 2010) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 0.950%, 11/2/2017	6,765,000

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Connecticut—continued
$4,820,000		Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	$4,820,000
		TOTAL	22,890,000
		Florida—3.6%
5,555,000		Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs (TD Bank, N.A. LOC), 0.970%, 11/2/2017	5,555,000
9,750,000		Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.930%, 11/1/2017	9,750,000
4,650,000		Palm Beach County, FL (Zoological Society of Palm Beach, Inc.), (Series 2001) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.920%, 11/2/2017	4,650,000
		TOTAL	19,955,000
		Georgia—1.1%
6,000,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs (FHLMC LOC), 1.060%, 11/2/2017	6,000,000
		Illinois—11.1%
4,000,000		Illinois Development Finance Authority (Chicago Horticultural Society), (Series 1999) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 0.920%, 11/1/2017	4,000,000
6,000,000		Illinois Development Finance Authority (North Shore Senior Center), (Series 1999) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.970%, 11/1/2017	6,000,000
6,600,000		Illinois Development Finance Authority IDB (Chicago Symphony Orchestra Project), Revenue Bonds (Series 1994) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.950%, 11/1/2017	6,600,000
2,000,000		Illinois Finance Authority (Chicago Horticultural Society), (Series 2008) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 0.920%, 11/1/2017	2,000,000
3,465,000		Illinois Finance Authority (Clearbrook Corp.), (Series 2008) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 0.950%, 11/2/2017	3,465,000
3,000,000		Illinois Finance Authority (OSF Health Care Systems), (Series 2009B) Weekly VRDNs (PNC Bank, N.A. LOC), 0.920%, 11/1/2017	3,000,000
30,000,000		Illinois State Toll Highway Authority, (2007 Series A-1b) Weekly VRDNs (Bank of America N.A. LOC), 0.950%, 11/2/2017	30,000,000
6,495,000		Southwestern Illinois Development Authority (Molinero, Inc.), (Series 2010) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 0.950%, 11/2/2017	6,495,000
		TOTAL	61,560,000
		Indiana—2.6%
5,670,000		Indianapolis, IN MFH (Washington Pointe, LP), (Series 2009A) Weekly VRDNs (FNMA LOC), 0.930%, 11/3/2017	5,670,000

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Indiana—continued
$9,010,000		Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 0.980%, 11/2/2017	$9,010,000
		TOTAL	14,680,000
		Iowa—4.3%
24,000,000		Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 0.950%, 11/2/2017	24,000,000
		Kansas—0.9%
5,150,000		Burlington, KS (Kansas City Power And Light Co.), (Series 2007A) Weekly VRDNs (Mizuho Bank Ltd. LOC), 0.980%, 11/1/2017	5,150,000
		Louisiana—5.0%
12,000,000		Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs (FHLB of Dallas LOC), 0.980%, 11/1/2017	12,000,000
3,810,000		Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs (FHLB of Dallas LOC), 0.980%, 11/1/2017	3,810,000
3,350,000		Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs (FHLB of Dallas LOC), 0.980%, 11/1/2017	3,350,000
3,650,000		Louisiana Public Facilities Authority (Coca-Cola Bottling Co.), (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.910%, 11/2/2017	3,650,000
4,875,000		New Orleans, LA IDB (521 Tchoupitoulas Street LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs (FHLB of Dallas LOC), 0.960%, 11/2/2017	4,875,000
		TOTAL	27,685,000
		Maryland—0.2%
850,000		Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs (Bank of America N.A. LOC), 0.970%, 11/2/2017	850,000
		Massachusetts—5.3%
16,140,000		Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2014) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 0.950%, 11/2/2017	16,140,000
6,235,000		Massachusetts HEFA (CIL Realty of Massachusetts), (Series 2009) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 0.950%, 11/2/2017	6,235,000
6,900,000		Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs (Bank of America N.A. LOC), 0.950%, 11/2/2017	6,900,000
		TOTAL	29,275,000

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Michigan—5.0%
$5,240,000		Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs (FHLB of Chicago LOC), 0.940%, 11/2/2017	$5,240,000
4,100,000		Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.000%, 11/2/2017	4,100,000
14,215,000		St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.010%, 11/2/2017	14,215,000
4,490,000		St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.010%, 11/2/2017	4,490,000
		TOTAL	28,045,000
		Minnesota—2.8%
2,740,000		Bloomington, MN (Presbyterian Homes, Inc.), (Series 2008) Weekly VRDNs (FHLMC LOC), 0.930%, 11/2/2017	2,740,000
2,750,000		Minneapolis, MN (Symphony Place) Weekly VRDNs (FHLMC LOC), 0.920%, 11/2/2017	2,750,000
1,600,000		Minnesota State Higher Education Facility Authority (Augsburg College), (Series Six-J2) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 1.010%, 11/2/2017	1,600,000
3,900,000		Roseville, MN (Eaglecrest Senior Housing, LLC), (Series 2009) Weekly VRDNs (FHLMC LOC), 0.930%, 11/2/2017	3,900,000
4,650,000		St. Louis Park, MN (Parkshore Senior Campus, LLC), (Series 2004) Weekly VRDNs (FHLMC LOC), 1.000%, 11/2/2017	4,650,000
		TOTAL	15,640,000
		Multi-State—3.6%
20,000,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, VRDP (Series 5-1000) Weekly VRDPs (Sumitomo Mitsui Banking Corp. LIQ), 1.010%, 11/2/2017	20,000,000
		Nebraska—0.4%
950,000		Douglas County, NE Hospital Authority No. 001 (Florence Home), (Series 2002) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.170%, 11/2/2017	950,000
1,400,000		Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.960%, 11/2/2017	1,400,000
		TOTAL	2,350,000
		Nevada—2.5%
13,800,000		Reno, NV, Senior Lien Sales Tax Revenue Refunding Bonds (Series 2008A) Daily VRDNs (Bank of New York Mellon LOC), 1.010%, 11/1/2017	13,800,000

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New Jersey—1.8%
$10,000,000		New Jersey Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated Group), (Series 2014B) Weekly VRDNs (TD Bank, N.A. LOC), 0.920%, 11/2/2017	$10,000,000
		New York—1.1%
2,320,000		Columbia County, NY IDA (Columbia Memorial Hospital), (Series 2008A) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 0.950%, 11/2/2017	2,320,000
3,700,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.950%, 11/1/2017	3,700,000
		TOTAL	6,020,000
		North Carolina—1.8%
2,100,000		New Hanover County, NC (New Hanover Regional Medical Center), (Series 2008B) Weekly VRDNs (PNC Bank, N.A. LOC), 0.930%, 11/1/2017	2,100,000
1,985,000		North Carolina Capital Facilities Finance Agency (Salem Academy and College), (Series 2005) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.920%, 11/2/2017	1,985,000
4,650,000		Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs (Credit Industriel et Commercial LOC), 1.000%, 11/2/2017	4,650,000
1,480,000		Raleigh, NC, (Series 2005B-2) Weekly VRDNs (PNC Bank, N.A. LIQ), 0.920%, 11/1/2017	1,480,000
		TOTAL	10,215,000
		North Dakota—3.6%
20,000,000		Grand Forks County, ND (J. R. Simplot Co.), (Series 2010) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.020%, 11/1/2017	20,000,000
		Ohio—2.9%
2,950,000		Cleveland-Cuyahoga County, OH Port Authority (Carnegie/89th Garage and Service Center LLC), Revenue Bonds (Series 2007) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.910%, 11/2/2017	2,950,000
8,000,000		Franklin County, OH Hospital Facility Authority (OhioHealth Corp,), (Series 2011C) Weekly VRDNs, 0.930%, 11/1/2017	8,000,000
3,700,000		Hamilton County, OH Hospital Facilities Authority (The Elizabeth Gamble Deaconess Home Association), (Series 2002A) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.930%, 11/2/2017	3,700,000
1,245,000		Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.940%, 11/2/2017	1,245,000
		TOTAL	15,895,000

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Oklahoma—0.7%
$4,055,000		Oklahoma State Industrial Authority (American Cancer Society, Inc.), (Series 2002) Weekly VRDNs (Bank of America N.A. LOC), 1.000%, 11/2/2017	$4,055,000
		Pennsylvania—12.6%
18,910,000		Emmaus, PA General Authority, (Series 1996) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.950%, 11/1/2017	18,910,000
1,600,000		Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs (PNC Bank, N.A. LOC), 0.940%, 11/2/2017	1,600,000
7,800,000		Mercer County, PA, (Series 2011) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.960%, 11/2/2017	7,800,000
2,600,000		Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs (GTD by FHLMC), 0.920%, 11/2/2017	2,600,000
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%, 11/2/2017	22,000,000
17,000,000		Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.960%, 11/2/2017	17,000,000
		TOTAL	69,910,000
		Tennessee—1.1%
6,400,000		Metropolitan Nashville Tennessee Airport Authority, (Series 2008A) Weekly VRDNs (Societe Generale, Paris LOC), 1.040%, 11/1/2017	6,400,000
		Texas—2.4%
7,000,000		Austin, TX Hotel Occupancy Tax, Subordinate Lien Variable Rate Revenue Refunding Bonds (Series 2008-B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.950%, 11/2/2017	7,000,000
2,800,000		Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs (FHLMC LOC), 1.010%, 11/2/2017	2,800,000
3,700,000		Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-1) Daily VRDNs, 0.920%, 11/1/2017	3,700,000
		TOTAL	13,500,000
		Utah—0.4%
2,000,000		St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 0.990%, 11/2/2017	2,000,000
		Washington—0.9%
4,830,000		Washington State EDFA (CleanScapes, Inc.), (Series 2009) Weekly VRDNs (Bank of America N.A. LOC), 1.020%, 11/1/2017	4,830,000
		West Virginia—0.7%
2,825,000		Cabell County, WV (Provident Group-Marshall Properties, LLC), (Series 2010A) Weekly VRDNs (Bank of America N.A. LOC), 0.950%, 11/2/2017	2,825,000

Annual Shareholder Report

Principal Amount or Shares			Value
	¹	SHORT-TERM MUNICIPALS—continued
		West Virginia—continued
$900,000		West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.950%, 11/2/2017	$900,000
		TOTAL	3,725,000
		Wisconsin—1.5%
8,325,000		Wisconsin Public Finance Authority (RPD Holdings, LLC and HGI Wisconsin, LLC), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs (AgriBank FCB LOC), 0.960%, 11/2/2017	8,325,000
		TOTAL INVESTMENT IN SECURITIES-99.2% (AT IDENTIFIED COST)²	551,400,000
		OTHER ASSETS AND LIABILITIES-NET—0.8%³	4,327,687
		TOTAL NET ASSETS—100%	$555,727,687

1	Current rate and current maturity or next reset date shown for floating/variable notes. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 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 October 31, 2017, all investments of the Fund utilized level 2 inputs, in valuing the Fund's assets carried at fair value.

Annual Shareholder Report

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
CDA	—Community Development Authority
EDC	—Economic Development Commission
EDFA	—Economic Development Finance Authority
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
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
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Year Ended 10/31/2017	Period Ended 10/31/2016¹
Net Asset Value, Beginning of Period	$1.0000	$1.0000
Income From Investment Operations:
Net investment income	0.0059	0.0020
Net realized gain on investments	—	—
TOTAL FROM INVESTMENT OPERATIONS	0.0059	0.0020
Less Distributions:
Distributions from net investment income	(0.0059)	(0.0020)
Net Asset Value, End of Period	$1.0000	$1.0000
Total Return²	0.59%	0.20%
Ratios to Average Net Assets:
Net expenses	0.20%	0.20%³
Net investment income	0.59%	0.54%³
Expense waiver/reimbursement⁴	0.20%	0.22%³
Supplemental Data:
Net assets, end of period (000 omitted)	$301,268	$231,159

1	Reflects operations for the period from February 26, 2016 (date of initial public 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

Annual Shareholder Report

Financial Highlights–Premier Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.0000	$1.0000	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.0064	0.0020	—	—	—
Net realized gain (loss) on investments	—	(0.0000)¹	0.000²	—	0.000²
TOTAL FROM INVESTMENT OPERATIONS	0.0064	0.0020	0.000²	—	0.000²
Less Distributions:
Distributions from net investment income	(0.0064)	(0.0020)	—	—	—
Distributions from net realized gain on investments	—	(0.0000)¹	—	(0.000)²	(0.000)²
TOTAL DISTRIBUTIONS	(0.0064)	(0.0020)	—	(0.000)²	(0.000)²
Net Asset Value, End of Period	$1.0000	$1.0000	$1.00	$1.00	$1.00
Total Return³	0.64%	0.25%	0.00%	0.00%⁴	0.00%⁴
Ratios to Average Net Assets:
Net expenses	0.15%	0.14%	0.12%	0.16%	0.21%
Net investment income	0.65%	0.26%	0.00%	0.00%	0.00%
Expense waiver/reimbursement⁵	0.20%	0.36%	0.61%	0.55%	0.43%
Supplemental Data:
Net assets, end of period (000 omitted)	$254,460	$155,223	$59,784	$52,973	$66,331

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	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at identified cost and fair value		$551,400,000
Cash		339,932
Income receivable		434,994
Receivable for shares sold		4,000,000
TOTAL ASSETS		556,174,926
Liabilities:
Payable for shares redeemed	$149,203
Income distribution payable	178,937
Payable to adviser (Note 5)	1,490
Payable for administrative fees (Note 5)	1,212
Payable for transfer agent fee	14,449
Payable for portfolio accounting fees	51,829
Payable for other service fees (Note 2)	12,039
Payable for share registration costs	13,954
Payable for printing and postage	15,332
Accrued expenses (Note 5)	8,794
TOTAL LIABILITIES		447,239
Net assets for 555,727,565 shares outstanding		$555,727,687
Net Assets Consist of:
Paid-in capital		$555,727,565
Accumulated net realized loss on investments		(36)
Undistributed net investment income		158
TOTAL NET ASSETS		$555,727,687
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$301,268,148 ÷ 301,268,311 shares outstanding, no par value, unlimited shares authorized		$1.0000
Premier Shares:
$254,459,539 ÷ 254,459,254 shares outstanding, no par value, unlimited shares authorized		$1.0000

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$3,369,948	$463,647
Net realized gain (loss) on investments	—	(36)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	3,369,948	463,611
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares	(1,750,265)	(248,973)
Premier Shares	(1,619,278)	(214,921)
Distributions from net realized gain on investments
Institutional Shares	—	—
Premier Shares	—	(14,137)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(3,369,543)	(478,031)
Share Transactions:
Proceeds from sale of shares	1,539,659,130	673,810,542
Net asset value of shares issued to shareholders in payment of distributions declared	1,538,326	42,928
Cost of shares redeemed	(1,371,852,359)	(347,240,737)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	169,345,097	326,612,733
Change in net assets	169,345,502	326,598,313
Net Assets:
Beginning of period	386,382,185	59,783,872
End of period (including undistributed net investment income (distributions in excess) of $158 and $(247), respectively)	$555,727,687	$386,382,185

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 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) rules and 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 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 net asset value (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 Trustees.
■	Fixed-income securities 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.

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 each 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 (“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.

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 and transfer agent fees unique to those classes. The detail of the total fund expense waiver of $1,080,799 is disclosed in Note 5.

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 year ended October 31, 2017, other service fees for the Fund were as follows:

	Other Service Fees Incurred
Institutional Shares	$146,944

For the year ended October 31, 2017, the Fund's Premier Shares did not incur other service fees.

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Annual Shareholder Report

Restricted Securities

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

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

	Year Ended 10/31/2017		Period Ended 10/31/2016¹
Institutional Shares:	Shares	Amount	Shares	Amount
Shares sold	424,907,715	$424,907,715	276,650,099	$276,650,099
Shares issued to shareholders in payment of distributions declared	469,344	469,344	13,579	13,579
Shares redeemed	(355,267,713)	(355,267,713)	(45,504,713)	(45,504,713)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	70,109,346	$70,109,346	231,158,965	$231,158,965

Year Ended October 31	2017		2016
Premier Shares:	Shares	Amount	Shares	Amount
Shares sold	1,114,751,415	$1,114,751,415	397,160,443	$397,160,443
Shares issued to shareholders in payment of distributions declared	1,068,982	1,068,982	29,349	29,349
Shares redeemed	(1,016,584,646)	(1,016,584,646)	(301,736,024)	(301,736,024)
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS	99,235,751	$99,235,751	95,453,768	$95,453,768
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	169,345,097	$169,345,097	326,612,733	$326,612,733

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

Annual Shareholder Report

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$3,369,543	$463,894
Ordinary income¹	$—	$9,532
Long-term capital gains	$—	$4,605

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

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$158
Capital loss carry forwards	$(36)

At October 31, 2017, the Fund had a capital loss carryforward of $36 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, thereby reducing the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, a net capital loss incurred in taxable years beginning after December 22, 2010, retains its character as either short-term or long-term and does not expire. All of the Fund's capital loss carryforwards were incurred in taxable years after December 22, 2010.

The following schedule summarizes the Fund's capital loss carryforwards:

Short-Term	Long-Term	Total
$36	$—	$36

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.20% of the Fund's average daily net assets. 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 year ended October 31, 2017, the Adviser waived $1,080,799 of its fee.

Annual Shareholder Report

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

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 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

Annual Shareholder Report

General

6. INTERFUND LENDING

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund, along with other funds advised by subsidiaries of Federated Investors, Inc., may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from other participating affiliated funds.

As of October 31, 2017, there were no outstanding loans. During the year ended October 31, 2017, the program was not utilized.

7. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, 100.00% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF FEDERATED institutional TAX-FREE Cash TRUST:

We have audited the accompanying statement of assets and liabilities of Federated Institutional Tax-Free Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the period or years indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Institutional Tax-Free Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the years or period indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,003.30	$1.01
Premier Shares	$1,000	$1,003.60	$0.76
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,024.20	$1.02
Premier Shares	$1,000	$1,024.40	$0.77

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

Institutional Shares	0.20%
Premier Shares	0.15%

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated Institutional Tax-Free Cash Trust (the “Fund”)

Annual Shareholder Report

advisory affiliates 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.

Annual Shareholder Report

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.

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 at the median of the relevant peer group and the Board was satisfied that the overall expense structure of the Fund remained competitive.

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

The Fund's performance was at the median of the relevant peer group for the one-year period covered by the Senior Officer's Evaluation. The Board also considered the relatively tight dispersion of performance date with respect the Fund and its peers.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

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. Moreover, the Board receives regular reporting as to the institution, adjustment or elimination of these voluntary waivers.

The Senior Officer's Evaluation also discussed the notion of possible realization of “economies of scale” as a fund grows larger. In this regard, the Board considered 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 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. It 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.

Annual Shareholder Report

While the Senior Officer noted certain items for follow-up reporting to the Board and further consideration by management, he stated that his observations and 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.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

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.

Federated Institutional Tax-Free Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 608919486
CUSIP 60934N666

29452 (12/17)

Federated is a registered trademark of Federated Investors, Inc.
2017 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables (unaudited)

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	82.6%
Municipal Notes	17.2%
Other Assets and Liabilities—Net²	0.2%
TOTAL	100.0%

At October 31, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	82.6%
8-30 Days	2.9%
31-90 Days	14.3%
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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.8%
		Georgia—99.8%
$850,000		Athens-Clarke County, GA IDA (University of Georgia Athletic Association), (Series 2005B) Daily VRDNs (Wells Fargo Bank, N.A. LOC), 0.880%, 11/1/2017	$850,000
8,000,000		Atlanta, GA Independent School System, 1.50% TANs, 12/29/2017	8,005,717
3,400,000		Atlanta, GA Water & Wastewater, Tender Option Bond Trust Receipts (2015-XF0234) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.940%, 11/2/2017	3,400,000
4,250,000		Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017	4,250,000
4,000,000		Atlanta, GA, Urban Residential Finance Authority (West End Housing Development), (Series 1995) Weekly VRDNs (FNMA LOC), 1.050%, 11/2/2017	4,000,000
5,400,000		Bulloch County, GA Development Authority (Apogee Enterprises, Inc.), (Series 1999) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.090%, 11/2/2017	5,400,000
1,000,000		Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.980%, 11/1/2017	1,000,000
5,000,000		Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 1.000%, 11/1/2017	5,000,000
3,540,000		Cherokee County, GA Development Authority (Goodwill of North Georgia, Inc.), (Series 2008) Weekly VRDNs (SunTrust Bank LOC), 1.030%, 11/1/2017	3,540,000
7,400,000		Cobb County, GA Housing Authority (Highland Ridge Partners LP), (Series 2008) Weekly VRDNs (FHLMC LOC), 0.970%, 11/2/2017	7,400,000
8,400,000		Cobb County, GA Housing Authority (Walton Reserve Apartments), (Series 2002) Weekly VRDNs (SunTrust Bank LOC), 0.990%, 11/1/2017	8,400,000
4,855,000		Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017	4,855,000
4,000,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs (FHLMC LOC), 1.060%, 11/2/2017	4,000,000
1,035,000		Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.000%, 11/2/2017	1,035,000
1,580,000		Floyd County, GA Development Authority PCRB (Georgia Power Co.), (First Series 1996) Daily VRDNs, 0.980%, 11/1/2017	1,580,000
1,600,000		Fulton County, GA Development Authority (Donnellan School, Inc.), (Series 2000) Weekly VRDNs (Bank of New York Mellon LOC), 1.000%, 11/2/2017	1,600,000
12,380,000		Fulton County, GA, Solar Eclipse (Series 2017-0007) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017	12,380,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Georgia—continued
$1,650,000		Gwinnett County, GA Development Authority (Commercial Truck & Van Equipment) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.030%, 11/2/2017	$1,650,000
6,000,000		Gwinnett County, GA School District, Tender Option Bond Trust Receipts (2015-XF0089) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.950%, 11/2/2017	6,000,000
700,000		Heard County, GA Development Authority (Georgia Power Co.), (First Series 1997) Daily VRDNs, 0.980%, 11/1/2017	700,000
1,245,000		Heard County, GA Development Authority (Oglethorpe Power Corp.), (Series 2009A) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.920%, 11/1/2017	1,245,000
11,265,000		Kennesaw, GA Development Authority (Lakeside Vista Apartments), (Series 2004) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017	11,265,000
3,600,000		Kennesaw, GA, 2.00% TANs, 12/14/2017	3,603,352
4,460,000		Main Street Gas, Inc., GA, (Series 2010 A1), 1.02% TOBs (Royal Bank of Canada LOC), (SIFMA 7-day +0.100%), Optional Tender 12/1/2017	4,460,000
1,785,000		Main Street Gas, Inc., GA, (Series 2010 A2), 1.02% TOBs (Royal Bank of Canada LOC), (SIFMA 7-day +0.100%), Optional Tender 12/1/2017	1,785,000
4,535,000		Metropolitan Atlanta Rapid Transit Authority, GA, Solar Eclipse (Series 2017-0047), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/16/2017	4,535,000
3,700,000		Monroe County, GA Development Authority (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs (Bank of Montreal LOC), 0.930%, 11/1/2017	3,700,000
2,100,000		Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs (Bank of America N.A. LOC), 0.950%, 11/2/2017	2,100,000
4,000,000		Pike County, GA Development Authority (Southern Mills, Inc.), (Series 2003) Weekly VRDNs (Bank of America N.A. LOC), 1.120%, 11/1/2017	4,000,000
2,050,000		Private Colleges & Universities Facilities of GA (Emory University), (Series 2005C-1) Weekly VRDNs, 0.900%, 11/2/2017	2,050,000
4,585,000		Rome, GA, 2.00% TANs, 12/14/2017	4,589,865
1,000,000		Roswell, GA Housing Authority (Belcourt Ltd.), MFH Refunding Revenue Bonds (Series 1988A) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.930%, 11/1/2017	1,000,000
8,850,000		Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.990%, 11/1/2017	8,850,000
1,000,000		Savannah, GA EDA (Home Depot, Inc.), (Series B) Weekly VRDNs (SunTrust Bank LOC), 0.990%, 11/1/2017	1,000,000
5,170,000		Savannah, GA Housing Authority (Bradley Pointe Apartments), (Series 2003) Weekly VRDNs (KeyBank, N.A. LOC), 1.060%, 11/2/2017	5,170,000
3,615,000		Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.960%, 11/2/2017	3,615,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Georgia—continued
$8,200,000		Willacoochee, GA Development Authority (Langboard, Inc.), (Series 1997) Weekly VRDNs (FHLB of Atlanta LOC), 1.070%, 11/2/2017	$8,200,000
		TOTAL INVESTMENT IN SECURITIES—99.8% (AT AMORTIZED COST)²	156,213,934
		OTHER ASSETS AND LIABILITIES - NET—0.2%³	337,271
		TOTAL NET ASSETS—100%	$156,551,205

Securities that are subject to the federal alternative minimum tax (AMT) represent 49.1% of the portfolio as calculated based upon total market value (percentage is unaudited).

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 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.

In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Annual Shareholder Report

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.003	0.001	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.003	0.001	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.003)	(0.001)	(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	(0.003)	(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
Total Return²	0.35%	0.11%	0.01%	0.02%	0.03%
Ratios to Average Net Assets:
Net expenses	0.53%	0.32%³	0.12%	0.13%	0.19%
Net investment income	0.35%	0.05%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.44%	0.64%	0.79%	0.78%	0.70%
Supplemental Data:
Net assets, end of period (000 omitted)	$156,551	$98,313	$168,721	$180,311	$196,010

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$156,213,934
Cash		891,001
Income receivable		252,462
Receivable for shares sold		144,191
TOTAL ASSETS		157,501,588
Liabilities:
Payable for shares redeemed	$849,874
Payable to adviser (Note 5)	1,683
Payable for administrative fees (Note 5)	345
Payable for portfolio accounting fees	22,395
Payable for other service fees (Note 2)	34,701
Accrued expenses (Note 5)	41,385
TOTAL LIABILITIES		950,383
Net assets for 156,534,639 shares outstanding		$156,551,205
Net Assets Consist of:
Paid-in capital		$156,534,639
Accumulated net realized gain on investments		16,472
Undistributed net investment income		94
TOTAL NET ASSETS		$156,551,205
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$156,551,205 ÷ 156,534,639 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$1,063,975
Expenses:
Investment adviser fee (Note 5)		$481,458
Administrative fee (Note 5)		95,034
Custodian fees		4,519
Transfer agent fee		104,635
Directors'/Trustees' fees (Note 5)		1,195
Auditing fees		19,600
Legal fees		10,071
Portfolio accounting fees		64,773
Other service fees (Note 2)		300,309
Share registration costs		67,131
Printing and postage		21,380
Miscellaneous (Note 5)		5,020
TOTAL EXPENSES		1,175,125
Waiver and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(481,458)
Reimbursement of other operating expenses (Note 5)	(52,980)
TOTAL WAIVER AND REIMBURSEMENT		(534,438)
Net expenses			640,687
Net investment income			423,288
Net realized gain on investments			16,472
Change in net assets resulting from operations			$439,760

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$423,288	$75,370
Net realized gain on investments	16,472	5,822
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	439,760	81,192
Distributions to Shareholders:
Distributions from net investment income	(423,243)	(75,321)
Distributions from net realized gain on investments	(5,821)	(66,772)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(429,064)	(142,093)
Share Transactions:
Proceeds from sale of shares	258,691,331	149,490,900
Net asset value of shares issued to shareholders in payment of distributions declared	427,833	135,311
Cost of shares redeemed	(200,891,361)	(219,974,033)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	58,227,803	(70,347,822)
Change in net assets	58,238,499	(70,408,723)
Net Assets:
Beginning of period	98,312,706	168,721,429
End of period (including undistributed net investment income of $94 and $49, respectively)	$156,551,205	$98,312,706

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 2017

1. ORGANIZATION

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 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

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

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

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

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary. As of and during the year ended October 31, 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 October 31, 2017, tax years 2014 through 2017 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

Annual Shareholder Report

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

Other

3. SHARES OF BENEFICIAL INTEREST

The following table summarizes share activity:

Year Ended October 31	2017	2016
Shares sold	258,691,331	149,490,900
Shares issued to shareholders in payment of distributions declared	427,833	135,311
Shares redeemed	(200,891,361)	(219,974,033)
NET CHANGE RESULTING FROM FUND TRANSACTIONS	58,227,803	(70,347,822)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$423,243	$75,321
Ordinary income¹	$2,018	$66,772
Long-term capital gains	$3,803	$—

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

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$94
Undistributed ordinary income²	$16,472

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

Annual Shareholder Report

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% 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 year ended October 31, 2017, the Adviser voluntarily waived its entire fee of $481,458 and voluntarily reimbursed $52,980 of other operating expenses.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Expense Limitation

Annual Shareholder Report

(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

6. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2017, 60.5% 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 15.6% of total investments.

7. INTERFUND LENDING

8. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, the amount of long-term capital gains designated by the Fund was $3,803.

For the year ended October 31, 2017, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

9. subsequent event

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees of Money Market Obligations Trust AND SHAREHOLDERS OF Federated Georgia Municipal Cash Trust:

We have audited the accompanying statement of assets and liabilities of Federated Georgia Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Georgia Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated Georgia Municipal Cash Trust (the “Fund”)

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 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 in the context of other factors considered by the Board.

Annual Shareholder Report

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Georgia Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 60934N328

29506 (12/17)

Federated is a registered trademark of Federated Investors, Inc.
2017 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	64.2%
Municipal Notes	23.1%
Commercial Paper	12.3%
Other Assets and Liabilities—Net²	0.4%
TOTAL	100.0%

At October 31, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	64.2%
8-30 Days	10.9%
31-90 Days	21.8%
91-180 Days	2.7%
181 Days or more	0.0%
Other Assets and Liabilities—Net²	0.4%
TOTAL	100.0%

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

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.6%
		Massachusetts—99.6%
$1,953,156		Ayer-Shirley, MA Regional School District, 1.50% BANs, 12/15/2017	$1,954,086
4,290,000		Billerica, MA, Solar Eclipse (2017-0027), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/9/2017	4,290,000
3,000,000		Boston, MA Water & Sewer Commission, Tax-Exempt Commercial Paper Bond Anticipation Notes (Series A), 0.96% CP (State Street Bank and Trust Co. LOC), Mandatory Tender 1/3/2018	3,000,000
1,800,000		Commonwealth of Massachusetts, (Series 2000A) Weekly VRDNs (Citibank NA, New York LIQ), 0.910%, 11/2/2017	1,800,000
2,880,000		Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69), 1.12% TOBs (State Street Bank and Trust Co. LIQ), Optional Tender 12/7/2017	2,880,000
2,000,000		Haverhill, MA, 1.75% BANs, 12/1/2017	2,001,055
6,700,000		Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.960%, 11/2/2017	6,700,000
4,635,000		Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2013) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.960%, 11/2/2017	4,635,000
1,950,000		Massachusetts Development Finance Agency (Partners Healthcare Systems), Tender Option Bond Trust Receipts (2016-XM0137) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 11/2/2017	1,950,000
3,687,000		Massachusetts Development Finance Agency, (Issue 4), 1.05% CP (FHLB of Boston LOC), Mandatory Tender 1/4/2018	3,687,000
500,000		Massachusetts HEFA (Harvard University), (Series Y) Weekly VRDNs, 0.900%, 11/2/2017	500,000
625,000		Massachusetts HEFA (Henry Heywood Memorial Hospital), (Series 2009C) Tranche 2 Daily VRDNs (TD Bank, N.A. LOC), 0.900%, 11/1/2017	625,000
2,900,000		Massachusetts IFA (New England Power Co.), (Series 1992B), 1.03% CP, Mandatory Tender 11/20/2017	2,900,000
1,900,000		Massachusetts IFA (New England Power Co.), (Series 1992B), 1.03% CP, Mandatory Tender 12/1/2017	1,900,000
2,400,000		Massachusetts IFA (Nova Realty Trust), (Series 1994) Weekly VRDNs (TD Bank, N.A. LOC), 0.900%, 11/2/2017	2,400,000
1,625,000		Massachusetts School Building Authority, Eagles (Series 2014-0003) Weekly VRDNs (Citibank NA, New York LIQ), 0.950%, 11/2/2017	1,625,000
1,800,000		Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2015-XF2203) Weekly VRDNs (Citibank NA, New York LIQ), 0.940%, 11/2/2017	1,800,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Massachusetts—continued
$1,550,000		Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs (Barclays Bank PLC LIQ), 0.940%, 11/2/2017	$1,550,000
2,300,000		Massachusetts State Development Finance Agency (Babson College), (Series 2008A) Weekly VRDNs (Bank of America N.A. LOC), 0.900%, 11/2/2017	2,300,000
4,080,000		Massachusetts State Development Finance Agency (Governor Dummer Academy), (Series 2006) Weekly VRDNs (TD Bank, N.A. LOC), 0.920%, 11/1/2017	4,080,000
575,000		Massachusetts State Development Finance Agency (Marine Biological Laboratory), (Series 2006) Weekly VRDNs (PNC Bank, N.A. LOC), 0.920%, 11/2/2017	575,000
3,000,000		Massachusetts State Development Finance Agency (Partners Healthcare Systems), (Series M-2) Weekly VRDNs (Bank of New York Mellon LOC), 0.900%, 11/2/2017	3,000,000
6,185,000		Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007A) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.020%, 11/1/2017	6,185,000
2,435,000		Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007B) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.020%, 11/1/2017	2,435,000
4,845,000		Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs (Bank of America N.A. LIQ), 0.960%, 11/2/2017	4,845,000
3,900,000		Massachusetts State Health & Educational Facility (Tufts University), (Series 2008 N-1) Daily VRDNs (U.S. Bank, N.A. LIQ), 0.860%, 11/1/2017	3,900,000
2,600,000		Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs (Bank of America N.A. LOC), 0.950%, 11/2/2017	2,600,000
6,670,000		Massachusetts Water Resources Authority, Tender Option Bond Trust Certificates (2016-XX1002) Weekly VRDNs (Barclays Bank PLC LIQ), 0.940%, 11/2/2017	6,670,000
2,500,000		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 3/1/2018	2,500,000
3,063,930		Salem, MA, 1.60% BANs, 11/17/2017	3,064,724
5,000,000		Templeton, MA, 1.50% BANs, 12/1/2017	5,002,036
		TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)²	93,353,901
		OTHER ASSETS AND LIABILITIES - NET—0.4%³	349,613
		TOTAL NET ASSETS—100%	$93,703,514

At October 31, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT)(unaudited).

Annual Shareholder Report

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 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.

In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

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
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.002	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	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(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	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.25%	0.07%	0.05%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.61%	0.32%³	0.12%	0.13%	0.20%
Net investment income	0.20%	0.03%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.37%	0.57%	0.74%	0.70%	0.61%
Supplemental Data:
Net assets, end of period (000 omitted)	$50,886	$71,785	$115,844	$151,956	$199,034

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.05%	0.04%	0.05%	0.03%	0.02%
Ratios to Average Net Assets:
Net expenses	0.81%	0.35%³	0.12%	0.13%	0.21%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.77%	1.14%	1.35%	1.32%	1.22%
Supplemental Data:
Net assets, end of period (000 omitted)	$42,818	$60,767	$80,123	$62,657	$60,291

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.35% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$93,353,901
Cash		253,761
Income receivable		215,411
Receivable for shares sold		19,303
TOTAL ASSETS		93,842,376
Liabilities:
Payable for shares redeemed	$19,303
Income distribution payable	9,886
Payable to adviser (Note 5)	908
Payable for administrative fees (Note 5)	206
Payable for transfer agent fee	6,698
Payable for portfolio accounting fees	25,322
Payable for distribution services fee (Note 5)	6,086
Payable for other service fees (Notes 2 and 5)	18,912
Payable for share registration costs	31,039
Payable for printing and postage	16,245
Accrued expenses (Note 5)	4,257
TOTAL LIABILITIES		138,862
Net assets for 93,699,240 shares outstanding		$93,703,514
Net Assets Consist of:
Paid-in capital		$93,699,452
Accumulated net realized gain on investments		3,884
Undistributed net investment income		178
TOTAL NET ASSETS		$93,703,514
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$50,885,981 ÷ 50,883,660 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$42,817,533 ÷ 42,815,580 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$914,233
Expenses:
Investment adviser fee (Note 5)		$449,443
Administrative fee (Note 5)		88,528
Custodian fees		4,629
Transfer agent fee		62,020
Directors'/Trustees' fees (Note 5)		1,404
Auditing fees		19,601
Legal fees		13,456
Portfolio accounting fees		69,733
Distribution services fee (Note 5)		326,679
Other service fees (Notes 2 and 5)		279,576
Share registration costs		83,015
Printing and postage		23,343
Miscellaneous (Note 5)		5,824
TOTAL EXPENSES		1,427,251
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(135,569)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(500,179)
TOTAL WAIVERS AND REIMBURSEMENT		(635,748)
Net expenses			791,503
Net investment income			122,730
Net realized gain on investments			3,885
Change in net assets resulting from operations			$126,615

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$122,730	$38,744
Net realized gain on investments	3,885	49,990
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	126,615	88,734
Distributions to Shareholders:
Distributions from net investment income
Service Shares	(117,160)	(30,979)
Cash Series Shares	(5,474)	(7,683)
Distributions from net realized gain on investments
Service Shares	(27,605)	(42,961)
Cash Series Shares	(22,383)	(26,051)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(172,622)	(107,674)
Share Transactions:
Proceeds from sale of shares	329,783,312	554,171,852
Net asset value of shares issued to shareholders in payment of distributions declared	85,126	51,043
Cost of shares redeemed	(368,670,879)	(617,618,515)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(38,802,441)	(63,395,620)
Change in net assets	(38,848,448)	(63,414,560)
Net Assets:
Beginning of period	132,551,962	195,966,522
End of period (including undistributed net investment income of $178 and $82, respectively)	$93,703,514	$132,551,962

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 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.

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 Board of Trustees (the ”Trustees”) determine such liquidity fees or redemption gates are in the best interests of the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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

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 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 $635,748 is disclosed in various locations in this Note 2 and Note 5.

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 year ended October 31, 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	$143,460	$(142,576)	$(884)
Cash Series Shares	136,116	(178)	(97,707)
TOTAL	$279,576	$(142,754)	$(98,591)

Federal Taxes

Annual Shareholder Report

recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. As of October 31, 2017, tax years 2014 through 2017 remain subject to examination by the Fund's major tax jurisdictions, which include the United States of America and the Commonwealth of Massachusetts.

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended October 31	2017		2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	141,378,697	$141,378,697	321,670,660	$321,670,660
Shares issued to shareholders in payment of distributions declared	57,323	57,323	17,444	17,444
Shares redeemed	(162,310,563)	(162,310,563)	(365,731,859)	(365,731,859)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(20,874,543)	$(20,874,543)	(44,043,755)	$(44,043,755)

Annual Shareholder Report

Year Ended October 31	2017		2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	188,404,615	$188,404,615	232,501,192	$232,501,192
Shares issued to shareholders in payment of distributions declared	27,803	27,803	33,599	33,599
Shares redeemed	(206,360,316)	(206,360,316)	(251,886,656)	(251,886,656)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(17,927,898)	$(17,927,898)	(19,351,865)	$(19,351,865)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(38,802,441)	$(38,802,441)	(63,395,620)	$(63,395,620)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$122,634	$38,662
Ordinary income¹	$22	$18,814
Long-term capital gains	$49,966	$50,198

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

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$178
Undistributed ordinary income²	$699
Undistributed long-term capital gains	$3,185

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

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2017, the Adviser voluntarily waived $135,569 of its fee.

Annual Shareholder Report

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Cash 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 year ended October 31, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$326,679	$(258,834)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2017, FSC did not retain any fees paid by the Fund.

Other Service Fees

For the year ended October 31, 2017, FSSC received $2,826 and reimbursed $142,754 of the other service fees disclosed in Note 2.

Annual Shareholder Report

Expense Limitation

Due to the possibility of changes in market conditions and other factors, there can be no assurance that the level of waivers/reimbursement/reduction of Fund expenses reflected in the financial highlights will be maintained in the future. However, the Adviser and certain of its affiliates (which may include FSC, FAS and FSSC) on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. 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

General

6. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 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 9.2% of total investments.

7. INTERFUND LENDING

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF federated MASSACHUSETTS MUNICIPAL CASH TRUST:

We have audited the accompanying statement of assets and liabilities of Federated Massachusetts Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Massachusetts Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,001.50	$3.08
Cash Series Shares	$1,000	$1,000.10	$4.54²
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,022.10	$3.11
Cash Series Shares	$1,000	$1,020.70	$4.58²

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

Service Shares	0.61%
Cash Series Shares	0.90%

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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.14 and $5.19, respectively.

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: 1990	Principal Occupations: Mary Jo Ochson has been the Fund's Portfolio Manager since 1990. Ms. Ochson was named Chief Investment Officer of Federated's tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated Massachusetts Municipal Cash Trust (the “Fund”)

Annual Shareholder Report

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

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.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Massachusetts Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 60934N518
CUSIP 608919882

29519 (12/17)

Federated is a registered trademark of Federated Investors, Inc.
2017 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

	Percentage of Total Net Assets
Variable Rate Demand Instruments	77.8%
Municipal Notes	21.9%
Other Assets and Liabilities—Net²	0.3%
TOTAL	100.0%

At October 31, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	75.3%
8-30 Days	4.8%
31-90 Days	3.3%
91-180 Days	5.6%
181 Days or more	10.7%
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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.7%
		New York—99.7%
$4,600,000		Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	$4,600,000
5,291,190		Batavia Town, NY, 2.50% BANs, 3/15/2018	5,311,487
11,250,000		Battery Park, NY City Authority, PUTTERs (Series 5012) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.960%, 11/1/2017	11,250,000
4,000,000		Broadalbin-Perth, NY CSD, 2.00% BANs, 6/20/2018	4,020,758
1,695,428		Chemung County, NY, 2.25% BANs, 10/12/2018	1,708,857
3,344,275		Cicero, NY, 2.50% BANs, 3/30/2018	3,354,336
2,488,750		Concord, NY, 2.50% BANs, 2/22/2018	2,496,492
3,845,000		Cortland, NY, (Series 2016B), 2.00% BANs, 12/1/2017	3,847,215
9,670,000		Dutchess County, NY Local Development Corporation (Health Quest Systems, Inc. Obligated Group), Tender Option Bond Trust Certificates (2016-XF2343) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.960%, 11/2/2017	9,670,000
7,145,000		Dutchess County, NY IDA (Brookview, Inc.), (Series 2007) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	7,145,000
5,900,000		East Moriches, NY UFSD, 2.00% TANs, 6/27/2018	5,934,395
2,540,000		Elmira Heights, NY CSD, 2.25% BANs, 6/19/2018	2,556,598
2,000,000		Genesee Valley, NY CSD, 2.25% BANs, 8/29/2018	2,015,463
4,205,000		Heuvelton, NY CSD, 2.25% BANs, 6/28/2018	4,230,249
3,000,000		Kingston, NY, (2016 Series B), 2.00% BANs, 11/9/2017	3,000,651
4,900,000		Lisbon, NY CSD, 2.25% BANs, 7/25/2018	4,929,925
3,000,000		Madison, NY CSD, 2.00% BANs, 8/16/2018	3,018,700
3,390,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2015E-4) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 0.960%, 11/2/2017	3,390,000
18,445,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.960%, 11/2/2017	18,445,000
5,040,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-XF0499) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.970%, 11/2/2017	5,040,000
14,000,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.970%, 11/2/2017	14,000,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$1,585,000		Monroe County, NY IDA (Al Sigl Center for Rehabilitation Agencies, Inc. Civic Facility), (Series 2004) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	$1,585,000
7,500,000		Monroe County, NY IDA (Harley School), (Series 2008) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	7,500,000
2,180,000		Mount Morris, NY CSD, 2.25% BANs, 6/29/2018	2,191,295
2,300,000		Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.940%, 11/1/2017	2,300,000
6,000,000		New York City Housing Development Corp. (245 East 124th Street), (2008 Series A) Weekly VRDNs (FHLMC LOC), 0.950%, 11/1/2017	6,000,000
8,650,000		New York City Housing Development Corp., (Series 2015D-4) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.890%, 11/2/2017	8,650,000
3,000,000		New York City Housing Development Corp., Sustainable Neighborhood Bonds (2017 Series C-4) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.890%, 11/2/2017	3,000,000
2,150,000		New York City, NY Health and Hospitals Corp., Health System Bonds (Series 2008B) Weekly VRDNs (TD Bank, N.A. LOC), 0.910%, 11/1/2017	2,150,000
740,000		New York City, NY IDA (Village Community School), (Series 2001) Weekly VRDNs (TD Bank, N.A. LOC), 1.020%, 11/2/2017	740,000
1,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.950%, 11/1/2017	1,000,000
7,500,000		New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Certificates (Series 2017-ZM0547) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.950%, 11/2/2017	7,500,000
8,800,000		New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Receipts (2016-ZF0265) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.940%, 11/2/2017	8,800,000
4,105,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs (Bank of New York Mellon LIQ), 0.930%, 11/1/2017	4,105,000
6,250,000		New York City, NY Transitional Finance Authority, Tender Option Bond Trust Certificates (2015-XF2157) Weekly VRDNs (Citibank NA, New York LIQ), 0.940%, 11/2/2017	6,250,000
3,300,000		New York City, NY, (Fiscal 2008 Subseries D-4) Weekly VRDNs (Bank of Montreal LIQ), 0.920%, 11/2/2017	3,300,000
5,000,000		New York City, NY, RBC Municipal Products (Series E-86) Weekly VRDNs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.950%, 11/2/2017	5,000,000
4,910,000		New York City, NY, Solar Eclipse (Series 2017-0057), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/18/2018	4,910,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$12,000,000		New York Liberty Development Corporation (Port Authority of New York and New Jersey), Tender Option Bond Trust Certificates (2015-XF1027) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.980%, 11/2/2017	$12,000,000
3,650,000		New York State Dormitory Authority (Culinary Institute of America), (Series 2006) Weekly VRDNs (TD Bank, N.A. LOC), 0.920%, 11/2/2017	3,650,000
3,735,000		New York State Dormitory Authority (Memorial Sloan-Kettering Cancer Center), Tender Option Bond Trust Receipts (2016-XF0288) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 1.020%, 11/2/2017	3,735,000
4,395,000		New York State Dormitory Authority (New York University), Solar Eclipse (Series 2017-0034), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017	4,395,000
15,500,000		New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs (FNMA LOC), 0.930%, 11/1/2017	15,500,000
3,000,000		New York State HFA (Dock Street Rental LLC), (Series 2013A) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 0.920%, 11/1/2017	3,000,000
11,730,000		New York State HFA (Durst Pyramid LLC), (Series 2015A-2) Weekly VRDNs (Bank of New York Mellon LOC), 0.930%, 11/1/2017	11,730,000
3,600,000		New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.950%, 11/1/2017	3,600,000
5,500,000		New York State Urban Development Corp. (New York State), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.950%, 11/2/2017	5,500,000
1,225,000		New York, NY City Industrial Agency (Jamaica First Parking LLC), (Series 2004) Weekly VRDNs (TD Bank, N.A. LOC), 0.910%, 11/2/2017	1,225,000
14,500,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs (Citibank NA, New York LIQ), 1.000%, 11/2/2017	14,500,000
10,000,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs (TD Bank, N.A. LIQ), 1.000%, 11/2/2017	10,000,000
5,550,000		Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	5,550,000
8,385,000		Ontario County, NY Industrial Development Agency (Friends of the Finger Lakes Performing Arts Center, Inc.), (Series 2005A) Monthly VRDNs (Citizens Bank, N.A., Providence LOC), 1.280%, 11/1/2017	8,385,000
1,500,000		Orange County, NY IDA (Tuxedo Park School), (Series 2002) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	1,500,000
1,443,429		Owego-Apalachin, NY CSD, 2.00% RANs, 2/22/2018	1,443,896
1,220,000		Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-XF2163) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 11/2/2017	1,220,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$1,100,000		Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.950%, 11/2/2017	$1,100,000
3,045,000		Putnam County, NY Industrial Development Authority (United Cerebral Palsy of Putnam and Southern Dutchess), (Series 2005A) Weekly VRDNs (TD Bank, N.A. LOC), 0.920%, 11/2/2017	3,045,000
2,525,000		Rensselaer County, NY IDA (WMHT Educational Telecommunications), Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	2,525,000
2,300,000		Saranac Lake, NY CSD, 2.25% BANs, 6/20/2018	2,312,188
2,000,000		Ticonderoga, NY CSD, 2.25% BANs, 8/3/2018	2,014,119
330,000		Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2002F) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.930%, 11/1/2017	330,000
5,710,000		Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.020%, 11/2/2017	5,710,000
2,160,000		Van Buren, NY, 2.25% BANs, 1/19/2018	2,163,221
5,890,000		Watertown, NY, 2.25% BANs, 4/19/2018	5,908,702
		TOTAL INVESTMENT IN SECURITIES—99.7% (AT AMORTIZED COST)²	326,988,547
		OTHER ASSETS AND LIABILITIES - NET—0.3%³	952,613
		TOTAL NET ASSETS—100%	$327,941,160

At October 31, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT)(unaudited).

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 2017.

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.

In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CSD	—Central School District
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PUTTERs	—Puttable Tax-Exempt Receipts
RANs	—Revenue Anticipation Notes
TANs	—Tax Anticipation Notes
TOBs	—Tender Option Bonds
UFSD	—Union Free School District
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.006	0.002	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.006	0.002	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.006)	(0.002)	(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	(0.006)	(0.002)	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.56%	0.16%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.32%	0.22%³	0.12%	0.13%	0.20%
Net investment income	0.58%	0.10%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.34%	0.40%	0.48%	0.45%	0.39%
Supplemental Data:
Net assets, end of period (000 omitted)	$111,061	$70,496	$215,975	$260,579	$268,137

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.003	0.001	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.003	0.001	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.003)	(0.001)	(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	(0.003)	(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
Total Return²	0.34%	0.06%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.54%	0.30%³	0.12%	0.13%	0.20%
Net investment income	0.35%	0.02%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.62%	0.79%	0.96%	0.92%	0.86%
Supplemental Data:
Net assets, end of period (000 omitted)	$64,510	$35,692	$194,225	$183,805	$197,712

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.30% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Cash II Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.001	0.000¹	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
Less Distributions:
Distributions from net investment income	(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	(0.001)	(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
Total Return²	0.13%	0.02%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.76%	0.29%³	0.12%	0.13%	0.20%
Net investment income	0.13%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.41%	0.81%	0.98%	0.95%	0.89%
Supplemental Data:
Net assets, end of period (000 omitted)	$10,982	$8,457	$65,870	$103,961	$101,130

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.29% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	—	(0.000)¹	(0.000)¹	(0.000)¹	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.02%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.86%	0.36%³	0.12%	0.13%	0.20%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.65%	1.11%	1.33%	1.30%	1.25%
Supplemental Data:
Net assets, end of period (000 omitted)	$141,388	$172,288	$285,077	$314,108	$324,637

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$326,988,547
Cash		121,568
Income receivable		1,084,462
Receivable for shares sold		53,305
TOTAL ASSETS		328,247,882
Liabilities:
Payable for shares redeemed	$53,595
Income distribution payable	5,624
Payable to adviser (Note 5)	954
Payable for administrative fees (Note 5)	720
Payable for transfer agent fee	29,454
Payable for portfolio accounting fees	41,734
Payable for distribution services fee (Note 5)	58,655
Payable for other service fees (Notes 2 and 5)	46,301
Payable for share registration costs	47,014
Payable for printing and postage	16,163
Accrued expenses (Note 5)	6,508
TOTAL LIABILITIES		306,722
Net assets for 327,939,363 shares outstanding		$327,941,160
Net Assets Consist of:
Paid-in capital		$327,939,363
Accumulated net realized gain on investments		1,437
Undistributed net investment income		360
TOTAL NET ASSETS		$327,941,160
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$111,061,335 ÷ 111,060,726 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$64,510,490 ÷ 64,510,137 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$10,981,729 ÷ 10,981,669 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$141,387,606 ÷ 141,386,831 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$2,625,937
Expenses:
Investment adviser fee (Note 5)		$1,187,834
Administrative fee (Note 5)		234,206
Custodian fees		10,544
Transfer agent fee		244,820
Directors'/Trustees' fees (Note 5)		3,016
Auditing fees		21,250
Legal fees		15,201
Portfolio accounting fees		118,823
Distribution services fee (Note 5)		1,076,600
Other service fees (Notes 2 and 5)		538,678
Share registration costs		94,637
Printing and postage		34,384
Miscellaneous (Note 5)		12,293
TOTAL EXPENSES		3,592,286
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(1,021,595)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(627,125)
TOTAL WAIVERS AND REIMBURSEMENT		(1,648,720)
Net expenses			1,943,566
Net investment income			682,371
Net realized gain on investments			1,437
Change in net assets resulting from operations			$683,808

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$682,371	$215,298
Net realized gain on investments	1,437	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	683,808	215,298
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(465,343)	(151,431)
Service Shares	(188,624)	(35,524)
Cash II Shares	(12,391)	(3,535)
Cash Series Shares	(15,764)	(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	(682,122)	(262,171)
Share Transactions:
Proceeds from sale of shares	622,285,419	1,126,706,806
Net asset value of shares issued to shareholders in payment of distributions declared	597,350	188,820
Cost of shares redeemed	(581,876,567)	(1,601,063,987)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	41,006,202	(474,168,361)
Change in net assets	41,007,888	(474,215,234)
Net Assets:
Beginning of period	286,933,272	761,148,506
End of period (including undistributed net investment income of $360 and $111, respectively)	$327,941,160	$286,933,272

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 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.

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 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

Annual Shareholder Report

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, 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 $1,648,720 is disclosed in various locations in this Note 2 and Note 5.

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 year ended October 31, 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	$132,938	$(36,260)	$—
Cash II Shares	22,874	—	(1,284)
Cash Series Shares	382,866	(19)	(219,983)
TOTAL	$538,678	$(36,279)	$(221,267)

For the year ended October 31, 2017, the Fund's Wealth Shares did not incur other service fees.

Annual Shareholder Report

Federal Taxes

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

Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended October 31	2017		2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	203,514,666	$203,514,666	192,812,267	$192,812,267
Shares issued to shareholders in payment of distributions declared	426,184	426,184	115,709	115,709
Shares redeemed	(163,375,969)	(163,375,969)	(338,394,157)	(338,394,157)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	40,564,881	$40,564,881	(145,466,181)	$(145,466,181)

Year Ended October 31	2017		2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	132,318,543	$132,318,543	495,211,751	$495,211,751
Shares issued to shareholders in payment of distributions declared	143,136	143,136	23,774	23,774
Shares redeemed	(103,644,006)	(103,644,006)	(653,756,639)	(653,756,639)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	28,817,673	$28,817,673	(158,521,114)	$(158,521,114)

Year Ended October 31	2017		2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	19,284,060	$19,284,060	49,193,285	$49,193,285
Shares issued to shareholders in payment of distributions declared	12,373	12,373	7,090	7,090
Shares redeemed	(16,771,858)	(16,771,858)	(106,609,534)	(106,609,534)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	2,524,575	$2,524,575	(57,409,159)	$(57,409,159)

Year Ended October 31	2017		2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	267,168,150	$267,168,150	389,489,503	$389,489,503
Shares issued to shareholders in payment of distributions declared	15,657	15,657	42,247	42,247
Shares redeemed	(298,084,734)	(298,084,734)	(502,303,657)	(502,303,657)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(30,900,927)	$(30,900,927)	(112,771,907)	$(112,771,907)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	41,006,202	$41,006,202	(474,168,361)	$(474,168,361)

Annual Shareholder Report

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$682,122	$215,187
Ordinary income¹	$—	$46,637
Long-term capital gains	$—	$347

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

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$360
Undistributed ordinary income²	$1,437

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

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2017, the Adviser voluntarily waived $1,021,595 of its fee.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Annual Shareholder Report

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Distribution Services Fee

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

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

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$134,275	$(112,791)
Cash II Shares	23,029	(4,606)
Cash Series Shares	919,296	(252,182)
TOTAL	$1,076,600	$(369,579)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2017, FSC retained $46,365 of fees paid by the Fund.

Other Service Fees

For the year ended October 31, 2017, FSSC received $976 and reimbursed $36,279 of the other service fees disclosed in Note 2.

Expense Limitation

Annual Shareholder Report

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

General

6. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2017, 49.2% 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 9.3% of total investments.

7. INTERFUND LENDING

8. SUBSEQUENT EVENT

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF Federated NEW YORK MUNICIPAL CASH TRUST:

We have audited the accompanying statement of assets and liabilities of Federated New York Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated New York Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,003.20	$1.62
Service Shares	$1,000	$1,002.10	$2.73
Cash II Shares	$1,000	$1,001.00	$3.88
Cash Series Shares	$1,000	$1,000.10	$4.79
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,023.60	$1.63
Service Shares	$1,000	$1,022.50	$2.75
Cash II Shares	$1,000	$1,021.30	$3.92
Cash Series Shares	$1,000	$1,020.40	$4.84

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

Wealth Shares	0.32%
Service Shares	0.54%
Cash II Shares	0.77%
Cash Series Shares	0.95%

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated New York Municipal Cash Trust (the “Fund”)

Annual Shareholder Report

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

Annual Shareholder Report

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated New York Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 608919858
CUSIP 60934N294
CUSIP 60934N310
CUSIP 608919866

29521 (12/17)

Federated is a registered trademark of Federated Investors, Inc.
2017 ©Federated Investors, Inc.

Portfolio of Investments Summary Tables

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

	Percentage of Total Net Assets
Variable Rate Demand Instruments	77.8%
Municipal Notes	21.9%
Other Assets and Liabilities—Net²	0.3%
TOTAL	100.0%

At October 31, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	75.3%
8-30 Days	4.8%
31-90 Days	3.3%
91-180 Days	5.6%
181 Days or more	10.7%
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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.7%
		New York—99.7%
$4,600,000		Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	$4,600,000
5,291,190		Batavia Town, NY, 2.50% BANs, 3/15/2018	5,311,487
11,250,000		Battery Park, NY City Authority, PUTTERs (Series 5012) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.960%, 11/1/2017	11,250,000
4,000,000		Broadalbin-Perth, NY CSD, 2.00% BANs, 6/20/2018	4,020,758
1,695,428		Chemung County, NY, 2.25% BANs, 10/12/2018	1,708,857
3,344,275		Cicero, NY, 2.50% BANs, 3/30/2018	3,354,336
2,488,750		Concord, NY, 2.50% BANs, 2/22/2018	2,496,492
3,845,000		Cortland, NY, (Series 2016B), 2.00% BANs, 12/1/2017	3,847,215
9,670,000		Dutchess County, NY Local Development Corporation (Health Quest Systems, Inc. Obligated Group), Tender Option Bond Trust Certificates (2016-XF2343) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.960%, 11/2/2017	9,670,000
7,145,000		Dutchess County, NY IDA (Brookview, Inc.), (Series 2007) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	7,145,000
5,900,000		East Moriches, NY UFSD, 2.00% TANs, 6/27/2018	5,934,395
2,540,000		Elmira Heights, NY CSD, 2.25% BANs, 6/19/2018	2,556,598
2,000,000		Genesee Valley, NY CSD, 2.25% BANs, 8/29/2018	2,015,463
4,205,000		Heuvelton, NY CSD, 2.25% BANs, 6/28/2018	4,230,249
3,000,000		Kingston, NY, (2016 Series B), 2.00% BANs, 11/9/2017	3,000,651
4,900,000		Lisbon, NY CSD, 2.25% BANs, 7/25/2018	4,929,925
3,000,000		Madison, NY CSD, 2.00% BANs, 8/16/2018	3,018,700
3,390,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2015E-4) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 0.960%, 11/2/2017	3,390,000
18,445,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.960%, 11/2/2017	18,445,000
5,040,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-XF0499) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.970%, 11/2/2017	5,040,000
14,000,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.970%, 11/2/2017	14,000,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$1,585,000		Monroe County, NY IDA (Al Sigl Center for Rehabilitation Agencies, Inc. Civic Facility), (Series 2004) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	$1,585,000
7,500,000		Monroe County, NY IDA (Harley School), (Series 2008) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	7,500,000
2,180,000		Mount Morris, NY CSD, 2.25% BANs, 6/29/2018	2,191,295
2,300,000		Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 0.940%, 11/1/2017	2,300,000
6,000,000		New York City Housing Development Corp. (245 East 124th Street), (2008 Series A) Weekly VRDNs (FHLMC LOC), 0.950%, 11/1/2017	6,000,000
8,650,000		New York City Housing Development Corp., (Series 2015D-4) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.890%, 11/2/2017	8,650,000
3,000,000		New York City Housing Development Corp., Sustainable Neighborhood Bonds (2017 Series C-4) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.890%, 11/2/2017	3,000,000
2,150,000		New York City, NY Health and Hospitals Corp., Health System Bonds (Series 2008B) Weekly VRDNs (TD Bank, N.A. LOC), 0.910%, 11/1/2017	2,150,000
740,000		New York City, NY IDA (Village Community School), (Series 2001) Weekly VRDNs (TD Bank, N.A. LOC), 1.020%, 11/2/2017	740,000
1,000,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.950%, 11/1/2017	1,000,000
7,500,000		New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Certificates (Series 2017-ZM0547) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 0.950%, 11/2/2017	7,500,000
8,800,000		New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Receipts (2016-ZF0265) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.940%, 11/2/2017	8,800,000
4,105,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs (Bank of New York Mellon LIQ), 0.930%, 11/1/2017	4,105,000
6,250,000		New York City, NY Transitional Finance Authority, Tender Option Bond Trust Certificates (2015-XF2157) Weekly VRDNs (Citibank NA, New York LIQ), 0.940%, 11/2/2017	6,250,000
3,300,000		New York City, NY, (Fiscal 2008 Subseries D-4) Weekly VRDNs (Bank of Montreal LIQ), 0.920%, 11/2/2017	3,300,000
5,000,000		New York City, NY, RBC Municipal Products (Series E-86) Weekly VRDNs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.950%, 11/2/2017	5,000,000
4,910,000		New York City, NY, Solar Eclipse (Series 2017-0057), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/18/2018	4,910,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$12,000,000		New York Liberty Development Corporation (Port Authority of New York and New Jersey), Tender Option Bond Trust Certificates (2015-XF1027) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.980%, 11/2/2017	$12,000,000
3,650,000		New York State Dormitory Authority (Culinary Institute of America), (Series 2006) Weekly VRDNs (TD Bank, N.A. LOC), 0.920%, 11/2/2017	3,650,000
3,735,000		New York State Dormitory Authority (Memorial Sloan-Kettering Cancer Center), Tender Option Bond Trust Receipts (2016-XF0288) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 1.020%, 11/2/2017	3,735,000
4,395,000		New York State Dormitory Authority (New York University), Solar Eclipse (Series 2017-0034), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017	4,395,000
15,500,000		New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs (FNMA LOC), 0.930%, 11/1/2017	15,500,000
3,000,000		New York State HFA (Dock Street Rental LLC), (Series 2013A) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 0.920%, 11/1/2017	3,000,000
11,730,000		New York State HFA (Durst Pyramid LLC), (Series 2015A-2) Weekly VRDNs (Bank of New York Mellon LOC), 0.930%, 11/1/2017	11,730,000
3,600,000		New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.950%, 11/1/2017	3,600,000
5,500,000		New York State Urban Development Corp. (New York State), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.950%, 11/2/2017	5,500,000
1,225,000		New York, NY City Industrial Agency (Jamaica First Parking LLC), (Series 2004) Weekly VRDNs (TD Bank, N.A. LOC), 0.910%, 11/2/2017	1,225,000
14,500,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs (Citibank NA, New York LIQ), 1.000%, 11/2/2017	14,500,000
10,000,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs (TD Bank, N.A. LIQ), 1.000%, 11/2/2017	10,000,000
5,550,000		Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	5,550,000
8,385,000		Ontario County, NY Industrial Development Agency (Friends of the Finger Lakes Performing Arts Center, Inc.), (Series 2005A) Monthly VRDNs (Citizens Bank, N.A., Providence LOC), 1.280%, 11/1/2017	8,385,000
1,500,000		Orange County, NY IDA (Tuxedo Park School), (Series 2002) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	1,500,000
1,443,429		Owego-Apalachin, NY CSD, 2.00% RANs, 2/22/2018	1,443,896
1,220,000		Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-XF2163) Weekly VRDNs (Citibank NA, New York LIQ), 0.930%, 11/2/2017	1,220,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$1,100,000		Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.950%, 11/2/2017	$1,100,000
3,045,000		Putnam County, NY Industrial Development Authority (United Cerebral Palsy of Putnam and Southern Dutchess), (Series 2005A) Weekly VRDNs (TD Bank, N.A. LOC), 0.920%, 11/2/2017	3,045,000
2,525,000		Rensselaer County, NY IDA (WMHT Educational Telecommunications), Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	2,525,000
2,300,000		Saranac Lake, NY CSD, 2.25% BANs, 6/20/2018	2,312,188
2,000,000		Ticonderoga, NY CSD, 2.25% BANs, 8/3/2018	2,014,119
330,000		Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2002F) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.930%, 11/1/2017	330,000
5,710,000		Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.020%, 11/2/2017	5,710,000
2,160,000		Van Buren, NY, 2.25% BANs, 1/19/2018	2,163,221
5,890,000		Watertown, NY, 2.25% BANs, 4/19/2018	5,908,702
		TOTAL INVESTMENT IN SECURITIES—99.7% (AT AMORTIZED COST)²	326,988,547
		OTHER ASSETS AND LIABILITIES - NET—0.3%³	952,613
		TOTAL NET ASSETS—100%	$327,941,160

At October 31, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT)(unaudited).

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 2017.

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.

In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronyms are used throughout this portfolio:

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CSD	—Central School District
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
PUTTERs	—Puttable Tax-Exempt Receipts
RANs	—Revenue Anticipation Notes
TANs	—Tax Anticipation Notes
TOBs	—Tender Option Bonds
UFSD	—Union Free School District
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.006	0.002	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.006	0.002	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.006)	(0.002)	(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	(0.006)	(0.002)	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.56%	0.16%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.32%	0.22%³	0.12%	0.13%	0.20%
Net investment income	0.58%	0.10%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.34%	0.40%	0.48%	0.45%	0.39%
Supplemental Data:
Net assets, end of period (000 omitted)	$111,061	$70,496	$215,975	$260,579	$268,137

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$326,988,547
Cash		121,568
Income receivable		1,084,462
Receivable for shares sold		53,305
TOTAL ASSETS		328,247,882
Liabilities:
Payable for shares redeemed	$53,595
Income distribution payable	5,624
Payable to adviser (Note 5)	954
Payable for administrative fees (Note 5)	720
Payable for transfer agent fee	29,454
Payable for portfolio accounting fees	41,734
Payable for distribution services fee (Note 5)	58,655
Payable for other service fees (Notes 2 and 5)	46,301
Payable for share registration costs	47,014
Payable for printing and postage	16,163
Accrued expenses (Note 5)	6,508
TOTAL LIABILITIES		306,722
Net assets for 327,939,363 shares outstanding		$327,941,160
Net Assets Consist of:
Paid-in capital		$327,939,363
Accumulated net realized gain on investments		1,437
Undistributed net investment income		360
TOTAL NET ASSETS		$327,941,160
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$111,061,335 ÷ 111,060,726 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$64,510,490 ÷ 64,510,137 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$10,981,729 ÷ 10,981,669 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$141,387,606 ÷ 141,386,831 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$2,625,937
Expenses:
Investment adviser fee (Note 5)		$1,187,834
Administrative fee (Note 5)		234,206
Custodian fees		10,544
Transfer agent fee		244,820
Directors'/Trustees' fees (Note 5)		3,016
Auditing fees		21,250
Legal fees		15,201
Portfolio accounting fees		118,823
Distribution services fee (Note 5)		1,076,600
Other service fees (Notes 2 and 5)		538,678
Share registration costs		94,637
Printing and postage		34,384
Miscellaneous (Note 5)		12,293
TOTAL EXPENSES		3,592,286
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(1,021,595)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(627,125)
TOTAL WAIVERS AND REIMBURSEMENT		(1,648,720)
Net expenses			1,943,566
Net investment income			682,371
Net realized gain on investments			1,437
Change in net assets resulting from operations			$683,808

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$682,371	$215,298
Net realized gain on investments	1,437	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	683,808	215,298
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(465,343)	(151,431)
Service Shares	(188,624)	(35,524)
Cash II Shares	(12,391)	(3,535)
Cash Series Shares	(15,764)	(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	(682,122)	(262,171)
Share Transactions:
Proceeds from sale of shares	622,285,419	1,126,706,806
Net asset value of shares issued to shareholders in payment of distributions declared	597,350	188,820
Cost of shares redeemed	(581,876,567)	(1,601,063,987)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	41,006,202	(474,168,361)
Change in net assets	41,007,888	(474,215,234)
Net Assets:
Beginning of period	286,933,272	761,148,506
End of period (including undistributed net investment income of $360 and $111, respectively)	$327,941,160	$286,933,272

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 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. 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.

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 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

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, 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 $1,648,720 is disclosed in various locations in this Note 2 and Note 5.

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	$132,938	$(36,260)	$—
Cash II Shares	22,874	—	(1,284)
Cash Series Shares	382,866	(19)	(219,983)
TOTAL	$538,678	$(36,279)	$(221,267)

For the year ended October 31, 2017, the Fund's Wealth Shares did not incur other service fees.

Annual Shareholder Report

Federal Taxes

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:

Year Ended October 31	2017		2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	203,514,666	$203,514,666	192,812,267	$192,812,267
Shares issued to shareholders in payment of distributions declared	426,184	426,184	115,709	115,709
Shares redeemed	(163,375,969)	(163,375,969)	(338,394,157)	(338,394,157)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	40,564,881	$40,564,881	(145,466,181)	$(145,466,181)

Annual Shareholder Report

Year Ended October 31	2017		2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	132,318,543	$132,318,543	495,211,751	$495,211,751
Shares issued to shareholders in payment of distributions declared	143,136	143,136	23,774	23,774
Shares redeemed	(103,644,006)	(103,644,006)	(653,756,639)	(653,756,639)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	28,817,673	$28,817,673	(158,521,114)	$(158,521,114)

Year Ended October 31	2017		2016
Cash II Shares:	Shares	Amount	Shares	Amount
Shares sold	19,284,060	$19,284,060	49,193,285	$49,193,285
Shares issued to shareholders in payment of distributions declared	12,373	12,373	7,090	7,090
Shares redeemed	(16,771,858)	(16,771,858)	(106,609,534)	(106,609,534)
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	2,524,575	$2,524,575	(57,409,159)	$(57,409,159)

Year Ended October 31	2017		2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	267,168,150	$267,168,150	389,489,503	$389,489,503
Shares issued to shareholders in payment of distributions declared	15,657	15,657	42,247	42,247
Shares redeemed	(298,084,734)	(298,084,734)	(502,303,657)	(502,303,657)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(30,900,927)	$(30,900,927)	(112,771,907)	$(112,771,907)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	41,006,202	$41,006,202	(474,168,361)	$(474,168,361)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$682,122	$215,187
Ordinary income¹	$—	$46,637
Long-term capital gains	$—	$347

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

Annual Shareholder Report

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$360
Undistributed ordinary income²	$1,437

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

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2017, the Adviser voluntarily waived $1,021,595 of its fee.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

Annual Shareholder Report

Distribution Services Fee

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

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

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Service Shares	$134,275	$(112,791)
Cash II Shares	23,029	(4,606)
Cash Series Shares	919,296	(252,182)
TOTAL	$1,076,600	$(369,579)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2017, FSC retained $46,365 of fees paid by the Fund.

Other Service Fees

For the year ended October 31, 2017, FSSC received $976 and reimbursed $36,279 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.

Annual Shareholder Report

Interfund Transactions

General

6. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2017, 49.2% 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 9.3% of total investments.

7. INTERFUND LENDING

8. SUBSEQUENT EVENT

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF Federated NEW YORK MUNICIPAL CASH TRUST, WEALTH shares:

We have audited the accompanying statement of assets and liabilities of Federated New York Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights of the Wealth Shares for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated New York Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights of the Wealth Shares for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual	$1,000	$1,003.20	$1.62
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,023.60	$1.63

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 184/365 (to reflect the one-half-year period).

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT Trustees Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated New York Municipal Cash Trust (the “Fund”)

Annual Shareholder Report

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

Annual Shareholder Report

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated New York Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 608919858

33956 (12/17)

Portfolio of Investments Summary Tables (unaudited)

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	88.1%
Municipal Notes	10.6%
Commercial Paper	1.9%
Other Assets and Liabilities—Net²	(0.6)%
TOTAL	100.0%

At October 31, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	88.1%
8-30 Days	3.5%
31-90 Days	7.9%
91-180 Days	0.0%
181 Days or more	1.1%
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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—100.6%
		Pennsylvania—100.6%
$6,400,000		Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.030%, 11/2/2017	$6,400,000
2,400,000		Allegheny County, PA HDA (UPMC Health System), PUTTERs (Series 5011) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.960%, 11/1/2017	2,400,000
7,050,000		Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs (Citizens Bank of Pennsylvania LOC), 0.960%, 11/2/2017	7,050,000
4,500,000		Allegheny County, PA Sanitation Authority, Tender Option Bond Trust Certificates (2016-XM0278) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.950%, 11/2/2017	4,500,000
1,000,000		Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 0.910%, 11/2/2017	1,000,000
1,570,000		Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 0.910%, 11/2/2017	1,570,000
2,860,000		Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	2,860,000
3,000,000		Coatesville, PA School District, 3.00% TRANs, 11/15/2017	3,001,933
3,195,000		Emmaus, PA General Authority, (Series 1996) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.950%, 11/1/2017	3,195,000
2,605,000		Erie County, PA Hospital Authority (St. Vincent Health System), (Series 2010B) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017	2,605,000
1,425,000		Lancaster, PA IDA (John F. Martin & Sons, Inc.), (Series A of 2007) Weekly VRDNs (Fulton Bank, N.A. LOC), 1.110%, 11/2/2017	1,425,000
1,640,000		Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs (PNC Bank, N.A. LOC), 0.940%, 11/2/2017	1,640,000
1,950,000		Lancaster, PA IDA (Willow Valley Retirement Communities), (Series C of 2009) Weekly VRDNs (PNC Bank, N.A. LOC), 0.940%, 11/2/2017	1,950,000
1,190,000		Lehigh County, PA General Purpose Authority (Phoebe-DeVitt Homes Obligated Group), (Series B of 1998) Weekly VRDNs (Citizens Bank of Pennsylvania LOC), 1.100%, 11/2/2017	1,190,000
2,900,000		Lower Merion, PA School District, (Series B of 2009) Weekly VRDNs (U.S. Bank, N.A. LOC), 0.910%, 11/2/2017	2,900,000
1,000,000	²	Manheim Township, PA School District, (Series A of 2017) FRNs, 1.01%, (1-month USLIBOR x 0.68 +0.170%), 5/1/2018	1,000,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Pennsylvania—continued
$4,000,000		Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 1.060%, 11/2/2017	$4,000,000
2,500,000		Pennsylvania Economic Development Financing Authority (Dauphin County, PA), Tender Option Bond Trust Certificates (2015-XM0048) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 0.970%, 11/2/2017	2,500,000
1,665,000		Pennsylvania Economic Development Financing Authority (UPMC Health System), Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 1.020%, 11/2/2017	1,665,000
4,270,000		Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs (GTD by FHLMC), 0.920%, 11/2/2017	4,270,000
3,335,000		Pennsylvania State Turnpike Commission, Tender Option Bond Trust Certificates (2017-XX1044) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.950%, 11/2/2017	3,335,000
1,650,000		Philadelphia, PA Airport System, (Series B, Subseries B-1), 1.00% CP (Sumitomo Mitsui Banking Corp. LOC), Mandatory Tender 1/4/2018	1,650,000
800,000		Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-A) Daily VRDNs (Wells Fargo Bank, N.A. LIQ), 0.900%, 11/1/2017	800,000
3,160,000		Philadelphia, PA Water & Wastewater System, Tender Option Bond Trust Certificates (2017-XX1048) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.950%, 11/2/2017	3,160,000
625,000		Philadelphia, PA, (Series 2009B) Weekly VRDNs (Barclays Bank PLC LOC), 0.910%, 11/2/2017	625,000
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%, 11/2/2017	1,000,000
3,300,000		Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.960%, 11/2/2017	3,300,000
2,920,000		Ridley, PA School District, (Series of 2009) Weekly VRDNs (TD Bank, N.A. LOC), 0.920%, 11/2/2017	2,920,000
5,155,000		Sayre, PA, Health Care Facilities Authority (Guthrie Healthcare System, PA), Revenue Bonds (Series 2007) FRNs, 1.53%, (3-month USLIBOR x 0.67 +0.650%), 12/1/2017	5,156,004
2,710,000		Southcentral PA, General Authority (Hanover Lutheran Retirement Village, Inc.), (Series 2005) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/3/2017	2,710,000
4,500,000		State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.040%, 11/2/2017	4,500,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Pennsylvania—continued
$375,000		York County, PA IDA (UL Holdings), (Series A of 2000) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.120%, 11/3/2017	$375,000
		TOTAL INVESTMENT IN SECURITIES—100.6% (AT AMORTIZED COST)³	86,652,937
		OTHER ASSETS AND LIABILITIES - NET—(0.6)%⁴	(551,396)
		TOTAL NET ASSETS—100%	$86,101,541

Securities that are subject to the federal alternative minimum tax (AMT) represent 8.6% of the portfolio as calculated based upon total market value (percentage is unaudited).

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2	Investment purchased on a when-issued or delayed delivery basis. Rate shown is coupon as of the settlement date.
3	Also represents cost for federal tax purposes.
4	Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

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

In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Annual Shareholder Report

Financial Highlights–Wealth Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.004	0.001	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.004	0.001	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.004)	(0.001)	(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	(0.004)	(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
Total Return²	0.38%	0.13%	0.03%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.47%	0.31%³	0.13%	0.12%	0.22%
Net investment income	0.41%	0.06%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.30%	0.34%	0.49%	0.45%	0.39%
Supplemental Data:
Net assets, end of period (000 omitted)	$28,371	$10,015	$44,264	$61,114	$79,413

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	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	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(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	—
TOTAL DISTRIBUTIONS	(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
Total Return²	0.18%	0.09%	0.03%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.67%	0.31%³	0.13%	0.12%	0.22%
Net investment income	0.14%	0.02%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.35%	0.59%	0.74%	0.71%	0.63%
Supplemental Data:
Net assets, end of period (000 omitted)	$12,442	$30,951	$103,462	$120,457	$120,509

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.000¹	—	0.000¹	0.000¹	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	—	(0.000)¹	(0.000)¹	(0.000)¹	—
TOTAL DISTRIBUTIONS	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.01%	0.06%	0.03%	0.02%	0.02%
Ratios to Average Net Assets:
Net expenses	0.84%	0.36%³	0.13%	0.12%	0.22%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.02%
Expense waiver/reimbursement⁴	0.58%	0.94%	1.14%	1.11%	1.03%
Supplemental Data:
Net assets, end of period (000 omitted)	$45,288	$51,604	$83,856	$90,441	$108,681

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account this expense reduction.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$86,652,937
Cash		427,511
Income receivable		145,523
Receivable for shares sold		26,061
TOTAL ASSETS		87,252,032
Liabilities:
Payable for investments purchased	$1,000,000
Payable for shares redeemed	24,050
Income distribution payable	13,976
Payable to adviser (Note 5)	269
Payable for administrative fee (Note 5)	189
Payable for portfolio accounting fees	29,032
Payable for distribution services fee (Note 5)	13,189
Payable for other service fees (Notes 2 and 5)	13,072
Accrued expenses (Note 5)	56,714
TOTAL LIABILITIES		1,150,491
Net assets for 86,034,528 shares outstanding		$86,101,541
Net Assets Consist of:
Paid-in capital		$86,034,465
Accumulated net realized gain on investments		66,951
Undistributed net investment income		125
TOTAL NET ASSETS		$86,101,541
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$28,371,208 ÷ 28,349,125 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$12,441,990 ÷ 12,432,310 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$45,288,343 ÷ 45,253,093 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$835,500
Expenses:
Investment adviser fee (Note 5)		$395,404
Administrative fee (Note 5)		77,912
Custodian fees		4,013
Transfer agent fee		60,059
Directors'/Trustees' fees (Note 5)		1,349
Auditing fees		19,600
Legal fees		11,339
Portfolio accounting fees		80,644
Distribution services fee (Note 5)		211,007
Other service fees (Notes 2 and 5)		187,589
Share registration costs		78,655
Printing and postage		23,616
Miscellaneous (Note 5)		6,508
TOTAL EXPENSES		1,157,695
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(293,064)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(161,911)
TOTAL WAIVERS AND REIMBURSEMENT		(454,975)
Net expenses			702,720
Net investment income			132,780
Net realized gain on investments			66,951
Change in net assets resulting from operations			$199,731

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31	2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$132,780	$56,638
Net realized gain on investments	66,951	—
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	199,731	56,638
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(95,762)	(27,658)
Service Shares	(31,718)	(21,233)
Cash Series Shares	(5,268)	(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	(132,748)	(161,664)
Share Transactions:
Proceeds from sale of shares	340,205,293	608,515,511
Net asset value of shares issued to shareholders in payment of distributions declared	23,414	62,976
Cost of shares redeemed	(346,763,970)	(747,486,437)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(6,535,263)	(138,907,950)
Change in net assets	(6,468,280)	(139,012,976)
Net Assets:
Beginning of period	92,569,821	231,582,797
End of period (including undistributed net investment income of $125 and $93, respectively)	$86,101,541	$92,569,821

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 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 tax 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.

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 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

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, 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 $454,975 is disclosed in various locations in this Note 2 and Note 5.

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 year ended October 31, 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	$56,078	$(10,944)	$(520)
Cash Series Shares	131,511	(424)	(103,411)
TOTAL	$187,589	$(11,368)	$(103,931)

For the year ended October 31, 2017, the Fund's Wealth Shares did not incur other service fees.

Annual Shareholder Report

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended October 31	2017		2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	84,121,283	$84,121,283	172,603,583	$172,603,583
Shares issued to shareholders in payment of distributions declared	3,727	3,727	1,758	1,758
Shares redeemed	(65,791,334)	(65,791,334)	(206,834,683)	(206,834,683)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	18,333,676	$18,333,676	(34,229,342)	$(34,229,342)

Year Ended October 31	2017		2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	77,066,736	$77,066,736	223,257,658	$223,257,658
Shares issued to shareholders in payment of distributions declared	14,469	14,469	14,533	14,533
Shares redeemed	(95,599,624)	(95,599,624)	(295,736,116)	(295,736,116)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(18,518,419)	$(18,518,419)	(72,463,925)	$(72,463,925)

Year Ended October 31	2017		2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	179,017,274	$179,017,274	212,654,270	$212,654,270
Shares issued to shareholders in payment of distributions declared	5,218	5,218	46,685	46,685
Shares redeemed	(185,373,012)	(185,373,012)	(244,915,638)	(244,915,638)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(6,350,520)	$(6,350,520)	(32,214,683)	$(32,214,683)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(6,535,263)	$(6,535,263)	(138,907,950)	$(138,907,950)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$132,748	$56,545
Ordinary income¹	$—	$105,119

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

Annual Shareholder Report

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$125
Undistributed long-term capital gains	$66,951

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2017, the Adviser voluntarily waived $293,064 of its fee.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

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 year ended October 31, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$211,007	$(46,612)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2017, FSC retained $126,526 of fees paid by the Fund.

Other Service Fees

For the year ended October 31, 2017, FSSC received $6,635 and reimbursed $11,368 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 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

Annual Shareholder Report

General

6. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2017, 86.6% 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 13.4% of total investments.

7. INTERFUND LENDING

8. SUBSEQUENT EVENT

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF federated PENNSYLVANIA MUNICIPAL CASH TRUST:

We have audited the accompanying statement of assets and liabilities of Federated Pennsylvania Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Pennsylvania Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual:
Wealth Shares	$1,000	$1,002.20	$2.37
Service Shares	$1,000	$1,001.20	$3.38
Cash Series Shares	$1,000	$1,000.10	$4.54²
Hypothetical (assuming a 5% return before expenses):
Wealth Shares	$1,000	$1,022.80	$2.40
Service Shares	$1,000	$1,021.80	$3.41
Cash Series Shares	$1,000	$1,020.70	$4.58²

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

Wealth Shares	0.47%
Service Shares	0.67%
Cash Series Shares	0.90%

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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.34 and $5.40, respectively.

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated Pennsylvania Municipal Cash Trust (the “Fund”)

Annual Shareholder Report

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

Annual Shareholder Report

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Pennsylvania Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 60934N534
CUSIP 60934N542
CUSIP 60934N526

29418 (12/17)

Portfolio of Investments Summary Tables (unaudited)

At October 31, 2017, the Fund's portfolio composition¹ was as follows:

Security Type	Percentage of Total Net Assets
Variable Rate Demand Instruments	83.5%
Municipal Notes	9.2%
Commercial Paper	7.2%
Other Assets and Liabilities—Net²	0.1%
TOTAL	100.0%

At October 31, 2017, the Fund's effective maturity schedule³ was as follows:

Securities With an Effective Maturity of:	Percentage of Total Net Assets
1-7 Days	83.5%
8-30 Days	9.9%
31-90 Days	2.3%
91-180 Days	4.2%
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.

Annual Shareholder Report

Portfolio of Investments

October 31, 2017

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.9%
		Virginia—92.9%
$5,500,000		Albemarle County, VA IDA (Jefferson Scholars Foundation), (Series 2007) Weekly VRDNs (SunTrust Bank LOC), 1.020%, 11/1/2017	$5,500,000
4,800,000		Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017	4,800,000
4,900,000		Arlington County, VA IDA (Gates of Ballston Apartments), (Series 2005) Weekly VRDNs (PNC Bank, N.A. LOC), 0.970%, 11/1/2017	4,900,000
650,000		Arlington County, VA IDA (National Science Teachers Association), (Series 2000A) Weekly VRDNs (SunTrust Bank LOC), 1.030%, 11/1/2017	650,000
9,750,000		Arlington County, VA IDA (Westover Apartments, LP), (Series 2011A) Weekly VRDNs (FHLMC LOC), 0.970%, 11/2/2017	9,750,000
430,000		Bedford County, VA IDA (David R. Snowman and Carol J. Snowman), (Series 1999) Weekly VRDNs (SunTrust Bank LOC), 1.060%, 11/1/2017	430,000
8,500,000		Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs (Citibank NA, New York LIQ), 1.070%, 11/2/2017	8,500,000
8,000,000		Botetourt County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs (Bank of America N.A. LOC), 1.020%, 11/2/2017	8,000,000
5,000,000		Chesapeake Bay Bridge & Tunnel District, VA, Tender Option Bond Trust Certificates (2017-ZM0511) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 1.170%, 11/2/2017	5,000,000
2,510,000		Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs (SunTrust Bank LOC), 1.110%, 11/2/2017	2,510,000
12,120,000		Fairfax County, VA EDA (Mount Vernon Ladies' Association of the Union), (Series 2007) Weekly VRDNs (SunTrust Bank LOC), 1.020%, 11/1/2017	12,120,000
4,580,000		Fairfax County, VA EDA (Young Men's Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/3/2017	4,580,000
2,205,000		Fairfax County, VA IDA (Inova Health System), (Series 2005C-2) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.940%, 11/1/2017	2,205,000
3,500,000		Fauquier County, VA IDA (Wakefield School, Inc.), (Series 2008) Weekly VRDNs (PNC Bank, N.A. LOC), 0.940%, 11/2/2017	3,500,000
10,000,000		Halifax, VA IDA (Virginia Electric & Power Co.), MMMs, PCR (Series 1992), 1.10% CP, Mandatory Tender 11/15/2017	10,000,000
2,120,000		Hanover County, VA EDA (Bon Secours Health System), (Series 2008D-1) Weekly VRDNs (Bank of New York Mellon LOC), 0.930%, 11/1/2017	2,120,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Virginia—continued
$7,500,000		Harrisonburg, VA Redevelopment & Housing Authority (Richfield Place Associates LP), (Series 2001A: Huntington Village Apartments) Weekly VRDNs (FNMA LOC), 0.970%, 11/2/2017	$7,500,000
1,155,000		Henrico County, VA EDA (JAS-LCS LLC), (Series 2001) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.050%, 11/2/2017	1,155,000
3,300,000		King George County IDA, VA (Birchwood Power Partners LP Project), (Series 1996A) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.930%, 11/1/2017	3,300,000
3,500,000		King George County IDA, VA (Birchwood Power Partners LP Project), (Series 1997) Daily VRDNs (Mizuho Bank Ltd. LOC), 0.930%, 11/1/2017	3,500,000
10,040,000		King George County IDA, VA (Garnet of Virginia, Inc.), (Series 1996) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.970%, 11/2/2017	10,040,000
2,600,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003B) Weekly VRDNs, 0.890%, 11/1/2017	2,600,000
1,550,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003E) Weekly VRDNs, 0.920%, 11/1/2017	1,550,000
5,025,000		Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017	5,025,000
3,400,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017B) Daily VRDNs (Branch Banking & Trust Co. LOC), 0.890%, 11/1/2017	3,400,000
3,320,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), Series 2017-XG0147 Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.960%, 11/2/2017	3,320,000
2,455,000		Newport News, VA IDA (CNU Warwick LLC), (Series 2004) Weekly VRDNs (Bank of America N.A. LOC), 1.000%, 11/2/2017	2,455,000
300,000		Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2016B) Weekly VRDNs, 0.910%, 11/1/2017	300,000
11,835,000		Norfolk, VA Redevelopment and Housing Authority (E2F Student Housing I, LLC), (Series 2005) Weekly VRDNs (Bank of America N.A. LOC), 1.000%, 11/2/2017	11,835,000
5,000,000		Norfolk, VA, (Series 2007) Weekly VRDNs (Royal Bank of Canada LIQ), 0.920%, 11/1/2017	5,000,000
7,400,000		Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) Weekly VRDNs (Citibank NA, New York LIQ), 0.960%, 11/2/2017	7,400,000
4,600,000		Suffolk, VA, Solar Eclipse, 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/25/2018	4,600,000
4,000,000		University of Virginia, (Series A), 0.84% CP, Mandatory Tender 11/9/2017	4,000,000
5,320,000		University of Virginia, Solar Eclipse (Series 2017-0017), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017	5,320,000

Annual Shareholder Report

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Virginia—continued
$3,175,000		Virginia Commonwealth Transportation Board (Virginia State), Tender Option Bond Trust Certificates (2015-ZM0097) Weekly VRDNs (Morgan Stanley Bank, N.A. LIQ), 0.950%, 11/2/2017	$3,175,000
4,655,000		Virginia Small Business Financing Authority (BleachTech LLC), (Series 2007) Weekly VRDNs (PNC Bank, N.A. LOC), 0.980%, 11/2/2017	4,655,000
2,700,000		Virginia Small Business Financing Authority (Sentara Health Systems Obligation Group), Tender Option Bond Trust Receipts (2016-ZF0360) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 11/2/2017	2,700,000
4,715,000		Virginia Small Business Financing Authority (Virginia State University Real Estate Foundation), (Series 2008) Daily VRDNs (Bank of America N.A. LOC), 0.900%, 11/1/2017	4,715,000
		TOTAL	182,110,000
		District of Columbia—7.0%
5,580,000		Metropolitan Washington, DC Airports Authority, (Series 2011A-3) Weekly VRDNs (Royal Bank of Canada LOC), 0.950%, 11/2/2017	5,580,000
8,180,000		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 4/5/2018	8,180,000
		TOTAL	13,760,000
		TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)²	195,870,000
		OTHER ASSETS AND LIABILITIES - NET—0.1%³	267,746
		TOTAL NET ASSETS—100%	$196,137,746

Securities that are subject to the federal alternative minimum tax (AMT) represent 44.9% of the portfolio as calculated based upon total market value (percentage is unaudited).

1	Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
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 October 31, 2017.

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.

In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronyms are used throughout this portfolio:

CP	—Commercial Paper
EDA	—Economic Development Authority
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
IDA	—Industrial Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MMMs	—Money Market Municipals
PCR	—Pollution Control Revenue
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Financial Highlights–Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.002	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.001	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.003	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.002)	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.001)	(0.000)¹	—	(0.000)¹	(0.000)¹
TOTAL DISTRIBUTIONS	(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
Total Return²	0.25%	0.06%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.66%	0.33%³	0.09%	0.10%	0.16%
Net investment income	0.17%	0.03%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.29%	0.57%	0.79%	0.77%	0.71%
Supplemental Data:
Net assets, end of period (000 omitted)	$108,573	$118,843	$165,877	$204,803	$229,563

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.33% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights–Cash Series Shares

(For a Share Outstanding Throughout Each Period)

Year Ended October 31	2017	2016	2015	2014	2013
Net Asset Value, Beginning of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Income From Investment Operations:
Net investment income	0.000¹	0.000¹	0.000¹	0.000¹	0.000¹
Net realized gain on investments	0.001	0.000¹	0.000¹	—	0.000¹
TOTAL FROM INVESTMENT OPERATIONS	0.001	0.000¹	0.000¹	0.000¹	0.000¹
Less Distributions:
Distributions from net investment income	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹	(0.000)¹
Distributions from net realized gain on investments	(0.001)	(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
Net Asset Value, End of Period	$1.00	$1.00	$1.00	$1.00	$1.00
Total Return²	0.09%	0.03%	0.01%	0.01%	0.02%
Ratios to Average Net Assets:
Net expenses	0.81%	0.35%³	0.09%	0.10%	0.16%
Net investment income	0.01%	0.01%	0.01%	0.01%	0.01%
Expense waiver/reimbursement⁴	0.73%	1.15%	1.39%	1.38%	1.31%
Supplemental Data:
Net assets, end of period (000 omitted)	$87,565	$96,705	$109,464	$145,799	$126,265

1	Represents less than $0.001.
2	Based on net asset value.
3	The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.35% after taking into account these expense reductions.
4	This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

October 31, 2017

Assets:
Investment in securities, at amortized cost and fair value		$195,870,000
Cash		220,567
Income receivable		251,262
Receivable for shares sold		495,343
TOTAL ASSETS		196,837,172
Liabilities:
Payable for shares redeemed	$530,241
Payable to adviser (Note 5)	3,239
Payable for administrative fees (Note 5)	431
Payable for transfer agent fee	24,196
Payable for portfolio accounting fees	33,977
Payable for distribution services fee (Note 5)	21,452
Payable for other service fees (Notes 2 and 5)	39,239
Payable for share registration costs	25,695
Accrued expenses (Note 5)	20,956
TOTAL LIABILITIES		699,426
Net assets for 196,105,702 shares outstanding		$196,137,746
Net Assets Consist of:
Paid-in capital		$196,105,269
Accumulated net realized gain on investments		32,024
Undistributed net investment income		453
TOTAL NET ASSETS		$196,137,746
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Service Shares:
$108,572,716 ÷ 108,554,997 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$87,565,030 ÷ 87,550,705 shares outstanding, no par value, unlimited shares authorized		$1.00

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Operations

Year Ended October 31, 2017

Investment Income:
Interest			$1,730,958
Expenses:
Investment adviser fee (Note 5)		$836,533
Administrative fee (Note 5)		164,847
Custodian fees		7,659
Transfer agent fee		210,362
Directors'/Trustees' fees (Note 5)		2,308
Auditing fees		19,600
Legal fees		11,375
Portfolio accounting fees		97,062
Distribution services fee (Note 5)		559,181
Other service fees (Notes 2 and 5)		514,245
Share registration costs		75,195
Printing and postage		27,896
Miscellaneous (Note 5)		7,142
TOTAL EXPENSES		2,533,405
Waivers and Reimbursement:
Waiver of investment adviser fee (Note 5)	$(390,473)
Waivers/reimbursement of other operating expenses (Notes 2 and 5)	(625,342)
TOTAL WAIVERS AND REIMBURSEMENT		(1,015,815)
Net expenses			1,517,590
Net investment income			213,368
Net realized gain on investments			32,024
Change in net assets resulting from operations			$245,392

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Statement of Changes in Net Assets

Year Ended October 31		2017	2016
Increase (Decrease) in Net Assets
Operations:
Net investment income	$213,368		$69,173
Net realized gain on investments	32,024		168,826
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	245,392		237,999
Distributions to Shareholders:
Distributions from net investment income
Wealth Shares	(10,429)		(10,434)
Service Shares	(193,274)		(46,315)
Cash Series Shares	(9,324)		(12,312)
Distributions from net realized gain on investments
Wealth Shares	(2,386)		(10,036)
Service Shares	(87,228)		(39,583)
Cash Series Shares	(79,212)		(29,903)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS	(381,853)		(148,583)
Share Transactions:
Proceeds from sale of shares	378,358,261		618,705,005
Net asset value of shares issued to shareholders in payment of distributions declared	369,448		119,849
Cost of shares redeemed	(401,606,707)		(720,919,750)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS	(22,878,998)		(102,094,896)
Change in net assets	(23,015,459)		(102,005,480)
Net Assets:
Beginning of period	219,153,205		321,158,685
End of period (including undistributed net investment income of $453 and $112, respectively)	$196,137,746		$219,153,205

See Notes which are an integral part of the Financial Statements

Annual Shareholder Report

Notes to Financial Statements

October 31, 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 21 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 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 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.

On October 27, 2017, the Fund's Wealth Shares class liquidated.

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 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

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, 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 $1,015,815 is disclosed in various locations in this Note 2 and Note 5.

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	$281,253	$(110,846)	$(5,138)
Cash Series Shares	232,992	(845)	(183,105)
TOTAL	$514,245	$(111,691)	$(188,243)

For the year ended October 31, 2017, the Fund's Wealth Shares did not incur other service fees.

Annual Shareholder Report

Federal Taxes

When-Issued and Delayed-Delivery Transactions

Restricted Securities

Other

Annual Shareholder Report

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended October 31	2017		2016
Wealth Shares:	Shares	Amount	Shares	Amount
Shares sold	7,727,552	$7,727,552	140,661,930	$140,661,930
Shares issued to shareholders in payment of distributions declared	510	510	4,541	4,541
Shares redeemed	(11,330,552)	(11,330,552)	(182,870,582)	(182,870,582)
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS	(3,602,490)	$(3,602,490)	(42,204,111)	$(42,204,111)

Year Ended October 31	2017		2016
Service Shares:	Shares	Amount	Shares	Amount
Shares sold	175,833,336	$175,833,336	209,773,120	$209,773,120
Shares issued to shareholders in payment of distributions declared	280,441	280,441	73,285	73,285
Shares redeemed	(186,310,470)	(186,310,470)	(256,929,612)	(256,929,612)
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS	(10,196,693)	$(10,196,693)	(47,083,207)	$(47,083,207)

Year Ended October 31	2017		2016
Cash Series Shares:	Shares	Amount	Shares	Amount
Shares sold	194,797,373	$194,797,373	268,269,955	$268,269,955
Shares issued to shareholders in payment of distributions declared	88,497	88,497	42,023	42,023
Shares redeemed	(203,965,685)	(203,965,685)	(281,119,556)	(281,119,556)
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS	(9,079,815)	$(9,079,815)	(12,807,578)	$(12,807,578)
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS	(22,878,998)	$(22,878,998)	(102,094,896)	$(102,094,896)

4. FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended October 31, 2017 and 2016, was as follows:

	2017	2016
Tax-exempt income	$213,027	$69,061
Ordinary income¹	$168,826	$—
Long-term capital gains	$—	$79,522

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

Annual Shareholder Report

As of October 31, 2017, the components of distributable earnings on a tax-basis were as follows:

Undistributed tax-exempt income	$453
Undistributed ordinary income²	$16,307
Undistributed long-term capital gains	$15,717

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

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

The advisory agreement between the Fund and the Adviser provides for an annual fee equal to 0.40% of the Fund's average daily net assets. Subject to the terms described in the Expense Limitation note, the Adviser may voluntarily choose to waive any portion of its fee. For the year ended October 31, 2017, the Adviser voluntarily waived $390,473 of its fee.

Administrative Fee

Administrative Fee	Average Daily Net Assets of the Investment Complex
0.100%	on assets up to $50 billion
0.075%	on assets over $50 billion

Prior to September 1, 2017, the breakpoints of the Administrative Fee paid to FAS, described above, were:

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

In addition, FAS may charge certain out-of-pocket expenses to the Fund.

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 year ended October 31, 2017, distribution services fees for the Fund were as follows:

	Distribution Services Fees Incurred	Distribution Services Fees Waived
Cash Series Shares	$559,181	$(325,408)

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended October 31, 2017, FSC retained $26,996 of fees paid by the Fund.

Other Service Fees

For the year ended October 31, 2017, FSSC received $802 and reimbursed $111,691 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 Service Shares and Cash Series Shares (after the voluntary waivers and/or reimbursements) will not exceed 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

Annual Shareholder Report

General

6. CONCENTRATION OF RISK

Since the Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at October 31, 2017, 66.8% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The largest percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency, was 13.8% of total investments.

7. INTERFUND LENDING

8. SUBSEQUENT EVENT

9. FEDERAL TAX INFORMATION (UNAUDITED)

For the year ended October 31, 2017, 100% of the distributions from net investment income is exempt from federal income tax, other than the federal AMT.

Annual Shareholder Report

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF Trustees OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF federated VIRGINIA mUNICIPAL CASH TRUST:

We have audited the accompanying statement of assets and liabilities of Federated Virginia Municipal Cash Trust (the “Fund”) (one of the portfolios constituting Money Market Obligations Trust), including the portfolio of investments, as of October 31, 2017, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Federated Virginia Municipal Cash Trust, a portfolio of Money Market Obligations Trust, at October 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
December 22, 2017

Annual Shareholder Report

Shareholder Expense Example (unaudited)

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Annual Shareholder Report

	Beginning Account Value 5/1/2017	Ending Account Value 10/31/2017	Expenses Paid During Period¹
Actual:
Service Shares	$1,000	$1,001.20	$3.33
Cash Series Shares	$1,000	$1,000.10	$4.54²
Hypothetical (assuming a 5% return before expenses):
Service Shares	$1,000	$1,021.90	$3.36
Cash Series Shares	$1,000	$1,020.70	$4.58²

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

Service Shares	0.66%
Cash Series Shares	0.90%

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 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/365 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.29 and $5.35, respectively.

Annual Shareholder Report

In Memoriam

With profound sadness, Federated announces the passing of John F. (“Jack”) Donahue and John W. (“John”) McGonigle. They will be greatly missed.

Jack Donahue

John McGonigle

(Former Secretary of the Federated Funds, Former Director, Secretary and Chief Legal Officer of Federated Investors, Inc.)

Annual Shareholder Report

Board of Trustees and Trust Officers

Interested TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

J. Christopher Donahue*
Birth Date: April 11, 1949
President and Trustee
Indefinite Term
Began serving: April 1989

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Thomas R. Donahue*
Birth Date: October 20, 1958
Trustee
Indefinite Term
Began serving: May 2016

*	Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.

INDEPENDENT TRUSTEES Background

Name
Birth Date
Positions Held with Trust
Date Service Began

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

John T. Collins
Birth Date: January 24, 1947
Trustee
Indefinite Term
Began serving: September 2013

Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired).

Other Directorships Held: Director, Current Chair of the Compensation Committee, KLX Corp.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015	Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Governance Committee, Publix Super Markets, Inc.; Director, Member of the Audit Committee and Technology Committee of Equifax, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough is an Executive Committee member of the United States Golf Association, he serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University.
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009	Principal Occupations: Director or Trustee of the Federated Fund Family; Dean of the Duquesne University School of Law; Adjunct Professor of Law, Duquesne University School of Law; formerly, Interim Dean of the Duquesne University School of Law; Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CONSOL Energy Inc. Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously served as: Associate General Secretary, Diocese of Pittsburgh; a member of the Superior Court of Pennsylvania; and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on either a public or not for profit Board of Directors as follows: Director and Chair, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Director, Saint Vincent College; Member, Pennsylvania State Board of Education (public); and Director and Chair, Cardinal Wuerl North Catholic High School, Inc. Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director, Catholic High Schools of the Diocese of Pittsburgh, Inc.; and Director, Pennsylvania Bar Institute.
Peter E. Madden Birth Date: March 16, 1942 Trustee Indefinite Term Began serving: August 1991	Principal Occupation: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; Retired. Other Directorships Held: None. Qualifications: Mr. Madden has served in several business management, mutual fund services and directorship positions throughout his career. Mr. Madden previously served as President, Chief Operating Officer and Director, State Street Bank and Trust Company (custodian bank) and State Street Corporation (financial services). He was Director, VISA USA and VISA International and Chairman and Director, Massachusetts Bankers Association. Mr. Madden served as Director, Depository Trust Corporation and Director, The Boston Stock Exchange. Mr. Madden also served as a Representative to the Commonwealth of Massachusetts General Court.

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant.
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006	Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber).
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013	Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CONSOL Energy Inc. Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm).

Annual Shareholder Report

Name
Birth Date
Positions Held with Trust
Date Service Began

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

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

Indefinite Term
Began serving: January 1999

Other Directorships Held: None.

OFFICERS

Name
Birth Date
Positions Held with Trust
Date Service Began

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

Lori A. Hensler
Birth Date: January 6, 1967
TREASURER
Officer since: April 2013

Annual Shareholder Report

Name Birth Date Positions Held with Trust Date Service Began	Principal Occupation(s) for Past Five Years and Previous Position(s)
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005	Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Officer since: October 1988	Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Family; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Family; Executive Vice President, Federated Investors, Inc.; Director and Chief Executive Officer, Federated Securities Corp.
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015	Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement.
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004	Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College.
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004	Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh.

Annual Shareholder Report

Evaluation and Approval of Advisory Contract–May 2017

Federated Virginia Municipal Cash Trust (the “Fund”)

Annual Shareholder Report

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

Annual Shareholder Report

Following such evaluation, and full deliberations, the Board concluded that the expenses of the Fund are reasonable and supported renewal of the Fund's investment advisory contract.

The Fund's performance was above the median of the relevant peer group for the one-year period covered by the Senior Officer Evaluation. The Board also considered the relatively tight dispersion of performance data with respect to the Fund and its peers.

Following such evaluation, and full deliberations, the Board concluded that the performance of the Fund supported renewal of the Fund's investment advisory contract.

Annual Shareholder Report

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Annual Shareholder Report

Federated Virginia Municipal Cash Trust

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

Federated Securities Corp., Distributor

CUSIP 60934N245
CUSIP 608919825

29509 (12/17)

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.

(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.

(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.

Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.

The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.

The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.

The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.

With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:

The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.

The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.

Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

In their respective required communications to the Audit Committee of the registrant’s Board, Ernst & Young LLP (“EY”) and KPMG LLP (“KPMG”) (as applicable, “EY/KPMG”), the registrant’s independent public accountants, informed the Audit Committee that EY/KPMG and/or covered person professionals within EY/KPMG maintain lending relationships with certain owners of greater than 10% of the shares of the registrant and/or certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY/KPMG has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Investors, Inc., the Adviser (for which EY serves as independent public accountant), and their respective affiliates (collectively, the “Federated Fund Complex”).

EY/KPMG informed the Audit Committee that EY/KPMG believes that these lending relationships described above do not and will not impair EY/KPMG’s ability to exercise objective and impartial judgment in connection with financial statement audits of their respective funds of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY/KPMG has been and is capable of objective and impartial judgment on all issues encompassed within EY/KPMG’s audits.

On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY/KPMG and the registrant. On September 22, 2017, the SEC issued another no-action letter to Fidelity Management & Research Company et al extending the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter (the “Letters”).

If it were to be determined that the relief available under the Letters was improperly relied upon, or that the independence requirements under the federal securities laws were not otherwise complied with regarding the registrant, for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may not comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the Federated Fund Complex.

(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	Wealth \| CAIXX	Service \| CACXX	Cash II \| CALXX
	Cash Series \| CCSXX	Capital \| CCCXX

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Wealth Shares:
$156,973,713 ÷ 156,931,008 shares outstanding, no par value, unlimited shares authorized		$1.00
Service Shares:
$150,916,403 ÷ 150,875,280 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash II Shares:
$8,242,134 ÷ 8,239,888 shares outstanding, no par value, unlimited shares authorized		$1.00
Cash Series Shares:
$51,751,692 ÷ 51,737,601 shares outstanding, no par value, unlimited shares authorized		$1.00
Capital Shares:
$89,382,294 ÷ 89,357,942 shares outstanding, no par value, unlimited shares authorized		$1.00

Investment Income:
Interest		$4,361,181
Expenses:
Investment adviser fee (Note 5)	$1,090,216
Administrative fee (Note 5)	430,046
Custodian fees	20,676
Transfer agent fee	48,892
Directors'/Trustees' fees (Note 5)	3,870
Auditing fees	23,100
Legal fees	9,807
Portfolio accounting fees	149,442
Other service fees (Note 2)	146,944
Share registration costs	85,100
Printing and postage	19,071
Miscellaneous (Note 5)	44,868
TOTAL EXPENSES	2,072,032
Waiver of investment adviser fee (Note 5)	(1,080,799)
Net expenses		991,233
Net investment income		3,369,948
Change in net assets resulting from operations		$3,369,948

Share Class \| Ticker	Wealth \| NISXX	Service \| FNTXX	Cash II \| NYCXX
	Cash Series \| FNCXX