N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-5950

 

(Investment Company Act File Number)

 

 

Money Market Obligations Trust

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 07/31/2018

 

 

Date of Reporting Period: Quarter ended 04/30/2018

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

Federated Capital Reserves Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    ASSET-BACKED SECURITIES—0.6%  
    Finance - Automotive—0.0%  
$487,163   Enterprise Fleet Financing LLC 2017-2, Class A1, 1.50%, 7/20/2018 $487,163
815,781   Wheels SPV 2, LLC Series 2017-1, Class A1, 1.40%, 7/20/2018 815,781
    TOTAL 1,302,944
    Finance - Equipment—0.6%  
27,872,738   Amur Equipment Finance Receivables V LLC, Series 2018-1, Class A1, 2.50%, 3/20/2019 27,872,738
    TOTAL ASSET-BACKED SECURITIES 29,175,682
    CERTIFICATES OF DEPOSIT—5.6%  
    Banking—5.6%  
30,000,000   Canadian Imperial Bank of Commerce, 1.57%, 7/3/2018 30,000,000
20,000,000   Credit Suisse AG, 1.77%, 6/11/2018 20,000,000
25,000,000   Mizuho Bank Ltd., 2.42%, 7/19/2018 24,868,043
50,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.32%, 7/26/2018 49,999,982
129,500,000   Toronto Dominion Bank, 1.60%—1.75%, 7/20/2018 - 10/22/2018 129,500,000
    TOTAL 254,368,025
    TOTAL CERTIFICATES OF DEPOSIT 254,368,025
  1 COMMERCIAL PAPER—39.5%  
    Aerospace / Auto—2.1%  
95,000,000   Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.681%—1.701%, 7/9/2018 - 7/20/2018 94,671,833
    Banking—11.2%  
86,000,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.98%—2.233%, 6/8/2018 - 8/1/2018 85,658,529
40,000,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.43%, 8/9/2018 40,000,000
20,000,000   Antalis S.A., (Societe Generale, Paris LIQ), 1.808%, 5/2/2018 19,999,000
20,000,000   Banque et Caisse d'Epargne de L'Etat, 2.061%, 8/8/2018 19,887,800
29,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.605%—2.511%, 7/19/2018 - 9/24/2018 28,873,088
65,000,000   COL Commercial Paper Co. LLC, 2.082%—2.237%, 9/14/2018 - 11/2/2018 64,318,556
4,000,000   Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 2.341%, 6/13/2018 3,988,868
40,250,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 2.233%—2.362%, 6/8/2018 - 6/11/2018 40,148,246
20,000,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.96%, 5/16/2018 19,983,750
113,811,000   Ridgefield Funding Company, LLC Series B, 1.859%—1.909%, 5/3/2018 - 5/15/2018 113,773,978
20,425,000   Starbird Funding Corp., 2.552%—2.682%, 9/12/2018 - 9/24/2018 20,216,408
57,000,000   Versailles Commercial Paper LLC, (Natixis LIQ), 1.751%—2.314%, 5/1/2018 - 7/31/2018 56,709,306
    TOTAL 513,557,529
    Chemicals—1.0%  
46,000,000   LyondellBasell Investment LLC, (LyondellBasell Industries N.V. LOC), 2.308%, 6/21/2018 45,850,117
    Consumer Products—1.2%  
9,100,000   Clorox Co., 2.202%, 5/14/2018 9,092,771
45,000,000   Unilever N.V., 1.85%, 5/8/2018 44,983,892
    TOTAL 54,076,663
    Container/Packaging—0.9%  
40,700,000   Bemis Co., Inc., 2.201%, 5/7/2018 40,685,077
    Electric Power—1.0%  
21,900,000   Duke Energy Corp., 2.172%—2.223%, 5/9/2018 - 5/18/2018 21,879,872
23,000,000   Virginia Electric & Power Co., 2.336%, 6/4/2018 22,949,387
    TOTAL 44,829,259
    Electrical Equipment—0.3%  
14,150,000   Eaton Corp., (GTD by Eaton Corp. PLC), 2.151%, 5/2//2018 - 5/3/2018 14,148,907
1
Principal
Amount 		    Value
  1 COMMERCIAL PAPER—continued  
    Finance - Automotive—1.1%  
$50,451,000   Ford Motor Credit Co. LLC, 2.501%, 8/23/2018 - 8/24/2018 $50,052,608
    Finance - Commercial—0.6%  
25,000,000   Atlantic Asset Securitization LLC, 1.909%, 5/16/2018 24,980,208
    Finance - Retail—8.0%  
141,000,000   Barton Capital S.A., 2.162%—2.365%, 6/5/2018 - 7/11/2018 140,489,542
15,000,000   CRC Funding, LLC, 1.746%, 6/18/2018 14,965,400
210,000,000   Sheffield Receivables Company LLC, 1.798%—2.451%, 5/4/2018 - 8/1/2018 209,300,864
    TOTAL 364,755,806
    Food & Beverage—1.0%  
46,329,000   Mondelez International, Inc., 2.485%—2.531%, 6/1/2018 - 7/16/2018 46,177,115
    Health Care—1.0%  
46,030,000   McKesson Corp., 2.253%—2.302%, 5/2/2018 - 5/15/2018 46,000,130
    Machinery, Equipment, Auto—0.9%  
42,500,000   Harley-Davidson Financial Services, Inc., (Harley-Davidson, Inc. Support Agreement), 2.258%, 6/20/2018 - 6/21/2018 42,366,406
    Mining—3.6%  
166,000,000   Nutrien Ltd., 2.344%—2.510%, 5/14//2018 - 6/15/2018 165,633,000
    Pharmaceuticals and Health Care—1.0%  
45,000,000   AstraZeneca PLC, 2.234%—2.286%, 5/8/2018 - 6/4/2018 44,937,494
    Sovereign—0.1%  
5,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.808%, 5/11/2018 4,998,250
    Telecommunications—4.1%  
15,500,000   Bell Canada, 2.385%, 5/1/2018 15,500,000
127,000,000   NBCUniversal Enterprise, Inc., (GTD by Comcast Corp.), 2.304%, 5/16/2018 - 5/17/2018 126,876,567
46,025,000   Verizon Communications, Inc., 2.204%—2.274%, 5/24/2018 45,959,633
    TOTAL 188,336,200
    Utility Gas—0.4%  
19,063,000   Southern Co. Gas Capital, 2.253%, 5/18/2018 19,042,746
    TOTAL COMMERCIAL PAPER 1,805,099,348
  2 NOTES-VARIABLE—35.8%  
    Aerospace / Auto—0.1%  
5,000,000   Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 2.408% (3-month USLIBOR +0.10%), 7/2/2018 5,000,000
    Banking—33.2%  
50,000,000   Bank of Montreal, 2.127% (1-month USLIBOR +0.24%), 5/3/2018 50,000,000
30,500,000   Bank of Montreal, 2.133% (1-month USLIBOR +0.25%), 5/4/2018 30,500,000
40,000,000   Bank of Montreal, 2.144% (1-month USLIBOR +0.25%), 5/18/2018 40,000,000
55,000,000   Bank of Montreal, 2.147% (1-month USLIBOR +0.25%), 5/11/2018 55,000,253
20,000,000   Bank of Montreal, 2.175% (1-month USLIBOR +0.28%), 5/8/2018 20,000,000
40,000,000   Bank of Montreal, 2.337% (1-month USLIBOR +0.44%), 5/11/2018 40,000,000
43,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.555% (3-month USLIBOR +0.200%), 4/12/2019 43,000,000
18,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.107% (1-month USLIBOR +0.22%), 8/2/2018 18,000,000
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.185% (1-month USLIBOR +0.29%), 2/8/2019 30,000,000
35,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.247% (1-month USLIBOR +0.35%), 2/15/2019 35,000,000
55,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.572% (3-month USLIBOR +0.27%), 3/22/2019 55,000,000
49,050,000   BlackRock Municipal Income Quality Trust, VMTP Preferred Shares (Series T0009) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.90%, 1/2/2019 49,050,000
34,140,000   BlackRock MuniHoldings Quality Fund, Inc., VMTP Preferred Shares (Series T0019) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.90%, 1/2/2019 34,140,000
63,000,000   Blackrock MuniYield Quality Fund II, Inc., VMTP Preferred Shares (Series T0012) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.90%, 1/2/2019 63,000,000
20,000,000   BlackRock Strategic Municipal Trust, VMTP Preferred Shares (Series T0015) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.90%, 1/2/2019 20,000,000
2
Principal
Amount 		    Value
  2 NOTES-VARIABLE—continued  
    Banking—continued  
$20,000,000   Canadian Imperial Bank of Commerce, 2.087% (1-month USLIBOR +0.20%), 5/2/2018 $20,000,000
10,000,000   Canadian Imperial Bank of Commerce, 2.156% (1-month USLIBOR +0.26%), 5/14/2018 10,000,000
35,080,000   Carol Allen Family Liquidity Trust, (Comerica Bank LOC), 1.91%, 5/3/2018 35,080,000
15,000,000   Collateralized Commercial Paper II Co. LLC, 2.472% (3-month USLIBOR +0.16%), 10/4/2018 15,000,000
3,420,000   Colorado Health Facilities Authority, Series 2016B, (UMB Bank, N.A. LOC), 1.90%, 5/3/2018 3,420,000
10,265,000   Connecticut Water Co., Series 2004, (Citizens Bank, N.A., Providence LOC), 2.14%, 5/2/2018 10,265,000
7,090,000   EG Irrevocable Life Insurance Trust, (BOKF, N.A. LOC), 1.86%, 5/3/2018 7,090,000
9,590,000   Eric and Lizzie Bommer Insurance Trust, (BOKF, N.A. LOC), 1.86%, 5/3/2018 9,590,000
1,555,000   Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (KeyBank, N.A. LOC), 2.00%, 5/3/2018 1,555,000
3,660,000   Gannett Fleming, Inc., Series 2001, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.35%, 5/4/2018 3,660,000
5,985,000   GM Enterprises of Oregon, Inc., Series 2017, (Bank of the West, San Francisco, CA LOC), 1.86%, 5/3/2018 5,985,000
1,120,000   Graywood Farms LLC, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.35%, 5/4/2018 1,120,000
1,635,000   Green Knight EDC, Series 2004, (Fulton Bank, N.A. LOC), 2.10%, 5/3/2018 1,635,000
2,035,000   Hazlet Manor Associates, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.35%, 5/1/2018 2,035,000
18,085,000   J.R. Adventures Insurance Trust, Series 2014, (BOKF, N.A. LOC), 1.86%, 5/3/2018 18,085,000
135,000   Lancaster, PA IDA, Snavely's Mill, Inc. Series 2003-B, (Fulton Bank, N.A. LOC), 2.10%, 5/3/2018 135,000
12,005,000   Maryland State EDC, Human Genome (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.35%, 5/1/2018 12,005,000
6,955,000   Maryland State EDC, Human Genome Sciences Series 1999-B, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.35%, 5/1/2018 6,955,000
3,405,000   Moran Enterprises, Inc., Series 2015, (BOKF, N.A. LOC), 1.86%, 5/3/2018 3,405,000
15,000,000   New York State HFA, (Series 2017A), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.75%, 5/2/2018 15,000,000
23,935,000   RBS Insurance Trust, Series 2015, (BOKF, N.A. LOC), 1.86%, 5/3/2018 23,935,000
9,470,000   Sendra Family Irrevocable Trust, Series 2015, (BOKF, N.A. LOC), 1.86%, 5/3/2018 9,470,000
13,875,000   Steel Dust Recycling, LLC, Series 2016, (Comerica Bank LOC), 1.91%, 5/3/2018 13,875,000
75,000,000   Sumitomo Mitsui Banking Corp., 2.083% (1-month USLIBOR +0.20%), 5/4/2018 75,000,000
65,000,000   Sumitomo Mitsui Banking Corp., 2.095% (1-month USLIBOR +0.20%), 5/8/2018 65,000,000
40,000,000   Sumitomo Mitsui Banking Corp., 2.101% (1-month USLIBOR +0.20%), 5/29/2018 40,000,000
60,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.106% (1-month USLIBOR +0.21%), 5/21/2018 60,000,000
3,600,000   Szuch and Plotkin Irrevocable Trust Agreement, Series 2016, (BOKF, N.A. LOC), 1.86%, 5/3/2018 3,600,000
11,935,000   The Gregory P. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.90%, 5/3/2018 11,935,000
6,460,000   The Harry M. Rubin 2014 Insurance Trust, Series 2014, (Wells Fargo Bank, N.A. LOC), 1.86%, 5/2/2018 6,460,000
5,825,000   The Jacob Rosenstein Irrevocable Life Insurance Trust, (Bank of America N.A. LOC), 1.86%, 5/2/2018 5,825,000
8,820,000   The Jay Deitz 2015 Irrevocable Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 1.86%, 5/3/2018 8,820,000
9,825,000   The KVR Insurance Trust, Series 2014, (BOKF, N.A. LOC), 1.86%, 5/3/2018 9,825,000
9,240,000   The Murray D. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.90%, 5/3/2018 9,240,000
9,550,000   The Ray L. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.90%, 5/3/2018 9,550,000
5,565,000   The Raymon Lee Ince Irrevocable Trust, Series 2013, (BOKF, N.A. LOC), 1.86%, 5/3/2018 5,565,000
6,680,000   The Rieber Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 1.86%, 5/3/2018 6,680,000
45,000,000   Toronto Dominion Bank, 2.131% (1-month USLIBOR +0.23%), 5/30/2018 45,000,000
50,000,000   Toronto Dominion Bank, 2.298% (1-month USLIBOR +0.400%), 5/23/2018 50,000,000
7,305,000   Tuttle Insurance Trust No. 2, Series 2015, (BOKF, N.A. LOC), 1.86%, 5/3/2018 7,305,000
21,000,000   Wells Fargo Bank, N.A., 2.247% (3-month USLIBOR +0.200%), 6/8/2018 21,000,000
15,000,000   Wells Fargo Bank, N.A., 2.509% (3-month USLIBOR +0.15%), 7/24/2018 15,000,000
150,000,000   Wells Fargo Bank, N.A., 2.522% (3-month USLIBOR +0.16%), 7/26/2018 150,000,000
75,000,000   Westpac Banking Corp. Ltd., Sydney, 2.124% (1-month USLIBOR +0.23%), 5/18/2018 75,000,000
690,000   Wilsbach Distributors, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.34%, 5/2/2018 690,000
8,240,000   Wingo Family Master Trust, (BOKF, N.A. LOC), 1.86%, 5/3/2018 8,240,000
13,000,000   Yavapai County, AZ IDA—Recovery Zone Facility, Taxable (Series 2015), (Bank of Nova Scotia, Toronto LOC), 2.00%, 5/3/2018 13,000,000
    TOTAL 1,514,725,253
    Chemicals—0.4%  
17,000,000   Louisiana Public Facilities Authority, (Series 2009A), 1.79%, 5/2/2018 17,000,000
3
Principal
Amount 		    Value
  2 NOTES-VARIABLE—continued  
    Finance - Automotive—0.5%  
$10,000,000   Gibson County, IN, (Series 1999A), (GTD by Toyota Motor Credit Corp.), 1.79%, 5/2/2018 $10,000,000
10,000,000   Gibson County, IN, PCR Bonds (Series 1997), (GTD by Toyota Motor Credit Corp.), 1.79%, 5/2/2018 10,000,000
    TOTAL 20,000,000
    Government Agency—0.9%  
9,157,000   Hart Family Holdings LLC, Series 2012, (Federal Home Loan Bank of Dallas LOC), 1.86%, 5/3/2018 9,157,000
22,540,000   Jefferson at Stadium Park—Phase B Owner LLC, Jefferson at Stadium Park Apartments, (Federal Home Loan Bank of San Francisco LOC), 2.366%, 5/3/2018 22,540,000
3,935,000   Jerry P. Himmel Irrevocable Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 1.86%, 5/3/2018 3,935,000
6,860,000   Tack Capital Co., (Federal Home Loan Bank of New York LOC), 1.89%, 5/3/2018 6,860,000
    TOTAL 42,492,000
    Health Care—0.3%  
14,300,000   Norfolk, VA EDA, (Series 2016A), 1.77%, 5/2/2018 14,300,000
    Municipals—0.4%  
20,000,000   Alaska State Housing Finance Corp., (2017 Series B) Taxable, 1.83%, 5/3/2018 20,000,000
    TOTAL NOTES-VARIABLE 1,633,517,253
    OTHER REPURCHASE AGREEMENTS—8.0%  
48,000,000   BNP Paribas S.A., 1.99%, 5/1/2018, interest in a $50,000,000 collateralized loan agreement, dated 4/30/2018, will repurchase securities provided as collateral for $50,002,764, in which medium-term notes, asset-backed securities, collateralized mortgage-backed obligations, corporate bonds and U.S. government agency securities with a market value of $51,003,365 have been received as collateral and held with BNY Mellon as tri-party agent. 48,000,000
50,000,000   BNP Paribas S.A., 1.82%, 5/1/2018, interest in a $50,000,000 collateralized loan agreement, dated 4/30/2018, will repurchase securities provided as collateral for $50,002,528, in which asset-backed securities with a market value of $51,002,579 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
50,000,000   Citigroup Global Markets, Inc., 3.054%, 8/1/2018, interest in a $60,000,000 collateralized loan agreement, dated 2/1/2018, will repurchase securities provided as collateral for $60,921,215, in which U.S. treasury notes with a market value of $61,350,142 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
70,000,000   Citigroup Global Markets, Inc., 3.104%, 8/1/2018, interest in a $90,000,000 collateralized loan agreement, dated 2/1/2018, will repurchase securities provided as collateral for $91,404,447, in which asset-backed securities and collateralized mortgage-backed obligations with a market value of $92,028,802 have been received as collateral and held with BNY Mellon as tri-party agent. 70,000,000
110,000,000   HSBC Securities (USA), Inc., 1.79%, 5/1/2018, interest in a $110,000,000 collateralized loan agreement, dated 4/30/2018, will repurchase securities provided as collateral for $110,005,469, in which corporate bonds securities with a market value of $112,203,984 have been received as collateral and held with BNY Mellon as tri-party agent. 110,000,000
35,000,000   Wells Fargo Securities LLC, 2.81%, 7/27/2018, interest in a $35,000,000 collateralized loan agreement, dated 4/27/2018, will repurchase securities provided as collateral for $35,248,607, in which U.S. government agency securities with a market value of $35,711,354 have been received as collateral and held with BNY Mellon as tri-party agent. 35,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS 363,000,000
    REPURCHASE AGREEMENTS—9.9%  
158,000,000   Interest in $900,000,000 joint repurchase agreement, 1.72% dated 4/30/2018 under which Barclays Bank PLC will repurchase the securities provided as collateral for $900,043,000 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. treasury bonds and U.S. treasury notes with various maturities to 11/15/2040 and the market value of those underlying securities was $918,043,872. 158,000,000
296,000,000   Interest in $300,000,000 joint repurchase agreement, 1.74% dated 4/30/2018 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $300,014,500 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. government agency securities with various maturities to 4/1/2052 and the market value of those underlying securities was $306,014,791. 296,000,000
    TOTAL REPURCHASE AGREEMENTS 454,000,000
    INVESTMENT COMPANY—0.6%  
26,997,500   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.91%3
(IDENTIFIED COST $27,000,100) 		27,000,100
    TOTAL INVESTMENT IN SECURITIES—100.0%
(AMORTIZED AND IDENTIFIED COST $4,566,160,408) 		4,566,160,408
    OTHER ASSETS AND LIABILITIES—0.0%4 1,475,659
    TOTAL NET ASSETS—100% $4,567,636,067
Securities that are subject to the federal alternative minimum tax (AMT) represent 2.0% of the Fund's portfolio as calculated based upon total market value.
4
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the nine months ended April 30, 2018, were as follows:
  Federated Institutional
Prime Value
Obligations Fund
Institutional Shares
Balance of Shares Held 7/31/2017 —
Purchases/Additions 26,997,500
Sales/Reductions —
Balance of Shares Held 4/30/2018 26,997,500
Value $27,000,100
Change in Unrealized Appreciation/(Depreciation) $—
Net Realized Gain/(Loss) $100
Dividend Income $177,578
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
2 Floating/variable note with current rate and current maturity or next reset date shown. 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.
3 7-day net yield.
4 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
Investment Valuation
Most securities are valued at amortized cost. Shares of any institutional money market fund in which the Fund invests will be valued at the fund's net asset value (NAV), which may be calculated using market value, rather than the amortized cost method. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. 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.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“the Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions) and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
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.
5
The following is a summary of the inputs used, as of April 30, 2018, in valuing the Fund's assets carried at fair value:
Valuation Inputs        
  Level 1—
Quoted
Prices 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Assets-Backed Securities $— $29,175,682 $— $29,175,682
Certificates of Deposit — 254,368,025 — 254,368,025
Commercial Paper — 1,805,099,348 — 1,805,099,348
Notes-Variable — 1,633,517,253 — 1,633,517,253
Other Repurchase Agreements — 363,000,000 — 363,000,000
Repurchase Agreements — 454,000,000 — 454,000,000
Investment Company 27,000,100 — — 27,000,100
TOTAL SECURITIES $27,000,100 $4,539,160,308 $— $4,566,160,408
The following acronyms are used throughout this portfolio:
COL —Collateralized
EDA —Economic Development Authority
EDC —Economic Development Corporation
GTD —Guaranteed
HFA —Housing Finance Authority
IDA —Industrial Development Authority
LIBOR — Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
PCR —Pollution Control Revenue
VMTP —Variable Rate Municipal Term Preferred
VRDPs —Variable Rate Demand Preferreds
6
Federated Government Reserves Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—47.0%  
$114,500,000 1 Federal Farm Credit System Discount Notes, 1.21% - 1.61%, 5/9/2018 - 10/5/2018 $114,195,796
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.762% (1-month USLIBOR -0.135%), 5/25/2018 50,000,000
74,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.802% - 1.812% (1-month USLIBOR -0.085%), 5/1/2018 - 5/15/2018 73,998,495
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.816% - 1.82% (1-month USLIBOR -0.08%), 5/13/2018 - 5/27/2018 49,993,174
30,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.823% (1-month USLIBOR -0.06%), 5/4/2018 29,998,752
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.829% - 1.836% (1-month USLIBOR -0.065%), 5/12/2018 - 5/29/2018 49,998,531
10,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.845% (1-month USLIBOR -0.055%), 5/27/2018 9,999,271
39,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.849% - 1.853% (1-month USLIBOR -0.045%), 5/12/2018 - 5/21/2018 38,999,574
22,800,000 2 Federal Farm Credit System Floating Rate Notes, 1.85% (1-month USLIBOR -0.041%), 5/6/2018 22,800,000
40,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.854% - 1.856% (1-month USLIBOR -0.043%), 5/15/2018 - 5/21/2018 39,999,563
56,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.856% (1-month USLIBOR -0.04%), 5/13/2018 55,999,026
8,500,000 2 Federal Farm Credit System Floating Rate Notes, 1.865% (1-month USLIBOR -0.03%), 5/9/2018 8,500,000
92,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.957% (1-month USLIBOR +0.059%), 5/21/2018 92,000,000
12,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.963% (1-month USLIBOR +0.065%), 5/22/2018 12,008,417
14,500,000 2 Federal Farm Credit System Floating Rate Notes, 2.037% (1-month USLIBOR +0.15%), 5/1/2018 14,523,367
1,393,900,000 1 Federal Home Loan Bank System Discount Notes, 1.24% - 1.96%, 5/2/2018 - 1/2/2019 1,388,614,636
60,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.546% - 2.041% (3-month USLIBOR -0.245%), 5/8/2018 - 6/26/2018 60,000,000
98,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.563% - 2.121% (3-month USLIBOR -0.21%), 5/1/2018 - 7/9/2018 97,999,267
10,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.626% (3-month USLIBOR -0.185%), 5/10/2018 10,500,000
32,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.735% (1-month USLIBOR -0.16%), 5/8/2018 32,000,000
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.741% - 1.742% (1-month USLIBOR -0.155%), 5/13/2018 - 5/17/2018 100,000,000
208,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.746% - 1.748% (1-month USLIBOR -0.15%), 5/16/2018 - 5/23/2018 208,000,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.752% (1-month USLIBOR -0.143%), 5/18/2018 50,000,000
30,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.752% (1-month USLIBOR -0.145%), 5/25/2018 30,000,000
75,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.757% (1-month USLIBOR -0.14%), 5/16/2018 - 5/25/2018 75,000,000
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.762% (1-month USLIBOR -0.135%), 5/15/2018 20,000,000
56,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.765% - 1.767% (1-month USLIBOR -0.13%), 5/8/2018 - 5/25/2018 56,000,000
136,800,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.772% - 1.773% (1-month USLIBOR -0.125%), 5/20/2018 - 5/25/2018 136,799,045
109,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.784% - 1.824% (3-month USLIBOR -0.16%), 5/24/2018 - 5/30/2018 108,995,856
10,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.788% (1-month USLIBOR -0.11%), 5/22/2018 10,000,505
26,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.805% (1-month USLIBOR -0.09%), 5/9/2018 26,000,000
105,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.816% - 1.817% (1-month USLIBOR -0.08%), 5/19/2018 - 5/20/2018 105,001,701
52,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.822% - 1.83% (1-month USLIBOR -0.065%), 5/3/2018 - 5/8/2018 51,996,819
44,250,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.828% - 1.833% (1-month USLIBOR -0.05%), 5/4/2018 - 5/5/2018 44,250,000
76,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.834% - 1.837% (1-month USLIBOR -0.06%), 5/11/2018 - 5/18/2018 76,000,000
124,700,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.842% - 1.852% (1-month USLIBOR -0.045%), 5/1/2018 - 5/25/2018 124,697,873
23,250,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.842% (1-month USLIBOR -0.055%), 5/20/2018 23,250,000
25,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.858% (1-month USLIBOR -0.04%), 5/22/2018 25,000,000
11,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.863% (1-month USLIBOR -0.035%), 5/23/2018 11,001,558
42,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.991% (3-month USLIBOR -0.34%), 7/9/2018 42,500,000
77,250,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.038% - 2.152% (3-month USLIBOR -0.14%), 6/19/2018 - 6/26/2018 77,262,446
49,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.045% (3-month USLIBOR -0.25%), 6/28/2018 49,500,000
18,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.212% (3-month USLIBOR -0.15%), 7/22/2018 18,000,000
298,920,000   Federal Home Loan Bank System Notes, 0.625% - 2.75%, 6/8/2018 - 10/1/2018 298,808,434
85,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.767% (1-month USLIBOR -0.12%), 5/1/2018 85,000,000
45,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 2.11% (3-month USLIBOR -0.25%), 7/25/2018 45,000,000
97,070,000   Federal Home Loan Mortgage Corp. Notes, 1.05% - 1.15%, 6/15/2018 - 9/14/2018 97,002,155
1
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—continued  
$35,596,000   Federal National Mortgage Association Notes, 1.125% - 1.875%, 7/20/2018 - 9/18/2018 $35,586,103
22,000,000   Tennessee Valley Authority Notes, 1.75%, 10/15/2018 22,039,613
    TOTAL GOVERNMENT AGENCIES 4,304,819,977
    U.S. TREASURY—5.6%  
105,000,000 1 United States Treasury Bills, 1.83%, 8/30/2018 104,354,163
100,000,000 1 United States Treasury Bills, 1.83% - 1.835%, 9/6/2018 99,348,444
124,500,000 1 United States Treasury Bills, 1.855% - 1.895%, 9/13/2018 123,623,334
116,900,000 1 United States Treasury Bills, 1.895%, 9/27/2018 115,983,131
45,000,000   United States Treasury Notes, 0.75%, 8/31/2018 44,831,250
25,000,000   United States Treasury Notes, 1.00%, 8/15/2018 24,978,492
    TOTAL U.S. TREASURY 513,118,814
    REPURCHASE AGREEMENTS—47.4%  
200,000,000   Repurchase agreement, 1.74% dated 4/30/2018 under which ABN Amro Bank N.V. will repurchase the securities provided as collateral for $200,009,667 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2048 and the market value of those underlying securities was $205,098,362. 200,000,000
40,000,000   Repurchase agreement, 1.75% dated 3/22/2018 under which Bank of Montreal will repurchase the securities provided as collateral for $40,173,056 on 6/19/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2043 and the market value of those underlying securities was $40,974,542. 40,000,000
742,000,000   Interest in $900,000,000 joint repurchase agreement, 1.72% dated 4/30/2018 under which Barclays Bank PLC will repurchase the securities provided as collateral for $900,043,000 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 11/15/2040 and the market value of those underlying securities was $918,043,872. 742,000,000
250,000,000   Repurchase agreement, 1.71% dated 4/5/2018 under which Barclays Capital, Inc. will repurchase the securities provided as collateral for $250,344,375 on 5/4/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2047 and the market value of those underlying securities was $255,385,802. 250,000,000
100,000,000   Repurchase agreement, 1.72% dated 4/30/2018 under which Barclays Capital, Inc. will repurchase the securities provided as collateral for $100,004,778 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 12/31/2018 and the market value of those underlying securities was $102,004,971. 100,000,000
200,000,000   Repurchase agreement, 1.74% dated 4/30/2018 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,009,667 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 2/25/2036 and the market value of those underlying securities was $205,640,772. 200,000,000
37,673,000   Interest in $38,000,000 joint repurchase agreement, 1.73% dated 4/30/2018 under which BNP Paribas SA will repurchase the securities provided as collateral for $38,001,826 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 2/1/2047 and the market value of those underlying securities was $38,761,863. 37,673,000
150,000,000   Repurchase agreement, 1.71% dated 11/14/2017 under which BNP Paribas SA will repurchase the securities provided as collateral for $152,052,000 on 8/29/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2041 and the market value of those underlying securities was $153,007,290. 150,000,000
150,000,000   Repurchase agreement, 1.72% dated 1/25/2018 under which BNP Paribas SA will repurchase the securities provided as collateral for $151,763,000 on 9/28/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 4/15/2023 and the market value of those underlying securities was $153,007,386. 150,000,000
500,000,000   Repurchase agreement, 1.70% dated 4/26/2018 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $500,165,278 on 5/3/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 1/20/2068 and the market value of those underlying securities was $510,401,329. 500,000,000
1,500,000,000   Repurchase agreement, 1.72% dated 4/30/2018 under which Fixed Income Clearing Corporation will repurchase the securities provided as collateral for $1,500,071,667 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 3/31/2025 and the market value of those underlying securities was $1,530,000,056. 1,500,000,000
100,000,000   Repurchase agreement, 1.86% dated 4/18/2018 under which Lloyds Bank PLC, London will repurchase the securities provided as collateral for $100,320,333 on 6/19/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were Collateralized Mortgage Obligations securities with various maturities to 8/20/2047 and the market value of those underlying securities was $102,719,598. 100,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$86,000,000   Interest in $200,000,000 joint repurchase agreement, 1.72% dated 4/30/2018 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $200,009,556 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 4/30/2020 and the market value of those underlying securities was $204,009,753. $86,000,000
230,000,000   Interest in $250,000,000 joint repurchase agreement, 1.73% dated 4/30/2018 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $250,012,014 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 11/16/2059 and the market value of those underlying securities was $255,279,133. 230,000,000
4,000,000   Interest in $300,000,000 joint repurchase agreement, 1.74% dated 4/30/2018 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $300,014,500 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2052 and the market value of those underlying securities was $306,014,791. 4,000,000
50,000,000   Repurchase agreement, 1.74% dated 4/30/2018 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $50,002,417 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $51,002,574. 50,000,000
    TOTAL REPURCHASE AGREEMENTS 4,339,673,000
    TOTAL INVESTMENT IN SECURITIES—100.0%
(AT AMORTIZED COST) 		9,157,611,791
    OTHER ASSETS AND LIABILITIES - NET—0.0%3 (1,209,342)
    TOTAL NET ASSETS—100% $9,156,402,449
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 U.S. generally accepted accounting principles. 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 net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
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 April 30, 2018, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym is used throughout this portfolio:
LIBOR —London Interbank Offered Rate
3
Federated Institutional Prime 60 Day Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    CERTIFICATES OF DEPOSIT—14.7%  
    Finance - Banking—14.7%  
$375,000   Bank of Montreal, 2.000%, 6/1/2018 $375,031
375,000   Royal Bank of Canada, 2.050%, 5/9/2018 374,979
375,000   Standard Chartered Bank PLC, 2.100%, 6/1/2018 374,836
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $1,124,846) 		1,124,846
  1 COMMERCIAL PAPER—48.0%  
    Aerospace/Auto—4.8%  
365,000   Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 1.986%, 6/12/2018 364,157
    Chemicals—4.9%  
375,000   BASF SE, 2.006%, 6/4/2018 374,292
    Finance - Banking—18.9%  
375,000   ANZ New Zealand National (Int'l) Ltd., 2.157%, 5/23/2018 374,507
350,000   Commonwealth Bank of Australia, 2.047%, 5/24/2018 349,544
375,000   J.P. Morgan Securities LLC, 2.057%, 5/30/2018 374,381
350,000   Sumitomo Mitsui Banking Corp., 2.057%, 5/21/2018 349,601
    TOTAL 1,448,033
    Finance - Commercial—4.9%  
375,000   Atlantic Asset Securitization LLC, 1.956%, 5/4/2018 374,939
    Finance - Retail—9.6%  
365,000   Barton Capital S.A., 2.107%, 6/21/2018 363,914
370,000   Sheffield Receivables Company LLC, 2.055%, 6/11/2018 369,136
    TOTAL 733,050
    Insurance—4.9%  
375,000   UnitedHealth Group, Inc., 2.117%, 6/15/2018 374,011
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $3,668,482) 		3,668,482
  2 NOTES - VARIABLE—4.6%  
    Finance - Banking—4.6%  
350,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.137% (1-month USLIBOR +0.240%), 5/15/2018
(IDENTIFIED COST $350,000) 		350,000
    OTHER REPURCHASE AGREEMENTS—14.7%  
    Finance - Banking—14.7%  
375,000   BNP Paribas S.A. 1.82%, dated 4/30/2018, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,005,056 on 5/1/2018, in which asset-backed securities, medium-term notes and Sovereign with a market value of $102,005,738 have been received as collateral and held with BNY Mellon as tri-party agent. 375,000
375,000   HSBC Securities (USA), Inc. 1.89%, dated 4/30/2018, interest in a $330,000,000 collateralized loan agreement will repurchase securities provided as collateral for $330,017,325 on 5/1/2018, in which corporate bonds and medium-term notes with a market value of $336,604,024 have been received as collateral and held with JPMorgan Chase as tri-party agent. 375,000
375,000   ING Financial Markets LLC 1.89%, dated 4/30/2018, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,006,300 on 5/1/2018, in which corporate bonds with a market value of $122,407,469 have been received as collateral and held with JPMorgan Chase as tri-party agent. 375,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(IDENTIFIED COST $1,125,000) 		1,125,000
    REPURCHASE AGREEMENTS—19.0%  
    Finance - Banking—19.0%  
452,000   Interest in $2,200,000,000 joint repurchase agreement 1.73%, dated 4/30/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,200,105,722 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/16/2060 and the market value of those underlying securities was $2,258,126,073. 452,000
1
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
    Finance - Banking—continued  
$1,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which Sumitomo Mitsui Banking Corp. will repurchase securities provided as collateral for $2,000,096,667 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2047 and the market value of those underlying securities was $2,051,261,731. $1,000,000
    TOTAL REPURCHASE AGREEMENTS
(IDENTIFIED COST $1,452,000) 		1,452,000
    TOTAL INVESTMENT IN SECURITIES—101.0%
(IDENTIFIED COST $7,720,328) 		7,720,328
    OTHER ASSETS AND LIABILITIES - NET—(1.0)%3 (74,094)
    TOTAL NET ASSETS—100% $7,646,234
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 Fund's Board of Trustees (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.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “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.
2
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.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of April 30, 2018, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
3
Federated Government Obligations Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—44.0%  
    Government Agency—44.0%  
$1,698,778,000 1 Federal Farm Credit System Discount Notes, 1.200% - 2.020%, 5/8/2018 - 12/17/2018 $1,693,470,085
153,700,000 2 Federal Farm Credit System Floating Rate Notes, 1.593% - 1.705% (3-month USLIBOR -0.180%), 5/1/2018 - 5/17/2018 153,701,002
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.761% (1-month USLIBOR -0.140%), 5/30/2018 50,000,000
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.762% (1-month USLIBOR -0.135%), 5/25/2018 50,000,000
100,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.767% (1-month USLIBOR -0.130%), 5/20/2018 100,000,000
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.771% (1-month USLIBOR -0.125%), 5/13/2018 49,989,224
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.781% (1-month USLIBOR -0.120%), 5/30/2018 49,997,887
75,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.788% (1-month USLIBOR -0.095%), 5/4/2018 74,998,675
439,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.802% - 1.812% (1-month USLIBOR -0.085%), 5/1/2018 - 5/15/2018 438,990,970
346,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.816% - 1.820% (1-month USLIBOR -0.080%), 5/13/2018 - 5/27/2018 345,956,181
240,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.823% (1-month USLIBOR -0.075%), 5/26/2018 240,000,000
536,700,000 2 Federal Farm Credit System Floating Rate Notes, 1.823% - 1.838% (1-month USLIBOR -0.060%), 5/4/2018 - 5/23/2018 536,691,777
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.827% (1-month USLIBOR -0.070%), 5/24/2018 49,999,000
304,750,000 2 Federal Farm Credit System Floating Rate Notes, 1.829% - 1.836% (1-month USLIBOR -0.065%), 5/12/2018 - 5/29/2018 304,741,351
171,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.845% (1-month USLIBOR -0.055%), 5/27/2018 170,987,532
308,850,000 2 Federal Farm Credit System Floating Rate Notes, 1.849% - 1.853% (1-month USLIBOR -0.045%), 5/12/2018 - 5/21/2018 308,847,668
137,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.850% (1-month USLIBOR -0.041%), 5/6/2018 137,000,000
237,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.854% - 1.856% (1-month USLIBOR -0.043%), 5/15/2018 - 5/21/2018 236,997,413
338,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.856% (1-month USLIBOR -0.040%), 5/13/2018 337,994,118
69,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.865% (1-month USLIBOR -0.030%), 5/9/2018 69,000,000
78,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.951% (1-month USLIBOR +0.055%), 5/19/2018 77,998,694
70,500,000 2 Federal Farm Credit System Floating Rate Notes, 1.963% (1-month USLIBOR +0.065%), 5/22/2018 70,560,022
5,150,000 2 Federal Farm Credit System Floating Rate Notes, 1.982% (1-month USLIBOR +0.095%), 5/3/2018 5,150,994
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.986% (1-month USLIBOR +0.090%), 5/19/2018 50,040,325
100,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.016% (1-month USLIBOR +0.120%), 5/13/2018 100,124,190
75,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.212% (3-month USLIBOR -0.150%), 7/23/2018 75,000,000
50,000,000   Federal Farm Credit System Notes, 1.030% - 1.250%, 7/13/2018 - 9/5/2018 49,993,807
8,965,253,000 1 Federal Home Loan Bank System Discount Notes, 1.240% - 1.960%, 5/2/2018 - 1/2/2019 8,934,475,161
360,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.546% - 2.041% (3-month USLIBOR -0.245%), 5/8/2018 - 6/26/2018 360,000,000
712,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.563% - 2.121% (3-month USLIBOR -0.210%), 5/1/2018 - 7/9/2018 711,995,632
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.616% (3-month USLIBOR -0.195%), 5/10/2018 19,988,736
63,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.626% (3-month USLIBOR -0.185%), 5/10/2018 63,000,000
104,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.666% (3-month USLIBOR -0.125%), 5/8/2018 103,999,900
400,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.717% (1-month USLIBOR -0.170%), 5/1/2018 400,000,000
582,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.735% - 1.737% (1-month USLIBOR -0.160%), 5/8/2018 - 5/16/2018 582,000,000
674,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.741% - 1.742% (1-month USLIBOR -0.155%), 5/13/2018 - 5/17/2018 674,000,000
1,414,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.744% - 1.748% (1-month USLIBOR -0.150%), 5/12/2018 - 5/25/2018 1,414,500,000
345,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.752% (1-month USLIBOR -0.143%), 5/18/2018 345,000,000
220,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.752% (1-month USLIBOR -0.145%), 5/25/2018 220,000,000
262,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.757% (1-month USLIBOR -0.140%), 5/16/2018 - 5/25/2018 262,000,000
280,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.761% - 1.762% (1-month USLIBOR -0.135%), 5/15/2018 - 5/17/2018 279,999,507
893,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.765% - 1.767% (1-month USLIBOR -0.130%), 5/8/2018 - 5/25/2018 893,000,000
777,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.769% - 1.773% (1-month USLIBOR -0.125%), 5/12/2018 - 5/25/2018 776,994,032
859,400,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.784% - 1.911% (3-month USLIBOR -0.160%), 5/24/2018 - 6/12/2018 859,348,962
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.788% (1-month USLIBOR -0.110%), 5/22/2018 20,001,009
167,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.805% (1-month USLIBOR -0.090%), 5/9/2018 167,000,000
1
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—continued  
    Government Agency—continued  
$666,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.816% - 1.817% (1-month USLIBOR -0.080%), 5/19/2018 - 5/20/2018 $666,011,297
368,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.822% - 1.830% (1-month USLIBOR -0.065%), 5/3/2018 - 5/8/2018 367,978,624
367,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.828% - 1.844% (1-month USLIBOR -0.050%), 5/4/2018 - 5/12/2018 367,000,000
504,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.834% - 1.837% (1-month USLIBOR -0.060%), 5/11/2018 - 5/18/2018 504,000,000
168,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.842% (1-month USLIBOR -0.055%), 5/20/2018 168,000,000
607,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.842% - 1.852% (1-month USLIBOR -0.045%), 5/1/2018 - 5/25/2018 606,995,841
174,750,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.858% (1-month USLIBOR -0.040%), 5/22/2018 174,750,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.863% (1-month USLIBOR -0.035%), 5/23/2018 50,007,081
342,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.991% (3-month USLIBOR -0.340%), 7/9/2018 342,500,000
415,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.038% - 2.152% (3-month USLIBOR -0.140%), 6/19/2018 - 6/26/2018 415,101,122
339,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.045% (3-month USLIBOR -0.250%), 6/28/2018 339,000,000
59,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.212% (3-month USLIBOR -0.150%), 7/22/2018 59,000,000
1,046,600,000   Federal Home Loan Bank System, 0.625% - 1.750%, 6/8/2018 - 12/14/2018 1,046,102,569
565,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.767% (1-month USLIBOR -0.120%), 5/1/2018 565,000,000
170,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.802% (1-month USLIBOR -0.095%), 5/20/2018 170,000,000
951,600,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 2.087% - 2.110% (3-month USLIBOR -0.250%), 7/10/2018 - 7/25/2018 951,600,403
704,600,000   Federal Home Loan Mortgage Corp., 0.875% - 4.875%, 5/11/2018 - 10/12/2018 704,105,554
289,592,000   Federal National Mortgage Association, 0.875% - 1.875%, 5/21/2018 - 9/18/2018 289,623,198
409,899,575 2 Housing and Urban Development Floating Rate Notes, 2.508% (3-month USLIBOR +0.200%), 5/1/2018 409,899,575
38,432,000   Tennessee Valley Authority, 1.750%, 10/15/2018 38,509,313
    TOTAL GOVERNMENT AGENCIES 31,150,718,431
    U.S. TREASURIES—7.4%  
    U.S. Treasury Notes—7.4%  
850,000,000 1 United States Treasury Bills, 1.268% - 1.890%, 9/13/2018 844,395,977
450,000,000 1 United States Treasury Bills, 1.820% - 1.875%, 8/16/2018 447,524,882
810,000,000 1 United States Treasury Bills, 1.830%, 8/30/2018 805,017,825
1,100,000,000 1 United States Treasury Bills, 1.830% - 1.835%, 9/6/2018 1,092,836,445
656,000,000 1 United States Treasury Bills, 1.895%, 9/27/2018 650,854,865
125,000,000 1 United States Treasury Bills, 1.900%, 10/4/2018 123,970,833
350,000,000 1 United States Treasury Bills, 1.930%, 9/20/2018 347,335,528
300,000,000 1 United States Treasury Bills, 1.945%, 10/18/2018 297,244,583
494,000,000   United States Treasury Notes, 0.750% - 1.500%, 8/31/2018 493,209,693
119,500,000   United States Treasury Notes, 1.000%, 8/15/2018 119,397,191
    TOTAL U.S. TREASURIES 5,221,787,822
    REPURCHASE AGREEMENTS—48.7%  
730,000,000   Interest in $1,200,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $1,200,058,000 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/1/2048 and the market value of those underlying securities was $1,232,861,283. 730,000,000
85,000,000   Interest in $250,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $250,012,083 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/1/2048 and the market value of those underlying securities was $256,126,225. 85,000,000
220,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $220,010,633 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2048 and the market value of those underlying securities was $225,456,863. 220,000,000
250,000,000   Interest in $350,000,000 joint repurchase agreement 1.66%, dated 1/25/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $352,436,972 on 6/25/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $358,425,318. 250,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$170,000,000   Interest in $315,000,000 joint repurchase agreement 1.71%, dated 11/14/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $316,795,500 on 8/29/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $321,315,353. $170,000,000
100,000,000   Repurchase agreement 1.73%, dated 4/30/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $100,004,806 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 2/15/2038 and the market value of those underlying securities was $102,004,902. 100,000,000
135,000,000   Repurchase agreement 1.73%, dated 4/30/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $135,006,488 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/15/2048 and the market value of those underlying securities was $138,118,110. 135,000,000
500,000,000   Repurchase agreement 1.73%, dated 4/30/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $500,024,028 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 3/1/2048 and the market value of those underlying securities was $510,062,080. 500,000,000
3,800,000,000   Interest in $7,000,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $7,000,338,333 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $7,126,840,190. 3,800,000,000
771,964,000   Interest in $1,000,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which Bank of America, N.A. will repurchase securities provided as collateral for $1,000,048,333 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/20/2045 and the market value of those underlying securities was $1,020,049,300. 771,964,000
150,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Bank of Montreal will repurchase securities provided as collateral for $150,007,250 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 12/1/2047 and the market value of those underlying securities was $153,189,013. 150,000,000
250,000,000   Repurchase agreement 1.75%, dated 3/22/2018 under which Bank of Montreal will repurchase securities provided as collateral for $251,093,750 on 6/21/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $255,483,467. 250,000,000
240,000,000   Interest in $400,000,000 joint repurchase agreement 1.75%, dated 4/11/2018 under which Bank of Montreal will repurchase securities provided as collateral for $401,711,111 on 7/9/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $408,376,863. 240,000,000
200,000,000   Interest in $300,000,000 joint repurchase agreement 1.82%, dated 4/18/2018 under which Bank of Montreal will repurchase securities provided as collateral for $301,289,167 on 7/13/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $306,185,668. 200,000,000
150,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Bank of Nova Scotia will repurchase securities provided as collateral for $150,007,250 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/1/2048 and the market value of those underlying securities was $153,469,113. 150,000,000
3,182,400,000   Interest in $4,450,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Barclays Bank PLC will repurchase securities provided as collateral for $4,450,212,611 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $4,539,216,942. 3,182,400,000
500,000,000   Interest in $750,000,000 joint repurchase agreement 1.71%, dated 4/5/2018 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $751,033,125 on 5/4/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/20/2048 and the market value of those underlying securities was $766,019,147. 500,000,000
200,000,000   Interest in $350,000,000 joint repurchase agreement 1.75%, dated 4/18/2018 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $350,510,417 on 5/18/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $357,225,610. 200,000,000
150,000,000   Repurchase agreement 1.75%, dated 4/18/2018 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $150,211,458 on 5/18/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $153,089,282. 150,000,000
1,000,000,000   Interest in $1,800,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $1,800,087,000 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/1/2048 and the market value of those underlying securities was $1,836,088,740. 1,000,000,000
3
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$250,000,000   Repurchase agreement 1.73%, dated 4/30/2018 under which Citibank, N.A. will repurchase securities provided as collateral for $250,012,014 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 12/20/2067 and the market value of those underlying securities was $255,012,419. $250,000,000
750,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.70%, dated 4/26/2018 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,330,556 on 5/3/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/20/2060 and the market value of those underlying securities was $1,025,127,304. 750,000,000
300,000,000   Interest in $500,000,000 joint repurchase agreement 1.69%, dated 4/26/2018 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,164,306 on 5/3/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2041 and the market value of those underlying securities was $510,119,729. 300,000,000
500,000,000   Interest in $500,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $500,024,167 on 5/1/2018. The securities provided as collateral at the end of the period held with State Street Bank as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $506,229,476. 500,000,000
65,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $65,003,106 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2048 and the market value of those underlying securities was $66,815,294. 65,000,000
500,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $500,024,167 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2048 and the market value of those underlying securities was $515,002,426. 500,000,000
100,000,000   Repurchase agreement 1.72%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $100,167,222 on 5/11/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2047 and the market value of those underlying securities was $102,170,567. 100,000,000
100,000,000   Interest in $100,000,000 joint repurchase agreement 1.72%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $100,167,222 on 5/11/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 10/1/2045 and the market value of those underlying securities was $102,170,567. 100,000,000
250,000,000   Repurchase agreement 1.72%, dated 4/27/2018 under which ING Financial Markets LLC will repurchase securities provided as collateral for $250,083,611 on 5/4/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2048 and the market value of those underlying securities was $255,085,283. 250,000,000
250,000,000   Repurchase agreement 1.72%, dated 4/27/2018 under which ING Financial Markets LLC will repurchase securities provided as collateral for $250,083,611 on 5/4/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 12/1/2047 and the market value of those underlying securities was $255,085,284. 250,000,000
1,500,000,000   Interest in $3,000,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which ING Financial Markets LLC will repurchase securities provided as collateral for $3,000,143,333 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $3,040,266,424. 1,500,000,000
111,600,000   Repurchase agreement 1.74%, dated 4/30/2018 under which ING Financial Markets LLC will repurchase securities provided as collateral for $111,605,394 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 3/1/2048 and the market value of those underlying securities was $113,837,502. 111,600,000
300,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which ING Financial Markets LLC will repurchase securities provided as collateral for $300,101,500 on 5/7/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 5/16/2053 and the market value of those underlying securities was $307,196,994. 300,000,000
150,000,000   Interest in $250,000,000 joint repurchase agreement 1.76%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $250,733,750 on 5/22/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2047 and the market value of those underlying securities was $255,424,108. 150,000,000
100,000,000   Repurchase agreement 1.76%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $100,293,500 on 5/22/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2048 and the market value of those underlying securities was $102,169,643. 100,000,000
150,000,000   Repurchase agreement 1.78%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $150,438,321 on 6/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2047 and the market value of those underlying securities was $153,447,088. 150,000,000
4
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$430,000,000   Interest in $450,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $450,021,750 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 12/25/2053 and the market value of those underlying securities was $463,500,069. $430,000,000
375,000,000   Interest in $500,000,000 joint repurchase agreement 1.70%, dated 1/24/2018 under which Mitsubishi UFJ Securities (USA), will repurchase securities provided as collateral for $500,826,389 on 5/25/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 3/20/2065 and the market value of those underlying securities was $514,743,395. 375,000,000
1,000,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Mitsubishi UFJ Securities (USA), will repurchase securities provided as collateral for $1,000,048,333 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2063 and the market value of those underlying securities was $1,029,227,216. 1,000,000,000
225,000,950   Repurchase agreement 1.72%, dated 4/30/2018 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $225,010,750 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/31/2019 and the market value of those underlying securities was $228,201,879. 225,000,950
32,106,000   Interest in $550,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $550,026,583 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/20/2048 and the market value of those underlying securities was $563,552,380. 32,106,000
1,100,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,100,052,556 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $1,122,053,609. 1,100,000,000
930,548,000   Interest in $2,200,000,000 joint repurchase agreement 1.73%, dated 4/30/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,200,105,722 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/16/2060 and the market value of those underlying securities was $2,258,126,073. 930,548,000
115,696,000   Repurchase agreement 1.76%, dated 4/30/2018 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $115,701,656 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/1/2046 and the market value of those underlying securities was $117,811,018. 115,696,000
363,454,000   Repurchase agreement 1.75%, dated 4/30/2018 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $363,471,668 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $370,002,035. 363,454,000
200,000,000   Interest in $250,000,000 joint repurchase agreement 1.53%, dated 2/8/2018 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $250,956,250 on 5/9/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2048 and the market value of those underlying securities was $256,046,743. 200,000,000
300,000,000   Interest in $500,000,000 joint repurchase agreement 1.72%, dated 4/9/2018 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $500,716,667 on 5/9/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 4/1/2048 and the market value of those underlying securities was $511,127,745. 300,000,000
500,000,000   Interest in $750,000,000 joint repurchase agreement 1.73%, dated 4/3/2018 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $752,270,625 on 6/5/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities and a U.S. Treasury security with various maturities to 1/1/2057 and the market value of those underlying securities was $768,718,886. 500,000,000
1,300,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $1,300,062,833 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 4/15/2058 and the market value of those underlying securities was $1,326,617,840. 1,300,000,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 1.76%, dated 4/4/2018 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $502,102,222 on 6/29/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 4/20/2048 and the market value of those underlying securities was $512,409,367. 400,000,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 1.88%, dated 4/26/2018 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $502,350,000 on 7/25/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2057 and the market value of those underlying securities was $513,248,605. 400,000,000
1,450,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Royal Bank of Scotland will repurchase securities provided as collateral for $1,450,069,278 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2037 and the market value of those underlying securities was $1,479,004,943. 1,450,000,000
5
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$500,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Societe Generale, New York will repurchase securities provided as collateral for $500,024,167 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/1/2047 and the market value of those underlying securities was $510,989,277. $500,000,000
300,000,000   Interest in $500,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which Societe Generale, New York will repurchase securities provided as collateral for $500,169,167 on 5/7/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 7/20/2047 and the market value of those underlying securities was $511,050,963. 300,000,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 1.76%, dated 4/26/2018 under which Societe Generale, New York will repurchase securities provided as collateral for $501,491,111 on 6/26/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/20/2048 and the market value of those underlying securities was $510,473,304. 400,000,000
1,000,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $2,000,095,556 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2026 and the market value of those underlying securities was $2,042,990,776. 1,000,000,000
1,999,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $2,000,096,667 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 7/1/2047 and the market value of those underlying securities was $2,051,261,731. 1,999,000,000
400,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $400,019,333 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2048 and the market value of those underlying securities was $408,019,720. 400,000,000
250,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,012,083 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $255,012,339. 250,000,000
2,230,000,000   Interest in $3,230,000,000 joint Repurchase agreement 1.74%, dated 4/30/2018 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,230,156,117 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/1/2048 and the market value of those underlying securities was $3,294,759,255. 2,230,000,000
50,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $50,002,417 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 8/15/2043 and the market value of those underlying securities was $51,002,574. 50,000,000
    TOTAL REPURCHASE AGREEMENTS 34,411,768,950
    TOTAL INVESTMENT IN SECURITIES—100.1%
(AT AMORTIZED COST) 		70,784,275,203
    OTHER ASSETS AND LIABILITIES - NET—(0.1)%3 (41,769,212)
    TOTAL NET ASSETS—100% $70,742,505,991
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 U.S. generally accepted accounting principles (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 net asset value (NAV) per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews
6
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.
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 April 30, 2018, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym is used throughout this portfolio:
LIBOR —London Interbank Offered Rate
7
Federated Government Obligations Tax-Managed Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—74.9%  
$75,760,000   Federal Farm Credit System Notes, 0.82% - 1.70%, 5/11/2018 - 10/15/2018 $75,624,385
660,000,000 1 Federal Farm Credit System Discount Notes, 1.25% - 1.99%, 5/17/2018 - 1/2/2019 656,418,860
69,500,000 2 Federal Farm Credit System Floating Rate Notes, 1.593% (3-month USLIBOR -0.18%), 5/1/2018 69,522,799
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.614% (3-month USLIBOR -0.37%), 5/30/2018 49,999,581
100,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.722% (1-month USLIBOR -0.165%), 5/2/2018 99,998,730
100,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.758% (1-month USLIBOR -0.14%), 5/21/2018 99,999,630
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.781% (1-month USLIBOR -0.12%), 5/30/2018 49,997,887
200,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.782% - 1.783% (1-month USLIBOR -0.115%), 5/11/2018 - 5/23/2018 199,999,036
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.783% (1-month USLIBOR -0.10%), 5/4/2018 49,995,370
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.788% (1-month USLIBOR -0.095%), 5/4/2018 49,999,117
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.82% (1-month USLIBOR -0.08%), 5/27/2018 49,996,520
25,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.829% (1-month USLIBOR -0.065%), 5/12/2018 24,998,734
20,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.872% (1-month USLIBOR -0.025%), 5/24/2018 19,999,425
10,330,000 2 Federal Farm Credit System Floating Rate Notes, 1.916% (1-month USLIBOR +0.02%), 5/17/2018 10,329,910
15,190,000 2 Federal Farm Credit System Floating Rate Notes, 1.987% (1-month USLIBOR +0.09%), 5/25/2018 15,190,485
5,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.087% (1-month USLIBOR +0.19%), 5/16/2018 5,016,102
10,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.144% (3-month USLIBOR -0.195%), 7/12/2018 9,997,981
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.212% (3-month USLIBOR -0.15%), 7/23/2018 50,000,000
90,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.409% (3-month USLIBOR +0.05%), 7/29/2018 90,120,025
1,582,900,000 1 Federal Home Loan Bank System Discount Notes, 1.41% - 1.89%, 5/1/2018 - 7/27/2018 1,580,213,467
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.546% - 1.594% (3-month USLIBOR -0.245%), 5/8/2018 - 5/15/2018 50,000,000
230,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.717% (1-month USLIBOR -0.17%), 5/1/2018 230,000,000
150,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.723% (1-month USLIBOR -0.155%), 5/5/2018 150,000,000
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.737% (1-month USLIBOR -0.16%), 5/16/2018 100,000,000
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.749% (1-month USLIBOR -0.145%), 5/12/2018 100,000,000
89,400,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.756% - 1.757% (1-month USLIBOR -0.14%), 5/12/2018 - 5/16/2018 89,399,368
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.762% (1-month USLIBOR -0.135%), 5/15/2018 50,000,000
150,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.772% (1-month USLIBOR -0.125%), 5/25/2018 149,994,655
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.784% (3-month USLIBOR -0.16%), 5/24/2018 50,007,531
122,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.786% (1-month USLIBOR -0.115%), 5/28/2018 122,017,126
30,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.842% (1-month USLIBOR -0.045%), 5/1/2018 29,999,024
1,925,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.158% (3-month USLIBOR -0.163%), 7/5/2018 1,924,375
    TOTAL GOVERNMENT AGENCIES 4,380,760,123
    U.S. TREASURY—29.4%  
318,200,000   United States Treasury Bills, 1.55% - 1.64%, 5/10/2018 318,071,224
100,000,000   United States Treasury Bills, 1.655%, 5/3/2018 99,990,806
250,000,000   United States Treasury Bills, 1.66%, 6/7/2018 249,573,472
50,000,000   United States Treasury Bills, 1.805%, 6/21/2018 49,872,146
63,000,000   United States Treasury Bills, 1.83%, 8/30/2018 62,612,498
250,000,000   United States Treasury Bills, 1.83% - 1.835%, 8/2/2018 248,842,278
50,000,000   United States Treasury Bills, 1.835%, 7/26/2018 49,780,819
100,000,000   United States Treasury Bills, 1.875%, 10/11/2018 99,151,041
122,500,000   United States Treasury Bills, 1.88%, 8/16/2018 121,815,497
50,000,000   United States Treasury Bills, 1.945%, 10/18/2018 49,540,764
1
Principal
Amount 		    Value
    U.S. TREASURY—continued  
$50,000,000 2 United States Treasury Floating Rate Notes, 1.909% (91-day T-Bill +0.07%), 5/1/2018 $49,995,458
234,000,000   United States Treasury Notes, 0.875% - 1.00%, 5/31/2018 233,930,824
88,000,000   United States Treasury Notes, 1.00%, 5/15/2018 87,993,053
    TOTAL U.S. TREASURY 1,721,169,880
    TOTAL INVESTMENT IN SECURITIES—104.3%
(AT AMORTIZED COST) 		6,101,930,003
    OTHER ASSETS AND LIABILITIES - NET—(4.3)%3 (251,142,975)
    TOTAL NET ASSETS—100% $5,850,787,028
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 U.S. generally accepted accounting principles. 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 net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions) and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
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 April 30, 2018, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
Note: The following acronyms are used throughout this portfolio:
LIBOR —London Interbank Offered Rate
2
Federated Institutional Money Market Management
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    CERTIFICATES OF DEPOSIT—5.1%  
    Finance - Banking—5.1%  
$ 1,200,000   BMO Harris Bank, N.A., 1.920%, 5/14/2018 $1,200,000
1,500,000   Commonwealth Bank of Australia, 1.600%, 9/21/2018 1,496,177
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $2,700,000) 		2,696,177
  1 COMMERCIAL PAPER—50.0%  
    Aerospace/Auto—3.4%  
1,800,000   Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.681%, 7/20/2018 1,791,045
    Chemicals—0.5%  
250,000   BASF SE, 1.801%, 5/2/2018 249,988
    Finance - Banking—19.1%  
2,200,000   Antalis S.A., (Societe Generale, Paris LIQ), 1.771%, 5/4/2018 2,199,676
900,000   Bank of Nova Scotia, Toronto, 1.497%, 5/23/2018 899,186
1,500,000   Banque et Caisse d'Epargne de L'Etat, 2.123%, 8/17/2018 1,489,545
500,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.000%, 10/9/2018 494,470
1,500,000   Canadian Imperial Bank of Commerce, 2.193%, 6/14/2018 1,496,003
1,000,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.751%, 5/2/2018 - 5/4/2018 999,903
2,500,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.162% - 2.364%, 6/6/2018 - 6/26/2018 2,493,119
    TOTAL 10,071,902
    Finance - Retail—14.8%  
1,750,000   Barton Capital S.A., 1.751% - 2.208%, 5/3/2018 - 5/24/2018 1,749,175
800,000   CRC Funding, LLC, 1.788%, 5/10/2018 799,644
2,500,000   Sheffield Receivables Company LLC, 2.333% - 2.334%, 7/9/2018 - 7/13/2018 2,488,747
2,750,000   Thunder Bay Funding, LLC, 1.715% - 1.776%, 6/5/2018 - 6/15/2018 2,744,714
    TOTAL 7,782,280
    Finance - Securities—3.8%  
2,000,000   Collateralized Commercial Paper Co. LLC, 1.763% - 1.917%, 8/6/2018 - 9/7/2018 1,984,822
    Insurance—4.2%  
2,200,000   UnitedHealth Group, Inc., 1.931% - 2.118%, 5/4/2018 - 6/25/2018 2,196,583
    Sovereign—4.2%  
2,250,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 2.263% - 2.303%, 7/1/2018 - 7/26/2018 2,241,302
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $26,325,727) 		26,317,922
    CORPORATE BOND—0.7%  
    Finance - Banking—0.7%  
400,000   Nordea Bank AB, Series 144A, 1.625%, 5/15/2018
(IDENTIFIED COST $399,897) 		399,897
  2 NOTES - VARIABLE—26.0%  
    Finance - Banking—25.0%  
2,750,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 2.098% (1-month USLIBOR +0.200%), 6/22/2018 2,750,000
300,000   Canadian Imperial Bank of Commerce, 2.134% (1-month USLIBOR +0.240%), 10/18/2018 299,834
500,000   Canadian Imperial Bank of Commerce, 2.186% (3-month USLIBOR +0.180%), 6/1/2018 500,808
1,300,000   Commonwealth Bank of Australia, 2.087% (1-month USLIBOR +0.190%), 9/14/2018 1,299,415
2,585,000   Miami-Dade County, FL IDA, Badia Spices, Inc. Project Series 2015, Weekly VRDN, (Northern Trust Co., Chicago, IL LOC), 1.830%, 5/3/2018 2,585,000
500,000   Pepper Residential Securities Trust No. 19, Class A1, (GTD by National Australia Bank Ltd., Melbourne), 2.244% (1-month USLIBOR +0.350%), 10/12/2018 499,776
1,000,000   Royal Bank of Canada, 2.133% (1-month USLIBOR +0.250%), 5/4/2018 999,080
1
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$1,250,000   Royal Bank of Canada, 2.458% (3-month USLIBOR +0.150%), 7/3/2018 $1,251,743
1,000,000   Toronto Dominion Bank, 2.117% (1-month USLIBOR +0.230%), 5/1/2018 999,582
1,000,000   Toronto Dominion Bank, 2.131% (1-month USLIBOR +0.230%), 11/30/2018 999,569
500,000   Wells Fargo Bank, N.A., 2.481% (3-month USLIBOR +0.150%), 7/9/2018 500,811
500,000   Wells Fargo Bank, N.A., 2.560% (3-month USLIBOR +0.200%), 7/25/2018 499,951
    TOTAL 13,185,569
    Finance - Securities—1.0%  
500,000   Collateralized Commercial Paper II Co. LLC, 2.502% (3-month USLIBOR +0.200%), 9/28/2018 500,616
    TOTAL NOTES - VARIABLE
(IDENTIFIED COST $13,684,951) 		13,686,185
    OTHER REPURCHASE AGREEMENTS—13.9%  
    Finance - Banking—13.9%  
2,200,000   Citigroup Global Markets, Inc. 2.19%, dated 4/30/2018, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,003,042 on 5/1/2018, in which mortgage backed securities with a market value of $51,003,103 have been received as collateral and held with BNY Mellon as tri-party agent. 2,200,000
2,200,000   HSBC Securities (USA), Inc., 1.89%, dated 4/30/2018 interest in a $330,000,000 collateralized loan agreement will repurchase securities provided as collateral for $330,017,325 on 5/1/2018, in which corporate bonds and medium term notes with a market value of $336,604,024 have been received as collateral and held with JPMorgan Chase as tri-party agent. 2,200,000
2,000,000   ING Financial Markets LLC, 1.89%, dated 4/30/2018 interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,006,300 on 5/1/2018, in which corporate bonds with a market value of $122,407,469 have been received as collateral and held with JPMorgan Chase as tri-party agent. 2,000,000
900,000   MUFG Securities Americas, Inc., 1.89%, dated 4/30/2018 interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,010,500 on 5/1/2018, in which American depository receipts, common stocks, corporate bonds, medium-term notes and municipal bonds, with a market value of $204,010,710 have been received as collateral and held with BNY Mellon as tri-party agent. 900,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(IDENTIFIED COST $7,300,000) 		7,300,000
    REPURCHASE AGREEMENT—3.8%  
    Finance - Banking—3.8%  
2,000,000   Interest in $2,200,000,000 joint repurchase agreement 1.73%, dated 4/30/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,200,105,722 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/16/2060 and the market value of those underlying securities was $2,258,126,073. 2,000,000
    TOTAL INVESTMENT IN SECURITIES—99.5%
(IDENTIFIED COST $52,410,575) 		52,400,181
    OTHER ASSETS AND LIABILITIES - NET—0.5%3 269,189
    TOTAL NET ASSETS—100% $52,669,370
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
2 Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/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.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
2
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 Fund's Board of Trustees (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.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “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 over-the-counter 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.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of April 30, 2018, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
GTD —Guaranteed
IDA —Industrial Development Authority
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
VRDN —Variable Rate Demand Note
3
Federated Municipal Obligations Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—100.2%  
    Alabama—6.3%  
$2,450,000   Alabama HFA MFH (Park Towne Villas Ltd.), (2000 Series C: Parktowne Apartments) Weekly VRDNs (Branch Banking & Trust Co. LOC), 1.870%, 5/3/2018 $2,450,000
3,470,000   Alabama HFA MFH (Summit South Mall Apartments Ltd.), (2007 Series C) Weekly VRDNs (FNMA LOC), 1.870%, 5/3/2018 3,470,000
1,345,000   Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.870%, 5/3/2018 1,345,000
50,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 1.700%, 5/1/2018 50,000,000
15,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Weekly VRDNs, 1.970%, 5/3/2018 15,000,000
5,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 1.630%, 5/1/2018 5,000,000
13,650,000   Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs (Comerica Bank LOC), 1.870%, 5/3/2018 13,650,000
10,000,000   Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs (Citibank NA, New York LOC), 1.870%, 5/3/2018 10,000,000
44,500,000   West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 1.700%, 5/1/2018 44,500,000
700,000   Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 1.700%, 5/1/2018 700,000
    TOTAL 146,115,000
    Arizona—0.8%  
7,221,000   Flagstaff, AZ IDA (Joy Cone Co.), (Series 1999) Weekly VRDNs (Citizens Bank of Pennsylvania LOC), 1.860%, 5/3/2018 7,221,000
5,610,000   Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.930%, 5/3/2018 5,610,000
6,750,000   Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.860%, 5/3/2018 6,750,000
    TOTAL 19,581,000
    Arkansas—0.2%  
3,830,000   Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 2.000%, 5/2/2018 3,830,000
    California—7.2%  
4,910,000   California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs (City National Bank LOC), 1.900%, 5/3/2018 4,910,000
23,745,000   California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.910%, 5/3/2018 23,745,000
2,245,000   California Infrastructure & Economic Development Bank (Bonny Doon Winery, Inc.), (Series 2000A) Weekly VRDNs (Comerica Bank LOC), 1.900%, 5/3/2018 2,245,000
2,000,000   California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs (CoBank, ACB LOC), 1.870%, 5/3/2018 2,000,000
3,185,000   California PCFA (Carlos Echeverria and Sons Dairy), (Series 2002) Weekly VRDNs (CoBank, ACB LOC), 1.870%, 5/3/2018 3,185,000
2,230,000   California PCFA (Metropolitan Recycling LLC), (Series 2012A) Weekly VRDNs (Comerica Bank LOC), 1.910%, 5/2/2018 2,230,000
825,000   California PCFA (Mill Valley Refuse Service, Inc.), (Series 2014) Weekly VRDNs (Comerica Bank LOC), 1.910%, 5/2/2018 825,000
3,000,000   California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 1.870%, 5/3/2018 3,000,000
30,000,000   California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.860%, 5/2/2018 30,000,000
2,940,000   California PCFA (T & W Farms), (Series 2002) Weekly VRDNs (Bank of America N.A. LOC), 1.870%, 5/3/2018 2,940,000
5,000,000   California PCFA (Western Sky Dairy), (Series 2001A) Weekly VRDNs (Bank of America N.A. LOC), 1.870%, 5/3/2018 5,000,000
1,600,000   California Statewide Communities Development Authority IDRB (Sarich Family Living Trust), (Series 2001A: American Modular Systems, Inc.) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 1.900%, 5/3/2018 1,600,000
47,090,000   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), 1.850%, 5/3/2018 47,090,000
19,500,000   Nuveen California Dividend Advantage Municipal Fund, (NAC Series 2) Weekly VRDPs (Citibank NA, New York LIQ), 1.900%, 5/3/2018 19,500,000
19,000,000   Nuveen California Dividend Advantage Municipal Fund, (NAC Series 5) Weekly VRDPs (Citibank NA, New York LIQ), 1.900%, 5/3/2018 19,000,000
    TOTAL 167,270,000
    Colorado—1.3%  
7,425,000   Cherry Creek, CO School District No. 5, Solar Eclipse (Series 2017-003), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 7/19/2018 7,425,000
1
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Colorado—continued  
$3,300,000   Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs (CoBank, ACB LOC), 1.870%, 5/3/2018 $3,300,000
4,615,000   Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs (UMB Bank, N.A. LOC), 1.950%, 5/3/2018 4,615,000
1,625,000   Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.900%, 5/3/2018 1,625,000
1,810,000   Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs (UMB Bank, N.A. LOC), 2.000%, 5/3/2018 1,810,000
11,175,000   El Paso County, CO School District #20 Academy, Solar Eclipse (Series 2017-0006), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 7/26/2018 11,175,000
    TOTAL 29,950,000
    Connecticut—1.3%  
10,600,000   Bethel, CT, 2.00% BANs, 6/15/2018 10,607,587
2,625,000   Connecticut State HEFA (Central Connecticut Coast YMCA), (Series A) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.780%, 5/3/2018 2,625,000
5,000,000   Connecticut State HFA, Tender Option Bond Trust Receipts (2016-XF0492) Weekly VRDNs (Bank of America N.A. LIQ), 1.850%, 5/3/2018 5,000,000
11,500,000   Connecticut State, Golden Blue (Series 2017-014) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 11,500,000
    TOTAL 29,732,587
    District of Columbia—0.3%  
4,765,000   District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2017-0015), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 4,765,000
1,000,000   Metropolitan Washington, DC Airports Authority, (Series 2011A-3) Weekly VRDNs (Royal Bank of Canada LOC), 1.780%, 5/3/2018 1,000,000
    TOTAL 5,765,000
    Florida—7.8%  
10,000,000   Broward County, FL (Florida Power & Light Co.), (Series 2015) Daily VRDNs, 1.710%, 5/1/2018 10,000,000
18,840,000   Central Florida Expressway Authority, Golden Blue (Series 2018-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 18,840,000
10,000,000   Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), 1.21% CP, Mandatory Tender 5/3/2018 10,000,000
4,980,000   Florida State Board of Education (Florida State), Solar Eclipse (Series 2017-0049), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/14/2018 4,980,000
3,650,000   Florida State, Solar Eclipse (Series 2017-0054), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/21/2018 3,650,000
10,000,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), 1.78% CP, Mandatory Tender 5/14/2018 10,000,000
13,000,000   Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), 1.78% CP, Mandatory Tender 5/14/2018 13,000,000
8,250,000   Miami-Dade County, FL Aviation, Tender Option Bond Trust Receipts (2016-XL0035) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.850%, 5/3/2018 8,250,000
5,575,000   Miami-Dade County, FL IDA (CAE USA, Inc.), (Series 2000A) Weekly VRDNs (Royal Bank of Canada LOC), 1.840%, 5/2/2018 5,575,000
5,000,000   Miami-Dade County, FL Transit System, Tender Option Bond Trust Certificates (Series 2015-ZF2083) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.900%, 5/3/2018 5,000,000
10,000,000   Miami-Dade County, FL Water & Sewer, Tender Option Bond Trust Receipts (2015-ZF0268) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 1.900%, 5/3/2018 10,000,000
7,650,000   Orange County, FL HFA (Marbella Pointe), (Series 2007A) Weekly VRDNs (FHLB of San Francisco LOC), 1.800%, 5/3/2018 7,650,000
1,790,000   Seminole County, FL IDA (3100 Camp Road LLC), (Series 2008) Weekly VRDNs (PNC Bank, N.A. LOC), 1.830%, 5/3/2018 1,790,000
61,225,000   St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 1.650%, 5/1/2018 61,225,000
10,000,000   Sunshine State Governmental Finance Commission, FL (Orlando, FL), Callable Tax-Exempt Notes (Series H), 1.25% CP (JPMorgan Chase Bank, N.A. LIQ), Mandatory Tender 7/9/2018 10,000,000
1,680,000   Volusia County, FL IDA (Management by Innovation, Inc.), (Series 2008A) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.920%, 5/3/2018 1,680,000
    TOTAL 181,640,000
    Georgia—2.7%  
4,500,000   Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs (FNMA LOC), 1.870%, 5/3/2018 4,500,000
1,900,000   Burke County, GA Development Authority (Georgia Power Co.), (Second Series 1995) Daily VRDNs, 1.670%, 5/1/2018 1,900,000
4,420,000   Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 1.700%, 5/1/2018 4,420,000
4,960,000   Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs (FNMA LOC), 1.870%, 5/3/2018 4,960,000
2
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Georgia—continued  
$15,525,000   Fulton County, GA, Solar Eclipse (Series 2017-0007), 1.93% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/14/2018 $15,525,000
3,000,000   Kennesaw, GA Development Authority (Lakeside Vista Apartments), (Series 2004) Weekly VRDNs (FNMA LOC), 1.870%, 5/3/2018 3,000,000
18,370,000   Main Street Natural Gas, Inc., GA, (Series 2010 A2), 1.85% TOBs (Royal Bank of Canada LOC), (SIFMA 7-day +0.100%), Optional Tender 6/1/2018 18,370,000
3,600,000   Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 1.710%, 5/1/2018 3,600,000
4,605,000   Savannah, GA EDA (Home Depot, Inc.), (Series B) Weekly VRDNs (SunTrust Bank LOC), 1.850%, 5/2/2018 4,605,000
850,000   Willacoochee, GA Development Authority (Langboard, Inc.), (Series 1997) Weekly VRDNs (FHLB of Atlanta LOC), 1.900%, 5/3/2018 850,000
    TOTAL 61,730,000
    Hawaii—0.2%  
4,815,000   Hawaii State Department of Budget & Finance (Queen's Health Systems), (2015 Series C) VRENs, 2.200%, 5/3/2018 4,815,000
    Illinois—2.4%  
1,000,000   Illinois Development Finance Authority IDB (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.930%, 5/3/2018 1,000,000
6,000,000   Illinois Development Finance Authority IDB (Toyal America, Inc.), (Series 1997) Weekly VRDNs (MUFG Bank Ltd. LOC), 1.850%, 5/3/2018 6,000,000
1,460,000   Illinois Development Finance Authority IDB (Val-Matic Valve & Manufacturing Corp.), (Series 2001) Weekly VRDNs (Bank of America N.A. LOC), 1.870%, 5/3/2018 1,460,000
15,000,000   Illinois Educational Facilities Authority (Saint Xavier University), (Series 2002A) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.890%, 5/3/2018 15,000,000
2,880,000   Illinois Finance Authority (Reliable Materials Lyons LLC), (Series 2006) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 2.010%, 5/2/2018 2,880,000
4,450,000   Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.890%, 5/3/2018 4,450,000
5,000,000   Illinois Finance Authority—Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs (Nordea Bank AB LOC), 1.840%, 5/3/2018 5,000,000
90,000   Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds (Series 2004 C-3) Weekly VRDNs (FHLB of Chicago LIQ), 1.780%, 5/2/2018 90,000
19,505,000   Illinois Housing Development Authority, Tender Option Bond Trust Certificates (2016-XG0093) Weekly VRDNs (GNMA COL)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.980%, 5/3/2018 19,505,000
235,000   Woodridge, DuPage, Will and Cook Counties, IL (Home Run Inn Frozen Foods Corp.), (Series 2005) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.830%, 5/3/2018 235,000
    TOTAL 55,620,000
    Indiana—1.6%  
1,000,000   Indiana Development Finance Authority (South Central Community Mental Health Centers, Inc.), D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.860%, 5/3/2018 1,000,000
12,825,000   Indianapolis, IN MFH (Nora Commons LP), (Series 2004A) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.920%, 5/3/2018 12,825,000
12,900,000   Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.860%, 5/3/2018 12,900,000
5,000,000   Jasper County, IN EDA (T & M LP), (Series 2010A) Weekly VRDNs (AgriBank FCB LOC), 1.870%, 5/3/2018 5,000,000
6,000,000   Logansport, IN (Andersons Clymers Ethanol LLC), (Series 2006) Weekly VRDNs (CoBank, ACB LOC), 1.880%, 5/3/2018 6,000,000
    TOTAL 37,725,000
    Iowa—0.5%  
5,300,000   Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs (AgriBank FCB LOC), 1.870%, 5/3/2018 5,300,000
6,000,000   Iowa Finance Authority (Roorda Dairy, LLC), (Series 2007) Weekly VRDNs (AgriBank FCB LOC), 1.870%, 5/3/2018 6,000,000
    TOTAL 11,300,000
    Kentucky—0.2%  
1,845,000   Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.870%, 5/4/2018 1,845,000
2,010,000   Kentucky Housing Corp. (Arbors of Madisonville Apartments LP), (Series 2007) Weekly VRDNs (U.S. Bank, N.A. LOC), 2.010%, 5/3/2018 2,010,000
1,120,000   Somerset, KY Industrial Building (Wonderfuel LLC), (Series 2000) Weekly VRDNs (Comerica Bank LOC), 1.890%, 5/3/2018 1,120,000
    TOTAL 4,975,000
    Louisiana—3.6%  
18,000,000   Ascension Parish, LA (BASF Corp.), (Series 1995) Weekly VRDNs, 1.850%, 5/2/2018 18,000,000
7,000,000   Ascension Parish, LA (BASF Corp.), (Series 1997) Weekly VRDNs, 1.850%, 5/2/2018 7,000,000
3
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Louisiana—continued  
$3,200,000   Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs (Bank of America N.A. LOC), 1.790%, 5/2/2018 $3,200,000
4,630,000   Louisiana HFA (Emerald Point Apartments Partners, Ltd.), (Series 2007) Weekly VRDNs (FNMA LOC), 1.870%, 5/3/2018 4,630,000
1,600,000   Port of New Orleans, LA (New Orleans Steamboat Co.), (Series 2000) Weekly VRDNs (FHLB of Dallas LOC), 1.860%, 5/3/2018 1,600,000
13,250,000   St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs (GTD by Nucor Corp.), 1.920%, 5/2/2018 13,250,000
35,775,000   St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs (GTD by Nucor Corp.), 1.940%, 5/2/2018 35,775,000
    TOTAL 83,455,000
    Maryland—0.3%  
1,045,000   Maryland State Economic Development Corp. (Canusa Hershman Recycling), (Series 2005A) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.860%, 5/4/2018 1,045,000
4,990,000   Maryland State Transportation Authority, Solar Eclipse 2017-0041, 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 7/26/2018 4,990,000
1,400,000   Washington County, MD Economic Development Revenue Board (Packaging Services of Maryland, Inc.), (Series 2006) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.910%, 5/3/2018 1,400,000
    TOTAL 7,435,000
    Massachusetts—1.1%  
2,000,000   Leicester, MA, 2.50% BANs, 2/15/2019 2,014,857
10,000,000   Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), 1.78% CP (GTD by Massachusetts Electric Co.), Mandatory Tender 5/17/2018 10,000,000
5,415,000   Massachusetts IFA (New England Power Co.), (Series 1992B), 1.38% CP, Mandatory Tender 5/1/2018 5,415,000
1,200,000   Massachusetts IFA (New England Power Co.), (Series 1992B), 1.73% CP, Mandatory Tender 5/17/2018 1,200,000
6,253,000   Massachusetts IFA (New England Power Co.), (Series 1992B), 1.85% CP, Mandatory Tender 5/25/2018 6,253,000
    TOTAL 24,882,857
    Michigan—5.3%  
5,500,000   Grand Rapids, MI IDR (Clipper Belt Lacer Co.), (Series 2007) Weekly VRDNs (Bank of America N.A. LOC), 1.800%, 5/3/2018 5,500,000
112,085,000   Michigan State Housing Development Authority, (Series 2007E) Weekly VRDNs (MUFG Bank Ltd. LIQ), 1.810%, 5/2/2018 112,085,000
200,000   Michigan State Strategic Fund (B & C Leasing LLC), (Series 1999) Weekly VRDNs (Bank of America N.A. LOC), 1.950%, 5/3/2018 200,000
1,000,000   Michigan State Strategic Fund (Catholic Social Services of Lansing/St. Vincent Home, Inc.), (Series 2003) Weekly VRDNs (Comerica Bank LOC), 1.850%, 5/3/2018 1,000,000
2,350,000   Michigan State Strategic Fund (Stegner East Investments LLC) Weekly VRDNs (Comerica Bank LOC), 2.010%, 5/3/2018 2,350,000
1,800,000   Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.910%, 5/3/2018 1,800,000
    TOTAL 122,935,000
    Minnesota—0.4%  
200,000   Coon Rapids, MN (Assurance Mfg. Co., Inc.), (Series 1999) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.910%, 5/3/2018 200,000
1,000,000   Faribault, MN IDA (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.930%, 5/3/2018 1,000,000
2,000,000   Hennepin County, MN Housing and Redevelopment Authority (City Apartments at Loring Park), (Series 2001) Weekly VRDNs (FNMA LOC), 1.860%, 5/3/2018 2,000,000
60,000   Lino Lakes, MN (Molin Concrete Products Co.), (Series 1998) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.910%, 5/3/2018 60,000
1,335,000   St. Anthony, MN (Landings at Silver Lake Village), (Series 2007) Weekly VRDNs (FHLB of Des Moines LOC), 1.890%, 5/4/2018 1,335,000
2,000,000   St. Louis Park, MN (Urban Park Apartments), (Series 2010A) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.880%, 5/4/2018 2,000,000
975,000   St. Louis Park, MN (Urban Park Apartments), (Series 2010B) Weekly VRDNs (FHLB of Des Moines LOC), 1.980%, 5/4/2018 975,000
2,110,000   St. Paul, MN Port Authority (National Checking Co.), IDRB's (Series 1998A) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.850%, 5/3/2018 2,110,000
    TOTAL 9,680,000
    Mississippi—0.3%  
5,865,000   Mississippi Home Corp. (Windsor Park Partners LP), (Series 2004-6) Weekly VRDNs (FNMA LOC), 1.870%, 5/3/2018 5,865,000
    Missouri—0.2%  
3,600,000   Kansas City, MO Water Revenue, Solar Eclipse (Series 2017-0016), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 3,600,000
    Montana—2.8%  
65,655,000   Missoula, MT Water System, Golden Blue (Series 2017-011) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 65,655,000
4
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Multi-State—6.0%  
$56,300,000   Nuveen Municipal Credit Income Fund, (Series 3) Weekly VRDPs (TD Bank, N.A. LIQ), 1.910%, 5/3/2018 $56,300,000
41,000,000   Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs (Barclays Bank PLC LIQ), 1.900%, 5/3/2018 41,000,000
35,000,000   Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs (Barclays Bank PLC LIQ), 1.900%, 5/3/2018 35,000,000
8,000,000   Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs (Barclays Bank PLC LIQ), 1.900%, 5/3/2018 8,000,000
    TOTAL 140,300,000
    Nevada—1.3%  
3,645,000   Clark County, NV, Solar Eclipse (Series 2017-0025), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/21/2018 3,645,000
1,875,000   Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRBs (Series 1998A) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.070%, 5/3/2018 1,875,000
3,600,000   Nevada Housing Division (AFB-Golden Associates LP), (Series 2007) Weekly VRDNs (FHLMC LOC), 1.780%, 5/3/2018 3,600,000
16,415,000   Nevada Housing Division (Vista Creek Apartments, LLC), (Series 2007) Weekly VRDNs (FHLB of San Francisco LOC), 1.800%, 5/3/2018 16,415,000
3,995,000   Nevada State Highway Revenue, Solar Eclipse (Series 2017-0018), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/7/2018 3,995,000
    TOTAL 29,530,000
    New Hampshire—1.1%  
10,000,000   New Hampshire Business Finance Authority (New England Power Co.), (Series 1990B), 1.50% CP, Mandatory Tender 5/17/2018 10,000,000
16,260,000   New Hampshire Business Finance Authority (New England Power Co.), PCRBs (1990 Series A), 1.78% CP, Mandatory Tender 5/17/2018 16,260,000
    TOTAL 26,260,000
    New Jersey—7.8%  
20,940,000   Garden State Preservation Trust, NJ (New Jersey State), Tender Option Bond Trust Receipts (2016-ZF0416) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.950%, 5/3/2018 20,940,000
4,980,000   Jersey City, NJ, 2.50% BANs, 12/7/2018 5,008,065
3,423,072   Kenilworth, NJ, 2.50% BANs, 12/7/2018 3,441,340
6,130,000   Keyport Borough, NJ, 3.00% BANs, 4/26/2019 6,190,445
9,612,097   Leonia, NJ, 2.75% BANs, 2/15/2019 9,697,713
2,235,765   Linwood, NJ, 2.25% BANs, 7/25/2018 2,240,124
7,720,000   Little Falls Township, NJ, 2.50% BANs, 12/14/2018 7,760,138
4,126,318   Maple Shade Township, NJ, 2.25% BANs, 6/28/2018 4,131,813
2,606,040   Matawan Borough, NJ, 2.25% BANs, 6/8/2018 2,608,415
2,139,000   Milltown, NJ, (Series 2017A), 2.50% BANs, 12/19/2018 2,149,688
3,432,500   Neptune Township, NJ, 2.25% BANs, 9/4/2018 3,444,192
3,990,000   New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.910%, 5/3/2018 3,990,000
480,000   New Jersey EDA (Geriatric Services Housing Corp., Inc.—(CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 2.090%, 5/2/2018 480,000
3,145,000   New Jersey EDA (Rose Hill Associates LLC), (Series 2000) Weekly VRDNs (TD Bank, N.A. LOC), 1.840%, 5/4/2018 3,145,000
1,470,000   New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001) Weekly VRDNs (U.S. Bank, N.A. LOC), 2.000%, 5/4/2018 1,470,000
4,715,000   New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series 1997) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.950%, 5/2/2018 4,715,000
4,995,000   New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.920%, 5/3/2018 4,995,000
17,620,000   New Jersey Higher Education Assistance Authority, Tender Option Bond Trust Certificates (2016-XG0032) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 1.900%, 5/3/2018 17,620,000
4,942,300   North Plainfield, NJ, 2.50% BANs, 12/13/2018 4,966,971
5,567,084   Point Pleasant Beach, NJ, 3.00% BANs, 4/18/2019 5,621,284
3,420,300   Riverside Township, NJ, 2.25% BANs, 11/7/2018 3,430,441
3,744,500   Runnemede, NJ, (Series A), 2.25% BANs, 11/13/2018 3,760,953
3,777,769   Secaucus, NJ, 2.00% BANs, 5/1/2018 3,777,769
7,320,000   Somers Point, NJ, 2.50% BANs, 12/5/2018 7,367,391
6,000,000   South River, NJ, 2.50% BANs, 12/11/2018 6,034,428
5,512,376   Union Beach, NJ, 2.50% BANs, 2/25/2019 5,547,994
16,362,582   Union Township, NJ (Union County), 3.00% BANs, 2/5/2019 16,535,522
5
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    New Jersey—continued  
$3,600,000   West Long Branch, NJ, 2.50% BANs, 12/14/2018 $3,615,381
3,200,000   West Orange Township, NJ, 2.50% BANs, 12/21/2018 3,216,125
4,000,000   Willingboro Township, NJ, 2.25% BANs, 8/8/2018 4,008,024
9,495,516   Wood-Ridge Borough, NJ, 2.50% BANs, 2/8/2019 9,557,012
    TOTAL 181,466,228
    New Mexico—0.2%  
3,400,000   Albuquerque, NM IDRB (El Encanto, Inc.), (Series 1999) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.860%, 5/3/2018 3,400,000
150,000   Los Lunas Village, NM (Wall Colmonoy Corp.), (Series 1998) Weekly VRDNs (Bank of America N.A. LOC), 2.080%, 5/2/2018 150,000
    TOTAL 3,550,000
    New York—12.4%  
6,600,000   Bay Shore, NY Union Free School District, 2.00% TANs, 6/22/2018 6,606,161
3,000,000   Broadalbin-Perth, NY CSD, 2.00% BANs, 6/20/2018 3,003,370
6,000,000   Central Islip, NY Union Free School District, 2.00% BANs, 6/27/2018 6,004,702
5,000,000   Central Square, NY CSD, 2.00% BANs, 6/29/2018 5,003,231
6,200,000   Deer Park Union Free School District, NY, 2.00% TANs, 6/27/2018 6,206,198
5,131,000   Frewsburg, NY CSD, 2.25% BANs, 6/27/2018 5,139,147
10,000,000   Geneva, NY City School District, 2.00% BANs, 7/13/2018 10,011,942
5,590,000   Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs (FNMA LOC), 1.860%, 5/3/2018 5,590,000
19,000,000   Islip, NY Union Free School District, 2.00% TANs, 6/22/2018 19,015,697
18,000,000   Lancaster, NY CSD, 2.50% BANs, 6/14/2018 18,030,031
16,000,000   Liverpool, NY CSD, 2.25% BANs, 6/28/2018 16,018,737
4,400,000   Longwood CSD, NY, 2.00% TANs, 6/22/2018 4,404,036
4,814,000   Madison, NY CSD, 2.00% BANs, 8/16/2018 4,825,149
755,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-XF0499) Weekly VRDNs (Toronto Dominion Bank LIQ), 1.830%, 5/3/2018 755,000
4,040,000   Mount Markham, NY CSD, 2.00% BANs, 6/28/2018 4,044,751
4,105,000   New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs (Citibank NA, New York LOC), 1.850%, 5/3/2018 4,105,000
24,880,000   New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs (Royal Bank of Scotland PLC, Edinburgh LOC), 1.830%, 5/2/2018 24,880,000
35,100,000   New York State HFA (350 West 43rd Street), (2002 Series A) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.660%, 5/1/2018 35,100,000
41,900,000   New York State HFA (455 West 37th Street), (2007 Series A) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.660%, 5/1/2018 41,900,000
6,500,000   New York State HFA (Midtown West B LLC), (Series 2008A: 505 West 37th Street) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.680%, 5/1/2018 6,500,000
8,000,000   New York Transportation Development Corporation (Laguardia Airport Terminal B Redevelopment), Series 2017-XF2508 Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.900%, 5/3/2018 8,000,000
5,050,000   Newfield, NY CSD, 2.25% BANs, 6/28/2018 5,057,920
11,865,000   Norwood-Norfolk, NY CSD, 2.25% BANs, 6/29/2018 11,884,889
1,605,000   Prattsburgh, NY CSD, 2.25% BANs, 6/28/2018 1,607,264
33,000,000   Sachem, NY CSD at Holbrook, 2.00% TANs, 6/28/2018 33,031,471
    TOTAL 286,724,696
    North Carolina—2.5%  
7,456,000   Boone, NC Water and Sewer, 2.00% BANs, 7/26/2018 7,466,452
19,000,000   Boone, NC, 2.00% BANs, 7/26/2018 19,026,635
24,100,000   Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 1.960%, 5/2/2018 24,100,000
55,000   Robeson County, NC Industrial Facilities & PCFA (Rempac Foam Corp.), (Series 1999) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.840%, 5/3/2018 55,000
6,800,000   Union County, NC Enterprise Systems, Solar Eclipse (Series 2017-0051), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 6,800,000
    TOTAL 57,448,087
6
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    North Dakota—1.3%  
$30,000,000   Grand Forks County, ND (J. R. Simplot Co.), (Series 2011) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.890%, 5/2/2018 $30,000,000
    Ohio—3.4%  
7,500,000   Akron, OH, 3.00% BANs, 12/12/2018 7,565,974
10,000,000   Brunswick, OH City School District, 2.50% BANs, 5/31/2018 10,008,342
14,000,000   Lucas County, OH (ProMedica Healthcare Obligated Group), Golden Blue (Series 2018-002) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.000%, 5/3/2018 14,000,000
30,470,000   Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 30,470,000
8,600,000   Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), Golden Blue (Series 2017-006) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 8,600,000
995,000   Summit County, OH IDA (AESCO, Inc.), (Series 2001) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.870%, 5/3/2018 995,000
100,000   Summit County, OH IDA (Waldonia Investment), (Series 1998( Weekly VRDNs (KeyBank, N.A. LOC), 1.890%, 5/2/2018 100,000
320,000   Summit County, OH IDA (Wintek Ltd.), Variable Rate IDRB's (Series 1998A) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.870%, 5/3/2018 320,000
7,000,000   Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs (Bank of America N.A. LOC), 1.870%, 5/3/2018 7,000,000
    TOTAL 79,059,316
    Oregon—0.9%  
10,000,000   Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001A) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.870%, 5/3/2018 10,000,000
10,000,000   Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001C) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.870%, 5/3/2018 10,000,000
    TOTAL 20,000,000
    Pennsylvania—0.9%  
2,000,000   Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs (Citizens Bank of Pennsylvania LOC), 1.770%, 5/3/2018 2,000,000
5,000,000   Berks County, PA Municipal Authority (Tower Health), Golden Blue (Series 2018-001) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 5,000,000
11,000,000   Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 1.880%, 5/3/2018 11,000,000
2,000,000   Philadelphia, PA, (series A), 2.00% TRANs, 6/29/2018 2,002,182
1,100,000   Washington County, PA Hospital Authority (Monongahela Valley Hospital), (Series 2018C) Weekly VRDNs (Citizens Bank of Pennsylvania LOC), 1.780%, 5/1/2018 1,100,000
    TOTAL 21,102,182
    Rhode Island—0.1%  
3,205,000   Rhode Island State Health and Educational Building Corp. (CVS-Highlander Charter School, Inc.), (Series 2007) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.850%, 5/2/2018 3,205,000
    South Carolina—1.0%  
10,500,000   Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 2.000%, 5/2/2018 10,500,000
1,000,000   Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 2.000%, 5/2/2018 1,000,000
4,840,000   Berkeley County, SC School District, Solar Eclipse (Series 2017-0030), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/17/2018 4,840,000
6,000,000   Lexington County, SC School District No. 001 (South Carolina School District Credit Enhancement Program), Solar Eclipse (Series 2017-0058), 1.90% TOBs (South Carolina School District Credit Enhancement Program GTD)/(U.S. Bank, N.A. LIQ), Optional Tender 5/3/2018 6,000,000
1,305,000   South Carolina Jobs-EDA (ACI Industries LLC), (Series 2007) Weekly VRDNs (Bank of America N.A. LOC), 1.910%, 5/3/2018 1,305,000
    TOTAL 23,645,000
    South Dakota—0.1%  
3,000,000   South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs (CoBank, ACB LOC), 1.870%, 5/3/2018 3,000,000
    Tennessee—1.3%  
25,000,000   Memphis-Shelby County, TN Industrial Development Board—PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs (GTD by Nucor Corp.), 2.000%, 5/2/2018 25,000,000
5,000,000   Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.870%, 5/4/2018 5,000,000
    TOTAL 30,000,000
7
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Texas—10.5%  
$25,000,000   Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 1996) Weekly VRDNs, 1.850%, 5/2/2018 $25,000,000
15,800,000   Brazos River Harbor, TX Navigation District of Brazoria County (BASF Corp.), (Series 1997) Weekly VRDNs, 1.850%, 5/2/2018 15,800,000
20,000,000   Calhoun, TX Port Authority (BP PLC), (Series 1998) Weekly VRDNs, 1.840%, 5/2/2018 20,000,000
105,000   Capital Area Housing Finance Corp., TX (Northwest Residential LP), (Series 2006) Weekly VRDNs (Citibank NA, New York LOC), 1.790%, 5/2/2018 105,000
2,950,000   Dalhart, TX Economic Development Corp. (Northside Farms LLC), (Series 2005) Weekly VRDNs (AgriBank FCB LOC), 1.870%, 5/3/2018 2,950,000
2,100,000   Dallam County, TX Industrial Development Corp. (Consolidated Dairy Management LLC), (Series 2007) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.870%, 5/3/2018 2,100,000
20,275,000   El Paso County, TX Hospital District, (Series 2017-XM0525) Weekly VRDNs (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.900%, 5/3/2018 20,275,000
4,000,000   Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 2.000%, 5/2/2018 4,000,000
38,375,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.850%, 5/2/2018 38,375,000
12,500,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.890%, 5/2/2018 12,500,000
30,750,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.890%, 5/2/2018 30,750,000
33,600,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.890%, 5/2/2018 33,600,000
15,000,000   Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs (FNMA LOC), 1.870%, 5/3/2018 15,000,000
23,000,000   Texas State, 4.00% TRANs, 8/30/2018 23,186,736
    TOTAL 243,641,736
    Utah—0.0%  
860,000   Salt Lake County, UT Training Facilities (Community Foundation For The Disabled, Inc.), (Series 2000) Weekly VRDNs (Wells Fargo Bank Northwest, N.A. LOC), 1.860%, 5/3/2018 860,000
    Virginia—1.2%  
800,000   Arlington County, VA IDA (Westover Apartments, LP), (Series 2011A) Weekly VRDNs (FHLMC LOC), 1.790%, 5/3/2018 800,000
3,100,000   Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs (Citibank NA, New York LIQ), 1.900%, 5/3/2018 3,100,000
25,000,000 2 Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2017), 1.975% TOBs, Mandatory Tender 6/29/2018 25,000,000
    TOTAL 28,900,000
    Washington—0.4%  
2,125,000   Kitsap County, WA IDC (Cara Land Co., LLC), (Series 2006) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.910%, 5/3/2018 2,125,000
4,980,000   Seattle, WA Drain & Wastewater, Solar Eclipse (2017-0028), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/28/2018 4,980,000
2,310,000   Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 1.870%, 5/3/2018 2,310,000
    TOTAL 9,415,000
    Wisconsin—1.0%  
1,000,000   Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.930%, 5/3/2018 1,000,000
1,160,000   West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.950%, 5/3/2018 1,160,000
3,800,000   Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs (FHLB of Des Moines LOC), 1.970%, 5/3/2018 3,800,000
18,000,000   Wisconsin State, Clippers (Series 2009-36), 1.93% TOBs (State Street Bank and Trust Co. LIQ), Optional Tender 6/7/2018 18,000,000
    TOTAL 23,960,000
    TOTAL INVESTMENT IN SECURITIES—100.2%
(AT AMORTIZED COST) 		2,325,623,689
    OTHER ASSETS AND LIABILITIES - NET—(0.2)%3 (5,772,315)
    TOTAL NET ASSETS—100% $2,319,851,374
8
Securities that are subject to the federal alternative minimum tax (AMT) represent 58.0% of the portfolio as calculated based upon total market value.
1 Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/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 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2018, these restricted securities amounted to $25,000,000, which represented 1.1% of total net assets.
Additional information on restricted securities held at April, 30, 2018, is as follows:
Security Acquisition Date Cost Market Value
Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2017), 1.975% TOBs, Mandatory Tender 6/29/2018 1/8/2018 $25,000,000 $25,000,000
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 U.S. generally accepted accounting principles. 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 net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
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 April 30, 2018, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
9
The following acronyms are used throughout this portfolio:
BANs —Bond Anticipation Notes
COL —Collateralized
CP —Commercial Paper
CSD —Central School District
EDA —Economic Development Authority
EDFA —Economic Development Finance Authority
FHLB —Federal Home Loan Bank
FHLMC —Federal Home Loan Mortgage Corporation
FNMA —Federal National Mortgage Association
GNMA —Government National Mortgage Association
GTD —Guaranteed
HEFA —Health and Education Facilities Authority
HFA —Housing Finance Authority
IDA —Industrial Development Authority
IDB —Industrial Development Bond
IDC —Industrial Development Corporation
IDR —Industrial Development Revenue
IDRB(s) —Industrial Development Revenue Bond(s)
IFA —Industrial Finance Authority
INS —Insured
LIQ —Liquidity Agreement
LOC —Letter of Credit
MFH —Multi-Family Housing
PCFA —Pollution Control Finance Authority
PCR —Pollution Control Revenue
PCRB(s) —Pollution Control Revenue Bonds
SIFMA —Securities Industry and Financial Markets Association
TANs —Tax Anticipation Notes
TOBs —Tender Option Bonds
TRANs —Tax and Revenue Anticipation Notes
UT —Unlimited Tax
VRDNs —Variable Rate Demand Notes
VRDPs —Variable Rate Demand Preferreds
VRENs —Variable Rate Extendible Notes
10
Federated Prime Cash Obligations Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount
or Shares 		    Value
    CERTIFICATES OF DEPOSIT—9.8%  
    Finance - Banking—9.8%  
$23,800,000   BMO Harris Bank, N.A., 1.920%, 5/14/2018 $23,800,000
65,000,000   Bank of Montreal, 1.590% - 1.600%, 7/13/2018 - 7/20/2018 65,000,000
30,000,000   Bank of Nova Scotia, Toronto, 1.500%, 5/25/2018 30,000,000
50,000,000   Canadian Imperial Bank of Commerce, 1.590%, 7/6/2018 50,000,000
10,000,000   Canadian Imperial Bank of Commerce, 1.590%, 7/9/2018 10,000,000
50,500,000   Commonwealth Bank of Australia, 1.600%, 9/21/2018 50,500,000
52,000,000   MUFG Bank Ltd., 2.340%, 6/22/2018 52,000,000
72,000,000   Mizuho Bank Ltd., 1.870%, 5/8/2018 71,973,939
165,000,000   Mizuho Bank Ltd., 2.190% - 2.350%, 6/8/2018 - 6/22/2018 164,513,160
25,000,000   Mizuho Bank Ltd., 2.430%, 6/27/2018 24,904,406
115,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.000% - 2.300%, 5/21/2018 - 6/20/2018 114,999,547
5,000,000   Toronto Dominion Bank, 1.600%, 7/20/2018 5,000,000
40,000,000   Toronto Dominion Bank, 1.700%, 10/5/2018 39,708,456
25,000,000   Westpac Banking Corp. Ltd., Sydney, 1.570%, 9/14/2018 25,000,000
    TOTAL CERTIFICATES OF DEPOSIT 727,399,508
  1 COMMERCIAL PAPER—27.1%  
    Aerospace/Auto—0.9%  
70,000,000   Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. SA), 1.681% - 1.701%, 7/5/2018 - 7/19/2018 69,774,311
    Finance - Banking—14.4%  
60,000,000   Antalis S.A., (Societe Generale, Paris LIQ), 1.770% - 2.003%, 5/4/2018 - 5/11/2018 59,987,069
79,100,000   Bank of Nova Scotia, Toronto, 1.497% - 2.243%, 5/23/2018 - 6/13/2018 78,958,092
40,000,000   Banque et Caisse d'Epargne de L'Etat, 2.123%, 8/13/2018 39,757,333
84,600,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.605% - 2.501%, 7/13/2018 - 10/9/2018 84,183,111
128,000,000   Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.808% - 2.354%, 5/1/2018 - 6/25/2018 127,727,374
40,000,000   ING (U.S.) Funding LLC, 2.041%, 6/1/2018 39,930,078
23,000,000   J.P. Morgan Securities LLC, 1.558%, 5/18/2018 22,983,274
100,000,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.751% - 2.366%, 5/3/2018 - 7/5/2018 99,875,875
135,600,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.818% - 2.253%, 5/2/2018 - 6/12/2018 135,363,045
350,000,000   N.V. Bank Nederlandse Gemeenten, 1.731% - 1.741%, 5/2/2018 - 5/7/2018 349,971,083
30,000,000   Toronto Dominion Bank, 1.760%, 10/22/2018 29,749,298
    TOTAL 1,068,485,632
    Finance - Commercial—2.0%  
145,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.750% - 2.107%, 5/1/2018 - 6/12/2018 144,754,584
    Finance - Retail—4.7%  
133,750,000   Barton Capital S.A., 1.751% - 2.208%, 5/3/2018 - 5/21/2018 133,704,288
30,000,000   CRC Funding, LLC, 1.746%, 6/18/2018 29,930,800
15,000,000   Old Line Funding, LLC, 1.715%, 6/11/2018 14,970,958
17,000,000   Old Line Funding, LLC, 7/23/2018 16,910,637
8,000,000   Old Line Funding, LLC, 7/31/2018 7,953,489
50,000,000   Old Line Funding, LLC, 8/15/2018 49,651,083
56,725,000   Sheffield Receivables Company LLC, 2.312% - 2.313%, 7/16/2018 - 7/23/2018 56,429,444
24,000,000   Thunder Bay Funding, LLC, 1.715% - 1.776%, 6/5/2018 - 6/15/2018 23,953,186
18,000,000   Thunder Bay Funding, LLC, 7/23/2018 17,905,380
    TOTAL 351,409,265
1
Principal
Amount
or Shares 		    Value
  1 COMMERCIAL PAPER—continued  
    Finance - Securities—3.5%  
$190,000,000   Anglesea Funding LLC, 1.751% - 2.518%, 5/4/2018 - 10/1/2018 $189,559,833
70,700,000   Collateralized Commercial Paper Co. LLC, 1.568% - 1.917%, 6/1/2018 - 9/7/2018 70,370,038
    TOTAL 259,929,871
    Oil & Oil Finance—0.5%  
40,000,000   Exxon Mobil Corp., 1.751%, 5/3/2018 39,996,111
    Sovereign—1.1%  
81,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.808% - 2.303%, 5/11/2018 - 7/1/2018 80,761,265
    TOTAL COMMERCIAL PAPER 2,015,111,039
  2 NOTES - VARIABLE—34.7%  
    Aerospace/Auto—0.1%  
10,000,000   Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 2.425% (3-month USLIBOR +0.100%), 7/3/2018 10,000,000
    Finance - Banking—28.1%  
50,000,000   ASB Finance Ltd., (GTD by ASB Bank Ltd.), 2.155% (3-month USLIBOR +0.130%), 6/5/2018 50,000,000
30,000,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.137% (1-month USLIBOR +0.240%), 5/15/2018 30,000,000
25,000,000   Bank of Montreal, 2.107% (1-month USLIBOR +0.210%), 5/10/2018 25,000,000
22,000,000   Bank of Montreal, 2.127% (1-month USLIBOR +0.240%), 5/2/2018 22,000,000
60,000,000   Bank of Montreal, 2.177% (1-month USLIBOR +0.280%), 5/25/2018 60,000,000
35,000,000   Bank of Montreal, 2.337% (1-month USLIBOR +0.440%), 5/11/2018 35,000,000
75,000,000   Bank of Montreal, 2.452% (3-month USLIBOR +0.250%), 6/18/2018 75,000,000
100,000,000   Bank of Nova Scotia, Toronto, 2.481% (3-month USLIBOR +0.160%), 7/9/2018 100,000,000
3,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.097% (1-month USLIBOR +0.220%), 5/2/2018 3,000,000
10,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.111% (1-month USLIBOR +0.220%), 5/8/2018 10,000,000
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (1-month USLIBOR +0.230%), 5/9/2018 20,000,000
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.157% (1-month USLIBOR +0.270%), 5/1/2018 30,000,000
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.327% (3-month USLIBOR +0.220%), 6/8/2018 20,000,000
47,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.372% (3-month USLIBOR +0.170%), 6/20/2018 47,000,000
53,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.498% (3-month USLIBOR +0.150%), 7/16/2018 53,000,000
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.509% (3-month USLIBOR +0.150%), 7/30/2018 20,000,000
10,000,000   Burke County, GA Development Authority, (Series 2010B), (Bank of America N.A. LOC), 1.790%, 5/2/2018 10,000,000
23,100,000   Canadian Imperial Bank of Commerce, 2.078% (1-month USLIBOR +0.200%), 5/8/2018 23,100,000
55,000,000   Canadian Imperial Bank of Commerce, 2.087% (1-month USLIBOR +0.200%), 5/2/2018 55,000,000
60,000,000   Canadian Imperial Bank of Commerce, 2.100% (1-month USLIBOR +0.200%), 5/29/2018 60,000,000
38,000,000   Canadian Imperial Bank of Commerce, 2.125% (1-month USLIBOR +0.230%), 5/8/2018 38,000,000
50,000,000   Canadian Imperial Bank of Commerce, 2.131% (1-month USLIBOR +0.230%), 5/29/2018 50,000,000
2,000,000   Canadian Imperial Bank of Commerce, 2.134% (1-month USLIBOR +0.240%), 5/18/2018 2,000,000
10,000,000   Canadian Imperial Bank of Commerce, 2.138% (1-month USLIBOR +0.240%), 5/22/2018 10,000,000
50,000,000   Canadian Imperial Bank of Commerce, 2.186% (3-month USLIBOR +0.180%), 6/1/2018 50,000,000
7,545,000   Capital Markets Access Co. LC, West Broad Holdings, LLC Series 2007, (Wells Fargo Bank, N.A. LOC), 1.860%, 5/3/2018 7,545,000
4,300,000   Charlotte Christian School, Series 1999, (Wells Fargo Bank, N.A. LOC), 1.940%, 5/2/2018 4,300,000
50,000,000   Commonwealth Bank of Australia, 2.087% (1-month USLIBOR +0.190%), 5/14/2018 49,998,111
50,000,000   Commonwealth Bank of Australia, 2.094% (1-month USLIBOR +0.200%), 5/14/2018 49,998,861
52,000,000   Commonwealth Bank of Australia, 2.161% (1-month USLIBOR +0.260%), 5/29/2018 52,000,000
12,110,000   Corporate Finance Managers, Inc., Series B, (Wells Fargo Bank, N.A. LOC), 1.890%, 5/3/2018 12,110,000
7,555,000   Dynetics, Inc., Series 2010-A, (Branch Banking & Trust Co. LOC), 1.860%, 5/3/2018 7,555,000
3,670,000   Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.850%, 5/3/2018 3,670,000
4,865,000   Guiding Light Church, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.940%, 5/3/2018 4,865,000
16,540,000   Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.890%, 5/3/2018 16,540,000
320,000   Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance 2007B-1, (U.S. Bank, N.A. LOC), 1.850%, 5/2/2018 320,000
200,000   Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank, N.A. LOC), 1.900%, 5/3/2018 200,000
2
Principal
Amount
or Shares 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$3,000,000   Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.860%, 5/3/2018 $3,000,000
1,250,000   Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 1.840%, 5/3/2018 1,250,000
70,000,000   National Australia Bank Ltd., Melbourne, 2.315% (1-month USLIBOR +0.420%), 5/9/2018 70,000,000
19,670,000   Osprey Properties Limited Partnership, LLP & Nighthawk Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), 1.890%, 5/3/2018 19,670,000
3,550,000   PCP Investors, LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 1.940%, 5/3/2018 3,550,000
29,435,000   Panel Rey S.A., Series 2016, (Citibank NA, New York LOC), 1.860%, 5/3/2018 29,435,000
4,310,000   Partisan Property, Inc., Series 2014, (Wells Fargo Bank, N.A. LOC), 1.910%, 5/2/2018 4,310,000
10,000,000   Royal Bank of Canada, 2.101% (1-month USLIBOR +0.200%), 5/29/2018 10,000,000
10,000,000   Royal Bank of Canada, 2.133% (1-month USLIBOR +0.250%), 5/4/2018 10,000,000
50,000,000   Royal Bank of Canada, 2.145% (1-month USLIBOR +0.250%), 5/8/2018 50,000,000
10,000,000   Royal Bank of Canada, 2.528% (3-month USLIBOR +0.280%), 6/20/2018 10,000,000
15,000,000   SSAB AB (publ), Series 2015-A, (DNB Bank ASA LOC), 1.860%, 5/3/2018 15,000,000
11,670,000   Saint Paul Minnesota Sales Tax Revenue, Revenue Bond - Rivercentre Arena PJ Series 2009 A, (Wells Fargo Bank, N.A. LOC), 1.780%, 5/3/2018 11,670,000
6,215,000   Spira Millenium LLC, Series 2001, (Bank of America N.A. LOC), 1.880%, 5/3/2018 6,215,000
6,330,000   St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.900%, 5/3/2018 6,330,000
80,000,000   Sumitomo Mitsui Banking Corp., 2.087% (1-month USLIBOR +0.200%), 5/1/2018 80,000,000
50,000,000   Sumitomo Mitsui Banking Corp., 2.097% (1-month USLIBOR +0.200%), 5/10/2018 50,000,000
100,000,000   Sumitomo Mitsui Banking Corp., 2.101% (1-month USLIBOR +0.200%), 5/29/2018 100,000,000
30,000,000   Sumitomo Mitsui Banking Corp., 2.101% (1-month USLIBOR +0.200%), 5/31/2018 30,000,000
1,570,000   Sun Valley, Inc., (Wells Fargo Bank, N.A. LOC), 1.950%, 5/4/2018 1,570,000
8,740,000   Tack Capital Co., Series 2001-A, (Wells Fargo Bank, N.A. LOC), 1.890%, 5/3/2018 8,740,000
100,000,000   Toronto Dominion Bank, 2.147% (1-month USLIBOR +0.250%), 5/25/2018 100,000,000
82,000,000   Toronto Dominion Bank, 2.165% (1-month USLIBOR +0.270%), 5/8/2018 82,000,000
30,000,000   Toronto Dominion Bank, 2.512% (3-month USLIBOR +0.150%), 7/23/2018 30,000,000
6,400,000   Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 1.890%, 5/2/2018 6,400,000
26,000,000   Wells Fargo Bank, N.A., 2.088% (1-month USLIBOR +0.210%), 5/8/2018 26,000,000
36,000,000   Wells Fargo Bank, N.A., 2.110% (1-month USLIBOR +0.210%), 5/29/2018 36,000,000
7,000,000   Wells Fargo Bank, N.A., 2.117% (1-month USLIBOR +0.220%), 5/16/2018 6,996,747
30,000,000   Wells Fargo Bank, N.A., 2.128% (1-month USLIBOR +0.250%), 5/8/2018 30,000,000
15,500,000   Wells Fargo Bank, N.A., 2.144% (1-month USLIBOR +0.250%), 5/18/2018 15,495,473
30,000,000   Wells Fargo Bank, N.A., 2.146% (1-month USLIBOR +0.250%), 5/17/2018 30,000,000
10,000,000   Wells Fargo Bank, N.A., 2.257% (3-month USLIBOR +0.200%), 6/8/2018 10,000,000
20,000,000   Wells Fargo Bank, N.A., 2.472% (3-month USLIBOR +0.180%), 6/27/2018 20,000,000
20,000,000   Wells Fargo Bank, N.A., 2.563% (3-month USLIBOR +0.210%), 7/17/2018 20,000,000
43,000,000   Westpac Banking Corp. Ltd., Sydney, 2.117% (1-month USLIBOR +0.230%), 5/3/2018 43,000,000
    TOTAL 2,083,834,192
    Finance - Retail—0.7%  
50,000,000   Old Line Funding, LLC, 2.398% (1-month USLIBOR +0.500%), 5/22/2018 50,000,000
    Finance - Securities—4.3%  
20,000,000   Anglesea Funding LLC, 2.165% (1-month USLIBOR +0.270%), 5/9/2018 20,000,000
25,000,000   Anglesea Funding LLC, 2.198% (1-month USLIBOR +0.320%), 5/8/2018 25,000,000
25,000,000   Anglesea Funding LLC, 2.200% (1-month USLIBOR +0.300%), 5/29/2018 25,000,000
25,000,000   Anglesea Funding LLC, 2.328% (1-month USLIBOR +0.450%), 5/8/2018 25,000,000
40,500,000   Collateralized Commercial Paper Co. LLC, 2.121% (1-month USLIBOR +0.220%), 6/1/2018 40,500,000
40,000,000   Collateralized Commercial Paper Co. LLC, 2.469% (3-month USLIBOR +0.110%), 7/18/2018 40,000,000
25,000,000   Collateralized Commercial Paper Co. LLC, 2.476% (3-month USLIBOR +0.110%), 7/23/2018 25,000,000
45,000,000   Collateralized Commercial Paper Co. LLC, 2.489% (3-month USLIBOR +0.130%), 7/16/2018 45,000,000
20,000,000   Collateralized Commercial Paper Co. LLC, 2.512% (3-month USLIBOR +0.220%), 6/20/2018 20,000,000
3
Principal
Amount
or Shares 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Securities—continued  
$25,000,000   Collateralized Commercial Paper II Co. LLC, 2.195% (3-month USLIBOR +0.170%), 5/30/2018 $25,000,000
7,000,000   Collateralized Commercial Paper II Co. LLC, 2.321% (1-month USLIBOR +0.430%), 5/2/2018 7,000,000
2,000,000   Collateralized Commercial Paper II Co. LLC, 2.325% (1-month USLIBOR +0.430%), 5/2/2018 2,000,000
10,000,000   Collateralized Commercial Paper II Co. LLC, 2.472% (3-month USLIBOR +0.160%), 7/4/2018 10,000,000
7,500,000   Collateralized Commercial Paper II Co. LLC, 2.495% (3-month USLIBOR +0.200%), 6/28/2018 7,500,000
    TOTAL 317,000,000
    Government Agency—1.5%  
6,700,000   Buffalo Peak Apts., LLC, Series 2015-A Buffalo Peaks Apartment Project, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 6,700,000
2,150,000   CMR LLC, CMR LLC Project Series 2017, (FHLB of Indianapolis LOC), 1.860%, 5/3/2018 2,150,000
35,000   California Statewide Communities Development Authority, Valley Palms Apartments Project Taxable 2002 Series C-T, (FNMA LOC), 2.300%, 5/3/2018 35,000
18,050,000   Canyon Oaks LLC, Series 2017-A Canyon Oaks Apartments, (FHLB of San Francisco LOC), 1.850%, 5/2/2018 18,050,000
7,420,000   Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (FHLB of Indianapolis LOC), 1.860%, 5/3/2018 7,420,000
4,480,000   Flamingo Enterprises, Inc., Series 2008, (FHLB of Atlanta LOC), 2.200%, 5/3/2018 4,480,000
5,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 5,000,000
4,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 4,000,000
375,000   Kentucky EDFA, Henderson County Health Care Corp., (FHLB of Cincinnati LOC), 2.100%, 5/3/2018 375,000
23,820,000   Oakmont of Whittier LLC, Series 2014-A, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 23,820,000
7,450,000   Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 7,450,000
18,600,000   Sunroad Centrum Apartments 5 LP, Centrum Apartments Project, Series 2016-A, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 18,600,000
12,400,000   Sunroad Centrum Apartments 5 LP, Centrum Apartments Project, Series 2016-B, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 12,400,000
3,450,000   Wiz Kidz, LLC & Wiz Biz Holdings, LLC, Series 2008, (FHLB of Atlanta LOC), 2.200%, 5/3/2018 3,450,000
    TOTAL 113,930,000
    TOTAL NOTES - VARIABLE 2,574,764,192
    TIME DEPOSITS—11.7%  
    Finance - Banking—11.7%  
100,000,000   ABN Amro Bank NV, 1.740%, 5/2/2018 100,000,000
100,000,000   Credit Industriel et Commercial, 1.650%, 5/1/2018 100,000,000
100,000,000   DNB Bank ASA, 1.670%, 5/1/2018 100,000,000
300,000,000   Nordea Bank AB, 1.670%, 5/1/2018 300,000,000
265,000,000   Northern Trust Co., Chicago, IL, 1.600%, 5/1/2018 265,000,000
    TOTAL TIME DEPOSITS 865,000,000
    U.S. TREASURIES—4.0%  
    U.S. Treasury Bills—4.0%  
150,000,000 3 United States Treasury Bills, 1.750% - 1.760%, 6/21/2018 149,627,416
150,000,000 3 United States Treasury Bills, 1.755%, 6/28/2018 149,575,875
    TOTAL U.S. TREASURIES 299,203,291
    INVESTMENT COMPANY—0.4%  
26,997,500   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.91%4
(IDENTIFIED COST $27,000,200) 		27,000,200
    OTHER REPURCHASE AGREEMENTS—9.8%  
    Finance - Banking—9.8%  
30,425,000   BNP Paribas SA, 1.82%, dated 4/30/2018, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,005,056 on 5/1/2018, in which asset-backed securities, medium-term notes, and sovereign notes with a market value of $102,005,738 have been received as collateral and held with BNY Mellon as tri-party agent. 30,425,000
50,000,000   Citigroup Global Markets, Inc., 3.05%, dated 2/1/2018, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $76,151,518 on 8/1/2018, in which U.S. treasury notes with a market value of $76,687,621 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
4
Principal
Amount
or Shares 		    Value
    OTHER REPURCHASE AGREEMENTS—continued  
    Finance - Banking—continued  
$50,000,000   Citigroup Global Markets, Inc., 3.10%, dated 2/1/2018, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $147,262,720 on 8/1/2018, in which collateralized mortgage obligations with a market value of $148,268,626 have been received as collateral and held with BNY Mellon as tri-party agent. $50,000,000
121,000,000   HSBC Securities (USA), Inc., 1.89%, dated 4/30/2018, interest in a $330,000,000 collateralized loan agreement will repurchase securities provided as collateral for $330,017,325 on 5/1/2018, in which corporate bonds and medium-term notes with a market value of $336,604,024 have been received as collateral and held with JPMorgan Chase as tri-party agent. 121,000,000
40,000,000   HSBC Securities (USA), Inc., 1.79%, dated 4/30/2018, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,729 on 5/1/2018, in which corporate bonds and medium-term notes with a market value of $76,502,550 have been received as collateral and held with JPMorgan Chase as tri-party agent. 40,000,000
100,000,000   HSBC Securities (USA), Inc., 1.79%, dated 4/30/2018, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,004,972 on 5/1/2018, in which asset- backed securities with a market value of $102,001,327 have been received as collateral and held with JPMorgan Chase as tri-party agent. 100,000,000
75,000,000   ING Financial Markets LLC, 1.79%, dated 4/30/2018, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,008,701 on 5/1/2018, in which corporate bonds & medium-term notes with a market value of $178,508,876 have been received as collateral and held with JPMorgan Chase as tri-party agent. 75,000,000
69,000,000   MUFG Securities Americas, Inc., 1.89%, dated 4/30/2018, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,010,500 on 5/1/2018, in which american depository receipts, common stock, corporate bonds, commercial paper and medium-term notes, with a market value of $204,010,710 have been received as collateral and held with BNY Mellon as tri-party agent. 69,000,000
50,000,000   MUFG Securities Americas, Inc., 1.90%, dated 4/19/2018, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,110,833 on 5/3/2018, in which common stock, corporate bonds and medium-term notes, with a market value of $153,096,901 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
94,000,000   Mizuho Securities USA, Inc., 2.78%, dated 3/14/2018, interest in a $160,000,000 collateralized loan agreement will repurchase securities provided as collateral for $160,741,333 on 6/12/2018 in which collateralized mortgage obligations with a market value of $163,426,848 have been received as collateral and held with BNY Mellon as tri-party agent. 94,000,000
50,000,000   Wells Fargo Securities LLC, 2.81%, dated 4/27/2018, interest in a $90,000,000 collateralized loan agreement will repurchase securities provided as collateral for $90,639,275 on 7/27/2018 in which collateralized mortgage obligations with a market value of $91,829,383 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS 729,425,000
    REPURCHASE AGREEMENT—2.3%  
    Finance - Banking—2.3%  
173,000,000   Interest in $2,200,000,000 joint repurchase agreement 1.73%, dated 4/30/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,200,105,722 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/16/2060 and the market value of those underlying securities was $2,258,126,073. 173,000,000
    TOTAL INVESTMENT IN SECURITIES—99.8%
(AMORTIZED AND IDENTIFIED COST $7,410,903,230) 		7,410,903,230
    OTHER ASSETS AND LIABILITIES - NET—0.2%5 16,234,101
    TOTAL NET ASSETS—100% $7,427,137,331
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended April 30, 2018, were as follows:
  Federated
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Balance of Shares Held 07/31/2017 —
Purchases/Additions 26,997,500
Sales/Reductions —
Balance of Shares Held 4/30/2018 26,997,500
Value $27,000,200
Change in Unrealized Appreciation/Depreciation $—
Net Realized Gains/(Loss) $—
Dividend Income $177,381
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
5
2 Floating/variable note with current rate and current maturity or next reset date shown. 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.
3 Discount rate at time of purchase.
4 7-day net yield.
5 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
Investment Valuation
Most securities are valued at amortized cost. Shares of any institutional money market fund in which the Fund invests will be valued at that fund's net asset value (NAV), which may be calculated using market value, rather than the amortized cost method. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. 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.
The Fund's Board of Trustees (the “Trustees) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
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.
The following is a summary of the inputs used, as of April 30, 2018, in valuing the Fund's assets carried at fair value:
Valuation Inputs        
  Level 1—
Quoted
Prices 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Certificates of Deposit $— $727,399,508 $— $727,399,508
Commercial Paper — 2,015,111,039 — 2,015,111,039
Notes-Variable — 2,574,764,192 — 2,574,764,192
Time Deposits — 865,000,000 — 865,000,000
U.S. Treasuries — 299,203,291 — 299,203,291
Other Repurchase Agreements — 729,425,000 — 729,425,000
Repurchase Agreement — 173,000,000 — 173,000,000
Investment Company 27,000,200 — — 27,000,200
TOTAL SECURITIES $27,000,200 $7,383,903,030 $— $7,410,903,230
6
The following acronyms are used throughout this portfolio:
EDFA —Economic Development Finance Authority
FHLB —Federal Home Loan Bank
FNMA —Federal National Mortgage Association
GTD —Guaranteed
IDB —Industrial Development Bond
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
7
Federated Institutional Prime Obligations Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    ASSET-BACKED SECURITIES—0.1%  
    Finance - Automotive—0.1%  
$ 419,187   Enterprise Fleet Financing 2017-2 LLC, Class A1, 1.500%, 7/20/2018 $419,188
11,806,858   Enterprise Fleet Financing 2017-3 LLC, Class A1, 1.500%, 10/22/2018 11,806,970
    TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $12,226,045) 		12,226,158
    CERTIFICATES OF DEPOSIT—10.6%  
    Finance - Banking—10.6%  
35,000,000   Bank of Montreal, 1.740%, 10/19/2018 34,899,580
25,000,000   Bank of Nova Scotia, Toronto, 1.500%, 5/25/2018 25,000,000
40,000,000   Canadian Imperial Bank of Commerce, 1.590%, 7/9/2018 39,976,400
100,000,000   MUFG Bank Ltd., 2.340%, 6/22/2018 100,000,000
185,000,000   Mizuho Bank Ltd., 1.740% - 2.340%, 5/1/2018 - 7/5/2018 185,075,921
50,000,000   Mizuho Bank Ltd., 2.190% - 2.350%, 6/8/2018 - 6/22/2018 49,842,045
97,000,000   Mizuho Bank Ltd., 2.400% - 2.420%, 7/9/2018 - 7/19/2018 96,560,106
50,000,000   Mizuho Bank Ltd., 2.430%, 6/27/2018 49,808,812
220,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.000% - 2.320%, 5/21/2018 - 7/25/2018 220,018,217
63,000,000   Toronto Dominion Bank, 1.600% - 1.800%, 7/20/2018 - 11/14/2018 62,844,333
50,000,000   Toronto Dominion Bank, 1.700%, 10/5/2018 49,485,056
30,000,000   Westpac Banking Corp. Ltd., Sydney, 1.570%, 9/14/2018 29,920,048
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $943,823,370) 		943,430,518
  1 COMMERCIAL PAPER—24.7%  
    Finance - Banking—12.8%  
38,190,000   Antalis S.A., (Societe Generale, Paris LIQ), 2.003%, 5/11/2018 38,168,783
135,000,000   Bank of Nova Scotia, Toronto, 1.930% - 2.243%, 6/13/2018 - 8/2/2018 134,434,218
128,000,000   Banque et Caisse d'Epargne de L'Etat, 2.061% - 2.123%, 8/8/2018 - 8/13/2018 127,170,477
139,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.517% - 2.511%, 6/13/2018 - 10/15/2018 138,070,731
45,500,000   Canadian Imperial Bank of Commerce, 2.193%, 6/14/2018 45,378,768
68,000,000   Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 1.856% - 2.354%, 5/9/2018 - 6/22/2018 67,773,129
130,000,000   ING (U.S.) Funding LLC, 1.788% - 2.041%, 5/1/2018 - 6/1/2018 129,825,194
50,000,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.751% - 2.263%, 5/3/2018 - 6/14/2018 49,954,306
109,900,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.162% - 2.364%, 6/6/2018 - 7/2/2018 109,493,210
240,000,000   N.V. Bank Nederlandse Gemeenten, 1.731% - 1.741%, 5/2/2018 - 5/7/2018 239,954,594
25,000,000   Sumitomo Mitsui Banking Corp., 2.162%, 6/6/2018 24,946,250
30,000,000   Toronto Dominion Bank, 1.760%, 10/22/2018 29,655,034
    TOTAL 1,134,824,694
    Finance - Commercial—1.6%  
50,000,000   Atlantic Asset Securitization LLC, 1.730%, 5/3/2018 49,995,195
95,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.007% - 2.076%, 5/4/2018 - 6/14/2018 94,925,083
    TOTAL 144,920,278
    Finance - Retail—6.2%  
110,000,000   Barton Capital S.A., 2.007% - 2.208%, 5/11/2018 - 6/1/2018 109,854,292
125,000,000   CAFCO, LLC, 2.027% - 2.302%, 6/13/2018 - 6/22/2018 124,648,965
15,000,000   Old Line Funding, LLC, 1.715%, 6/11/2018 14,970,958
58,000,000   Old Line Funding, LLC, 7/23/2018 57,690,628
50,000,000   Old Line Funding, LLC, 7/31/2018 49,700,233
104,000,000   Sheffield Receivables Company LLC, 2.333%, 7/9/2018 103,558,549
1
Principal
Amount 		    Value
  1 COMMERCIAL PAPER—continued  
    Finance - Retail—continued  
$20,000,000   Starbird Funding Corp., 1.909%, 5/14/2018 $19,986,278
66,000,000   Thunder Bay Funding, LLC, 1.715% - 1.731%, 5/3/2018 - 6/12/2018 65,921,708
    TOTAL 546,331,611
    Finance - Securities—2.0%  
96,500,000   Anglesea Funding LLC, 1.751% - 2.518%, 5/4/2018 - 10/1/2018 96,064,767
83,000,000   Collateralized Commercial Paper Co. LLC, 1.558% - 2.237%, 6/1/2018 - 11/2/2018 82,525,200
    TOTAL 178,589,967
    Insurance—1.9%  
167,800,000   UnitedHealth Group, Inc., 1.931% - 2.118%, 5/4/2018 - 6/25/2018 167,649,296
    Sovereign—0.2%  
20,750,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.808% - 2.263%, 5/11/2018 - 7/26/2018 20,739,042
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $2,193,532,585) 		2,193,054,888
  2 NOTES - VARIABLE—32.2%  
    Aerospace/Auto—0.3%  
10,000,000   Toyota Motor Credit Corp., (Toyota Motor Corp. SA), 2.425% (3-month USLIBOR +0.100%), 7/3/2018 10,007,483
15,000,000   Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. SA), 2.194% (1-month USLIBOR +0.300%), 5/14/2018 14,995,143
    TOTAL 25,002,626
    Finance - Banking—23.1%  
28,000,000   ASB Finance Ltd., (GTD by ASB Bank Ltd.), 2.026% (1-month USLIBOR +0.130%), 5/17/2018 27,999,686
50,000,000   ASB Finance Ltd., (GTD by ASB Bank Ltd.), 2.155% (3-month USLIBOR +0.130%), 6/5/2018 50,000,000
44,650,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.137% (1-month USLIBOR +0.240%), 5/15/2018 44,650,000
40,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 2.098% (1-month USLIBOR +0.200%), 5/22/2018 40,000,000
50,000,000   Bank of Montreal, 2.090% (3-month USLIBOR +0.170%), 5/23/2018 50,000,000
50,000,000   Bank of Montreal, 2.144% (1-month USLIBOR +0.250%), 5/18/2018 49,960,611
75,000,000   Bank of Montreal, 2.145% (1-month USLIBOR +0.250%), 5/9/2018 74,938,489
20,000,000   Bank of Montreal, 2.175% (1-month USLIBOR +0.280%), 5/8/2018 20,000,000
15,000,000   Bank of Montreal, 2.177% (1-month USLIBOR +0.280%), 5/25/2018 14,989,979
20,000,000   Bank of Montreal, 2.178% (1-month USLIBOR +0.280%), 5/22/2018 19,986,959
25,000,000   Bank of Montreal, 2.337% (1-month USLIBOR +0.440%), 5/11/2018 25,016,583
40,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.097% (1-month USLIBOR +0.220%), 5/2/2018 40,002,441
5,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.107% (1-month USLIBOR +0.220%), 5/3/2018 5,000,151
33,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.111% (1-month USLIBOR +0.220%), 5/7/2018 32,989,327
15,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.146% (3-month USLIBOR +0.140%), 5/31/2018 15,000,000
21,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.157% (1-month USLIBOR +0.260%), 5/11/2018 20,982,019
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.185% (1-month USLIBOR +0.290%), 5/8/2018 29,977,633
35,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.327% (3-month USLIBOR +0.220%), 6/8/2018 35,057,100
10,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.397% (1-month USLIBOR +0.500%), 5/15/2018 10,003,292
5,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.471% (3-month USLIBOR +0.150%), 7/5/2018 5,005,748
25,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.505% (3-month USLIBOR +0.150%), 7/18/2018 25,039,734
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.509% (3-month USLIBOR +0.150%), 7/30/2018 30,026,127
35,000,000   Canadian Imperial Bank of Commerce, 2.078% (1-month USLIBOR +0.200%), 5/7/2018 34,972,514
25,000,000   Canadian Imperial Bank of Commerce, 2.087% (1-month USLIBOR +0.200%), 5/2/2018 24,981,145
45,000,000   Canadian Imperial Bank of Commerce, 2.134% (1-month USLIBOR +0.240%), 5/18/2018 44,975,054
50,000,000   Canadian Imperial Bank of Commerce, 2.135% (1-month USLIBOR +0.240%), 5/8/2018 49,952,211
10,000,000   Canadian Imperial Bank of Commerce, 2.138% (1-month USLIBOR +0.240%), 5/22/2018 9,994,966
75,000,000   Canadian Imperial Bank of Commerce, 2.368% (1-month USLIBOR +0.490%), 5/3/2018 75,057,120
50,000,000   Canadian Imperial Bank of Commerce, 2.542% (3-month USLIBOR +0.180%), 7/18/2018 49,995,129
45,000,000   Canadian Imperial Bank of Commerce, 2.542% (3-month USLIBOR +0.200%), 7/11/2018 44,995,655
7,025,000   Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 1.950%, 5/2/2018 7,025,000
2
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$1,250,000   Church at Brook Hills, (Wells Fargo Bank, N.A. LOC), 1.940%, 5/4/2018 $1,250,000
47,000,000   Commonwealth Bank of Australia, 2.087% (1-month USLIBOR +0.190%), 5/14/2018 46,978,862
50,000,000   Commonwealth Bank of Australia, 2.161% (1-month USLIBOR +0.260%), 5/29/2018 49,975,767
95,000   Corporate Finance Managers, Inc., Series B, (Wells Fargo Bank, N.A. LOC), 1.890%, 5/3/2018 95,000
5,900,000   Dynetics, Inc., Series 2010-A, (Branch Banking & Trust Co. LOC), 1.860%, 5/3/2018 5,900,000
16,700,000   Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.850%, 5/2/2018 16,700,000
3,000,000   Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 1.860%, 5/3/2018 3,000,000
7,000,000   Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 1.860%, 5/3/2018 7,000,000
315,000   Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance 2007B-1, (U.S. Bank, N.A. LOC), 1.850%, 5/2/2018 315,000
6,500,000   Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 1.890%, 5/2/2018 6,500,000
6,285,000   Miami-Dade County, FL IDA, Badia Spices, Inc. Project Series 2015, (Northern Trust Co., Chicago, IL LOC), 1.830%, 5/3/2018 6,285,000
5,375,000   Michael Dennis Sullivan Irrevocable Trust, Series 2015, (Wells Fargo Bank, N.A. LOC), 1.860%, 5/3/2018 5,375,000
9,780,000   Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.860%, 5/3/2018 9,780,000
10,000,000   Pepper Residential Securities Trust No. 19, Class A1, (GTD by National Australia Bank Ltd., Melbourne), 2.244% (1-month USLIBOR +0.350%), 5/14/2018 9,995,520
6,155,000   Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 2.000%, 5/3/2018 6,155,000
10,000,000   Royal Bank of Canada, 2.101% (1-month USLIBOR +0.200%), 5/29/2018 10,000,000
25,000,000   Royal Bank of Canada, 2.145% (1-month USLIBOR +0.250%), 5/8/2018 24,976,454
20,000,000   SSAB AB (publ), (Nordea Bank AB LOC), 1.860%, 5/3/2018 20,000,000
15,000,000   SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 1.860%, 5/3/2018 15,000,000
18,965,000   Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 1.890%, 5/3/2018 18,965,000
830,000   St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.900%, 5/3/2018 830,000
51,000,000   Sumitomo Mitsui Banking Corp., 2.095% (1-month USLIBOR +0.200%), 5/9/2018 50,996,457
75,000,000   Sumitomo Mitsui Banking Corp., 2.098% (1-month USLIBOR +0.200%), 5/21/2018 75,000,000
100,000,000   Sumitomo Mitsui Banking Corp., 2.101% (1-month USLIBOR +0.200%), 5/29/2018 100,000,000
76,000,000   Sumitomo Mitsui Banking Corp., 2.101% (1-month USLIBOR +0.200%), 5/31/2018 76,000,000
50,000,000   Sumitomo Mitsui Banking Corp., 2.107% (1-month USLIBOR +0.210%), 5/25/2018 49,993,760
50,000,000   Toronto Dominion Bank, 1.887% (3-month USLIBOR +0.100%), 5/4/2018 50,041,432
74,000,000   Toronto Dominion Bank, 2.127% (1-month USLIBOR +0.230%), 5/25/2018 73,986,426
4,000,000   Toronto Dominion Bank, 2.131% (1-month USLIBOR +0.230%), 11/30/2018 3,998,275
50,000,000   Wells Fargo Bank, N.A., 2.105% (1-month USLIBOR +0.210%), 5/8/2018 49,974,096
40,000,000   Wells Fargo Bank, N.A., 2.128% (1-month USLIBOR +0.250%), 5/8/2018 39,969,451
50,000,000   Wells Fargo Bank, N.A., 2.257% (3-month USLIBOR +0.200%), 6/8/2018 50,089,134
21,000,000   Wells Fargo Bank, N.A., 2.472% (3-month USLIBOR +0.180%), 6/27/2018 21,035,397
49,500,000   Wells Fargo Bank, N.A., 2.481% (3-month USLIBOR +0.150%), 7/9/2018 49,580,241
50,000,000   Wells Fargo Bank, N.A., 2.509% (3-month USLIBOR +0.150%), 7/24/2018 50,089,201
34,500,000   Wells Fargo Bank, N.A., 2.560% (3-month USLIBOR +0.200%), 7/25/2018 34,496,602
6,835,000   Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 1.890%, 5/3/2018 6,835,000
    TOTAL 2,055,736,748
    Finance - Retail—1.8%  
60,000,000   Old Line Funding, LLC, 2.371% (1-month USLIBOR +0.480%), 5/1/2018 60,034,883
50,000,000   Old Line Funding, LLC, 2.398% (1-month USLIBOR +0.500%), 5/21/2018 50,040,813
50,000,000   Old Line Funding, LLC, 2.398% (1-month USLIBOR +0.500%), 5/22/2018 50,040,502
    TOTAL 160,116,198
    Finance - Securities—4.9%  
20,000,000   Anglesea Funding LLC, 2.165% (1-month USLIBOR +0.270%), 5/9/2018 20,000,000
25,000,000   Anglesea Funding LLC, 2.198% (1-month USLIBOR +0.320%), 5/7/2018 25,000,000
15,000,000   Anglesea Funding LLC, 2.200% (1-month USLIBOR +0.300%), 5/29/2018 15,000,606
25,000,000   Anglesea Funding LLC, 2.328% (1-month USLIBOR +0.450%), 5/8/2018 25,005,014
30,000,000   Anglesea Funding LLC, 2.336% (1-month USLIBOR +0.440%), 5/14/2018 30,003,897
3
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Securities—continued  
$19,500,000   Collateralized Commercial Paper Co. LLC, 2.121% (1-month USLIBOR +0.220%), 6/1/2018 $19,501,377
35,000,000   Collateralized Commercial Paper Co. LLC, 2.469% (3-month USLIBOR +0.110%), 7/18/2018 34,997,512
38,000,000   Collateralized Commercial Paper Co. LLC, 2.472% (3-month USLIBOR +0.160%), 7/4/2018 38,041,290
25,000,000   Collateralized Commercial Paper Co. LLC, 2.476% (3-month USLIBOR +0.110%), 7/23/2018 25,000,000
5,000,000   Collateralized Commercial Paper Co. LLC, 2.489% (3-month USLIBOR +0.130%), 7/16/2018 4,999,640
20,000,000   Collateralized Commercial Paper Co. LLC, 2.512% (3-month USLIBOR +0.220%), 6/20/2018 19,999,922
25,000,000   Collateralized Commercial Paper II Co. LLC, 2.195% (3-month USLIBOR +0.170%), 5/30/2018 25,029,893
18,000,000   Collateralized Commercial Paper II Co. LLC, 2.321% (1-month USLIBOR +0.430%), 5/2/2018 18,005,403
30,000,000   Collateralized Commercial Paper II Co. LLC, 2.325% (1-month USLIBOR +0.430%), 5/2/2018 30,009,014
3,000,000   Collateralized Commercial Paper II Co. LLC, 2.472% (3-month USLIBOR +0.160%), 7/4/2018 3,003,260
25,000,000   Collateralized Commercial Paper II Co. LLC, 2.488% (3-month USLIBOR +0.140%), 7/16/2018 25,026,775
70,000,000   Collateralized Commercial Paper II Co. LLC, 2.495% (3-month USLIBOR +0.200%), 6/28/2018 70,086,299
8,000,000   Collateralized Commercial Paper II Co. LLC, 2.502% (3-month USLIBOR +0.160%), 7/8/2018 7,999,430
    TOTAL 436,709,332
    Government Agency—2.1%  
4,600,000   Aquarium Parking Deck, LLC, Series 2005, (FHLB of Atlanta LOC), 1.830%, 5/2/2018 4,600,000
9,015,000   Austen Children's Gift Trust, (FHLB of Dallas LOC), 1.860%, 5/3/2018 9,015,000
11,800,000   Buffalo Peak Apts., LLC, Series 2015-A Buffalo Peaks Apartment Project, (FHLB of San Francisco LOC), 1.860%, 5/3/2018 11,800,000
19,425,000   COG Leasing Co. LLP, Series 2007, (FHLB of Des Moines LOC), 1.850%, 5/3/2018 19,425,000
10,750,000   Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 10,750,000
10,750,000   Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 10,750,000
32,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.860%, 5/3/2018 32,000,000
16,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.860%, 5/3/2018 16,000,000
1,000,000   Hallmark 75 Ontario LLC, Hallmark Apartment Homes Series 2016-A, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 1,000,000
6,020,000   Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 1.860%, 5/3/2018 6,020,000
8,140,000   Millbrook, AL Redevelopment Authority, RAM Millbrook Hospitality LLC Project, Series 2017, (FHLB of Atlanta LOC), 1.840%, 5/3/2018 8,140,000
6,200,000   Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 1.860%, 5/3/2018 6,200,000
19,640,000   OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 1.850%, 5/3/2018 19,640,000
7,500,000   Premier Mushrooms, Inc., Series 2012, (CoBank, ACB LOC), 1.860%, 5/3/2018 7,500,000
5,860,000   Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (FHLB of Atlanta LOC), 1.840%, 5/3/2018 5,860,000
14,200,000   Studio Sixty LLC, Thirdrail Studios Project Series 2015-A, (FHLB of San Francisco LOC), 1.860%, 5/3/2018 14,200,000
    TOTAL 182,900,000
    TOTAL NOTES - VARIABLE
(IDENTIFIED COST $2,860,057,910) 		2,860,464,904
    TIME DEPOSIT—1.7%  
    Finance - Banking—1.7%  
150,000,000   ABN Amro Bank NV, 1.740%, 5/2/2018
(IDENTIFIED COST $150,000,000) 		150,000,000
    U.S. TREASURIES—6.2%  
400,000,000 3 United States Treasury Bills, 1.750% - 1.760%, 6/21/2018 399,005,411
150,000,000 3 United States Treasury Bills, 1.755%, 6/28/2018 149,575,875
    TOTAL U.S. TREASURIES
(IDENTIFIED COST $548,581,286) 		548,581,286
4
Principal
Amount 		    Value
    OTHER REPURCHASE AGREEMENTS—12.3%  
    Finance - Banking—12.3%  
$69,200,000   BNP Paribas SA, 1.82%, dated 4/30/2018, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,005,056 on 5/1/2018, in which asset-backed securities, medium-term notes and sovereign debt securities with a market value of $102,005,738 have been received as collateral and held with BNY Mellon as tri-party agent. $69,200,000
1,000,000   BNP Paribas SA, 1.99%, dated 4/30/2018, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,001,382 on 5/1/2018, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $25,501,801 have been received as collateral and held with BNY Mellon as tri-party agent. 1,000,000
75,000,000   Citigroup Global Markets, Inc., 1.89%, dated 4/30/2018, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,938 on 5/1/2018, in which American depositary receipts and exchange traded funds and unit trusts with a market value of $76,504,050 have been received as collateral and held with BNY Mellon as tri-party agent. 75,000,000
47,800,000   Citigroup Global Markets, Inc., 2.19%, dated 4/30/2018, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,003,042 on 5/1/2018, in which mortgage-backed securities with a market value of $51,003,103 have been received as collateral and held with BNY Mellon as tri-party agent. 47,800,000
25,000,000   Citigroup Global Markets, Inc., 3.05%, dated 2/1/2018, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $76,150,104 on 8/1/2018, in which treasury notes with a market value of $76,687,621 have been received as collateral and held with BNY Mellon as tri-party agent. 25,000,000
95,000,000   Citigroup Global Markets, Inc., 3.10%, dated 2/1/2018, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $147,262,720 on 8/1/2018, in which collateralized mortgage obligations with a market value of $148,268,626 have been received as collateral and held with BNY Mellon as tri-party agent. 95,000,000
35,000,000   HSBC Securities (USA), Inc., 1.79%, dated 4/30/2018, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,729 on 5/1/2018, in which corporate bonds and medium-term notes with a market value of $76,502,550 have been received as collateral and held with JPMorgan Chase as tri-party agent. 35,000,000
156,425,000   HSBC Securities (USA), Inc., 1.89%, dated 4/30/2018, interest in a $330,000,000 collateralized loan agreement will repurchase securities provided as collateral for $330,017,325 on 5/1/2018, in which corporate bonds and medium-term notes with a market value of $336,604,024 have been received as collateral and held with JPMorgan Chase as tri-party agent. 156,425,000
100,000,000   ING Financial Markets LLC, 1.79%, dated 4/30/2018, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,008,701 on 5/1/2018, in which corporate bonds and medium-term notes with a market value of $178,508,876 have been received as collateral and held with JPMorgan Chase as tri-party agent. 100,000,000
117,625,000   ING Financial Markets LLC, 1.89%, dated 4/30/2018, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,006,300 on 5/1/2018, in which corporate bonds with a market value of $122,407,469 have been received as collateral and held with JPMorgan Chase as tri-party agent. 117,625,000
130,100,000   MUFG Securities Americas, Inc., 1.89%, 4/30/2018, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,010,500 on 5/1/2018, in which American depository receipt, common stocks, commercial paper, corporate bonds, medium-term notes and municipal bond with a market value of $204,010,710 have been received as collateral and held with BNY Mellon as tri-party agent. 130,100,000
100,000,000   MUFG Securities Americas, Inc., 1.90%, 4/19/2018, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,110,833 on 5/3/2018, in which common stocks, corporate bonds and medium-term notes with a market value of $153,096,901 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
50,000,000   Mizuho Securities USA, Inc., 2.78%, 4/13/2018, interest in a $160,000,000 collateralized loan agreement will repurchase securities provided as collateral for $160,741,333 on 6/12/2018, in which collateralized mortgage obligations with a market value of $163,426,848 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
90,000,000   Wells Fargo Securities LLC, 2.81%, dated 4/27/2018, interest in a $90,000,000 collateralized loan agreement will repurchase securities provided as collateral for $90,639,275 on 7/27/2018, in which collateralized mortgage obligations with a market value of $91,829,383 have been received as collateral and held with BNY Mellon as tri-party agent. 90,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(IDENTIFIED COST $1,092,150,000) 		1,092,150,000
5
Principal
Amount 		    Value
    REPURCHASE AGREEMENT—12.2%  
    Finance - Banking—12.2%  
$1,081,000,000   Interest in $2,200,000,000 joint repurchase agreement 1.73%, dated 4/30/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,200,105,722 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/16/2060 and the market value of those underlying securities was $2,258,126,073.
(IDENTIFIED COST $1,081,000,000) 		$1,081,000,000
    TOTAL INVESTMENT IN SECURITIES—100.0%
(IDENTIFIED COST $8,881,371,196) 		8,880,907,754
    OTHER ASSETS AND LIABILITIES - NET—0.0%4 (2,824,710)
    TOTAL NET ASSETS—100% $8,878,083,044
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
2 Floating/variable note with current rate and current maturity or next reset date shown. 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.
3 Discount rate at time of purchase.
4 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 Fund's Board of Trustees (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.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “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.
6
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 over-the-counter 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.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of April 30, 2018, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
FHLB —Federal Home Loan Bank
GTD —Guaranteed
IDA —Industrial Development Authority
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
7
Federated Institutional Prime Value Obligations Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Shares or
Principal
Amount 		    Value
    INVESTMENT COMPANY—99.0%  
5,673,138,403   Federated Institutional Prime Obligations Fund, Institutional Shares, 1.91%1
(IDENTIFIED COST $5,673,746,644) 		$5,673,705,717
    OTHER REPURCHASE AGREEMENT—0.9%  
    Finance - Banking—0.9%  
$50,000,000   HSBC Securities (USA), Inc., 1.89%, dated 4/30/2018, interest in a $330,000,000 collateralized loan agreement, will repurchase securities provided as collateral for $330,017,325 on 5/1/2018, in which corporate bonds and medium-term notes with a market value of $336,604,024 have been received as collateral and held with JPMorgan Chase as tri-party agent.
(IDENTIFIED COST $50,000,000) 		50,000,000
    TOTAL INVESTMENT IN SECURITIES—99.9%
(IDENTIFIED COST $5,723,746,644) 		5,723,705,717
    OTHER ASSETS AND LIABILITIES - NET—0.1%2 4,003,968
    TOTAL NET ASSETS—100% $5,727,709,685
Affiliated fund holdings are investment companies which are managed by Federated Investment Management Company (the “Adviser”) or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended April 30, 2018, were as follows:
  Federated Institutional
Prime Obligations Fund,
Institutional Shares
Balance of Shares Held 7/31/2017 —
Purchases/Additions 10,977,646,901
Sales/Reductions (5,304,508,498)
Balance of Shares Held 4/30/2018 5,673,138,403
Value $5,673,705,717
Change in Unrealized Appreciation/Depreciation $(40,927)
Net Realized Gains/(Loss) $(903,301)
Dividend Income $55,028,684
The Fund invests in Federated Institutional Prime Obligations Fund (POF), a diversified portfolio of Money Market Obligations Trust (the “Trust”) which is also managed by the Adviser. The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”). The investment objective of POF is to provide current income consistent with stability of principal. Income distributions from POF are declared daily and paid monthly. All income distributions are recorded by the Fund as dividend income. Capital gain distributions of POF, if any, are declared and paid annually, and are recorded by the Fund as capital gains received. At April 30, 2018, POF represents 99.0% of the Fund's net assets. Therefore, the performance of the Fund is directly affected by the performance of POF.
1 7-day net yield.
2 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (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.
■ 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
1
on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, the 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 over-the-counter 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.
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.
The following is a summary of the inputs used, as of April 30, 2018, in valuing the Fund's assets carried at fair value:
Valuation Inputs
  Level 1—
Quoted
Prices 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Other Repurchase Agreement $— $50,000,000 $— $50,000,000
Investment Company 5,673,705,717 — — 5,673,705,717
TOTAL SECURITIES $5,673,705,717 $50,000,000 $— $5,723,705,717
2
Federated Tax-Free Obligations Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—99.9%  
    Alabama—6.8%  
$43,545,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 1.630%, 5/1/2018 $43,545,000
16,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 1.630%, 5/1/2018 16,000,000
40,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 1.910%, 5/2/2018 40,000,000
8,100,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 1.670%, 5/1/2018 8,100,000
5,800,000   Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 1.630%, 5/1/2018 5,800,000
25,000,000   Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 1.910%, 5/2/2018 25,000,000
17,000,000   Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs (Bank of Nova Scotia, Toronto LOC), 1.780%, 5/3/2018 17,000,000
20,000,000   Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011A: Gulf Opportunity Zone Bonds) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.730%, 5/2/2018 20,000,000
20,000,000   Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011E: Gulf Opportunity Zone Bonds) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.730%, 5/3/2018 20,000,000
24,810,000   West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 1.900%, 5/3/2018 24,810,000
    TOTAL 220,255,000
    Arizona—0.6%  
5,000,000   Arizona School Facilities Board, Tender Option Bond Trust Receipts (2016-ZM0321) Weekly VRDNs (Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 1.800%, 5/3/2018 5,000,000
11,225,000   Mesa, AZ Utility System, Solar Eclipse (2017-0026) Weekly VRDNs (U.S. Bank, N.A. LIQ), 1.800%, 5/3/2018 11,225,000
4,000,000   Pima County, AZ IDA (Wasatch Pool Holdings IV, LLC), (Series 2001: Eastside Place Apartments) Weekly VRDNs (FNMA LOC), 1.790%, 5/3/2018 4,000,000
    TOTAL 20,225,000
    California—3.7%  
46,000,000   California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.910%, 5/3/2018 46,000,000
12,000,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), 1.82% CP, Mandatory Tender 9/12/2018 12,000,000
15,500,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), 1.47% CP, Mandatory Tender 6/5/2018 15,500,000
6,520,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series B) Weekly VRDNs, 1.730%, 5/2/2018 6,520,000
40,000,000   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), 1.850%, 5/3/2018 40,000,000
    TOTAL 120,020,000
    Colorado—0.9%  
9,960,000   Cherry Creek, CO School District No. 5, Solar Eclipse (Series 2017-003), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 7/19/2018 9,960,000
6,685,000   Denver, CO City and County Board of Water Commissioners, Solar Eclipse (Series 2017-0032), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/7/2018 6,685,000
11,035,000   University of Colorado, Solar Eclipse (Series 2017-0065), 1.90% TOBs (U.S. Bank, N.A. LIQ) 6/21/2018 11,035,000
    TOTAL 27,680,000
    Connecticut—1.0%  
2,135,000   Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 1.780%, 5/3/2018 2,135,000
355,000   Connecticut State HFA (CIL Realty), (Series 2010) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 1.780%, 5/3/2018 355,000
30,000,000   Connecticut State, Golden Blue (Series 2017-014) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 30,000,000
    TOTAL 32,490,000
    District of Columbia—0.3%  
4,990,000   District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2017-0015), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 4,990,000
4,010,000   District of Columbia, Solar Eclipse (Series 2017-0035), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 4,010,000
    TOTAL 9,000,000
1
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Florida—10.2%  
$5,000,000   Central Florida Expressway Authority, Golden Blue (Series 2018-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 $5,000,000
6,485,000   Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 6,485,000
31,905,000   Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), 1.21% CP, Mandatory Tender 5/3/2018 31,905,000
5,000,000   Florida State Board of Education Public Education (Florida State), Solar Eclipse Weekly VRDNs (U.S. Bank, N.A. LIQ), 1.900%, 5/3/2018 5,000,000
7,505,000   Florida State Turnpike Authority, Solar Eclipse (Series 2017-0002) Weekly VRDNs (U.S. Bank, N.A. LIQ), 1.780%, 5/3/2018 7,505,000
11,000,000   Florida State, Solar Eclipse, 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/14/2018 11,000,000
1,000,000   JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs (Royal Bank of Canada LIQ), 1.760%, 5/2/2018 1,000,000
35,960,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), 1.78% CP, Mandatory Tender 5/14/2018 35,960,000
3,200,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1995) Daily VRDNs, 1.590%, 5/1/2018 3,200,000
10,700,000   Manatee County, FL (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs, 1.590%, 5/1/2018 10,700,000
55,900,000   Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 1.670%, 5/1/2018 55,900,000
17,995,000   Miami-Dade County, FL Water & Sewer, Tender Option Bond Trust Receipts (2015-ZF0268) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 1.900%, 5/3/2018 17,995,000
6,410,000   Miami-Dade County, FL, RBC (Series E-70) Weekly VRDNs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.780%, 5/3/2018 6,410,000
1,750,000   Orange County, FL IDA (Central Florida Kidney Centers, Inc.), (Series 2000) Weekly VRDNs (SunTrust Bank LOC), 1.820%, 5/2/2018 1,750,000
4,200,000   Orange County, FL School Board, Tender Option Bond Trust Certificates (2015-XF2013) Weekly VRDNs (Assured Guaranty Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.880%, 5/3/2018 4,200,000
5,105,000   Orange County, FL, Health Facilities Authority (Lakeside Behavioral Healthcare, Inc.), (Series 2008) Weekly VRDNs (SunTrust Bank LOC), 1.820%, 5/2/2018 5,105,000
20,000,000   Orlando & Orange County Expressway Authority, FL (Central Florida Expressway Authority), RBC Muni Trust (Series E-62), 1.92% TOBs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), Optional Tender 5/1/2018 20,000,000
17,480,000   Orlando, FL Contract Tourist Development (Orlando, FL), Tender Option Bond Trust Receipts (2015-XM0006) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 1.810%, 5/3/2018 17,480,000
2,800,000   Palm Beach County, FL (Zoological Society of Palm Beach, Inc.), (Series 2001) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 1.750%, 5/3/2018 2,800,000
16,500,000   Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 2.050%, 5/3/2018 16,500,000
36,850,000   St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 1.580%, 5/1/2018 36,850,000
10,000,000   Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010A) Weekly VRDNs (MUFG Union Bank, N.A. LOC), 1.770%, 5/3/2018 10,000,000
18,000,000   Sunshine State Governmental Finance Commission, FL (Orlando, FL), Callable Tax-Exempt Notes (Series H), 1.25% CP (JPMorgan Chase Bank, N.A. LIQ), Mandatory Tender 7/9/2018 18,000,000
    TOTAL 330,745,000
    Georgia—3.5%  
25,500,000   Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly VRDNs (PNC Bank, N.A. LIQ), 1.800%, 5/2/2018 25,500,000
24,500,000   Fulton County, GA, Solar Eclipse (Series 2017-0007), 1.93% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/14/2018 24,500,000
54,410,000   Main Street Natural Gas, Inc., GA, (Series 2010 A1), 1.85% TOBs (Royal Bank of Canada LOC), (SIFMA 7-day +0.100%), Optional Tender 6/1/2018 54,410,000
7,495,000   Metropolitan Atlanta Rapid Transit Authority, GA, Solar Eclipse (Series 2017-0047), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/17/2018 7,495,000
    TOTAL 111,905,000
    Hawaii—0.6%  
9,285,000   Hawaii State Department of Budget & Finance (Queen's Health Systems), (2015 Series B) VRENs, 2.200%, 5/3/2018 9,285,000
8,660,000   Hawaii State, Solar Eclipse (3a-7) Weekly VRDNs (U.S. Bank, N.A. LIQ), 1.900%, 5/3/2018 8,660,000
    TOTAL 17,945,000
    Illinois—1.0%  
600,000   Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 2.010%, 5/3/2018 600,000
7,000,000   Illinois Development Finance Authority (North Shore Senior Center), (Series 1999) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.790%, 5/2/2018 7,000,000
2
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Illinois—continued  
$5,700,000   Illinois Finance Authority (Advocate Health Care Network), (Series 2008C-1) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 1.730%, 5/2/2018 $5,700,000
20,000,000   Illinois Finance Authority (OSF Health Care Systems), (Series 2007E) Weekly VRDNs (Barclays Bank PLC LOC), 1.750%, 5/3/2018 20,000,000
    TOTAL 33,300,000
    Indiana—0.8%  
15,365,000   Indiana State Finance Authority Health System (Sisters of St. Francis Health Services, Inc.), (Series 2008F) Weekly VRDNs (Bank of New York Mellon LOC), 1.740%, 5/3/2018 15,365,000
4,035,000   Jasper County, IN EDA (T & M LP), (Series 2010B) Weekly VRDNs (AgriBank FCB LOC), 1.870%, 5/3/2018 4,035,000
6,500,000   Jasper County, IN EDA (T & M LP), (Series 2010C) Weekly VRDNs (AgriBank FCB LOC), 1.870%, 5/3/2018 6,500,000
    TOTAL 25,900,000
    Iowa—0.1%  
1,800,000   Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 1.780%, 5/3/2018 1,800,000
    Kentucky—0.4%  
14,705,000   Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.870%, 5/4/2018 14,705,000
    Louisiana—2.2%  
50,000,000   Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs (GTD by BASF SE), 1.820%, 5/2/2018 50,000,000
12,000,000   Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs (FHLB of Dallas LOC), 1.840%, 5/2/2018 12,000,000
1,140,000   Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs (FHLB of Dallas LOC), 1.840%, 5/2/2018 1,140,000
7,500,000   Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008C) Daily VRDNs, 1.570%, 5/1/2018 7,500,000
    TOTAL 70,640,000
    Maryland—0.4%  
1,520,000   Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.860%, 5/1/2018 1,520,000
4,990,000   Maryland State Transportation Authority, Solar Eclipse 2017-0041, 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 7/26/2018 4,990,000
904,000   Montgomery County, MD Housing Opportunities Commission (Byron House, Inc. Facility), (Series 1998 Issue I) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.910%, 5/1/2018 904,000
6,670,000   University System of Maryland, Solar Eclipse (Series 2017-0023), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/14/2018 6,670,000
    TOTAL 14,084,000
    Massachusetts—1.2%  
800,000   Commonwealth of Massachusetts, (Series 2000A) Weekly VRDNs (Citibank NA, New York LIQ), 1.670%, 5/3/2018 800,000
6,120,000   Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69), 1.93% TOBs (State Street Bank and Trust Co. LIQ), Optional Tender 6/7/2018 6,120,000
10,300,000   Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 1.790%, 5/3/2018 10,300,000
3,530,000   Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2013) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.790%, 5/3/2018 3,530,000
2,400,000   Massachusetts IFA (Nova Realty Trust), (Series 1994) Weekly VRDNs (TD Bank, N.A. LOC), 1.720%, 5/3/2018 2,400,000
3,880,000   Massachusetts School Building Authority, Solar Eclipse (Series 2017-0013) Weekly VRDNs (U.S. Bank, N.A. LIQ), 1.770%, 5/3/2018 3,880,000
1,100,000   Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs (Barclays Bank PLC LIQ), 1.770%, 5/3/2018 1,100,000
3,800,000   Massachusetts State Development Finance Agency (Babson College), (Series 2008A) Weekly VRDNs (Bank of America N.A. LOC), 1.710%, 5/3/2018 3,800,000
4,080,000   Massachusetts State Development Finance Agency (Governor Dummer Academy), (Series 2006) Weekly VRDNs (TD Bank, N.A. LOC), 1.740%, 5/2/2018 4,080,000
300,000   Massachusetts State Development Finance Agency (Partners Healthcare Systems), (Series M-2) Weekly VRDNs (Bank of New York Mellon LOC), 1.730%, 5/3/2018 300,000
1,030,000   Massachusetts State Health & Educational Facility (Amherst College), (Series 2005 J-2) Daily VRDNs, 1.510%, 5/1/2018 1,030,000
1,500,000   Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs (Bank of America N.A. LIQ), 1.770%, 5/3/2018 1,500,000
    TOTAL 38,840,000
3
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Michigan—4.7%  
$60,300,000   Eastern Michigan University Board of Regents, Golden Blue (2017-012) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.800%, 5/3/2018 $60,300,000
3,950,000   Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B-3) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 1.770%, 5/2/2018 3,950,000
800,000   Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs (FHLB of Chicago LOC), 1.770%, 5/3/2018 800,000
3,100,000   Michigan Job Development Authority (Andersons, Inc. (The)), (Series 1985) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.870%, 5/2/2018 3,100,000
655,000   Michigan State Finance Authority Revenue, Healthcare Equipment Loan (Series D) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.760%, 5/3/2018 655,000
2,900,000   Michigan State Strategic Fund (Catholic Social Services of Lansing/St. Vincent Home, Inc.), (Series 2003) Weekly VRDNs (Comerica Bank LOC), 1.850%, 5/3/2018 2,900,000
2,270,000   Michigan State Strategic Fund (Detroit Public Television), (Series 2005) Weekly VRDNs (Comerica Bank LOC), 1.840%, 5/3/2018 2,270,000
15,000,000   Michigan Strategic Fund (Air Products & Chemicals, Inc.), (Series 2007) Daily VRDNs, 1.560%, 5/1/2018 15,000,000
400,000   Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs (MUFG Bank Ltd. LOC), 1.770%, 5/3/2018 400,000
3,105,000   Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.870%, 5/4/2018 3,105,000
910,000   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), 1.840%, 5/3/2018 910,000
25,225,000   St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2003) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.840%, 5/3/2018 25,225,000
34,635,000   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), 1.840%, 5/3/2018 34,635,000
    TOTAL 153,250,000
    Minnesota—1.0%  
4,735,000   Andover, MN (Presbyterian Homes of Andover, Inc.), (Series 2003) Weekly VRDNs (FNMA LOC), 1.740%, 5/3/2018 4,735,000
1,760,000   Bloomington, MN (Presbyterian Homes, Inc.), (Series 2008) Weekly VRDNs (FHLMC LOC), 1.740%, 5/3/2018 1,760,000
9,700,000   Minneapolis, MN (Symphony Place) Weekly VRDNs (FHLMC LOC), 1.770%, 5/3/2018 9,700,000
3,940,000   Plymouth, MN (Parkside Apartments), (Series 2003) Weekly VRDNs (FNMA LOC), 1.740%, 5/3/2018 3,940,000
9,925,000   St. Cloud, MN ISD No. 742, Solar Eclipse (Series 2017-0009), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 9,925,000
2,642,000   St. Louis Park, MN (Parkshore Senior Campus, LLC), (Series 2004) Weekly VRDNs (FHLMC LOC), 1.830%, 5/3/2018 2,642,000
    TOTAL 32,702,000
    Missouri—0.4%  
9,130,000   Buchanan County, MO Solid Waste Disposal (Lifeline Foods LLC), (Series 2009B) Weekly VRDNs (Commerce Bank, N.A., Kansas City LOC), 1.800%, 5/3/2018 9,130,000
4,980,000   Kansas City, MO Water Revenue, Solar Eclipse (Series 2017-0016), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/31/2018 4,980,000
    TOTAL 14,110,000
    Multi-State—7.3%  
121,400,000   Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs (JPMorgan Chase Bank, N.A. LIQ), 1.840%, 5/3/2018 121,400,000
45,000,000   Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs (TD Bank, N.A. LIQ), 1.820%, 5/3/2018 45,000,000
69,000,000   Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs (Barclays Bank PLC LIQ), 1.840%, 5/3/2018 69,000,000
    TOTAL 235,400,000
    Nevada—0.8%  
5,000,000   Clark County, NV, Solar Eclipse (Series 2017-0025), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/21/2018 5,000,000
12,500,000   Las Vegas Valley, NV Water District (Southern Nevada Water Authority), (Series 2004A), 1.42% CP (Sumitomo Mitsui Banking Corp. LOC), Mandatory Tender 5/15/2018 12,500,000
7,990,000   Nevada State Highway Revenue, Solar Eclipse (Series 2017-0018), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/7/2018 7,990,000
    TOTAL 25,490,000
    New Jersey—5.3%  
5,470,030   Absecon, NJ, 2.00% BANs, 8/2/2018 5,479,661
27,395,000   Belmar, NJ, 2.625% BANs, 2/8/2019 27,609,105
6,000,000   Essex County, NJ, Clipper Tax-Exempt Certificates Trust (Series 2009-49) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 1.800%, 5/3/2018 6,000,000
21,728,660   Gloucester Township, NJ, (Series A), 2.00% BANs, 6/22/2018 21,745,776
4
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    New Jersey—continued  
$1,962,000   Haworth Borough, NJ, 2.50% BANs, 2/22/2019 $1,974,548
2,315,000   Lyndhurst Township, NJ, 2.50% BANs, 2/8/2019 2,329,111
7,665,000   New Jersey Housing & Mortgage Finance Agency, Tender Option Bond Trust Receipts (2016-ZF0346) Weekly VRDNs (Bank of America N.A. LIQ), 1.790%, 5/3/2018 7,665,000
11,325,000   New Jersey State Transportation Trust Fund Authority (New Jersey State), Stage Trust (Series 2011-28C), 2.03% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 7/26/2018 11,325,000
56,500,000   New Jersey State, RBC Muni Products (Series 2018-E-117) Daily VRDNs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.650%, 5/1/2018 56,500,000
6,349,646   Ocean Township, NJ (Ocean County), 2.00% BANs, 11/15/2018 6,363,967
2,950,000   Palmyra Borough, NJ, (2017 Series A), 2.50% BANs, 12/19/2018 2,964,738
8,897,250   South River, NJ, 2.50% BANs, 12/11/2018 8,948,303
4,462,395   Southampton Township, NJ, (2017 Series A), 2.50% BANs, 7/17/2018 4,473,071
5,381,172   Wallington, NJ, 2.25% BANs, 8/23/2018 5,398,645
4,000,000   Willingboro Township, NJ, 2.25% BANs, 8/8/2018 4,008,024
    TOTAL 172,784,949
    New York—11.5%  
3,452,000   Baldwinsville, NY CSD, 2.25% BANs, 6/29/2018 3,457,231
19,150,000   Candor, NY CSD, 2.25% BANs, 6/28/2018 19,183,077
9,800,000   Connetquot, NY CSD, 2.00% TANs, 6/27/2018 9,809,031
13,800,000   Eden, NY CSD, 2.00% BANs, 6/8/2018 13,812,212
7,160,000   Geneva, NY City School District, 2.00% BANs, 7/13/2018 7,168,551
6,000,000   Geneva, NY City School District, 2.25% RANs, 6/26/2018 6,009,546
15,907,492   Lancaster, NY CSD, 2.50% BANs, 6/14/2018 15,934,032
3,705,578   Liberty, NY CSD, 2.00% BANs, 6/29/2018 3,710,340
3,435,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2015E-4) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 1.750%, 5/3/2018 3,435,000
21,190,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Eagles (Series 2017-0004) Weekly VRDNs (Citibank NA, New York LIQ), 1.830%, 5/3/2018 21,190,000
39,770,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs (Toronto Dominion Bank LIQ), 1.830%, 5/3/2018 39,770,000
6,027,088   Middletown, NY, (Series A), 2.25% BANs, 8/29/2018 6,047,636
1,000,000   New York City Housing Development Corp., Sustainable Neighborhood Bonds (2017 Series G-3) Weekly VRDNs (Wells Fargo Bank, N.A. LIQ), 1.750%, 5/3/2018 1,000,000
18,350,000   New York City, NY Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 1.560%, 5/1/2018 18,350,000
8,300,000   New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-3 Bonds) Daily VRDNs (TD Bank, N.A. LIQ), 1.590%, 5/1/2018 8,300,000
12,000,000   New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-1) Daily VRDNs (Bank of America N.A. LIQ), 1.530%, 5/1/2018 12,000,000
18,900,000   New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-2) Daily VRDNs (Mizuho Bank Ltd. LIQ), 1.570%, 5/1/2018 18,900,000
3,500,000   New York City, NY Municipal Water Finance Authority, (Series 2015BB-3) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LIQ), 1.780%, 5/3/2018 3,500,000
3,250,000   New York City, NY Municipal Water Finance Authority, Fiscal 2012 (Subseries A-2) Daily VRDNs (Mizuho Bank Ltd. LIQ), 1.540%, 5/1/2018 3,250,000
5,000,000   New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 1.590%, 5/1/2018 5,000,000
2,000,000   New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 1.750%, 5/3/2018 2,000,000
11,900,000   New York City, NY, (Fiscal 2006 Series I-4) Daily VRDNs (TD Bank, N.A. LOC), 1.590%, 5/1/2018 11,900,000
10,540,000   New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs (Barclays Bank PLC LIQ), 1.750%, 5/3/2018 10,540,000
6,935,000   New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs (Mizuho Bank Ltd. LOC), 1.550%, 5/1/2018 6,935,000
4,800,000   New York City, NY, (Fiscal 2017 Series A Subseries A-5) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 1.580%, 5/1/2018 4,800,000
11,000,000   New York City, NY, (Subseries D-4) Daily VRDNs (TD Bank, N.A. LOC), 1.590%, 5/1/2018 11,000,000
7,940,000   New York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs (Barclays Bank PLC LIQ), 1.560%, 5/1/2018 7,940,000
18,300,000   New York City, NY, Fiscal 2013 (Subseries A-3) Daily VRDNs (Mizuho Bank Ltd. LOC), 1.640%, 5/1/2018 18,300,000
5
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    New York—continued  
$20,000,000   New York City, NY, RBC Muni Products (Series E-118) Daily VRDNs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.630%, 5/1/2018 $20,000,000
10,000,000   New York State HFA (160 Madison Avenue), (2013 Series A) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.550%, 5/1/2018 10,000,000
10,100,000   New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.590%, 5/1/2018 10,100,000
5,476,209   North Syracuse, NY CSD, 2.25% BANs, 8/10/2018 5,492,378
11,664,795   Rotterdam-Mohonasen CSD, NY, 1.75% BANs, 6/14/2018 11,669,648
2,302,807   Springville-Griffith Institute, NY CSD, 2.25% BANs, 8/24/2018 2,310,350
2,500,000   Triborough Bridge & Tunnel Authority, NY, General Revenue Bonds (Series 2002F) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 1.590%, 5/1/2018 2,500,000
5,458,779   Union, NY, 2.75% BANs, 2/28/2019 5,493,115
2,500,000   Waverly, NY CSD, 2.25% BANs, 8/31/2018 2,507,997
2,200,000   Webutuck, NY CSD, 2.25% BANs, 8/25/2018 2,206,901
6,422,000   Weedsport, NY CSD, 2.25% BANs, 7/13/2018 6,433,385
    TOTAL 371,955,430
    North Carolina—1.1%  
10,170,000   Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), Stage Trust (Series 2011-72C), 2.03% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 7/26/2018 10,170,000
4,815,000   Greensboro, NC Enterprise System, Solar Eclipse (Series 2017-0045) Weekly VRDNs (U.S. Bank, N.A. LIQ), 1.900%, 7/26/2018 4,815,000
5,605,000   Mecklenburg County, NC, Solar Eclipse (Series 2017-0052), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/14/2018 5,605,000
2,100,000   New Hanover County, NC (New Hanover Regional Medical Center), (Series 2008B) Weekly VRDNs (PNC Bank, N.A. LOC), 1.790%, 5/2/2018 2,100,000
1,035,000   North Carolina Capital Facilities Finance Agency (Summit School, Inc.), (Series 2008) Weekly VRDNs (Branch Banking & Trust Co. LOC), 1.740%, 5/3/2018 1,035,000
11,015,000   North Carolina State Capital Improvement (North Carolina State), Stage Trust (Series 2011-136C), 1.98% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 7/26/2018 11,015,000
    TOTAL 34,740,000
    North Dakota—0.3%  
9,124,000   Grand Forks County, ND (J. R. Simplot Co.), (Series 2010) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.840%, 5/2/2018 9,124,000
    Ohio—3.4%  
10,000,000   Akron, OH, 3.00% BANs, 12/12/2018 10,087,966
7,250,000   Avon, OH Water System, 2.375% BANs, 1/31/2019 7,283,538
4,000,000   Big Walnut, OH LSD, 2.625% BANs, 5/1/2018 4,000,000
2,120,000   Cuyahoga County, OH Hospital Authority (The Sisters of Charity of St. Augustine Health System, Inc.), (Series 2000) Weekly VRDNs (PNC Bank, N.A. LOC), 1.750%, 5/3/2018 2,120,000
9,265,000   Delaware, OH, 3.00% BANs, 4/10/2019 9,363,592
620,000   Franklin County, OH Hospital Facility Authority (U.S. Health Corp. of Columbus), Series A Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 1.730%, 5/3/2018 620,000
17,000,000   Lucas County, OH (ProMedica Healthcare Obligated Group), Golden Blue (Series 2018-002) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 2.000%, 5/3/2018 17,000,000
23,640,000   Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 23,640,000
9,200,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2013B-2) Daily VRDNs (Bank of New York Mellon LIQ), 1.610%, 5/1/2018 9,200,000
15,410,000   Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), Golden Blue (Series 2017-006) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 15,410,000
8,643,000   Tipp City, OH, (Series A), 2.125% BANs, 2/13/2019 8,671,448
3,750,000   Wooster, OH (West View Manor), Health Care Facilities Revenue Bonds (Series 2003) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.880%, 5/3/2018 3,750,000
    TOTAL 111,146,544
    Oklahoma—0.4%  
14,000,000   Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2015 B) VRENs, 2.100%, 5/3/2018 14,000,000
6
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Oregon—0.4%  
$12,185,000   Clackamas County, OR School District No. 7J (Lake Oswego), Solar Eclipse (2017-0053), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/28/2018 $12,185,000
    Pennsylvania—9.0%  
2,400,000   Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.880%, 5/3/2018 2,400,000
7,070,000   Allegheny County, PA HDA (UPMC Health System), (Series E-110) Daily VRDNs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.630%, 5/1/2018 7,070,000
44,200,000   Allegheny County, PA HDA (UPMC Health System), (Series E-111) Daily VRDNs (Royal Bank of Canada and Royal Bank of Canada LOCs), 1.630%, 5/1/2018 44,200,000
1,500,000   Allegheny County, PA Sanitation Authority, Tender Option Bond Trust Certificates (2016-XM0278) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.780%, 5/3/2018 1,500,000
4,490,000   Berks County, PA IDA (Tower Health), Tender Option Bond Trust Certificates (Series 2018-XL0061) Weekly VRDNs (GTD by Citibank NA, New York)/(Citibank NA, New York LIQ), 1.810%, 5/3/2018 4,490,000
10,000,000   Berks County, PA Municipal Authority (Tower Health), Golden Blue (Series 2018-001) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.930%, 5/3/2018 10,000,000
2,800,000   Bucks County, PA IDA (Grand View Hospital), (Series A of 2008) Weekly VRDNs (TD Bank, N.A. LOC), 1.720%, 5/3/2018 2,800,000
12,475,000   Butler County, PA General Authority (Hampton Township School District, PA), (Series 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.770%, 5/3/2018 12,475,000
5,765,000   Butler County, PA General Authority (Iroquois School District), (Series 2011) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.770%, 5/3/2018 5,765,000
500,000   Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 1.720%, 5/3/2018 500,000
41,120,000   Emmaus, PA General Authority, (Series 1996) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 1.760%, 5/2/2018 41,120,000
7,080,000   Franklin County, PA IDA (Chambersburg Hospital), Stage Trust (Series 2010-01C), 2.03% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), (SIFMA 7-day +0.300%), Optional Tender 7/26/2018 7,080,000
3,500,000   Geisinger Authority, PA Health System (Geisinger Health System), (Series 2013A) Daily VRDNs (Wells Fargo Bank, N.A. LIQ), 1.530%, 5/1/2018 3,500,000
4,795,000   Geisinger Authority, PA Health System (Geisinger Health System), Stage Trust (Series 2011-69C), 2.03% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 7/26/2018 4,795,000
2,000,000   Haverford Twp, PA School District, (Series 2009) Weekly VRDNs (TD Bank, N.A. LOC), 1.760%, 5/3/2018 2,000,000
1,200,000   Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs (PNC Bank, N.A. LOC), 1.760%, 5/3/2018 1,200,000
2,620,000   Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs (GTD by FHLMC), 1.760%, 5/3/2018 2,620,000
2,500,000   Philadelphia, PA Gas Works, (8th Series D) Weekly VRDNs (Royal Bank of Canada LOC), 1.740%, 5/3/2018 2,500,000
3,700,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-A) Daily VRDNs (Wells Fargo Bank, N.A. LIQ), 1.550%, 5/1/2018 3,700,000
1,590,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2005A) Daily VRDNs (Wells Fargo Bank, N.A. LIQ), 1.550%, 5/1/2018 1,590,000
121,685,000   Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.820%, 5/3/2018 121,685,000
9,500,000   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), 1.870%, 5/3/2018 9,500,000
    TOTAL 292,490,000
    South Carolina—0.4%  
10,000,000   Lexington, SC Waterworks & Sewer System, (Series 2017), 4.20% BANs, 6/1/2018 10,024,953
4,125,000   South Carolina Jobs-EDA (Brashier Charter, LLC), (Series 2008) Weekly VRDNs (SunTrust Bank LOC), 1.820%, 5/2/2018 4,125,000
    TOTAL 14,149,953
    Tennessee—1.1%  
15,900,000   Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008A) Daily VRDNs (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 1.620%, 5/1/2018 15,900,000
20,000,000   Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 1.630%, 5/1/2018 20,000,000
    TOTAL 35,900,000
    Texas—8.5%  
8,575,000   Austin, TX Electric Utility System, Solar Eclipse (Series 2017-0008), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 5/17/2018 8,575,000
7
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Texas—continued  
$700,000   Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs (FHLMC LOC), 1.840%, 5/3/2018 $700,000
40,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), 1.27% CP, Mandatory Tender 5/16/2018 40,000,000
30,165,000   Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-1) Daily VRDNs, 1.620%, 5/1/2018 30,165,000
7,655,000   Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-2) Daily VRDNs, 1.620%, 5/1/2018 7,655,000
4,665,000   Hays, TX Consolidated ISD, Solar Eclipse (Series 2017-0050), 1.90% TOBs (GTD by Texas PSFG Program)/(U.S. Bank, N.A. LIQ), Optional Tender 7/12/2018 4,665,000
10,025,000   Katy, TX ISD, Tender Option Bond Trust Receipts (2018-XG0163) Weekly VRDNs (GTD by Texas PSFG Program)/(Bank of America N.A. LIQ), 1.790%, 5/3/2018 10,025,000
25,000,000   Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs (GTD by Total S.A.), 1.810%, 5/2/2018 25,000,000
21,000,000   Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs (GTD by Total S.A.), 1.810%, 5/2/2018 21,000,000
55,000,000   San Antonio, TX Electric & Gas System, (2012 Series B), 1.68% CP (State Street Bank and Trust Co. and Wells Fargo Bank, N.A. LIQs), Mandatory Tender 5/9/2018 55,000,000
71,840,000   Texas State, 4.00% TRANs, 8/30/2018 72,480,590
    TOTAL 275,265,590
    Utah—3.8%  
122,321,000   Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) Weekly VRDNs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.800%, 5/3/2018 122,321,000
    Virginia—3.6%  
1,355,000   Fairfax County, VA IDA (Inova Health System), (Series 2005C-2) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 1.750%, 5/2/2018 1,355,000
500,000   Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2009B) Weekly VRDNs, 1.770%, 5/2/2018 500,000
43,000,000 2 Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2017), 1.975% TOBs, Mandatory Tender 6/29/2018 43,000,000
69,870,000   Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) Weekly VRDNs (Citibank NA, New York LIQ), 1.790%, 5/3/2018 69,870,000
1,300,000   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), 1.780%, 5/1/2018 1,300,000
    TOTAL 116,025,000
    Washington—0.4%  
7,820,000   Seattle, WA Drain & Wastewater, Solar Eclipse (2017-0028), 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/28/2018 7,820,000
4,000,000   Seattle, WA, Solar Eclipse, 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 7/12/2018 4,000,000
    TOTAL 11,820,000
    West Virginia—0.3%  
9,065,000   West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs (Branch Banking & Trust Co. LOC), 1.760%, 5/3/2018 9,065,000
    Wisconsin—2.5%  
5,000,000   Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036, 1.90% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 6/14/2018 5,000,000
49,615,000   Wisconsin Health & Educational Facilities Authority (Aurora Health Care, Inc.), (Series 2010C), 1.55% CP (Bank of America N.A. LOC), Mandatory Tender 7/9/2018 49,615,000
2,610,000   Wisconsin State HEFA (Wisconsin Lutheran Child & Family Services, Inc.), (Series 2008) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 1.850%, 5/3/2018 2,610,000
23,900,000   Wisconsin State, Clippers (Series 2009-36), 1.93% TOBs (State Street Bank and Trust Co. LIQ), Optional Tender 6/7/2018 23,900,000
    TOTAL 81,125,000
    TOTAL INVESTMENT IN SECURITIES—99.9%
(AT AMORTIZED COST) 		3,234,583,466
    OTHER ASSETS AND LIABILITIES - NET—0.1%3 2,553,272
    TOTAL NET ASSETS—100% $3,237,136,738
8
At April 30, 2018, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).
1 Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/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 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At April 30, 2018, these restricted securities amounted to $43,000,000, which represented 1.3% of total net assets.
Additional information on restricted securities, held at April 30, 2018, is as follows:
Security Acquisition Date Cost Market Value
Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2017), 1.975% TOBs, Mandatory Tender 6/29/2018 1/8/2018 $43,000,000 $43,000,000
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 U.S. generally accepted accounting principles. 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 net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges bythe 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.
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 April 30, 2018, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
9
The following acronyms are used throughout this portfolio:
BANs —Bond Anticipation Notes
CDA —Community Development Authority
CP —Commercial Paper
CSD —Central School District
EDA —Economic Development Authority
EDC —Economic Development Commission
FHLB —Federal Home Loan Bank
FHLMC —Federal Home Loan Mortgage Corporation
FNMA —Federal National Mortgage Association
GTD —Guaranteed
HDA —Hospital Development Authority
HEFA —Health and Education Facilities Authority
HFA —Housing Finance Authority
HFDC —Health Facility Development Corporation
IDA —Industrial Development Authority
IDB —Industrial Development Bond
IFA —Industrial Finance Authority
INS —Insured
ISD —Independent School District
LIQ(s) —Liquidity Agreement(s)
LOC(s) —Letter(s) of Credit
LSD —Local School District
MFH —Multi-Family Housing
PCR —Pollution Control Revenue
PCRB(s) —Pollution Control Revenue Bond(s)
PSFG —Permanent School Fund Guarantee
RANs —Revenue Anticipation Notes
SIFMA —Securities Industry and Financial Markets Association
TANs —Tax Anticipation Notes
TOBs —Tender Option Bonds
TRANs —Tax and Revenue Anticipation Notes
VRDNs —Variable Rate Demand Notes
VRDPs —Variable Rate Demand Preferreds
VRENs —Variable Rate Extendible Notes
10
Federated Treasury Obligations Fund
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—57.2%  
$ 100,000,000   Interest in $350,000,000 joint repurchase agreement 1.66%, dated 1/25/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $352,436,972 on 6/25/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $358,425,318. $100,000,000
475,000,000   Interest in $500,000,000 joint repurchase agreement 1.71%, dated 3/2/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $502,850,000 on 8/29/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2042 and the market value of those underlying securities was $510,024,301. 475,000,000
775,000,000   Repurchase agreement 1.71%, dated 4/30/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $775,036,813 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2046 and the market value of those underlying securities was $790,537,591. 775,000,000
85,000,000   Interest in $315,000,000 joint repurchase agreement 1.71%, dated 11/14/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $316,795,500 on 8/29/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $321,315,353. 85,000,000
700,000,000   Interest in $715,000,000 joint repurchase agreement 1.74%, dated 4/4/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $717,972,017 on 6/29/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $730,251,813. 700,000,000
2,000,000,000   Interest in $7,000,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $7,000,338,333 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $7,126,840,190. 2,000,000,000
225,000,000   Interest in $250,000,000 joint repurchase agreement 1.73%, dated 4/10/2018 under which Bank of Montreal will repurchase securities provided as collateral for $250,360,417 on 5/10/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $255,257,425. 225,000,000
125,000,000   Interest in $210,000,000 joint repurchase agreement 1.75%, dated 3/22/2018 under which Bank of Montreal will repurchase securities provided as collateral for $210,908,542 on 6/19/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $214,606,098. 125,000,000
50,000,000   Interest in $400,000,000 joint repurchase agreement 1.75%, dated 4/11/2018 under which Bank of Montreal will repurchase securities provided as collateral for $401,730,556 on 7/9/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $408,376,863. 50,000,000
100,000,000   Interest in $300,000,000 joint repurchase agreement 1.82%, dated 4/18/2018 under which Bank of Montreal will repurchase securities provided as collateral for $301,289,167 on 7/13/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $306,185,668. 100,000,000
600,000,000   Interest in $700,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Bank of Nova Scotia will repurchase securities provided as collateral for $700,033,444 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2045 and the market value of those underlying securities was $714,034,187. 600,000,000
475,000,000   Interest in $500,000,000 joint repurchase agreement 1.69%, dated 4/5/2018 under which Barclays Bank PLC will repurchase securities provided as collateral for $500,680,694 on 5/4/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $510,694,352. 475,000,000
680,000,000   Interest in $4,450,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Barclays Bank PLC will repurchase securities provided as collateral for $4,450,212,611 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $4,539,216,942. 680,000,000
50,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $50,002,389 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 7/31/2021 and the market value of those underlying securities was $51,002,444. 50,000,000
100,000,000   Interest in $350,000,000 joint repurchase agreement 1.75%, dated 4/18/2018 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $350,510,417 on 5/18/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $357,225,610. 100,000,000
1
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$500,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $500,023,889 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $510,024,372. $500,000,000
250,000,000   Repurchase agreement 1.71%, dated 4/30/2018 under which Citibank, N.A. will repurchase securities provided as collateral for $250,011,875 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $255,012,139. 250,000,000
500,000,000   Repurchase agreement 1.68%, dated 4/26/2018 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,163,333 on 5/3/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 7/15/2023 and the market value of those underlying securities was $510,119,035. 500,000,000
300,000,000   Repurchase agreement 1.71%, dated 4/30/2018 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $300,014,250 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $306,014,539. 300,000,000
200,000,000   Interest in $500,000,000 joint repurchase agreement 1.69%, dated 4/26/2018 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,164,306 on 5/3/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2041 and the market value of those underlying securities was $510,119,729. 200,000,000
1,250,000,000   Repurchase agreement 1.71%, dated 4/30/2018 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,250,059,375 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 2/15/2025 and the market value of those underlying securities was $1,275,060,609. 1,250,000,000
750,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $750,035,833 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $765,036,625. 750,000,000
500,000,000   Repurchase agreement 1.74%, dated 4/30/2018 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $500,024,167 on 5/1/2018. The securities provided as collateral at the end of the period held with State Street Bank as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $506,229,476. 500,000,000
300,000,000   Repurchase agreement 1.40%, dated 4/30/2018 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $300,011,667 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 4/30/2025 and the market value of those underlying securities was $306,011,910. 300,000,000
550,000,000   Repurchase agreement 1.71%, dated 4/30/2018 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $550,026,125 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $561,003,070. 550,000,000
1,500,000,000   Interest in $3,000,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which ING Financial Markets LLC will repurchase securities provided as collateral for $3,000,143,333 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $3,040,266,424. 1,500,000,000
95,827,000   Repurchase agreement 1.71%, dated 4/30/2018 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $95,831,552 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities maturing on 2/29/2024 and the market value of those underlying securities was $97,747,061. 95,827,000
400,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $400,019,111 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/28/2023 and the market value of those underlying securities was $408,019,540. 400,000,000
225,000,950   Interest in $225,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $225,010,750 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/31/2019 and the market value of those underlying securities was $228,201,879. 225,000,950
300,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $300,014,333 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2024 and the market value of those underlying securities was $306,014,650. 300,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$830,000,000   Interest in $850,000,000 joint repurchase agreement 1.68%, dated 4/2/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $851,190,000 on 5/2/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $868,173,395. $830,000,000
516,429,000   Repurchase agreement 1.75%, dated 4/30/2018 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $516,454,104 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $525,068,882. 516,429,000
221,465,000   Repurchase agreement 1.75%, dated 4/30/2018 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $221,475,766 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2026 and the market value of those underlying securities was $225,603,403. 221,465,000
550,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which RBS Securities, Inc. will repurchase securities provided as collateral for $550,026,278 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2046 and the market value of those underlying securities was $561,004,803. 550,000,000
500,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Societe Generale, New York will repurchase securities provided as collateral for $500,023,889 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $510,024,382. 500,000,000
1,000,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Sumitomo Mitsui Banking Corp., will repurchase securities provided as collateral for $2,000,095,556 on 5/1/2018. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2026 and the market value of those underlying securities was $2,042,990,776. 1,000,000,000
400,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $400,019,111 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $408,019,519. 400,000,000
350,000,000   Repurchase agreement 1.72%, dated 4/30/2018 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $350,016,722 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $357,017,073. 350,000,000
    TOTAL REPURCHASE AGREEMENTS 18,528,721,950
    U.S. TREASURIES—43.3%  
417,000,000 1 United States Treasury Bills, 1.200%, 5/17/2018 416,777,600
880,500,000 1 United States Treasury Bills, 1.260% - 1.405%, 5/3/2018 880,434,280
430,500,000 1 United States Treasury Bills, 1.268% - 1.845%, 9/13/2018 428,236,961
485,000,000 1 United States Treasury Bills, 1.560% - 1.575%, 7/5/2018 483,627,552
96,000,000 1 United States Treasury Bills, 1.630%, 5/24/2018 95,900,027
721,000,000 1 United States Treasury Bills, 1.755% - 1.760%, 6/28/2018 718,959,439
473,350,000 1 United States Treasury Bills, 1.815% - 1.875%, 8/16/2018 470,754,863
300,000,000 1 United States Treasury Bills, 1.820% - 1.830%, 8/30/2018 298,162,817
480,000,000 1 United States Treasury Bills, 1.890%, 9/27/2018 476,245,200
240,000,000 1 United States Treasury Bills, 1.890%, 10/4/2018 238,034,400
190,000,000 1 United States Treasury Bills, 1.930%, 9/20/2018 188,553,572
385,000,000 1 United States Treasury Bills, 1.945%, 10/18/2018 381,463,880
814,500,000 2 United States Treasury Floating Rate Notes, 1.839% (91-day T-Bill +0.000%), 5/1/2018 814,424,462
398,000,000 2 United States Treasury Floating Rate Notes, 1.877% (91-day T-Bill +0.033%), 5/1/2018 398,062,183
1,235,500,000 2 United States Treasury Floating Rate Notes, 1.887% (91-day T-Bill +0.048%), 5/1/2018 1,235,961,324
1,246,770,000 2 United States Treasury Floating Rate Notes, 1.899% (91-day T-Bill +0.060%), 5/1/2018 1,246,814,696
487,000,000 2 United States Treasury Floating Rate Notes, 1.909% (91-day T-Bill +0.070%), 5/1/2018 486,989,279
622,000,000 2 United States Treasury Floating Rate Notes, 1.979% (91-day T-Bill +0.140%), 5/1/2018 622,119,661
282,500,000 2 United States Treasury Floating Rate Notes, 2.009% (91-day T-Bill +0.170%), 5/1/2018 282,491,704
1,137,000,000 2 United States Treasury Floating Rate Notes, 2.013% (91-day T-Bill +0.174%), 5/1/2018 1,137,027,069
707,000,000   United States Treasury Notes, 0.750% - 1.500%, 8/31/2018 705,683,898
3
Principal
Amount 		    Value
    U.S. TREASURIES—continued  
$564,500,000   United States Treasury Notes, 0.875% - 2.375%, 5/31/2018 $564,745,937
337,000,000   United States Treasury Notes, 0.875%, 10/15/2018 335,851,477
514,000,000   United States Treasury Notes, 1.000%, 8/15/2018 513,588,597
289,000,000   United States Treasury Notes, 1.125%, 6/15/2018 289,047,516
95,000,000   United States Treasury Notes, 2.250%, 7/31/2018 95,096,092
200,000,000   United States Treasury Notes, 3.875%, 5/15/2018 200,199,675
    TOTAL U.S. TREASURIES 14,005,254,161
    TOTAL INVESTMENT IN SECURITIES—100.5%
(AT AMORTIZED COST) 		32,533,976,111
    OTHER ASSETS AND LIABILITIES - NET—(0.5)%3 (166,825,694)
    TOTAL NET ASSETS—100% $32,367,150,417
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 U.S. generally accepted accounting principles. 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 net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedure.
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 April 30, 2018, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
4
Federated Trust for U.S. Treasury Obligations
Portfolio of Investments
April 30, 2018 (unaudited)
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—55.0%  
$25,000,000   Interest in $500,000,000 joint repurchase agreement 1.71%, dated 3/2/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $502,850,000 on 8/29/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2042 and the market value of those underlying securities was $510,024,301. $25,000,000
15,000,000   Interest in $215,000,000 joint repurchase agreement 1.72%, dated 1/25/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $216,540,833 on 9/28/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2027 and the market value of those underlying securities was $219,310,542. 15,000,000
200,000,000   Interest in $7,000,000,000 joint repurchase agreement 1.74%, dated 4/30/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $7,000,338,333 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $7,126,840,190. 200,000,000
15,000,000   Interest in $715,000,000 joint repurchase agreement 1.74%, dated 4/4/2018 under which BNP Paribas S.A. will repurchase securities provided as collateral for $717,972,017 on 6/29/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $730,251,813. 15,000,000
25,000,000   Interest in $250,000,000 joint repurchase agreement 1.73%, dated 4/10/2018 under which Bank of Montreal will repurchase securities provided as collateral for $250,360,417 on 5/10/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $255,257,425. 25,000,000
10,000,000   Interest in $400,000,000 joint repurchase agreement 1.75%, dated 4/11/2018 under which Bank of Montreal will repurchase securities provided as collateral for $401,711,111 on 7/9/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $408,376,863. 10,000,000
100,000,000   Interest in $700,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Bank of Nova Scotia will repurchase securities provided as collateral for $700,033,444 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2045 and the market value of those underlying securities was $714,034,187. 100,000,000
25,000,000   Interest in $500,000,000 joint repurchase agreement 1.69%, dated 4/5/2018 under which Barclays Bank PLC will repurchase securities provided as collateral for $500,680,694 on 5/4/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $510,694,352. 25,000,000
226,700,000   Interest in $4,450,000,000 joint repurchase agreement 1.72%, dated 4/30/2018 under which Barclays Bank PLC will repurchase securities provided as collateral for $4,450,212,611 on 5/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $4,539,216,942. 226,700,000
20,000,000   Interest in $850,000,000 joint repurchase agreement 1.68%, dated 4/2/2018 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $851,190,000 on 5/2/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $868,173,395. 20,000,000
    TOTAL REPURCHASE AGREEMENTS 661,700,000
    U.S. TREASURIES—45.5%  
20,000,000 1 United States Treasury Bills, 1.200%, 5/17/2018 19,989,333
22,000,000 1 United States Treasury Bills, 1.268% - 1.895%, 9/13/2018 21,874,243
18,000,000 1 United States Treasury Bills, 1.270% - 1.405%, 5/3/2018 17,998,670
15,000,000 1 United States Treasury Bills, 1.575%, 7/5/2018 14,957,344
29,000,000 1 United States Treasury Bills, 1.755% - 1.760%, 6/28/2018 28,917,922
10,150,000 1 United States Treasury Bills, 1.815%, 8/16/2018 10,095,245
15,000,000 1 United States Treasury Bills, 1.820% - 1.830%, 8/30/2018 14,908,074
20,000,000 1 United States Treasury Bills, 1.890%, 9/27/2018 19,843,550
10,000,000 1 United States Treasury Bills, 1.890%, 10/4/2018 9,918,100
10,000,000 1 United States Treasury Bills, 1.930%, 9/20/2018 9,923,872
15,000,000 1 United States Treasury Bills, 1.945%, 10/18/2018 14,862,229
18,000,000 2 United States Treasury Floating Rate Notes, 1.839% (91-day T-Bill +0.000%), 5/1/2018 17,992,171
16,000,000 2 United States Treasury Floating Rate Notes, 1.877% (91-day T-Bill +0.033%), 5/1/2018 16,002,450
1
Principal
Amount 		    Value
    U.S. TREASURIES—continued  
$29,500,000 2 United States Treasury Floating Rate Notes, 1.887% (91-day T-Bill +0.048%), 5/1/2018 $29,512,880
53,410,000 2 United States Treasury Floating Rate Notes, 1.899% (91-day T-Bill +0.060%), 5/1/2018 53,412,255
25,000,000 2 United States Treasury Floating Rate Notes, 1.909% (91-day T-Bill +0.070%), 5/1/2018 24,999,596
38,000,000 2 United States Treasury Floating Rate Notes, 1.979% (91-day T-Bill +0.140%), 5/1/2018 38,006,117
17,500,000 2 United States Treasury Floating Rate Notes, 2.009% (91-day T-Bill +0.170%), 5/1/2018 17,499,430
50,000,000 2 United States Treasury Floating Rate Notes, 2.013% (91-day T-Bill +0.174%), 5/1/2018 50,001,127
10,000,000   United States Treasury Notes, 0.875%, 10/15/2018 9,965,919
21,000,000   United States Treasury Notes, 1.000% - 2.375%, 5/31/2018 21,006,862
26,000,000   United States Treasury Notes, 1.000%, 8/15/2018 25,979,085
23,000,000   United States Treasury Notes, 1.125%, 6/15/2018 23,003,782
15,000,000   United States Treasury Notes, 1.500%, 8/31/2018 14,981,784
21,694,000   United States Treasury Notes, 2.250%, 7/31/2018 21,715,943
    TOTAL U.S. TREASURIES 547,367,983
    TOTAL INVESTMENT IN SECURITIES—100.5%
(AT AMORTIZED COST) 		1,209,067,983
    OTHER ASSETS AND LIABILITIES - NET—(0.5)%3 (6,455,448)
    TOTAL NET ASSETS—100% $1,202,612,535
1 Discount rate(s) at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2018.
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 U.S. generally accepted accounting principles. 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 net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges bythe 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.
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 April 30, 2018, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 2.Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the 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-Q.

 

(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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.Exhibits

 

 

SIGNATURES

 

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.

 

Registrant Money Market Obligations Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date June 25, 2018

 

 

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.

 

By /S/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date June 25, 2018

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date June 25, 2018