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: 07/31/2019

 

 

Date of Reporting Period: Quarter ended 04/30/2019

 

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

 

Federated Capital Reserves Fund
Portfolio of Investments
April 30, 2019 (unaudited)
Principal
Amount 		    Value
    ASSET-BACKED SECURITIES—2.0%  
    Banking—0.5%  
$20,000,000 1 Pepper I-Prime 2018-2 Trust, Class A1U1, (National Australia Bank Ltd., Melbourne GTD), 2.822% (1-month USLIBOR +0.350%), 10/13/2019 $20,000,000
    Finance - Automotive—1.4%  
7,017,273   AmeriCredit Automobile Receivables Trust 2019-1, Class A1, 2.659%, 3/18/2020 7,017,273
32,969,820   Drive Auto Receivables Trust 2019-2, Class A1, 2.648%, 3/16/2020 32,969,820
16,675,341   Enterprise Fleet Financing 2019-1, LLC, Class A1, 2.700%, 3/23/2020 16,675,341
    TOTAL 56,662,434
    Finance - Retail—0.1%  
4,985,914 1 Holmes Master Issuer PLC 2018-2A, Class A1, 2.822% (1-month USLIBOR +0.350%), 7/15/2019 4,985,914
    TOTAL ASSET-BACKED SECURITIES 81,648,348
    CERTIFICATES OF DEPOSIT—5.5%  
    Banking—5.5%  
50,000,000   MUFG Bank Ltd., 2.700%, 5/29/2019 50,000,000
75,000,000   Sumitomo Mitsui Banking Corp., 2.600%—2.630%, 6/4/2019 - 9/3/2019 75,000,000
20,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.600%, 7/10/2019 20,000,000
50,000,000   Toronto Dominion Bank, 2.600%, 10/1/2019 50,000,000
35,000,000   Toronto Dominion Bank, 3.100%, 10/25/2019 35,000,000
    TOTAL CERTIFICATES OF DEPOSIT 230,000,000
  2 COMMERCIAL PAPER—43.6%  
    Aerospace / Auto—1.5%  
65,000,000   Northrop Grumman Corp., 2.762%—3.053%, 5/1/2019 - 6/19/2019 64,981,285
    Banking—11.1%  
60,000,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.630%, 10/4/2019 60,000,000
30,000,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.670%, 9/19/2019 30,000,000
67,610,000   Antalis S.A., (Societe Generale, Paris LIQ), 2.596%, 7/2/2019 67,309,586
30,000,000   Bedford Row Funding Corp., (Guaranteed by Royal Bank of Canada), 2.595%—3.060%, 10/1/2019 - 10/11/2019 29,660,762
35,000,000   Credit Suisse AG, 2.675%, 9/3/2019 34,679,167
15,000,000 1 Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.641% (1-month USLIBOR +0.170%), 1/9/2020 15,000,000
50,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 3.044%, 6/3/2019 49,862,500
42,000,000   Great Bridge Capital Co., LLC, 2.690%—2.720%, 6/28/2019 - 7/25/2019 41,793,850
50,000,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.967%, 6/3/2019 49,865,708
15,000,000   MUFG Bank Ltd., 2.669%, 7/5/2019 14,928,500
45,000,000   Ridgefield Funding Company, LLC Series B, (Societe Generale, Paris COL), 2.718%, 5/2/2019 44,996,625
25,000,000   Versailles Commercial Paper LLC, (Natixis LIQ), 2.568%—2.720%, 5/1/2019 - 6/21/2019 24,981,938
    TOTAL 463,078,636
    Chemicals—0.9%  
39,000,000   LyondellBasell Investment LLC, (LyondellBasell Industries N.V. LOC), 2.648%—2.649%, 5/14/2019 - 6/6/2019 38,920,653
    Consumer Products—0.7%  
1,890,000   Clorox Co., 2.705%, 5/20/2019 1,887,307
29,000,000   Philip Morris International, Inc., 2.632%, 6/27/2019 28,880,157
    TOTAL 30,767,464
    Diversified Consumer Service—0.5%  
20,000,000   Parker-Hannifin Corp., 2.754%, 5/24/2019 19,964,989
    Electric Power—2.7%  
112,000,000   Duke Energy Corp., 2.634%—2.644%, 5/10/2019 - 6/5/2019 111,818,883
1
Principal
Amount 		    Value
  2 COMMERCIAL PAPER—continued  
    Finance - Automotive—0.0%  
$1,000,000   Ford Motor Credit Co. LLC, 2.936%, 5/2/2019 $999,919
    Finance - Commercial—0.6%  
25,000,000   CHARTA, LLC, 2.655%, 8/29/2019 24,781,667
    Finance - Equipment—1.9%  
80,000,000   Caterpillar Financial Services Corp., 2.555%—2.576%, 5/17/2019 - 6/17/2019 79,798,889
    Finance - Retail—6.5%  
158,550,000   Barton Capital S.A., 2.577%—2.608%, 7/1/2019 - 7/11/2019 157,836,297
25,000,000   Chariot Funding LLC, 2.722%, 3/9/2020 24,423,993
25,000,000   Sheffield Receivables Company LLC, 2.697%, 6/20/2019 24,907,292
65,000,000   Thunder Bay Funding, LLC, 2.635%—3.070%, 9/16/2019 - 9/25/2019 64,260,833
    TOTAL 271,428,415
    Food & Beverage—2.0%  
42,000,000   Diageo Capital PLC, (Diageo PLC GTD), 2.695%, 5/22/2019 41,934,095
43,000,000   Mondelez International, Inc., 2.778%—2.839%, 5/2/2019 - 6/24/2019 42,937,179
    TOTAL 84,871,274
    Insurance—1.2%  
50,000,000   UnitedHealth Group, Inc., 2.708%, 6/26/2019 49,790,778
    Machinery, Equipment, Auto—1.0%  
44,000,000   Harley-Davidson Financial Services, Inc., (Harley-Davidson, Inc. Support Agreement), 2.681%—2.682%, 5/22/2019 - 5/29/2019 43,915,895
    Mining—2.0%  
82,200,000   Nutrien Ltd., 2.621%—2.706%, 5/1/2019 - 5/17/2019 82,149,808
    Oil & Oil Finance—5.2%  
219,000,000   BP Capital Markets PLC, (Guaranteed by BP PLC), 2.696%—2.699%, 8/13/2019 - 8/26/2019 217,147,836
    Pharmaceuticals and Health Care—1.1%  
45,000,000   AstraZeneca PLC, 2.877%, 6/12/2019 44,850,375
    Sovereign—0.4%  
15,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 2.603%, 9/22/2019 14,849,012
    Telecommunications—3.9%  
95,000,000   Bell Canada, 2.697%—2.706%, 5/10/2019 - 5/24/2019 94,868,426
68,550,000   Comcast Corp., 2.633%—2.686%, 5/1/2019 - 5/24/2019 68,477,896
    TOTAL 163,346,322
    Utility Gas—0.4%  
15,416,000   Southern Co. Gas Capital, 2.703%, 5/10/2019 15,405,594
    TOTAL COMMERCIAL PAPER 1,822,867,694
  1 NOTES-VARIABLE—29.0%  
    Banking—25.6%  
14,000,000   Bedford Row Funding Corp., (Royal Bank of Canada GTD), 2.772% (1-month USLIBOR +0.290%), 5/13/2019 14,000,000
18,000,000   Bedford Row Funding Corp., (Royal Bank of Canada GTD), 2.813% (1-month USLIBOR +0.340%), 5/7/2019 18,000,000
35,750,000   Berwyn Municipal Securitization Corp., Taxable Muni Funding Trust (Series 2019-009) Weekly VRDNs, (Barclays Bank PLC LOC), 2.520%, 5/2/2019 35,750,000
49,050,000   BlackRock Municipal Income Quality Trust, VMTP Preferred Shares (Series T0009) Daily VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 2.500%, 5/1/2019 49,050,000
34,140,000   BlackRock MuniHoldings Quality Fund, Inc., VMTP Preferred Shares (Series T0019) Daily VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 2.500%, 5/1/2019 34,140,000
20,000,000   BlackRock Strategic Municipal Trust, VMTP Preferred Shares (Series T0015) Daily VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 2.500%, 5/1/2019 20,000,000
20,000,000   Canadian Imperial Bank of Commerce, 2.718% (3-month USLIBOR +0.130%), 7/8/2019 20,000,000
50,000,000   Canadian Imperial Bank of Commerce, 2.725% (3-month USLIBOR +0.130%), 7/3/2019 50,000,000
80,000,000   Canadian Imperial Bank of Commerce, 2.773% (1-month USLIBOR +0.300%), 5/6/2019 80,000,000
30,000,000   Canadian Imperial Bank of Commerce, 2.837% (1-month USLIBOR +0.350%), 5/21/2019 30,000,000
50,000,000   Canadian Imperial Bank of Commerce, 2.893% (1-month USLIBOR +0.400%), 5/3/2019 50,000,000
2
Principal
Amount 		    Value
  1 NOTES-VARIABLE—continued  
    Banking—continued  
$35,080,000   Carol Allen Family Liquidity Trust, (Comerica Bank LOC), 2.520%, 5/2/2019 $35,080,000
20,120,000   Catholic Health Initiatives, Taxable Muni Funding Trust (Series 2019-007) Weekly VRDNs, (Barclays Bank PLC LOC), 2.830%, 5/2/2019 20,120,000
30,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC COL), 2.802% (3-month USLIBOR +0.220%), 7/30/2019 30,000,000
3,105,000   Colorado Health Facilities Authority, Series 2016B, (UMB Bank, N.A. LOC), 2.483%, 5/2/2019 3,105,000
10,265,000   Connecticut Water Co., Series 2004, (Citizens Bank, N.A., Providence LOC), 2.730%, 5/1/2019 10,265,000
7,090,000   EG Irrevocable Life Insurance Trust, (BOKF, N.A. LOC), 2.500%, 5/2/2019 7,090,000
9,590,000   Eric and Lizzie Bommer Insurance Trust, (BOKF, N.A. LOC), 2.530%, 5/2/2019 9,590,000
3,310,000   Gannett Fleming, Inc., Series 2001, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.930%, 5/3/2019 3,310,000
14,215,000   Gerald J. Rubin Special Trust No. 1, (Goldman Sachs Bank USA LOC), 2.530%, 5/2/2019 14,215,000
5,670,000   GM Enterprises of Oregon, Inc., Series 2017, (Bank of the West, San Francisco, CA LOC), 2.500%, 5/2/2019 5,670,000
840,000   Green Knight Economic Development Corp., Series 2004, (Fulton Bank, N.A. LOC), 2.700%, 5/2/2019 840,000
22,790,000   IRT Funding Trust / VAP Master Trust II, Taxable Muni Funding Trust (Series 2019-008) VRDNs, (Barclays Bank PLC LOC), 2.830%, 5/2/2019 22,790,000
18,085,000   J.R. Adventures Insurance Trust, Series 2014, (BOKF, N.A. LOC), 2.530%, 5/2/2019 18,085,000
115,000   Lancaster, PA IDA, Snavely's Mill, Inc. Series 2003—B, (Fulton Bank, N.A. LOC), 2.700%, 5/2/2019 115,000
3,405,000   Moran Enterprises, Inc., Series 2015, (BOKF, N.A. LOC), 2.530%, 5/2/2019 3,405,000
23,935,000   RBS Insurance Trust, Series 2015, (BOKF, N.A. LOC), 2.530%, 5/2/2019 23,935,000
50,000,000   Royal Bank of Canada, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 50,000,000
15,000,000   Royal Bank of Canada, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 15,000,000
10,000,000   Royal Bank of Canada, 2.798% (3-month USLIBOR +0.210%), 7/8/2019 10,000,000
9,470,000   Sendra Family Irrevocable Trust, Series 2015, (BOKF, N.A. LOC), 2.530%, 5/2/2019 9,470,000
13,875,000   Steel Dust Recycling, LLC, Series 2016, (Comerica Bank LOC), 2.520%, 5/2/2019 13,875,000
60,000,000   Sumitomo Mitsui Banking Corp., 2.656% (1-month USLIBOR +0.180%), 5/27/2019 60,000,000
50,000,000   Sumitomo Mitsui Banking Corp., 2.813% (1-month USLIBOR +0.320%), 5/3/2019 50,000,000
3,600,000   Szuch and Plotkin Irrevocable Trust Agreement, Series 2016, (BOKF, N.A. LOC), 2.530%, 5/2/2019 3,600,000
2,600,000   Taxable Muni Funding Trust 2018-003, Barclays (Series 2018-003) Weekly VRDNs, (Barclays Bank PLC LOC), 2.830%, 5/2/2019 2,600,000
11,935,000   The Gregory P. Berry Trust, Series 2017, (BOKF, N.A. LOC), 2.483%, 5/2/2019 11,935,000
6,460,000   The Harry M. Rubin 2014 Insurance Trust, Series 2014, (Wells Fargo Bank, N.A. LOC), 2.520%, 5/1/2019 6,460,000
5,825,000   The Jacob Rosenstein Irrevocable Life Insurance Trust, (Bank of America N.A. LOC), 2.530%, 5/1/2019 5,825,000
8,820,000   The Jay Deitz 2015 Irrevocable Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 2.530%, 5/2/2019 8,820,000
9,825,000   The KVR Insurance Trust, Series 2014, (BOKF, N.A. LOC), 2.530%, 5/2/2019 9,825,000
9,240,000   The Murray D. Berry Trust, Series 2017, (BOKF, N.A. LOC), 2.483%, 5/2/2019 9,240,000
9,550,000   The Ray L. Berry Trust, Series 2017, (BOKF, N.A. LOC), 2.483%, 5/2/2019 9,550,000
5,565,000   The Raymon Lee Ince Irrevocable Trust, Series 2013, (BOKF, N.A. LOC), 2.530%, 5/2/2019 5,565,000
6,680,000   The Rieber Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 2.530%, 5/2/2019 6,680,000
50,000,000   Toronto Dominion Bank, 2.857% (1-month USLIBOR +0.370%), 5/20/2019 50,000,000
10,000,000   Toronto Dominion Bank, 2.944% (3-month USLIBOR +0.210%), 5/6/2019 10,000,000
7,305,000   Tuttle Insurance Trust No. 2, Series 2015, (BOKF, N.A. LOC), 2.530%, 5/2/2019 7,305,000
15,000,000   Westpac Banking Corp. Ltd., Sydney, 2.697% (1-month USLIBOR +0.210%), 5/20/2019 15,000,000
35,000,000   Westpac Banking Corp. Ltd., Sydney, 2.720% (Effective Fed Funds +0.270%), 5/1/2019 35,000,000
15,000,000   Westpac Banking Corp. Ltd., Sydney, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 15,000,000
20,000,000   Westpac Banking Corp. Ltd., Sydney, 2.772% (1-month USLIBOR +0.300%), 5/13/2019 20,000,000
8,240,000   Wingo Family Master Trust, (BOKF, N.A. LOC), 2.530%, 5/2/2019 8,240,000
13,000,000   Yavapai County, AZ IDA—Recovery Zone Facility (Drake Cement LLC), Taxble (Series 2015) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 2.550%, 5/2/2019 13,000,000
    TOTAL 1,070,545,000
    Finance - Retail—1.2%  
50,000,000   Chariot Funding LLC, 2.683% (1-month USLIBOR +0.190%), 5/1/2019 50,000,000
3
Principal
Amount 		    Value
  1 NOTES-VARIABLE—continued  
    Government Agency—1.7%  
$44,345,000   Jefferson at Stadium Park—Phase B Owner LLC, Jefferson at Stadium Park Apartments, (Federal Home Loan Bank of San Francisco LOC), 2.490%, 5/2/2019 $44,345,000
3,935,000   Jerry P. Himmel Irrevocable Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 2.530%, 5/2/2019 3,935,000
10,725,000   Joseph L. Goggins Irrevocable Insurance Trust, Series 2018, (Federal Home Loan Bank of Atlanta LOC), 2.500%, 5/2/2019 10,725,000
8,140,000   Millbrook, AL Redevelopment Authority, RAM Millbrook Hospitality LLC Project, Series 2017, (Federal Home Loan Bank of New York LOC), 2.530%, 5/2/2019 8,140,000
6,060,000   Roberts Insurance Trusts, LLC, (Federal Home Loan Bank of Des Moines LOC), 2.500%, 5/2/2019 6,060,000
    TOTAL 73,205,000
    Municipals—0.5%  
20,000,000   Alaska State Housing Finance Corp., (2017 Series B) TAXABLE Weekly VRDNs, 2.490%, 5/2/2019 20,000,000
    TOTAL NOTES-VARIABLE 1,213,750,000
    Notes-Municipal—0.2%  
    Municipals—0.2%  
8,319,000   Broome County, NY, Taxable (Series B) BANs, 3.000%, 5/1/2020
(IDENTIFIED COST $8,339,132) 		8,339,132
    OTHER REPURCHASE AGREEMENTS—5.3%  
40,000,000   BNP Paribas SA, 2.550%, 5/1/2019, interest in a $50,000,000 collateralized loan agreement, dated 4/30/2019, will repurchase securities provided as collateral for $50,003,542, in which asset-backed securities, collateralized mortgage-backed obligations, corporate bonds, medium-term notes and U.S. government agency securities with a market value of $51,003,613 have been received as collateral and held with BNY Mellon as tri-party agent. 40,000,000
70,000,000   Citigroup Global Markets, Inc., 3.026%, 8/1/2019, interest in a $90,000,000 collateralized loan agreement, dated 2/1/2019, will repurchase securities provided as collateral for $91,369,039, in which asset-backed securities and collateralized mortgage-backed obligations with a market value of $92,055,758 have been received as collateral and held with BNY Mellon as tri-party agent. 70,000,000
50,000,000   Citigroup Global Markets, Inc., 2.976%, 8/1/2019, interest in a $60,000,000 collateralized loan agreement, dated 2/1/2019, will repurchase securities provided as collateral for $60,897,609, in which certificates of deposit, corporate bonds and medium-term notes securities with a market value of $61,367,955 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
50,000,000   HSBC Securities (USA), Inc., 2.520%, 5/1/2019, interest in a $50,000,000 collateralized loan agreement, dated 4/30/2019, will repurchase securities provided as collateral for $50,003,500, in which corporate bonds and medium-term notes securities with a market value of $51,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
10,000,000   Wells Fargo Securities LLC, 3.030%, 7/22/2019, interest in a $10,000,000 collateralized loan agreement, dated 4/23/2019, will repurchase securities provided as collateral for $10,075,750, in which collateralized mortgage-backed obligations with a market value of $10,206,868 have been received as collateral and held with BNY Mellon as tri-party agent. 10,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS 220,000,000
    REPURCHASE AGREEMENTS—13.9%  
331,000,000   Interest in $540,000,000 joint repurchase agreement, 2.750% dated 4/30/2019 under which Barclays Bank PLC will repurchase the securities provided as collateral for $540,041,250 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. treasury notes with various maturities to 8/15/2044 and the market value of those underlying securities was $550,842,139. 331,000,000
50,000,000   Interest in $200,000,000 joint repurchase agreement, 2.770% dated 4/30/2019 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,015,389 on 5/1/2019. 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 $205,160,433. 50,000,000
151,000,000   Interest in $200,000,000 joint repurchase agreement, 2.770% dated 4/30/2019 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $200,015,389 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. treasury notes and U.S. government agency securities with various maturities to 3/1/2049 and the market value of those underlying securities was $204,015,697. 151,000,000
50,000,000   Repurchase agreement, 2.770% dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $50,003,847 on 5/1/2019. 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 4/20/2049 and the market value of those underlying securities was $51,003,925. 50,000,000
    TOTAL REPURCHASE AGREEMENTS 582,000,000
4
Principal
Amount 		    Value
    INVESTMENT COMPANY—0.7%  
26,997,500   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.520%3
(IDENTIFIED COST $27,000,100) 		$27,000,100
    TOTAL INVESTMENT IN SECURITIES—100.2%
(AT AMORTIZED COST) 		4,185,605,274
    OTHER ASSETS AND LIABILITIES—(0.2)%4 (6,867,817)
    TOTAL NET ASSETS—100% $4,178,737,457
Securities that are subject to the federal alternative minimum tax (AMT) represent 1.3% of the Fund's portfolio as calculated based upon total market value.
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, 2019, were as follows:
  Federated
Institutional
Prime Value
Obligations Fund
Institutional Shares
Balance of Shares Held 7/31/2018 26,997,500
Purchases/Additions —
Sales/Reductions —
Balance of Shares Held 4/30/2019 26,997,500
Value $27,000,100
Change in Unrealized Appreciation/Depreciation $—
Net Realized Gain/(Loss) $—
Dividend Income $475,417
1 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.
2 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
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, 2019.
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 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 GAAP. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
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).
5
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, 2019, 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:        
Asset-Backed Securities $— $81,648,348 $— $81,648,348
Certificates of Deposit — 230,000,000 — 230,000,000
Commercial Paper — 1,822,867,694 — 1,822,867,694
Notes-Variable — 1,213,750,000 — 1,213,750,000
Notes-Municipal — 8,339,132 — 8,339,132
Other Repurchase Agreements — 220,000,000 — 220,000,000
Repurchase Agreements — 582,000,000 — 582,000,000
Investment Company 27,000,100 — — 27,000,100
TOTAL SECURITIES $27,000,100 $4,158,605,174 $— $4,185,605,274
The following acronyms are used throughout this portfolio:
BANs —Bond Anticipation Notes
COL —Collateralized
GTD —Guaranteed
IDA —Industrial Development Authority
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
VMTP —Variable Rate Municipal Term Preferred
VRDNs —Variable Rate Demand Notes
VRDPs —Variable Rate Demand Preferreds
6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federated Government Reserves Fund
Portfolio of Investments
April 30, 2019 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—43.9%  
$79,750,000 1 Federal Farm Credit System Discount Notes, 2.400%—2.670%, 8/23/2019 - 12/10/2019 $78,700,253
74,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.388%—2.417% (1-month USLIBOR -0.085%), 5/1/2019 - 5/15/2019 74,000,000
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.393%—2.410% (1-month USLIBOR -0.080%), 5/13/2019 - 5/27/2019 49,997,486
68,500,000 2 Federal Farm Credit System Floating Rate Notes, 2.414%—2.417% (1-month USLIBOR -0.065%), 5/12/2019 - 5/29/2019 68,497,808
30,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.419% (1-month USLIBOR -0.060%), 5/4/2019 29,999,535
10,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.423% (1-month USLIBOR -0.055%), 5/27/2019 9,999,670
10,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.437% (1-month USLIBOR -0.045%), 5/12/2019 10,000,000
8,500,000 2 Federal Farm Credit System Floating Rate Notes, 2.441% (1-month USLIBOR -0.030%), 5/9/2019 8,500,000
21,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.458% (1-month USLIBOR -0.015%), 5/8/2019 21,000,000
91,500,000 2 Federal Farm Credit System Floating Rate Notes, 2.473%—2.499% (1-month USLIBOR +0.000%), 5/13/2019 - 5/14/2019 91,500,000
20,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.474% (1-month USLIBOR -0.020%), 5/2/2019 19,999,458
35,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.479% (1-month USLIBOR +0.000%), 5/4/2019 34,998,829
20,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.483% (1-month USLIBOR +0.005%), 5/27/2019 19,999,220
14,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.575% (Effective Fed Funds +0.125%), 5/1/2019 13,998,720
25,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.585% (Secured Overnight Financing Rate +0.105%), 5/1/2019 25,000,000
21,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.600% (Secured Overnight Financing Rate +0.120%), 5/1/2019 21,000,000
508,000,000 1 Federal Home Loan Bank System Discount Notes, 2.394%—2.455%, 5/15/2019 - 3/24/2020 504,272,108
106,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.284%—2.298% (3-month USLIBOR -0.300%), 7/3/2019 - 7/10/2019 106,000,000
36,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.306% (3-month USLIBOR -0.295%), 7/16/2019 36,000,000
87,600,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.317% (3-month USLIBOR -0.265%), 7/29/2019 87,600,000
232,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.317%—2.464% (3-month USLIBOR -0.275%), 5/7/2019 - 7/23/2019 232,000,000
75,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.338% (1-month USLIBOR -0.135%), 5/6/2019 75,000,000
55,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.341% (3-month USLIBOR -0.260%), 7/16/2019 55,000,000
177,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.348%—2.362% (1-month USLIBOR -0.125%), 5/4/2019 - 5/21/2019 177,000,000
55,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.350% (3-month USLIBOR -0.230%), 7/25/2019 55,003,571
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.359% (1-month USLIBOR -0.120%), 5/4/2019 50,000,000
110,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.382% (1-month USLIBOR -0.105%), 5/19/2019 - 5/23/2019 110,000,000
85,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.386% (1-month USLIBOR -0.085%), 5/9/2019 85,000,000
70,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.403% (1-month USLIBOR -0.080%), 5/26/2019 70,000,000
52,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.409%—2.428% (1-month USLIBOR -0.065%), 5/3/2019 - 5/8/2019 51,998,716
76,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.420%—2.424% (1-month USLIBOR -0.060%), 5/11/2019 - 5/18/2019 76,000,000
54,750,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.427%—2.432% (1-month USLIBOR -0.055%), 5/12/2019 - 5/20/2019 54,750,000
207,250,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.427%—2.443% (1-month USLIBOR -0.050%), 5/3/2019 - 5/19/2019 207,250,000
55,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.433% (1-month USLIBOR -0.045%), 5/28/2019 55,000,000
39,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.438% (1-month USLIBOR -0.040%), 5/27/2019 39,500,000
18,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.441% (3-month USLIBOR -0.150%), 7/22/2019 18,000,000
30,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.462% (1-month USLIBOR -0.025%), 5/20/2019 30,000,000
59,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.469%—2.491% (3-month USLIBOR -0.160%), 5/24/2019 - 5/28/2019 58,999,248
77,250,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.469%—2.493% (3-month USLIBOR -0.140%), 6/19/2019 - 6/26/2019 77,254,925
66,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.500% (Secured Overnight Financing Rate +0.020%), 5/1/2019 66,000,000
37,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.505% (Secured Overnight Financing Rate +0.025%), 5/1/2019 37,500,000
66,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.510% (Secured Overnight Financing Rate +0.030%), 5/1/2019 66,500,000
10,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.512% (3-month USLIBOR -0.185%), 5/10/2019 10,500,000
46,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.520% (Secured Overnight Financing Rate +0.040%), 5/1/2019 46,000,000
28,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.545% (Secured Overnight Financing Rate +0.065%), 5/1/2019 28,000,000
25,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.595% (Secured Overnight Financing Rate +0.115%), 5/1/2019 25,000,000
268,250,000   Federal Home Loan Bank System, 1.125%—2.580%, 5/20/2019 - 3/30/2020 268,181,759
1
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—continued  
$74,000,000   Federal Home Loan Mortgage Corp., 2.460%—2.520%, 4/8/2020 - 4/15/2020 $74,000,000
25,500,000 2 Federal National Mortgage Association Floating Rate Notes, 2.555% (Secured Overnight Financing Rate +0.075%), 5/1/2019 25,500,000
36,325,000 2 Federal National Mortgage Association Floating Rate Notes, 2.600% (Secured Overnight Financing Rate +0.120%), 5/1/2019 36,325,000
22,600,000 2 Federal National Mortgage Association Floating Rate Notes, 2.640% (Secured Overnight Financing Rate +0.160%), 5/1/2019 22,600,000
65,500,000   Federal National Mortgage Association, 1.000%, 8/28/2019 - 10/24/2019 65,105,985
    TOTAL GOVERNMENT AGENCIES 3,660,032,291
    U.S. TREASURY—9.3%  
50,000,000 1 United States Treasury Bill, 2.390%, 10/17/2019 49,439,014
29,000,000 1 United States Treasury Bill, 2.400%, 10/24/2019 28,659,733
52,500,000 1 United States Treasury Bills, 2.465%—2.468%, 2/27/2020 51,413,932
22,500,000 2 United States Treasury Floating Rate Notes, 2.432% (91-day T-Bill +0.033%), 5/7/2019 22,501,764
29,500,000 2 United States Treasury Floating Rate Notes, 2.442% (91-day T-Bill +0.043%), 5/7/2019 29,479,533
106,250,000 2 United States Treasury Floating Rate Notes, 2.444% (91-day T-Bill +0.045%), 5/7/2019 106,184,102
207,300,000 2 United States Treasury Floating Rate Notes, 2.514% (91-day T-Bill +0.115%), 5/7/2019 207,163,075
13,000,000   United States Treasury Note, 1.375%, 3/31/2020 12,861,389
80,000,000   United States Treasury Note, 1.500%, 10/31/2019 79,567,464
9,250,000   United States Treasury Note, 1.500%, 11/30/2019 9,194,271
20,000,000   United States Treasury Note, 1.875%, 12/31/2019 19,913,051
67,000,000   United States Treasury Note, 3.375%, 11/15/2019 67,304,139
73,700,000   United States Treasury Note, 3.625%, 8/15/2019 73,919,525
18,000,000   United States Treasury Notes, 1.250%—1.375%, 1/31/2020 17,835,332
    TOTAL U.S. TREASURY 775,436,324
    REPURCHASE AGREEMENTS—46.8%  
200,000,000   Repurchase agreement, 2.770% dated 4/30/2019 under which ABN Amro Bank N.V. will repurchase the securities provided as collateral for $200,015,389 on 5/1/2019. 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 11/1/2048 and the market value of those underlying securities was $204,988,027. 200,000,000
200,000,000   Repurchase agreement, 2.440% dated 4/4/2019 under which Barclays Bank PLC will repurchase the securities provided as collateral for $200,433,778 on 5/6/2019. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 10/20/2048 and the market value of those underlying securities was $204,428,627. 200,000,000
100,000,000   Repurchase agreement, 2.750% dated 4/30/2019 under which Barclays Capital, Inc. will repurchase the securities provided as collateral for $100,007,639 on 5/1/2019. 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 2/15/2045 and the market value of those underlying securities was $102,007,822. 100,000,000
149,687,000   Interest in $200,000,000 joint repurchase agreement, 2.770% dated 4/30/2019 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,015,389 on 5/1/2019. 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 $205,160,433. 149,687,000
100,000,000   Repurchase agreement, 2.460% dated 3/11/2019 under which BNP Paribas SA will repurchase the securities provided as collateral for $100,410,000 on 5/10/2019. 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 2/15/2049 and the market value of those underlying securities was $102,369,378. 100,000,000
100,000,000   Repurchase agreement, 2.460% dated 3/27/2019 under which BNP Paribas SA will repurchase the securities provided as collateral for $100,615,000 on 6/25/2019. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2048 and the market value of those underlying securities was $102,243,990. 100,000,000
250,000,000   Repurchase agreement, 2.460% dated 4/2/2019 under which BNP Paribas SA will repurchase the securities provided as collateral for $251,554,583 on 7/2/2019. 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 4/20/2049 and the market value of those underlying securities was $255,511,050. 250,000,000
50,000,000   Repurchase agreement, 2.470% dated 3/27/2019 under which BNP Paribas SA will repurchase the securities provided as collateral for $50,308,750 on 6/25/2019. 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 12/1/2048 and the market value of those underlying securities was $51,122,490. 50,000,000
60,000,000   Repurchase agreement, 2.450% dated 4/29/2019 under which BNP Paribas SA will repurchase the securities provided as collateral for $60,371,583 on 7/29/2019. 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 2/15/2046 and the market value of those underlying securities was $61,208,410. 60,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$106,000,000   Repurchase agreement, 2.770% dated 4/30/2019 under which BNP Paribas SA will repurchase the securities provided as collateral for $106,008,156 on 5/1/2019. 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 5/16/2059 and the market value of those underlying securities was $108,306,873. $106,000,000
500,000,000   Repurchase agreement, 2.510% dated 4/30/2019 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $500,244,028 on 5/7/2019. 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 5/15/2048 and the market value of those underlying securities was $510,040,476. 500,000,000
1,500,000,000   Repurchase agreement, 2.750% dated 4/30/2019 under which Fixed Income Clearing Corporation will repurchase the securities provided as collateral for $1,500,114,583 on 5/1/2019. 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 1/15/2027 and the market value of those underlying securities was $1,530,000,046. 1,500,000,000
50,000,000   Repurchase agreement, 2.760% dated 4/30/2019 under which HSBC Securities (USA), Inc. will repurchase the securities provided as collateral for $50,003,833 on 5/1/2019. 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 12/1/2048 and the market value of those underlying securities was $51,000,001. 50,000,000
100,000,000   Repurchase agreement, 2.520% dated 4/1/2019 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $100,217,000 on 5/2/2019. 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 2/15/2044 and the market value of those underlying securities was $102,126,409. 100,000,000
50,000,000   Repurchase agreement, 2.520% dated 4/26/2019 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $50,059,500 on 5/13/2019. 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 2/15/2044 and the market value of those underlying securities was $52,261,969. 50,000,000
32,000,000   Interest in $350,000,000 joint repurchase agreement, 2.730% dated 4/30/2019 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $350,026,542 on 5/1/2019. 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 2/15/2046 and the market value of those underlying securities was $357,027,085. 32,000,000
49,000,000   Interest in $200,000,000 joint repurchase agreement, 2.770% dated 4/30/2019 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $200,015,389 on 5/1/2019. 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 3/1/2049 and the market value of those underlying securities was $204,015,697. 49,000,000
300,000,000   Repurchase agreement, 2.770% dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $300,023,083 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 5/20/2043 and the market value of those underlying securities was $308,993,491. 300,000,000
    TOTAL REPURCHASE AGREEMENTS 3,896,687,000
    TOTAL INVESTMENT IN SECURITIES—100.0%
(AT AMORTIZED COST) 		8,332,155,615
    OTHER ASSETS AND LIABILITIES - NET—0.0%3 3,957,858
    TOTAL NET ASSETS—100% $8,336,113,473
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, 2019.
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
3
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, 2019, 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
4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federated Government Obligations Fund
Portfolio of Investments
April 30, 2019 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—41.9%  
$355,000,000 1 Federal Farm Credit System Discount Notes, 2.500%—2.680%, 6/4/2019 - 12/13/2019 $349,822,263
70,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.346% (1-month USLIBOR -0.126%), 5/13/2019 70,000,012
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.347% (1-month USLIBOR -0.125%), 5/13/2019 49,999,657
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.363% (1-month USLIBOR -0.120%), 5/30/2019 49,999,844
439,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.388%—2.417% (1-month USLIBOR -0.085%), 5/1/2019 - 5/15/2019 439,000,000
346,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.393%—2.410% (1-month USLIBOR -0.080%), 5/13/2019 - 5/27/2019 345,983,777
240,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.408% (1-month USLIBOR -0.075%), 5/26/2019 240,000,000
463,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.414%—2.417% (1-month USLIBOR -0.065%), 5/12/2019 - 5/29/2019 462,982,302
536,700,000 2 Federal Farm Credit System Floating Rate Notes, 2.417%—2.427% (1-month USLIBOR -0.060%), 5/4/2019 - 5/23/2019 536,696,934
171,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.423% (1-month USLIBOR -0.055%), 5/27/2019 170,994,355
150,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.437% (1-month USLIBOR -0.045%), 5/12/2019 150,000,000
150,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.440% (1-month USLIBOR -0.039%), 5/18/2019 150,000,000
75,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.441% (3-month USLIBOR -0.150%), 7/23/2019 75,000,000
174,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.442%—2.457% (1-month USLIBOR -0.030%), 5/9/2019 - 5/22/2019 173,994,925
183,100,000 2 Federal Farm Credit System Floating Rate Notes, 2.458% (1-month USLIBOR -0.015%), 5/8/2019 183,100,000
265,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.474% (1-month USLIBOR -0.020%), 5/2/2019 264,992,816
114,100,000 2 Federal Farm Credit System Floating Rate Notes, 2.479% (1-month USLIBOR +0.500%), 5/4/2019 114,096,184
163,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.483% (1-month USLIBOR +0.005%), 5/27/2019 162,993,642
104,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.485% (3-month USLIBOR -0.130%), 6/4/2019 104,000,000
313,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.498% (1-month USLIBOR +0.000%), 5/13/2019 313,000,000
153,700,000 2 Federal Farm Credit System Floating Rate Notes, 2.503%—2.556% (3-month USLIBOR -0.180%), 5/1/2019 - 5/17/2019 153,707,255
154,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.521% (1-month USLIBOR +0.050%), 5/9/2019 153,976,316
162,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.543% (1-month USLIBOR +0.070%), 5/8/2019 161,972,514
128,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.575% (Effective Fed Funds +0.125%), 5/1/2019 127,988,302
244,000,000   Federal Farm Credit System Notes, 2.470%, 4/2/2020 243,943,833
5,019,942,000 1 Federal Home Loan Bank System Discount Notes, 2.400%—2.476%, 5/10/2019 - 3/24/2020 4,985,007,912
744,200,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.284%—2.301% (3-month USLIBOR -0.300%), 7/3/2019 - 7/16/2019 744,200,000
279,800,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.306% (3-month USLIBOR -0.295%), 7/16/2019 279,800,000
808,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.317% (3-month USLIBOR -0.265%), 7/29/2019 808,000,000
1,724,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.317%—2.464% (3-month USLIBOR -0.275%), 5/7/2019 - 7/23/2019 1,724,000,000
557,100,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.337%—2.339% (1-month USLIBOR -0.135%), 5/6/2019 - 5/9/2019 557,100,000
460,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.341% (3-month USLIBOR -0.260%), 7/16/2019 460,000,000
1,281,300,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.348%—2.362% (1-month USLIBOR -0.125%), 5/4/2019 - 5/21/2019 1,281,300,000
325,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.359% (1-month USLIBOR -0.120%), 5/4/2019 325,000,000
825,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.382% (1-month USLIBOR -0.105%), 5/19/2019 - 5/23/2019 825,000,000
459,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.387%—2.388% (1-month USLIBOR -0.085%), 5/9/2019 - 5/13/2019 459,000,000
321,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.392% (1-month USLIBOR -0.095%), 5/21/2019 321,000,000
686,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.403% (1-month USLIBOR -0.080%), 5/26/2019 686,500,000
368,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.409%—2.428% (1-month USLIBOR -0.065%), 5/3/2019 - 5/8/2019 367,991,373
684,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.420%—2.427% (1-month USLIBOR -0.060%), 5/11/2019 - 5/22/2019 684,000,000
1,700,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.424%—2.443% (1-month USLIBOR -0.050%), 5/3/2019 - 5/19/2019 1,700,500,000
428,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.427%—2.432% (1-month USLIBOR -0.055%), 5/12/2019 - 5/20/2019 428,000,000
605,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.433% (1-month USLIBOR -0.045%), 5/28/2019 605,000,000
500,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.437%—2.491% (3-month USLIBOR -0.160%), 5/24/2019 - 6/12/2019 499,991,761
326,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.438% (1-month USLIBOR -0.040%), 5/27/2019 326,500,000
59,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.441% (3-month USLIBOR -0.150%), 7/22/2019 59,000,000
245,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.462% (1-month USLIBOR -0.025%), 5/20/2019 245,000,000
1
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—continued  
$415,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.469%—2.493% (3-month USLIBOR -0.140%), 6/19/2019 - 6/26/2019 $415,040,013
250,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.477% (1-month USLIBOR +0.000%), 5/13/2019 250,000,000
313,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.500% (Secured Overnight Financing Rate +0.020%), 5/1/2019 313,000,000
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.502% (3-month USLIBOR -0.195%), 5/10/2019 19,999,729
340,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.505% (Secured Overnight Financing Rate +0.025%), 5/1/2019 340,000,000
599,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.510% (Secured Overnight Financing Rate +0.030%), 5/1/2019 599,000,000
63,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.512% (3-month USLIBOR -0.185%), 5/10/2019 63,000,000
180,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.515% (Secured Overnight Financing Rate +0.035%), 5/1/2019 180,000,000
530,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.520% (Secured Overnight Financing Rate +0.040%), 5/1/2019 530,000,000
120,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.530% (Secured Overnight Financing Rate +0.050%), 5/1/2019 120,000,000
250,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.540% (Secured Overnight Financing Rate +0.060%), 5/1/2019 250,000,000
300,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.545% (Secured Overnight Financing Rate +0.065%), 5/1/2019 300,000,000
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.555% (Secured Overnight Financing Rate +0.075%), 5/1/2019 100,000,000
176,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.585% (Secured Overnight Financing Rate +0.105%), 5/1/2019 176,000,000
275,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.590% (Secured Overnight Financing Rate +0.110%), 5/1/2019 275,000,000
250,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.595% (Secured Overnight Financing Rate +0.115%), 5/1/2019 250,000,000
1,553,500,000   Federal Home Loan Bank System, 1.125%—2.580%, 5/23/2019 - 3/30/2020 1,552,920,542
170,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 2.392% (1-month USLIBOR -0.095%), 5/20/2019 170,000,000
988,225,000   Federal Home Loan Mortgage Corp., 1.250%—2.520%, 10/2/2019 - 4/15/2020 986,652,642
230,000,000 2 Federal National Mortgage Association Floating Rate Notes, 2.555% (Secured Overnight Financing Rate +0.075%), 5/1/2019 230,000,000
595,000,000   Federal National Mortgage Association, 1.000%, 8/28/2019 - 10/24/2019 591,415,685
263,946,675 2 Housing and Urban Development Floating Rate Notes, 2.791% (3-month USLIBOR +0.200%), 5/1/2019 263,946,675
    TOTAL GOVERNMENT AGENCIES 31,596,111,263
    U.S. TREASURIES—9.4%  
525,000,000 1 United States Treasury Bills, 2.390%—2.395%, 10/17/2019 519,107,298
152,000,000 1 United States Treasury Bills, 2.395%, 10/31/2019 150,159,575
250,000,000 1 United States Treasury Bills, 2.400%, 10/24/2019 247,066,667
150,000,000 1 United States Treasury Bills, 2.425%, 5/2/2019 149,989,896
457,000,000 1 United States Treasury Bills, 2.465%—2.468%, 2/27/2020 447,546,036
100,000,000 1 United States Treasury Bills, 2.505%, 7/5/2019 99,547,708
172,000,000 2 United States Treasury Floating Rate Notes, 2.432% (91-day T-Bill +0.033%), 5/7/2019 172,013,485
270,000,000 2 United States Treasury Floating Rate Notes, 2.442% (91-day T-Bill +0.043%), 5/7/2019 269,812,138
844,300,000 2 United States Treasury Floating Rate Notes, 2.444% (91-day T-Bill +0.045%), 5/7/2019 843,780,234
1,815,000,000 2 United States Treasury Floating Rate Notes, 2.514% (91-day T-Bill +0.115%), 5/7/2019 1,813,757,583
185,000,000   United States Treasury Notes, 1.000%—1.500%, 11/30/2019 183,601,299
188,000,000   United States Treasury Notes, 1.125%—1.875%, 12/31/2019 186,887,625
163,000,000   United States Treasury Notes, 1.250%—1.375%, 1/31/2020 161,506,530
482,350,000   United States Treasury Notes, 1.250%—1.500%, 10/31/2019 479,562,488
190,000,000   United States Treasury Notes, 1.250%, 5/31/2019 189,799,324
125,000,000   United States Treasury Notes, 1.375%, 7/31/2019 124,660,068
116,000,000   United States Treasury Notes, 1.375%, 3/31/2020 114,763,163
710,000,000   United States Treasury Notes, 3.375%, 11/15/2019 713,209,039
174,000,000   United States Treasury Notes, 3.625%, 8/15/2019 174,503,077
    TOTAL U.S. TREASURIES 7,041,273,233
    REPURCHASE AGREEMENTS—48.9%  
360,000,000   Interest in $400,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $400,030,778 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2049 and the market value of those underlying securities was $410,300,049. 360,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $500,038,472 on 5/1/2019. 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 3/16/2057 and the market value of those underlying securities was $514,142,222. 250,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$400,000,000   Interest in $575,000,000 joint repurchase agreement 2.440%, dated 4/9/2019 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $576,169,167 on 5/9/2019. 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 3/20/2069 and the market value of those underlying securities was $592,874,962. $400,000,000
175,000,000   Interest in $250,000,000 joint repurchase agreement 2.490%, dated 2/20/2019 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $253,112,500 on 8/20/2019. 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 4/20/2069 and the market value of those underlying securities was $257,827,821. 175,000,000
690,000,000   Repurchase agreement 2.760%, dated 4/30/2019 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $690,052,900 on 5/1/2019. 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 3/20/2069 and the market value of those underlying securities was $708,130,701. 690,000,000
150,000,000   Repurchase agreement 2.770%, dated 4/30/2019 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $150,011,542 on 5/1/2019. 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 2/20/2069 and the market value of those underlying securities was $153,407,482. 150,000,000
350,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.440%, dated 4/2/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,006,167,778 on 7/2/2019. 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 $1,022,004,890. 350,000,000
350,000,000   Repurchase agreement 2.450%, dated 4/11/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $352,167,569 on 7/11/2019. 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 6/25/2057 and the market value of those underlying securities was $357,834,115. 350,000,000
415,000,000   Interest in $925,000,000 joint repurchase agreement 2.450%, dated 4/29/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $930,728,576 on 7/29/2019. 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 5/15/2048 and the market value of those underlying securities was $943,628,495. 415,000,000
400,000,000   Interest in $600,000,000 joint repurchase agreement 2.460%, dated 3/11/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $602,460,000 on 5/10/2019. 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 4/15/2054 and the market value of those underlying securities was $614,891,483. 400,000,000
800,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.460%, dated 4/2/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,006,218,333 on 7/2/2019. 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 4/1/2049 and the market value of those underlying securities was $1,022,190,798. 800,000,000
785,000,000   Interest in $885,000,000 joint repurchase agreement 2.470%, dated 3/27/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $890,464,875 on 6/25/2019. 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 5/1/2049 and the market value of those underlying securities was $904,867,734. 785,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 2.750%, dated 4/29/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $500,038,194 on 5/1/2019. 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 4/30/2026 and the market value of those underlying securities was $510,039,041. 250,000,000
100,000,000   Repurchase agreement 2.760%, dated 4/30/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $100,007,667 on 5/1/2019. 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 2/15/2045 and the market value of those underlying securities was $102,007,829. 100,000,000
2,650,000,000   Interest in $5,000,000,000 joint repurchase agreement 2.760%, dated 4/30/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $5,000,383,333 on 5/1/2019. 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 7/15/2026 and the market value of those underlying securities was $5,095,631,816. 2,650,000,000
36,000,000   Repurchase agreement 2.770%, dated 4/30/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $36,002,770 on 5/1/2019. 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 8/22/2019 and the market value of those underlying securities was $36,722,854. 36,000,000
798,620,000   Interest in $1,045,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Bank of America, N.A. will repurchase securities provided as collateral for $1,045,079,826 on 5/1/2019. 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 4/20/2043 and the market value of those underlying securities was $1,065,981,423. 798,620,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 2.440%, dated 4/29/2019 under which Bank of Montreal will repurchase securities provided as collateral for $501,931,667 on 6/25/2019. 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 11/30/2025 and the market value of those underlying securities was $510,069,188. 400,000,000
3
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$450,000,000   Interest in $550,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Bank of Montreal will repurchase securities provided as collateral for $550,042,319 on 5/1/2019. 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 1/20/2049 and the market value of those underlying securities was $566,198,580. $450,000,000
1,400,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Bank of Nova Scotia will repurchase securities provided as collateral for $1,400,106,944 on 5/1/2019. 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 $1,428,109,112. 1,400,000,000
1,450,000,000   Interest in $1,500,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Bank of Nova Scotia will repurchase securities provided as collateral for $1,500,115,417 on 5/1/2019. 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 4/1/2049 and the market value of those underlying securities was $1,530,129,558. 1,450,000,000
200,000,000   Interest in $300,000,000 joint repurchase agreement 2.440%, dated 4/4/2019 under which Barclays Bank PLC will repurchase securities provided as collateral for $300,630,333 on 5/6/2019. 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 10/20/2048 and the market value of those underlying securities was $306,883,403. 200,000,000
3,844,000,000   Interest in $4,410,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Barclays Bank PLC will repurchase securities provided as collateral for $4,410,336,875 on 5/1/2019. 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 2/15/2049 and the market value of those underlying securities was $4,498,543,657. 3,844,000,000
1,025,000,000   Repurchase agreement 2.770%, dated 4/30/2019 under which Canadian Imperial Bank of Commerce will repurchase securities provided as collateral for $1,025,078,868 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Government Agency securities with various maturities to 4/1/2049 and the market value of those underlying securities was $1,045,710,910. 1,025,000,000
300,000,000   Interest in $425,000,000 joint repurchase agreement 2.470%, dated 2/20/2019 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $427,449,417 on 5/15/2019. 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 10/1/2048 and the market value of those underlying securities was $435,274,382. 300,000,000
750,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.510%, dated 4/30/2019 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,488,056 on 5/7/2019. 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 12/20/2062 and the market value of those underlying securities was $1,026,009,676. 750,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 2.430%, dated 4/2/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $501,012,500 on 5/2/2019. 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 $510,998,345. 250,000,000
350,000,000   Interest in $500,000,000 joint repurchase agreement 2.450%, dated 4/29/2019 under which Credit Suisse Securities (USA) LLC will repurchase securities provided as collateral for $501,020,833 on 5/30/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/20/2049 and the market value of those underlying securities was $510,034,708. 350,000,000
700,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.450%, dated 4/3/2019 under which Credit Suisse, New York will repurchase securities provided as collateral for $1,003,879,167 on 5/31/2019. 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 4/20/2049 and the market value of those underlying securities was $1,021,902,264. 700,000,000
100,000,000   Repurchase agreement 2.450%, dated 4/30/2019 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $100,006,806 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities maturing on 4/23/2020 and the market value of those underlying securities was $102,000,066. 100,000,000
1,500,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,500,114,583 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2027 and the market value of those underlying securities was $1,530,000,013. 1,500,000,000
1,000,000,000   Repurchase agreement 2.300%, dated 4/30/2019 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,000,063,889 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 4/30/2021 and the market value of those underlying securities was $1,019,994,808. 1,000,000,000
1,000,000,000   Repurchase agreement 2.700%, dated 4/30/2019 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,000,075,000 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2025 and the market value of those underlying securities was $1,019,997,282. 1,000,000,000
150,000,000   Repurchase agreement 2.250%, dated 4/30/2019 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $150,009,375 on 5/1/2019. 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 6/30/2025 and the market value of those underlying securities was $153,000,061. 150,000,000
4
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$250,000,000   Repurchase agreement 2.250%, dated 4/30/2019 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $250,015,625 on 5/1/2019. 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 3/31/2025 and the market value of those underlying securities was $255,000,000. $250,000,000
50,000,000   Repurchase agreement 2.250%, dated 4/30/2019 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $50,003,125 on 5/1/2019. 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 5/15/2046 and the market value of those underlying securities was $51,000,002. 50,000,000
125,000,000   Repurchase agreement 2.760%, dated 4/30/2019 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $125,009,583 on 5/1/2019. 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 4/1/2049 and the market value of those underlying securities was $127,500,001. 125,000,000
294,400,000   Repurchase agreement 2.770%, dated 4/30/2019 under which ING Financial Markets LLC will repurchase securities provided as collateral for $294,422,652 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2056 and the market value of those underlying securities was $300,311,106. 294,400,000
800,000,000   Interest in $1,500,000,000 joint repurchase agreement 2.430%, dated 4/4/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,503,240,000 on 5/6/2019. 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 2/29/2024 and the market value of those underlying securities was $1,530,000,082. 800,000,000
300,000,000   Interest in $500,000,000 joint repurchase agreement 2.440%, dated 4/3/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $501,016,667 on 5/3/2019. 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 3/1/2049 and the market value of those underlying securities was $510,000,000. 300,000,000
500,000,000   Interest in $750,000,000 joint repurchase agreement 2.440%, dated 4/4/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $751,626,667 on 5/6/2019. 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 5/1/2049 and the market value of those underlying securities was $765,000,000. 500,000,000
1,427,000,000   Interest in $4,400,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $4,400,336,111 on 5/1/2019. 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 8/15/2048 and the market value of those underlying securities was $4,488,000,015. 1,427,000,000
500,000,000   Repurchase agreement 2.770%, dated 4/30/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $500,038,472 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2057 and the market value of those underlying securities was $510,000,000. 500,000,000
440,000,000   Interest in $450,000,000 joint repurchase agreement 2.780%, dated 4/30/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $450,034,750 on 5/1/2019. 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 2/16/2053 and the market value of those underlying securities was $463,500,000. 440,000,000
200,000,000   Interest in $1,500,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,115,417 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/15/2055 and the market value of those underlying securities was $1,544,737,466. 200,000,000
240,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $240,018,333 on 5/1/2019. 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 11/25/2050 and the market value of those underlying securities was $244,922,235. 240,000,000
200,002,168   Repurchase agreement 2.750%, dated 4/30/2019 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $200,017,446 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $203,602,894. 200,002,168
400,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.430%, dated 4/2/2019 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,006,142,500 on 7/2/2019. 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 11/15/2048 and the market value of those underlying securities was $1,021,996,650. 400,000,000
700,000,000   Interest in $950,000,000 joint repurchase agreement 2.440%, dated 4/2/2019 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $955,859,389 on 7/2/2019. 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 4/20/2049 and the market value of those underlying securities was $972,386,979. 700,000,000
1,000,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Natwest Markets Securities, Inc. will repurchase securities provided as collateral for $1,000,076,389 on 5/1/2019. 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 2/15/2041 and the market value of those underlying securities was $1,020,000,097. 1,000,000,000
5
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$1,500,000,000   Interest in $3,000,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Nomura Securities International, Inc., NY will repurchase securities provided as collateral for $3,000,230,833 on 5/1/2019. 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 3/20/2069 and the market value of those underlying securities was $3,060,503,004. $1,500,000,000
349,145,000   Repurchase agreement 2.780%, dated 4/30/2019 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $349,171,962 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Government Agency securities with various maturities to 2/1/2047 and the market value of those underlying securities was $356,478,525. 349,145,000
279,484,000   Repurchase agreement 2.770%, dated 4/30/2019 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $279,505,505 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2026 and the market value of those underlying securities was $284,775,164. 279,484,000
1,150,000,000   Interest in $3,000,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,229,167 on 5/1/2019. 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 8/15/2044 and the market value of those underlying securities was $3,062,075,897. 1,150,000,000
981,651,000   Interest in $3,000,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,230,833 on 5/1/2019. 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 12/1/2048 and the market value of those underlying securities was $3,060,485,868. 981,651,000
1,000,000,000   Interest in $3,700,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,700,282,639 on 5/1/2019. 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 2/15/2049 and the market value of those underlying securities was $3,774,288,329. 1,000,000,000
280,000,000   Interest in $2,280,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,280,175,433 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/20/2048 and the market value of those underlying securities was $2,325,778,942. 280,000,000
25,000,000   Repurchase agreement 2.770%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $25,001,924 on 5/1/2019. 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 maturing on 4/1/2049 and the market value of those underlying securities was $25,501,963. 25,000,000
    TOTAL REPURCHASE AGREEMENTS 36,820,302,168
    TOTAL INVESTMENT IN SECURITIES—100.2%
(AT AMORTIZED COST) 		75,457,686,664
    OTHER ASSETS AND LIABILITIES—NET-(0.2)%3 (118,884,414)
    TOTAL NET ASSETS—100% $75,338,802,250
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, 2019.
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.
6
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, 2019, 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, 2019 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—73.8%  
$546,000,000 1 Federal Farm Credit System Discount Notes, 2.350% - 2.590%, 5/10/2019 - 3/27/2020 $$541,888,884
25,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.312% (3-month USLIBOR -0.270%), 7/31/2019 24,998,341
75,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.334% (1-month USLIBOR -0.145%), 5/18/2019 74,998,342
135,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.346% (1-month USLIBOR -0.126%), 5/13/2019 135,000,048
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.362% (1-month USLIBOR -0.125%), 5/22/2019 50,000,000
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.363% (1-month USLIBOR -0.120%), 5/30/2019 49,999,844
25,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.368% (1-month USLIBOR -0.110%), 5/27/2019 25,000,000
10,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.408% (3-month USLIBOR -0.195%), 7/12/2019 9,999,667
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.409% (1-month USLIBOR -0.080%), 5/27/2019 49,998,517
25,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.417% (1-month USLIBOR -0.065%), 5/12/2019 24,999,660
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.441% (3-month USLIBOR -0.150%), 7/23/2019 50,000,000
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.449% (1-month USLIBOR -0.030%), 5/18/2019 49,991,783
20,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.455% (1-month USLIBOR -0.025%), 5/24/2019 19,999,926
20,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.474% (1-month USLIBOR -0.020%), 5/2/2019 19,999,458
13,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.483% (1-month USLIBOR +0.005%), 5/27/2019 12,999,493
8,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.485% (3-month USLIBOR -0.130%), 6/4/2019 8,000,000
24,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.498% (1-month USLIBOR +0.000%), 5/13/2019 24,000,000
115,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.510% (Secured Overnight Financing Rate +0.030%), 5/1/2019 115,000,000
12,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.521% (1-month USLIBOR +0.050%), 5/9/2019 11,998,155
13,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.543% (1-month USLIBOR +0.070%), 5/8/2019 12,997,794
69,500,000 2 Federal Farm Credit System Floating Rate Notes, 2.556% (3-month USLIBOR -0.180%), 5/1/2019 69,507,641
15,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.585% (Secured Overnight Financing Rate +0.105%), 5/1/2019 15,000,000
30,000,000 2 Federal Farm Credit System Floating Rate Notes, 2.667% - 2.673% (1-month USLIBOR +0.190%), 5/16/2019 - 5/26/2019 30,019,775
30,000,000   Federal Farm Credit System, 1.170% - 1.180%, 5/16/2019 - 8/1/2019 29,915,089
1,344,525,000 1 Federal Home Loan Bank System Discount Notes, 2.350% - 2.670%, 5/1/2019 - 3/24/2020 1,340,327,256
60,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.317% (3-month USLIBOR -0.265%), 7/29/2019 60,500,000
35,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.341% (3-month USLIBOR -0.260%), 7/16/2019 35,000,000
175,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.354% - 2.358% (1-month USLIBOR -0.125%), 5/4/2019 - 5/28/2019 175,000,000
40,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.433% (1-month USLIBOR -0.045%), 5/28/2019 40,000,000
1,925,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.434% (3-month USLIBOR -0.163%), 7/5/2019 1,924,906
175,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.443% (1-month USLIBOR -0.050%), 5/3/2019 175,000,000
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.462% (1-month USLIBOR -0.025%), 5/20/2019 20,000,000
59,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.470% (Secured Overnight Financing Rate -0.010%), 5/1/2019 58,999,798
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.490% (Secured Overnight Financing Rate +0.010%), 5/1/2019 50,000,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.491% (3-month USLIBOR -0.160%), 5/24/2019 50,000,446
80,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.500% (Secured Overnight Financing Rate +0.020%), 5/1/2019 80,000,000
48,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.510% (Secured Overnight Financing Rate +0.030%), 5/1/2019 48,000,000
134,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.520% (Secured Overnight Financing Rate +0.040%), 5/1/2019 134,000,000
30,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.555% (Secured Overnight Financing Rate +0.075%), 5/1/2019 30,000,000
14,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.585% (Secured Overnight Financing Rate +0.105%), 5/1/2019 14,000,000
25,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.590% (Secured Overnight Financing Rate +0.110%), 5/1/2019 25,000,000
15,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 2.595% (Secured Overnight Financing Rate +0.115%), 5/1/2019 15,000,000
129,000,000   Federal Home Loan Bank System, 1.125% - 2.500%, 5/20/2019 - 8/19/2019 128,948,579
314,000,000 1 Tennessee Valley Authority Discount Notes, 2.390% - 2.420%, 5/14/2019 - 5/21/2019 313,671,924
    TOTAL GOVERNMENT AGENCIES 4,251,685,326
1
Principal
Amount 		    Value
    U.S. TREASURY—27.9%  
$250,000,000   United States Treasury Bill, 2.375%, 5/14/2019 $249,785,591
100,000,000   United States Treasury Bill, 2.375%, 5/9/2019 99,947,222
200,000,000   United States Treasury Bill, 2.380%, 6/4/2019 199,550,445
25,000,000   United States Treasury Bill, 2.390%, 10/17/2019 24,719,507
50,000,000   United States Treasury Bill, 2.410%, 6/6/2019 49,879,500
124,000,000   United States Treasury Bills, 2.371% - 2.400%, 5/7/2019 123,950,641
38,000,000   United States Treasury Bills, 2.465% - 2.468%, 2/27/2020 37,213,898
15,000,000 2 United States Treasury Floating Rate Notes, 2.399% (91-day T-Bill +0.000%), 5/7/2019 15,000,235
24,000,000 2 United States Treasury Floating Rate Notes, 2.432% (91-day T-Bill +0.033%), 5/7/2019 23,998,914
97,590,000 2 United States Treasury Floating Rate Notes, 2.444% (91-day T-Bill +0.045%), 5/7/2019 97,498,428
120,000,000 2 United States Treasury Floating Rate Notes, 2.447% (91-day T-Bill +0.048%), 5/7/2019 120,010,263
15,000,000 2 United States Treasury Floating Rate Notes, 2.459% (91-day T-Bill +0.060%), 5/7/2019 15,001,243
80,000,000 2 United States Treasury Floating Rate Notes, 2.514% (91-day T-Bill +0.115%), 5/7/2019 79,925,402
100,000,000   United States Treasury Note, 0.750%, 7/15/2019 99,656,000
6,000,000   United States Treasury Note, 1.375%, 1/31/2020 5,947,878
11,000,000   United States Treasury Note, 1.375%, 3/31/2020 10,882,714
50,000,000   United States Treasury Note, 1.375%, 7/31/2019 49,865,029
10,000,000   United States Treasury Note, 1.500%, 10/31/2019 9,949,125
7,000,000   United States Treasury Note, 1.500%, 11/30/2019 6,957,827
14,000,000   United States Treasury Note, 1.875%, 12/31/2019 13,939,136
25,000,000   United States Treasury Note, 3.375%, 11/15/2019 25,113,639
250,000,000   United States Treasury Notes, 1.250% - 1.500%, 5/31/2019 249,770,810
    TOTAL U.S. TREASURY 1,608,563,447
    TOTAL INVESTMENT IN SECURITIES—101.7%
(AT AMORTIZED COST) 		$5,860,248,773
    OTHER ASSETS AND LIABILITIES - NET—(1.7)%3 (100,511,647)
    TOTAL NET ASSETS—100% $5,759,737,126
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, 2019.
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 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.
2
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, 2019, 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 Money Market Management
Portfolio of Investments
April 30, 2019 (unaudited)
Principal
Amount 		    Value
    ASSET-BACKED SECURITY—1.3%  
    Finance - Automotive—1.3%  
$685,897   Westlake Automobile Receivables Trust 2019-1, Class A1, 2.768%, 2/18/2020
(IDENTIFIED COST $685,897) 		$686,019
    CERTIFICATES OF DEPOSIT—5.7%  
    Finance - Banking—5.7%  
2,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.450%, 5/1/2019 2,000,000
1,000,000   Toronto Dominion Bank, 2.600%, 10/1/2019 1,000,224
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $3,000,000) 		3,000,224
  1 COMMERCIAL PAPER—37.5%  
    Aerospace/Auto—0.9%  
500,000   Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 2.617%, 6/3/2019 498,808
    Consumer Products—3.8%  
2,000,000   Philip Morris International, Inc., 2.633%—2.634%, 6/27/2019 1,991,735
    Finance - Banking—6.7%  
2,000,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 2.578%, 5/14/2019 1,998,144
750,000   Nordea Bank Abp, 2.581%, 5/13/2019 749,359
500,000   Svenska Handelsbanken, Stockholm, 2.583%, 9/26/2019 494,723
300,000   Toronto Dominion Bank, 2.572%, 7/16/2019 298,385
    TOTAL 3,540,611
    Finance - Commercial—1.4%  
750,000   CRC Funding, LLC, 2.658%, 5/1/2019 750,000
    Finance - Retail—8.7%  
1,500,000   Chariot Funding LLC, 2.702%—2.996%, 7/8/2019 - 9/9/2019 1,490,600
1,000,000   Old Line Funding, LLC, 2.828%, 5/15/2019 998,911
1,800,000   Sheffield Receivables Company LLC, 2.635%—2.674%, 6/6/2019 - 8/15/2019 1,790,036
300,000   Thunder Bay Funding, LLC, 2.604%, 9/25/2019 296,846
    TOTAL 4,576,393
    Finance - Securities—6.0%  
700,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.704%, 6/4/2019 698,228
1,000,000   Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 2.929%, 8/15/2019 992,343
1,500,000   Great Bridge Capital Co., LLC, (Standard Chartered Bank COL), 2.631%, 6/14/2019 1,495,197
    TOTAL 3,185,768
    Food & Beverage—1.9%  
1,000,000   Nestle Capital Corp., (GTD by Nestle S.A.), 2.620%, 12/23/2019 983,687
    Insurance—2.4%  
1,300,000   UnitedHealth Group, Inc., 2.708%, 6/27/2019 1,294,463
    Sovereign—5.7%  
2,000,000   Erste Abwicklungsanstalt, 2.566%, 5/14/2019 1,998,159
1,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 2.567%, 7/12/2019 995,055
    TOTAL 2,993,214
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $19,812,563) 		19,814,679
  2 NOTES - VARIABLE—21.8%  
    Finance - Banking—17.1%  
400,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.687% (1-month USLIBOR +0.200%), 5/20/2019 400,000
500,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.701% (1-month USLIBOR +0.200%), 5/1/2019 500,000
1
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$500,000   Bank of Montreal, 2.634% (1-month USLIBOR +0.160%), 5/7/2019 $499,976
300,000   Bank of Montreal, 2.946% (3-month USLIBOR +0.210%), 5/1/2019 300,284
500,000   Bank of Nova Scotia, Toronto, 2.684% (3-month USLIBOR +0.100%), 7/10/2019 500,217
1,000,000   Bank of Nova Scotia, Toronto, 2.910% (Secured Overnight Financing Rate +0.430%), 5/1/2019 1,000,000
1,000,000   Canadian Imperial Bank of Commerce, 2.793% (1-month USLIBOR +0.310%), 5/28/2019 1,000,000
500,000   Canadian Imperial Bank of Commerce, 2.829% (3-month USLIBOR +0.220%), 6/27/2019 500,612
500,000   Royal Bank of Canada, 2.741% (3-month USLIBOR +0.140%), 7/16/2019 500,383
1,000,000   Royal Bank of Canada, 2.799% (3-month USLIBOR +0.210%), 7/8/2019 1,001,215
500,000   Royal Bank of Canada, 2.806% (3-month USLIBOR +0.210%), 7/3/2019 500,595
1,500,000   Westpac Banking Corp. Ltd., Sydney, 2.662% (1-month USLIBOR +0.190%), 5/9/2019 1,500,521
300,000   Westpac Banking Corp. Ltd., Sydney, 2.750% (Effective Fed Funds +0.300%), 5/1/2019 300,137
500,000   Westpac Banking Corp. Ltd., Sydney, 2.780% (3-month USLIBOR +0.180%), 7/2/2019 500,460
    TOTAL 9,004,400
    Finance - Commercial—1.9%  
500,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.673% (1-month USLIBOR +0.200%), 5/15/2019 500,000
500,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.674% (1-month USLIBOR +0.200%), 5/6/2019 500,000
    TOTAL 1,000,000
    Finance - Retail—1.9%  
500,000   Chariot Funding LLC, 2.691% (1-month USLIBOR +0.210%), 5/24/2019 500,186
500,000   Old Line Funding, LLC, 2.771% (1-month USLIBOR +0.290%), 5/10/2019 500,076
    TOTAL 1,000,262
    Finance - Securities—0.9%  
500,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.702% (3-month USLIBOR +0.100%), 6/24/2019 500,000
    TOTAL NOTES - VARIABLE
(IDENTIFIED COST $11,500,352) 		11,504,662
    OTHER REPURCHASE AGREEMENTS—6.8%  
    Finance - Banking—6.8%  
1,600,000   Citigroup Global Markets, Inc., 2.92%, dated 4/30/2019, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,004,056 on 5/1/2019, in which asset-backed securities, collateralized mortgage obligations and sovereign with a market value of $51,153,835 have been received as collateral and held with BNY Mellon as tri-party agent. 1,600,000
2,000,000   HSBC Securities (USA), Inc., 2.52%, dated 4/30/2019, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,012,250 on 5/1/2019, in which corporate bonds, medium-term notes and sovereign debt with a market value of $178,500,000 have been received as collateral and held with JPMorgan Chase as tri-party agent. 2,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(IDENTIFIED COST $3,600,000) 		3,600,000
    REPURCHASE AGREEMENTS—27.0%  
    Finance - Banking—27.0%  
9,333,000   Interest in $3,000,000,000 joint repurchase agreement 2.77%, dated 4/30/2019 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,230,833 on 5/1/2019. 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 12/1/2048 and the market value of those underlying securities was $3,060,485,868. 9,333,000
4,900,000   Interest in $250,000,000 joint repurchase agreement 2.77%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,019,236 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2048 and the market value of those underlying securities was $255,019,622. 4,900,000
    TOTAL REPURCHASE AGREEMENTS
(IDENTIFIED COST $14,233,000) 		14,233,000
    TOTAL INVESTMENT IN SECURITIES—100.1%
(IDENTIFIED COST $52,831,812) 		52,838,584
    OTHER ASSETS AND LIABILITIES - NET—(0.1)%3 (78,052)
    TOTAL NET ASSETS—100% $52,760,532
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/variable rate notes.
3 Assets, other than investments in securities, less liabilities.
2
Note: The categories of investments are shown as a percentage of total net assets at April 30, 2019.
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, 2019, 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:
COL —Collateralized
GTD —Guaranteed
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
3

 

 

 

 

 

 

 

 

 

Federated Municipal Obligations Fund
Portfolio of Investments
May 31, 2019
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—100.2%  
    Alabama—3.8%  
$3,470,000   Alabama HFA MFH (Summit South Mall Apartments Ltd.),
(2007 Series C) Weekly VRDNs, (FNMA LOC), 1.550%, 6/6/2019 		$3,470,000
1,235,000   Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.530%, 6/6/2019 1,235,000
50,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 2.280%, 6/3/2019 50,000,000
15,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Weekly VRDNs, 1.590%, 6/6/2019 15,000,000
300,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 2.240%, 6/3/2019 300,000
12,665,000   Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 1.500%, 6/6/2019 12,665,000
10,000,000   Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs, (Comerica Bank LOC), 1.500%, 6/6/2019 10,000,000
4,650,000   Montgomery, AL IDB (Andersons ALACO Lawn, Inc.), (Series 1999) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.510%, 6/6/2019 4,650,000
9,900,000   Tuscaloosa County, AL IDA (Nucor Steel Tuscaloosa, Inc.),
(1995 Series A) Weekly VRDNs, (GTD by Nucor Corp.),
1.620%, 6/5/2019 		9,900,000
9,800,000   Walker County, AL Economic IDA (Alabama Power Co.), (Series 2007) Daily VRDNs, 2.280%, 6/3/2019 9,800,000
10,000,000   West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 2.280%, 6/3/2019 10,000,000
8,590,000   Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 2.280%, 6/3/2019 8,590,000
    TOTAL 135,610,000
    Arizona—0.3%  
5,610,000   Maricopa County, AZ, IDA (Redman Homes, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.610%, 6/6/2019 5,610,000
6,750,000   Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs, (Cooperatieve Rabobank UA LOC), 1.500%, 6/6/2019 6,750,000
    TOTAL 12,360,000
    Arkansas—0.1%  
3,830,000   Lowell, AR IDRB (Arkansas Democrat-Gazette, Inc.), (Series 2006) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.530%, 6/5/2019 3,830,000
    California—7.9%  
4,910,000   California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs, (City National Bank LOC), 1.500%, 6/6/2019 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), 1.540%, 6/6/2019 23,745,000
2,150,000   California Infrastructure & Economic Development Bank (Bonny Doon Winery, Inc.), (Series 2000A) Weekly VRDNs, (Comerica Bank LOC), 1.560%, 6/6/2019 2,150,000
2,000,000   California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs, (CoBank, ACB LOC), 1.500%, 6/6/2019 2,000,000
695,000   California PCFA (Mill Valley Refuse Service, Inc.), (Series 2014) Weekly VRDNs, (Comerica Bank LOC), 1.500%, 6/5/2019 695,000
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), 1.530%, 6/6/2019 3,000,000
30,000,000   California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.500%, 6/5/2019 30,000,000
2,940,000   California PCFA (T & W Farms), (Series 2002) Weekly VRDNs, (Bank of America N.A. LOC), 1.530%, 6/6/2019 2,940,000
1,300,000   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), 1.480%, 6/6/2019 1,300,000
10,800,000   California Statewide Communities Development Authority MFH
(ERP Operating LP), (Series 2013B) Weekly VRDNs, 1.690%, 6/5/2019 		10,800,000
6,500,000   California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 1.460%, 6/6/2019 6,500,000
165,000,000   FHLMC, Tender Option Bond Trust Receipts (2019-BAML3001) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by FHLMC), 1.520%, 6/6/2019 165,000,000
19,500,000   Nuveen California Dividend Advantage Municipal Fund,
(NAC Series 2) Weekly VRDPs, (Citibank N.A., New York LIQ),
1.550%, 6/6/2019 		19,500,000
5,500,000   Nuveen California Dividend Advantage Municipal Fund,
(NAC Series 4) Weekly VRDPs, (Royal Bank of Canada LIQ),
1.560%, 6/6/2019 		5,500,000
1
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    California—continued  
$2,000,000   Nuveen California Dividend Advantage Municipal Fund,
(NAC Series 7) Weekly VRDPs, (Royal Bank of Canada LIQ),
1.560%, 6/6/2019 		$2,000,000
    TOTAL 280,040,000
    Colorado—1.0%  
7,390,000   Cherry Creek, CO School District No. 5, Solar Eclipse (Series 2017-003) TOBs, (U.S. Bank, N.A. LIQ), 1.550%,
Optional Tender 7/18/2019 		7,390,000
3,300,000   Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 1.500%, 6/6/2019 3,300,000
4,615,000   Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs, (UMB Bank, N.A. LOC), 1.610%, 6/6/2019 4,615,000
1,545,000   Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.570%, 6/6/2019 1,545,000
1,690,000   Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs, (UMB Bank, N.A. LOC), 1.660%, 6/6/2019 1,690,000
2,185,000   Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0689) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.490%, 6/6/2019 2,185,000
1,835,000   Denver, CO City & County Airport Authority, Tender Option Bond Trust Receipts (Series 2018-ZF0691) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.490%, 6/6/2019 1,835,000
11,135,000   El Paso County, CO School District #20 Academy, Solar Eclipse (Series 2017-0006) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/25/2019 11,135,000
    TOTAL 33,695,000
    Connecticut—0.9%  
2,631,000   Berlin, CT BANs, 3.000%, 6/26/2019 2,632,508
2,480,000   Connecticut State HEFA (Central Connecticut Coast YMCA), (Series A) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.480%, 6/6/2019 2,480,000
2,580,000   Connecticut State HFA, (Series 2019 B-2) Weekly VRDNs, (Bank of America N.A. LIQ), 1.450%, 6/6/2019 2,580,000
5,000,000   Connecticut State HFA, Tender Option Bond Trust Receipts (2016-XF0492) Weekly VRDNs, (Bank of America N.A. LIQ), 1.510%, 6/6/2019 5,000,000
8,000,000   Connecticut State Special Transportation Fund, (Series G-110) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.600%, Optional Tender 10/1/2019 8,000,000
11,500,000   Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 11,500,000
    TOTAL 32,192,508
    District of Columbia—0.1%  
4,755,000   District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2017-0015) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 4,755,000
    Florida—12.2%  
6,450,000   Broward County, FL (Florida Power & Light Co.), (Series 2015) Daily VRDNs, 2.500%, 6/3/2019 6,450,000
17,800,000   Broward County, FL (Florida Power & Light Co.), (Series 2018A) Daily VRDNs, 2.350%, 6/3/2019 17,800,000
14,150,000   Broward County, FL HFA (Sanctuary Cove Apartments), (Series 2003 A) Weekly VRDNs, (FNMA LOC), 1.480%, 6/6/2019 14,150,000
14,110,000   Citizens Property Insurance Coastal Account, (Series 2011 A-1), 5.000%, 6/1/2019 14,110,000
10,000,000   Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), CP, 1.620%, Mandatory Tender 7/1/2019 10,000,000
12,800,000   Florida Housing Finance Corp. (Prime/Commander Drive, LLC) Weekly VRDNs, (FNMA LOC), 1.480%, 6/6/2019 12,800,000
4,960,000   Florida State Board of Education (Florida State), Solar Eclipse (Series 2017-0049) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/13/2019 4,960,000
3,650,000   Florida State, Solar Eclipse (Series 2017-0054) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/20/2019 3,650,000
5,000,000   Greater Orlando, FL Aviation Authority, (RBC Muni Products
Series G-25) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.670%, Optional Tender 10/1/2019 		5,000,000
11,400,000   Hillsborough County, FL HFA (Hunters Run LLC) Weekly VRDNs, (FNMA LOC), 1.480%, 6/6/2019 11,400,000
10,000,000   JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs,
(Royal Bank of Canada LIQ), 1.530%, 6/5/2019 		10,000,000
32,675,000   JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.530%, 6/5/2019 32,675,000
29,520,000   JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.530%, 6/5/2019 29,520,000
33,930,000   JEA, FL Electric System, (Series Three 2008C-1: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.450%, 6/6/2019 33,930,000
2
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Florida—continued  
$32,010,000   JEA, FL Electric System, (Series Three 2008C-2: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.450%, 6/6/2019 $32,010,000
5,700,000   Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000 F-2), CP, (U.S. Bank, N.A. LIQ), 1.500%, Mandatory Tender 6/4/2019 5,700,000
1,000,000   Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 1.500%, Mandatory Tender 6/4/2019 1,000,000
10,000,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 1.830%, Mandatory Tender 6/11/2019 10,000,000
13,000,000   Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), CP, 1.830%, Mandatory Tender 6/11/2019 13,000,000
1,900,000   Lee County, FL IDA (Florida Power & Light Co.), (Series 2016A) Daily VRDNs, 2.500%, 6/3/2019 1,900,000
14,000,000   Liberty County, FL (Georgia-Pacific LLC), (Series 2004) Weekly VRDNs, 1.540%, 6/6/2019 14,000,000
11,000,000   Miami-Dade County, FL IDA (CAE USA, Inc.), (Series 2000A) Weekly VRDNs, (Royal Bank of Canada LOC), 1.480%, 6/5/2019 11,000,000
14,400,000   Miami-Dade County, FL IDA (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 2.350%, 6/3/2019 14,400,000
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), 1.570%, 6/6/2019 10,000,000
7,650,000   Orange County, FL HFA (Marbella Pointe), (Series 2007A) Weekly VRDNs, (FHLB of San Francisco LOC), 1.480%, 6/6/2019 7,650,000
14,090,000   South Miami, FL Health Facilities Authority (Baptist Health System of South Florida), Tender Option Bond Trust Certificates (Series 2018-XF2523) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.540%, 6/6/2019 14,090,000
76,985,000   St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 2.350%, 6/3/2019 76,985,000
10,000,000   Sunshine State Governmental Finance Commission, FL (Orlando, FL), Callable Tax-Exempt Notes (Series H), CP, (JPMorgan Chase Bank, N.A. LIQ), 1.900%, Mandatory Tender 7/12/2019 10,000,000
3,325,000   Volusia County, FL IDA (Management by Innovation, Inc.), (Series 2008A) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.510%, 6/6/2019 3,325,000
    TOTAL 431,505,000
    Georgia—2.1%  
5,800,000   Burke County, GA Development Authority (Georgia Power Co.),
(2018 1st Series) Daily VRDNs, 2.320%, 6/3/2019 		5,800,000
6,640,000   Burke County, GA Development Authority (Georgia Power Co.),
(Third Series 2012) Daily VRDNs, 2.320%, 6/3/2019 		6,640,000
15,455,000   Fulton County, GA, Solar Eclipse (Series 2017-0007) TOBs,
(U.S. Bank, N.A. LIQ), 1.620%, Optional Tender 6/27/2019 		15,455,000
27,960,000   Main Street Natural Gas, Inc., GA, (Series 2010 A2) TOBs,
(Royal Bank of Canada LOC), 1.520%, Optional Tender 6/3/2019 		27,960,000
10,430,000   Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2009B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.450%, 6/5/2019 10,430,000
6,750,000   Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 1.480%, 6/5/2019 6,750,000
955,000   Savannah, GA EDA (Home Depot, Inc.), (Series B) Weekly VRDNs, (SunTrust Bank LOC), 1.480%, 6/5/2019 955,000
    TOTAL 73,990,000
    Hawaii—0.1%  
4,600,000   Hawaii State Department of Budget & Finance (Queen's Health Systems), (2015 Series C) VRENs, 1.870%, 6/6/2019 4,600,000
    Illinois—2.1%  
6,790,000   Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2018-XG0219) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.500%, 6/6/2019 6,790,000
4,160,000   Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2018-XM0686) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.490%, 6/6/2019 4,160,000
8,000,000   Chicago, IL Sales Tax, Tender Option Bond Trust Receipt (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance INS)/(Toronto Dominion Bank LIQ), 1.500%, 6/6/2019 8,000,000
1,000,000   Illinois Development Finance Authority IDB (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.560%, 6/6/2019 1,000,000
6,000,000   Illinois Development Finance Authority IDB (Toyal America, Inc.), (Series 1997) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.530%, 6/6/2019 6,000,000
11,490,000   Illinois Educational Facilities Authority (Saint Xavier University), (Series 2002A) Weekly VRDNs, (Huntington National Bank LOC), 1.500%, 6/6/2019 11,490,000
6,625,000   Illinois Finance Authority (Saint Xavier University), (Series 2006) Weekly VRDNs, (Huntington National Bank LOC), 1.500%, 6/6/2019 6,625,000
4,900,000   Illinois Finance Authority—Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs, (Nordea Bank Abp LOC), 1.540%, 6/6/2019 4,900,000
3
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Illinois—continued  
$4,590,000   Illinois Housing Development Authority, Florida House (2008 Series C) Weekly VRDNs, (FHLB of Chicago LIQ), 1.470%, 6/6/2019 $4,590,000
5,080,000   Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds (Series 2004 C-3) Weekly VRDNs, (FHLB of Chicago LIQ), 1.500%, 6/5/2019 5,080,000
5,670,000   Lake County, IL (Countryside Landfill, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.480%, 6/6/2019 5,670,000
9,397,000   Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 1.500%, 6/6/2019 9,397,000
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), 1.530%, 6/6/2019 235,000
    TOTAL 73,937,000
    Indiana—1.4%  
6,420,000   Bloomington, IN EDRB (SY Henderson Court Investors, LP), (Series 2008: Henderson Court Apartments) Weekly VRDNs,
(FHLMC LOC), 1.550%, 6/6/2019 		6,420,000
800,000   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), 1.610%, 6/6/2019 800,000
12,900,000   Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.490%, 6/6/2019 12,900,000
5,000,000   Jasper County, IN EDA (T & M LP), (Series 2010A) Weekly VRDNs, (AgriBank FCB LOC), 1.500%, 6/6/2019 5,000,000
6,000,000   Logansport, IN (Andersons Clymers Ethanol LLC), (Series 2006) Weekly VRDNs, (CoBank, ACB LOC), 1.510%, 6/6/2019 6,000,000
20,000,000   Whiting, IN Environmental Facilities (BP PLC), Environmental Facilities Revenue Bonds (Series 2014) FRNs, (Original Issue Yield: 0.850%), 2.170% (SIFMA 7-day +0.750%), Mandatory Tender 12/2/2019 20,001,620
    TOTAL 51,121,620
    Iowa—0.3%  
5,300,000   Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 1.500%, 6/6/2019 5,300,000
5,280,000   Iowa Finance Authority (Roorda Dairy, LLC), (Series 2007) Weekly VRDNs, (AgriBank FCB LOC), 1.510%, 6/6/2019 5,280,000
    TOTAL 10,580,000
    Kentucky—0.7%  
21,000,000   Campbell & Kenton Counties, KY Sanitation District No 1, Solar Eclipse (Series 2016-0006) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/18/2019 21,000,000
1,785,000   Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.530%, 6/7/2019 1,785,000
1,990,000   Kentucky Housing Corp. (Arbors of Madisonville Apartments LP), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.550%, 6/6/2019 1,990,000
320,000   Somerset, KY Industrial Building (Wonderfuel LLC), (Series 2000) Weekly VRDNs, (Comerica Bank LOC), 1.910%, 6/6/2019 320,000
    TOTAL 25,095,000
    Louisiana—4.0%  
15,600,000   Ascension Parish, LA (BASF Corp.), (Series 1995) Weekly VRDNs, 1.450%, 6/5/2019 15,600,000
7,000,000   Ascension Parish, LA (BASF Corp.), (Series 1997) Weekly VRDNs, 1.450%, 6/5/2019 7,000,000
5,000,000   Calcasieu Parish, LA Public Trust Authority (WPT Corp.), (Series 1997) Weekly VRDNs, (Bank of America N.A. LOC), 1.500%, 6/5/2019 5,000,000
6,400,000   Calcasieu Parish, LA, IDB (HydroServe Westlake, LLC), (Series 1998) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.510%, 6/5/2019 6,400,000
4,000,000   East Baton Rouge Parish, LA IDB (Georgia-Pacific LLC), Sold Waste Disposal Revenue Bonds (Series 2004) Weekly VRDNs, 1.600%, 6/5/2019 4,000,000
4,630,000   Louisiana HFA (Emerald Point Apartments Partners, Ltd.), (Series 2007) Weekly VRDNs, (FNMA LOC), 1.550%, 6/6/2019 4,630,000
1,400,000   Port of New Orleans, LA (New Orleans Steamboat Co.), (Series 2000) Weekly VRDNs, (FHLB of Dallas LOC), 1.610%, 6/6/2019 1,400,000
10,000,000   Shreveport, LA, Water & Sewer, Tender Option Bond Trust Certificates (Series 2019-ZF2818) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.500%, 6/6/2019 10,000,000
47,190,000   St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (GTD by Nucor Corp.), 1.580%, 6/5/2019 47,190,000
39,175,000   St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs, (GTD by Nucor Corp.), 1.600%, 6/5/2019 39,175,000
    TOTAL 140,395,000
    Maryland—0.6%  
16,075,000   Maryland Community Development Administration—Residential Revenue, (2006 Series J) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.460%, 6/6/2019 16,075,000
935,000   Maryland State Economic Development Corp. (Canusa Hershman Recycling), (Series 2005A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.650%, 6/7/2019 935,000
4
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Maryland—continued  
$4,965,000   Maryland State Transportation Authority, Solar Eclipse 2017-0041 TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/25/2019 $4,965,000
    TOTAL 21,975,000
    Massachusetts—1.4%  
3,110,579   Dennis, MA BANs, 2.750%, 10/11/2019 3,121,640
1,000,000   Mansfield, MA BANs, 2.250%, 4/24/2020 1,002,174
10,000,000   Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), CP, (GTD by Massachusetts Electric Co.), 1.800%, Mandatory Tender 6/17/2019 10,000,000
13,300,000   Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2007), CP, (GTD by Massachusetts Electric Co.), 2.300%, Mandatory Tender 6/11/2019 13,300,000
11,155,000   Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 1.550%, Mandatory Tender 7/1/2019 11,155,000
6,638,000   Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 1.700%, Mandatory Tender 6/24/2019 6,638,000
3,295,000   Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 1.750%, Mandatory Tender 6/17/2019 3,295,000
300,000   Massachusetts Water Resources Authority, Tender Option Bond Trust Certificates (2016-XX1002) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.450%, 6/6/2019 300,000
    TOTAL 48,811,814
    Michigan—3.1%  
6,000,000   BlackRock MuniYield Michigan Quality Fund, Inc., (1,446 Series W-7) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.570%, 6/6/2019 6,000,000
5,500,000   Grand Rapids, MI IDR (Clipper Belt Lacer Co.), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC), 1.520%, 6/6/2019 5,500,000
$780,000   Michigan State Finance Authority Revenue, Healthcare Equipment Program (Series C) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.480%, 6/5/2019 780,000
20,000,000   Michigan State Housing Development Authority, (Series 2007E) Weekly VRDNs, (MUFG Bank Ltd. LIQ), 1.530%, 6/5/2019 20,000,000
70,030,000   Michigan State Housing Development Authority, (Series 2008A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 2.320%, 6/3/2019 70,030,000
2,270,000   Michigan State Strategic Fund (Stegner East Investments LLC) Weekly VRDNs, (Comerica Bank LOC), 1.720%, 6/6/2019 2,270,000
1,800,000   Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.660%, 6/6/2019 1,800,000
5,250,000   Michigan Strategic Fund (Greenville Venture Partners LLC), (Series 2018) Weekly VRDNs, (CoBank, ACB LOC), 1.500%, 6/6/2019 5,250,000
    TOTAL 111,630,000
    Minnesota—0.2%  
1,000,000   Faribault, MN IDA (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.560%, 6/6/2019 1,000,000
835,000   St. Anthony, MN (Landings at Silver Lake Village), (Series 2007) Weekly VRDNs, (FHLB of Des Moines LOC), 1.560%, 6/7/2019 835,000
2,000,000   St. Louis Park, MN (Urban Park Apartments), (Series 2010A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.550%, 6/7/2019 2,000,000
975,000   St. Louis Park, MN (Urban Park Apartments), (Series 2010B) Weekly VRDNs, (FHLB of Des Moines LOC), 1.650%, 6/7/2019 975,000
1,915,000   St. Paul, MN Port Authority (National Checking Co.), IDRBs (Series 1998A) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.510%, 6/6/2019 1,915,000
    TOTAL 6,725,000
    Mississippi—0.2%  
5,635,000   Mississippi Home Corp. (Windsor Park Partners LP), (Series 2004-6) Weekly VRDNs, (FNMA LOC), 1.550%, 6/6/2019 5,635,000
    Missouri—0.1%  
3,590,000   Kansas City, MO Water Revenue, Solar Eclipse (Series 2017-0016) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 3,590,000
    Multi-State—12.4%  
15,000,000   Agency Enhanced Affordable Housing Trust 2018-BAML0002,
BAML 3a-7 Non CE (2018-BAML0002) Weekly VRDNs,
(Bank of America N.A. LIQ)/(GTD by FHLMC), 1.490%, 6/6/2019 		15,000,000
50,000,000   Agency Enhanced Affordable Housing Trust 2018-BAML0005,
BAML 3a-7 Non CE Weekly VRDNs, (Bank of America N.A.
LIQ)/(GTD by FHLMC), 1.490%, 6/6/2019 		50,000,000
64,565,000   Agency Enhanced Affordable Housing Trust 2019-BAML0008,
BAML 3a-7 Non CE Weekly VRDNs, (Bank of America N.A.
LIQ)/(GTD by FHLMC), 1.540%, 6/6/2019 		64,565,000
8,000,000   BB&T Muni Trust, (Series 2018 Class B) FRNs, (Cooperative Rabobank UA LOC), 1.970% (SIFMA 7-day +0.550%), 11/30/2019 8,000,000
52,000,000   BlackRock MuniYield Quality Fund III, Inc., (3,564 Series W-7 VRDP Shares) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.570%, 6/6/2019 52,000,000
5
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Multi-State—continued  
$79,000,000   Nuveen Municipal Credit Income Fund, (Series 3) Weekly VRDPs,
(TD Bank, N.A. LIQ), 1.540%, 6/6/2019 		$79,000,000
65,700,000   Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.570%, 6/6/2019 65,700,000
45,000,000   Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.570%, 6/6/2019 45,000,000
62,000,000   Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.570%, 6/6/2019 62,000,000
    TOTAL 441,265,000
    Nebraska—0.3%  
7,500,000   Stanton County, NE (Nucor Corp.), (Series 1996) Weekly VRDNs, 1.620%, 6/5/2019 7,500,000
1,475,000   Stanton County, NE (Nucor Corp.), (Series 1998) Weekly VRDNs, 1.620%, 6/5/2019 1,475,000
    TOTAL 8,975,000
    Nevada—0.8%  
4,300,000   Clark County, NV Airport System, Subordinate Lien Revenue Bonds (Series 2008 B-2) Weekly VRDNs, (State Street Bank and Trust Co. LOC), 1.410%, 6/5/2019 4,300,000
3,645,000   Clark County, NV, Solar Eclipse (Series 2017-0025) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/20/2019 3,645,000
1,755,000   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), 1.720%, 6/6/2019 1,755,000
16,415,000   Nevada Housing Division (Vista Creek Apartments, LLC), (Series 2007) Weekly VRDNs, (FHLB of San Francisco LOC), 1.500%, 6/6/2019 16,415,000
3,995,000   Nevada State Highway Revenue, Solar Eclipse (Series 2017-0018) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/6/2019 3,995,000
    TOTAL 30,110,000
    New Hampshire—1.4%  
17,390,000   New Hampshire Business Finance Authority (New England Power Co.), PCRBs (1990 Series A), CP, 1.720%, Mandatory Tender 6/24/2019 17,390,000
4,000,000   New Hampshire Business Finance Authority (New England Power Co.), PCRBs (1990 Series A), CP, 1.800%, Mandatory Tender 6/13/2019 4,000,000
16,260,000   New Hampshire Business Finance Authority (New England Power Co.), PCRBs (1990 Series A), CP, 1.800%, Mandatory Tender 6/17/2019 16,260,000
10,000,000   New Hampshire Business Finance Authority (New England Power Co.), PCRBs (1990 Series A), CP, 1.840%, Mandatory Tender 8/7/2019 10,000,000
3,300,000   New Hampshire Business Finance Authority (New England Power Co.), PCRBs (1990 Series A), CP, 2.300%, Mandatory Tender 6/11/2019 3,300,000
    TOTAL 50,950,000
    New Jersey—9.1%  
6,375,675   Absecon, NJ BANs, 2.625%, 8/1/2019 6,382,196
2,500,000   Atlantic Highlands, NJ BANs, 3.000%, 3/5/2020 2,516,737
2,470,640   Barnegat Light, NJ BANs, 3.500%, 11/7/2019 2,481,133
1,641,963   Bethlehem Township, NJ BANs, 2.750%, 5/21/2020 1,653,669
2,549,000   Buena Vista Township, NJ BANs, 2.750%, 7/24/2019 2,551,003
2,640,000   Burlington, NJ BANs, 3.000%, 6/4/2019 2,640,213
5,647,750   Butler Borough, NJ BANs, 3.000%, 9/13/2019 5,663,359
8,395,000   Clinton Township, NJ BANs, 2.500%, 3/19/2020 8,431,100
2,000,000   Delaware Township, NJ BANs, 2.750%, 7/25/2019 2,002,175
5,150,000   Florence Township, NJ, (Series C) BANs, 3.000%, 7/17/2019 5,155,891
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), 1.620%, 6/6/2019 20,940,000
5,291,024   Glassboro Borough, NJ, (Series 2018A) BANs, 2.750%, 9/5/2019 5,300,973
3,788,996   Haledon, NJ BANs, 3.250%, 11/1/2019 3,802,015
6,601,000   Hammonton, NJ BANs, 2.000%, 11/20/2019 6,608,654
5,083,000   Hawthorne, NJ BANs, 3.000%, 9/27/2019 5,096,343
8,079,000   Highland Park, NJ BANs, 2.375%, 4/14/2020 8,118,628
4,000,000   Hillsborough Township, NJ BANs, 2.750%, 3/27/2020 4,026,696
2,679,273   Hopewell Borough, NJ BANs, 3.000%, 9/18/2019 2,685,930
4,765,000   Keyport Borough, NJ BANs, 2.500%, 4/24/2020 4,795,104
6
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    New Jersey—continued  
$7,432,725   Lacey Township, NJ BANs, 2.250%, 5/22/2020 $7,475,396
2,000,000   Lambertville, NJ BANs, 2.375%, 4/16/2020 2,009,862
2,091,220   Lavallette Borough, NJ, (Series 2018A) BANs, 2.750%, 7/30/2019 2,093,711
4,851,865   Linwood, NJ BANs, 2.750%, 7/23/2019 4,857,147
8,793,621   Little Falls Township, NJ BANs, 3.250%, 12/13/2019 8,837,244
4,132,000   Longport, NJ BANs, 2.750%, 7/24/2019 4,136,489
4,011,096   Lopatcong, NJ BANs, 2.750%, 3/25/2020 4,037,033
4,183,169   Lumberton Township, NJ BANs, 2.500%, 5/5/2020 4,207,879
10,000,000   Lyndhurst Township, NJ BANs, 2.500%, 5/8/2020 10,059,592
5,457,710   Mansfield Township, NJ BANs, 3.500%, 10/28/2019 5,484,943
7,620,040   Matawan Borough, NJ BANs, 2.000%, 6/4/2020 7,640,233
4,510,000   Mendham Twp., NJ BANs, 2.500%, 5/15/2020 4,542,084
3,650,000   Middletown Township, NJ BANs, 2.750%, 6/26/2019 3,651,838
2,618,000   Millstone Township, NJ BANs, 2.500%, 5/1/2020 2,633,733
2,250,000   Montville Township, NJ BANs, 3.000%, 10/3/2019 2,256,207
5,014,921   Mountainside, NJ BANs, 2.500%, 5/1/2020 5,043,259
7,400,000   New Jersey Economic Development Authority (Yeshiva of North Jersey), (Series 2018) Weekly VRDNs, (Valley National Bank LOC), 1.720%, 6/6/2019 7,400,000
3,630,000   New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs, (Valley National Bank LOC), 1.720%, 6/6/2019 3,630,000
435,000   New Jersey EDA (Geriatric Services Housing Corp., Inc.—(CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs, (Valley National Bank LOC), 1.790%, 6/5/2019 435,000
2,800,000   New Jersey EDA (Rose Hill Associates LLC), (Series 2000) Weekly VRDNs, (TD Bank, N.A. LOC), 1.520%, 6/7/2019 2,800,000
1,440,000   New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.670%, 6/7/2019 1,440,000
4,315,000   New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series 1997) Weekly VRDNs, (Valley National Bank LOC), 1.740%, 6/5/2019 4,315,000
4,800,000   New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs, (Valley National Bank LOC), 1.720%, 6/6/2019 4,800,000
2,173,223   Old Tappan, NJ BANs, 3.000%, 9/27/2019 2,178,929
15,758,695   Perth Amboy, NJ BANs, 4.000%, 1/9/2020 15,944,531
4,654,000   Pleasantville, NJ, (Series 2018A) BANs, 2.750%, 8/14/2019 4,660,935
4,373,000   Ramsey, NJ BANs, 2.125%, 6/5/2020 4,389,005
6,503,300   Ramsey, NJ BANs, 3.250%, 1/10/2020 6,544,098
6,454,400   Ringwood Borough, NJ BANs, 2.375%, 4/10/2020 6,485,661
7,145,851   Rockaway Borough, NJ BANs, 3.000%, 9/13/2019 7,163,789
15,000,000   Saddle Brook Township, NJ BANs, 2.250%, 5/29/2020 15,086,225
4,045,390   Sea Girt, NJ BANs, 3.500%, 10/23/2019 4,064,893
6,507,398   South Plainfield, NJ BANs, 2.500%, 4/24/2020 6,547,455
3,886,895   Southampton Township, NJ, (Series A) BANs, 3.000%, 7/15/2019 3,891,720
4,639,302   Stanhope, NJ BANs, 2.000%, 10/21/2019 4,642,833
2,949,477   Union Beach, NJ BANs, 3.250%, 11/5/2019 2,959,998
3,748,500   Upper Freehold Township, NJ BANs, 2.500%, 3/27/2020 3,767,479
3,035,894   Ventnor, NJ BANs, 3.500%, 10/29/2019 3,049,905
6,992,400   Vernon Township, NJ BANs, 2.500%, 3/20/2020 7,022,598
5,413,356   Wantage Township, NJ BANs, 3.500%, 10/30/2019 5,437,465
8,865,257   West Orange Township, NJ BANs, 2.250%, 5/15/2020 8,906,793
5,144,100   Westville, NJ BANs, 2.500%, 5/5/2020 5,174,486
    TOTAL 322,557,267
    New Mexico—0.1%  
3,400,000   Albuquerque, NM IDRB (El Encanto, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.560%, 6/1/2019 3,400,000
    New York—6.5%  
3,372,529   Argyle, NY CSD BANs, 3.000%, 6/6/2019 3,372,982
7
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    New York—continued  
$38,357,295   Binghamton, NY, (Series B) BANs, 3.500%, 4/17/2020 $38,935,823
10,000,000   Copiague, NY Union Free School District TANs, 2.750%, 6/25/2019 10,005,523
3,512,000   Corning, NY (Town of), (Series 2018A) BANs, 2.750%, 8/14/2019 3,517,019
5,000,000   Elba, NY, (Series 2018A) BANs, 2.750%, 11/26/2019 5,000,000
4,500,000   Elmont, NY Union Free School District TANs, 2.750%, 6/20/2019 4,501,966
11,979,694   Gananda, NY CSD BANs, 3.000%, 6/21/2019 11,987,106
4,675,000   Harrisville, NY CSD BANs, 2.750%, 6/28/2019 4,677,542
5,590,000   Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs, (FNMA LOC), 1.520%, 6/6/2019 5,590,000
9,795,095   Lyons, NY CSD BANs, 2.750%, 6/28/2019 9,801,138
3,000,000   Mineola, NY Union Free School District TANs, 3.000%, 6/20/2019 3,001,387
6,000,000   Morrisville-Eaton, NY CSD, (Series B) BANs, 3.000%, 6/28/2019 6,003,938
5,350,000   Mount Pleasant, NY CSD BANs, 2.750%, 6/28/2019 5,353,313
13,500,000   Nassau County, NY IDA (Clinton Plaza Senior Housing), (Series 2004) Weekly VRDNs, (FNMA LOC), 1.500%, 6/6/2019 13,500,000
2,232,680   New Paltz, NY, (Series 2018B) BANs, 3.000%, 9/18/2019 2,238,884
4,005,000   New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs, (Citibank N.A., New York LOC), 1.510%, 6/6/2019 4,005,000
24,880,000   New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs, (NatWest Markets PLC LOC), 1.500%, 6/5/2019 24,880,000
1,000,000   New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 2.270%, 6/3/2019 1,000,000
15,000,000   New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 1.800%, Mandatory Tender 6/5/2019 15,000,000
5,000,000   Newfield, NY CSD BANs, 3.000%, 6/27/2019 5,002,627
2,991,600   Oriskany, NY CSD BANs, 2.750%, 7/12/2019 2,994,070
3,000,000   Plattsburgh (Town Of), NY BANs, 2.750%, 8/23/2019 3,005,014
3,400,000   Port Authority of New York and New Jersey, (Series A), CP, 1.570%, Mandatory Tender 8/15/2019 3,400,000
12,040,000   Port Authority of New York and New Jersey, (Series A), CP, 1.650%, Mandatory Tender 7/11/2019 12,040,000
16,950,000   Port Authority of New York and New Jersey, (Series A), CP, 1.650%, Mandatory Tender 8/8/2019 16,950,000
1,246,628   Rome, NY, (2018 Series B) BANs, 2.750%, 8/30/2019 1,248,430
5,000,000   Seaford, NY Union Free School District TANs, 2.750%, 6/26/2019 5,002,706
5,000,000   Sewanhaka, NY Central High School District TANs, 2.750%, 6/21/2019 5,002,300
2,600,000   Whitesboro, NY CSD BANs, 2.750%, 6/28/2019 2,601,508
    TOTAL 229,618,276
    North Carolina—1.1%  
25,100,000   Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 1.630%, 6/5/2019 25,100,000
5,530,000   North Carolina State Capital Improvement (North Carolina State), Stage Trust (Series 2011-136C) TOBs, (Wells Fargo Bank, N.A. LIQ), 1.690%, Optional Tender 7/25/2019 5,530,000
6,800,000   Union County, NC Enterprise Systems, Solar Eclipse (Series 2017-0051) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 6,800,000
    TOTAL 37,430,000
    Ohio—1.6%  
4,250,000   Athens, OH City School District BANs, 3.000%, 6/26/2019 4,252,160
2,342,000   Bay Village, OH BANs, 3.000%, 6/7/2019 2,342,377
30,470,000   Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 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), 1.570%, 6/6/2019 8,600,000
2,000,000   Plain City Village, OH BANs, 3.000%, 11/12/2019 2,010,173
2,630,000   Tiffin, OH BANs, 3.000%, 6/21/2019 2,631,412
7,000,000   Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs, (AgriBank FCB LOC), 1.500%, 6/6/2019 7,000,000
    TOTAL 57,306,122
8
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Oregon—0.9%  
$12,185,000   Oregon State Housing and Community Services Department,
(2004 Series B) Weekly VRDNs, (Bank of America N.A. LIQ), 1.500%, 6/6/2019 		$12,185,000
10,000,000   Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001A) Weekly VRDNs, (Cooperative Rabobank UA LOC), 1.510%, 6/6/2019 10,000,000
10,000,000   Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001C) Weekly VRDNs, (Cooperative Rabobank UA LOC), 1.510%, 6/6/2019 10,000,000
    TOTAL 32,185,000
    Pennsylvania—4.6%  
107,005,000   Allegheny County, PA HDA (UPMC Health System), PUTTERs (Series 5011) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 2.280%, 6/3/2019 107,005,000
10,535,000   Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.470%, 6/6/2019 10,535,000
5,000,000   Berks County, PA Municipal Authority (Tower Health), Golden Blue (Series 2018-001) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 5,000,000
8,000,000   Deforest, WI ASD BANs, 3.000%, 12/18/2019 8,017,280
6,420,000   Lehigh County, PA General Purpose Authority (St. Luke's University Health Network), Golden Blue 3a-7 (Series 2019-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 6,420,000
12,500,000   Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 1.500%, 6/6/2019 12,500,000
11,500,000   Pennsylvania Infrastructure Investment Authority, (Series 2019A) UNCPXs, 1.900%, Mandatory Tender 7/31/2019 11,500,000
500,000   Philadelphia, PA Airport System, Tender Option Bond Trust Receipts (Series 2018-XG0159) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.490%, 6/6/2019 500,000
    TOTAL 161,477,280
    Rhode Island—0.1%  
3,095,000   Rhode Island State Health and Educational Building Corp. (CVS-Highlander Charter School, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.450%, 6/5/2019 3,095,000
    South Carolina—0.9%  
10,500,000   Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 1.620%, 6/5/2019 10,500,000
10,100,000   Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 1.620%, 6/5/2019 10,100,000
4,840,000   Berkeley County, SC School District, Solar Eclipse (Series 2017-0030) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/15/2019 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) TOBs, (GTD by South Carolina School District Credit Enhancement Program)/(U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/1/2019 6,000,000
730,000   South Carolina Jobs-EDA (ACI Industries LLC), (Series 2007) Weekly VRDNs, (Bank of America N.A. LOC), 1.610%, 6/6/2019 730,000
    TOTAL 32,170,000
    South Dakota—0.1%  
3,000,000   South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs, (CoBank, ACB LOC), 1.500%, 6/6/2019 3,000,000
    Tennessee—0.9%  
25,320,000   Memphis-Shelby County, TN Industrial Development Board—PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs, (GTD by Nucor Corp.), 1.620%, 6/5/2019 25,320,000
5,000,000   Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.530%, 6/7/2019 5,000,000
    TOTAL 30,320,000
    Texas—11.2%  
22,600,000   Brazos River Harbor, TX Navigation District of Brazoria County
(BASF Corp.), (Series 1996) Weekly VRDNs, 1.450%, 6/5/2019 		22,600,000
15,800,000   Brazos River Harbor, TX Navigation District of Brazoria County
(BASF Corp.), (Series 1997) Weekly VRDNs, 1.450%, 6/5/2019 		15,800,000
30,000,000   Calhoun, TX Port Authority (BP PLC), (Series 1998) Weekly VRDNs, 1.450%, 6/5/2019 30,000,000
2,950,000   Dalhart, TX Economic Development Corp. (Northside Farms LLC), (Series 2005) Weekly VRDNs, (AgriBank FCB LOC), 1.510%, 6/6/2019 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), 1.530%, 6/6/2019 2,100,000
5,495,000   Frisco, TX ISD, Solar Eclipse Certificates (Series 2019-0002) TOBs, (GTD by Texas PSFG Program)/(U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/22/2019 5,495,000
9
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Texas—continued  
$16,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Golden Blue (Series 3a-7) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 $16,000,000
14,070,000   Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Floating Rate Certificates (Series 2018-010) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 14,070,000
6,000,000   Houston, TX Combined Utility System, (Series B-4), CP, (State Street Bank and Trust Co. LIQ), 1.700%, Mandatory Tender 6/20/2019 6,000,000
12,795,000   Houston, TX Housing Finance Corp. (Regency Park Apartments), (Series 2007) Weekly VRDNs, (FNMA LOC), 1.440%, 6/5/2019 12,795,000
4,000,000   Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 1.620%, 6/5/2019 4,000,000
12,500,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs, 1.550%, 6/5/2019 12,500,000
13,200,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2005) Weekly VRDNs, 1.550%, 6/5/2019 13,200,000
42,000,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs, 1.550%, 6/5/2019 42,000,000
33,600,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs, 1.550%, 6/5/2019 33,600,000
43,000,000   Port of Port Arthur Navigation District of Jefferson County, TX (Emerald Renewable Diesel LLC), (Series 2018) TOBs, (GTD by
United States Treasury), 1.900%, Mandatory Tender 10/3/2019 		43,000,000
15,000,000   Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs,
(FNMA LOC), 1.550%, 6/6/2019 		15,000,000
56,290,000   Texas State, (Series 2018) TRANs, 4.000%, 8/29/2019 56,578,828
12,695,000   Texas State, Veterans Bonds (Series 2016) Weekly VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.430%, 6/5/2019 12,695,000
27,025,000   Texas State, Veterans Bonds, Series 2019 Weekly VRDNs,
(JPMorgan Chase Bank, N.A. LIQ), 1.450%, 6/6/2019 		27,025,000
10,600,000   Texas State, Veterans' Housing Assistance Program, Fund II (Series 2005A) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.480%, 6/5/2019 10,600,000
    TOTAL 398,008,828
    Utah—2.5%  
89,675,000   Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) VRENs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.590%, 6/6/2019 89,675,000
730,000   Salt Lake County, UT Training Facilities (Community Foundation For The Disabled, Inc.), (Series 2000) Weekly VRDNs, (Wells Fargo Trust Bank LOC), 1.610%, 6/6/2019 730,000
    TOTAL 90,405,000
    Virginia—0.6%  
3,100,000   Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.570%, 6/6/2019 3,100,000
19,465,000   Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) TOBs, (Citibank N.A., New York LIQ), 1.620%, Optional Tender 6/6/2019 19,465,000
    TOTAL 22,565,000
    Washington—1.6%  
2,035,000   Kitsap County, WA IDC (Cara Land Co., LLC), (Series 2006) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.660%, 6/6/2019 2,035,000
8,780,000   Port of Seattle, WA Revenue, Tender Option Bond Trust Certificates (Series 2018-XF2630) Weekly VRDNs, (Credit Suisse AG LIQ), 1.520%, 6/6/2019 8,780,000
2,100,000   Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 1.530%, 6/6/2019 2,100,000
8,300,000   Washington State Housing Finance Commission (Inglenook Court LLC), (Series 1995) Weekly VRDNs, (FHLMC LOC), 1.440%, 6/5/2019 8,300,000
10,790,000   Washington State Housing Finance Commission (Merrill Gardens at Renton Centre, LLC), Series 2004A) Weekly VRDNs, (FNMA LOC), 1.440%, 6/6/2019 10,790,000
25,000,000   Washington State Housing Finance Commission (Merrill Gardens at University Village, LLC), (Series 2007A) Weekly VRDNs, (FNMA LOC), 1.430%, 6/6/2019 25,000,000
    TOTAL 57,005,000
    Wisconsin—0.2%  
1,000,000   Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.560%, 6/6/2019 1,000,000
1,075,000   West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.620%, 6/6/2019 1,075,000
3,500,000   Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs, (FHLB of Des Moines LOC), 1.640%, 6/6/2019 3,500,000
    TOTAL 5,575,000
    Wyoming—0.7%  
9,800,000   Lincoln County, WY (Exxon Capital Ventures, Inc.), (Series 2014) Daily VRDNs, (GTD by Exxon Mobil Corp.), 2.350%, 6/3/2019 9,800,000
10
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Wyoming—continued  
$16,600,000   Sweetwater County, WY Environmental Improvement (Pacificorp), (Series 1995) Daily VRDNs, 2.310%, 6/3/2019 $16,600,000
    TOTAL 26,400,000
    TOTAL INVESTMENT IN SECURITIES—100.2%
(AT AMORTIZED COST)2 		3,555,890,715
    OTHER ASSETS AND LIABILITIES - NET—(0.2)%3 (8,263,137)
    TOTAL NET ASSETS—100% $3,547,627,578
Securities that are subject to the federal alternative minimum tax (AMT) represent 57.0% of the portfolio as calculated based upon total market value (percentage is unaudited).
1 Current rate and current maturity or next reset date shown for floating 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 Also represents cost for federal tax purposes.
3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
Note: The categories of investments are shown as a percentage of total net assets at May 31, 2019.
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 May 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronyms are used throughout this portfolio:
BANs —Bond Anticipation Notes
CP —Commercial Paper
CSD —Central School District
EDA —Economic Development Authority
EDC —Economic Development Commission
EDFA —Economic Development Finance Authority
EDRB —Economic Development Revenue Bond
FHLB —Federal Home Loan Bank
FHLMC —Federal Home Loan Mortgage Corporation
FNMA —Federal National Mortgage Association
FRNs —Floating Rate Notes
GTD —Guaranteed
HDA —Hospital Development Authority
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
ISD —Independent School District
LIQ —Liquidity Agreement
LOC —Letter of Credit
MFH —Multi-Family Housing
PCFA —Pollution Control Finance Authority
PCR —Pollution Control Revenue
11
PCRB(s) —Pollution Control Revenue Bond(s)
PSFG —Permanent School Fund Guarantee
PUTTERs —Puttable Tax-Exempt Receipts
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
See Notes which are an integral part of the Financial Statements
12

 

 

 

 

 

 

 

 

 

 

Federated Prime Cash Obligations Fund
Portfolio of Investments
April 30, 2019 (unaudited)
Principal
Amount
or Shares 		    Value
    ASSET-BACKED SECURITIES—0.2%  
    Finance - Automotive—0.2%  
$ 38,595,002   AmeriCredit Automobile Receivables Trust 2019-1, Class A1, 2.659%, 3/18/2020 $38,595,002
19,205,111   Westlake Automobile Receivables Trust 2019-1, Class A1, 2.768%, 2/18/2020 19,205,111
    TOTAL ASSET-BACKED SECURITIES 57,800,113
    CERTIFICATES OF DEPOSIT—8.3%  
    Finance - Banking—8.3%  
190,000,000   Bank of Montreal, 2.690%—2.700%, 3/9/2020 - 3/19/2020 190,000,000
25,000,000   Canadian Imperial Bank of Commerce, 2.760%, 6/25/2019 25,000,000
100,000,000   MUFG Bank Ltd., 2.690%, 8/21/2019 99,173,974
160,000,000   MUFG Bank Ltd., 2.700%—2.900%, 5/1/2019 - 5/29/2019 160,000,000
130,000,000   Mizuho Bank Ltd., 2.610%—2.800%, 5/7/2019 - 7/15/2019 130,000,000
103,000,000   Mizuho Bank Ltd., 2.640%, 6/19/2019 102,631,965
40,000,000   Mizuho Bank Ltd., 2.650%—2.670%, 5/20/2019 - 6/21/2019 39,909,066
275,000,000   Mizuho Bank Ltd., 2.655%—2.690%, 6/17/2019 - 7/22/2019 274,190,324
25,000,000   Mizuho Bank Ltd., 2.750%, 5/7/2019 24,988,619
50,000,000   Nordea Bank Abp, 2.620%, 9/11/2019 50,000,000
26,750,000   Sumitomo Mitsui Banking Corp., 2.700%, 5/3/2019 26,749,021
315,500,000   Sumitomo Mitsui Trust Bank Ltd., 2.450%—2.600%, 5/1/2019 - 7/12/2019 315,500,000
100,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.600%, 7/26/2019 100,000,000
75,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.700%, 7/11/2019 74,604,128
150,000,000   Toronto Dominion Bank, 2.600%, 10/1/2019 150,000,000
15,000,000   Toronto Dominion Bank, 2.660%, 12/2/2019 15,000,000
40,000,000   Wells Fargo Bank International, 2.700%, 9/23/2019 40,000,000
    TOTAL CERTIFICATES OF DEPOSIT 1,817,747,097
  1 COMMERCIAL PAPER—23.4%  
    Consumer Products—0.6%  
140,000,000   Philip Morris International, Inc., 2.633%—2.634%, 6/27/2019 139,421,450
    Finance - Banking—8.1%  
208,238,000   Albion Capital LLC, (MUFG Bank Ltd. LIQ), 2.597%—2.610%, 6/17/2019 - 7/25/2019 206,994,740
50,000,000   Banque et Caisse d'Epargne de L'Etat, 2.574%, 8/28/2019 49,578,542
145,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.595%—3.060%, 7/1/2019 - 4/6/2020 143,244,673
50,000,000   Cancara Asset Securitization LLC, (Bank of Scotland, Edinburgh LIQ)/(Lloyds Bank PLC, London LIQ), 2.550%, 5/13/2019 49,957,667
275,000,000   Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 2.567%—2.578%, 6/11/2019 - 7/17/2019 273,944,215
143,000,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 2.501%—2.560%, 5/7/2019 - 6/10/2019 142,729,757
100,000,000   MUFG Bank Ltd., 2.617%, 5/8/2019 99,949,444
13,900,000   Malayan Banking Berhad, New York—CPLOC, (Wells Fargo Bank, N.A. LOC), 2.665%, 10/21/2019 13,724,323
145,867,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.529%—2.575%, 5/2/2019 - 6/6/2019 145,655,387
325,000,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.566%—2.598%, 5/22/2019 - 7/12/2019 323,895,896
4,250,000   Nordea Bank Abp, 2.581%, 5/13/2019 4,246,366
40,000,000   Nordea Bank Abp, 2.593%, 10/4/2019 39,556,267
180,000,000   Sumitomo Mitsui Banking Corp., 2.635%—2.690%, 7/1/2019 - 9/9/2019 178,668,542
39,700,000   Toronto Dominion Bank, 2.572%, 7/16/2019 39,485,863
75,000,000   Westpac Banking Corp. Ltd., Sydney, 3.102%, 11/1/2019 73,846,167
    TOTAL 1,785,477,849
    Finance - Commercial—1.2%  
105,855,000   CAFCO, LLC, 2.567%—2.578%, 6/19/2019 - 7/29/2019 105,253,315
1
Principal
Amount
or Shares 		    Value
  1 COMMERCIAL PAPER—continued  
    Finance - Commercial—continued  
$149,250,000   CRC Funding, LLC, 2.628%—2.953%, 5/1/2019 - 8/7/2019 $148,907,767
    TOTAL 254,161,082
    Finance - Retail—7.2%  
790,250,000   Chariot Funding LLC, 2.655%—2.996%, 5/13/2019 - 3/9/2020 781,105,483
60,000,000   Old Line Funding, LLC, 2.623%, 6/25/2019 59,761,667
105,000,000   Old Line Funding, LLC, 2.798%—2.984%, 5/15/2019 - 11/4/2019 104,138,639
473,000,000   Sheffield Receivables Company LLC, 2.635%—2.697%, 6/14/2019 - 8/15/2019 470,150,630
50,000,000   Starbird Funding Corp., 2.566%, 6/10/2019 49,858,333
126,538,000   Thunder Bay Funding, LLC, 2.638%—3.070%, 9/20/2019 - 9/25/2019 125,147,465
    TOTAL 1,590,162,217
    Finance - Securities—4.5%  
180,000,000   Anglesea Funding LLC, 2.607%—2.644%, 7/8/2019 - 9/27/2019 178,511,825
100,000,000   Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.481%, 5/2/2019 99,993,111
220,000,000   Collateralized Commercial Paper Co. LLC, 2.620%—2.994%, 6/19/2019 - 11/25/2019 217,426,425
271,000,000   Collateralized Commercial Paper FLEX Co., LLC, 2.651%—2.974%, 7/10/2019 - 10/22/2019 268,587,842
85,000,000   Collateralized Commercial Paper II Co. LLC, 2.598%—3.231%, 7/1/2019 - 11/25/2019 84,269,525
43,000,000   Great Bridge Capital Co., LLC, 2.631%—2.642%, 5/31/2019 - 6/21/2019 42,867,758
100,000,000   Longship Funding LLC, 2.565%—2.578%, 5/3/2019 - 7/1/2019 99,776,028
    TOTAL 991,432,514
    Sovereign—1.8%  
400,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 2.568%—2.603%, 7/21/2019 - 9/21/2019 397,339,139
    TOTAL COMMERCIAL PAPER 5,157,994,251
    CORPORATE NOTE—0.1%  
    Finance - Banking—0.1%  
16,550,000   Commonwealth Bank of Australia, 2.300%, 3/12/2020 16,498,899
  2 NOTES - VARIABLE—29.8%  
    Finance - Banking—22.8%  
99,600,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.687% (1-month USLIBOR +0.200%), 5/20/2019 99,600,000
124,500,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.701% (1-month USLIBOR +0.200%), 5/1/2019 124,500,000
149,500,000   Bank of Montreal, 2.634% (1-month USLIBOR +0.160%), 5/7/2019 149,500,000
50,000,000   Bank of Montreal, 2.657% (1-month USLIBOR +0.180%), 5/28/2019 50,000,000
75,000,000   Bank of Montreal, 2.679% (1-month USLIBOR +0.200%), 5/7/2019 75,000,000
50,000,000   Bank of Montreal, 2.681% (1-month USLIBOR +0.200%), 5/10/2019 50,000,000
75,000,000   Bank of Montreal, 2.702% (3-month USLIBOR +0.100%), 6/25/2019 75,000,000
25,000,000   Bank of Montreal, 2.774% (1-month USLIBOR +0.300%), 5/7/2019 25,000,000
65,000,000   Bank of Montreal, 2.777% (1-month USLIBOR +0.300%), 5/7/2019 65,000,000
100,000,000   Bank of Montreal, 2.884% (1-month USLIBOR +0.400%), 5/13/2019 100,000,000
70,000,000   Bank of Nova Scotia, Toronto, 2.781% (1-month USLIBOR +0.300%), 5/24/2019 70,000,000
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.633% (1-month USLIBOR +0.160%), 5/13/2019 30,000,000
65,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.681% (1-month USLIBOR +0.200%), 5/10/2019 65,000,000
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.717% (1-month USLIBOR +0.240%), 5/28/2019 20,000,000
50,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.719% (3-month USLIBOR +0.130%), 7/8/2019 50,000,000
50,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.721% (1-month USLIBOR +0.240%), 5/10/2019 50,000,000
25,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.743% (3-month USLIBOR +0.130%), 6/21/2019 25,000,000
25,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.772% (1-month USLIBOR +0.290%), 5/13/2019 25,000,000
10,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.794% (1-month USLIBOR +0.320%), 5/17/2019 10,000,000
19,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.807% (1-month USLIBOR +0.320%), 5/23/2019 19,000,000
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.811% (1-month USLIBOR +0.330%), 5/24/2019 20,000,000
3,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.814% (1-month USLIBOR +0.340%), 5/7/2019 3,000,000
2
Principal
Amount
or Shares 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$38,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.829% (3-month USLIBOR +0.220%), 6/27/2019 $38,000,000
100,000,000   Canadian Imperial Bank of Commerce, 2.654% (1-month USLIBOR +0.180%), 5/7/2019 100,000,000
100,000,000   Canadian Imperial Bank of Commerce, 2.659% (1-month USLIBOR +0.180%), 5/2/2019 100,000,000
140,000,000   Canadian Imperial Bank of Commerce, 2.677% (1-month USLIBOR +0.190%), 5/22/2019 140,000,000
50,000,000   Canadian Imperial Bank of Commerce, 2.719% (3-month USLIBOR +0.130%), 7/8/2019 50,000,000
105,000,000   Canadian Imperial Bank of Commerce, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 105,000,000
10,000,000   Canadian Imperial Bank of Commerce, 2.774% (1-month USLIBOR +0.300%), 5/7/2019 10,000,000
125,000,000   Canadian Imperial Bank of Commerce, 2.824% (1-month USLIBOR +0.350%), 5/8/2019 125,000,000
30,000,000   Canadian Imperial Bank of Commerce, 2.861% (1-month USLIBOR +0.380%), 5/10/2019 30,000,000
100,000,000   Canadian Imperial Bank of Commerce, 2.867% (1-month USLIBOR +0.380%), 5/20/2019 100,000,000
252,000,000   Canadian Imperial Bank of Commerce, 2.893% (1-month USLIBOR +0.400%), 5/3/2019 252,000,000
7,165,000   Capital Markets Access Co. LC, West Broad Holdings, LLC Series 2007, (Wells Fargo Bank, N.A. LOC), 2.520%, 5/2/2019 7,165,000
3,700,000   Charlotte Christian School, Series 1999, (Wells Fargo Bank, N.A. LOC), 2.520%, 5/1/2019 3,700,000
50,000,000   Commonwealth Bank of Australia, 2.672% (1-month USLIBOR +0.200%), 5/9/2019 50,000,000
50,000,000   Commonwealth Bank of Australia, 2.703% (1-month USLIBOR +0.220%), 5/28/2019 50,000,000
3,570,000   Corporate Finance Managers, Inc., Series B, (Wells Fargo Bank, N.A. LOC), 2.480%, 5/2/2019 3,570,000
35,000,000   Credit Suisse AG, 2.910% (Secured Overnight Financing Rate +0.430%), 5/1/2019 35,000,221
6,880,000   Dynetics, Inc., Series 2010-A, (Branch Banking & Trust Co. LOC), 2.500%, 5/2/2019 6,880,000
7,000,000   Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 2.500%, 5/2/2019 7,000,000
2,580,000   Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 2.500%, 5/2/2019 2,580,000
4,265,000   Guiding Light Church, Series 2005, (Wells Fargo Bank, N.A. LOC), 2.530%, 5/2/2019 4,265,000
15,635,000   Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 2.480%, 5/2/2019 15,635,000
60,000,000   J.P. Morgan Securities LLC, 2.663% (1-month USLIBOR +0.190%), 5/14/2019 60,000,000
3,000,000   Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 2.520%, 5/2/2019 3,000,000
1,045,000   Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 2.500%, 5/2/2019 1,045,000
100,000,000   National Australia Bank Ltd., Melbourne, 2.701% (3-month USLIBOR +0.100%), 7/1/2019 100,000,000
33,750,000   National Australia Bank Ltd., Melbourne, Sr. Note, 144A, 2.869% (3-month USLIBOR +0.240%), 5/29/2019 33,767,447
19,670,000   Osprey Properties Limited Partnership, LLP & Nighthawk Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), 2.480%, 5/2/2019 19,670,000
29,435,000   Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), 2.500%, 5/2/2019 29,435,000
7,284,700   Partisan Property, Inc., Series 2014, (Wells Fargo Bank, N.A. LOC), 2.550%, 5/1/2019 7,284,700
40,350,000   Pepper I-Prime 2018-2 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.849% (1-month USLIBOR +0.350%), 5/13/2019 40,350,000
40,000,000   Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.879% (1-month USLIBOR +0.350%), 5/14/2020 40,000,000
30,500,000   Pepper Residential Securities Trust No. 19, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.843% (1-month USLIBOR +0.350%), 5/13/2019 30,500,000
60,000,000   Royal Bank of Canada, 2.637% (1-month USLIBOR +0.160%), 5/6/2019 60,000,000
25,000,000   Royal Bank of Canada, 2.673% (1-month USLIBOR +0.200%), 5/15/2019 25,000,000
40,000,000   Royal Bank of Canada, 2.680% (Secured Overnight Financing Rate +0.220%), 6/18/2019 40,000,000
50,000,000   Royal Bank of Canada, 2.694% (1-month USLIBOR +0.210%), 5/13/2019 50,000,000
50,000,000   Royal Bank of Canada, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 50,000,000
59,000,000   Royal Bank of Canada, 2.799% (3-month USLIBOR +0.210%), 7/8/2019 59,000,000
134,500,000   Royal Bank of Canada, 2.806% (3-month USLIBOR +0.210%), 7/3/2019 134,500,000
50,000,000   Royal Bank of Canada, 2.843% (1-month USLIBOR +0.360%), 5/30/2019 50,000,000
80,000,000   Royal Bank of Canada, 2.853% (1-month USLIBOR +0.380%), 5/13/2019 80,000,000
20,000,000   Royal Bank of Canada, 2.884% (3-month USLIBOR +0.200%), 5/15/2019 20,000,000
15,000,000   SSAB AB (publ), Series 2015-A, (DNB Bank ASA LOC), 2.500%, 5/2/2019 15,000,000
5,020,000   Spira Millenium LLC, Series 2001, (Bank of America N.A. LOC), 2.480%, 5/2/2019 5,020,000
5,920,000   St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 2.550%, 5/2/2019 5,920,000
100,000,000   State Street Bank and Trust Co., 2.743% (1-month USLIBOR +0.270%), 5/15/2019 100,000,000
3
Principal
Amount
or Shares 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$100,000,000   Sumitomo Mitsui Banking Corp., 2.784% (1-month USLIBOR +0.300%), 5/13/2019 $100,000,000
100,000,000 3 Sumitomo Mitsui Banking Corp., 2.784% (1-month USLIBOR +0.310%), 5/8/2019 100,000,000
70,000,000   Sumitomo Mitsui Banking Corp., 2.787% (1-month USLIBOR +0.310%), 5/7/2019 70,000,000
100,000,000   Sumitomo Mitsui Banking Corp., 2.803% (1-month USLIBOR +0.320%), 5/28/2019 100,000,000
100,000,000   Sumitomo Mitsui Banking Corp., 2.813% (1-month USLIBOR +0.320%), 5/3/2019 100,000,000
1,215,000   Sun Valley, Inc., (Wells Fargo Bank, N.A. LOC), 2.520%, 5/3/2019 1,215,000
80,000,000   Toronto Dominion Bank, 2.713% (1-month USLIBOR +0.230%), 5/28/2019 80,000,000
60,000,000   Toronto Dominion Bank, 2.823% (1-month USLIBOR +0.350%), 5/13/2019 60,000,000
110,000,000   Toronto Dominion Bank, 2.848% (1-month USLIBOR +0.370%), 5/28/2019 110,000,000
60,000,000   Toronto Dominion Bank, 2.948% (3-month USLIBOR +0.210%), 5/6/2019 60,000,000
5,700,000   Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 2.470%, 5/1/2019 5,700,000
25,000,000   Wells Fargo Bank, N.A., 2.811% (3-month USLIBOR +0.160%), 5/22/2019 25,000,000
73,500,000   Westpac Banking Corp. Ltd., Sydney, 2.662% (1-month USLIBOR +0.190%), 5/9/2019 73,500,000
75,000,000   Westpac Banking Corp. Ltd., Sydney, 2.697% (1-month USLIBOR +0.210%), 5/20/2019 75,000,000
75,000,000   Westpac Banking Corp. Ltd., Sydney, 2.720% (Effective Fed Funds +0.270%), 5/1/2019 75,000,000
100,000,000   Westpac Banking Corp. Ltd., Sydney, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 100,000,000
20,000,000   Westpac Banking Corp. Ltd., Sydney, 2.750% (Effective Fed Funds +0.300%), 5/1/2019 20,000,000
25,000,000   Westpac Banking Corp. Ltd., Sydney, 2.761% (1-month USLIBOR +0.280%), 5/24/2019 25,000,000
100,000,000   Westpac Banking Corp. Ltd., Sydney, 2.767% (3-month USLIBOR +0.170%), 7/15/2019 99,985,808
25,000,000   Westpac Banking Corp. Ltd., Sydney, 2.773% (1-month USLIBOR +0.300%), 5/13/2019 25,000,000
44,500,000   Westpac Banking Corp. Ltd., Sydney, 2.780% (3-month USLIBOR +0.180%), 7/2/2019 44,500,000
125,000,000   Westpac Banking Corp. Ltd., Sydney, 2.793% (1-month USLIBOR +0.320%), 5/15/2019 125,000,000
50,000,000   Westpac Banking Corp. Ltd., Sydney, 2.916% (3-month USLIBOR +0.180%), 5/1/2019 50,000,000
    TOTAL 5,020,788,176
    Finance - Commercial—2.0%  
50,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.673% (1-month USLIBOR +0.200%), 5/14/2019 50,000,000
99,500,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.673% (1-month USLIBOR +0.200%), 5/15/2019 99,500,000
15,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.674% (1-month USLIBOR +0.200%), 5/6/2019 15,000,000
60,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.677% (1-month USLIBOR +0.200%), 5/6/2019 60,000,000
125,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.682% (1-month USLIBOR +0.027%), 5/13/2019 125,000,000
50,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.702% (1-month USLIBOR +0.200%), 5/1/2019 50,000,000
50,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.707% (1-month USLIBOR +0.230%), 5/6/2019 50,000,000
    TOTAL 449,500,000
    Finance - Retail—2.4%  
100,000,000   Chariot Funding LLC, 2.683% (1-month USLIBOR +0.190%), 5/1/2019 100,000,000
64,500,000   Chariot Funding LLC, 2.691% (1-month USLIBOR +0.210%), 5/24/2019 64,500,000
4,985,914   Holmes Master Issuer PLC 2018-2A, Class A1, 2.834% (1-month USLIBOR +0.350%), 5/15/2019 4,985,914
45,000,000   Old Line Funding, LLC, 2.663% (1-month USLIBOR +0.180%), 5/28/2019 45,000,000
50,000,000   Old Line Funding, LLC, 2.771% (1-month USLIBOR +0.290%), 7/10/2019 50,000,000
68,000,000   Old Line Funding, LLC, 2.781% (1-month USLIBOR +0.300%), 5/10/2019 68,000,000
50,000,000   Old Line Funding, LLC, 2.781% (1-month USLIBOR +0.300%), 5/10/2019 50,000,000
90,000,000   Old Line Funding, LLC, 2.843% (1-month USLIBOR +0.350%), 5/3/2019 90,000,000
50,000,000   Thunder Bay Funding, LLC, 2.781% (1-month USLIBOR +0.300%), 5/10/2019 50,000,000
    TOTAL 522,485,914
    Finance - Securities—1.7%  
50,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.694% (1-month USLIBOR +0.220%), 5/17/2019 50,000,000
50,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.697% (1-month USLIBOR +0.220%), 5/6/2019 50,000,000
4
Principal
Amount
or Shares 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Securities—continued  
$43,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.722% (3-month USLIBOR +0.120%), 7/5/2019 $43,000,000
25,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.734% (1-month USLIBOR +0.250%), 5/13/2019 25,000,000
20,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC COL), 2.753% (1-month USLIBOR +0.280%), 5/15/2019 20,000,000
20,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC COL), 2.803% (3-month USLIBOR +0.220%), 7/30/2019 20,000,000
75,000,000   Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 2.723% (1-month USLIBOR +0.230%), 5/3/2019 75,000,000
35,000,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.702% (3-month USLIBOR +0.100%), 6/24/2019 35,000,000
30,000,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.711% (1-month USLIBOR +0.210%), 5/1/2019 30,000,000
20,000,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.712% (1-month USLIBOR +0.230%), 5/13/2019 20,000,000
    TOTAL 368,000,000
    Government Agency—0.9%  
4,925,000   Andrew Long Irrevocable Family Trust, (FHLB of Dallas LOC), 2.500%, 5/2/2019 4,925,000
2,030,000   CMR LLC, CMR LLC Project Series 2017, (FHLB of Indianapolis LOC), 2.580%, 5/2/2019 2,030,000
18,050,000   Canyon Oaks LLC, Series 2017-A Canyon Oaks Apartments, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 18,050,000
7,210,000   Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (FHLB of Indianapolis LOC), 2.500%, 5/2/2019 7,210,000
5,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 5,000,000
4,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 4,000,000
6,740,000   Mason Harrison Ratliff Enterprises, LLC, (FHLB of Dallas LOC), 2.500%, 5/2/2019 6,740,000
11,400,000   NWD 2017 Family Trust No. 1, (FHLB of Dallas LOC), 2.500%, 5/2/2019 11,400,000
23,820,000   Oakmont of Whittier LLC, Series 2014-A, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 23,820,000
35,960,000   Park Stanton Place LP, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 35,960,000
7,380,000   Phenix City, AL Downtown Redevelopment Authority, Series 2013-A, (FHLB of New York LOC), 2.500%, 5/2/2019 7,380,000
7,450,000   Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 7,450,000
5,705,000   Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (FHLB of New York LOC), 2.530%, 5/2/2019 5,705,000
11,260,000   Shawn R. Trapuzzano Irrevocable Insurance Trust, (FHLB of Pittsburgh LOC), 2.500%, 5/2/2019 11,260,000
20,400,000   Sunroad Centrum Apartments 5 LP, Centrum Apartments Project, Series 2016-A, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 20,400,000
13,600,000   Sunroad Centrum Apartments 5 LP, Centrum Apartments Project, Series 2016-B, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 13,600,000
7,680,000   The J.G. Aguirre Master Trust, (FHLB of Atlanta LOC), 2.500%, 5/2/2019 7,680,000
    TOTAL 192,610,000
    TOTAL NOTES - VARIABLE 6,553,384,090
    TIME DEPOSITS—9.8%  
    Finance - Banking—9.8%  
400,000,000   Australia & New Zealand Banking Group, Melbourne, 2.460%, 5/1/2019 400,000,000
150,000,000   Cooperatieve Rabobank UA, 2.360%, 5/1/2019 150,000,000
900,000,000   Credit Industriel et Commercial, 2.360%, 5/1/2019 900,000,000
150,000,000   DNB Bank ASA, 2.350%, 5/1/2019 150,000,000
150,000,000   Nordea Bank Abp, 2.350%, 5/1/2019 150,000,000
150,000,000   Northern Trust Co., Chicago, IL, 2.300%, 5/1/2019 150,000,000
250,000,000   Standard Chartered Bank, 2.450%, 5/2/2019 250,000,000
    TOTAL TIME DEPOSITS 2,150,000,000
    INVESTMENT COMPANY—0.1%  
26,997,500   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 2.52%4
(IDENTIFIED COST $27,000,200) 		27,000,200
    OTHER REPURCHASE AGREEMENTS—7.8%  
    Finance - Banking—7.8%  
$95,000,000   BMO Capital Markets Corp., 2.520%, dated 4/30/2019, interest in a $225,000,000 collateralized loan agreement will repurchase securities provided as collateral for $225,015,750 on 5/1/2019, in which asset-backed securities, corporate bonds, collateralized mortgage obligations and medium-term notes with a market value of $229,662,098 have been received as collateral and held with BNY Mellon as tri-party agent. 95,000,000
5
Principal
Amount
or Shares 		    Value
    OTHER REPURCHASE AGREEMENTS—continued  
    Finance - Banking—continued  
$75,000,000   BNP Paribas SA, 2.550%, dated 4/30/2019, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,012,396 on 5/1/2019, in which asset-backed securities, corporate bonds, medium-term notes, sovereign securities, treasury bills and treasury notes with a market value of $178,512,694 have been received as collateral and held with BNY Mellon as tri-party agent. $75,000,000
50,000,000   BNP Paribas SA, 2.700%, dated 2/21/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,506,250 on 5/22/2019, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $77,016,375 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
50,000,000   Citigroup Global Markets, Inc., 2.980%, dated 2/1/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $76,122,011 on 8/1/2019, in which corporate bonds and medium-term notes with a market value of $76,709,945 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
50,000,000   Citigroup Global Markets, Inc., 3.030%, dated 2/1/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $147,205,674 on 8/1/2019, in which asset-backed securities and collateralized mortgage obligations with a market value of $148,312,054 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
73,000,000   HSBC Securities (USA), Inc., 2.520%, dated 4/30/2019, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,012,250 on 5/1/2019, in which corporate bonds, medium-term notes and sovereign securities with a market value of $178,500,000 have been received as collateral and held with JPMorgan Chase as tri-party agent. 73,000,000
25,000,000   HSBC Securities (USA), Inc., 2.520%, dated 4/30/2019, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,001,750 on 5/1/2019, in which assets-backed securities with a market value of $25,500,000 have been received as collateral and held with JPMorgan Chase as tri-party agent. 25,000,000
50,000,000   ING Financial Markets LLC, 2.770%, dated 4/30/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,011,542 on 5/1/2019, in which corporate bonds and sovereign securities with a market value of $153,012,187 have been received as collateral and held with JPMorgan Chase as tri-party agent. 50,000,000
100,000,000   MUFG Securities Americas, Inc., 2.540%, dated 4/30/2019, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,014,111 on 5/1/2019, in which municipal bonds with a market value of $204,014,393 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
100,000,000   MUFG Securities Americas, Inc., 2.620%, dated 4/30/2019, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,014,556 on 5/1/2019, in which corporate bonds and unit investment trust with a market value of $204,014,847 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
40,000,000   Mizuho Securities USA, Inc., 2.850%, dated 4/30/2019, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,003,958 on 5/1/2019 in which collateralized mortgage obligations with a market value of $51,004,038 have been received as collateral and held with BNY Mellon as tri-party agent. 40,000,000
94,000,000   Mizuho Securities USA, Inc., 3.050%, dated 3/14/2018, interest in a $160,000,000 collateralized loan agreement will repurchase securities provided as collateral for $160,826,889 on 6/10/2019 in which asset-backed securities with a market value of $163,490,360 have been received as collateral and held with BNY Mellon as tri-party agent. 94,000,000
150,000,000   Societe Generale, Paris, 2.510%, dated 4/30/2019, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,017,431 on 5/1/2019, in which corporate bonds, medium-term notes and sovereign securities with a market value of $255,018,414 have been received as collateral and held with BNY Mellon as tri-party agent. 150,000,000
100,000,000   Societe Generale, Paris, 2.590%, dated 4/30/2019, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,017,986 on 5/1/2019, in which corporate bonds, medium-term notes, sovereign securities, treasury bills and treasury notes with a market value of $255,018,346 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
50,000,000   Wells Fargo Securities LLC, 2.520%, dated 4/30/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,007,000 on 5/1/2019, in which medium-term notes with a market value of $102,007,269 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
200,000,000   Wells Fargo Securities LLC, 2.570%, dated 4/25/2019, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,099,944 on 5/2/2019 in which certificates of deposit and commercial paper with a market value of $204,087,381 have been received as collateral and held with BNY Mellon as tri-party agent. 200,000,000
125,000,000   Wells Fargo Securities LLC, 2.570%, dated 4/30/2019, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $125,062,465 on 5/7/2019 in which commercial paper with a market value of $127,509,102 have been received as collateral and held with BNY Mellon as tri-party agent. 125,000,000
100,000,000   Wells Fargo Securities LLC, 2.580%, dated 4/29/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,050,167 on 5/6/2019 in which commercial paper with a market value of $102,014,620 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
85,000,000   Wells Fargo Securities LLC, 3.030%, dated 4/23/2019, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,643,875 on 7/22/2019 in which collateralized mortgage obligations with a market value of $86,758,378 have been received as collateral and held with BNY Mellon as tri-party agent. 85,000,000
100,000,000   Wells Fargo Securities LLC, 3.130%, dated 4/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,565,000 on 10/15/2019 in which asset-backed securities and collateralized mortgage obligations with a market value of $102,115,288 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS 1,712,000,000
6
Principal
Amount
or Shares 		    Value
    REPURCHASE AGREEMENTS—20.2%  
    Finance - Banking—20.2%  
$250,000,000   Repurchase agreement 2.770%, dated 4/30/2019 under which Citibank, N.A. will repurchase securities provided as collateral for $250,019,236 on 5/1/2019. 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 4/1/2049 and the market value of those underlying securities was $255,019,741. $250,000,000
500,000,000   Interest in $2,500,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $2,500,192,361 on 5/1/2019. 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 9/15/2059 and the market value of those underlying securities was $2,550,000,000. 500,000,000
1,250,000,000   Interest in $1,500,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,115,417 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/15/2055 and the market value of those underlying securities was $1,544,737,466. 1,250,000,000
500,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Societe Generale, New York will repurchase securities provided as collateral for $1,000,076,944 on 5/1/2019. 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 4/1/2049 and the market value of those underlying securities was $1,020,198,194. 500,000,000
938,000,000   Interest in $3,000,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,230,833 on 5/1/2019. 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 12/1/2048 and the market value of those underlying securities was $3,060,485,868. 938,000,000
1,000,000,000   Interest in $2,280,000,000 joint repurchase agreement 2.770%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,280,175,433 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/20/2048 and the market value of those underlying securities was $2,325,778,942. 1,000,000,000
    TOTAL REPURCHASE AGREEMENTS 4,438,000,000
    TOTAL INVESTMENT IN SECURITIES—99.7%
(AMORTIZED AND IDENTIFIED COST $21,930,424,650) 		21,930,424,650
    OTHER ASSETS AND LIABILITIES - NET—0.3%5 61,458,661
    TOTAL NET ASSETS—100% $21,991,883,311
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, 2019, were as follows:
  Federated Institutional
Prime Value
Obligations Fund,
Institutional Shares
Balance of Shares Held 7/31/2018 26,997,500
Purchases/Additions —
Sales/Reductions —
Balance of Shares Held 4/30/2019 26,997,500
Value $27,000,200
Change in Unrealized Appreciation/Depreciation —
Net Realized Gain/(Loss) —
Dividend Income $483,239
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 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, 2019, these restricted securities amounted to $100,000,000, which represented 0.5% of total net assets.
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, 2019.
7
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 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, 2019, 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:        
Asset-Backed Securities $— $57,800,113 $— $57,800,113
Certificates of Deposit — 1,817,747,097 — 1,817,747,097
Commercial Paper — 5,157,994,251 — 5,157,994,251
Corporate Note — 16,498,899 — 16,498,899
Notes-Variable — 6,553,384,090 — 6,553,384,090
Time Deposits — 2,150,000,000 — 2,150,000,000
Other Repurchase Agreements — 1,712,000,000 — 1,712,000,000
Repurchase Agreements — 4,438,000,000 — 4,438,000,000
Investment Company 27,000,200 — — 27,000,200
TOTAL SECURITIES $27,000,200 $21,903,424,450 $— $21,930,424,650
The following acronyms are used throughout this portfolio:
COL —Collateralized
FHLB —Federal Home Loan Bank
GTD —Guaranteed
IDB —Industrial Development Bond
LIBOR —London InterBank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
8

 

 

 

 

 

 

 

 

 

 

 

 

Federated Institutional Prime Obligations Fund
Portfolio of Investments
April 30, 2019 (unaudited)
Principal
Amount 		    Value
    ASSET-BACKED SECURITIES—0.5%  
    Finance - Automotive—0.5%  
$66,159,414   Enterprise Fleet Financing 2019-1, LLC, Class A1, 2.700%, 3/23/2020 $66,180,975
17,147,420   Westlake Automobile Receivables Trust 2019-1, Class A1, 2.768%, 2/18/2020 17,150,461
    TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $83,306,834) 		83,331,436
    CERTIFICATES OF DEPOSIT—11.4%  
    Finance - Banking—11.4%  
175,000,000   Bank of Montreal, 2.690%—2.700%, 3/9/2020 - 3/19/2020 175,210,874
25,000,000   Canadian Imperial Bank of Commerce, 2.760%, 6/25/2019 25,000,000
220,000,000   MUFG Bank Ltd., 2.820%—2.900%, 5/1/2019 - 5/13/2019 220,000,000
275,000,000   Mizuho Bank Ltd., 2.570%—2.800%, 5/7/2019 - 7/22/2019 275,016,975
135,000,000   Mizuho Bank Ltd., 2.630%—2.700%, 5/13/2019 - 7/29/2019 134,419,812
100,000,000   Mizuho Bank Ltd., 2.655%—2.690%, 6/17/2019 - 7/12/2019 100,008,953
15,000,000   Mizuho Bank Ltd., 2.750%, 5/7/2019 14,993,171
85,000,000   Nordea Bank Abp, 2.620%, 9/11/2019 85,024,380
165,000,000   Sumitomo Mitsui Banking Corp., 2.600%—2.780%, 6/3/2019 - 6/4/2019 165,001,420
273,000,000   Sumitomo Mitsui Trust Bank Ltd., 2.450%—2.620%, 5/1/2019 - 7/12/2019 273,010,452
249,000,000   Toronto Dominion Bank, 2.580%—2.600%, 8/19/2019 - 10/1/2019 249,048,102
185,000,000   Toronto Dominion Bank, 2.660%, 12/2/2019 185,095,958
100,000,000   Toronto Dominion Bank, 3.100%, 10/25/2019 100,249,006
25,000,000   Wells Fargo Bank International, 2.700%, 9/23/2019 25,003,172
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $2,026,410,602) 		2,027,082,275
  1 COMMERCIAL PAPER—23.9%  
    Finance - Banking—8.3%  
51,378,000   Albion Capital LLC, (MUFG Bank Ltd. LIQ), 2.596%, 6/27/2019 51,168,121
38,010,000   Antalis S.A., (Societe Generale, Paris LIQ), 2.535%, 5/3/2019 38,004,657
50,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.648%—3.060%, 7/1/2019 - 4/6/2020 48,956,655
25,000,000   Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 2.577%, 7/17/2019 24,861,008
145,000,000   J.P. Morgan Securities LLC, 2.660%, 10/16/2019 143,205,689
268,000,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 2.541%—2.578%, 5/14/2019 - 6/10/2019 267,639,600
175,000,000   MUFG Bank Ltd., 2.617%—2.669%, 5/8/2019 - 7/5/2019 174,603,769
5,300,000   Malayan Banking Berhad, New York, (Wells Fargo Bank, N.A. LOC), 2.644%, 10/7/2019 5,239,392
62,000,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.567%—2.575%, 6/6/2019 - 6/11/2019 61,826,825
250,000,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 2.566%—2.638%, 5/6/2019 - 7/12/2019 249,316,596
50,000,000   National Australia Bank Ltd., Melbourne, 2.670%, 3/19/2020 48,841,250
225,000,000   Nordea Bank Abp, 2.589%—2.593%, 9/23/2019 - 10/4/2019 222,587,146
85,000,000   Sumitomo Mitsui Banking Corp., 2.635%—2.690%, 7/1/2019 - 9/9/2019 84,404,511
30,000,000   Toronto Dominion Bank, 2.572%, 7/16/2019 29,838,557
25,000,000   Westpac Banking Corp. Ltd., Sydney, 3.102%, 11/1/2019 24,668,413
    TOTAL 1,475,162,189
    Finance - Commercial—1.0%  
79,000,000   CAFCO, LLC, 2.558%—2.665%, 6/17/2019 - 8/7/2019 78,644,449
100,000,000   CRC Funding, LLC, 2.628%—2.655%, 5/7/2019 - 8/27/2019 99,551,833
    TOTAL 178,196,282
    Finance - Retail—6.7%  
353,000,000   Chariot Funding LLC, 2.720%—3.026%, 6/10/2019 - 3/9/2020 348,534,793
1
Principal
Amount 		    Value
  1 COMMERCIAL PAPER—continued  
    Finance - Retail—continued  
$24,000,000   Old Line Funding, LLC, 2.828%, 5/15/2019 $23,973,867
552,000,000   Sheffield Receivables Company LLC, 2.635%—2.806%, 5/14/2019 - 8/16/2019 549,203,617
125,000,000   Starbird Funding Corp., 2.567%—2.627%, 5/6/2019 - 6/10/2019 124,831,146
130,000,000   Thunder Bay Funding, LLC, 2.614%—2.828%, 5/16/2019 - 9/16/2019 129,178,164
    TOTAL 1,175,721,587
    Finance - Securities—4.1%  
348,300,000   Anglesea Funding LLC, 2.612%—2.704%, 6/4/2019 - 9/16/2019 345,800,031
40,000,000   Chesham Finance LLC Series III, (Societe Generale, Paris COL), 2.481%, 5/2/2019 39,997,244
94,000,000   Collateralized Commercial Paper Co. LLC, 2.620%—2.682%, 10/7/2019 - 11/5/2019 92,849,865
105,000,000   Collateralized Commercial Paper FLEX Co., LLC, 2.929%—2.974%, 7/10/2019 - 8/15/2019 104,338,935
48,000,000   Collateralized Commercial Paper II Co. LLC, 2.942%—3.231%, 7/1/2019 - 11/25/2019 47,518,385
48,500,000   Great Bridge Capital Co., LLC, (Standard Chartered Bank COL), 2.631%, 6/14/2019 48,344,692
50,000,000   Longship Funding LLC, (Nordea Bank Abp COL), 2.565%, 5/2/2019 49,996,459
    TOTAL 728,845,611
    Food & Beverage—0.3%  
60,000,000   Nestle Capital Corp., (GTD by Nestle S.A.), 2.620%, 12/23/2019 59,021,190
    Insurance—1.1%  
194,100,000   UnitedHealth Group, Inc., 2.634%—2.708%, 6/26/2019 - 6/27/2019 193,280,718
    Sovereign—2.4%  
432,400,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 2.567%—2.603%, 7/12/2019 - 9/22/2019 429,727,892
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $4,239,793,840) 		4,239,955,469
    CORPORATE BOND—0.2%  
    Finance - Banking—0.2%  
44,488,000   Westpac Banking Corp. Ltd., Sydney, Sr. Unsecd. Note, 2.150%, 3/6/2020
(IDENTIFIED COST $44,298,771) 		44,301,266
  2 NOTES - VARIABLE—25.3%  
    Finance - Banking—20.1%  
50,000,000   Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.687% (1-month USLIBOR +0.200%), 5/20/2019 50,000,000
47,000,000   Bank of Montreal, 2.679% (1-month USLIBOR +0.200%), 5/7/2019 47,017,693
50,000,000   Bank of Montreal, 2.681% (1-month USLIBOR +0.200%), 5/10/2019 50,018,966
100,000,000   Bank of Montreal, 2.774% (1-month USLIBOR +0.300%), 5/7/2019 100,000,000
100,000,000   Bank of Montreal, 2.884% (1-month USLIBOR +0.400%), 5/13/2019 100,158,200
76,467,000   Bank of Montreal, 2.921% (3-month USLIBOR +0.320%), 7/18/2019 76,516,950
70,000,000   Bank of Nova Scotia, Toronto, 2.781% (1-month USLIBOR +0.300%), 5/24/2019 70,000,000
54,000,000   Bank of Nova Scotia, Toronto, 2.910% (Secured Overnight Financing Rate +0.430%), 5/1/2019 54,000,000
40,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.681% (1-month USLIBOR +0.200%), 5/10/2019 40,009,545
50,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.703% (1-month USLIBOR +0.220%), 5/30/2019 50,020,416
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.704% (1-month USLIBOR +0.220%), 5/13/2019 30,013,154
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.713% (1-month USLIBOR +0.230%), 5/28/2019 20,010,352
23,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.719% (3-month USLIBOR +0.130%), 7/8/2019 23,006,194
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.737% (3-month USLIBOR +0.130%), 6/7/2019 20,000,000
35,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.743% (3-month USLIBOR +0.130%), 6/21/2019 35,000,000
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.757% (3-month USLIBOR +0.160%), 7/15/2019 30,022,884
61,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.772% (1-month USLIBOR +0.290%), 5/13/2019 61,032,317
50,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.794% (1-month USLIBOR +0.320%), 5/17/2019 50,000,000
25,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.794% (1-month USLIBOR +0.320%), 5/6/2019 25,000,000
16,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.807% (1-month USLIBOR +0.320%), 5/23/2019 16,000,000
25,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.811% (1-month USLIBOR +0.330%), 5/24/2019 25,025,912
45,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.814% (1-month USLIBOR +0.340%), 5/7/2019 45,000,000
100,000,000   Canadian Imperial Bank of Commerce, 2.659% (1-month USLIBOR +0.180%), 5/2/2019 99,983,839
2
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$110,000,000   Canadian Imperial Bank of Commerce, 2.677% (1-month USLIBOR +0.190%), 5/22/2019 $110,037,962
30,000,000   Canadian Imperial Bank of Commerce, 2.719% (3-month USLIBOR +0.130%), 7/8/2019 30,008,430
20,000,000   Canadian Imperial Bank of Commerce, 2.726% (3-month USLIBOR +0.130%), 7/3/2019 20,004,953
20,000,000   Canadian Imperial Bank of Commerce, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 19,999,988
25,000,000   Canadian Imperial Bank of Commerce, 2.774% (1-month USLIBOR +0.300%), 5/7/2019 25,000,000
14,000,000   Canadian Imperial Bank of Commerce, 2.793% (1-month USLIBOR +0.310%), 5/28/2019 14,000,000
40,000,000   Canadian Imperial Bank of Commerce, 2.824% (1-month USLIBOR +0.350%), 5/8/2019 40,056,518
119,500,000   Canadian Imperial Bank of Commerce, 2.829% (3-month USLIBOR +0.220%), 6/27/2019 119,646,393
100,000,000   Canadian Imperial Bank of Commerce, 2.893% (1-month USLIBOR +0.400%), 5/3/2019 100,175,664
46,300,000   Canadian Imperial Bank of Commerce, 2.959% (3-month USLIBOR +0.330%), 5/29/2019 46,306,923
6,355,000   Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 2.500%, 5/1/2019 6,355,000
125,000,000   Commonwealth Bank of Australia, 2.672% (1-month USLIBOR +0.200%), 5/9/2019 125,050,865
80,000,000   Commonwealth Bank of Australia, 2.703% (1-month USLIBOR +0.220%), 5/28/2019 80,044,702
5,000,000   Commonwealth Bank of Australia, 2.838% (3-month USLIBOR +0.100%), 5/3/2019 5,000,000
5,370,000   Dynetics, Inc., Series 2010-A, (Branch Banking & Trust Co. LOC), 2.500%, 5/2/2019 5,370,000
16,700,000   Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 2.440%, 5/1/2019 16,700,000
3,000,000   Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 2.530%, 5/2/2019 3,000,000
7,000,000   Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 2.530%, 5/2/2019 7,000,000
10,000,000   J.P. Morgan Securities LLC, 2.663% (1-month USLIBOR +0.190%), 5/14/2019 10,000,000
6,200,000   Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 2.470%, 5/1/2019 6,200,000
5,375,000   Michael Dennis Sullivan Irrevocable Trust, Series 2015, (Wells Fargo Bank, N.A. LOC), 2.520%, 5/2/2019 5,375,000
9,780,000   Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 2.520%, 5/2/2019 9,780,000
100,000,000   National Australia Bank Ltd., Melbourne, 2.701% (3-month USLIBOR +0.100%), 7/1/2019 99,981,374
41,000,000   Pepper I-Prime 2018-2 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.849% (1-month USLIBOR +0.350%), 5/13/2019 40,994,383
40,000,000   Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.879% (1-month USLIBOR +0.350%), 5/14/2019 39,999,782
30,500,000   Pepper Residential Securities Trust No. 19, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.843% (1-month USLIBOR +0.350%), 5/13/2019 30,516,531
5,575,000   Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 2.580%, 5/2/2019 5,575,000
20,000,000   Royal Bank of Canada, 2.637% (1-month USLIBOR +0.160%), 5/6/2019 19,995,810
25,000,000   Royal Bank of Canada, 2.673% (1-month USLIBOR +0.200%), 5/15/2019 25,009,317
100,000,000   Royal Bank of Canada, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 100,018,112
20,000,000   Royal Bank of Canada, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 19,999,981
49,500,000   Royal Bank of Canada, 2.741% (3-month USLIBOR +0.140%), 7/16/2019 49,537,920
50,000,000   Royal Bank of Canada, 2.806% (3-month USLIBOR +0.210%), 7/3/2019 50,059,521
25,000,000   Royal Bank of Canada, 2.843% (1-month USLIBOR +0.360%), 5/30/2019 25,033,266
15,000,000   SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 2.500%, 5/2/2019 15,000,000
20,000,000   SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 2.500%, 5/2/2019 20,000,000
18,965,000   Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 2.480%, 5/2/2019 18,965,000
780,000   St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 2.550%, 5/2/2019 780,000
90,000,000   Sumitomo Mitsui Banking Corp., 2.784% (1-month USLIBOR +0.300%), 5/13/2019 90,044,747
80,000,000   Sumitomo Mitsui Banking Corp., 2.787% (1-month USLIBOR +0.310%), 5/7/2019 80,040,767
100,000,000   Sumitomo Mitsui Banking Corp., 2.813% (1-month USLIBOR +0.320%), 5/3/2019 100,052,604
20,000,000   Toronto Dominion Bank, 2.713% (1-month USLIBOR +0.230%), 5/28/2019 20,002,732
20,000,000   Toronto Dominion Bank, 2.718% (3-month USLIBOR +0.110%), 6/6/2019 20,002,116
90,000,000   Toronto Dominion Bank, 2.767% (1-month USLIBOR +0.280%), 5/23/2019 90,008,293
40,000,000   Toronto Dominion Bank, 2.823% (1-month USLIBOR +0.350%), 5/13/2019 40,048,359
25,000,000   Toronto Dominion Bank, 2.848% (1-month USLIBOR +0.370%), 5/28/2019 25,034,449
50,000,000   Toronto Dominion Bank, 2.874% (1-month USLIBOR +0.400%), 5/8/2019 50,000,000
25,000,000   Wells Fargo Bank, N.A., 2.811% (3-month USLIBOR +0.160%), 5/22/2019 25,000,000
3
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$35,000,000   Wells Fargo Bank, N.A., 2.844% (3-month USLIBOR +0.160%), 5/15/2019 $35,000,000
75,000,000   Westpac Banking Corp. Ltd., Sydney, 2.662% (1-month USLIBOR +0.190%), 5/9/2019 75,026,047
150,000,000   Westpac Banking Corp. Ltd., Sydney, 2.730% (Effective Fed Funds +0.280%), 5/1/2019 150,035,883
127,200,000   Westpac Banking Corp. Ltd., Sydney, 2.750% (Effective Fed Funds +0.300%), 5/1/2019 127,257,954
45,000,000   Westpac Banking Corp. Ltd., Sydney, 2.761% (1-month USLIBOR +0.280%), 5/24/2019 45,000,000
100,000,000   Westpac Banking Corp. Ltd., Sydney, 2.780% (3-month USLIBOR +0.180%), 7/2/2019 100,092,083
6,665,000   Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 2.480%, 5/2/2019 6,665,000
    TOTAL 3,563,725,851
    Finance - Commercial—1.3%  
50,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.673% (1-month USLIBOR +0.200%), 5/14/2019 50,000,000
99,500,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.674% (1-month USLIBOR +0.200%), 5/6/2019 99,500,000
85,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.707% (1-month USLIBOR +0.230%), 5/6/2019 85,000,000
    TOTAL 234,500,000
    Finance - Retail—0.9%  
25,000,000   Chariot Funding LLC, 2.683% (1-month USLIBOR +0.190%), 5/1/2019 24,997,931
25,000,000   Chariot Funding LLC, 2.691% (1-month USLIBOR +0.210%), 5/24/2019 25,009,318
60,000,000   Old Line Funding, LLC, 2.843% (1-month USLIBOR +0.350%), 5/3/2019 60,053,812
50,000,000   Thunder Bay Funding, LLC, 2.704% (1-month USLIBOR +0.230%), 5/7/2019 50,004,663
    TOTAL 160,065,724
    Finance - Securities—2.1%  
95,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.694% (1-month USLIBOR +0.220%), 5/17/2019 95,000,000
50,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.697% (1-month USLIBOR +0.220%), 5/6/2019 50,003,110
40,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.722% (3-month USLIBOR +0.120%), 7/5/2019 40,000,000
25,000,000   Anglesea Funding LLC, (HSBC Bank PLC COL)/(ING Bank N.V. COL)/(J.P. Morgan Securities LLC COL)/(Societe Generale, Paris COL), 2.734% (1-month USLIBOR +0.250%), 5/13/2019 25,000,000
3,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC COL), 2.711% (1-month USLIBOR +0.210%), 5/1/2019 3,000,549
54,500,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.702% (3-month USLIBOR +0.100%), 6/24/2019 54,500,000
47,000,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.711% (1-month USLIBOR +0.210%), 5/1/2019 47,008,594
11,000,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.712% (1-month USLIBOR +0.230%), 5/13/2019 11,003,227
35,000,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC COL), 2.803% (3-month USLIBOR +0.220%), 7/30/2019 35,017,160
    TOTAL 360,532,640
    Government Agency—0.9%  
9,015,000   Austen Children's Gift Trust, (FHLB of Dallas LOC), 2.500%, 5/2/2019 9,015,000
5,445,000   Design Center LLC, (FHLB of Pittsburgh LOC), 2.500%, 5/2/2019 5,445,000
19,500,000   Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 19,500,000
19,500,000   Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 19,500,000
32,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 32,000,000
16,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 16,000,000
1,000,000   Hallmark 75 Ontario LLC, Hallmark Apartment Homes Series 2016-A, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 1,000,000
5,905,000   Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 2.500%, 5/2/2019 5,905,000
4,655,000   Jefferson at Stadium Park—Phase B Owner LLC, Jefferson at Stadium Park Apartments, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 4,655,000
6,200,000   Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 6,200,000
19,640,000   OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 2.490%, 5/2/2019 19,640,000
7,500,000   Premier Mushrooms, Inc., Series 2012, (CoBank, ACB LOC), 2.500%, 5/2/2019 7,500,000
5,740,000   The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 2.500%, 5/2/2019 5,740,000
4
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Government Agency—continued  
$5,975,000   The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 2.490%, 5/2/2019 $5,975,000
    TOTAL 158,075,000
    TOTAL NOTES—VARIABLE
(IDENTIFIED COST $4,475,428,226) 		4,476,899,215
    TIME DEPOSITS—3.1%  
    Finance - Banking—3.1%  
350,000,000   Australia & New Zealand Banking Group, Melbourne, 2.460%, 5/1/2019 350,000,000
200,000,000   Standard Chartered Bank, 2.450%, 5/2/2019 200,000,000
    TOTAL TIME DEPOSITS
(IDENTIFIED COST $550,000,000) 		550,000,000
    OTHER REPURCHASE AGREEMENTS—10.0%  
    Finance - Banking—10.0%  
130,000,000   BMO Capital Markets Corp., 2.52%, dated 4/30/2019, interest in a $225,000,000 collateralized loan agreement will repurchase securities provided as collateral for $225,015,750 on 5/1/2019, in which asset-backed securities, corporate bonds, collateralized mortgage obligations and medium-term notes with a market value of $229,662,098 have been received as collateral and held with BNY Mellon as tri-party agent. 130,000,000
100,000,000   BNP Paribas SA, 2.55%, dated 4/30/2019, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,012,396 on 5/1/2019, in which asset-backed securities, corporate bonds, medium-term notes, treasury bills and treasury notes with a market value of $178,512,694 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
25,000,000   BNP Paribas SA, 2.70%, dated 2/21/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,506,250 on 5/22/2019, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $77,016,375 have been received as collateral and held with BNY Mellon as tri-party agent. 25,000,000
48,400,000   Citigroup Global Markets, Inc., 2.92%, dated 4/30/2019, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,004,056 on 5/1/2019, in which asset-backed securities, collateralized mortgage obligations and sovereign debt securities with a market value of $51,153,835 have been received as collateral and held with BNY Mellon as tri-party agent. 48,400,000
25,000,000   Citigroup Global Markets, Inc., 2.98%, dated 2/1/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $76,122,011 on 8/1/2019, in which corporate bonds and medium-term notes with a market value of $76,709,945 have been received as collateral and held with BNY Mellon as tri-party agent. 25,000,000
95,000,000   Citigroup Global Markets, Inc., 3.03%, dated 2/1/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $147,205,674 on 8/1/2019, in which asset-backed securities and collateralized mortgage obligations with a market value of $148,312,054 have been received as collateral and held with BNY Mellon as tri-party agent. 95,000,000
100,000,000   HSBC Securities (USA), Inc., 2.52%, dated 4/30/2019, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,012,250 on 5/1/2019, in which corporate bonds, medium-term notes and sovereign debt securities with a market value of $178,500,000 have been received as collateral and held with JPMorgan Chase as tri-party agent. 100,000,000
145,000,000   HSBC Securities (USA), Inc., 2.62%, dated 4/30/2019, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,012,736 on 5/1/2019, in which corporate bonds and medium-term notes with a market value of $178,500,000 have been received as collateral and held with JPMorgan Chase as tri-party agent. 145,000,000
100,000,000   ING Financial Markets LLC, 2.77%, dated 4/30/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,011,542 on 5/1/2019, in which corporate bonds and sovereign debt securities with a market value of $153,012,187 have been received as collateral and held with JPMorgan Chase as tri-party agent. 100,000,000
100,000,000   MUFG Securities Americas, Inc., 2.54%, dated 4/30/2019, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,014,111 on 5/1/2019, in which municipal bonds with a market value of $204,014,393 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
95,000,000   MUFG Securities Americas, Inc., 2.62%, dated 4/30/2019, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,014,556 on 5/1/2019, in which corporate bonds and unit investment trust with a market value of $204,014,847 have been received as collateral and held with BNY Mellon as tri-party agent. 95,000,000
50,000,000   Mizuho Securities USA, Inc., 2.66%, dated 4/29/2019, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,051,722 on 5/13/2019, in which exchange-traded funds and unit investment trust with a market value of $51,007,539 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
50,000,000   Mizuho Securities USA, Inc., 3.05%, dated 3/14/2018, interest in a $160,000,000 collateralized loan agreement will repurchase securities provided as collateral for $160,826,889 on 6/10/2019, in which asset-backed securities with a market value of $163,490,360 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
100,000,000   Societe Generale, Paris, 2.51%, dated 4/30/2019, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,017,431 on 5/1/2019, in which corporate bonds, medium-term notes and sovereign debt securities with a market value of $255,018,414 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
5
Principal
Amount 		    Value
    OTHER REPURCHASE AGREEMENTS—continued  
    Finance - Banking—continued  
$150,000,000   Societe Generale, Paris, 2.590%, dated 4/30/2019, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,017,986 on 5/1/2019, in which corporate bonds, medium-term notes, sovereign debt securities, treasury bills and treasury notes with a market value of $255,018,346 have been received as collateral and held with BNY Mellon as tri-party agent. $150,000,000
50,000,000   Wells Fargo Securities LLC, 2.52%, dated 4/30/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,007,000 on 5/1/2019, in which medium-term notes with a market value of $102,007,269 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
100,000,000   Wells Fargo Securities LLC, 2.57%, dated 4/25/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,049,972 on 5/2/2019, in which commercial paper with a market value of $102,043,690 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
125,000,000   Wells Fargo Securities LLC, 2.57%, dated 4/30/2019, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $125,062,465 on 5/7/2019, in which commercial paper with a market value of $127,509,102 have been received as collateral and held with BNY Mellon as tri-party agent. 125,000,000
80,000,000   Wells Fargo Securities LLC, 3.03%, dated 4/23/2019, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,606,000 on 7/22/2019, in which collateralized mortgage obligations with a market value of $81,654,944 have been received as collateral and held with BNY Mellon as tri-party agent. 80,000,000
100,000,000   Wells Fargo Securities LLC, 3.13%, dated 4/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,565,000 on 10/15/2019, in which collateralized mortgage obligations with a market value of $102,115,289 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(IDENTIFIED COST $1,768,400,000) 		1,768,400,000
    REPURCHASE AGREEMENTS—25.6%  
    Finance - Banking—25.6%  
750,000,000   Repurchase agreement 2.77%, dated 4/30/2019 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $750,057,708 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/20/2068 and the market value of those underlying securities was $771,606,866. 750,000,000
1,500,000,000   Interest in $2,500,000,000 joint repurchase agreement 2.77%, dated 4/30/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $2,500,192,361 on 5/1/2019. 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 9/15/2059 and the market value of those underlying securities was $2,550,000,000. 1,500,000,000
500,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.77%, dated 4/30/2019 under which Societe Generale, New York will repurchase securities provided as collateral for $1,000,076,944 on 5/1/2019. 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 4/1/2049 and the market value of those underlying securities was $1,020,198,194. 500,000,000
542,000,000   Interest in $3,000,000,000 joint repurchase agreement 2.77%, dated 4/30/2019 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,230,833 on 5/1/2019. 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 12/1/2048 and the market value of those underlying securities was $3,060,485,868. 542,000,000
1,000,000,000   Interest in $2,280,000,000 joint repurchase agreement 2.77%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,280,175,433 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/20/2048 and the market value of those underlying securities was $2,325,778,942. 1,000,000,000
245,100,000   Interest in $250,000,000 joint repurchase agreement 2.77%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,019,236 on 5/1/2019. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2048 and the market value of those underlying securities was $255,019,622. 245,100,000
    TOTAL REPURCHASE AGREEMENTS
(IDENTIFIED COST $4,537,100,000) 		4,537,100,000
    TOTAL INVESTMENT IN SECURITIES—100.0%
(IDENTIFIED COST $17,724,738,273) 		17,727,069,661
    OTHER ASSETS AND LIABILITIES - NET—0.0%3 (7,999,231)
    TOTAL NET ASSETS—100% $17,719,070,430
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 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, 2019.
6
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 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, 2019, 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:
COL —Collateralized
FHLB —Federal Home Loan Bank
GTD —Guaranteed
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
7

 

 

 

 

 

 

 

 

 

 

Federated Institutional Prime Value Obligations Fund
Portfolio of Investments
April 30, 2019 (unaudited)
Shares     Value
    INVESTMENT COMPANY—100.2%  
12,248,947,700   Federated Institutional Prime Obligations Fund, Institutional Shares, 2.52%1
(IDENTIFIED COST $12,251,917,536) 		$12,252,622,385
    TOTAL INVESTMENT IN SECURITIES—100.2%
(IDENTIFIED COST $12,251,917,536) 		12,252,622,385
    OTHER ASSETS AND LIABILITIES - NET—(0.2)%2 (22,192,709)
    TOTAL NET ASSETS—100% $12,230,429,676
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, 2019, were as follows:
  Federated
Institutional Prime
Obligations Fund,
Institutional Shares
Balance of Shares Held 7/31/2018 7,109,138,403
Purchases/Additions 9,613,800,000
Sales/Reductions (4,473,990,703)
Balance of Shares Held 4/30/2019 12,248,947,700
Value $12,252,622,385
Change in Unrealized Appreciation/Depreciation $(583,465)
Net Realized Gain/(Loss) $853,635
Dividend Income $157,952,640
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, 2019, POF represents 100.2% 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, 2019.
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 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.
■ 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.
1
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 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, 2019, all investments of the Fund utilized Level 1 inputs in valuing the Fund's assets carried at fair value.
2

 

 

 

 

 

 

 

 

 

 

Federated Tax-Free Obligations Fund
Portfolio of Investments
May 31, 2019
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —102.5%  
    Alabama—5.9%  
$24,220,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 2.240%, 6/3/2019 $24,220,000
11,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 2.240%, 6/3/2019 11,000,000
40,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 1.420%, 6/5/2019 40,000,000
39,850,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 2.240%, 6/3/2019 39,850,000
4,100,000   Eutaw, AL Industrial Development Board PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 2.240%, 6/3/2019 4,100,000
11,680,000   Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 2.240%, 6/3/2019 11,680,000
35,000,000   Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 1.420%, 6/5/2019 35,000,000
21,975,000   Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 1.430%, 6/6/2019 21,975,000
24,810,000   West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 1.520%, 6/6/2019 24,810,000
    TOTAL 212,635,000
    Arizona—0.8%  
15,315,000   Arizona State IDA (Phoenix Children's Hospital), (Series 2019A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 2.250%, 6/3/2019 15,315,000
11,210,000   Mesa, AZ Utility System, Solar Eclipse (2017-0026) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/13/2019 11,210,000
3,750,000   Pima County, AZ IDA (Wasatch Pool Holdings IV, LLC), (Series 2001: Eastside Place Apartments) Weekly VRDNs, (FNMA LOC), 1.420%, 6/6/2019 3,750,000
    TOTAL 30,275,000
    California—2.4%  
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), 1.540%, 6/6/2019 46,000,000
10,500,000   California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 1.780%, Mandatory Tender 8/8/2019 10,500,000
12,000,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.600%, Mandatory Tender 6/11/2019 12,000,000
15,500,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.820%, Mandatory Tender 8/1/2019 15,500,000
2,000,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.730%, Mandatory Tender 7/11/2019 2,000,000
    TOTAL 86,000,000
    Colorado—1.3%  
5,185,000   Adams County, CO Five Star School District, RBC Muni Products (Series 2018 G-24) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 5,185,000
9,910,000   Cherry Creek, CO School District No. 5, Solar Eclipse (Series 2017-003) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/18/2019 9,910,000
6,345,000   Colorado State Health Facilities Authority Revenue (Adventist Health System/Sunbelt Obligated Group), (Series 2018-XF0667) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.450%, 6/6/2019 6,345,000
6,685,000   Denver, CO City and County Board of Water Commissioners, Solar Eclipse (Series 2017-0032) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/6/2019 6,685,000
8,110,000   University of Colorado (The Regents of), RBC Muni Products (Series E-123) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 8,110,000
10,935,000   University of Colorado (The Regents of), Solar Eclipse (Series 2017-0065) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/20/2019 10,935,000
    TOTAL 47,170,000
    Connecticut—0.9%  
2,105,000   Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.450%, 6/6/2019 2,105,000
345,000   Connecticut State HFA (CIL Realty), (Series 2010) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.450%, 6/6/2019 345,000
29,995,000   Connecticut State, Golden Blue (Series 2017-014) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 29,995,000
    TOTAL 32,445,000
1
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    District of Columbia—0.5%  
10,450,000   District of Columbia HFA, BAML 3a7 (Series 2019-BAML8002) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.500%, 6/6/2019 $10,450,000
4,980,000   District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2017-0015) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 4,980,000
3,990,000   District of Columbia, Solar Eclipse (Series 2017-0035) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 3,990,000
    TOTAL 19,420,000
    Florida—8.7%  
6,465,000   Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 6,465,000
31,905,000   Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), CP, 1.620%, Mandatory Tender 7/1/2019 31,905,000
5,000,000   Florida State Board of Education Public Education (Florida State), Solar Eclipse TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/3/2019 5,000,000
10,805,000   Florida State Turnpike Authority, Solar Eclipse (Series 2017-0002) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/1/2019 10,805,000
11,000,000   Florida State, Solar Eclipse TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/13/2019 11,000,000
15,350,000   JEA, FL Electric System, (Series Three 2008A) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.530%, 6/5/2019 15,350,000
2,950,000   JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.450%, 6/5/2019 2,950,000
35,960,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), CP, 1.830%, Mandatory Tender 6/11/2019 35,960,000
15,090,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1995) Daily VRDNs, 2.250%, 6/3/2019 15,090,000
5,250,000   Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 2.400%, 6/3/2019 5,250,000
10,000,000   Miami-Dade County, FL Seaport, (Series 2014A) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.430%, 6/6/2019 10,000,000
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), 1.570%, 6/6/2019 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), 1.450%, 6/6/2019 6,410,000
1,750,000   Orange County, FL IDA (Central Florida Kidney Centers, Inc.), (Series 2000) Weekly VRDNs, (SunTrust Bank LOC), 1.460%, 6/5/2019 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), 1.550%, 6/6/2019 4,200,000
5,325,000   Orange County, FL, Health Facilities Authority (Lakeside Behavioral Healthcare, Inc.), (Series 2008) Weekly VRDNs, (SunTrust Bank LOC), 1.460%, 6/5/2019 5,325,000
20,000,000   Orlando & Orange County Expressway Authority, FL (Central Florida Expressway Authority), RBC Muni Trust (Series E-62) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 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), 1.480%, 6/6/2019 17,480,000
16,500,000   Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 1.720%, 6/6/2019 16,500,000
18,585,000   St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 2.250%, 6/3/2019 18,585,000
13,500,000   Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.420%, 6/6/2019 13,500,000
18,000,000   Sunshine State Governmental Finance Commission, FL (Orlando, FL), Callable Tax-Exempt Notes (Series H), CP, (JPMorgan Chase Bank, N.A. LIQ), 1.900%, Mandatory Tender 7/12/2019 18,000,000
24,000,000   Tallahassee, FL (Tallahassee Memorial HealthCare, Inc.), Tender Option Bond Trust (Series 2018-BAML7001) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.460%, 6/6/2019 24,000,000
    TOTAL 313,520,000
    Georgia—3.3%  
24,395,000   Fulton County, GA, Solar Eclipse (Series 2017-0007) TOBs, (U.S. Bank, N.A. LIQ), 1.620%, Optional Tender 6/27/2019 24,395,000
750,000   Georgia State HFA, Tender Option Bond Trust Certificates (Series 2018-ZF2614) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.440%, 6/6/2019 750,000
5,415,000   Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 1.460%, 6/6/2019 5,415,000
53,665,000   Main Street Natural Gas, Inc., GA, (Series 2010 A1) TOBs, (Royal Bank of Canada LOC), 1.520%, Optional Tender 6/3/2019 53,665,000
10,000,000   Main Street Natural Gas, Inc., GA, (Series 2010 A2) TOBs, (Royal Bank of Canada LOC), 1.520%, Optional Tender 6/3/2019 10,000,000
7,485,000   Metropolitan Atlanta Rapid Transit Authority, GA, Solar Eclipse (Series 2017-0047) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/15/2019 7,485,000
4,470,000   Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Bank of Montreal LOC), 1.490%, 6/5/2019 4,470,000
2
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    Georgia—continued  
3,550,000   Municipal Electric Authority of Georgia, (Series 1985A), CP, (Barclays Bank PLC LOC), 1.450%, Mandatory Tender 7/18/2019 $3,550,000
2,600,000   Municipal Electric Authority of Georgia, (Series 2008B) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.500%, 6/5/2019 2,600,000
3,000,000   Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs, (Bank of America N.A. LOC), 1.430%, 6/6/2019 3,000,000
2,985,000   Private Colleges & Universities Facilities of GA (Emory University), (Series 2005B-2) Weekly VRDNs, 1.310%, 6/6/2019 2,985,000
    TOTAL 118,315,000
    Hawaii—0.5%  
8,845,000   Hawaii State Department of Budget & Finance (Queen's Health Systems), (2015 Series B) VRENs, 1.870%, 6/6/2019 8,845,000
8,590,000   Hawaii State, Solar Eclipse (3a-7) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/18/2019 8,590,000
    TOTAL 17,435,000
    Illinois—1.2%  
600,000   Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.520%, 6/6/2019 600,000
1,850,000   Chicago, IL O'Hare International Airport, (Series 2005C) Weekly VRDNs, (Bank of America N.A. LOC), 1.420%, 6/5/2019 1,850,000
7,590,000   Chicago, IL O'Hare International Airport, Tender Option Bond Trust Receipts (Series 2019-XF0736) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 1.450%, 6/6/2019 7,590,000
8,000,000   Chicago, IL Sales Tax, Tender Option Bond Trust Receipt (Series 2019-XF0779) Weekly VRDNs, (Build America Mutual Assurance INS)/(Toronto Dominion Bank LIQ), 1.500%, 6/6/2019 8,000,000
24,353,000   Sales Tax Securitization Corp., IL, Tender Option Bond Trust Certificates (Series 2018-XM0714) Weekly VRDNs, (Build America Mutual Assurance INS)/(Morgan Stanley Bank, N.A. LIQ), 1.500%, 6/6/2019 24,353,000
    TOTAL 42,393,000
    Indiana—0.3%  
4,035,000   Jasper County, IN EDA (T & M LP), (Series 2010B) Weekly VRDNs, (AgriBank FCB LOC), 1.500%, 6/6/2019 4,035,000
6,500,000   Jasper County, IN EDA (T & M LP), (Series 2010C) Weekly VRDNs, (AgriBank FCB LOC), 1.500%, 6/6/2019 6,500,000
    TOTAL 10,535,000
    Iowa—0.9%  
31,400,000   Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 1.460%, 6/6/2019 31,400,000
    Kansas—0.1%  
5,000,000   Wyandotte County, KS USD 500, RBC Muni Products (Series 2018 G-23) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 5,000,000
    Kentucky—0.4%  
14,245,000   Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.530%, 6/7/2019 14,245,000
    Louisiana—2.6%  
50,000,000   Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs, (GTD by BASF SE), 1.450%, 6/5/2019 50,000,000
10,400,000   Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010A) Daily VRDNs, (GTD by Exxon Mobil Corp.), 2.310%, 6/3/2019 10,400,000
4,000,000   Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (FHLB of Dallas LOC), 1.380%, 6/5/2019 4,000,000
1,080,000   Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 1.380%, 6/5/2019 1,080,000
13,125,000   Louisiana Public Facilities Authority (Touro Infirmary), (Series 2019-BAML7003) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.460%, 6/6/2019 13,125,000
4,335,000   Louisiana State, RBC Muni Products (Series 2018 G-22) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 4,335,000
11,260,000   Shreveport, LA, Water & Sewer, Tender Option Bond Trust Certificates (Series 2019-ZF2818) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.500%, 6/6/2019 11,260,000
    TOTAL 94,200,000
    Maryland—1.3%  
5,000,000   Baltimore, MD Wastewater Utility, (RBC Muni Products Series G-28) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.620%, Optional Tender 7/1/2019 5,000,000
1,070,000   Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.370%, 6/4/2019 1,070,000
4,960,000   Maryland State Transportation Authority, Solar Eclipse 2017-0041 TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/25/2019 4,960,000
3
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    Maryland—continued  
28,750,000   Montgomery County, MD (Trinity Healthcare Credit Group), (Series 2013MD) TOBs, 1.810%, Mandatory Tender 9/3/2019 $28,750,000
6,640,000   University System of Maryland, Solar Eclipse (Series 2017-0023) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/13/2019 6,640,000
    TOTAL 46,420,000
    Massachusetts—1.5%  
1,990,000   Billerica, MA, Solar Eclipse (2017-0027) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/8/2019 1,990,000
9,000,000   Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.450%, 6/6/2019 9,000,000
3,000,000   Gardner, MA BANs, 2.750%, 6/28/2019 3,001,740
11,200,000   Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.460%, 6/6/2019 11,200,000
4,025,000   Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2013) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.460%, 6/6/2019 4,025,000
3,860,000   Massachusetts School Building Authority, Solar Eclipse (Series 2017-0013) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/22/2019 3,860,000
500,000   Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2015-XF2203) Weekly VRDNs, (Citibank N.A., New York LIQ), 1.440%, 6/6/2019 500,000
1,100,000   Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.450%, 6/6/2019 1,100,000
2,000,000   Massachusetts State Development Finance Agency (Partners Healthcare Systems), RBC Muni Products (Series 2019 E-130) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 2,000,000
5,215,000   Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs, (Bank of America N.A. LIQ), 1.440%, 6/6/2019 5,215,000
2,950,000   Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.430%, 6/6/2019 2,950,000
3,900,000   Massachusetts Water Resources Authority, Tender Option Bond Trust Certificates (2016-XX1002) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.450%, 6/6/2019 3,900,000
7,240,000   Southwick, MA BANs, 2.500%, 12/18/2019 7,270,872
    TOTAL 56,012,612
    Michigan—4.3%  
60,295,000   Eastern Michigan University (Board of Regents of), Golden Blue (3a-7) 2018-009 Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC)/(Build America Mutual Assurance INS), 1.460%, 6/6/2019 60,295,000
5,000,000   Eastern Michigan University (Board of Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2620) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.470%, 6/6/2019 5,000,000
4,000,000   Jackson County, MI Public Schools, Tender Option Bond Trust Certificates (Series 2018-XF2650) Weekly VRDNs, (Citibank N.A., New York LIQ)/(Michigan School Bond Qualification and Loan Program COL), 1.540%, 6/6/2019 4,000,000
675,000   Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs, (FHLB of Chicago LOC), 1.420%, 6/6/2019 675,000
3,100,000   Michigan Job Development Authority (Andersons, Inc. (The)), (Series 1985) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.510%, 6/5/2019 3,100,000
18,000,000   Michigan State Finance Authority Revenue (Trinity Healthcare Credit Group), (Series 2013MI-1) TOBs, 1.810%, Mandatory Tender 9/3/2019 18,000,000
400,000   Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.460%, 6/6/2019 400,000
3,105,000   Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.530%, 6/7/2019 3,105,000
1,260,000   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), 1.520%, 6/6/2019 1,260,000
23,800,000   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), 1.520%, 6/6/2019 23,800,000
33,660,000   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), 1.520%, 6/6/2019 33,660,000
4,000,000   Trenton, MI Public Schools, Tender Option Bond Trust Certificates (Series 2018-XF2651) Weekly VRDNs, (Citibank N.A., New York LIQ)/(GTD by Michigan School Bond Qualification and Loan Program), 1.540%, 6/6/2019 4,000,000
    TOTAL 157,295,000
    Minnesota—0.4%  
1,890,000   Minneapolis, MN (Symphony Place) Weekly VRDNs, (FHLMC LOC), 1.450%, 6/6/2019 1,890,000
9,880,000   St. Cloud, MN ISD No. 742, Solar Eclipse (Series 2017-0009) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 9,880,000
4
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    Minnesota—continued  
2,642,000   St. Louis Park, MN (Parkshore Senior Campus, LLC), (Series 2004) Weekly VRDNs, (FHLMC LOC), 1.500%, 6/6/2019 $2,642,000
    TOTAL 14,412,000
    Mississippi—0.2%  
8,150,000   Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 1.620%, 6/6/2019 8,150,000
    Missouri—1.4%  
4,965,000   Kansas City, MO Water Revenue, Solar Eclipse (Series 2017-0016) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 4,965,000
4,000,000   Missouri State HEFA (BJC Health System, MO), Tender Option Bond Trust Receipts (Series 2018-XF0678) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.450%, 6/6/2019 4,000,000
40,000,000   Missouri State HEFA (Stowers Institute for Medical Research), RBC Muni Products (Series 2018 C-16) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.480%, 6/6/2019 40,000,000
    TOTAL 48,965,000
    Multi-State—13.2%  
103,000,000   FHLMC, Tender Option Bond Trust Receipts (2019-BAML3002) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by FHLMC), 1.490%, 6/6/2019 103,000,000
106,000,000   Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.500%, 6/6/2019 106,000,000
121,400,000   Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 1.490%, 6/6/2019 121,400,000
47,100,000   Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 1.470%, 6/6/2019 47,100,000
98,900,000   Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.500%, 6/6/2019 98,900,000
    TOTAL 476,400,000
    Nevada—0.7%  
5,000,000   Clark County, NV, Solar Eclipse (Series 2017-0025) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/20/2019 5,000,000
11,700,000   Las Vegas, NV Convention & Visitors Authority, Tender Option Bond Trust Receipts (Series 2018-XG0199) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.500%, 6/6/2019 11,700,000
7,990,000   Nevada State Highway Revenue, Solar Eclipse (Series 2017-0018) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/6/2019 7,990,000
    TOTAL 24,690,000
    New Jersey—3.8%  
13,097,500   Belmar, NJ BANs, 3.250%, 2/7/2020 13,201,618
4,879,800   Caldwell Borough, NJ BANs, 2.500%, 4/3/2020 4,907,915
9,948,933   Carlstadt, NJ BANs, 2.625%, 7/26/2019 9,959,591
9,161,839   Chatham Township, NJ BANs, 2.500%, 4/9/2020 9,223,423
4,144,470   Cherry Hill, NJ BANs, 2.250%, 6/3/2020 4,169,254
9,700,000   Cranford Township, NJ BANs, 2.250%, 5/15/2020 9,749,943
6,000,000   Essex County, NJ, Clipper Tax-Exempt Certificates Trust (Series 2009-49) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.460%, 6/6/2019 6,000,000
3,500,000   Fanwood, NJ BANs, 2.500%, 4/15/2020 3,520,954
3,096,000   Franklin Lakes, NJ BANs, 3.000%, 10/24/2019 3,105,866
5,823,500   Hasbrouck Heights, NJ BANs, 2.750%, 3/20/2020 5,862,360
15,000,000   Lyndhurst Township, NJ BANs, 2.500%, 5/8/2020 15,089,389
8,395,000   Lyndhurst Township, NJ BANs, 3.000%, 2/7/2020 8,445,884
11,265,000   New Jersey State Transportation Trust Fund Authority (New Jersey State), Stage Trust (Series 2011-28C) TOBs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.690%, Optional Tender 6/15/2019 11,265,000
3,886,000   Palmyra Borough, NJ, (2018 Series A) BANs, 3.250%, 12/17/2019 3,905,035
6,470,250   Red Bank, NJ BANs, 3.250%, 12/11/2019 6,502,018
2,500,000   Ridgefield Park, NJ BANs, 2.500%, 4/9/2020 2,514,680
5,604,000   Tenafly, NJ BANs, 2.500%, 5/29/2020 5,650,465
4,689,000   Vernon Township, NJ BANs, 3.000%, 9/13/2019 4,701,960
3,757,151   Waldwick, NJ BANs, 2.750%, 7/26/2019 3,761,869
4,887,750   Wanaque Borough, NJ BANs, 2.750%, 3/27/2020 4,921,134
1,715,130   Westampton, NJ BANs, 2.750%, 6/6/2019 1,715,291
    TOTAL 138,173,649
5
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    New York—9.1%  
13,000,000   Copiague, NY Union Free School District TANs, 2.750%, 6/25/2019 $13,007,180
7,627,000   Corning, NY City School District, (Series B) BANs, 2.750%, 8/15/2019 7,640,070
4,000,000   East Williston, NY Union Free School District TANs, 2.750%, 6/25/2019 4,002,209
3,317,500   Guilderland, NY CSD BANs, 2.750%, 7/12/2019 3,320,422
4,697,462   Kingston, NY, (Series B) BANs, 3.000%, 8/27/2019 4,706,298
3,460,957   Lakeland, NY CSD of Shrub Oak BANs, 2.750%, 8/23/2019 3,467,521
6,200,000   Lyndonville, NY CSD BANs, 2.000%, 6/11/2020 6,223,622
21,190,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Eagles (Series 2017-0004) Weekly VRDNs, (Build America Mutual Assurance LOC)/(Citibank N.A., New York LIQ), 1.500%, 6/6/2019 21,190,000
8,985,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.540%, 6/6/2019 8,985,000
10,000,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XF0623) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.540%, 6/6/2019 10,000,000
30,000,000   New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 2.200%, 6/3/2019 30,000,000
10,090,000   New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-1) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 2.250%, 6/3/2019 10,090,000
66,870,000   New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 2.430%, 6/3/2019 66,870,000
5,385,000   New York City, NY Transitional Finance Authority, Fiscal 2003 (Series A-4) Daily VRDNs, (TD Bank, N.A. LIQ), 2.200%, 6/3/2019 5,385,000
2,000,000   New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.420%, 6/6/2019 2,000,000
9,100,000   New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs, (Mizuho Bank Ltd. LOC), 2.320%, 6/3/2019 9,100,000
29,530,000   New York City, NY, (Fiscal 2017 Series A Subseries A-5) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 2.330%, 6/3/2019 29,530,000
6,700,000   New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 2.270%, 6/3/2019 6,700,000
9,000,000   New York State HFA, (Series F) TOBs, 1.700%, Mandatory Tender 11/1/2019 9,000,000
18,000,000   New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 1.800%, Mandatory Tender 6/5/2019 18,000,000
2,202,791   Ossining (Town of), NY BANs, 2.625%, 8/16/2019 2,205,869
5,200,000   Oyster Bay-East Norwich, NY CSD TANs, 3.000%, 6/26/2019 5,203,857
2,470,000   Pine Bush, NY CSD BANs, 2.750%, 8/29/2019 2,474,427
10,000,000   Sewanhaka, NY Central High School District TANs, 2.750%, 6/21/2019 10,004,600
7,425,857   Sleepy Hollow, NY, (Series A) BANs, 3.250%, 11/21/2019 7,460,244
16,803,400   Troy, NY Enlarged CSD BANs, 2.000%, 6/11/2020 16,869,437
7,500,000   Victor, NY CSD, (Series B) BANs, 3.000%, 6/28/2019 7,505,419
3,630,000   Webster, NY BANs, 2.750%, 7/9/2019 3,633,149
5,162,200   Webutuck, NY CSD, (2018 Series A) BANs, 2.750%, 8/23/2019 5,171,990
    TOTAL 329,746,314
    North Carolina—0.6%  
4,805,000   Greensboro, NC Enterprise System, Solar Eclipse (Series 2017-0045) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/22/2019 4,805,000
5,570,000   Mecklenburg County, NC, Solar Eclipse (Series 2017-0052) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/13/2019 5,570,000
11,015,000   North Carolina State Capital Improvement (North Carolina State), Stage Trust (Series 2011-136C) TOBs, (Wells Fargo Bank, N.A. LIQ), 1.690%, Optional Tender 7/25/2019 11,015,000
    TOTAL 21,390,000
    Ohio—3.0%  
4,250,000   Avon, OH Water System BANs, 3.000%, 1/30/2020 4,276,314
10,000,000   Cleveland, OH Water (Cleveland, OH Department of Public Utilities), RBC Municipal Products Floater Certificates (Series E-119) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 10,000,000
4,000,000   Euclid, OH City School District, (RBC Muni Products G-39) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 4,000,000
420,000   Franklin County, OH Hospital Facility Authority (U.S. Health Corp. of Columbus), Series A Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.400%, 6/6/2019 420,000
6
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    Ohio—continued  
23,640,000   Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 $23,640,000
20,000,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), CP, 1.800%, Mandatory Tender 6/12/2019 20,000,000
16,000,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series B-5), CP, 1.800%, Mandatory Tender 6/12/2019 16,000,000
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), 1.570%, 6/6/2019 15,410,000
5,000,000   Ohio University, (RBC Muni Products Series G-27) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.620%, Optional Tender 6/3/2019 5,000,000
1,895,000   Parma Heights, OH BANs, (GTD by Ohio State), 3.000%, 7/17/2019 1,897,457
4,000,000   Perrysburg, OH BANs, 2.000%, 5/21/2020 4,011,400
1,000,000   Seven Hills City, OH BANs, 3.000%, 4/9/2020 1,009,741
3,470,000   Wooster, OH (West View Manor), Health Care Facilities Revenue Bonds (Series 2003) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.550%, 6/6/2019 3,470,000
    TOTAL 109,134,912
    Oklahoma—0.5%  
13,500,000   Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2015 B) VRENs, 1.770%, 6/6/2019 13,500,000
3,410,000   Oklahoma Development Finance Authority (OU Medicine), Tender Option Bond Trust Receipts (Series 2018-XG0210) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.460%, 6/6/2019 3,410,000
    TOTAL 16,910,000
    Oregon—0.3%  
12,065,000   Clackamas County, OR School District No. 7J (Lake Oswego), Solar Eclipse (2017-0053) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/27/2019 12,065,000
    Pennsylvania—3.1%  
3,000,000   Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.490%, 6/6/2019 3,000,000
2,100,000   Allegheny County, PA HDA (UPMC Health System), PUTTERs (Series 5011) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 2.280%, 6/3/2019 2,100,000
4,500,000   Allegheny County, PA Sanitation Authority, Tender Option Bond Trust Certificates (2016-XM0278) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.450%, 6/6/2019 4,500,000
2,040,000   Beaver County, PA IDA (Concordia Lutheran Obligated Group), (Series 2018A) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.430%, 6/6/2019 2,040,000
4,490,000   Berks County, PA IDA (Tower Health), Tender Option Bond Trust Certificates (Series 2018-XL0061) Weekly VRDNs, (GTD by Citibank N.A., New York)/(Citibank N.A., New York LIQ), 1.480%, 6/6/2019 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), 1.570%, 6/6/2019 10,000,000
4,250,000   Bucks County, PA IDA (Grand View Hospital), (Series A of 2008) Weekly VRDNs, (TD Bank, N.A. LOC), 1.400%, 6/6/2019 4,250,000
1,370,000   Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.430%, 6/6/2019 1,370,000
5,000,000   Commonwealth of Pennsylvania, (Second Series of 2016), 5.000%, 9/15/2019 5,048,470
7,080,000   Franklin County, PA IDA (Chambersburg Hospital), Stage Trust (Series 2010-01C) TOBs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.690%, Optional Tender 7/25/2019 7,080,000
4,795,000   Geisinger Authority, PA Health System (Geisinger Health System), Stage Trust (Series 2011-69C) TOBs, (Wells Fargo Bank, N.A. LIQ), 1.690%, Optional Tender 7/25/2019 4,795,000
2,000,000   Haverford Twp., PA School District, (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.420%, 6/6/2019 2,000,000
2,640,000   Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.430%, 6/6/2019 2,640,000
8,000,000   Lehigh County, PA General Purpose Authority (St. Luke's University Health Network), Golden Blue 3a-7 (Series 2019-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 8,000,000
2,600,000   Pennsylvania State University, (Series B of 2009) TOBs, 1.730%, Mandatory Tender 6/1/2020 2,600,000
1,325,000   Philadelphia, PA Gas Works, (8th Series D) Weekly VRDNs, (Royal Bank of Canada LOC), 1.420%, 6/6/2019 1,325,000
100,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-A) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 2.230%, 6/3/2019 100,000
400,000   Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-B) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 2.230%, 6/3/2019 400,000
30,475,000   Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.450%, 6/6/2019 30,475,000
7
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    Pennsylvania—continued  
2,550,000   Ridley, PA School District, (Series of 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.420%, 6/6/2019 $2,550,000
2,000,000   Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019D) Weekly VRDNs, (Bank of America N.A. LIQ), 1.430%, 6/6/2019 2,000,000
10,500,000   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), 1.540%, 6/6/2019 10,500,000
    TOTAL 111,263,470
    South Carolina—0.7%  
4,005,000   South Carolina Jobs-EDA (Brashier Charter, LLC), (Series 2008) Weekly VRDNs, (SunTrust Bank LOC), 1.460%, 6/5/2019 4,005,000
15,000,000   South Carolina Jobs-EDA (Palmetto Health Alliance), (Series 2019-BAML5004) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.460%, 6/6/2019 15,000,000
5,000,000   South Carolina Transportation Infrastructure Bank, Tender Option Bond Trust Receipts (Series G-109) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.620%, Optional Tender 10/1/2019 5,000,000
    TOTAL 24,005,000
    Tennessee—1.0%  
8,700,000   Greenville, TN Health and Educational Facilities Board (Ballad Health), Tender Option Bond Trust Receipts (Series 2018-XG0194) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.460%, 6/6/2019 8,700,000
4,175,000   Sevier County, TN Public Building Authority (Sevier County, TN), Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs, (Bank of America N.A. LOC), 1.430%, 6/5/2019 4,175,000
25,000,000   Sullivan County, TN Health Educational & Housing Facilities Board (Wellmont Health System), (Series 2019-BAML5001) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.460%, 6/6/2019 25,000,000
    TOTAL 37,875,000
    Texas—19.4%  
8,545,000   Austin, TX Electric Utility System, Solar Eclipse (Series 2017-0008) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/15/2019 8,545,000
700,000   Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs, (FHLMC LOC), 1.510%, 6/6/2019 700,000
3,745,000   Denton, TX ISD, (Series 2018-XF0648) Weekly VRDNs, (GTD by Texas PSFG Program)/(Toronto Dominion Bank LIQ), 1.450%, 6/6/2019 3,745,000
44,525,000   Gulf Coast, TX IDA (Exxon Mobil Corp.), (Series 2012) Daily VRDNs, 2.200%, 6/3/2019 44,525,000
17,125,000   Harris County, TX Cultural Education Facilities Finance Corp. (Baylor College of Medicine), Golden Blue (Series 3a-7) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 17,125,000
17,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), Floating Rate Certificates (Series 2018-010) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.570%, 6/6/2019 17,000,000
10,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), PUTTERs (Series 5018) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 2.280%, 6/3/2019 10,000,000
40,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 1.550%, Mandatory Tender 11/25/2019 40,000,000
20,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), CP, 1.720%, Mandatory Tender 6/4/2019 20,000,000
44,670,000   Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-1) Daily VRDNs, 2.250%, 6/3/2019 44,670,000
2,200,000   Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-1) Daily VRDNs, 2.250%, 6/3/2019 2,200,000
36,545,000   Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-2) Daily VRDNs, 2.250%, 6/3/2019 36,545,000
14,645,000   Harris County, TX Toll Road Authority, (Series E-1), CP, (Landesbank Hessen-Thuringen LOC), 1.510%, Mandatory Tender 8/8/2019 14,645,000
3,275,000   Harris County, TX Toll Road Authority, (Series E-1), CP, (Landesbank Hessen-Thuringen LOC), 1.810%, Mandatory Tender 8/8/2019 3,275,000
23,330,000   Harris County, TX Toll Road Authority, (Series E-2), CP, (Barclays Bank PLC LOC), 1.700%, Mandatory Tender 7/11/2019 23,330,000
2,000,000   Harris County, TX Toll Road Authority, (Series E-2), CP, (Barclays Bank PLC LOC), 1.810%, Mandatory Tender 8/8/2019 2,000,000
4,610,000   Hays, TX Consolidated ISD, Solar Eclipse (Series 2017-0050) TOBs, (GTD by Texas PSFG Program)/(U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/11/2019 4,610,000
17,400,000   Houston, TX Combined Utility System, (Series 2004B-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.420%, 6/6/2019 17,400,000
8,000,000   Houston, TX Combined Utility System, (Series B-4), CP, (State Street Bank and Trust Co. LIQ), 1.700%, Mandatory Tender 6/20/2019 8,000,000
3,500,000   Houston, TX, RBC Muni Products (Series 2018 G-21) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 3,500,000
400,000   Pasadena, TX ISD, (Series 2005-B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.430%, 6/6/2019 400,000
7,500,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002B) Weekly VRDNs, 1.470%, 6/5/2019 7,500,000
8
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    Texas—continued  
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.), 1.450%, 6/5/2019 $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.), 1.450%, 6/5/2019 21,000,000
17,000,000   San Antonio, TX Electric & Gas System, (2012 Series A), CP, 1.420%, Mandatory Tender 6/21/2019 17,000,000
40,000,000   San Antonio, TX Electric & Gas System, (2012 Series A), CP, 1.620%, Mandatory Tender 6/21/2019 40,000,000
55,000,000   San Antonio, TX Electric & Gas System, (2012 Series B), CP, (State Street Bank and Trust Co. LIQ)/(Wells Fargo Bank, N.A. LIQ), 1.810%, Mandatory Tender 6/6/2019 55,000,000
17,000,000   San Antonio, TX Electric & Gas System, (2012 Series C), CP, 1.730%, Mandatory Tender 6/21/2019 17,000,000
4,000,000   South Texas CCD, (RBC Muni Products G-35) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.450%, 6/6/2019 4,000,000
19,340,000   Tarrant County, TX Cultural Education Facilities Finance Corp. (Christus Health System), (Series 2008C-1) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.400%, 6/5/2019 19,340,000
88,315,000   Texas State, (Series 2018) TRANs, 4.000%, 8/29/2019 88,772,246
86,435,000   Texas State, Veterans Bonds (Series 2016) Weekly VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.430%, 6/5/2019 86,435,000
    TOTAL 703,262,246
    Utah—3.0%  
110,320,000   Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) VRENs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.590%, 6/6/2019 110,320,000
    Virginia—1.6%  
1,890,000   Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018A) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.360%, 6/5/2019 1,890,000
1,865,000   Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZF2619) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.450%, 6/6/2019 1,865,000
1,475,000   Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.380%, 6/6/2019 1,475,000
1,200,000   Norfolk, VA, (Series 2007) Weekly VRDNs, (Bank of America N.A. LIQ), 1.400%, 6/5/2019 1,200,000
42,690,000   Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) TOBs, (Citibank N.A., New York LIQ), 1.620%, Optional Tender 6/6/2019 42,690,000
3,300,000   University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 8/29/2019 3,300,000
5,000,000   Virginia Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008A) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.390%, 6/6/2019 5,000,000
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), 1.450%, 6/6/2019 1,300,000
    TOTAL 58,720,000
    Washington—0.1%  
4,000,000   Seattle, WA, Solar Eclipse 2017-0039 TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 7/11/2019 4,000,000
    West Virginia—0.0%  
1,475,000   Morgantown, WV Combined Utility System (Morgantown Utility Board, Inc.), Tender Option Bond Trust Receipts (Series 2018-ZF0672) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.460%, 6/6/2019 1,475,000
    Wisconsin—3.5%  
5,500,000   Milton, WI School District BANs, 5.000%, 8/19/2019 5,531,515
5,000,000   Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036 TOBs, (U.S. Bank, N.A. LIQ), 1.550%, Optional Tender 6/13/2019 5,000,000
2,495,000   Wisconsin State HEFA (Wisconsin Lutheran Child & Family Services, Inc.), (Series 2008) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.520%, 6/6/2019 2,495,000
14,705,000   Wisconsin State, (Series 13-A), CP, 1.750%, Mandatory Tender 6/4/2019 14,705,000
25,000,000   Wisconsin State, (Series 16-A), CP, 1.750%, Mandatory Tender 6/4/2019 25,000,000
1,735,000   Wisconsin State, (Series 2005), CP, 1.770%, Mandatory Tender 6/6/2019 1,735,000
25,500,000   Wisconsin State, (Series A) Weekly VRDNs, 1.550%, 6/5/2019 25,500,000
9
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS —continued  
    Wisconsin—continued  
45,900,000   Wisconsin State, Clippers (Series 2009-36) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.460%, 6/6/2019 $45,900,000
    TOTAL 125,866,515
    TOTAL INVESTMENT IN SECURITIES—102.5%
(AT AMORTIZED COST)2 		3,711,539,718
    OTHER ASSETS AND LIABILITIES – NET—(2.5)%3 (89,667,954)
    TOTAL NET ASSETS—100% $3,621,871,764
At May 31, 2019, the Fund held no securities that are subject to the federal alternative minimum tax (AMT) (unaudited).
1 Current rate and current maturity or next reset date shown for floating 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 Also represents cost for federal tax purposes.
3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
Note: The categories of investments are shown as a percentage of total net assets at May 31, 2019.
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 May 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronyms are used throughout this portfolio:
BANs —Bond Anticipation Notes
CCD —Community College District
CDA —Community Development Authority
COL —Collateralized
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
INS —Insured
ISD —Independent School District
LIQ —Liquidity Agreement
LOC —Letter of Credit
MFH —Multi-Family Housing
PCR —Pollution Control Revenue
PCRB(s) —Pollution Control Revenue Bond(s)
PSFG —Permanent School Fund Guarantee
TOBs —Tender Option Bonds
TRANs —Tax and Revenue Anticipation Notes
USD —Unified School District
10
VRDNs —Variable Rate Demand Notes
VRDPs —Variable Rate Demand Preferreds
VRENs —Variable Rate Extendible Notes
See Notes which are an integral part of the Financial Statements
11

 

 

 

 

 

 

 

 

Federated Treasury Obligations Fund
Portfolio of Investments
April 30, 2019 (unaudited)
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—61.8%  
$275,000,000   Interest in $300,000,000 joint repurchase agreement 2.430%, dated 4/18/2019 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $301,215,000 on 6/17/2019. 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 2/15/2049 and the market value of those underlying securities was $306,268,519. $ 275,000,000
600,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.440%, dated 4/2/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,006,167,778 on 7/2/2019. 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 $1,022,004,890. 600,000,000
375,000,000   Interest in $400,000,000 joint repurchase agreement 2.440%, dated 4/11/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $402,467,111 on 7/11/2019. 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 $408,553,094. 375,000,000
300,000,000   Interest in $925,000,000 joint repurchase agreement 2.450%, dated 4/29/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $930,728,576 on 7/29/2019. 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 5/15/2048 and the market value of those underlying securities was $943,628,495. 300,000,000
865,000,000   Interest in $900,000,000 joint repurchase agreement 2.460%, dated 3/27/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $905,535,000 on 6/25/2019. 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 $920,195,603. 865,000,000
150,000,000   Interest in $500,000,000 joint repurchase agreement 2.750%, dated 4/29/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $500,038,194 on 5/1/2019. 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 4/30/2026 and the market value of those underlying securities was $510,039,041. 150,000,000
315,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $315,024,063 on 5/1/2019. 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 8/15/2048 and the market value of those underlying securities was $321,324,580. 315,000,000
2,000,000,000   Interest in $5,000,000,000 joint repurchase agreement 2.760%, dated 4/30/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $5,000,383,333 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 7/15/2026 and the market value of those underlying securities was $5,095,631,816. 2,000,000,000
475,000,000   Interest in $500,000,000 joint repurchase agreement 2.440%, dated 1/29/2019 under which Bank of Montreal will repurchase securities provided as collateral for $503,083,889 on 5/1/2019. 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 5/15/2048 and the market value of those underlying securities was $513,145,593. 475,000,000
417,000,000   Interest in $4,410,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Barclays Bank PLC will repurchase securities provided as collateral for $4,410,336,875 on 5/1/2019. 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 2/15/2049 and the market value of those underlying securities was $4,498,543,657. 417,000,000
50,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $50,003,819 on 5/1/2019. 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 11/15/2046 and the market value of those underlying securities was $51,003,912. 50,000,000
1,000,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $1,000,076,389 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $1,020,235,898. 1,000,000,000
250,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Citibank, N.A. will repurchase securities provided as collateral for $250,019,097 on 5/1/2019. 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 5/15/2048 and the market value of those underlying securities was $255,019,542. 250,000,000
100,000,000   Repurchase agreement 2.250%, dated 4/30/2019 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $100,006,250 on 5/1/2019. 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 8/15/2046 and the market value of those underlying securities was $102,006,409. 100,000,000
475,000,000   Interest in $500,000,000 joint repurchase agreement 2.500%, dated 4/30/2019 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,034,722 on 5/1/2019. 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 $510,035,450. 475,000,000
1
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$500,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,038,194 on 5/1/2019. 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 2/15/2049 and the market value of those underlying securities was $510,039,042. $500,000,000
225,000,000   Interest in $500,000,000 joint repurchase agreement 2.430%, dated 4/2/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $501,012,500 on 5/2/2019. 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 $510,998,345. 225,000,000
1,000,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,000,076,389 on 5/1/2019. 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 $1,020,078,011. 1,000,000,000
500,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which DNB Bank ASA will repurchase securities provided as collateral for $500,038,194 on 5/1/2019. 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 8/15/2023 and the market value of those underlying securities was $510,000,031. 500,000,000
1,000,000,000   Interest in $3,000,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $3,000,229,167 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $3,059,951,155. 1,000,000,000
1,100,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which ING Financial Markets LLC will repurchase securities provided as collateral for $1,100,084,028 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $1,121,990,595. 1,100,000,000
400,000,000   Interest in $1,500,000,000 joint repurchase agreement 2.430%, dated 4/4/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,503,240,000 on 5/6/2019. 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 2/29/2024 and the market value of those underlying securities was $1,530,000,082. 400,000,000
1,626,000,000   Interest in $4,400,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $4,400,336,111 on 5/1/2019. 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 8/15/2048 and the market value of those underlying securities was $4,488,000,015. 1,626,000,000
70,580,000   Repurchase agreement 2.680%, dated 4/30/2019 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $70,585,254 on 5/1/2019. 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 5/15/2030 and the market value of those underlying securities was $71,996,974. 70,580,000
100,000,000   Repurchase agreement 2.730%, dated 4/30/2019 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $100,007,583 on 5/1/2019. 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 11/15/2027 and the market value of those underlying securities was $102,007,750. 100,000,000
200,001,437   Repurchase agreement 2.750%, dated 4/30/2019 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $200,016,715 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2025 and the market value of those underlying securities was $204,002,728. 200,001,437
100,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $100,007,639 on 5/1/2019. 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 11/15/2024 and the market value of those underlying securities was $102,007,887. 100,000,000
2,000,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which National Australia Bank Ltd., Melbourne will repurchase securities provided as collateral for $2,000,152,778 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 8/15/2046 and the market value of those underlying securities was $2,040,574,045. 2,000,000,000
300,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.430%, dated 4/2/2019 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,006,142,500 on 7/2/2019. 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 11/15/2048 and the market value of those underlying securities was $1,021,996,650. 300,000,000
925,000,000   Interest in $950,000,000 joint repurchase agreement 2.440%, dated 4/17/2019 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $955,859,389 on 7/17/2019. 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 $969,919,569. 925,000,000
850,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $850,064,931 on 5/1/2019. 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 $867,066,274. 850,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$618,695,000   Repurchase agreement 2.770%, dated 4/30/2019 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $618,742,605 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $630,800,075. $618,695,000
187,991,000   Repurchase agreement 2.770%, dated 4/30/2019 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $188,005,465 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2026 and the market value of those underlying securities was $191,453,754. 187,991,000
1,000,000,000   Repurchase agreement 2.750%, dated 4/30/2019 under which Societe Generale, New York will repurchase securities provided as collateral for $1,000,076,389 on 5/1/2019. 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 $1,020,077,941. 1,000,000,000
86,503,000   Repurchase agreement 2.770%, dated 4/30/2019 under which United of Omaha will repurchase securities provided as collateral for $86,509,656 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $88,186,670. 86,503,000
2,700,000,000   Interest in $3,700,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,700,282,639 on 5/1/2019. 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 2/15/2049 and the market value of those underlying securities was $3,774,288,329. 2,700,000,000
    TOTAL REPURCHASE AGREEMENTS 23,136,770,437
    U.S. TREASURIES—39.1%  
475,000,000 1 United States Treasury Bills, 2.390%, 10/17/2019 469,670,631
330,000,000 1 United States Treasury Bills, 2.390%, 10/31/2019 326,012,683
220,000,000 1 United States Treasury Bills, 2.400%, 10/24/2019 217,418,667
311,400,000 1 United States Treasury Bills, 2.430%, 5/2/2019 311,378,980
363,000,000 1 United States Treasury Bills, 2.450%, 5/9/2019 362,802,367
272,000,000 1 United States Treasury Bills, 2.450%, 7/25/2019 270,426,556
408,000,000 1 United States Treasury Bills, 2.460%, 7/18/2019 405,825,359
385,000,000 1 United States Treasury Bills, 2.465%, 5/16/2019 384,604,573
480,000,000 1 United States Treasury Bills, 2.470%, 7/11/2019 477,661,734
171,000,000 1 United States Treasury Bills, 2.470%, 2/27/2020 167,456,786
193,000,000 1 United States Treasury Bills, 2.505%, 7/5/2019 192,127,077
182,000,000 1 United States Treasury Bills, 2.515%, 1/30/2020 178,516,167
1,055,500,000 2 United States Treasury Floating Rate Notes, 2.399% (91-day T-Bill +0.000%), 5/7/2019 1,055,470,681
1,799,500,000 2 United States Treasury Floating Rate Notes, 2.432% (91-day T-Bill +0.033%), 5/7/2019 1,799,425,444
854,100,000 2 United States Treasury Floating Rate Notes, 2.442% (91-day T-Bill +0.043%), 5/7/2019 854,038,650
949,500,000 2 United States Treasury Floating Rate Notes, 2.444% (91-day T-Bill +0.045%), 5/7/2019 948,664,222
1,235,500,000 2 United States Treasury Floating Rate Notes, 2.447% (91-day T-Bill +0.048%), 5/7/2019 1,235,654,055
1,112,000,000 2 United States Treasury Floating Rate Notes, 2.514% (91-day T-Bill +0.115%), 5/7/2019 1,111,396,088
524,000,000   United States Treasury Notes, 1.250%—1.500%, 5/31/2019 523,542,788
96,000,000   United States Treasury Notes, 1.250%, 6/30/2019 95,800,402
78,000,000   United States Treasury Notes, 1.250%—1.375%, 1/31/2020 77,285,514
281,000,000   United States Treasury Notes, 1.375%—1.625%, 7/31/2019 280,232,697
246,500,000   United States Treasury Notes, 1.375%, 3/31/2020 244,101,030
715,000,000   United States Treasury Notes, 1.500%, 10/31/2019 711,325,260
232,000,000   United States Treasury Notes, 1.500%, 11/30/2019 230,401,100
432,000,000   United States Treasury Notes, 1.875%, 12/31/2019 430,228,900
785,800,000   United States Treasury Notes, 3.375%, 11/15/2019 789,526,408
460,000,000   United States Treasury Notes, 3.625%, 8/15/2019 461,363,539
    TOTAL U.S. TREASURIES 14,612,358,358
    TOTAL INVESTMENT IN SECURITIES—100.9%
(AT AMORTIZED COST) 		37,749,128,795
    OTHER ASSETS AND LIABILITIES - NET—(0.9)%3 (320,106,136)
    TOTAL NET ASSETS—100% $37,429,022,659
3
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, 2019.
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, 2019, 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, 2019 (unaudited)
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—67.3%  
$25,000,000   Interest in $300,000,000 joint repurchase agreement 2.430%, dated 4/18/2019 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $301,215,000 on 6/17/2019. 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 2/15/2049 and the market value of those underlying securities was $306,268,519. $25,000,000
50,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.440%, dated 4/2/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,006,167,778 on 7/2/2019. 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 $1,022,004,890. 50,000,000
25,000,000   Interest in $400,000,000 joint repurchase agreement 2.440%, dated 4/11/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $402,467,111 on 7/11/2019. 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 $408,553,094. 25,000,000
10,000,000   Interest in $925,000,000 joint repurchase agreement 2.450%, dated 4/29/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $930,728,576 on 7/29/2019. 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 5/15/2048 and the market value of those underlying securities was $943,628,495. 10,000,000
35,000,000   Interest in $900,000,000 joint repurchase agreement 2.460%, dated 3/27/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $905,535,000 on 6/25/2019. 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 $920,195,603. 35,000,000
350,000,000   Interest in $5,000,000,000 joint repurchase agreement 2.760%, dated 4/30/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $5,000,383,333 on 5/1/2019. The securities provided as collateral at the end of the period held with State Street Bank, were U.S. Treasury securities with various maturities to 7/15/2026 and the market value of those underlying securities was $5,095,631,816. 350,000,000
25,000,000   Interest in $500,000,000 joint repurchase agreement 2.440%, dated 1/29/2019 under which Bank of Montreal will repurchase securities provided as collateral for $503,083,889 on 5/1/2019. 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 5/15/2048 and the market value of those underlying securities was $513,145,593. 25,000,000
149,000,000   Interest in $4,410,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Barclays Bank PLC will repurchase securities provided as collateral for $4,410,336,875 on 5/1/2019. 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 2/15/2049 and the market value of those underlying securities was $4,498,543,657. 149,000,000
25,000,000   Interest in $500,000,000 joint repurchase agreement 2.500%, dated 4/30/2019 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,243,056 on 5/7/2019. 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 $510,035,450. 25,000,000
25,000,000   Interest in $500,000,000 joint repurchase agreement 2.430%, dated 4/2/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $501,012,500 on 5/2/2019. 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 $510,998,345. 25,000,000
213,000,000   Interest in $4,400,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $4,400,336,111 on 5/1/2019. 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 8/15/2048 and the market value of those underlying securities was $4,488,000,015. 213,000,000
25,000,000   Interest in $1,000,000,000 joint repurchase agreement 2.430%, dated 4/2/2019 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,006,142,500 on 7/2/2019. 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 11/15/2048 and the market value of those underlying securities was $1,021,996,650. 25,000,000
25,000,000   Interest in $950,000,000 joint repurchase agreement 2.440%, dated 4/17/2019 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $955,859,389 on 7/17/2019. 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 $969,919,569. 25,000,000
350,000,000   Interest in $3,000,000,000 joint repurchase agreement 2.750%, dated 4/30/2019 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,229,167 on 5/1/2019. 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 8/15/2044 and the market value of those underlying securities was $3,062,075,897. 350,000,000
    TOTAL REPURCHASE AGREEMENTS 1,332,000,000
1
Principal
Amount 		    Value
    U.S. TREASURIES—33.5%  
$25,000,000 1 United States Treasury Bills, 2.390%, 10/17/2019 $24,719,507
20,000,000 1 United States Treasury Bills, 2.390%, 10/31/2019 19,758,344
12,000,000 1 United States Treasury Bills, 2.400%, 10/24/2019 11,859,200
14,000,000 1 United States Treasury Bills, 2.430%, 5/2/2019 13,999,055
12,000,000 1 United States Treasury Bills, 2.450%, 5/9/2019 11,993,467
12,600,000 1 United States Treasury Bills, 2.450%, 7/25/2019 12,527,113
17,000,000 1 United States Treasury Bills, 2.460%, 7/18/2019 16,909,390
15,000,000 1 United States Treasury Bills, 2.465%, 5/16/2019 14,984,594
20,000,000 1 United States Treasury Bills, 2.470%, 7/11/2019 19,902,572
8,000,000 1 United States Treasury Bills, 2.470%, 2/27/2020 7,834,236
7,000,000 1 United States Treasury Bills, 2.505%, 7/5/2019 6,968,340
8,000,000 1 United States Treasury Bills, 2.515%, 1/30/2020 7,846,864
29,000,000 2 United States Treasury Floating Rate Notes, 2.399% (91-day T-Bill +0.000%), 5/7/2019 28,996,788
84,500,000 2 United States Treasury Floating Rate Notes, 2.432% (91-day T-Bill +0.033%), 5/7/2019 84,496,086
45,150,000 2 United States Treasury Floating Rate Notes, 2.442% (91-day T-Bill +0.043%), 5/7/2019 45,143,357
45,090,000 2 United States Treasury Floating Rate Notes, 2.444% (91-day T-Bill +0.045%), 5/7/2019 45,051,093
29,500,000 2 United States Treasury Floating Rate Notes, 2.447% (91-day T-Bill +0.048%), 5/7/2019 29,504,301
59,500,000 2 United States Treasury Floating Rate Notes, 2.514% (91-day T-Bill +0.115%), 5/7/2019 59,465,240
4,000,000   United States Treasury Notes, 1.250%—1.375%, 1/31/2020 3,963,407
31,000,000   United States Treasury Notes, 1.250%—1.500%, 5/31/2019 30,972,126
4,000,000   United States Treasury Notes, 1.250%, 6/30/2019 3,991,683
19,000,000   United States Treasury Notes, 1.375%—1.625%, 7/31/2019 18,953,088
13,000,000   United States Treasury Notes, 1.375%, 3/31/2020 12,873,458
42,000,000   United States Treasury Notes, 1.500%, 10/31/2019 41,787,664
10,000,000   United States Treasury Notes, 1.500%, 11/30/2019 9,931,371
23,000,000   United States Treasury Notes, 1.875%, 12/31/2019 22,905,640
37,500,000   United States Treasury Notes, 3.375%, 11/15/2019 37,678,067
19,000,000   United States Treasury Notes, 3.625%, 8/15/2019 19,056,229
    TOTAL U.S. TREASURIES 664,072,280
    TOTAL INVESTMENT IN SECURITIES—100.8%
(AT AMORTIZED COST) 		1,996,072,280
    OTHER ASSETS AND LIABILITIES - NET—(0.8)%3 (15,491,923)
    TOTAL NET ASSETS—100% $1,980,580,357
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, 2019.
2
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 the 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, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
3

 

 

 

 

 

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 24, 2019

 

 

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 24, 2019

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date June 24, 2019