Money Market Obligations Trust N-30D 3/28/03

N-30D 1 form.htm Money Market Obligations Trust N-30D 3/28/03

Federated Investors
World-Class Investment Manager

Automated Cash Management Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount					Value
			CERTIFICATES OF DEPOSIT--7.8%
			Banking--7.8%
$	26,000,000		Abbey National Treasury Services, PLC, 1.810% - 1.845%, 10/17/2003 - 10/20/2003	$	26,000,534
	40,300,000		BNP Paribas SA, 2.220%, 2/18/2003		40,300,093
	25,000,000		Bank of New York, 2.065% - 2.070%, 7/1/2003		24,997,348
	10,000,000		Comerica Bank, 2.530%, 3/7/2003		10,000,092
	16,000,000		Credit Suisse First Boston, 1.810% - 1.820%, 2/3/2003		16,000,000
	10,000,000		Danske Bank A/S, 2.100%, 6/30/2003		9,996,761
	14,000,000		Mercantile Safe Deposit & Trust Co., Baltimore, 1.380%, 6/12/2003		14,000,000
	65,000,000		Svenska Handelsbanken, Stockholm, 2.230% - 2.280%, 6/23/2003 - 6/30/2003		65,006,833
	25,000,000		Toronto Dominion Bank, 1.340%, 5/7/2003		24,999,345

			TOTAL CERTIFICATES OF DEPOSIT		231,301,006

			COLLATERALIZED LOAN AGREEMENT--4.4%
			Banking--3.4%
	50,000,000		Salomon Smith Barney, Inc., 1.312%, 2/3/2003		50,000,000
	50,000,000		Salomon Smith Barney, Inc., 1.412%, 2/3/2003		50,000,000

			TOTAL		100,000,000

			Brokerage--1.0%
	30,000,000		Goldman Sachs & Co., 1.362%, 2/3/2003		30,000,000

			TOTAL COLLATERALIZED LOAN AGREEMENT		130,000,000

			COMMERCIAL PAPER --18.7%¹
			Banking--11.2%
	97,504,000		Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.320% - 1.340%, 2/7/2003 - 4/9/2003		97,406,210
	20,000,000		Citicorp, 1.280%, 4/25/2003		19,940,978
	28,000,000		Danske Corp., Inc., (Guaranteed by Danske Bank A/S), 1.300%, 4/16/2003		27,925,178
	25,000,000		Dresdner US Finance, Inc., (Dresdner Bank AG, Frankfurt Support Agreement), 1.390%, 6/11/2003		24,874,514
	40,000,000		Fountain Square Commercial Funding Corp., 1.300%, 3/10/2003		39,946,555
	20,000,000		ING (U.S.) Funding LLC, (Guaranteed by ING Bank N.V.), 1.980%, 3/26/2003		19,941,700
	2,112,000		Kitty Hawk Funding Corp., 1.280%, 2/24/2003		2,110,273
Principal Amount					Value
			COMMERCIAL PAPER--continued¹
			Banking--continued
$	66,410,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.280% - 1.380%, 2/6/2003 - 3/6/2003	$	66,358,028
	15,235,000		Los Angeles County, CA Metropolitan Transportation Authority, (Series A), (Landesbank Hessen-Thueringen, Frankfurt LOC), 1.400%, 3/5/2003		15,235,000
	10,000,000		Societe Generale North America, Inc., (Guaranteed by Societe Generale, Paris), 1.290%, 7/15/2003		9,941,233
	10,000,000		Three Rivers Funding Corp., 1.290%, 2/20/2003		9,993,192

			TOTAL		333,672,861

			Finance -- Automotive--2.0%
	40,000,000		FCAR Auto Loan Trust, (Series A1+/P1), 1.290% - 1.300%, 7/11/2003 - 7/16/2003		39,766,194
	20,500,000		New Center Asset Trust, (Series A1/P1), 1.260%, 4/22/2003		20,442,600

			TOTAL		60,208,794

			Finance - Commercial--2.2%
	9,000,000		Amsterdam Funding Corp., 1.260%, 4/23/2003		8,974,485
	30,000,000		Compass Securitization LLC, 1.310%, 2/7/2003		29,993,450
	25,000,000		Paradigm Funding LLC, 1.300%, 3/10/2003		24,966,597

			TOTAL		63,934,532

			Finance Oil & Gas--0.7%
	20,000,000		Shell Finance (UK) PLC, 1.290% - 1.840%, 7/11/2003 - 9/9/2003		19,830,222

			Finance -- Retail--1.0%
	30,000,000		Sheffield Receivables Corp., 1.280%, 2/20/2003		29,979,733

			Finance - Securities--1.6%
	27,898,000		Galaxy Funding, Inc., 1.300% - 1.360%, 4/14/2003 - 4/21/2003		27,820,405
	20,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.310%, 6/9/2003		19,906,844

			TOTAL		47,727,249

			TOTAL COMMERCIAL PAPER		555,353,391

			SHORT-TERM NOTES--16.0%
			Banking--3.0%
	50,000,000		Forrestal Funding Master Trust, (Bank of America N.A. Swap Agreement), 1.290, 2/20/2003		49,965,958
	15,000,000		National City Bank, Indiana, 2.500%, 3/5/2003		15,000,000
	25,000,000		National City Bank, Ohio, 2.500%, 3/10/2003		24,999,624

			TOTAL		89,965,582

Principal Amount					Value
			SHORT-TERM NOTES--continued
			Brokerage--5.8%
$	100,000,000		Goldman Sachs Group, Inc., 1.462%, 2/3/2003	$	100,000,000
	10,000,000		Goldman Sachs Group, Inc., 1.480%, 5/15/2003		10,000,000
	50,000,000		Merrill Lynch & Co., Inc., 1.462%, 2/3/2003		50,000,000
	13,000,000		Merrill Lynch & Co., Inc., 2.450%, 3/24/2003		13,000,000

			TOTAL		173,000,000

			Finance -- Automotive--2.1%
	1,217,112		CarMax Auto Owner Trust 2002-2, Class A1, 1.425%, 12/15/2003		1,217,112
	4,503,534		Ford Credit Auto Owner Trust 2002-D, Class A1, 1.790%, 5/15/2003		4,503,534
	10,000,000		Ford Credit Auto Owner Trust 2003-A, Class A1, 1.363%, 10/15/2003		10,000,000
	1,296,208		Honda Auto Receivables Owner Trust 2002-2, Class A1, 1.950%, 6/13/2003		1,296,208
	14,102,517		MMCA Auto Owner Trust 2002-5, Class A1, 1.410%, 12/15/2003		14,102,517
	815,626		Nissan Auto Receivables Owner Trust 2002-B, Class A1, 2.090%, 5/9/2003		815,626
	3,221,490		SSB Auto Loan Trust 2002-1, Class A1, 1.658%, 11/15/2003		3,221,491
	9,294,632		TF Automobile Receivables Owner Trust 2002-1, Class A1, 1.468%, 12/12/2003		9,294,632
	6,661,520		Volkswagen Auto Lease Trust 2002-A, Class A1, 1.385%, 11/20/2003		6,661,519
	11,000,000		WFS Financial Owner Trust 2002-4, Class A1, 1.676%, 11/20/2003		11,000,000

			TOTAL		62,112,639

			Finance - Securities--3.4%
	90,000,000		Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.400% -- 2.540%, 2/7/2003 - 2/5/2004		89,999,006
	10,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.645%, 2/6/2004		10,000,000

			TOTAL		99,999,006

			Health Care Drugs--0.2%
	5,000,000	^2,3	Merck & Co., Inc., 4.540%, 2/24/2003		5,009,927

			Insurance--0.7%
	20,000,000		Onyx Acceptance Owner Trust 2003-A, Class A1, (XL Capital Assurance Inc. INS.), 1.360%, 2/15/2004		20,000,000

			Telecommunications--0.8%
	25,000,000		BellSouth Corp., 4.105%, 4/26/2003		25,073,705

			TOTAL SHORT-TERM NOTES		475,160,859

Principal Amount					Value
			GOVERNMENT AGENCIES--1.2%
$	15,000,000		Federal Home Loan Bank System, 1.770%, 10/9/2003	$	15,000,000
	15,000,000		Federal Home Loan Mortgage Corp., 1.750%, 12/8/2003		15,000,000
	5,500,000		Federal Home Loan Mortgage Corp., 5.250%, 2/15/2004		5,716,782

			TOTAL GOVERNMENT AGENCIES		35,716,782

			LOAN PARTICIPATION--0.8%
			Chemicals--0.8%
	25,000,000		DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.340% - 1.490%, 3/7/2003 - 9/30/2003		25,000,000

			NOTES - VARIABLE--37.1%⁴
			Banking--14.7%
	5,290,000		AGE, Inc., (Series 2000), (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		5,290,000
	4,335,000		C.J. Krehbiel Co., (Series 2000), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		4,335,000
	6,470,000		CNOS Building LLC, (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		6,470,000
	6,493,000		Capital One Funding Corp., (Series 1999-B), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		6,493,000
	77,000,000		Comerica Bank, 1.348%, 2/10/2003		76,995,981
	3,800,000		David Lipscomb University, (Series 1999), (SunTrust Bank LOC), 1.400%, 2/5/2003		3,800,000
	8,710,000		E & J Investments LLC, Bradner Village Health Care, (Series 1999), (Lasalle Bank, N.A. LOC), 1.440%, 2/6/2003		8,710,000
	8,175,000		Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		8,175,000
	9,000,000		Erwin Marine Sales, Inc., (Series 2000), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		9,000,000
	2,820,000		Gainesville and Hall County, GA Development Authority, Woozer Project, (Series 2000), (SunTrust Bank LOC), 1.400%, 2/5/2003		2,820,000
	6,485,000		Grand Chute, WI, (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		6,485,000
	25,000,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		25,000,000
	2,685,000		HYCO Alabama LLC, (Series 2000), (Regions Bank, Alabama LOC), 1.390%, 2/6/2003		2,685,000
	8,300,000		Infirmary Health Systems, Inc., (Regions Bank, Alabama LOC), 1.390%, 2/6/2003		8,300,000
	2,360,000		Joe A. Waggoner, (Series 2000), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,360,000
	4,905,000		K & K Management Co., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		4,905,000
Principal Amount					Value
			NOTES - VARIABLE--continued⁴
			Banking--continued
$	4,800,000		K-O-I Warehouse, Inc.; Hamlet Auto Parts, Inc.; Kentucky Motor Services, Inc.; Mad River Auto Parts, Inc.; Ezzel Parts Exchange, Inc., (Series 1998), (Firstar Bank, N.A. LOC), 1.460%, 2/6/2003	$	4,800,000
	6,005,000		Kent Capital LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		6,005,000
	3,315,000		L.B. Industries, Inc. (Series 2000), (Firstar Bank, N.A. LOC), 1.460%, 2/6/2003		3,315,000
	3,385,000		Lincoln Park, (Bank One N.A. (Chicago) LOC), 1.400%, 2/6/2003		3,385,000
	60,000,000		Liquid Asset Backed Securities Trust, (Series 1996-3), (WestLB AG Swap Agreement), 1.390%, 2/15/2003		60,000,000
	5,000,000		Los Angeles, CA, MERLOTS (Series 2000 A), (H&H Theatre), (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		5,000,000
	4,000,000		MBE Investment Co. LLC, EH Investment Company (Series 2000 A), (Standard Federal Bank, N.A. LOC), 1.400%, 2/6/2003		4,000,000
	25,000,000	²	MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 1.470%, 3/27/2003		25,000,000
	1,470,000		Manatee County, FL, CFI Manufacturing, Inc. Project (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,470,000
	12,000,000		Mississippi Business Finance Corp., Howard Industries, Inc., (Series 1999), (Amsouth Bank N.A., Birmingham LOC), 1.390%, 2/6/2003		12,000,000
	3,860,000		Oceana County Freezer Storage, Inc., (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		3,860,000
	12,080,000		Racetrac Capital LLC, (Series 2000), (Regions Bank, Alabama LOC), 1.390%, 2/6/2003		12,080,000
	6,240,000		Rollins College, (Series 1998), (SunTrust Bank LOC), 1.400%, 2/5/2003		6,240,000
	5,571,000		Sandridge Food Corp., (National City Bank, Ohio LOC), 1.420%, 2/6/2003		5,571,000
	4,865,000		Seven Hills School, (Series 2000), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		4,865,000
	5,100,000		South Pittsburg, TN IDB, Lodge Manufacturing Co. Project, (Series 1999), (SunTrust Bank LOC), 1.400%, 2/5/2003		5,100,000
	3,590,000		Swiger Coil Systems, Inc., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		3,590,000
	15,000,000	²	URI Trust, (Series 2000-1), (UBS AG Swap Agreement), 1.460%, 3/18/2003		15,000,000
	20,000,000		Wells Fargo & Co., 1.370%, 2/1/2003		20,000,000
Principal Amount					Value
			NOTES - VARIABLE--continued⁴
			Banking--continued
$	35,000,000		Wells Fargo & Co., 1.413%, 2/14/2003	$	35,000,000
	9,705,000		West Memphis IDRB, S-B Power Tool Project, (Series 2000 A), (J.P. Morgan Chase Bank LOC), 1.390%, 2/6/2003		9,705,000
	8,700,000		White Hydraulics, Inc., (Series 1999), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		8,700,000
	715,000		Winona Lake, IN, (Series 1999 B), Grace Villiage, (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		715,000

			TOTAL		437,224,981

			Brokerage--1.2%
	35,000,000		Merrill Lynch & Co., Inc., 1.425%, 2/11/2003		35,000,000

			Chemicals--0.2%
	5,000,000		Bayer Corp., (Bayer AG Support Agreement), 4.450%, 3/19/2003		5,009,276

			Consumer Products--0.9%
	27,000,000		Diageo Capital PLC, (Guaranteed by Diageo PLC), 1.390%, 3/12/2003		27,000,000

			Electrical Equipment--0.7%
	20,181,046		Northwest Airlines, Inc., (Guaranteed by General Electric Co.), 1.450%, 2/3/2003		20,181,046

			Finance -- Commercial--6.8%
	55,000,000		Compass Securitization LLC, 1.328%, 3/14/2003		54,999,080
	15,000,000		Compass Securitization LLC, 1.330%, 7/9/2003		14,998,361
	51,400,000		General Electric Capital Corp., 1.396% - 1.409%, 2/10/2003 - 2/18/2003		51,400,000
	10,000,000		General Electric Capital Corp., 1.360%, 2/24/2003		10,000,288
	70,000,000		Paradigm Funding LLC, 1.309% - 1.350%, 2/28/2003 - 7/28/2003		70,000,000

			TOTAL		201,397,729

			Finance - Securities--1.9%
	25,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.350%, 2/18/2003		24,998,646
	30,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.275% - 1.310%, 2/3/2003 -- 5/3/2003		29,999,008

			TOTAL		54,997,654

Principal Amount					Value
			NOTES - VARIABLE--continued⁴
			Government Agency--1.2%
$	6,000,000		Acton Assisted Living LLC, (Series 2000), (Federal Home Loan Bank of Pittsburgh LOC), 1.350%, 2/6/2003	$	6,000,000
	1,080,000		Alabama HFA, Turtle Lake Project, (Series 2000-B), (FNMA LOC), 1.340%, 2/6/2003		1,080,000
	7,000,000		Direct One Funding Corp., (FNMA LOC), 1.410%, 2/6/2003		7,000,000
	7,000,000		Jefferson County, KY HFDA, (Series 2000), (Federal Home Loan Bank of Cincinnati LOC), 1.540%, 2/6/2003		7,000,000
	4,200,000		Kentucky Economic Development Finance Authority, (Federal Home Loan Bank of Cincinnati LOC), 1.280%, 2/6/2003		4,200,000
	2,500,000		Kentucky Economic Development Finance Authority, (Series 2002), (Federal Home Loan Bank of Cincinnati LOC), 1.440%, 2/6/2003		2,500,000
	3,480,000		Lexington Fayette, KY, (Series 2001), (Federal Home Loan Bank of Cincinnati LOC), 1.440%, 2/6/2003		3,480,000
	4,750,000		Winnebago County, IL IDA, (Series 2001), (Federal Home Loan Bank of Chicago LOC), 1.440%, 2/6/2003		4,750,000

			TOTAL		36,010,000

			Insurance--6.4%
	25,000,000		Allstate Life Insurance Co., 1.617%, 3/3/2003		25,000,000
	35,000,000		GE Capital Assurance Co., 1.730%, 2/10/2003		35,000,000
	12,000,000		GE Life and Annuity Assurance Co., 1.526%, 3/3/2003		12,000,000
	53,000,000		Monumental Life Insurance Co., 1.550% - 1.560%, 2/3/2003 - 2/28/2003		53,000,000
	35,000,000		New York Life Insurance Co., 1.526%, 5/1/2003		35,000,000
	10,000,000		Security Life of Denver Insurance Co., 1.460%, 4/25/2003		10,000,000
	20,000,000		Travelers Insurance Co., 1.526%, 3/1/2003		20,000,000

			TOTAL		190,000,000

			Telecommunications--3.1%
	50,000,000		BellSouth Telecommunications, Inc., 1.433%, 3/4/2003		50,000,000
	17,000,000		Verizon Global Funding, 1.341%, 2/18/2003		16,999,581
	25,000,000		Verizon Global Funding, 1.560%, 2/8/2003		24,998,356

			TOTAL		91,997,937

			TOTAL NOTES -- VARIABLE		1,098,818,623

Shares or Principal Amount					Value
			MUTUAL FUNDS--6.4%
			Asset Management--6.4%
	50,000,000		AIM Short-Term Investments Co. Liquid Assets Portfolio, 1.300%	$	50,000,000
	140,000,000		Scudder Money Market, 1.285%		140,000,000

			TOTAL MUTUAL FUNDS		190,000,000

			REPURCHASE AGREEMENTS--2.7%
			Banking--2.7%
$	78,841,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 1/31/2003, to be repurchased at $78,849,870 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		78,841,000

			TIME DEPOSITS--5.2%¹
			Banking--5.2%
	100,000,000		Societe Generale, Paris, 1.313%, 2/3/2003		100,000,000
	55,000,000		Toronto Dominion Bank, 1.313%, 2/3/2003		55,000,000

			TOTAL TIME DEPOSITS		155,000,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁵	$	2,975,191,661

1 Each issue shows the rate of discount at the time of purchase.

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. At January 31, 2003, these securities amounted to $45,009,927 which represents 1.5% of net assets. Included in these amounts, securities which have been deemed liquid amounted to $5,009,927 which represents 0.2% of net assets.

3 Denotes a restricted security that has been deemed liquid by criteria approved by the Fund's Board of Trustees.

4 Variable rate securities with current rate and next reset date shown.

5 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($2,965,428,031) at January 31, 2003.

The following acronyms are used throughout this portfolio:

FNMA	--Federal National Mortgage Association
HFA	--Housing Finance Authority
HFDA	--Health Facility Development Authority
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
IDRB	--Industrial Development Revenue Bond
INS	--Insured
LOC	--Letter of Credit
MERLOTS	--Municipal Exempt Receipts-Liquidity Optional Tender Series

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	2,975,191,661
Income receivable				8,926,107
Receivable for shares sold				178,858
Other assets				2,023

TOTAL ASSETS				2,984,298,649

Liabilities:
Payable for investments purchased	$	15,999,500
Payable for shares redeemed		215,864
Income distribution payable		1,783,148
Payable to bank		80,060
Accrued expenses		792,046

TOTAL LIABILITIES				18,870,618

Net assets for 2,965,428,031 shares outstanding			$	2,965,428,031

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Service Shares:
$2,112,352,464 ÷ 2,112,352,464 shares outstanding				$1.00

Cash II Shares:
$853,075,567 ÷ 853,075,567 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	27,608,188

Expenses:
Investment adviser fee				$	7,764,261
Administrative personnel and services fee					1,167,745
Custodian fees					93,100
Transfer and dividend disbursing agent fees and expenses					1,309,668
Directors'/Trustees' fees					14,645
Auditing fees					6,140
Legal fees					6,952
Portfolio accounting fees					77,286
Distribution services fee--Cash II Shares					1,161,435
Shareholder services fee--Institutional Service Shares					2,720,696
Shareholder services fee--Cash II Shares					1,161,435
Share registration costs					40,089
Printing and postage					78,554
Insurance premiums					2,294
Miscellaneous					10,058

TOTAL EXPENSES					15,614,358

Waivers:
Waiver of investment adviser fee	$	(4,289,489	)
Waiver of transfer and dividend disbursing agent fees and expenses		(40,390	)
Waiver of distribution services fee--Cash II Shares		(404,179	)
Waiver of shareholder services fee--Institutional Service Shares		(76,180	)

TOTAL WAIVERS					(4,810,238	)

Net expenses								10,804,120

Net investment income							$	16,804,068

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	16,804,068		$	83,160,193

Distributions to Shareholders:
Distributions from net investment income
Institutional Service Shares		(12,322,129	)		(46,907,453	)
Cash II Shares		(4,481,939	)		(36,252,740	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(16,804,068	)		(83,160,193	)

Share Transactions:
Proceeds from sale of shares		5,579,695,067			16,405,879,999
Net asset value of shares issued to shareholders in payment of distributions declared		12,927,186			70,833,373
Cost of shares redeemed		(6,018,889,443	)		(17,578,942,013	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(426,267,190	)		(1,102,228,641	)

Change in net assets		(426,267,190	)		(1,102,228,641	)

Net Assets:
Beginning of period		3,391,695,221			4,493,923,862

End of period	$	2,965,428,031		$	3,391,695,221

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	0.57	%		1.95	%		5.38	%		5.50	%		4.76	%		5.25	%


Ratios to Average Net Assets:

Expenses	0.64	%³		0.64	%		0.60	%		0.59	%		0.59	%		0.59	%

Net investment income	1.13	%³		1.94	%		5.24	%		5.40	%		4.66	%		5.13	%

Expense waiver/reimbursement⁴	0.29	%³		0.26	%		0.30	%		0.30	%		0.32	%		0.30	%

Supplemental Data:

Net assets, end of period (000 omitted)	$2,112,352		$2,259,956			$2,393,247			$2,330,894			$1,623,816			$1,734,061

1 Beginning with the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Financial Highlights--Cash II Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.00	²		0.02			0.05			0.05			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.00	)²		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return³	0.48	%		1.77	%		5.20	%		5.32	%		4.58	%		5.07	%


Ratios to Average Net Assets:

Expenses	0.81	%⁴		0.81	%		0.77	%		0.76	%		0.76	%		0.76	%

Net investment income	0.96	%⁴		1.81	%		5.04	%		5.32	%		4.49	%		4.94	%

Expense waiver/reimbursement⁵	0.37	%⁴		0.34	%		0.38	%		0.38	%		0.40	%		0.38	%

Supplemental Data:

Net assets, end of period (000 omitted)	$853,076		$1,131,739			$2,100,677			$1,450,912			$698,119			$703,755

1 Beginning with the year ended July 31, 2000, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

2 Represents less than $0.01.

3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

4 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligation Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Automated Cash Management Trust (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Service Shares and Cash II Shares. The investment objective of the Fund is to provide stability of principal and current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP").

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code, as amended (the "Code"), applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

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

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. Many restricted securities may be resold in the secondary market in transactions exempt from registration. In some cases, the restricted securities may be resold without registration upon exercise of a demand feature. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Additional information on each restricted illiquid security held at January 31, 2003, is as follows:

Security	Acquisition Date	Acquisition Cost
MONET Trust, (Series 2000-1)	9/27/2000	$25,000,000

URI Trust, (Series 2000-1)	12/18/2000	$15,000,000

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares. At January 31, 2003, capital paid-in aggregated $2,965,643,476.

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Service Shares:
Shares sold	3,380,381,204		7,597,160,208
Shares issued to shareholders in payment of distributions declared	8,788,704		35,684,387
Shares redeemed	(3,536,773,379	)	(7,766,135,617	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	(147,603,471	)	(133,291,022	)


	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Cash II Shares:
Shares sold	2,199,313,863		8,808,719,791
Shares issued to shareholders in payment of distributions declared	4,138,482		35,148,986
Shares redeemed	(2,482,116,064	)	(9,812,806,396	)

NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS	(278,663,719	)	(968,937,619	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(426,267,190	)	(1,102,228, 641	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment Adviser fee equal to 0.50% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver any time at its sole discretion.

Administrative Fee

Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Class II Shares. The Plan provides that the Fund may incur distribution expenses up to 0.25% of the average daily net assets of Cash II Shares, annually, to compensate FSC. FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary, FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver of any time at its sole discretion.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Automated Cash Management Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N864
Cusip 60934N831

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8112802 (3/03)

Federated Investors
World-Class Investment Manager

Automated Government Money Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			U.S. TREASURY--25.0%
			U.S. Treasury Bills--9.8%
$	18,000,000	¹	U.S. Treasury Bills, 1.195% - 1.390%, 5/8/2003	$	17,937,440
	31,000,000	¹	U.S. Treasury Bills, 1.200% - 1.220%, 7/17/2003		30,826,807
	21,000,000	¹	U.S. Treasury Bills, 1.224%, 5/15/2003		20,926,434
	17,000,000	¹	U.S. Treasury Bills, 1.235% - 1.245%, 5/22/2003		16,935,543
	11,800,000	¹	U.S. Treasury Bills, 1.265%, 5/29/2003		11,751,487
	8,000,000	¹	U.S. Treasury Bills, 1.425%, 5/1/2003		7,971,817
	4,000,000	¹	U.S. Treasury Bills, 1.550%, 4/17/2003		3,987,083

			TOTAL		110,336,611

			U.S. Treasury Bonds--0.7%
	7,700,000		U.S. Treasury Bonds, 10.750%, 2/15/2003		7,725,131

			U.S. Treasury Notes--14.5%
	12,000,000		U.S. Treasury Notes, 2.750%, 9/30/2003		12,076,097
	12,000,000		U.S. Treasury Notes, 2.750%, 10/31/2003		12,100,458
	14,000,000		U.S. Treasury Notes, 3.000%, 11/30/2003		14,179,561
	6,000,000		U.S. Treasury Notes, 3.250%, 12/31/2003		6,100,029
	30,000,000		U.S. Treasury Notes, 3.625%, 8/31/2003		30,350,167
	9,000,000		U.S. Treasury Notes, 3.875%, 6/30/2003		9,078,306
	7,000,000		U.S. Treasury Notes, 3.875%, 7/31/2003		7,064,122
	7,000,000		U.S. Treasury Notes, 4.250%, 11/15/2003		7,134,222
	28,500,000		U.S. Treasury Notes, 5.250% - 5.750%, 8/15/2003		29,120,999
	16,000,000		U.S. Treasury Notes, 5.500%, 2/28/2003		16,038,117
	6,000,000		U.S. Treasury Notes, 5.500%, 3/31/2003		6,031,948
	14,000,000		U.S. Treasury Notes, 5.750%, 4/30/2003		14,130,482

			TOTAL		163,404,508

			TOTAL U.S. TREASURY		281,466,250

			REPURCHASE AGREEMENTS--74.9%
	50,000,000		Interest in $800,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.290%, dated 1/31/2003, to be repurchased at $50,005,375 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 2/15/2029		50,000,000
	50,000,000		Interest in $600,000,000 joint repurchase agreement with Bank of Nova Scotia, Toronto, 1.290%, dated 1/31/2003, to be repurchased at $50,005,375 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 2/15/2031		50,000,000
	189,931,000		Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290%, dated 1/31/2003, to be repurchased at $189,951,418 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028		189,931,000
Principal Amount				Value
			REPURCHASE AGREEMENTS--continued
$	50,000,000		Interest in $750,000,000 joint repurchase agreement with Bear Stearns & Companies, Inc., 1.290%, dated 1/31/2003, to be repurchased at $50,005,375 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 2/15/2012	$	50,000,000
	50,000,000		Interest in $700,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.290%, dated 1/31/2003, to be repurchased at $50,005,375 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 11/15/2021		50,000,000
	50,000,000		Interest in $850,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.290%, dated 1/31/2003, to be repurchased at $50,005,375 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 02/15/2010		50,000,000
	50,000,000		Interest in $700,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.290%, dated 1/31/2003, to be repurchased at $50,005,375 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 02/15/2031		50,000,000
	18,000,000	²	Interest in $200,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.215%, dated 1/17/2003, to be repurchased at $18,050,423 on 4/10/2003 collateralized by U.S. Treasury Obligations with various maturities to 05/15/2021		18,000,000
	32,000,000		Interest in $700,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.290%, dated 1/31/2003, to be repurchased $32,003,440 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 07/15/2012		32,000,000
	49,000,000	²	Interest in $750,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.210%, dated 1/10/2003, to be repurchased $49,103,758 on 3/14/2003 collateralized by U.S. Treasury Obligations with various maturities to 08/15/2012		49,000,000
	100,000,000		Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.290%, dated 1/31/2003, to be repurchased $100,010,750 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 11/15/2012		100,000,000
	50,000,000		Interest in $550,000,000 joint repurchase agreement with Societe Generale, New York, 1.290%, dated 1/31/2003, to be repurchased $50,005,375 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 08/15/2025		50,000,000
	66,000,000	²	Interest in $1,000,000,000 joint repurchase agreement with UBS Warburg LLC, 1.220%, dated 1/7/2003, to be repurchased $66,069,337 on 2/7/2003 collateralized by U.S. Treasury Obligations with various maturities to 08/15/2015		66,000,000
	40,000,000		Interest in $750,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 1/31/2003, to be repurchased $40,004,300 on 2/3/2003 collateralized by U.S. Treasury Obligations with various maturities to 07/31/2003		40,000,000

			TOTAL REPURCHASE AGREEMENTS		844,931,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	1,126,397,250

1 The issue shows the rate of discount at time of purchase.

2 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($1,127,433,136) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Investments in repurchase agreements	$	844,931,000
Investments in securities		281,466,250

Total investments in securities, at amortized cost and value			$	1,126,397,250
Cash				15,808
Income receivable				2,764,436

TOTAL ASSETS				1,129,177,494

Liabilities:
Payable for shares redeemed		562,755
Income distribution payable		793,586
Accrued expenses		388,017

TOTAL LIABILITIES				1,744,358

Net assets for 1,127,433,136 shares outstanding			$	1,127,433,136

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$1,127,433,136 ÷ 1,127,433,136 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	9,350,885

Expenses:
Investment adviser fee				$	2,901,370
Administrative personnel and services fee					436,366
Custodian fees					37,547
Transfer and dividend disbursing agent fees and expenses					152,676
Directors'/Trustees' fees					5,113
Auditing fees					5,270
Legal fees					2,635
Portfolio accounting fees					58,205
Shareholder services fee					1,450,685
Share registration costs					13,708
Printing and postage					8,752
Insurance premiums					1,161
Miscellaneous					8,172

TOTAL EXPENSES					5,081,660

Waivers:
Waiver of investment adviser fee	$	(1,540,130	)
Waiver of transfer and dividend disbursing agent fees and expenses		(31,453	)
Waiver of shareholder services fee		(58,027	)

TOTAL WAIVERS					(1,629,610	)

Net expenses								3,452,050

Net investment income								5,898,835

Net realized gain on investments								410,519

Change in net assets resulting from operations							$	6,309,354

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	5,898,835		$	29,452,561
Net realized gain on investments		410,519			1,168,080

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		6,309,354			30,620,641

Distributions to Shareholders:
Distributions from net investment income		(5,898,835	)		(29,452,561	)
Distributions from net realized gain on investments		(410,519	)		(1,168,080	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(6,309,354	)		(30,620,641	)

Share Transactions:
Proceeds from sale of shares		3,077,470,098			8,615,424,914
Net asset value of shares issued to shareholders in payment of distributions declared		2,796,759			12,594,695
Cost of shares redeemed		(3,282,831,828	)		(9,124,431,283	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(202,564,971	)		(496,411,674	)

Change in net assets		(202,564,971	)		(496,411,674	)

Net Assets:
Beginning of period		1,329,998,107			1,826,409,781

End of period	$	1,127,433,136		$	1,329,998,107

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.04			0.05
Net realized and unrealized gain on investments	0.00	²		0.00	²		--			--			--			--

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.02			0.05			0.05			0.04			0.05

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.04	)		(0.05	)
Distributions from net realized gain on investments	(0.00	)²		(0.00	)²		--			--			--			--

TOTAL DISTRIBUTIONS	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.04	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return³	0.55	%		1.81	%		5.07	%		5.17	%		4.50	%		5.13	%


Ratios to Average Net Assets:

Expenses	0.59	%⁴		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%

Net investment income	1.02	%⁴		1.75	%		4.97	%		5.07	%		4.41	%		5.00	%

Expense waiver/reimbursement⁵	0.28	%⁴		0.27	%		0.26	%		0.26	%		0.26	%		0.26	%

Supplemental Data:

Net assets, end of period (000 omitted)	$1,127,433		$1,329,998			$1,826,410			$2,013,674			$2,053,372			$2,367,313

1 Beginning with the year ended July 31, 2000, the Fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 Represents less than $0.01.

3 Based on NAV, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

4 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Automated Government Money Trust (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is stability of principal and current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code, as amended ("the Code"), applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). At January 31, 2003, capital paid-in aggregated $1,127,996,531. Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	3,077,470,098		8,615,424,914
Shares issued to shareholders in payment of distributions declared	2,796,759		12,594,695
Shares redeemed	(3,282,831,828	)	(9,124,431,283	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(202,564,971	)	(496,411,674	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Automated Government Money Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N815

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8022501 (3/03)

Federated Investors
World-Class Investment Manager

Federated Master Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount					Value
			CERTIFICATES OF DEPOSIT--10.4%
			Banking--10.4%
$	2,000,000		Abbey National Treasury Services, PLC, 1.810%, 10/17/2003	$	2,000,000
	2,000,000		BNP Paribas, 2.220%, 2/18/2003		2,000,005
	1,000,000		Bank of New York, 2.065%, 7/1/2003		999,857
	4,500,000		Comerica Bank, 2.275% - 2.530%, 3/7/2003 - 6/23/2003		4,499,830
	2,000,000		Credit Suisse First Boston, 1.810%, 2/3/2003		2,000,000
	2,000,000		Den Danske Bank A/S, 2.100%, 6/30/2003		1,999,352
	3,000,000		Mercantile Safe Deposit & Trust Co., Baltimore, 1.320%, 7/14/2003		3,000,000
	3,000,000		Svenska Handelsbanken, Stockholm, 2.280%, 6/30/2003		3,001,560
	2,000,000		Toronto Dominion Bank, 1.340%, 5/7/2003		1,999,948
	1,000,000		UBS AG, 2.770%, 3/12/2003		999,989

			TOTAL CERTIFICATES OF DEPOSIT		22,500,541

			COMMERCIAL PAPER--33.5%¹
			Banking--14.3%
	8,000,000		Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.320%, 2/7/2003 - 4/9/2003		7,989,293
	1,500,000		Danske Corp., Inc., (Danske Bank A/S GTD), 1.300%, 4/16/2003		1,495,992
	1,000,000		ING (U.S.) Funding LLC, (ING Bank N.V. GTD), 1.980%, 3/26/2003		997,085
	11,000,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.330% - 1.780%, 2/3/2003 - 3/17/2003		10,990,403
	8,287,000		Stellar Funding Group Inc., 1.300% - 1.350%, 2/13/2003 - 5/1/2003		8,276,413
	1,300,000		SunTrust Banks, Inc., 1.330%, 2/3/2003		1,299,904

			TOTAL		31,049,090

			Finance - Automotive--0.7%
	1,500,000		FCAR Auto Loan Trust (A1+/P1), 1.300%, 7/11/2003		1,491,333

			Finance - Commercial--7.4%
	11,000,000		Amsterdam Funding Corp., 1.300% - 1.330%, 2/5/2003 - 5/12/2003		10,977,111
	5,000,000		PREFCO-Preferred Receivables Funding Co., 1.340%, 5/12/2003		4,981,389

			TOTAL		15,958,500

			Finance - Retail--4.6%
	10,000,000		Mortgage Interest Networking Trust (A1/P1), 1.300%, 2/12/2003		9,996,028

Principal Amount					Value
			COMMERCIAL PAPER--continued¹
			Finance - Securities--5.6%
$	12,100,000		Galaxy Funding Inc., 1.360% - 1.370%, 2/14/2003 - 4/14/2003	$	12,085,113

			Oil & Oil Finance--0.9%
	2,000,000		Shell Finance (UK) PLC, 1.290%, 7/11/2003		1,988,533

			TOTAL COMMERCIAL PAPER		72,568,597

			SHORT-TERM NOTES--5.4%
			Banking--0.9%
	2,000,000		National City Bank, Ohio, 2.500%, 3/10/2003		1,999,970

			Brokerage--0.5%
	1,000,000		Merrill Lynch & Co., 2.450%, 3/24/2003		1,000,000

			Finance - Automotive--2.4%
	435,826		Ford Credit Auto Owner Trust 2002-D, Class A1, 1.790%, 5/15/2003		435,826
	881,407		MMCA Auto Owner Trust 2002-5, Class A1, 1.410%, 12/15/2003		881,407
	62,741		Nissan Auto Receivables Owner Trust 2002-B, Class A1, 2.090%, 5/9/2003		62,741
	1,858,926		TF Automobile Receivables Owner Trust 2002-1, Class A1, 1.468%, 12/12/2003		1,858,926
	2,000,000		WFS Financial Owner Trust 2002-4, Class A1, 1.676%, 11/20/2003		2,000,000

			TOTAL		5,238,900

			Finance - Securities--1.1%
	2,500,000		Beta Finance, Inc., (Beta Finance Corp. GTD), 2.540%, 3/7/2003		2,500,000

			Insurance--0.5%
	1,000,000		Onyx Acceptance Owner Trust 2003-A, Class A1, (XL Capital Assurance Inc. Insurance), 1.360%, 2/15/2004		1,000,000

			TOTAL SHORT-TERM NOTES		11,738,870

			GOVERNMENT AGENCIES--2.4%
	1,000,000		Federal Home Loan Bank System, 1.770%, 10/9/2003		1,000,000
	4,200,000		Federal Home Loan Mortgage Corp., 1.750% - 5.250%, 12/8/2003 -- 2/15/2004		4,247,298

			TOTAL GOVERNMENT AGENCIES		5,247,298

			LOAN PARTICIPATION--4.2%
			Chemicals--2.8%
	6,000,000		DuPont Teijin Films U.K. Ltd., (Du Pont (E.I.) de Nemours & Co. GTD), 1.410%, 6/30/2003		6,000,000

			Electrical Equipment--1.4%
	3,100,000		Mt. Vernon Phenol Plant Partnership, (General Electric Co. LOC), 1.386%, 5/19/2003		3,100,000

			TOTAL LOAN PARTICIPATION		9,100,000

Principal Amount					Value
			NOTES - VARIABLE--38.4%²
			Banking--15.5%
$	555,000		Dave White Chevrolet, Inc., (Series 1996), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003	$	555,000
	2,000,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		2,000,000
	25,000,000		Liquid Asset Backed Securities Trust, (Series 1996-3), (Westdeutsche Landesbank Girozentrale Swap Agreement), 1.390%, 2/15/2003		25,000,000
	2,200,000		Taxable Floating Rate Notes, Series 2002-H2, Becker, MN PCR, (Bank of New York Swap Agreement), 1.470%, 2/5/2003		2,200,000
	1,000,000	⁴	URI Trust, (Series 2000-1), (UBS AG Swap Agreement), 1.460%, 3/18/2003		1,000,000
	2,500,000		Wells Fargo & Co., 1.370% - 1.413%, 2/2/2003 - 2/14/2003		2,500,000
	290,000		White Brothers Properties, (Series 1996), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		290,000

			TOTAL		33,545,000

			Brokerage--0.9%
	2,000,000		Merrill Lynch & Co., Inc., 1.425%, 2/11/2003		2,000,000

			Chemicals--2.3%
	5,000,000		Bayer Corp., 4.450%, 3/19/2003		5,009,276

			Consumer Products--0.9%
	2,000,000		Diageo Capital PLC, (Diageo PLC GTD), 1.390%, 3/12/2003		2,000,000

			Finance - Retail--0.9%
	2,000,000		SLM Corp., 1.690%, 3/16/2003		2,000,301

			Finance - Securities--4.6%
	10,000,000		Sigma Finance, Inc., (Sigma Finance Corp. GTD), 1.350%, 2/3/2003		9,999,508

			Government Agency--4.8%
	10,380,000		Direct One Funding Corp., (Series 2000) (Sexton Properties), (FNMA LOC), 1.410%, 2/6/2003		10,380,000

			Insurance--6.5%
	5,000,000		GE Capital Assurance Co., 1.730%, 2/9/2003		5,000,000
	2,000,000		GE Life and Annuity Assurance Co., 1.526%, 3/3/2003		2,000,000
	5,000,000		Monumental Life Insurance Co., 1.610%, 2/3/2003		5,000,000
	2,000,000		Travelers Insurance Co., 1.526%, 3/5/2003		2,000,000

			TOTAL		14,000,000

Principal Amount					Value
			NOTES - VARIABLE--continued²
			Telecommunications--2.0%
$	3,000,000		BellSouth Telecommunications, Inc., 1.433%, 3/4/2003	$	3,000,000
	1,200,000		Verizon Global Funding, 1.341%, 2/18/2003		1,199,970

			TOTAL		4,199,970

			TOTAL NOTES -- VARIABLE		83,134,055

			REPURCHASE AGREEMENT--5.4%
			Banking--5.4%
	11,720,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 01/31/2003, to be repurchased at $11,721,319 on 02/03/2003 collateralized by U.S. Government Agency Obligations with various maturities to 1/16/2033		11,720,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	216,009,361

1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

2 Floating rate note with current rate and next reset date shown.

3 Also represents cost for federal tax purposes.

4 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. At January 31, 2003, this security amounted to $1,000,000 which represents 0.5% of net assets.

Note: The categories of investments are shown as a percentage of net assets ($216,531,829) at January 31, 2003.

The following acronyms are used throughout this portfolio:

FNMA	--Federal National Mortgage Association
GTD	--Guaranteed
LOC	--Letter of Credit
PCR	--Pollution Control Revenue

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	216,009,361
Cash				5,470
Income receivable				772,704

TOTAL ASSETS				216,787,535

Liabilities:
Income distribution payable	$	204,372
Payable for shares redeemed		22,401
Accrued expenses		28,933

TOTAL LIABILITIES				255,706

Net assets for 216,531,829 shares outstanding			$	216,531,829

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$216,531,829 ÷ 216,531,829 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	2,350,465

Expenses:
Investment adviser fee				$	523,205
Administrative personnel and services fee					98,363
Custodian fees					9,030
Transfer and dividend disbursing agent fees and expenses					44,462
Directors'/Trustees' fees					1,047
Auditing fees					5,679
Legal fees					2,354
Portfolio accounting fees					31,974
Shareholder services fee					327,003
Share registration costs					16,706
Printing and postage					11,073
Insurance premiums					654
Miscellaneous					946

TOTAL EXPENSES					1,072,496

Waivers:
Waiver of investment adviser fee	$	(199,194	)
Waiver of transfer and dividend disbursing agent fees and expenses		(6,390	)
Waiver of shareholder services fee		(261,602	)

TOTAL WAIVERS					(467,186	)

Net expenses								605,310

Net investment income							$	1,745,155

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,745,155		$	7,175,457

Distributions to Shareholders:
Distributions from net investment income		(1,745,155	)		(7,175,457	)

Share Transactions:
Proceeds from sale of shares		351,114,913			1,180,624,217
Net asset value of shares issued to shareholders in payment of distributions declared		691,788			3,218,939
Cost of shares redeemed		(424,613,491	)		(1,284,410,146	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(72,806,790	)		(100,566,990	)

Change in net assets		(72,806,790	)		(100,566,990	)

Net Assets:
Beginning of period		289,338,619			389,905,609

End of period	$	216,531,829		$	289,338,619

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,					Period Ended		Year Ended November 30,
	1/31/2003			2002			2001		7/31/2000	¹	1999			1998			1997
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00		$1.00		$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05		0.04		0.05			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)	(0.04	)	(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00		$1.00		$1.00			$1.00			$1.00

Total Return²	0.67	%		2.23	%		5.55	%	3.90	%	4.86	%		5.33	%		5.27	%


Ratios to Average Net Assets:

Expenses	0.46	%³		0.46	%		0.46	%	0.46	%³	0.45	%		0.45	%		0.45	%

Net investment income	1.33	%³		2.27	%		5.42	%	5.76	%³	4.73	%		5.22	%		5.16	%

Supplemental Data:

Net assets, end of period (000 omitted)	$216,532		$289,339			$389,906			$414,559		$358,670		$465,134			$494,399

1 The Fund changed its fiscal year end from November 30 to July 31.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Federated Master Trust (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code, as amended, applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

Restricted Securities

Additional information on each restricted illiquid security held at January 31, 2003, is as follows:

Security	Acquisition Date	Acquisition Cost
URI Trust, (Series 2000-1)	12/18/2000	$1,000,000

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	351,114,913		1,180,624,217
Shares issued to shareholders in payment of distributions declared	691,788		3,218,939
Shares redeemed	(424,613,491	)	(1,284,410,146	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(72,806,790	)	(100,566,990	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.40% of the Fund's average daily net assets. The Adviser will waive, to the extent of its adviser fee, the amount, if any, by which the Fund's aggregate annual operating expenses (excluding interest, taxes, brokerage commissions, expenses of registering or qualifying the Fund and its shares under federal and state laws and regulations, expenses of withholding taxes, and extraordinary expenses) exceed 0.45% of average daily net assets of the Fund.

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Federated Master Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N740

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8070106 (3/03)

Federated Investors
World-Class Investment Manager

Federated Short-Term U.S. Government Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			SHORT-TERM OBLIGATIONS--53.2%
$	1,000,000	¹	Federal Farm Credit System, Floating Rate Note, 1.255%, 2/7/2003	$	999,500
	23,500,000	¹	Federal Home Loan Bank System, Floating Rate Notes, 1.199% - 1.380%, 2/2/2003 - 4/21/2003		23,494,438
	11,500,000		Federal Home Loan Bank System, Notes, 1.700% - 2.990%, 2/4/2003 - 12/8/2003		11,499,416
	9,000,000	²	Federal Home Loan Mortgage Corp., Discount Notes, 1.260% - 2.460%, 2/27/2003 - 7/17/2003		8,970,430
	5,000,000		Federal Home Loan Mortgage Corp., Notes, 4.750% - 6.375%, 3/15/2003 - 2/15/2004		5,111,008
	24,500,000	²	Federal National Mortgage Association, Discount Notes, 1.220% - 2.280%, 2/7/2003 - 7/23/2003		24,422,096
	31,000,000	¹	Federal National Mortgage Association, Floating Rate Notes, 1.203% - 1.527%, 2/3/2003 - 5/1/2003		30,991,773
	14,675,000		Federal National Mortgage Association, Notes, 2.250% - 5.750%, 2/7/2003 - 2/13/2004		14,784,944

			TOTAL SHORT-TERM OBLIGATIONS		120,273,605

			REPURCHASE AGREEMENTS--46.7%
	10,000,000		Interest in $650,000,000 joint repurchase agreement with Banc One Capital Markets, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 4/16/2029		10,000,000
	6,959,000		Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290%, dated 1/31/2003, to be repurchased at $6,959,748 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028		6,959,000
	10,000,000		Interest in $800,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/1/2033		10,000,000
	10,000,000	³	Interest in $500,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.250%, dated 1/23/2003, to be repurchased at $10,018,750 on 3/18/2003, collateralized by U.S. Government Agency Obligations with various maturities to 7/1/2032		10,000,000
	8,000,000	³	Interest in $475,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.280%, dated 1/6/2003, to be repurchased at $8,008,533 on 2/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/1/2033		8,000,000
	4,000,000	³	Interest in $450,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.255%, dated 1/23/2003, to be repurchased at $4,007,948 on due 3/21/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		4,000,000
Principal Amount				Value
			REPURCHASE AGREEMENTS--continued
$	10,000,000		Interest in $500,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 8/25/2032	$	10,000,000
	10,000,000		Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		10,000,000
	5,000,000	³	Interest in $315,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.280%, dated 1/15/2003, to be repurchased at $5,008,711 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/1/2032		5,000,000
	10,000,000		Interest in $605,000,000 joint repurchase agreement with Salomon Smith Barney, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2032		10,000,000
	1,500,000	³	Interest in $140,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 1/3/2003, to be repurchased at $1,503,171 on 3/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		1,500,000
	6,000,000	³	Interest in $750,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 11/8/2002, to be repurchased at $6,019,350 on 2/6/2003, collateralized by U.S. Government Agencies with various maturities to 3/25/2032		6,000,000
	3,000,000	³	Interest in $300,000,000 joint repurchase agreement with UBS Warburg LLC, 1.300%, dated 11/22/2002, to be repurchased at $3,011,158 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/15/2032		3,000,000
	11,000,000		Interest in $500,000,000 joint repurchase agreement with WestLB AG, 1.350%, dated 1/31/2003, to be repurchased at $11,001,238 on 2/3/2003, collateralized by U.S. Government Agency Obligations and U.S. Treasury Obligations with various maturities to 6/1/2040		11,000,000

			TOTAL REPURCHASE AGREEMENTS		105,459,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	225,732,605

1 Floating rate note with current rate and next reset date shown.

2 Each issue shows the rate of discount at the time of purchase.

3 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($225,926,532) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Investments in repurchase agreements	$	105,459,000
Investments in securities		120,273,605

Total investments in securities, at amortized cost and value			$	225,732,605
Cash				765
Income receivable				526,772

TOTAL ASSETS				226,260,142

Liabilities:
Income distribution payable		188,813
Payable for shares redeemed		131,893
Accrued expenses		12,904

TOTAL LIABILITIES				333,610

Net assets for 225,926,532 shares outstanding			$	225,926,532

Net Asset Value, Offering Price and Redemption Proceeds Per Share:

$225,926,532 ÷ 225,926,532 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	1,867,247

Expenses:
Investment adviser fee				$	439,117
Administrative personnel and services fee					82,554
Custodian fees					19,465
Transfer and dividend disbursing agent fees and expenses					57,150
Directors'/Trustees' fees					1,071
Auditing fees					6,090
Legal fees					1,949
Portfolio accounting fees					27,660
Shareholder services fee					274,448
Share registration costs					11,145
Printing and postage					8,780
Insurance premiums					659
Miscellaneous					1,071

TOTAL EXPENSES					931,159

Waivers:
Waiver of investment adviser fee	$	(196,210	)
Waiver of transfer and dividend disbursing agent fees and expenses		(5,028	)
Waiver of shareholder services fee		(219,558	)

TOTAL WAIVERS					(420,796	)

Net expenses								510,363

Net investment income							$	1,356,884

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,356,884		$	4,774,587

Distributions to Shareholders:
Distributions from net investment income		(1,356,884	)		(4,774,587	)

Share Transactions:
Proceeds from sale of shares		311,914,390			576,370,589
Net asset value of shares issued to shareholders in payment of distributions declared		396,261			1,925,996
Cost of shares redeemed		(299,331,779	)		(607,124,628	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		12,978,872			(28,728,043	)

Change in net assets		12,978,872			(28,728,043	)

Net Assets:
Beginning of period		212,947,660			241,675,703

End of period	$	225,926,532		$	212,947,660

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended		Period Ended			Year Ended December 31,
	1/31/2003		7/31/2002		7/31/2001	¹		2000			1999	²		1998			1997
Net Asset Value, Beginning of Period	$1.00		$1.00		$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01		0.02		0.03			0.06			0.05			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.01	)	(0.02	)	(0.03	)		(0.06	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00		$1.00		$1.00			$1.00			$1.00			$1.00			$1.00

Total Return³	0.62	%	1.97	%	2.71	%		6.03	%		4.77	%		5.16	%		5.24	%


Ratios to Average Net Assets:

Expenses	0.46	%⁴	0.46	%	0.46	%⁴		0.46	%		0.46	%		0.46	%		0.46	%

Net investment income	1.24	%⁴	1.95	%	4.62	%⁴		5.87	%		4.64	%		5.04	%		5.10	%

Expense waiver/ reimbursement⁵	0.38	%⁴	0.36	%	0.33	%⁴		0.34	%		0.34	%		0.33	%		0.33	%

Supplemental Data:

Net assets, end of period (000 omitted)	$225,927		$212,948		$241,676		$285,259			$289,123			$350,019			$489,292

1 The fund changed its fiscal year end from December 31 to July 31.

2 Beginning with the year ended December 31, 1999, the fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

4 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Federated Short-Term U.S. Government Trust (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide high current income consistent with stability of principal and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). At January 31, 2003 capital paid-in aggregated $225,926,532.

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	311,914,390		576,370,589
Shares issued to shareholders in payment of distributions declared	396,261		1,925,996
Shares redeemed	(299,331,779	)	(607,024,628	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	12,978,872		(28,728,043	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.40% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fee

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Federated Short-Term U.S. Government Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N765

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8080106 (3/03)

Federated Investors
World-Class Investment Manager

Liquid Cash Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount			Value
		REPURCHASE AGREEMENTS--100.2%
$	10,000,000	Interest in $800,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.290%, dated 1/31/2003, to be repurchased at $10,001,075 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2029	$	10,000,000
	10,000,000	Interest in $600,000,000 joint repurchase agreement with BNP Paribas Securities Corp., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/15/2030		10,000,000
	10,000,000	Interest in $650,000,000 joint repurchase agreement with Banc One Capital Markets, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 3/15/2030		10,000,000
	10,000,000	Interest in $1,500,000,000 joint repurchase agreement with Bank of America LLC 1.340%, dated 1/31/2003, to be repurchased at $10,001,117 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		10,000,000
	10,000,000	Interest in $600,000,000 joint repurchase agreement with Bank of Nova Scotia, Toronto, 1.290%, dated 1/31/2003, to be repurchased at $10,001,075 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2031		10,000,000
	31,948,000	Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290%, dated 1/31/2003, to be repurchased at $31,951,434 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028		31,948,000
	10,000,000	Interest in $1,000,000,000 joint repurchase agreement with Bear Stearns Cos., Inc, 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		10,000,000
	10,000,000	Interest in $800,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/1/2033		10,000,000
	10,000,000	Interest in $700,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.290%, dated 1/31/2003, to be repurchased at $10,001,075 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 5/15/2030		10,000,000
	10,000,000	Interest in $850,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.290%, dated 1/31/2003, to be repurchased at $10,001,075 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2010		10,000,000
Principal Amount			Value
		REPURCHASE AGREEMENTS--continued
$	10,000,000	Interest in $575,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 9/25/2032	$	10,000,000
	10,000,000	Interest in $500,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 8/25/2032		10,000,000
	10,000,000	Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		10,000,000
	10,000,000	Interest in $900,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 11/25/2032		10,000,000
	10,000,000	Interest in $605,000,000 joint repurchase agreement with Solomon Smith Barney Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2032		10,000,000
	10,000,000	Interest in $550,000,000 joint repurchase agreement with Societe General, New York, 1.290%, dated 1/31/2003, to be repurchased at $10,001,075 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2025		10,000,000
	35,000,000	Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 1/31/2003, to be repurchased at $35,003,938 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/16/2033		35,000,000
	10,000,000	Interest in $500,000,000 joint repurchase agreement with WestLB AG, 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Treasury and Government Agency Obligations with various maturities to 6/1/2040		10,000,000

		TOTAL INVESTMENTS (AT AMORTIZED COST)¹	$	226,948,000

1 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($226,447,832) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	226,948,000
Cash				75
Income receivable				8,371
Prepaid expenses				19,499

TOTAL ASSETS				226,975,945

Liabilities:
Payable for shares redeemed	$	300,000
Income distribution payable		216,647
Accrued expenses		11,466

TOTAL LIABILITIES				528,113

Net assets for 226,447,832 shares outstanding			$	226,447,832

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$226,447,832 ÷ 226,447,832 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	1,874,537

Expenses:
Investment adviser fee				$	478,225
Administrative personnel and services fee					89,906
Custodian fees					12,544
Transfer and dividend disbursing agent fees and expenses					22,878
Directors'/Trustees' fees					1,261
Auditing fees					5,666
Legal fees					2,729
Portfolio accounting fees					29,392
Share registration costs					12,915
Printing and postage					4,459
Insurance premiums					717
Miscellaneous					3,392

TOTAL EXPENSES					664,084

Waivers:
Waiver of investment adviser fee	$	(463,509	)
Waiver of transfer and dividend disbursing agent fees and expenses		(8,325	)

TOTAL WAIVERS					(471,834	)

Net expenses								192,250

Net investment income							$	1,682,287

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,682,287		$	7,536,451

Distributions to Shareholders:
Distributions from net investment income		(1,682,287	)		(7,536,451	)

Share Transactions:
Proceeds from sale of shares		602,754,107			2,021,329,267
Net asset value of shares issued to shareholders in payment of distributions declared		873,242			4,488,937
Cost of shares redeemed		(619,622,719	)		(2,249,584,256	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(15,995,370	)		(223,766,052	)

Change in net assets		(15,995,370	)		(223,766,052	)

Net Assets:
Beginning of period		242,443,202			466,209,254

End of period	$	226,447,832		$	242,443,202

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended			Period Ended			Year Ended March 31,
	1/31/2003			7/31/2002			7/31/2001	¹		2001			2000			1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.01			0.06			0.05			0.05			0.06

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.01	)		(0.06	)		(0.05	)		(0.05	)		(0.06	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	0.71	%		2.04	%		1.38	%		6.30	%		5.25	%		5.25	%		5.59	%


Ratios to Average Net Assets:
Expenses	0.16	%³		0.16	%		0.16	%³		0.16	%		0.16	%		0.15	%		0.15	%

Net investment income	1.41	%³		2.13	%		4.12	%³		6.16	%		5.11	%		5.19	%		5.48	%

Expense waiver/ reimbursement⁴	0.39	%³		0.30	%		0.30	%³		0.30	%		0.30	%		0.30	%		0.30	%

Supplemental Data:

Net assets, end of period (000 omitted)	$226,448		$242,443			$466,209			$403,579			$225,250			$441,168			$508,795

1 The Fund has changed its fiscal year end from March 31 to July 31.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Liquid Cash Trust (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is stability of principal and current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund's use of the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

It is the Fund's policy to comply with the provisions of the Internal Revenue Code, as amended, applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	602,754,107		2,021,329,267
Shares issued to shareholders in payment of distributions declared	873,242		4,488,937
Shares redeemed	(619,622,719	)	(2,249,584,256	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(15,995,370	)	(223,766,052	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.40% of the Fund's average daily net assets. The Adviser will waive to the extent of its adviser fee, the amount, if any, by which the Fund's aggregate annual operating expenses, including the adviser fee, but excluding interest, taxes, brokerage commissions, expenses of registering and qualifying the Fund and its shares under federal and state laws and regulations, and extraordinary expenses, exceed 0.45% of the average daily net assets of the Fund. In addition, the Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. For the period ended January 31, 2003, the Fund did not incur a shareholder services fee.

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Liquid Cash Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N757

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8110112 (3/03)

Federated Investors
World-Class Investment Manager

Liberty U.S. Government Money Market Trust

A Portfolio of Money Market Obligations Trust

23RD SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

J. Christopher Donahue

President

Liberty U.S. Government Money Market Trust

President's Message

Dear Shareholder:

Liberty U.S. Government Money Market Trust was created in 1980, and I am pleased to present its 23rd Semi- Annual Report. This report covers the six-month reporting period from August 1, 2002 through January 31, 2003.

This report includes a discussion with Portfolio Manager Joseph M. Natoli, Vice President, who co-manages the fund with Susan R. Hill, Vice President, both of Federated Investment Management Company. It also features a complete list of the fund's holdings and financial statements.

Since its inception, Liberty U.S. Government Money Market Trust has maintained a stable net asset value of $1.00 per share.¹Today, the fund provides more than 50,000 shareholder accounts with daily competitive rates of interest from short-term U.S. government securities.

Over the six-month reporting period, the fund paid Class A and Class B shareholders dividends totaling $0.004 per share and $0.000 per share, respectively. It also delivered no-load returns of 0.38% and 0.03% for A and B shares, respectively.² The seven-day net yield as of January 31, 2003 was 0.54% for Class A Shares and 0.05% for Class B Shares. At the end of the reporting period, the fund's portfolio of $691 million was invested across 68 high quality securities.

1 An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds.

2 Past performance is no guarantee of future results. Yield will vary. Yield quoted for money market funds most closely reflects the fund's current earnings. The total return reflecting the maximum contingent deferred sales charge of 5.50% for Class B shares as of January 31, 2003 was (5.47)%. Current performance information is available by calling 1-800-341-7400.

Thank you for selecting Liberty U.S. Government Money Market Trust, which is managed to keep the value of your principal stable while giving you daily access to your invested cash. We will continue to update you on your investment and, as always, we welcome your comments and suggestions.

Sincerely,

J. Christopher Donahue

J. Christopher Donahue
President
March 17, 2003

Joseph M. Natoli

Vice President

Federated Investment Management Company

Susan R. Hill

Vice President

Federated Investment Management Company

Investment Review

What is your analysis of economic activity and interest rate movements during the six months of the fund's reporting period, from July 31, 2002 through January 31, 2003?

The U.S. economy failed to show consistent signs of growth during the reporting period. Economic activity remained below potential, employment remained weak, concerns lingered over corporate governance issues, and geopolitical risks were more clearly evident in economic performance and the market.

In the final quarter of 2002, real gross domestic product downshifted to less than 1% growth annually, manufacturing activity contracted, non-farm payrolls decreased by 200,000 jobs, and closely followed measures of consumer confidence fell precipitously.

Until November 2002, the Federal Reserve Board (the "Fed") remained on the sidelines, keeping the federal funds target rate at 1.75%. However, as it became clear that economic activity would not rebound as anticipated, the Fed reduced the target rate by a larger than expected 50 basis points to 1.25%. It also adopted a balanced statement of risks, an indication that the Fed may remain on hold for the foreseeable future. The federal funds target rate remained at 1.25% and the bias was unchanged as the reporting period ended.

How was the fund managed during the reporting period?

The fund was managed near the upper bounds of a 40- to 50-day average maturity target range throughout the reporting period. We moved within that range based on relative value opportunities in the markets. The fund remained barbelled in structure by combining significant holdings in repurchase agreements and floating rate securities with securities maturing in 8 to 12 months.

For example, at period-end, 20% of the fund was invested in floating rate securities. Yields on these securities should increase quickly if and when economic activity accelerates and geopolitical risks subside.

What is your outlook for the economy in 2003?

Economic fundamentals have taken a backseat to geopolitical issues and the risks of terrorism. The prospect of war with Iraq is weighing heavily on investor sentiment, as well as on the spending decisions of both consumers and corporations.

Economic data released at the very end of this reporting period was reasonably strong and, despite the likelihood of below-trend growth, we believe the economy is on course for a self-sustaining recovery as we proceed through 2003. Consistent with this view, we believe the Fed will remain quiet until more clear evidence of economic trends and geopolitical issues emerges.

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			GOVERNMENT AGENCIES--48.2%
$	7,000,000	¹	Federal Farm Credit System Floating Rate Notes, 1.255%, 2/7/2003	$	6,996,258
	59,500,000	¹	Federal Home Loan Bank System Floating Rate Notes, 1.200% - 1.250%, 2/2/2003 - 4/21/2003		59,484,418
	38,510,000		Federal Home Loan Bank System, 1.700% - 5.000%, 2/4/2003 - 12/8/2003		38,512,325
	23,000,000	²	Federal Home Loan Mortgage Corp. Discount Notes, 1.260% - 2.460%, 2/27/2003 - 7/17/2003		22,910,106
	13,600,000		Federal Home Loan Mortgage Corp., 4.750% - 6.375%, 3/15/2003 -- 2/15/2004		13,931,826
	77,500,000	²	Federal National Mortgage Association Discount Notes, 1.270% - 2.640%, 2/7/2003 - 6/27/2003		77,288,115
	60,500,000	¹	Federal National Mortgage Association Floating Rate Notes, 1.236% - 1.527%, 2/3/2003 - 5/1/2003		60,481,315
	46,400,000		Federal National Mortgage Association, 2.250% - 5.750%, 2/7/2003 - 2/13/2004		46,772,616
	7,000,000	¹	Student Loan Marketing Association Floating Rate Notes, 1.190%, 4/25/2003		6,996,415

			TOTAL GOVERNMENT AGENCIES		333,373,394

			REPURCHASE AGREEMENTS--51.7%
	30,000,000		Interest in $650,000,000 joint repurchase agreement with Banc One Capital Markets, Inc., 1.350%, dated 1/31/2003, to be repurchased at $30,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 3/15/2030		30,000,000
	29,083,000		Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290%, dated 1/31/2003, to be repurchased at $29,084,042 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028		29,083,000
	30,000,000		Interest in $800,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.350%, dated 1/31/2003, to be repurchased at $30,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/1/2033		30,000,000
	30,000,000	³	Interest in $500,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.250%, dated 1/22/2003, to be repurchased at $30,056,250 on 3/18/2003, collateralized by U.S. Government Agency Obligations with various maturities to 7/1/2032		30,000,000
	19,000,000	³	Interest in $475,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.280%, dated 1/6/2003, to be repurchased at $19,020,267 on 2/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/1/2033		19,000,000
	15,000,000	³	Interest in $450,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.255%, dated 1/23/2003, to be repurchased at $15,029,806 on 3/21/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		15,000,000
Principal Amount				Value
			REPURCHASE AGREEMENTS--continued
$	30,000,000		Interest in $500,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.350%, dated 1/31/2003, to repurchased at $30,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 9/25/2032	$	30,000,000
	30,000,000		Interest in $500,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.350%, dated 1/31/2003, to be repurchased at $30,003,375 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 8/25/2032		30,000,000
	30,000,000		Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.350%, dated 1/31/2003, to be repurchased at $30,003,375 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		30,000,000
	20,000,000	³	Interest in $315,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.280%, dated 1/15/2003, to be repurchased at $20,048,356 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/1/2032		20,000,000
	30,000,000		Interest in $605,000,000 joint repurchase agreement with Salomon Smith Barney Inc., 1.350%, dated 1/31/2003, to be repurchased at $30,003,375 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2032		30,000,000
	3,500,000	³	Interest in $140,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 1/2/2003, to be repurchased at $3,507,400 on 3/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/15/2032		3,500,000
	25,000,000	³	Interest in $750,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 11/7/2002, to be repurchased at $25,080,625 on 2/6/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/25/2032		25,000,000
	6,000,000	³	Interest in $300,000,000 joint repurchase agreement with UBS Warburg LLC, 1.300%, dated 11/21/2002, to be repurchased at $6,022,317 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		6,000,000
	30,000,000		Interest in $500,000,000 joint repurchase agreement with WestLB AG, 1.350%, dated 1/31/2003, to be repurchased at $30,001,125 on 2/3/2003, collateralized by U.S. Treasury Obligations and U.S. Government Agency Obligations with various maturities to 6/1/2040		30,000,000

			TOTAL REPURCHASE AGREEMENTS		357,583,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	690,956,394

1 Floating rate note with current rate and next reset date shown.

2 Discount rate at time of purchase.

3 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($692,031,724) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Investments in repurchase agreements	$	357,583,000
Investments in securities		333,373,394

Total investments in securities, at amortized cost and value			$	690,956,394
Income receivable				1,658,853
Receivable for shares sold				14,338

TOTAL ASSETS				692,629,585

Liabilities:
Income distribution payable		239,216
Payable to bank		42,037
Accrued expenses		316,608

TOTAL LIABILITIES				597,861

Net assets for 692,031,724 shares outstanding			$	692,031,724

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class A Shares:
$556,570,647 ÷ 556,570,647 shares outstanding				$1.00

Class B Shares:
$135,461,077 ÷135,461,077 shares outstanding				$1.00

Redemption Proceeds Per Share:
Class A Shares				$1.00

Class B Shares (94.50/100 of $1.00)¹				$0.95

1 Under certain limited conditions, a "Contingent Deferred Sales Charge" of up to 5.50% may be imposed. See "Sales Charge When You Redeem" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	5,805,048

Expenses:
Investment adviser fee				$	1,676,024
Administrative personnel and services fee					255,365
Custodian fees					32,827
Transfer and dividend disbursing agent fees and expenses					750,827
Directors'/Trustees' fees					2,245
Auditing fees					6,452
Legal fees					2,245
Portfolio accounting fees					59,675
Distribution services fee--Class B Shares					543,806
Shareholder services fee--Class A Shares					667,684
Shareholder services fee--Class B Shares					181,269
Share registration costs					28,017
Printing and postage					49,147
Insurance premiums					887
Miscellaneous					2,038

TOTAL EXPENSES					4,258,508

Waiver and Reimbursements:
Waiver of shareholder services fee--Class A Shares	$	(400,610	)
Reimbursement of distribution services fee--Class B Shares		(35,324	)
Reimbursement of shareholder services fee--Class B Shares		(98,003	)

TOTAL WAIVER AND REIMBURSEMENTS					(533,937	)

Net expenses								3,724,571

Net investment income							$	2,080,477

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	2,080,477		$	8,352,418

Distributions to Shareholders:
Distributions from net investment income
Class A Shares		(2,043,697	)		(7,750,471	)
Class B Shares		(36,780	)		(601,947	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(2,080,477	)		(8,352,418	)

Share Transactions:
Proceeds from sale of shares		1,433,993,518			1,745,932,621
Net asset value of shares issued to shareholders in payment of distributions declared		1,616,513			7,471,863
Cost of shares redeemed		(1,430,465,847	)		(1,681,740,441	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		5,144,184			71,664,043

Change in net assets		5,144,184			71,664,043

Net Assets:
Beginning of period		686,887,540			615,223,497

End of period	$	692,031,724		$	686,887,540

See Notes which are an integral part of the Financial Statements

Financial Highlights--Class A Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended		Period Ended			Year Ended March 31,
	1/31/2003		7/31/2002		7/31/2001	¹		2001			2000	²		1999			1998
Net Asset Value, Beginning of Period	$1.00		$1.00		$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.00	³	0.01		0.01			0.05			0.04			0.04			0.05
Less Distributions:
Distributions from net investment income	(0.00	)³	(0.01	)	(0.01	)		(0.05	)		(0.04	)		(0.04	)		(0.05	)

Net Asset Value, End of Period	$1.00		$1.00		$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁴	0.38	%	1.47	%	1.21	%		5.55	%		4.43	%		4.40	%		4.67	%


Ratios to Average Net Assets:

Expenses	0.94	%⁵	0.96	%	0.89	%⁵		0.95	%		1.02	%		1.02	%		1.06	%

Net investment income	0.77	%⁵	1.46	%	3.59	%⁵		5.41	%		4.33	%		4.31	%		4.57	%

Expense waiver/ reimbursement⁶	0.15	%⁵	0.15	%	0.15	%⁵		0.15	%		0.15	%		0.16	%		0.22	%

Supplemental Data:

Net assets, end of period (000 omitted)	$556,571		$532,987		$525,484		$614,276			$609,340			$598,859			$611,630

1 The fund changed its fiscal year end from March 31 to July 31.

2 Beginning with the year ended March 31, 2000, the fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

3 Represents less than $0.01.

4 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

5 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Financial Highlights--Class B Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended		Period Ended			Year Ended March 31,
	1/31/2003		7/31/2002		7/31/2001	¹		2001			2000	²		1999			1998
Net Asset Value, Beginning of Period	$1.00		$1.00		$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.00	³	0.01		0.01			0.05			0.03			0.03			0.04
Less Distributions:
Distributions from net investment income	(0.00	)³	(0.01	)	(0.01	)		(0.05	)		(0.03	)		(0.03	)		(0.04	)

Net Asset Value, End of Period	$1.00		$1.00		$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁴	0.03	%	0.57	%	0.90	%		4.60	%		3.50	%		3.45	%		3.71	%


Ratios to Average Net Assets:

Expenses	1.66	%⁵	1.86	%	1.79	%⁵		1.85	%		1.92	%		1.93	%		1.98	%

Net investment income	0.05	%⁵	0.53	%	2.69	%⁵		4.51	%		3.52	%		3.36	%		3.65	%

Expense waiver/ reimbursement⁶	0.18	%⁵	--		--			--			--			--			0.05	%

Supplemental Data:

Net assets, end of period (000 omitted)	$135,461		$153,901		$89,739		$107,553			$83,428			$51,267			$19,146

1 The fund changed its fiscal year end from March 31 to July 31.

2 Beginning with the year ended March 31, 2000, the fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

3 Represents less than $0.01.

4 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

5 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Liberty U.S. Government Money Market Trust (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Class A Shares and Class B Shares. The investment objective of the Fund is stability of principal and current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuations

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act, which approximates market value.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Class A Shares:
Shares sold	1,360,798,510		1,545,110,367
Shares issued to shareholders in payment of distributions declared	1,589,209		6,994,043
Shares redeemed	(1,338,803,655	)	(1,544,601,894	)

NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	23,584,064		7,502,516


	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Class B Shares:
Shares sold	73,195,008		200,822,254
Shares issued to shareholders in payment of distributions declared	27,304		477,820
Shares redeemed	(91,662,192	)	(137,138,547	)

NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS	(18,439,880	)	64,161,527

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	5,144,184		71,664,043

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee based on the average daily net assets of the Fund as follows: 0.50% on the first $500 million, 0.475% on the second $500 million, 0.45% on the third $500 million, 0.425% on the fourth $500 million, and 0.40% over $2 billion.

The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp., ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Class B Shares. The Plan provides that the Fund may incur distribution expenses up to 0.75% of the average daily net assets of the Class B Shares annually, to compensate FSC.

FSC may voluntarily choose to waive and/or reimburse any portion of its fee. FSC can modify or terminate this voluntary waiver and/or reimbursement at any time at its sole discretion.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive and/or reimburse any portion of its fee. FSSC can modify or terminate this voluntary waiver and/or reimbursement at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Liberty U.S. Government Money Market Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N732
Cusip 60934N724

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8110106 (3/03)

Federated Investors
World-Class Investment Manager

Money Market Management

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount					Value
			CERTIFICATES OF DEPOSIT--7.5%
			Banking--7.5%
$	200,000		Bayerische Hypotheken und Vereinsbank AG, 1.330%, 4/28/2003	$	200,000
	2,000,000		Comerica Bank, 2.330% - 2.275%, 6/20/2003 - 6/23/2003		2,000,348
	2,200,000		Mercantile Safe Deposit & Trust Co., Baltimore, 1.320% - 1.380%, 6/12/2003 - 7/14/2003		2,200,000
	500,000		Toronto Dominion Bank, 1.340%, 5/7/2003		499,987

			TOTAL CERTIFICATES OF DEPOSIT		4,900,335

			COLLATERAIZED LOAN AGREEMENTS--4.6%
			Banking--4.6%
	3,000,000		HSBC Securities, Inc. 1.422%, 2/3/2003		3,000,000

			COMMERCIAL PAPER--42.7%¹
			Banking--20.4%
	3,000,000		Bavaria TRR, (Bayerische Hypotheken und Vereinsbank AG Swap Agreement), 1.340% - 1.460%, 2/10/2003 - 2/24/2003		2,998,414
	1,385,000		Benedictine Living Communities, Inc., (Harris Trust & Savings Bank, Chicago LOC), 1.400%, 3/5/2003		1,383,276
	3,000,000		Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.320%, 2/7/2003 - 4/9/2003		2,995,985
	3,000,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.320%, 2/28/2003		2,997,030
	3,000,000		Stellar Funding Group Inc., 1.370%, 5/5/2003		2,989,383

			TOTAL		13,364,088

			Entertainment--0.9%
	600,000		Walt Disney Co., 1.450% - 1.650%, 2/14/2003 - 4/8/2003		599,024

			Finance - Automotive--6.3%
	3,000,000		FCAR Auto Loan Trust (Series A1+/P1), 1.300%, 7/11/2003		2,982,667
	625,000		Ford Motor Credit Co., 1.960%, 3/4/2003 - 3/6/2003		623,929
	500,000		New Center Asset Trust (Series A1/P1), 1.260%, 4/22/2003		498,600

			TOTAL		4,105,196

			Finance - Equipment--0.6%
	400,000		John Deere Credit Ltd. (Guaranteed by John Deere Capital Corp.), 1.450%, 3/14/2003		399,339

Principal Amount					Value
			COMMERCIAL PAPER--continued¹
			Finance - Retail--6.5%
$	1,300,000		Household Finance Corp., 1.380%, 4/14/2003 - 4/22/2003	$	1,296,320
	3,000,000		Sheffield Receivables Corp., 1.310%, 7/8/2003		2,982,861

			TOTAL		4,279,181

			Food & Beverage--2.8%
	600,000		General Mills, Inc., 1.480%, 3/14/2003		598,989
	1,200,000		Sara Lee Corp., 1.310%, 2/10/2003		1,199,607

			TOTAL		1,798,596

			Oil Finance--4.6%
	3,000,000		Shell Finance (UK) PLC, 1.290%, 7/11/2003		2,982,800

			Retail--0.6%
	400,000		Safeway, Inc., 1.374%, 4/14/2003		398,904

			TOTAL COMMERCIAL PAPER		27,927,128

			CORPORATE BONDS--2.1%
			Finance - Automotive--0.6%
	400,000		General Motors Acceptance Corp., 1.910%, 2/14/2003		399,879

			Finance - Commercial--1.5%
	1,000,000		General Electric Capital Corp., 7.000%, 2/3/2003		1,000,261

			TOTAL CORPORATE BONDS		1,400,140

			SHORT-TERM NOTES--7.2%
			Banking--2.3%
	1,500,000		National City Bank, Ohio, 2.500%, 3/10/2003		1,499,978

			Brokerage--0.8%
	500,000		Merrill Lynch & Co., Inc., 2.450%, 3/24/2003		500,000

			Finance - Automotive--2.6%
	145,275		Ford Credit Auto Owner Trust 2002-D, Class A1, 1.790%, 5/15/2003		145,275
	646,597		MMCA Auto Owner Trust 2002-4, Class A1, 1.763%, 10/15/2003		646,597
	881,407		MMCA Auto Owner Trust 2002-5, Class A1, 1.410%, 12/15/2003		881,407
	31,370		Nissan Auto Receivables Owner Trust 2002-B, Class A1, 2.090%, 5/9/2003		31,370

			TOTAL		1,704,649

			Finance - Securities--1.5%
	1,000,000		Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.840% - 2.540%, 3/7/2003 - 10/24/2003		1,000,000

			TOTAL SHORT-TERM NOTES		4,704,627

Principal Amount					Value
			LOAN PARTICIPATION--4.1%
			Chemicals--1.5%
$	1,000,000		DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.410%, 6/30/2003	$	1,000,000

			Electrical Equipment--0.8%
	500,000		Mt. Vernon Phenol Plant Partnership, (General Electric Co. LOC), 1.386%, 05/19/2003		500,000

			Finance - Automotive--0.3%
	200,000		General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General Motors Acceptance Corp.), 1.910%, 2/20/2003		200,000

			Finance - Retail--1.5%
	1,000,000		Countrywide Home Loans, Inc., 1.380%, 2/5/2003		1,000,000

			TOTAL LOAN PARTICIPATION		2,700,000

			MUNICIPAL--3.1%
	2,000,000		Bridgeport, CT (Series C), 3.250%, 7/17/2003		2,001,323

			NOTES - VARIABLE--21.7%²
			Banking--13.6%
	500,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		500,000
	2,000,000		Liquid Asset Backed Securities Trust (Series 1996-3), (Westdeutsche Landesbank Girozentrale Swap Agreement), 1.390%, 2/15/2003		2,000,000
	1,000,000	³	MONET Trust (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 1.470%, 3/27/2003		1,000,000
	2,525,000		Stratford Properties LP (Series 1998), (Allfirst Bank LOC), 1.560%, 2/4/2003		2,525,000
	500,000		Taxable Floating Rate Notes (Series 2002-H1), Becker, MN PCR, (Bank of New York Swap Agreement), 1.470%, 2/5/2003		500,000
	1,960,000		Trevecca Nazarene University, (SunTrust Bank LOC), 1.400%, 2/5/2003		1,960,000
	400,000		Wells Fargo & Co., 1.370%, 2/1/2003		400,000

			TOTAL		8,885,000

			Brokerage--0.8%
	500,000		Merrill Lynch & Co., Inc., 1.425%, 2/11/2003		500,000

			Finance - Commercial--3.1%
	2,000,000		General Electric Capital Corp., 1.409%, 2/9/2003		2,000,000

			Finance - Retail--1.5%
	1,000,000		American Financial Services Insurance Premium Receivables Trust, (Series 1994-A), 1.926%, 2/15/2003		1,000,000

Principal Amount					Value
			NOTES - VARIABLE--continued²
			Telecommunications--2.7%
$	500,000		BellSouth Telecommunications, Inc., 1.432%, 3/4/2003	$	500,000
	1,300,000		Verizon Global Funding, 1.341% - 1.560%, 2/8/2003 -- 2/18/2003		1,299,927

			TOTAL		1,799,927

			TOTAL NOTES - VARIABLE		14,184,927

			REPURCHASE AGREEMENT--6.8%
	4,469,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 1/31/2003 to be repurchased at 4,469,503 on 2/3/2003 collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		4,469,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	65,287,480

1 Each issue shows the rate of discount at the time of purchase.

2 Floating rate note with current rate and next reset date shown.

3 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. At January 31, 2003, this security amounted to $1,000,000 which represents 1.5% of net assets.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($65,392,268) at January 31, 2003.

The following acronyms are used throughout this portfolio:

LOC	--Letter of Credit
PCR	--Pollution Control Revenue

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	65,287,480
Cash				1,018
Income receivable				189,661

TOTAL ASSETS				65,478,159

Liabilities:
Payable for shares redeemed	$	16,300
Income distribution payable		23,535
Accrued expenses		46,056

TOTAL LIABILITIES				85,891

Net assets for 65,477,028 shares outstanding			$	65,392,268

Net Assets Consist of:
Paid in capital			$	65,477,028
Accumulated net realized loss on investments				(84,760	)

TOTAL NET ASSETS			$	65,392,268

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$65,392,268 ÷ 65,477,028 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest				$	625,946

Expenses:
Investment adviser fee	$	167,501
Administrative personnel and services fee		63,014
Custodian fees		5,269
Transfer and dividend disbursing agent fees and expenses		66,873
Directors'/Trustees' fees		378
Auditing fees		3,139
Legal fees		1,675
Portfolio accounting fees		20,846
Shareholder services fee		83,751
Share registration costs		10,586
Printing and postage		10,964
Insurance premiums		536
Miscellaneous		971

TOTAL EXPENSES		435,503

Waiver:
Waiver of shareholder services fee		(26,800	)

Net expenses					408,703

Net investment income					217,243

Net realized gain on investments					17

Change in net assets resulting from operations				$	217,260

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	217,243		$	1,083,863
Net realized gain on investments		17			3,913

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		217,260			1,087,776

Distributions to Shareholders:
Distributions from net investment income		(217,243	)		(1,083,863	)

Share Transactions:
Proceeds from sale of shares		29,700,275			128,069,438
Net asset value of shares issued to shareholders in payment of distributions declared		183,941			1,023,421
Cost of shares redeemed		(32,527,031	)		(137,813,376	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(2,642,815	)		(8,720,517	)

Change in net assets		(2,642,798	)		(8,716,604	)

Net Assets:
Beginning of period		68,035,066			76,751,670

End of period	$	65,392,268		$	68,035,066

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended			Period Ended			Year Ended December 31,
	1/31/2003			7/31/2002			7/31/2001	¹		2000			1999	²		1998			1997
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.00	³		0.01			0.02			0.05			0.04			0.05			0.05
Net realized gain (loss) on investments	0.00	³		0.00	³		0.00	³		(0.00	)³		--			--			--

TOTAL FROM INVESTMENT OPERATIONS	0.00	³		0.01			0.02			0.05			0.04			0.05			0.05

Less Distributions:
Distributions from net investment income	(0.00	)³		(0.01	)		(0.02	)		(0.05	)		(0.04	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁴	0.33	%		1.42	%		2.45	%		5.46	%		4.23	%		4.64	%		4.69	%


Ratios to Average Net Assets:

Expenses	1.22	%⁵		1.20	%		1.12	%⁵		1.14	%		1.12	%		1.11	%		1.10	%

Net investment income	0.65	%⁵		1.42	%		4.20	%⁵		5.33	%		4.15	%		4.54	%		4.58	%

Expense waiver/reimbursement⁶	0.08	%⁵		0.10	%		0.13	%⁵		0.13	%		0.20	%		0.18	%		0.15	%

Supplemental Data:

Net assets, end of period (000 omitted)	$65,392		$68,035			$76,752			$83,228			$76,850			$83,459			$81,308

1 The Fund has changed its fiscal year end from December 31 to July 31.

2 Beginning with the year ended December 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

3 Represents less than $0.01.

4 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

5 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Money Market Management (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Restricted Securities

Additional information on each restricted security held at January 31, 2003, is as follows:

Security	Acquisition Date	Acquisition Cost
Monet Trust (Series 2000-1)	9/27/2000	$1,000,000

Use of Estimates

The preparation of financial statements in conformity with GAAP principles requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full fractional shares of beneficial interest (without par value). At January 31, 2003 capital paid in aggregated $65,477,028.

Transactions in capital stock were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	29,700,275		128,069,438
Shares issued to shareholders in payment of distributions declared	183,941		1,023,421
Shares redeemed	(32,527,031	)	(137,813,376	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(2,642,815	)	(8,720,517	)

FEDERAL TAX INFORMATION

At July 31, 2002, the Fund, for federal tax purposes, had a capital loss carryforward of $84,777, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire in 2008.

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee based on the average daily net assets of the Fund as follows: 0.500% on the first $500 million; 0.475% on the next $500 million; 0.450% on the next $500 million; 0.425% on the next $500 million; and 0.400% thereafter.

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Money Market Management
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N211

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8080103 (3/03)

Federated Investors
World-Class Investment Manager

Money Market Trust

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
		CERTIFICATES OF DEPOSIT--9.4%
		Banking--9.4%
$	2,000,000	Bank of New York, 2.065%, 7/1/2003	$	1,999,714
	7,000,000	Comerica Bank, 2.275% - 2.530%, 3/7/2003 - 6/23/2003		6,999,935
	14,400,000	Mercantile Safe Deposit & Trust Co., Baltimore, 1.380% - 2.500%, 3/7/2003 - 10/24/2003		14,400,000

		TOTAL CERTIFICATES OF DEPOSIT		23,399,649

		COMMERCIAL PAPER--40.3%¹
		Banking--20.0%
	12,000,000	Citicorp, 1.280% - 1.300%, 3/18/2003 - 4/25/2003		11,973,869
	12,000,000	Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.280% - 1.330%, 2/3/2003 - 2/28/2003		11,990,754
	8,387,000	Stellar Funding Group, Inc., 1.300% - 1.450%, 2/13/2003 - 5/7/2003		8,372,999
	12,200,000	SunTrust Banks, Inc., 1.330%, 2/3/2003		12,199,099
	5,000,000	Three Rivers Funding Corp., 1.290%, 2/20/2003		4,996,596

		TOTAL		49,533,317

		Finance - Automotive--8.4%
	8,000,000	FCAR Auto Loan Trust, A1+/P1 Series, 1.342%, 2/11/2003		7,997,022
	12,900,000	New Center Asset Trust, A1/P1 Series, 1.260% - 1.350%, 2/24/2003 - 4/22/2003		12,871,630

		TOTAL		20,868,652

		Finance - Commercial--6.6%
	5,000,000	PREFCO-Preferred Receivables Funding Co., 1.340%, 5/12/2003		4,981,389
	11,376,000	Receivables Capital Corp., 1.280%, 2/19/2003 - 3/21/2003		11,359,917

		TOTAL		16,341,306

		Finance - Retail--4.9%
	12,000,000	Mortgage Interest Networking Trust A1/P1, 1.300%, 2/12/2003		11,995,233

		Retail--0.4%
	1,039,000	Home Depot, Inc., 1.360%, 5/20/2003		1,034,761

		TOTAL COMMERCIAL PAPER		99,773,269

Principal Amount				Value
		CORPORATE BONDS--1.6%
		Finance - Commercial--0.8%
$	2,000,000	General Electric Capital Corp., 7.000%, 2/3/2003	$	2,000,522

		Retail--0.8%
	2,000,000	Wal-Mart Stores, Inc., 4.375%, 8/1/2003		2,020,550

		TOTAL CORPORATE BONDS		4,021,072

		SHORT-TERM NOTES--9.5%
		Banking--1.0%
	2,401,350	Huntington National Bank, Columbus, OH, 1.400% - 1.800%, 2/26/2003 - 5/28/2003		2,394,555

		Brokerage--4.4%
	5,000,000	Goldman Sachs Group, Inc., 1.462%, 2/3/2003		5,000,000
	6,000,000	Merrill Lynch & Co., Inc., 1.462% - 2.450%, 2/3/2003 -- 3/24/2003		6,000,000

		TOTAL		11,000,000

		Finance - Automotive--2.1%
	1,475,042	Americredit Automobile Receivables Trust 2002-E-M, Class A1, 1.819%, 11/6/2003		1,475,042
	2,028,520	CarMax Auto Owner Trust 2002-2, Class A1, 1.425%, 12/15/2003		2,028,520
	435,826	Ford Credit Auto Owner Trust 2002-D, Class A1, 1.790%, 5/15/2003		435,826
	1,000,000	Ford Credit Auto Owner Trust 2003-A, Class A1, 1.363%, 10/15/2003		1,000,000
	268,458	SSB Auto Loan Trust 2002-1, Class A1, 1.658%, 11/15/2003		268,458

		TOTAL		5,207,846

		Insurance--0.4%
	1,000,000	Onyx Acceptance Owner Trust 2003-A, Class A1, (XL Capital Assurance, Inc. Insurance), 1.360%, 2/15/2004		1,000,000

		Telecommunications--1.6%
	4,000,000	BellSouth Corp., 4.105%, 4/26/2003		4,011,793

		TOTAL SHORT-TERM NOTES		23,614,194

		GOVERNMENT AGENCIES--3.3%
		Government Agency--3.3%
	1,000,000	Federal Home Loan Bank System, 1.770%, 10/9/2003		1,000,000
	7,000,000	Federal Home Loan Mortgage Corp., 1.750% - 5.250%, 12/8/2003 -- 2/15/2004		7,078,830

		TOTAL GOVERNMENT AGENCIES		8,078,830

Principal Amount				Value
		MUNICIPALS--1.4%
		Government Agency--1.4%
$	3,400,000	Illinois Development Finance Authority, (Series 1999), (Federal Home Loan Bank of Chicago LOC), 1.460%, 2/5/2003	$	3,400,000

		NOTES - VARIABLE--26.3%²
		Banking--6.3%
	930,000	Active Living of Glenview LLC, (Series 1998), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		930,000
	3,100,000	Barker Property Management LLC, (Series 1998), (Wachovia Bank N.A. LOC), 1.390%, 2/5/2003		3,100,000
	2,600,000	Taxable Floating Rate Notes, Series 2002-H1, Becker, MN PCR, (Bank of New York Swap Agreement), 1.470%, 2/5/2003		2,600,000
	4,900,000	Wells Fargo & Co., 1.370% - 1.412%, 2/1/2003 -- 2/14/2003		4,900,000
	3,935,000	Wildcat Management Co., Inc., (Series 1999), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		3,935,000

		TOTAL		15,465,000

		Brokerage--0.8%
	2,000,000	Merrill Lynch & Co., Inc., 1.425%, 2/11/2003		2,000,000

		Finance -- Commercial--4.2%
	10,500,000	General Electric Capital Corp., 1.409% - 1.470%, 2/3/2003 -- 2/9/2003		10,502,993

		Finance - Retail--10.3%
	16,000,000	American Express Credit Corp., 1.370%, 2/7/2003		15,999,486
	9,500,000	SLM Corp., 1.690%, 3/16/2003		9,501,422

		TOTAL		25,500,908

		Insurance--3.6%
	4,000,000	Allstate Life Insurance Co., 1.520% - 1.570%, 2/1/2003		4,000,000
	5,000,000	New York Life Insurance Co., 1.520%, 2/28/2003		5,000,000

		TOTAL		9,000,000

		Telecommunications--1.1%
	1,500,000	BellSouth Telecommunications, Inc., 1.433%, 3/4/2003		1,500,000
	1,100,000	Verizon Global Funding, 1.341%, 2/18/2003		1,099,973

		TOTAL		2,599,973

		TOTAL NOTES - VARIABLE		65,068,874

Principal Amount				Value
		REPURCHASE AGREEMENT--8.1%
$	20,047,000	Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 1/31/2003, to be repurchased at $20,049,255 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/16/2033	$	20,047,000

		TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	247,402,888

1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

2 Floating rate note with current rate and next reset date shown.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($247,815,150) at January 31, 2003.

The following acronyms are used throughout this portfolio:

LOC	--Letter of Credit
PCR	--Pollution Control Revenue

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	247,402,888
Income receivable				696,805
Receivable for shares sold				93,444

TOTAL ASSETS				248,193,137

Liabilities:
Income distribution payable	$	233,713
Payable for shares redeemed		184
Payable to bank		90,115
Accrued expenses		53,975

TOTAL LIABILITIES				377,987

Net assets for 247,815,150 shares outstanding			$	247,815,150

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$247,815,150 ÷ 247,815,150 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	2,622,543

Expenses:
Investment adviser fee				$	588,868
Administrative personnel and services fee					110,707
Custodian fees					14,798
Transfer and dividend disbursing agent fees and expenses					62,115
Directors'/Trustees' fees					1,178
Auditing fees					6,196
Legal fees					2,029
Portfolio accounting fees					35,869
Shareholder services fee					368,043
Share registration costs					18,965
Printing and postage					6,753
Insurance premiums					736
Miscellaneous					1,031

TOTAL EXPENSES					1,217,288

Waivers:
Waiver of investment adviser fee	$	(233,442	)
Waiver of transfer and dividend disbursing agent fees and expenses		(7,970	)
Waiver of shareholder services fee		(294,434	)

TOTAL WAIVERS					(535,846	)

Net expenses								681,442

Net investment income							$	1,941,101

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,941,101		$	6,396,255

Distributions to Shareholders:
Distributions from net investment income		(1,941,101	)		(6,396,255	)

Share Transactions:
Proceeds from sale of shares		400,533,122			947,405,064
Net asset value of shares issued to shareholders in payment of distributions declared		263,367			1,115,709
Cost of shares redeemed		(474,130,981	)		(944,296,152	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(73,334,492	)		4,224,621

Change in net assets		(73,334,492	)		4,224,621

Net Assets:
Beginning of period		321,149,642			316,925,021

End of period	$	247,815,150		$	321,149,642

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	0.66	%		2.14	%		5.55	%		5.61	%		4.88	%		5.35	%


Ratios to Average Net Assets:

Expenses	0.46	%³		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%

Net investment income	1.32	%³		2.16	%		5.43	%		5.45	%		4.81	%		5.24	%

Supplemental Data:

Net assets, end of period (000 omitted)	$247,815		$321,150			$316,925			$303,476			$380,400			$412,104

1 Beginning with the year ended July 31, 2000, the fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Money Market Trust (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is stability of principal and current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and frac-tional shares of beneficial interest (without par value). At January 31, 2003, capital paid-in aggregated $247,815,150.

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	400,533,122		947,405,064
Shares issued to shareholders in payment of distributions declared	263,367		1,115,709
Shares redeemed	(474,130,981	)	(944,296,152	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(73,344,492	)	4,224,621

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.40% of the Fund's average daily net assets. The Adviser will waive, to the extent of its adviser fee, the amount, if any, by which the Fund's aggregate annual operating expenses (excluding interest, taxes, brokerage commissions, expense of registering and qualifying the Fund and its shares under federal and state law, expenses of withholding taxes, and extraordinary expenses) exceed 0.45% of average daily net assets of the Fund.

Administrative Fee

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Trust shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Money Market Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N229

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

8030103 (3/03)

Federated Investors
World-Class Investment Manager

Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

INSTITUTIONAL SHARES
INSTITUTIONAL SERVICE SHARES

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Government Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			GOVERNMENT AGENCIES--53.1%
$	75,000,000	¹	Federal Farm Credit System, Floating Rate Notes, 1.255%, 2/7/2003	$	74,959,907
	168,000,000	²	Federal Home Loan Bank System, Discount Notes, 1.268% - 1.300%, 5/28/2003 - 7/11/2003		167,147,276
	1,328,500,000	¹	Federal Home Loan Bank System, Floating Rate Notes, 1.180% - 1.670%, 2/2/2003 - 4/30/2003		1,328,189,414
	606,000,000		Federal Home Loan Bank System, Notes,1.700% - 7.000%, 2/4/2003 - 12/8/2003		606,030,116
	275,000,000	²	Federal Home Loan Mortgage Corp., Discount Notes, 1.220% - 2.790%, 2/27/2003 - 6/19/2003		273,985,975
	202,423,000		Federal Home Loan Mortgage Corp., Notes, 4.750% - 6.375%, 3/15/2003 - 2/15/2004		207,003,966
	1,539,891,000	²	Federal National Mortgage Association, Discount Notes, 1.220% - 2.640%, 2/7/2003 - 7/23/2003		1,535,108,218
	1,039,000,000	¹	Federal National Mortgage Association, Floating Rate Notes, 1.203% - 1.527%, 2/1/2003 - 3/22/2003		1,038,683,987
	196,265,000		Federal National Mortgage Association, Notes, 2.250% - 5.750%, 2/7/2003 - 2/13/2004		198,287,423
	223,545,000	¹	Housing and Urban Development, Floating Rate Notes, 1.580%, 2/1/2003		223,545,000
	50,000,000	²	Student Loan Marketing Association, Discount Notes, 2.680%, 3/14/2003		49,847,389
	50,000,000	¹	Student Loan Marketing Association, Floating Rate Notes, 1.190%, 4/25/2003		49,974,394

			TOTAL GOVERNMENT AGENCIES		5,752,763,065

			REPURCHASE AGREEMENTS--46.8%
	50,000,000		Interest in $800,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.290% dated 1/31/2003, to be repurchased at $50,005,375 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2029		50,000,000
	200,000,000		Interest in $650,000,000 joint repurchase agreement with Banc One Capital Markets, Inc., 1.350% dated 1/31/2003, to be repurchased at $200,022,500 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 3/15/2030		200,000,000
	29,082,000		Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290% dated 1/31/2003 to be repurchased at $29,085,126 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028		29,082,000
	50,000,000		Interest in $750,000,000 joint repurchase agreement with Bear Stearns Cos., Inc., 1.290% dated 1/31/2003 to be repurchased at $50,005,375 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2012		50,000,000
Principal Amount				Value
			REPURCHASE AGREEMENTS--continued
$	490,000,000		Interest in $1,000,000,000 joint repurchase agreement with Bear Stearns Cos., Inc., 1.350% dated 1/31/2003 to be repurchased at $490,055,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033	$	490,000,000
	315,000,000		Interest in $800,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.350% dated 1/31/2003, to be repurchased at $315,035,438 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/1/2033		315,000,000
	250,000,000	³	Interest in $500,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.250% dated 1/23/2003 to be repurchased at $250,468,750 on 3/18/2003, collateralized by U.S. Government Agency Obligations with various maturities to 7/1/2032		250,000,000
	239,000,000	³	Interest in $475,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.280% dated 1/6/2003, to be repurchased at $239,254,933 on 2/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/1/2033		239,000,000
	230,000,000	³	Interest in $475,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.280% dated 1/10/2003 to be repurchased at $230,850,489 on 4/24/2003, collateralized by U.S. Government Agency Obligations with various maturities to 3/1/2024		230,000,000
	256,000,000	³	Interest in $450,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.255% dated 1/23/2003 to be repurchased at $256,508,693 on 3/21/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		256,000,000
	245,000,000		Interest in $575,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.350% dated 1/31/2003 to be repurchased at $245,027,563 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 9/25/2032		245,000,000
	20,000,000		Interest in $700,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.290% dated 1/31/2003 to be repurchased at $20,002,150 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2031		20,000,000
	200,000,000		Interest in $500,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.350% dated 1/31/2003, to be repurchased at $200,022,500 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 8/25/2032		200,000,000
	50,000,000		Interest in $125,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.140% dated 1/31/2003, to be repurchased at $50,004,750 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 9/15/2010		50,000,000
	100,000,000		Interest in $700,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.290% dated 1/31/2003, to be repurchased at $100,010,750 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 7/15/2012		100,000,000
	199,000,000		Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.350% dated 1/31/2003, to be repurchased at $199,022,388 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		199,000,000
Principal Amount				Value
			REPURCHASE AGREEMENTS--continued
$	150,000,000	³	Interest in $315,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.280% dated 1/15/2003, to be repurchased at $150,261,333 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/1/2032	$	150,000,000
	400,000,000		Interest in $900,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.350% dated 1/31/2003, to be repurchased at $400,045,000 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 11/25/2032		400,000,000
	316,000,000		Interest in $605,000,000 joint repurchase agreement with Salomon Smith Barney Inc., 1.350% dated 1/31/2003 to be repurchased at $316,035,550 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 10/1/2032		316,000,000
	308,000,000	³	Interest in $750,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290% dated 11/8/2002 to be repurchased at $308,993,300 on 2/6/2003, collateralized by U.S. Government Agency Obligations with various maturities to 3/25/2032		308,000,000
	180,000,000	³	Interest in $300,000,000 joint repurchase agreement with UBS Warburg LLC, 1.300% dated 11/22/2002 to be repurchased at $180,669,500 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		180,000,000
	66,000,000	³	Interest in $140,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290% dated 1/3/2003 to be repurchased at $66,139,535 on 3/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/15/2032		66,000,000
	23,000,000		Interest in $73,000,000 joint repurchase agreement with UBS Warburg LLC, 1.240% dated 1/31/2003 to be repurchased at $23,002,377 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 7/24/2007		23,000,000
	550,000,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350% dated 1/31/2003 to be repurchased at $550,061,875 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/16/2033		550,000,000
	150,000,000		Interest in $500,000,000 joint repurchase agreement with WestLB AG, 1.350% dated 1/31/2003 to be repurchased at $150,016,875 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 6/1/2040		150,000,000

			TOTAL REPURCHASE AGREEMENTS		5,066,082,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	10,818,845,065

1 Current rate and next reset date shown.

2 Each issue shows the rate of discount at time of purchase.

3 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($10,824,509,513) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Government Obligations Tax Managed Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			GOVERNMENT AGENCIES--100.0%
$	468,517,000	¹	Federal Farm Credit System, Discount Notes, 1.180% - 2.180%, 2/7/2003 - 10/17/2003	$	467,039,049
	70,000,000	²	Federal Farm Credit System, Floating Rate Notes, 1.245% - 1.255%, 2/1/2003 - 2/7/2003		69,973,159
	87,870,000		Federal Farm Credit System, Notes, 1.220% - 5.000%, 2/3/2003 - 3/3/2003		87,871,536
	1,162,232,000	¹	Federal Home Loan Bank System, Discount Notes, 1.210% - 1.715%, 2/3/2003 - 8/8/2003		1,159,191,946
	851,000,000	²	Federal Home Loan Bank System, Floating Rate Notes, 1.220% - 1.670%, 2/2/2003 - 4/21/2003		850,901,602
	262,000,000		Federal Home Loan Bank System, Notes, 2.375% - 5.000%, 2/4/2003 - 10/24/2003		262,575,652
	234,228,000	¹	Student Loan Marketing Association, Discount Notes, 1.180% - 2.160%, 2/4/2003 - 10/14/2003		233,887,970
	222,500,000	²	Student Loan Marketing Association, Floating Rate Notes, 1.189% - 1.259%, 2/4/2003 - 4/25/2003		222,477,396
	150,000,000	²	Student Loan Marketing Association, Floating Rate Master Notes, 1.159%, 2/4/2003		150,000,000
	52,000,000		Student Loan Marketing Association, Notes, 2.600% - 2.700%, 4/25/2003 - 5/27/2003		52,001,295
	742,000,000	¹	Tennessee Valley Authority, Discount Notes, 1.170% - 1.230%, 2/12/2003 - 4/4/2003		741,072,728

			TOTAL GOVERNMENT AGENCIES		4,296,992,333

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	4,296,992,333

1 Each issue shows the rate of discount at the time of purchase.

2 Current rate and next reset date shown.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($4,298,506,103) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Municipal Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			SHORT-TERM MUNICIPALS--100.4%¹
			Alabama--1.1%
$	3,300,000		Birmingham, AL IDA, (Series 1997), Weekly VRDNs (Millcraft, AL, Inc.)/(Regions Bank, Alabama LOC)	$	3,300,000
	2,275,000		Calhoun County, AL Economic Development Council, Variable/Fixed Rate IDRBs Weekly VRDNs (Fabarc Steel Co.)/(Regions Bank, Alabama LOC)		2,275,000
	10,300,000		Decatur, AL IDB, (Series 1996), 1.20% CP (Nucor Steel Decatur LLC)/(Wachovia Bank N.A. LOC), Mandatory Tender 2/3/2003		10,300,000
	3,115,000		Orange Beach, AL Industrial Development Board, (Series 2002), Weekly VRDNs (Romar Motels, Inc.)/(Columbus Bank and Trust Co., GA LOC)		3,115,000
	2,000,000		Port City Medical Clinic Board Mobile, AL, (Series 1998A), Weekly VRDNs (Infirmary Health System, Inc.)/(AMBAC INS)/(Bank of Nova Scotia, Toronto and KBC Bank N.V. LIQs)		2,000,000

			TOTAL		20,990,000

			Alaska--0.1%
	1,200,000		Valdez, AK Marine Terminal, (Series 2002), 3.00% TOBs (Phillips Transportation Alaska, Inc.)/(Phillips Petroleum Co. GTD), Mandatory Tender 5/1/2003		1,200,000

			Arizona--1.9%
	11,930,000		Coconino County, AZ Pollution Control Corp., (Series 1998), Daily VRDNs (Arizona Public Service Co.)/(KBC Bank N.V. LOC)		11,930,000
	7,500,000		Maricopa County, AZ Pollution Control Corp., (Series 1994C), Daily VRDNs (Arizona Public Service Co.)/(Toronto Dominion Bank LOC)		7,500,000
	4,740,000		Maricopa County, AZ, IDA Single Family Mortgage, MERLOTS (Series 2001 A-126), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		4,740,000
	3,675,000		Maricopa County, AZ, IDA, (Series 2000A), Weekly VRDNs (Las Gardenias Apartments)/(FNMA LOC)		3,675,000
	4,644,000		Pima County, AZ IDA, Single Family Mortgages, Roaring Fork (Series 1999-6), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		4,644,000
	1,500,000		Tucson and Pima County, AZ IDA, Single Family Mortgage, Roaring Fork (Series 2000-13), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		1,500,000

			TOTAL		33,989,000

			Arkansas--3.1%
	1,000,000		Arkadelphia, AR, Industrial Development Revenue Bonds (Series 1996), Weekly VRDNs (Siplast, Inc.)/(Danske Bank A/S LOC)		1,000,000
	5,435,000		Arkansas Development Finance Authority, (PT-1310), Weekly VRDNs (Oakwood Manor Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		5,435,000
	5,630,000		Arkansas Development Finance Authority, (Series 1995), Weekly VRDNs (Paco Steel & Engineering Corp.)/(Wells Fargo Bank Minnesota N.A. LOC)		5,630,000
	14,000,000		Arkansas Development Finance Authority, (Series 2001), Weekly VRDNs (ENSCO, Inc.)/(Wachovia Bank N.A. LOC)		14,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Arkansas--continued
$	11,700,000		Blytheville, AR, (Series 1998), Weekly VRDNs (Nucor Corp.)	$	11,700,000
	4,500,000		Blytheville, AR, (Series 2002), Weekly VRDNs (Nucor Corp.)		4,500,000
	8,000,000		Crossett, AR, (Series 1997), Weekly VRDNs (Bemis Co., Inc.)		8,000,000
	7,100,000		Siloam Springs, AR, IDRB (Series 1994), Weekly VRDNs (La-Z Boy Chair Co.)/(Bank One, Michigan LOC)		7,100,000

			TOTAL		57,365,000

			California--4.1%
	27,500,000		California State, (Series B), 2.50% RANs, 6/27/2003		27,587,606
	3,375,000		California State, (Series D), VRNs, 6/27/2003		3,375,000
	29,000,000		California State, GO Tax Exempt Notes, 1.35% CP, Mandatory Tender 2/19/2003		29,000,000
	3,175,000		California Statewide Communities Development Authority, (Series 1996-H), Weekly VRDNs (Levecke LLC)/(Union Bank of California LOC)		3,175,000
	3,000,000		California Statewide Communities Development Authority, (Series 2001B), 1.70% TOBs (Kaiser Permanente), Optional Tender 7/1/2003		3,000,000
	5,000,000		California Statewide Communities Development Authority, (Series B), 2.25% TOBs (Kaiser Permanente), Mandatory Tender 2/1/2003		5,000,000
	1,680,000		Los Angeles County, CA IDA, (Series 1991), Weekly VRDNs (Caitec Garment Processing, Inc.)/(Union Bank of California LOC)		1,680,000
	1,878,120	²	PBCC LeaseTOPS Trust (California Non-AMT) (Series 1998-1), 1.90% TOBs (Ambac Financial Group, Inc. INS)/(Pitney Bowes Credit Corp. LIQ) 8/10/2003		1,878,120

			TOTAL		74,695,726

			Colorado--1.3%
	6,070,000		Colorado HFA, MERLOTS (Series 2001 A20), Weekly VRDNs (Wachovia Bank N.A. LIQ)		6,070,000
	3,370,000		Denver, CO City & County Airport Authority, Bonds (MBIA INS), 11/15/2003		3,329,405
	8,250,000		Denver, CO City & County Airport Authority, (PT-724), Weekly VRDNs (MBIA INS)/(Svenska Handelsbanken, Stockholm LIQ)		8,250,000
	5,455,000		El Paso County, CO HFA, Roaring Fork (Series 1999-1), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		5,455,000

			TOTAL		23,104,405

			Connecticut--4.3%
	34,625,000		Connecticut State Transportation Infrastructure Authority, Weekly VRDNs (Commerzbank AG, Frankfurt LOC)		34,625,000
	44,245,000		Connecticut State, Second Lien Special Tax Obligation Refunding Bonds, Transportation Infrastructure Purposes (2003 Series 2), Weekly VRDNs (AMBAC INS)/(Dexia Credit Local LIQ)		44,245,000

			TOTAL		78,870,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			District of Columbia--2.3%
$	41,900,000		District of Columbia, (Series 2002D), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)	$	41,900,000

			Florida--2.4%
	3,525,000		Broward County, FL HFA, MERLOTS (Series 2001 A27), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		3,525,000
	10,000,000		Clipper Tax-Exempt Certificates Trust (Florida AMT) (Series 1999-5), Weekly VRDNs (State Street Bank and Trust Co. LIQ)		10,000,000
	2,783,000		Clipper Tax-Exempt Certificates Trust (Florida AMT) (Series 2000-3), Weekly VRDNs (Duval County, FL HFA)/(MBIA INS)/(State Street Bank and Trust Co. LIQ)		2,783,000
	10,300,000		Dade County, FL IDA, Exempt Facilities Revenue Refunding Bonds (Series 1993), Daily VRDNs (Florida Power & Light Co.)		10,300,000
	4,000,000		Greater Orlando, FL Aviation Authority Weekly VRDNs (Cessna Aircraft Co.)/(Textron, Inc. GTD)		4,000,000
	3,780,000		Manatee County, FL, (Series 1996A), Weekly VRDNs (Superior Electronics Group, Inc.)/(Wachovia Bank N.A. LOC)		3,780,000
	8,590,000		Miami-Dade County, FL HFA, (PT-1349), Weekly VRDNs (Hidden Grove Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		8,590,000

			TOTAL		42,978,000

			Georgia--3.5%
	3,500,000	²	Atlanta, GA Airport Revenue, PA 926R, 1.70% TOBs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 4/3/2003		3,500,000
	1,500,000		Atlanta, GA, Urban Residential Finance Authority, Multifamily Housing Revenue Bonds (Series 1995), Weekly VRDNs (West End Housing Development Project)/(Wachovia Bank N.A. LOC)		1,500,000
	8,000,000		Burke County, GA Development Authority, (First Series 2000), 1.75% TOBs (Georgia Power Co.), Mandatory Tender 3/3/2003		8,000,000
	6,810,000		Crisp County, GA Solid Waste Management Authority, (Series 1998), Weekly VRDNs (Financial Security Assurance Inc INS)/(Wachovia Bank N.A. LIQ)		6,810,000
	6,000,000		Fayette County, GA, (Series 1998), Weekly VRDNs (Gardner Denver Machinery, Inc.)/(National City Bank, Michigan/Illinois LOC)		6,000,000
	15,000,000		Georgia State Municipal Gas Authority, (Series A), Weekly VRDNs (Bayerische Landesbank Girozentrale, J. P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		15,000,000
	10,500,000		Georgia State Municipal Gas Authority, (Series B), Weekly VRDNs (Bayerische Landesbank Girozentrale, J. P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		10,500,000
	8,000,000		Georgia State, PUTTERs, (Series 128), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)		8,000,000
	2,200,000		Savannah, GA EDA, (Series 1995A), Weekly VRDNs (Home Depot, Inc.)		2,200,000
	2,000,000		Savannah, GA EDA, (Series 2000), Weekly VRDNs (Republic Services of Georgia)/(SunTrust Bank LOC)		2,000,000

			TOTAL		63,510,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Hawaii--0.1%
$	1,995,000		Hawaii Finance and Development Corp., MERLOTS (Series 2001 A15), Weekly VRDNs (FNMA COL)/(Wachovia Bank N.A. LIQ)	$	1,995,000

			Illinois--4.3%
	5,395,000		Chicago, IL O'Hare International Airport, (PT-664), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ)		5,395,000
	9,995,000		Chicago, IL O'Hare International Airport, (PT-685), Weekly VRDNs (AMBAC INS)/(Svenska Handelsbanken, Stockholm LIQ)		9,995,000
	9,135,000		Chicago, IL Single Family Mortgage, (PT-290), Weekly VRDNs (GNMA COL)/(Landesbank Hessen-Thueringen, Frankfurt LIQ)		9,135,000
	2,750,000		Chicago, IL, (Series 1997), Weekly VRDNs (Trendler Components, Inc.)/(American National Bank & Trust Co., Chicago LOC)		2,750,000
	1,760,000		Chicago, IL, (Series 1999 IDRB), Weekly VRDNs (Ade, Inc.)/(Firstar Bank, N.A. LOC)		1,760,000
	9,000,000		Chicago, IL, (Series 2000C), Weekly VRDNs (Peoples Gas Light & Coke Co.)		9,000,000
	10,500,000		Chicago, IL, Chicago Midway Airport Special Facility Revenue Bonds (Series 1998), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		10,500,000
	11,000,000		Chicago, IL, Gas Supply Revenue Bonds (1993 Series B), Weekly VRDNs (Peoples Gas Light & Coke Co.)		11,000,000
	1,000,000		Galva, IL, (Series 1999), Weekly VRDNs (John H. Best & Sons, Inc.)/ (Wells Fargo Bank Minnesota N.A. LOC)		1,000,000
	4,180,000		Illinois Development Finance Authority, (Series 2001), Weekly VRDNs (Mangel BG Investments LLC)/(Lasalle Bank, N.A. LOC)		4,180,000
	1,050,000		Illinois Development Finance Authority, IDB, (Series 1989), Weekly VRDNs (Addison 450 LP)/(American National Bank & Trust Co., Chicago LOC)		1,050,000
	1,800,000		Illinois Development Finance Authority, IDB, (Series 1995), Weekly VRDNs (Evapco, Inc.)/(Bank of America N.A. LOC)		1,800,000
	3,000,000		Illinois Development Finance Authority, IDB, (Series 2000A), Weekly VRDNs (Processing Technologies, Inc.)/(Firstar Bank, N.A. LOC)		3,000,000
	1,185,000		Martinsville, IL, IDRB (Series 1995), Weekly VRDNs (PAP-R Products Co.)/(Bank One, Illinois N.A. LOC)		1,185,000
	6,280,000		Robbins (Village of), IL, (Series 2001), Weekly VRDNs (Robbins Property LLC)/(American National Bank & Trust Co., Chicago LOC)		6,280,000

			TOTAL		78,030,000

			Indiana--4.0%
	4,830,000		Benton, IN Community School Corp., 2.25% TANs, 12/31/2003		4,862,523
	1,250,000		Clarksville, IN, (Series 1997), Weekly VRDNs (Metal Sales Manufacturing Corp.)/(Firstar Bank, N.A. LOC)		1,250,000
	2,765,000		Elkhart County, IN, (Series 1997), Weekly VRDNs (Hart Housing Group, Inc.)/(Fifth Third Bank, Cincinnati LOC)		2,765,000
	4,500,000		Greater Clark, IN Community Schools Corp., 2.25% TANs, 12/31/2003		4,536,472
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Indiana--continued
$	4,500,000		Hamilton, IN Southeastern Schools, 2.00% TANs, 12/31/2003	$	4,528,360
	1,345,000		Huntington, IN, (Series 1999), Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank Minnesota N.A. LOC)		1,345,000
	12,105,000	²	Indiana Bond Bank, MERLOTS (Series 2001 - A119), 1.50% TOBs (Indiana State Revolving Fund Program)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		12,105,000
	4,635,000		Indiana State HFA, MERLOTS (Series 2000-PPP), Weekly VRDNs (Wachovia Bank N.A. LIQ)		4,635,000
	2,585,000		Indianapolis, IN Local Public Improvement Bond Bank, (PT-731), Weekly VRDNs (Indianapolis, IN Airport Authority)/(Financial Security Assurance Inc INS)/(Merrill Lynch & Co., Inc. LIQ)		2,585,000
	3,400,000		Indianapolis, IN, (Series 1999), Weekly VRDNs (Chip Ganassi Racing Teams)/(National City Bank, Pennsylvania LOC)		3,400,000
	5,000,000		Jasper County, IN EDRB, (Series 2000), Weekly VRDNs (T & M LP)/(Key Bank, N.A. LOC)		5,000,000
	8,235,000		Jeffersonville, IN, (PT-1309), Weekly VRDNs (Armstrong Farms Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		8,235,000
	1,855,000		Kendallville, IN, (Series 1995), Weekly VRDNs (Rivnut Real Estate, Ltd.)/(National City Bank, Ohio LOC)		1,855,000
	5,800,000		Mishawaka, IN, (Series 2000), Weekly VRDNs (Atchison Indiana LLC)/(National City Bank, Indiana LOC)		5,800,000
	770,000		Richmond, IN, (Series 1996), Weekly VRDNs (Holland Colors Americas, Inc.)/(Bank One, Indiana N.A. LOC)		770,000
	6,375,000		Wawasee, IN Community School Corp., 2.25% TANs, 12/31/2003		6,420,850
	2,800,000		Whitley County, IN, (Series 1999), Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,800,000

			TOTAL		72,893,205

			Kansas--1.8%
	8,545,000		Sedgwick & Shawnee Counties, KS, MERLOTS (Series 2001 A-35), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		8,545,000
	6,660,000		Sedgwick & Shawnee Counties, KS, Variable Rate Certificates (Series 1999W), Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ)		6,660,000
	3,935,964		Unified Government of Wyandotte County/Kansas City, KS, (Series 2002-I), 1.85% BANs, 2/1/2003		3,935,964
	13,066,656		Unified Government of Wyandotte County/Kansas City, KS, (Series 2003-I), 1.35% BANs, 2/1/2004		13,063,912

			TOTAL		32,204,876

			Kentucky--2.3%
	6,000,000		Graves County, KY, School Building Revenue Bonds (Series 1988), Weekly VRDNs (Seaboard Farms)/(Bank of New York LOC)		6,000,000
	1,350,000		Jefferson County, KY, (Series 1995), Weekly VRDNs (Derby Industries, Inc.)/(Bank One, Kentucky LOC)		1,350,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Kentucky--continued
$	11,995,000		Kenton County, KY Airport Board, Trust Receipts (Series 1998F-1), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)	$	11,995,000
	3,990,000		Kentucky Housing Corp., MERLOTS (Series 2000-B9), Weekly VRDNs (Wachovia Bank N.A. LIQ)		3,990,000
	16,000,000		Kentucky Turnpike Authority, Floater Certificates (2001-567), Weekly VRDNs (Financial Security Assurance Inc INS)/(Morgan Stanley LIQ)		16,000,000
	3,150,000		Paris, KY Weekly VRDNs (Monessen Holdings LLC)/(Fifth Third Bank, Cincinnati LOC)		3,150,000

			TOTAL		42,485,000

			Louisiana--1.7%
	4,000,000	²	ABN AMRO MuniTOPS Certificates Trust (Louisiana Non-AMT) Series 2002-17, 1.65% TOBs (Louisiana State Gas & Fuels)/(AMBAC INS)/ (ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 8/21/2003		4,000,000
	5,000,000		Lake Charles, LA Harbor & Terminal District, (Series 1995A), Weekly VRDNs (Polycom-Huntsman, Inc.)/(National City Bank, Pennsylvania LOC)		5,000,000
	9,600,000		Lake Charles, LA Harbor & Terminal District, (Series 2000), Weekly VRDNs (Conoco, Inc.)/(Bank One N.A. (Chicago) LOC)		9,600,000
	3,345,000		Louisiana HFA, Trust Receipts (Series 1999 FR/RI-52), Weekly VRDNs (GNMA COL)/(Bayerische Hypotheken-und Vereinsbank AG LIQ)		3,345,000
	7,000,000		Louisiana Public Facilities Authority, (Series 2002), Weekly VRDNs (Air Products & Chemicals, Inc.)		7,000,000
	1,600,000		Ouachita Parish, LA IDB, (Series 1998), Weekly VRDNs (Dixie Carbonic, Inc.)/(Bank One, Illinois N.A. LOC)		1,600,000

			TOTAL		30,545,000

			Maine--1.0%
	3,800,000		Biddeford, ME Weekly VRDNs (DK Associates & Volk Packaging)/(Comerica Bank LOC)		3,800,000
	2,550,000		Biddeford, ME, (Series 2000), Weekly VRDNs (Volk Packaging)/(Comerica Bank LOC)		2,550,000
	7,615,000	²	Maine State Housing Authority, MERLOTS (Series 2001-A108), 1.60% TOBs (Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		7,615,000
	1,580,000		Trenton, ME, (Series 1998), Weekly VRDNs (Hinckley Co.)/(Key Bank, N.A. LOC)		1,580,000
	2,015,000		Westbrook, ME Weekly VRDNs (D & G Group)/(Fleet National Bank LOC)		2,015,000

			TOTAL		17,560,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Maryland--0.7%
$	1,286,000		Harford County, MD, (Series 1989), Weekly VRDNs (Harford Commons Associates Facility)/(Allfirst Bank LOC)	$	1,286,000
	3,375,000		Maryland Industrial Development Financing Authority, (Series 1999), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		3,375,000
	2,440,000		Maryland State Community Development Administration, (Series 1990A), Weekly VRDNs (College Estates)/(Allfirst Bank LOC)		2,440,000
	4,905,000		Maryland State Community Development Administration, (Series 1990B), Weekly VRDNs (Cherry Hill Apartment Ltd.)/(Allfirst Bank LOC)		4,905,000

			TOTAL		12,006,000

			Massachusetts--0.2%
	30,000		Massachusetts Development Finance Agency, (Series 2002A), Weekly VRDNs (Assumption College)/(Bank of New York LOC)		30,000
	4,000,000		Massachusetts Municipal Wholesale Electric Co., Floater Certificates (Series 2001-674), Weekly VRDNs (MBIA INS)/(Morgan Stanley LIQ)		4,000,000

			TOTAL		4,030,000

			Michigan--0.8%
	14,380,000	²	Detroit, MI City School District, MERLOTS (Series 2000 A8), 1.55% TOBs (FGIC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		14,380,000

			Minnesota--1.3%
	1,100,000		Blaine, MN, (Series 1997), Weekly VRDNs (Plastic Enterprises, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		1,100,000
	3,400,000		Coon Rapids, MN, (Series 1999), Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		3,400,000
	6,440,000		Dakota County & Washington County MN Housing & Redevelopment Authority, MERLOTS (Series J), Weekly VRDNs (United States Treasury COL)/(Wachovia Bank N.A. LIQ)		6,440,000
	2,225,000		Minneapolis, MN IDA, (Series 1999), Weekly VRDNs (Viking Materials, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,225,000
	5,250,000		Ramsey County, MN Housing and Redevelopment Authority, Chestnut Housing, LLP (Series 2002), 1.2462% TOBs (Bayerische Landesbank Girozentrale), Mandatory Tender 5/1/2003		5,250,000
	2,170,000		Savage, MN, (Series 1998), Weekly VRDNs (Fabcon, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,170,000
	980,000		Springfield, MN, (Series 1998), Weekly VRDNs (Ochs Brick Co.)/(Wells Fargo Bank Minnesota N.A. LOC)		980,000
	2,250,000		White Bear Lake, MN, (Series 1999), Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,250,000

			TOTAL		23,815,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Mississippi--2.6%
$	4,500,000		Mississippi Home Corp., (PT-1446), Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ)	$	4,500,000
	6,000,000		Mississippi Home Corp., (Series 1997), Weekly VRDNs (Windsor Park Apartments)/(SouthTrust Bank of Alabama, Birmingham LOC)		6,000,000
	7,670,000		Mississippi Home Corp., MERLOTS (Series 2001 A8), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		7,670,000
	15,240,000		Mississippi Home Corp., Roaring Forks (Series 2002-16), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		15,240,000
	3,940,000		Mississippi Home Corp., Roaring Forks Certificates (Series 2001-14), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		3,940,000
	9,790,000		Mississippi Regional Housing Authorithy No. II, (Series 1998), 1.85% TOBs (Bradford Park Apartments)/(Amsouth Bank N.A., Birmingham LOC), Mandatory Tender 10/1/2003		9,790,000

			TOTAL		47,140,000

			Missouri--1.1%
	1,170,000		Kansas City, MO IDA, (Series 1999), Weekly VRDNs (B&B Investments LLC)/(Wells Fargo Bank Minnesota N.A. LOC)		1,170,000
	5,415,000		Missouri State Housing Development Commission, MERLOTS (Series 2001-A81), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		5,415,000
	4,670,000	²	Missouri State Housing Development Commission, MERLOTS (Series 2000-QQQ), 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		4,670,000
	7,110,000		Missouri State Housing Development Commission, MERLOTS (Series 2001 A28), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		7,110,000
	1,000,000		St. Louis, MO IDA, (Series 1997), Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, Kansas City, N.A. LOC)		1,000,000

			TOTAL		19,365,000

			Montana--0.5%
	3,240,000		Montana State Board of Housing, MERLOTS (Series 2002 A19), Weekly VRDNs (Wachovia Bank N.A. LIQ)		3,240,000
	6,655,000	²	Montana State Board of Housing, Variable Certificates (Series 2002L), 1.70% TOBs (Bank of America N.A. LIQ), Optional Tender 6/5/2003		6,655,000

			TOTAL		9,895,000

			Multi State--8.4%
	9,033,500		BNY Municipal Certificates Trust (Series 2002-BNY1), Weekly VRDNs (Bank of New York LIQ)/(Bank of New York LOC)		9,033,500
	3,790,000		BNY Municipal Certificates Trust (Series 2002-BNY5), Weekly VRDNs (Bank of New York LIQ)/(Bank of New York LOC)		3,790,000
	29,000,000		Charter Mac Floater Certificates Trust I, (Nat-4 Series), Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Belgium, Fleet National Bank, Landesbank Baden-Wuerttemberg, State Street Bank and Trust Co. and Toronto Dominion Bank LIQs)		29,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Multi State--continued
$	43,230,000		Clipper Tax-Exempt Certificates Trust (AMT Multistate) (Series 1999-3), Weekly VRDNs (State Street Bank and Trust Co. LIQ)	$	43,230,000
	42,465,000		Clipper Tax-Exempt Certificates Trust (AMT Multistate) (Series 2002-09), Weekly VRDNs (AMBAC, FGIC, Financial Security Assurance Inc, MBIA INS) and State Street Bank and Trust Co. LIQs)		42,465,000
	7,534,000		Koch Floating Rate Trust (Multistate Non-AMT) (Series 2001-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ)		7,534,000
	2,038,150	²	PBCC LeaseTOPS Trust (Multistate Non-AMT) (Series 1998-2), 2.00% TOBs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 10/8/2003		2,038,150
	4,582,577	²	PBCC LeaseTOPS Trust (Multistate Non-AMT) (Series 1999-2), 2.00% TOBs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 10/15/2003		4,582,577
	11,621,961	²	PBCC LeaseTOPSTrust (Multistate Non-AMT) (Series 2002-1), 2.15% TOBs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 7/9/2003		11,621,961

			TOTAL		153,295,188

			Nebraska--2.8%
	2,400,000		Douglas County, NE, (Series 2000), Weekly VRDNs (Majors Plastics, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,400,000
	3,900,000		Douglas County, NE, IDRB (Series 1997), Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		3,900,000
	9,975,000		Nebraska Investment Finance Authority, (Series 2001 E), Weekly VRDNs (Federal Home Loan Bank of Topeka LIQ)		9,975,000
	26,041,000		Nebraska Investment Finance Authority, (Series 2001 F), Weekly VRDNs (Federal Home Loan Bank of Topeka LIQ)		26,041,000
	3,495,000		Nebraska Investment Finance Authority, MERLOTs (Series 2000-O), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		3,495,000
	5,700,000		Stanton County, NE, (Series 1998) Weekly VRDNs (Nucor Corp.)		5,700,000

			TOTAL		51,511,000

			Nevada--0.4%
	7,535,000		Clark County, NV, (Series 1998), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		7,535,000
	400,000		Sparks, NV, (Series 1996), Weekly VRDNs (Antioch Publishing Co.)/(National City Bank, Ohio LOC)		400,000

			TOTAL		7,935,000

			New Hampshire--1.1%
	4,600,000		New Hampshire Business Finance Authority, (Series 2002), Weekly VRDNs (GT Equipment Technologies, Inc.)/(Fleet National Bank LOC)		4,600,000
	2,397,000		New Hampshire Business Finance Authority, (Series A), Weekly VRDNs (Upper Valley Press)/(Key Bank, N.A. LOC)		2,397,000
	5,950,000		New Hampshire Higher Educational & Health Facilities Authority, (Series 2001A), Weekly VRDNs (Dartmouth-Hitchcock Obligated Group)/ (Financial Security Assurance Inc INS)/(Chase Manhattan Bank (USA) N.A., Wilmington and Dexia Credit Local LIQs)		5,950,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			New Hampshire--continued
$	4,120,000		New Hampshire State HFA, MERLOTS (Series 2001 A-51), Weekly VRDNs (Wachovia Bank N.A. LIQ)	$	4,120,000
	3,175,000		New Hampshire State HFA, MERLOTS (Series 2001-A82), Weekly VRDNs (Wachovia Bank N.A. LIQ)		3,175,000

			TOTAL		20,242,000

			New Jersey--0.4%
	2,188,019		Beach Haven, NJ, 2.75% BANs, 6/13/2003		2,193,835
	4,995,000	²	New Jersey Turnpike Authority, PA-824R, 1.60% TOBs (MBIA INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/4/2003		4,995,000

			TOTAL		7,188,835

			New Mexico--1.5%
	2,905,000		Albuquerque, NM, (Series 1996), Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,905,000
	5,300,000		Albuquerque, NM, (Series 1999), Weekly VRDNs (El Encanto, Inc. Project)/(Wells Fargo Bank Minnesota N.A. LOC)		5,300,000
	3,900,000		Los Lunas Village, NM, (Series 1998), Weekly VRDNs (Wall Colmonoy Corp.)/(Standard Federal Bank, N.A. LOC)		3,900,000
	2,875,000		New Mexico Mortgage Finance Authority, MERLOTS (Series 2001 A9), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		2,875,000
	6,300,000	²	New Mexico Mortgage Finance Authority, MERLOTS 2001 A66, 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		6,300,000
	5,550,000	²	New Mexico Mortgage Finance Authority, MERLOTs (Series 2000-A18), 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		5,550,000

			TOTAL		26,830,000

			New York--10.6%
	4,000,000		Carthage, NY Central School District, 2.375% RANs, 6/27/2003		4,009,794
	2,700,000		Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Series 2002B), Weekly VRDNs (Financial Security Assurance Inc INS)/(Dexia Credit Local LIQ)		2,700,000
	10,500,000		New York City Housing Development Corp., (Series 2000A), Weekly VRDNs (15th Street Development)/(Bayerische Hypotheken-und Vereinsbank AG LOC)		10,500,000
	15,100,000		New York City Housing Development Corp., (Series 2001A), Weekly VRDNs (West 55th Street Development)/(Bayerische Hypotheken-und Vereinsbank AG LOC)		15,100,000
	10,000,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G), Weekly VRDNs (Bank of New York LIQ)		10,000,000
	3,200,000		New York City, NY, (1993 Series B), Daily VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		3,200,000
	84,300,000		New York City, NY, FR/RI (Series 2002 L24J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		84,300,000
	10,000,000		New York State HFA, (2003 Series A: 360 West 43rd Street), Weekly VRDNs (42/9 Residential LLC)/(Bayerische Hypotheken-und Vereinsbank AG LOC)		10,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			New York--continued
$	4,000,000		Norwood-Norfolk, NY Central School District, 2.375% BANs, 6/27/2003	$	4,010,299
	6,000,000		Oyster Bay, NY, (2002 Series D), 2.375% BANs, 8/22/2003		6,025,305
	5,000,000		Oyster Bay, NY, (2002 Series D), 2.50% BANs, 8/22/2003		5,024,499
	8,850,000		Randolph, NY Central School District, 2.25% BANs, 6/25/2003		8,872,385
	10,000,000		Rochester, NY, 2.25% BANs, 10/23/2003		10,024,800
	1,177,200		Schalmont, NY Central School District, 2.25% BANs, 6/27/2003		1,180,061
	2,000,000		Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000A), Weekly VRDNs (Financial Security Assurance Inc INS)/ (J.P. Morgan Chase Bank LIQ)		2,000,000
	1,000,000		VRDC/IVRC Trust, (Series 1993G), Weekly VRDNs (St. Lukes Roosevelt Hospital Center)/(FHA INS)/(J. P. Morgan Chase Bank LIQ)		1,000,000
	9,700,000		Watkins Glen, NY Central School District, 2.00% BANs, 6/17/2003		9,714,363
	5,000,000		Waverly, NY Central School District, 2.50% RANs, 6/30/2003		5,016,036

			TOTAL		192,677,542

			North Carolina--0.9%
	11,000,000	²	North Carolina State, (PT-413), 1.90% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/12/2003		11,000,000
	5,500,000		North Carolina State, (Series 2002C), Weekly VRDNs (Bayerische Landesbank Girozentrale LIQ)		5,500,000
	395,000		Sampson County, NC Industrial Facilities and Pollution Control Financing Authorithy, (Series 1997), Weekly VRDNs (DuBose Strapping, Inc.)/(Wachovia Bank N.A. LOC)		395,000

			TOTAL		16,895,000

			Ohio--1.7%
	4,000,000	²	ABN AMRO MuniTOPS Certificates Trust (Ohio Non-AMT) Series 1998-18, (Series 1998-18), 2.00% TOBs (Cleveland, OH Waterworks)/(Financial Security Assurance Inc INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 5/7/2003		4,000,000
	6,250,000		Medina County, OH, (Series 1998), Weekly VRDNs (Mack Industries, Inc.)/(Huntington National Bank, Columbus, OH LOC)		6,250,000
	3,985,000		Ohio HFA Multifamily Housing, MERLOTS (Series 2001-A78), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		3,985,000
	5,270,000		Ohio HFA Multifamily Housing, Variable Rate Certificates (Series 2001-I), Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ)		5,270,000
	10,765,000		Ohio State Building Authority, (Series 2002), FR/RI-L39J Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		10,765,000

			TOTAL		30,270,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Oklahoma--1.5%
$	6,000,000		Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(J.P. Morgan Chase Bank LOC)	$	6,000,000
	810,000		Oklahoma City, OK Airport Trust, 4.00% Bonds (MBIA INS), 7/1/2003		817,779
	20,000,000		Tulsa County, OK Industrial Authority, (Series 2002A), Daily VRDNs (Montereau in Warren Woods)/(BNP Paribas SA LOC)		20,000,000

			TOTAL		26,817,779

			Oregon--1.0%
	8,500,000		Port of Morrow, OR, (Series 2001A), Weekly VRDNs (Threemile Canyon Farms LLC)/(Key Bank, N.A. LOC)		8,500,000
	10,000,000		Port of Morrow, OR, (Series 2001C), Weekly VRDNs (Threemile Canyon Farms LLC)/(Key Bank, N.A. LOC)		10,000,000

			TOTAL		18,500,000

			Pennsylvania--0.4%
	4,000,000		Erie, PA School District, 2.50% TRANs, 6/30/2003		4,014,510
	2,700,000		William Penn School District, PA, 2.50% TRANs, 6/30/2003		2,706,488

			TOTAL		6,720,998

			Rhode Island--0.8%
	2,965,000		Rhode Island Housing & Mortgage Finance Corp., MERLOTS (Series 2001-A31) Weekly VRDNs (Wachovia Bank N.A. LIQ)		2,965,000
	5,100,000		Rhode Island Housing & Mortgage Finance Corp., MERLOTS (Series 2001 A80), Weekly VRDNs (Wachovia Bank N.A. LIQ)		5,100,000
	4,130,000		Rhode Island Industrial Facilities Corp., (Series 2001), Weekly VRDNs (Interplex Industries, Inc.)/(Key Bank, N.A. LOC)		4,130,000
	2,300,000		Warwick, RI Housing Authority, (Series 2001), Daily VRDNs (Trafalgar East Apartments)/(Fleet National Bank LOC)		2,300,000

			TOTAL		14,495,000

			South Carolina--3.5%
	20,000,000		Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.)		20,000,000
	785,000		Berkeley County, SC IDB, (Series 1989), Weekly VRDNs (W.W. Williams Co.)/(Bank One N.A. (Ohio) LOC)		785,000
	14,500,000		Berkeley County, SC IDB, (Series 1996A), Weekly VRDNs (Nucor Corp.)		14,500,000
	200,000		Berkeley County, SC IDB, (Series 1997), Weekly VRDNs (Nucor Corp.)		200,000
	13,000,000		Berkeley County, SC IDB, (Series 1998), Weekly VRDNs (Nucor Corp.)		13,000,000
	2,760,000		South Carolina Jobs--EDA Weekly VRDNs (Boozer Lumber Co.)/(SouthTrust Bank of Alabama, Birmingham LOC)		2,760,000
	4,750,000		South Carolina Jobs--EDA Weekly VRDNs (Fenner Container, Inc.)/(SunTrust Bank LOC)		4,750,000
	300,000		South Carolina Jobs--EDA, (Series 1990), Weekly VRDNs (NMFO Associates)/(Wachovia Bank N.A. LOC)		300,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			South Carolina--continued
$	550,000		South Carolina Jobs--EDA, (Series 1990), Weekly VRDNs (Old Claussen's Bakery)/(Wachovia Bank N.A. LOC)	$	550,000
	350,000		South Carolina Jobs--EDA, (Series 1990), Weekly VRDNs (Rice Street Association)/(Wachovia Bank N.A. LOC)		350,000
	3,700,000		South Carolina Jobs--EDA, (Series 1996), Weekly VRDNs (PVC Container Corp. Project)/(PNC Bank, N.A. LOC)		3,700,000
	2,800,000		York County, SC IDA, (Series1989), Weekly VRDNs (Sediver Inc.)/(BNP Paribas SA LOC)		2,800,000

			TOTAL		63,695,000

			Tennessee--2.1%
	10,000,000		Blount County, TN Public Building Authority, (Series A-5-A), Daily VRDNs (Blount County, TN)/(AMBAC INS)/(Toronto Dominion Bank LIQ)		10,000,000
	1,300,000		Cheatham County, TN IDB, (Series 1997B), Weekly VRDNs (Triton Boat Co.)/(Amsouth Bank N.A., Birmingham LOC)		1,300,000
	2,000,000		Covington, TN IDB, (Series 1992), Weekly VRDNs (Wallace Computer Services, Inc.)/(Wachovia Bank N.A. LOC)		2,000,000
	1,440,000		Dickson County, TN IDB, (Series 1996), Weekly VRDNs (Tennessee Bun Co. LLC Project)/(PNC Bank, N.A. LOC)		1,440,000
	7,000,000		Jackson County, TN IDB, (Series B), Daily VRDNs (Esselte AB)/(Bank of America N.A. LOC)		7,000,000
	3,000,000		Jackson, TN IDB, Solid Waste Facility Bonds (Series 1995), Weekly VRDNs (Florida Steel Corp.)/(Bank of America N.A. LOC)		3,000,000
	1,350,000		Knox County, TN IDB, (Series 1996), Weekly VRDNs (Health Ventures, Inc.)/(SunTrust Bank LOC)		1,350,000
	7,755,000		Shelby County, TN Health Education & Housing Facilities Board, (Series 1988), Weekly VRDNs (Arbor Lake Project)/(PNC Bank, N.A. LOC)		7,755,000
	600,000		South Pittsburg, TN IDB, (Series 1996), Weekly VRDNs (Lodge Manufacturing Co.)/(SunTrust Bank LOC)		600,000
	4,000,000		Tullahoma, TN, (Series 1995), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC)		4,000,000

			TOTAL		38,445,000

			Texas--8.6%
	19,620,000		Arlington, TX Housing Finance Corp., Roaring Forks Certificates (Series 2002-03), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		19,620,000
	12,000,000		Austin, TX Airport System, MERLOTS (Series 2000J), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		12,000,000
	14,990,000		Austin, TX Housing Finance Corp., (PT-1348), Weekly VRDNs (Blunn Creek Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		14,990,000
	5,000,000	²	Austin, TX, MERLOTS (Series 2000-A26), 1.50% TOBs (MBIA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		5,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Texas--continued
$	6,000,000		Brazos River Authority, TX, Trust Receipts (Series 2002 FR/RI F-1), Weekly VRDNs (TXU Energy)/(Bank of New York SWP)	$	6,000,000
	6,755,000		Colorado County, TX IDC, (Series 2000), Weekly VRDNs (Great Southern Wood Preserving Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)		6,755,000
	12,055,000		Dallas-Fort Worth, TX International Airport Facility Improvement Corp., (Series 2001A-1), Weekly VRDNs (Learjet, Inc.)/(Bank of America N.A. LOC)		12,055,000
	9,000,000		Dallas-Fort Worth, TX International Airport, (PA-1061), Weekly VRDNs (MBIA INS)/(Merrill Lynch & Co., Inc. LIQ)		9,000,000
	3,220,000		Dallas-Fort Worth, TX International Airport, MERLOTS (Series 2002-A13), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		3,220,000
	6,420,000	²	El Paso, TX Housing Finance Corp., MERLOTS (Series 2001 A-40), 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		6,420,000
	9,600,000		Houston, TX Airport System, (MERLOTS Series 2001-B4), Weekly VRDNs (Financial Security Assurance Inc INS)/(Wachovia Bank N.A. LIQ)		9,600,000
	15,100,000		Midlothian, TX Industrial Development Corp., (Series 1999), Daily VRDNs (Texas Industries, Inc.)/(Bank of America N.A. LOC)		15,100,000
	10,000,000		Port Arthur Navigation District, TX IDC, (Series 2001), Weekly VRDNs (Air Products & Chemicals, Inc.)		10,000,000
	3,765,000		Saginaw, TX IDA, (Series 1998), Weekly VRDNs (Glad Investing Partners Ltd.)/(Bank One N.A. (Chicago) LOC)		3,765,000
	3,620,000		Texas State Department of Housing & Community Affairs, Variable Certificates (Series 2001A), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)		3,620,000
	10,200,000		Texas State, 2.75% TRANs, 8/29/2003		10,287,396
	4,900,000		Trinity River Authority of Texas, (Series 2001), Weekly VRDNs (Community Waste Disposal, Inc.)/(Wells Fargo Bank, Texas LOC)		4,900,000
	3,850,000		Waxahachie, TX IDA, (Series 1998), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC)		3,850,000

			TOTAL		156,182,396

			Utah--0.7%
	7,800,000		Emery County, UT, (Series 1994), Daily VRDNs (Pacificorp)/(AMBAC INS)/ (Bank of Nova Scotia, Toronto LIQ)		7,800,000
	4,400,000		Salt Lake County, UT, PCR Bonds (Series 1994B), Daily VRDNs (BP Amoco Corp.)		4,400,000

			TOTAL		12,200,000

			Vermont--0.4%
	7,220,000	²	Vermont HFA, MERLOTS (Series 2001-A91), 1.60% TOBs (Financial Security Assurance Inc INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		7,220,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Virginia--2.8%
$	10,000,000		Campbell County, VA IDA Weekly VRDNs (Georgia-Pacific Corp.)/(Bank of America N.A. LOC)	$	10,000,000
	10,000,000		Halifax, VA IDA, MMMs, PCR (Series 1992), 1.65% CP (Virginia Electric & Power Co.), Mandatory Tender 4/9/2003		10,000,000
	5,000,000	²	Harrisonburg, VA Redevelopment & Housing Authority, (PT-485), 1.80% TOBs (Rolling Brook Village Apartments)/(Federal Home Loan Mortgage Corp. GTD)/(FHLMC LIQ), Optional Tender 3/1/2003		5,000,000
	9,050,000		James City County, VA IDA, (Series 1997), Weekly VRDNs (Riverside Health System-Patriots Colony)		9,050,000
	6,880,000		Loudoun County, VA IDA, (Series 2001), Daily VRDNs (Atlantic Coast Airlines)/(Wachovia Bank N.A. LOC)		6,880,000
	5,000,000		Metropolitan Washington, DC Airports Authority, (Series 2002-C), Weekly VRDNs (Financial Security Assurance Inc INS)/(Dexia Credit Local LIQ)		5,000,000
	2,000,000		Newport News, VA Redevelopment & Housing Authority, (Series 2001A), Weekly VRDNs (Admiral Pointe Apartments)/(SunTrust Bank LOC)		2,000,000
	3,200,000		Winchester, VA IDA, (Series 2001), Weekly VRDNs (Northwood Manufacturing)/(Wachovia Bank N.A. LOC)		3,200,000

			TOTAL		51,130,000

			Washington--3.2%
	6,995,000		Chelan County, WA Public Utility District No. 1, (MERLOTS Series 2001-B1), Weekly VRDNs (Chelan Hydro Consolidated System)/(MBIA INS)/(Wachovia Bank N.A. LIQ)		6,995,000
	5,267,500		Energy Northwest, WA, Piper Certificates (Series 2002C), Weekly VRDNs (Financial Security Assurance Inc INS)/(Bank of New York LIQ)		5,267,500
	9,000,000		Pierce County, WA Economic Development Corp., (Series 1995), Weekly VRDNs (Simpson-Tacoma Kraft Co.)/(Bank of America N.A. LOC)		9,000,000
	2,495,000		Port of Seattle, WA, (PT-720), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ)		2,495,000
	4,450,000		Port of Seattle, WA, (PT-728), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ)		4,450,050
	3,750,000		Seattle, WA Housing Authority, (Series 2002: New Holly Project Phase III), Weekly VRDNs (Desdemona LP)/(Key Bank, N.A. LOC)		3,750,000
	11,880,000	²	Spokane, WA Public Facilities District, MERLOTS (Series 2001-A111), 1.60% TOBs (MBIA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		11,880,000
	5,350,000		Washington State Housing Finance Commission, (Series 2002A), Weekly VRDNs (Alderwood Court Associates LP)/(FNMA LOC)		5,350,000
	9,940,000	²	Washington State Public Power Supply System, MERLOTS (Series 2000 A19), 1.55% TOBs (Energy Northwest, WA)/(MBIA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		9,940,000

			TOTAL		59,127,550

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			West Virginia--0.1%
$	1,730,000		Berkeley County, WV County Commission, (Series 1994), Weekly VRDNs (Brentwood Industries, Inc.)/(Wachovia Bank N.A. LOC)	$	1,730,000

			Wisconsin--1.0%
	1,000,000		Grand Chute, WI, (Series 2000A), Weekly VRDNs (Pacon Corp.)/(Firstar Bank, N.A. LOC)		1,000,000
	3,125,000		Hartford, WI, (Series 2000), Weekly VRDNs (Advance Bag, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC)		3,125,000
	2,470,000		La Crosse, WI IDA, (Series 2000), Weekly VRDNs (Pacal Industries)/ (Wells Fargo Bank Minnesota N.A. LOC)		2,470,000
	2,300,000		Milwaukee, WI, (Series 1997), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		2,300,000
	1,000,000		New Berlin, WI, (Series 1997A), Weekly VRDNs (Sunraider LLC/New Berlin Plastics, Inc.)/(Bank One, Wisconsin N.A. LOC)		1,000,000
	3,680,000		Sussex, WI IDB, (Series 2000), Weekly VRDNs (Sharp Packaging Systems, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC)		3,680,000
	5,515,000		Wisconsin Housing & EDA, Trust Receipts (Series 1997-18), Weekly VRDNs (Bank of New York LIQ)		5,515,000

			TOTAL		19,090,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	1,827,144,500

Securities that are subject to alternative minimum tax represent 43.8% of the portfolio as calculated based upon total portfolio market value.

1 The Fund may only invest in securities rated in one of the two highest short-term rating categories by nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+, SP-1 or SP-2 by Standard & Poor's, MIG-1 or MIG-2 by Moody's Investors Service, Inc., or F-1+, F-1 or F-2 by Fitch IBCA, Inc., are all considered rated in one of the two highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. Securities rated in the second highest short-term rating category (and unrated securities of comparable quality) are identified as Second Tier securities. The Fund follows applicable regulations in determining whether a security is rated and whether a security rated by multiple NRSROs in different rating categories should be identified as a First or Second Tier security. At January 31, 2003, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value

First Tier		Second Tier
95.04%		4.96%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid by criteria approved by the Fund's Board of Directors. At January 31, 2003, these securities amounted to $150,350,808 which represents 8.3% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($1,819,983,879) at January 31, 2003.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
COL	--Collateralized
CP	--Commercial Paper
EDA	--Economic Development Authority
EDRB	--Economic Development Revenue Bond
FGIC	--Financial Guaranty Insurance Company
FHA	--Federal Housing Administration
FHLMC	--Federal Home Loan Mortgage Corporation
FNMA	--Federal National Mortgage Association
GNMA	--Government National Mortgage Association
GO	--General Obligation
GTD	--Guaranteed
HFA	--Housing Finance Authority
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
IDC	--Industrial Development Corporation
IDRB(s)	--Industrial Development Revenue Bond(s)
INS	--Insured
LIQ(s)	--Liquidity Agreement(s)
LOC(s)	--Letter(s) of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
MMMs	--Money Market Municipals
PCR	--Pollution Control Revenue
PUTTERs	--Puttable Tax Exempt Receipts
RANs	--Revenue Anticipation Notes
TANs	--Tax Anticipation Notes
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Patticipating Securities
TRANs	--Tax and Revenue Anticipation Notes
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes
VRNs	--Variable Rate Notes

See Notes which are an integral part of the Financial Statements

Prime Cash Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			CERTIFICATES OF DEPOSIT--11.5%
			Banking--11.5%
$	136,000,000		Abbey National Treasury Services, PLC, 1.802% - 1.841%, 10/17/2003 - 10/20/2003	$	135,996,442
	15,000,000		BNP Paribas SA, 1.260%, 7/7/2003		15,005,677
	53,000,000		Bank of New York, 2.089%, 7/1/2003		52,992,432
	125,000,000		Canadian Imperial Bank of Commerce, 1.350%, 5/7/2003		125,000,000
	22,000,000		Citibank N.A., New York, 1.280%, 4/23/2003		22,000,000
	152,500,000		Comerica Bank, 2.159% - 2.484%, 3/10/2003 - 6/23/2003		152,507,741
	250,000,000		Credit Agricole Indosuez, 1.280%, 3/6/2003		250,000,000
	56,000,000		Credit Suisse First Boston, 1.810%, 2/3/2003		56,000,000
	43,000,000		Dresdner Bank AG, Frankfurt, 1.350%, 2/21/2003		43,010,672
	6,000,000		Mercantile Safe Deposit & Trust Co., Baltimore, 1.940%, 10/24/2003		6,000,000
	5,000,000		Rabobank Nederland, Utrecht, 2.309%, 3/7/2003		5,000,786
	100,000,000		Royal Bank of Canada, Montreal, 2.187%, 2/18/2003		100,000,000
	46,000,000		Societe Generale, Paris, 1.395%, 2/3/2004		46,004,599
	176,000,000		Svenska Handelsbanken, Stockholm, 1.290% - 2.139%, 3/7/2003 - 6/30/2003		176,016,234
	125,000,000		Toronto Dominion Bank, 1.350%, 5/7/2003 - 5/13/2003		124,997,379
	25,000,000		WestLB AG, 1.360%, 5/15/2003		25,000,000

			TOTAL CERTIFICATES OF DEPOSIT		1,335,531,962

			COLLATERALIZED LOAN AGREEMENTS--5.2%
			Banking--1.3%
	150,000,000		CDC Financial Products, Inc., 1.413%, 2/3/2003		150,000,000

			Brokerage--3.9%
	120,000,000		Goldman Sachs & Co., 1.363% - 1.463%, 2/3/2003		120,000,000
	340,000,000		Salomon Smith Barney Inc., 1.363% - 1.413%, 2/3/2003		340,000,000

			TOTAL		460,000,000

			TOTAL COLLATERALIZED LOAN AGREEMENTS		610,000,000

Principal Amount				Value
			COMMERCIAL PAPER--26.4%¹
			Banking--7.9%
$	171,000,000		Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.321% - 1.344%, 2/7/2003 - 4/9/2003	$	170,795,523
	108,000,000		Citicorp, 1.284% - 1.303%, 3/10/2003 - 4/25/2003		107,792,531
	110,500,000		Danske Corp., Inc., (Guaranteed by Danske Bank A/S), 1.304%, 4/16/2003		110,204,719
	100,000,000		Deutsche Bank Financial, Inc., (Guaranteed by Deutsche Bank AG), 1.350%, 5/8/2003		99,642,400
	127,000,000		ING (U.S.) Funding LLC, (Guaranteed by ING Bank N.V.), 1.369% - 2.003%, 3/26/2003 - 5/14/2003		126,535,962
	24,495,000		Ivory Funding Corp., 1.314%, 4/7/2003		24,437,062
	50,000,000		KBC Financial Products International Ltd., (Guaranteed by KBC Bank N.V.), 1.298%, 7/23/2003		49,691,833
	138,189,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.311% - 1.385%, 2/3/2003 - 3/6/2003		138,117,949
	40,000,000		Societe Generale North America, Inc., (Guaranteed by Societe Generale, Paris), 1.298%, 7/15/2003		39,764,933
	54,133,000		Stellar Funding Group Inc., 1.301% - 1.379%, 2/3/2003 - 5/14/2003		54,065,892

			TOTAL		921,048,804

			Finance - Automotive--2.0%
	122,500,000		FCAR Auto Loan Trust, (Series A1/P1), 1.298% - 1.308%, 7/11/2003 - 7/16/2003		121,784,139
	115,000,000		New Center Asset Trust, (Series A1/P1), 1.264% - 1.339%, 4/28/2003 - 5/9/2003		114,639,510

			TOTAL		236,423,649

			Finance - Commercial--6.6%
	276,000,000		Amsterdam Funding Corp., 1.264% - 1.302%, 2/5/2003 - 4/23/2003		275,644,876
	50,000,000		Edison Asset Securitization LLC, 1.308%, 7/10/2003		49,712,917
	60,000,000		Eureka Securitization Inc., 1.284%, 4/22/2003		59,829,333
	50,000,000		Falcon Asset Securitization Corp., 1.309%, 7/10/2003		49,712,917
	50,000,000		General Electric Capital Corp., 1.339%, 5/12/2003		49,815,278
	155,475,000		Jupiter Securitization Corp., 1.281%, 2/18/2003 - 2/19/2003		155,379,246
	50,000,000		PREFCO-Preferred Receivables Funding Co., 1.349%, 5/12/2003		49,813,889
	78,000,000		Paradigm Funding LLC, 1.291% - 1.303%, 2/12/2003 - 3/7/2003		77,934,243

			TOTAL		767,842,699

			Finance - Retail--3.6%
	425,000,000		Sheffield Receivables Corp., 1.271% - 1.292%, 2/20/2003 - 2/25/2003		424,658,965

Principal Amount				Value
			COMMERCIAL PAPER--continued¹
			Finance - Securities--3.6%
$	334,200,000		Galaxy Funding Inc., 1.274% - 1.804%, 2/14/2003 - 4/22/2003	$	333,349,224
	33,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.501%, 5/8/2003		32,868,880
	50,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 2.111%, 3/14/2003		49,881,271

			TOTAL		416,099,375

			Insurance--0.9%
	100,000,000		Aspen Funding Corp., (Insured by MBIA Insurance Corp.), 1.322%, 2/4/2003		99,989,000

			Oil & Oil Finance--1.2%
	143,000,000		Shell Finance (UK) PLC, 1.298% - 1.865%, 7/11/2003 - 9/29/2003		141,754,267

			Retail--0.6%
	70,000,000		Home Depot, Inc., 1.369%, 5/20/2003		69,714,400

			TOTAL COMMERCIAL PAPER		3,077,531,159

			BANK NOTES--0.6%
			Banking--0.6%
	75,000,000		Forrestal Funding Master Trust, (Bank of America N.A. Swap Agreement), 1.710%, 2/20/2003		74,948,937

			SHORT-TERM NOTES--11.2%
			Banking--0.4%
	50,000,000		Deutsche Bank AG, 1.343%, 2/3/2003		50,000,000

			Brokerage--3.6%
	180,000,000		Goldman Sachs Group, Inc., 1.400% - 1.480%, 2/3/2003 - 5/15/2003		180,000,000
	244,000,000		Merrill Lynch & Co., Inc., 1.463% - 2.450%, 2/3/2003 - 3/24/2003		244,000,000

			TOTAL		424,000,000

			Finance - Automotive--1.6%
	11,062,815		Americredit Automobile Receivables Trust 2002-E-M, Class A1, 1.819%, 11/6/2003		11,062,815
	16,997,211		Ford Credit Auto Owner Trust 2002-D, Class A1, 1.790%, 5/15/2003		16,997,211
	2,520,403		Honda Auto Receivables Owner Trust 2002-2, Class A1, 1.950%, 6/13/2003		2,520,404
	23,511,438		Nissan Auto Lease Trust 2002-A, Class A1, 1.400%, 11/17/2003		23,511,438
	64,948,626		Regions Auto Receivables Trust 2002-1, Class A1, 1.435%, 12/15/2003		64,948,626
	10,738,302		SSB Auto Loan Trust 2002-1, Class A1, 1.659%, 11/15/2003		10,738,302
	56,000,000		WFS Financial Owner Trust 2002-4, Class A1, 1.676%, 11/20/2003		56,000,000

			TOTAL		185,778,796

Principal Amount				Value
			SHORT-TERM NOTES--continued
			Finance - Equipment--0.5%
$	37,145,218		CNH Equipment Trust 2002-B, Class A1, 1.406%, 12/9/2003	$	37,145,218
	23,186,630		Navistar Financial Corp. Owner Trust 2002-B, Class A1, 1.620%, 11/15/2003		23,186,630

			TOTAL		60,331,848

			Finance - Securities--3.7%
	215,000,000		Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.600% - 2.990%, 2/6/2003 - 11/20/2003		215,000,000
	50,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 2.450%, 3/3/2003		50,000,000
	170,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.945% - 2.680%, 2/26/2003 - 10/27/2003		170,000,000

			TOTAL		435,000,000

			Retail--0.4%
	41,850,000		Wal-Mart Stores, Inc., 4.375%, 8/1/2003		42,280,000

			Telecommunications--1.0%
	50,000,000		BellSouth Corp., 4.105%, 4/26/2003		50,147,409
	60,000,000		SBC Communications, Inc., 4.295%, 6/5/2003		60,308,607

			TOTAL		110,456,016

			TOTAL SHORT-TERM NOTES		1,307,846,660

			GOVERNMENT AGENCIES--1.6%
			Government Agencies--1.6%
	115,000,000		Federal Home Loan Bank System, 1.600% - 1.720%, 11/3/2003 - 2/3/2004		115,000,000
	75,000,000		Federal Home Loan Mortgage Corp., 1.750% - 5.250%, 12/8/2003 - 2/15/2004		75,591,225

			TOTAL GOVERNMENT AGENCIES		190,591,225

			LOAN PARTICIPATION--0.8%
			Chemicals--0.6%
	75,000,000		DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.340% - 1.487%, 3/7/2003 - 9/30/2003		75,000,000

			Electrical Equipment--0.2%
	16,700,000		Mt. Vernon Phenol Plant Partnership, (General Electric Co. LOC), 1.386%, 5/19/2003		16,700,000

			TOTAL LOAN PARTICIPATION		91,700,000

Principal Amount				Value
			NOTES - VARIABLE--30.0%²
			Banking--10.4%
$	5,489,000		Aaron Oil Co., Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003	$	5,489,000
	40,000,000		Abbey National Treasury Services, PLC, 1.320%, 5/1/2003		40,000,000
	6,945,000		Acton Realty Investors LLP, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		6,945,000
	3,000,000		Alabama Paper Products LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,000,000
	3,425,000		Alabama State IDA, (Regions Bank, Alabama LOC), 1.400%, 2/6/2003		3,425,000
	2,000,000		Albuquerque, NM, (Series 1997) El Canto, Inc., (Wells Fargo Bank Minnesota N.A. LOC), 1.590%, 2/6/2003		2,000,000
	1,235,000		Alder Creek Properties LLC, (Key Bank, N.A. LOC), 1.400%, 2/6/2003		1,235,000
	4,540,000		American Custom Yachts, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,540,000
	5,820,000		B & H Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,820,000
	11,040,000		Badger Mining Corp., (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		11,040,000
	11,775,000		Barton Healthcare LLC, (American National Bank & Trust Co., Chicago LOC), 1.400%, 2/5/2003		11,775,000
	2,200,000		Birmingham Fastener and Supply, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,200,000
	186,500,000		Blue Heron Funding III, Inc, (Series 3A), (Guaranteed by WestLB AG), 1.351%, 2/28/2003		186,500,000
	3,440,000		Boyd-Plott LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,440,000
	6,185,000		Brownsburg Christian Church, Inc., (Firstar Bank, N.A. LOC), 1.490%, 2/6/2003		6,185,000
	3,240,000		Brumfield Properties, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		3,240,000
	1,340,000		C.W. Caldwell, Inc., Sweetbriar Assisted Living Facility, Project, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,340,000
	4,300,000		CAM International LP, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,300,000
	7,750,000		California Statewide Communities Development Authority, (U.S. Bank N.A., Cincinnatti LOC), 1.390%, 2/3/2003		7,750,000
	2,515,000		Capital Container Properties LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		2,515,000
	12,091,000		Capital One Funding Corp., (Bank One N.A. (Chicago) LOC), 1.400%, 2/6/2003		12,091,000
	48,662,000		Capital One Funding Corp., (Bank One N.A. (Ohio) LOC), 1.400% - 1.550%, 2/6/2003		48,662,000
	1,396,000		Capital One Funding Corp., (Bank One, Indiana N.A. LOC), 1.400%, 2/6/2003		1,396,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	4,250,000		Capital One Funding Corp., (Bank One, Wisconsin N.A. LOC), 1.400%, 2/6/2003	$	4,250,000
	4,428,000		Capital One Funding Corp., (Series 1993-A), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		4,428,000
	3,540,000		Capital One Funding Corp., (Series 1994-E), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		3,540,000
	7,623,000		Capital One Funding Corp., (Series 1996-G), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		7,623,000
	11,491,000		Capital One Funding Corp., (Series 2001-B), (Bank One N.A. (Ohio) LOC), 1.550%, 2/6/2003		11,491,000
	2,670,000		Casna LP, (Series 1997), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		2,670,000
	8,535,000		Cedarville College, (Series 1998), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		8,535,000
	4,050,000		Charapp Family Ltd., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		4,050,000
	6,705,000		Charles River LLC, (Harris Trust & Savings Bank, Chicago LOC), 1.340%, 2/6/2003		6,705,000
	9,900,000		Charlotte Christian School, (Series 1999), (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		9,900,000
	1,000,000		Citywide Development Corp., (Bank One, West Virginia N.A. LOC), 1.450%, 2/6/2003		1,000,000
	3,450,000		Cleveland Country Club, Inc., (Series 2001), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,450,000
	5,900,000		Cleveland, TN IDB, (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		5,900,000
	8,310,000		Coilplus-Alabama, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.470%, 2/6/2003		8,310,000
	12,170,000		Community Centre Group of Cos., (Comerica Bank LOC), 1.440%, 2/6/2003		12,170,000
	4,800,000		Davis Industries, Inc., (Comerica Bank LOC), 1.400%, 2/6/2003		4,800,000
	5,000,000		Destin Water Users, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,000,000
	5,750,000		Dick Corp. Headquarters LP, (National City Bank, Pennsylvania LOC), 1.420%, 2/6/2003		5,750,000
	5,700,000		Duncan Machinery Movers Inc., (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		5,700,000
	2,580,000		Elliott Aviation, Inc., (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		2,580,000
	5,340,000		Elmira Downtown Arena LLC, (Key Bank, N.A. LOC), 1.400%, 2/6/2003		5,340,000
	970,000		Elsinore Properties, LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		970,000
	5,345,000		Equity Development Corp., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,345,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	4,000,000		Excel Mining Systems, Inc., (Series 2001), (Australia & New Zealand Banking Group, Melbourne LOC), 1.450%, 2/6/2003	$	4,000,000
	510,000		Flowform, Inc., (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		510,000
	2,375,000		Frank Nelson Building of Birmingham LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,375,000
	5,870,000		Franklin County, OH, Edison Welding, (Series 1995), (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		5,870,000
	1,200,000		Fredricksburg, VA IDA, (SunTrust Bank LOC), 1.400%, 2/5/2003		1,200,000
	6,010,000		Freeport, IL, (Firstar Bank, N.A. LOC), 1.340%, 2/6/2003		6,010,000
	2,295,000		Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		2,295,000
	3,360,000		Galliano Marine Service, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		3,360,000
	4,500,000		Gary, In Redevelopment District, (American National Bank & Trust Co., Chicago LOC), 1.250%, 2/6/2003		4,500,000
	5,200,000		Georgia Ports Authority, Colonel's Island Terminal Project (Series 1996-A), Revenue Bonds, (SunTrust Bank LOC), 1.400%, 2/5/2003		5,200,000
	1,270,000		Gerald T. Thom, Trustee U.A.D., March 27, 1997, (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		1,270,000
	4,340,000		Grigsby Properties LLC, (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,340,000
	1,785,000		Guilford Capital LLC, (Series 2002 -- C), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		1,785,000
	2,880,000		Guilford Capital LLC, (Series 2002 -- F), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		2,880,000
	97,000,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		97,000,000
	3,265,000		Harvey A. Tolson, (Firstar Bank, N.A. LOC), 1.490%, 2/6/2003		3,265,000
	3,750,000		Holden Properties Colorado LLC, (Comerica Bank - California LOC), 1.490%, 2/6/2003		3,750,000
	9,805,000		Home City Ice Co. & H.C. Transport, (Series 2000), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		9,805,000
	4,830,000		Hugh W. Underwood/Underwood Properties, (Regions Bank, Alabama LOC), 1.460%, 2/6/2003		4,830,000
	6,235,000		Hugh W. Underwood, (Regions Bank, Alabama LOC), 1.460%, 2/6/2003		6,235,000
	3,085,000		IPC Industries, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		3,085,000
	5,250,000		IT Spring Wire LLC, (Series 1997), (Fifth Third Bank, Cincinnati LOC), 1.420%, 2/6/2003		5,250,000
	7,530,000		Ilsco Corp., (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		7,530,000
	9,000,000		Interlock Realty Co., (U.S. Bank N.A., Cincinnatti LOC), 1.400%, 2/6/2003		9,000,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	1,560,000		J.W. Harris, (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003	$	1,560,000
	4,125,000		Jemmack Funding Group LLC, (Series 2002), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		4,125,000
	4,300,000		Kansas Development Finance Authority, DLR Deer Creek Project, (Federal Home Loan Bank of Topeka LOC), 1.390%, 2/6/2003		4,300,000
	1,715,000		Kent Capital LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,715,000
	2,500,000		Kentucky Derby Hosiery Co., Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,500,000
	8,500,000		KinderCare Learning Centers, Inc., (Series B), (J.P. Morgan Chase Bank LOC), 1.850%, 2/5/2003		8,500,000
	1,815,000		Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank Minnesota N.A. LOC), 1.400%, 2/5/2003		1,815,000
	4,295,000		Kite Rubloff, Logansport LLC, (National City Bank, Ohio LOC), 1.520%, 2/6/2003		4,295,000
	4,050,000		LCO Ventures LLC, (Fleet National Bank LOC), 1.500%, 2/5/2003		4,050,000
	6,000,000		Laverne City, IDA, Mobile Tool Intl, Inc. Project (Series 1998-B), (Fleet National Bank LOC), 1.520%, 2/6/2003		6,000,000
	3,005,000		Life Church Birmingham, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,005,000
	3,920,000		Lincoln Park, (Bank One N.A. (Chicago) LOC), 1.400%, 2/6/2003		3,920,000
	5,000,000		Los Angeles, CA, MERLOTS (Series 2000 A), (H&H Theatre), (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		5,000,000
	30,985,000		M/S Land LLC, (Bank One, Illinois N.A. LOC), 1.400%, 2/6/2003		30,985,000
	4,000,000		MBE Investment Co. LLC, EH Investment Company (Series 2000 A), (Standard Federal Bank, N.A. LOC), 1.400%, 2/6/2003		4,000,000
	55,000,000	³	MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 1.470%, 3/27/2003		55,000,000
	2,007,000		MacDonald & Associates LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,007,000
	8,700,000		Medical Arts Capital LLC, (Series 2001), (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		8,700,000
	1,280,000		Michigan State Housing Development Authority, (Series 1999B), Lexington Place Apartments, (Bank of America N.A. LOC), 1.440%, 2/6/2003		1,280,000
	3,100,000		Mike Patton Real Estate II LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,100,000
	4,100,000		Mile Bluff Clinic Building Partnership, (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		4,100,000
	1,400,000		Mississippi Business Finance Corp., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		1,400,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	2,760,000		Mississippi Business Finance Corp., (Bank One, Illinois N.A. LOC), 1.350%, 2/6/2003	$	2,760,000
	3,100,000		Multicraft International LP, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,100,000
	4,055,000		Nassau County, NY IDA, Tweezerman Corp. Project, (Series 2003), (Fleet National Bank LOC), 1.500%, 2/5/2003		4,055,000
	2,600,000		New Berlin, WI, Sunraider LLC (Series 1997B), (Bank One, Wisconsin N.A. LOC), 1.450%, 2/6/2003		2,600,000
	3,300,000		New Jersey EDA, Morey Organization, Inc. Project (Series 1997), (Wachovia Bank N.A. LOC), 1.420%, 2/5/2003		3,300,000
	2,565,000		New Jersey EDA, Pheonix Realty Partners, (Wachovia Bank N.A. LOC), 1.490%, 2/5/2003		2,565,000
	5,450,000		Norcross Investment Group LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		5,450,000
	39,500,000		Novant Health, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		39,500,000
	6,790,000		O.K.I. Supply Co., (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		6,790,000
	3,175,000		Oakwoods Master Ltd. Partnership, (Amsouth Bank N.A., Birmingham LOC), 1.340%, 2/6/2003		3,175,000
	3,995,000		P.C.I. Paper Conversions, Inc., (Series 2000), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		3,995,000
	4,350,000		PW Holdings LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		4,350,000
	2,800,000		Parker Towing Co., Inc., (Series 2001), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,800,000
	7,050,000		Pepin Distributing Co., (Wachovia Bank N.A. LOC), 1.340%, 2/6/2003		7,050,000
	760,000		Poseyville, In, North American Green, (Series 1999), (Fifth Third Bank, Cincinnati LOC), 1.340%, 2/6/2003		760,000
	7,529,000		Primex Funding Corp., (Series 1997-A), (Bank One, Indiana N.A. LOC), 1.400%, 2/6/2003		7,529,000
	6,760,000		R & J Investment Co., (Bank One N.A. (Ohio) LOC), 1.440%, 2/6/2003		6,760,000
	3,160,000		Riverchase Country Club, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,160,000
	1,359,000		Sandridge Food Corp., (National City Bank, Ohio LOC), 1.420%, 2/6/2003		1,359,000
	6,950,000		Santa Rosa, CA, (WestLB AG LOC), 1.510%, 2/6/2003		6,950,000
	7,650,000		Second Baptist Church, Millington, TN, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		7,650,000
	18,500,000		Seeber USA, LLP, (Series 2000), (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		18,500,000
	6,510,000		Sherman-Dixie Concrete Industries, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		6,510,000
	5,690,000		Sioux-Preme Packing Co., (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		5,690,000
	3,230,000		Solon Properties LLC, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		3,230,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	5,000,000		Springhill Medical Comples, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003	$	5,000,000
	9,725,000		Stow-Glen Properties LLC, (Firstar Bank, N.A. LOC), 1.490%, 2/6/2003		9,725,000
	920,000		TDB Realty, Ltd., (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		920,000
	2,830,000		TIL Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,830,000
	2,480,000		TTL Realty LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,480,000
	975,000		Tallahassee-Leon County Civic Center Authority, (Series 1998-C), (SunTrust Bank LOC), 1.400%, 2/5/2003		975,000
	3,285,000		Tarrant Hydraulics Services LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,285,000
	3,005,000		Trap Rock Industries, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.390%, 2/5/2003		3,005,000
	825,000		Triple O LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.440%, 2/6/2003		825,000
	2,695,000		University Ltd. Properties LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,695,000
	3,430,000		VLF LLC, The Village of Lovejoy,Fountain Project, (Key Bank, N.A. LOC), 1.480%, 2/6/2003		3,430,000
	1,869,300		Valleydale Baptist Church, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		1,869,300
	1,730,000		Van Wyk Enterprises, Inc., (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,730,000
	5,575,000		Vista Grande Villa, (Lasalle Bank, N.A. LOC), 1.450%, 2/6/2003		5,575,000
	6,500,000		WL Properties of Georgia, Inc., (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		6,500,000
	4,300,000		Watson's St. Louis Property LLC, (Series 2001), (U.S. Bank N.A., Cincinnatti LOC), 1.460%, 2/6/2003		4,300,000
	3,700,000		Weaver Rentals LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,700,000
	6,400,000		Wellbrook Finance LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		6,400,000
	110,000,000		Wells Fargo & Co., 1.370% -- 1.412%, 2/1/2003 -- 2/14/2003		110,000,000
	2,000,000		White's Ferry Road Church of Christ, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,000,000
	10,990,000		Wildcat Management Co., Inc., (Series 1999), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		10,990,000
	5,800,000		Winder-Barrow Industrial Building Authority, (SunTrust Bank LOC), 1.400%, 2/5/2003		5,800,000

			TOTAL		1,214,719,300

Principal Amount				Value
			NOTES - VARIABLE--continued²
			Brokerage--4.2%
$	247,000,000		Goldman Sachs Group, Inc., Promissory Notes, 1.415% - 1.470%, 2/3/20023 - 2/13/2003	$	247,000,000
	190,000,000		Merrill Lynch & Co., Inc., 1.425% - 1.640%, 2/3/2003 - 2/11/2003		190,059,709
	50,000,000		Salomon Smith Barney Holdings, Inc., 1.355%, 2/10/2003		50,000,000

			TOTAL		487,059,709

			Consumer Products--0.2%
	25,000,000		Diageo Capital PLC, (Guaranteed by Diageo PLC), 1.390%, 3/12/2003		25,000,000

			Finance - Commercial--6.8%
	300,000,000		Compass Securitization LLC, 1.328% - 1.330%, 2/13/2003 - 2/14/2003		299,991,015
	285,500,000		General Electric Capital Corp., 1.396%-1.490%, 2/3/2003-2/18/2003		285,573,124
	200,000,000		Paradigm Funding LLC, 1.309% - 1.350%, 2/7/2003 -- 7/28/2003		200,000,000

			TOTAL		785,564,139

			Finance - Retail--0.5%
	54,000,000		SLM Corp., 1.690%, 3/16/2003		54,007,715

			Finance - Securities--2.2%
	25,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.350%, 2/15/2003		24,998,646
	235,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.305% - 1.370%, 2/3/2003 - 6/10/2003		234,980,577

			TOTAL		259,979,223

			Government Agency--0.3%
	4,200,000		Community Hearth and Home Ltd., (Series 2002), (Federal Home Loan Bank of Cincinnati LOC), 1.440%, 2/6/2003		4,200,000
	5,600,000		Direct One Funding Corp., (Federal National Mortgage Association LOC), 1.410%, 2/6/2003		5,600,000
	975,000		Direct One Funding Corp., (Series 2000) (Sexton Properties), (Federal National Mortgage Association LOC), 1.410%, 2/6/2003		975,000
	25,000,000		Student Loan Marketing Association, USA Education, Inc, 1.433%, 4/25/2003		25,014,119

			TOTAL		35,789,119

			Insurance--2.6%
	24,000,000		Allstate Life Insurance Co., 1.520% - 1.570%, 2/1/2003 - 2/3/2003		24,000,000
	40,000,000		GE Life and Annuity Assurance Co., 1.380% - 1.526%, 2/3/2003 - 3/3/2003		40,000,000
	22,000,000		Jackson National Life Insurance Co., 1.450%, 2/24/2003		22,000,000
	54,000,000		Monumental Life Insurance Co., 1.490% - 1.610%, 2/3/2003 -- 2/28/2003		54,000,000
	50,000,000		New York Life Insurance Co., 1.526%, 5/1/2003		50,000,000
	9,900,000		Oberthur Gaming Technologies Corp., (Series 2002-A), (GE Capital Assurance Co. LOC), 1.390%, 2/5/2003		9,900,000
Principal Amount or Shares				Value
			NOTES - VARIABLE--continued²
			Insurance--continued
$	15,000,000		Premium Asset Trust, (Series 2001-10), (GE Life and Annuity Assurance Co. Insurance), 1.580%, 2/14/2003	$	15,007,785
	15,000,000		Protective Life Insurance Co., 1.857%, 5/1/2003		15,000,000
	25,000,000		Security Life of Denver Insurance Co., 1.460% - 1.570%, 3/17/2003 - 4/25/2003		25,000,000
	25,000,000		Transamerica Occidental Life Insurance Co., 1.520%, 4/7/2003		25,000,000
	20,000,000		Travelers Insurance Co., 1.526%, 3/1/2003		20,000,000

			TOTAL		299,907,785

			Municipal--0.1%
	15,000,000		Cook County, IL, (Series 2002 A), 1.390%, 2/5/2003		15,000,000

			Telecommunications--2.7%
	36,000,000		BellSouth Telecommunications, Inc., 1.433%, 3/4/2003		36,000,000
	282,600,000		Verizon Global Funding, 1.341% - 1.560%, 2/18/2003 -- 2/19/2003		282,593,525

			TOTAL		318,593,525

			TOTAL NOTES - VARIABLE		3,495,620,515

			MUTUAL FUNDS--3.4%
			Asset Management--3.4%
	400,000,000		AIM Short-Term Investments Co. Liquid Assets Portfolio		400,000,000
	1,000,000		Nations Money Market Reserves		1,000,000

			TOTAL MUTUAL FUNDS		401,000,000

Principal Amount				Value
			REPURCHASE AGREEMENTS--9.8%
$	425,000,000		Interest in $1,500,000,000 joint repurchase agreement with Bank of America LLC, 1.340% dated 1/31/2003, to be repurchased at $425,047,458 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033	$	425,000,000
	100,000,000		Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, 1.350% dated 1/31/2003, to be repurchased at $100,011,250 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		100,000,000
	612,194,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350% dated 1/31/2003, to be repurchased at $612,262,872 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		612,194,000

			TOTAL REPURCHASE AGREEMENTS		1,137,194,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	11,721,964,458

1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

2 Current rate and next reset date shown.

3 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. At January 31, 2003, this security amounted to $55,000,000 which represents 0.5% of net assets.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($11,666,465,196) at January 31, 2003.

The following acronyms are used throughout this portfolio:

EDA	--Economic Development Authority
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Options Tender Series

See Notes which are an integral part of the Financial Statements

Prime Value Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			CERTIFICATES OF DEPOSIT--7.9%
			Banking--7.9%
$	74,000,000		Abbey National Treasury Services, PLC, 1.810% - 1.840%, 10/17/2003 - 10/20/2003	$	73,996,442
	48,000,000		Bank of New York, 2.065%, 7/1/2003		47,993,146
	141,200,000		Bayerische Hypotheken-und Vereinsbank AG, 1.330%, 4/28/2003		141,200,000
	176,500,000		Comerica Bank, 2.275% - 2.610%, 3/7/2003 - 6/23/2003		176,491,762
	150,000,000		Credit Agricole Indosuez, 1.280%, 3/6/2003		150,000,000
	50,000,000		Credit Lyonnais SA, 1.400%, 2/25/2003		50,000,000
	120,000,000		Credit Suisse First Boston, 1.300% - 2.010%, 2/3/2003 - 2/19/2003		120,024,279
	4,000,000		Den Danske Bank A/S, 2.590%, 5/23/2003		4,006,453
	10,000,000		Mercantile Safe Deposit & Trust Co., Baltimore, 2.500%, 2/5/2003		10,000,000
	40,000,000		U.S. Bank, N.A., Cincinnati, 2.250%, 6/23/2003		39,995,374
	160,000,000		UBS AG, 2.210% - 2.530%, 2/18/2003 - 3/12/2003		159,999,538
	25,000,000		Westdeutsche Landesbank AG, 1.360%, 5/15/2003		25,000,000

			TOTAL CERTIFICATES OF DEPOSIT		998,706,994

			COLLATERALIZED LOAN AGREEMENTS--13.3%
			Banking--8.5%
	100,000,000		CDC Financial Products, Inc., 1.413%, 2/3/2003		100,000,000
	250,000,000		Deutsche Bank Securities, Inc., 1.372% - 1.442%, 2/3/2003		250,000,000
	269,000,000		HSBC Securities, Inc., 1.423% - 1.463%, 2/3/2003		269,000,000
	255,000,000		J.P. Morgan Securities, Inc., 1.413%, 2/3/2003		255,000,000
	200,000,000		Wachovia Securities, Inc., 1.413%, 2/3/2003		200,000,000

			TOTAL		1,074,000,000

			Brokerage--4.8%
	155,000,000		Goldman Sachs & Co., 1.363% - 1.433%, 2/3/2003		155,000,000
	100,000,000		Lehman Brothers, Inc., 1.493%, 2/3/2003		100,000,000
	200,000,000		Morgan Stanley & Co., Inc., 1.392%, 2/3/2003		200,000,000
	150,000,000		Salomon Smith Barney Inc., 1.363% - 1.413%, 2/3/2003		150,000,000

			TOTAL		605,000,000

			TOTAL COLLATERALIZED LOAN AGREEMENTS		1,679,000,000

Principal Amount				Value
			COMMERCIAL PAPER--21.3%¹
			Banking--8.9%
$	448,526,000		Bavaria TRR, (Bayerische Hypotheken-und Vereinsbank AG Swap Agreement), 1.320% - 1.360%, 2/21/2003 - 4/15/2003	$	447,750,525
	158,000,000		Citicorp, 1.280% - 1.300%, 3/10/2003 - 4/25/2003		157,614,474
	100,000,000		Deutsche Bank Financial, Inc., (Deutsche Bank AG GTD), 1.341% - 1.641%, 5/8/2003		99,642,400
	119,446,000		Fountain Square Commercial Funding Corp., 1.290% - 1.350%, 2/6/2003 - 2/18/2003		119,415,687
	90,000,000		HBOS Treasury Services PLC, 1.330%, 4/28/2003 - 4/29/2003		89,712,942
	66,000,000		Ivory Funding Corp., 1.310% - 1.350%, 2/12/2003 - 4/7/2003		65,902,078
	50,000,000		KBC Financial Products International Ltd., (KBC Bank N.V. GTD), 1.290%, 7/23/2003		49,691,833
	30,000,000		Kitty Hawk Funding Corp., 1.280%, 2/24/2003		29,975,467
	71,394,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.320% - 1.380%, 3/6/2003 - 7/17/2003		71,079,990

			TOTAL		1,130,785,396

			Entertainment--1.1%
	145,000,000		Walt Disney Co., 1.450% - 1.620%, 2/5/2003 - 4/22/2003		144,904,270

			Finance - Automotive--1.0%
	125,625,000		Ford Motor Credit Co., 1.590% - 2.230%, 2/4/2003 -- 4/28/2003		125,313,240

			Finance - Commercial--1.6%
	100,000,000		Edison Asset Securitization LLC, 1.300%, 7/10/2003		99,425,833
	50,000,000		General Electric Capital Corp., 1.330%, 5/12/2003		49,815,278
	50,000,000		Jupiter Securitization Corp., 1.280%, 2/19/2003		49,968,000

			TOTAL		199,209,111

			Finance - Equipment--0.3%
	39,000,000		John Deere Credit Ltd., (John Deere Capital Corp. GTD), 1.440% - 1.450%, 3/21/2003 - 3/25/2003		38,919,907

			Finance -- Retail--3.7%
	38,955,000		Barton Capital Corp., 1.270%, 2/21/2003		38,927,515
	30,000,000		Countrywide Home Loans, Inc., 1.320%, 2/20/2003		29,979,100
	274,900,000		Household Finance Corp., 1.380% - 2.200%, 2/4/2003 - 4/14/2003		274,248,716
	125,000,000		Sheffield Receivables Corp., 1.290%, 2/24/2003		124,896,979

			TOTAL		468,052,310

			Finance - Securities--1.5%
	162,200,000		Galaxy Funding Inc., 1.280% - 1.370%, 2/10/2003 - 4/7/2003		162,032,992
	25,500,000		K2 (USA) LLC, (K2 Corp. GTD), 1.350%, 5/22/2003		25,394,813

			TOTAL		187,427,805

Principal Amount				Value
			COMMERCIAL PAPER--continued¹
			Food & Beverage--1.2%
$	115,265,000		General Mills, Inc., 1.430% - 1.600%, 2/4/2003 - 4/23/2003	$	114,949,113
	37,800,000		Sara Lee Corp., 1.310%, 2/10/2003 - 2/21/2003		37,776,012

			TOTAL		152,725,125

			Insurance--0.4%
	50,000,000		AEGON Funding Corp., 1.290%, 7/17/2003		49,702,583

			Oil & Oil Finance--0.6%
	75,000,000		Shell Finance (UK) PLC, 1.290%, 7/11/2003		74,570,000

			Retail--1.0%
	131,100,000		Safeway, Inc., 1.370% - 1.450%, 3/13/2003 - 4/14/2003		130,813,777

			TOTAL COMMERCIAL PAPER		2,702,423,524

			SHORT-TERM NOTES--14.0%
			Banking--2.0%
	150,000,000		Deutsche Bank AG, 1.372%, 2/3/2003		150,000,000
	35,000,000		National City Bank, Indiana, 2.500%, 3/5/2003		35,000,000
	75,000,000		National City Bank, Ohio, 2.500%, 3/10/2003		74,998,873

			TOTAL		259,998,873

			Brokerage--5.1%
	330,000,000		Bear Stearns Cos., Inc., 1.462%, 2/3/2003		330,000,000
	195,000,000		Goldman Sachs Group, Inc., 1.440% - 1.480%, 2/3/2003 - 5/15/2003		195,000,000
	128,000,000		Merrill Lynch & Co., Inc., 1.462% - 2.450%, 2/3/2003 -- 3/24/2003		128,000,000

			TOTAL		653,000,000

			Finance - Automotive--1.5%
	7,375,210		Americredit Automobile Receivables Trust, (Series 2002-A), Class A1, 1.818%, 11/6/2003		7,375,210
	20,000,000		Capital One Auto Finance Trust, (Series 2002-C), Class A1, 1.434%, 12/15/2003		20,000,000
	2,839,928		CarMax Auto Owner Trust, (Series 2002-2), Class A1, 1.425%, 12/15/2003		2,839,928
	13,655,879		Ford Credit Auto Owner Trust, (Series 2002-D), Class A1, 1.790%, 5/15/2003		13,655,879
	17,538,000		Ford Motor Credit Co., 1.600%, 3/17/2003		17,529,816
	3,850,000		General Motors Acceptance Corp., 5.950%, 3/14/2003		3,865,270
	3,240,519		Honda Auto Receivables Owner Trust, (Series 2002-2), Class A1, 1.950%, 6/13/2003		3,240,519
	48,209,489		Household Automotive Trust, (Series 2002-3), Class A1, 1.413%, 12/17/2003		48,209,489
	22,178,290		MMCA Auto Owner Trust, (Series 2002-4), Class A1, 1.763%, 10/15/2003		22,178,290
	20,745,386		Nissan Auto Lease Trust, (Series 2002-A), Class A1, 1.400%, 11/17/2003		20,745,386
Principal Amount				Value
			SHORT-TERM NOTES--continued
			Finance - Automotive--continued
$	1,223,440		Nissan Auto Receivables Owner Trust, (Series 2002-B), Class A1, 2.090%, 5/9/2003	$	1,223,440
	8,053,726		SSB Auto Loan Trust, (Series 2002-1), Class A1, 1.658%, 11/15/2003		8,053,726
	24,000,000		WFS Financial Owner Trust, (Series 2002-4), Class A1, 1.676%, 11/20/2003		24,000,000

			TOTAL		192,916,953

			Finance - Equipment--0.8%
	39,152,113		Bank of America Lease Equipment Trust, (Series 2002-A), Class A1, 1.438%, 12/22/2003		39,152,112
	37,548,971		CNH Equipment Trust, (Series 2002-B), Class A1, 1.406%, 12/9/2003		37,548,971
	21,199,205		Navistar Financial Corp. Owner Trust, (Series 2002-B), Class A1, 1.620%, 11/15/2003		21,199,205

			TOTAL		97,900,288

			Finance - Securities--4.0%
	221,000,000		Beta Finance, Inc., (Beta Finance Corp. GTD), 1.400% - 3.000%, 4/8/2003 - 2/5/2004		221,000,000
	90,000,000		K2 (USA) LLC, (K2 Corp. GTD), 2.320% - 2.450%, 3/3/2003 - 7/7/2003		90,000,000
	193,000,000		Sigma Finance, Inc., (Sigma Finance Corp. GTD), 1.605% - 2.705%, 2/26/2003 - 2/6/2004		192,997,250

			TOTAL		503,997,250

			Municipal--0.1%
	9,000,000		Hudson County, NJ, 2.750%, 9/26/2003		9,017,111

			Telecommunications--0.5%
	60,000,000		SBC Communications, Inc., 4.295%, 6/5/2003		60,308,607

			TOTAL SHORT-TERM NOTES		1,777,139,082

			GOVERNMENT AGENCIES--1.5%
			Government Agency--1.5%
	115,000,000		Federal Home Loan Bank System, 1.600% - 1.720%, 11/3/2003 - 2/3/2004		115,000,000
	71,500,000		Federal Home Loan Mortgage Corp., 1.750% - 5.250%,12/8/2003 - 2/15/2004		72,347,423

			TOTAL GOVERNMENT AGENCIES		187,347,423

			LOAN PARTICIPATION--3.3%
			Chemicals--0.5%
	60,000,000		DuPont Teijin Films U.K. Ltd., (Du Pont (E.I.) de Nemours & Co. GTD), 1.490%, 9/30/2003		60,000,000

			Electrical Equipment--0.2%
	29,600,000		Mt. Vernon Phenol Plant Partnership, (General Electric Co. GTD), 1.386%, 5/19/2003		29,600,000

Principal Amount				Value
			LOAN PARTICIPATION--continued
			Finance - Automotive--0.8%
$	30,200,000		GMAC Residential Holding Corp., (General Motors Acceptance Corp. GTD), 1.880% - 1.930%, 2/3/2003	$	30,196,797
	70,700,000		General Motors Acceptance Corp., Mortgage of PA, (General Motors Acceptance Corp. GTD), 1.930% - 1.990%, 2/3/2003 -- 2/20/2003		70,695,422

			TOTAL		100,892,219

			Finance - Retail--1.8%
	235,000,000		Countrywide Home Loans, Inc., 1.380%, 2/5/2003 - 3/19/2003		235,000,000

			TOTAL LOAN PARTICIPATION		425,492,219

			NOTES - VARIABLE--29.9%²
			Banking--12.5%
	5,300,000		1700 Financial Group, Inc., (Series 2002), (Regions Bank, Alabama LOC), 1.440%, 2/5/2003		5,300,000
	5,340,000		35 N. Fourth Street Ltd., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		5,340,000
	4,480,000		4 C's LLC, (Series 1998), (KeyBank, N.A. LOC), 1.400%, 2/6/2003		4,480,000
	2,945,000		AC, Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,945,000
	5,000,000		AW Mobile LLC, (SouthTrust Bank of Alabama, Birmingham LOC), 1.550%, 2/7/2003		5,000,000
	445,000		Alabama State, IDA, Nichols Research Corp., (SouthTrust Bank of Alabama, Birmingham LOC), 1.400%, 2/7/2003		445,000
	95,000		Alabama State, IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Fleet National Bank LOC), 1.440%, 2/6/2003		95,000
	1,106,000		American Health Care Centers, Inc., (Series 1998), (FirstMerit Bank, N.A. LOC), 1.420%, 2/6/2003		1,106,000
	8,425,000		Anchor Holdings LLC, (Series 2000), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		8,425,000
	2,100,000		Avondale Commerce Park, Phase III LLP, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,100,000
	8,895,000		B.R. Williams Trucking, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		8,895,000
	3,910,000		BBF LLC, (Series 2002), (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		3,910,000
	6,000,000		BMW Investments, Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		6,000,000
	116,025,000		Becker, MN PCR, (Series 2002-H1), (Bank of New York Swap Agreement), 1.470%, 2/5/2003		116,025,000
	1,575,000		Becker, MN PCR, (Series 2002-H2), (Bank of New York Swap Agreement), 1.470%, 2/5/2003		1,575,000
	7,605,000		Bethesda Country Club, Inc., (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		7,605,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	1,275,000		Bissett, William K. and Sheryl B., Multi-Option Adjustable Rate Notes, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003	$	1,275,000
	6,200,000		Blue Family Holdings LLC, (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		6,200,000
	254,000,000		Blue Heron Funding Ltd., (Series 3A), (Westdeutsche Landesbank AG GTD), 1.351%, 2/28/2003		254,000,000
	2,145,000		Bluff City Buick, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,145,000
	2,690,000		Bon Secour Ltd., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,690,000
	7,525,000		Bond Holdings LP, (SouthTrust Bank of Alabama, Birmingham LOC), 1.440%, 2/7/2003		7,525,000
	6,135,000		Briarwood LP, (Series 1999), (Bank One, N.A. (Ohio) LOC), 1.440%, 2/6/2003		6,135,000
	3,500,000		Brittany Bay Partners II Ltd., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.490%, 2/6/2003		3,500,000
	5,000,000		Brooksby Village, Inc., (Series 2002), (Lasalle Bank, N.A. LOC), 1.450%, 2/6/2003		5,000,000
	6,480,000		Brumfield Properties, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		6,480,000
	2,993,000		CC Properties LLC, (Series 2002 A), Ronald & Phyllis Coleman, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,993,000
	3,828,000		CC Properties LLC, (Series 2002 B), Thomas & Carolyn Coleman, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,828,000
	8,725,000		Callaway Gardens Resort, Inc., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/5/2003		8,725,000
	1,500,000		Campbell Enterprises, (Huntington National Bank, Columbus, OH LOC), 1.440%, 2/6/2003		1,500,000
	18,150,000		Capital One Funding Corp., (Bank One, N.A. (Ohio) LOC), 1.400%, 2/6/2003		18,150,000
	13,080,000		Capital One Funding Corp., (Bank One, Illinois, N.A. LOC), 1.400%, 2/6/2003		13,080,000
	8,366,000		Capital One Funding Corp., (Series 1996-C), (Bank One, N.A. (Ohio) LOC), 1.400%, 2/6/2003		8,366,000
	790,000		Carmel, IN, Telamon Corp., (Series A), (Huntington National Bank, Columbus, OH LOC), 1.490%, 2/6/2003		790,000
	730,000		Carmel, IN, Telamon Corp., (Series B), (Huntington National Bank, Columbus, OH LOC), 1.490%, 2/6/2003		730,000
	3,725,000		Cattail Creek Country Club, (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		3,725,000
	5,205,000		Century Drive Associates, (Series 2001), (Commerce Bank, N.A., Cherry Hill, NJ LOC), 1.540%, 2/5/2003		5,205,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	6,850,000		Charlie N. McGlamry, (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003	$	6,850,000
	13,090,000		Church at Brook Hills, (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		13,090,000
	5,320,000		Clark-Holder Clinic, PA, (Columbus Bank and Trust Co., GA LOC), 1.400%, 2/6/2003		5,320,000
	785,000		Colorado Health Facilities Authority, (Series B), (Bank One, Colorado LOC), 1.500%, 2/6/2003		785,000
	4,905,000		Columbus, GA IDA, Woodmont Properties LLC, (Series 2000), (Columbus Bank and Trust Co., GA LOC), 1.390%, 2/6/2003		4,905,000
	3,900,000		Commerce Towers LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,900,000
	7,250,000		Commercial Contractors, Inc., (Series 1998), (Allfirst Bank LOC), 1.560%, 2/4/2003		7,250,000
	8,950,000		Consolidated Publishing Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 1.500%, 2/7/2003		8,950,000
	1,660,000		Continental Downtown Properties, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,660,000
	7,090,000		Continental Downtown Properties, (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		7,090,000
	9,500,000		Cullman Shopping Center, Inc., (Series 2002), (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		9,500,000
	4,755,000		DLR Investments, Inc., (Series 2000), Ripley Crossing Project, (Bank One, Indiana, N.A. LOC), 1.440%, 2/6/2003		4,755,000
	5,445,000		Dellridge Care Center LP, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		5,445,000
	7,210,000		Dewberry IV LP, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		7,210,000
	8,115,000		ERC Real Estate LLC, (KeyBank, N.A. LOC), 1.400%, 2/6/2003		8,115,000
	105,000		Edgefield County, SC, (Series 1997), (Bondex, Inc. Project), (HSBC Bank USA LOC), 1.850%, 2/6/2003		105,000
	4,100,000		Engle Printing & Publishing, (Allfirst Bank LOC), 1.540%, 2/7/2003		4,100,000
	8,625,000		Fountainhead Enterprises LLC, (Huntington National Bank, Columbus, OH LOC), 1.340%, 2/6/2003		8,625,000
	3,394,000		Frank Parsons Paper Co., Inc., (Series 1999), (Allfirst Bank LOC), 1.540%, 2/7/2003		3,394,000
	1,190,000		Franklin County, PA IDA, (Series 2001 B), Precast Systems LLC, (Allfirst Bank LOC), 1.540%, 2/7/2003		1,190,000
	3,680,000		Gannett Fleming, Inc., (Series 2001), (Allfirst Bank LOC), 1.540%, 2/7/2003		3,680,000
	2,172,000		Gateway Foods, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,172,000
	3,240,000		Georgetown Real Estate Holdings Ltd., (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		3,240,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	5,825,000		Georgia Crown Distributing Co., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003	$	5,825,000
	3,415,000		Gesmundo & Associates, Inc., (Series A), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003		3,415,000
	7,655,000		Green Clinic Management Co. LLC, (Regions Bank, Alabama LOC), 1.490%, 2/6/2003		7,655,000
	15,000,000		Greene County, GA IDA, Reynolds Lodge LLC, (Series 2000 A), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		15,000,000
	2,000,000		Greene County, GA IDA, Reynolds Lodge LLC, (Series 2000 B), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		2,000,000
	1,020,000		Guilford Capital LLC, (Series 2002 -- D), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		1,020,000
	3,335,000		Guilford Capital LLC, (Series 2002 -- E), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		3,335,000
	4,995,000		H.C. Equities LP, (Wachovia Bank, N.A. LOC), 1.400%, 2/6/2003		4,995,000
	89,000,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		89,000,000
	8,270,000		HFS Holdings LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		8,270,000
	8,500,000		Hanna Steel Corp., (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		8,500,000
	12,600,000		Harris County, GA IDA, (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		12,600,000
	4,645,000		Hazlet Manor Associates, (Series 1998), (Allfirst Bank LOC), 1.560%, 2/4/2003		4,645,000
	9,470,000		Healthcare Funding LLC, (Series 1999), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003		9,470,000
	9,145,000		Healthcare Network Properties LLC, (Series A), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003		9,145,000
	19,190,000		ICS-Remington LLC, (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		19,190,000
	940,000		Ilsco Corp., (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		940,000
	3,800,000		Indian Hills Country Club, (Series 2000), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,800,000
	1,155,000		J.W. Harris, Inc., (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		1,155,000
	15,415,000		JFK Family Borrowing, LLP, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		15,415,000
	7,446,290		Katie Realty LLC, (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		7,446,290
	5,105,000		Kenwood Country Club, Inc., (Series 1999), (Firstar Bank, N.A. LOC), 1.460%, 2/6/2003		5,105,000
	6,300,000		KeyBank, N.A., Euro Medium Term Note, 1.472%, 3/19/2003		6,300,948
	1,275,000		Laird's Auto Glass & Trim, Inc., (Standard Federal Bank, N.A. LOC), 1.490%, 2/5/2003		1,275,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	4,000,000		Lake Sherwood Senior Living Center LLC, (Union Planters Bank, N.A., Memphis, TN LOC), 1.590%, 2/6/2003	$	4,000,000
	6,820,000		Lee County, FL IDA, Bonita Community Health Center, (Series 1999 B), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/7/2003		6,820,000
	3,115,000		Lincoln Park Associates Ltd., (Bank One, N.A. (Chicago) LOC), 1.400%, 2/6/2003		3,115,000
	2,000,000		Liquid Asset Backed Securities Trust, (Series 1996-3), (Westdeutsche Landesbank AG Swap Agreement), 1.390%, 2/18/2003		2,000,000
	5,125,000		M&C Holdings LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,125,000
	5,200,000		Mac Churchill Properties North Ltd., (Series 2002), (SouthTrust Bank of Alabama, Birmingham LOC), 1.550%, 2/7/2003		5,200,000
	4,250,000		Marion County, FL IDA, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,250,000
	4,125,000		Maryland IDFA, Gen-Vec, Inc. Facility, (Series 1999), (Allfirst Bank LOC), 1.540%, 2/7/2003		4,125,000
	114,000		Maryland IDFA, Human Genome Sciences, (Series1994), (Allfirst Bank LOC), 1.260%, 2/3/2003		114,000
	21,610,000		Maryland IDFA., Human Genome Sciences, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		21,610,000
	16,000,000		Maryland IDFA., Human Genome Sciences, (Series 2001-A), (Allfirst Bank LOC), 1.560%, 2/4/2003		16,000,000
	675,000		Maryland IDFA, Pharmaceutics International, Inc., (Series 2001-B), (Allfirst Bank LOC), 1.540%, 2/7/2003		675,000
	6,315,000		Maryland EDR., Shire US Inc., (Series 2000-A), (Allfirst Bank LOC), 1.540%, 2/7/2003		6,315,000
	3,145,000		Mayer Properties LLP, (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		3,145,000
	3,680,000		McClatchy-Avondale Corp., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		3,680,000
	7,425,000		McCullough Snappy Service Oil Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 1.400%, 2/7/2003		7,425,000
	10,855,000		Mike Bowden, (Columbus Bank and Trust Co., GA LOC), 1.350%, 2/6/2003		10,855,000
	4,410,000		Miller, James & Deborah, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		4,410,000
	45,000,000	³	MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 1.470%, 3/28/2003		45,000,000
	3,190,000		Montgomery, AL IDB, (SouthTrust Bank of Alabama, Birmingham LOC), 1.350%, 2/6/2003		3,190,000
	4,160,000		Neron Real Estate LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,160,000
	7,575,000		North American Gulf Terminals, Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.390%, 2/6/2003		7,575,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	8,250,000		ORIS Automotive Parts AL Ltd., (AmSouth Bank N.A., Birmingham LOC), 1.340%, 2/6/2003	$	8,250,000
	5,795,000		Oaklawn Hospital, MI, (Series 2000 A), (Standard Federal Bank, N.A. LOC), 1.440%, 2/5/2003		5,795,000
	5,080,000		Old South Country Club, Inc., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		5,080,000
	7,500,000		Olive Baptist Church, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		7,500,000
	19,635,000		Omni HC, Inc., (Columbus Bank and Trust Co., GA LOC), 1.390%, 2/6/2003		19,635,000
	2,827,500		Orange Beach Marina, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,827,500
	19,000,000		Palmetto Net, Inc., (National Bank of South Carolina LOC), 1.400%, 2/6/2003		19,000,000
	8,630,000		Perfect Properties LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		8,630,000
	3,934,000		Quality Synthetic Rubber Co., (Series 2000), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		3,934,000
	9,000,000		Reiser Group Sonic Management Co., Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		9,000,000
	41,100,000		Riderwood Village, Inc., (Allfirst Bank LOC), 1.500%, 2/6/2003		41,100,000
	2,200,000		Riverchase Office Road LLC, (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		2,200,000
	1,400,000		Room One Corp., (Series 2001), (Fulton Bank LOC), 1.740%, 2/6/2003		1,400,000
	6,360,000		Royal Wine Corp. and KFP International Ltd., (Series 1998), (KeyBank, N.A. LOC), 1.400%, 2/6/2003		6,360,000
	740,000		Sandridge Food Corp., (National City Bank, Ohio LOC), 1.420%, 2/6/2003		740,000
	21,190,000		Schuster Enterprises, Inc., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		21,190,000
	20,000,000		Sea Island Co., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		20,000,000
	8,830,000		Smith Land Improvement Corp., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		8,830,000
	4,500,000		Southwest Atlanta E.O.C., Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.390%, 2/6/2003		4,500,000
	17,280,000		Spectra Gases, Inc., (Commerce Bank, N.A., Cherry Hill, NJ LOC), 1.490%, 2/5/2003		17,280,000
	7,960,000		Spencer Cos., Inc., (Series 2001), (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		7,960,000
	3,200,000		Stone Creek LLC, (Columbus Bank and Trust Co., GA LOC), 1.350%, 2/6/2003		3,200,000
	1,670,000		TLC Realty LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		1,670,000
	5,895,000		Tanya K. Nitterhouse, (Allfirst Bank LOC), 1.540%, 2/7/2003		5,895,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	11,350,000		Team Rahal, Inc., (Series 2002), (Allfirst Bank LOC), 1.540%, 2/7/2003	$	11,350,000
	10,300,000		Test Associates, (Series 2002), (Fulton Bank LOC), 1.490%, 2/6/2003		10,300,000
	4,885,000		Thomas Pipe and Steel LLC, (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,885,000
	4,000,000		Thomaston-Upson County, GA IDA, Atlantic Paper & Foil Project, (RBC Centura Bank LOC), 1.490%, 2/6/2003		4,000,000
	5,525,000		Town Development, Inc., (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		5,525,000
	15,000,000	³	URI Trust, (Series 2000-1), (UBS AG Swap Agreement), 1.460%, 3/18/2003		15,000,000
	3,300,000		University Church of Christ, (SouthTrust Bank of Alabama, Birmingham LOC), 1.550%, 2/7/2003		3,300,000
	1,700,000		Village Green Finance Co. LLC, (Series 1997), (Wachovia Bank, N.A. LOC), 1.340%, 2/5/2003		1,700,000
	12,360,000		Village of Bartlett, IL, Bartlett Quarry Redevelopemt Project, (Series 2000), (Lasalle Bank, N.A. LOC), 1.390%, 2/5/2003		12,360,000
	90,000		Vista Funding Corp., (Series 1994-A), (Fifth Third Bank, Cincinnati LOC), 1.350%, 2/6/2003		90,000
	3,000,000		Vulcan, Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,000,000
	12,250,000		WCN Properties LP, (Series 2), (Fulton Bank LOC), 1.490%, 2/6/2003		12,250,000
	9,527,500		WCN Properties LP, (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		9,527,500
	112,000,000		Wells Fargo & Co., 1.370% -- 1.412%, 2/3/2003 -- 2/14/2003		112,000,000
	6,795,000		West Memphis, IDRB, S-B Power Tool Project, (Series 2000 A), (J.P. Morgan Chase Bank LOC), 1.390%, 2/6/2003		6,795,000
	7,130,000		West Shore Country Club, (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		7,130,000
	17,000,000		Westpac Banking Corp. Ltd., Sydney, New York, 1.335%, 3/13/2003		17,001,027
	15,335,000		William Hill Manor, Inc., (Series 1998), (Allfirst Bank LOC), 1.560%, 2/4/2003		15,335,000
	8,145,000		Wilsbach Distributors, Inc., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/5/2003		8,145,000
	225,000		York County, PA IDA, UL Holdings LLC, (Series 2000 B), (Allfirst Bank LOC), 1.540%, 2/7/2003		225,000
	17,300,000		Yorktown Building Holding Co. LLC, (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		17,300,000

			TOTAL		1,586,105,265

Principal Amount				Value
			NOTES - VARIABLE--continued²
			Brokerage--2.9%
$	205,000,000		Goldman Sachs Group, Inc., Promissory Notes, 1.415% - 1.470%, 2/3/2003 - 2/24/2003	$	205,000,000
	110,000,000		Merrill Lynch & Co., Inc., 1.425% - 1.640%, 2/3/2003 - 2/11/2003		110,059,709
	50,000,000		Salomon Smith Barney Holdings, Inc., 1.631%, 2/18/2003		50,079,056

			TOTAL		365,138,765

			Chemicals--0.6%
	69,000,000		Bayer Corp., (Bayer AG SA), 4.450%, 3/19/2003		69,128,004

			Consumer Products--0.5%
	65,000,000		Diageo Capital PLC, (Diageo PLC GTD), 1.390%, 3/12/2003		65,000,000

			Finance - Automotive--0.4%
	44,000,000		GMAC Residential Holding Corp., (General Motors Acceptance Corp. GTD), 1.938%, 2/3/2003		43,865,058

			Finance - Commercial--4.8%
	135,000,000		Compass Securitization LLC, 1.327% - 1.337%, 2/9/2003 - 2/14/2003		134,993,242
	258,000,000		General Electric Capital Corp., 1.396% - 1.470%, 2/3/2003 -- 3/2/2003		258,054,736
	215,000,000		Paradigm Funding LLC, 1.308% - 1.370%, 2/2/2003 - 2/28/2003		215,000,000

			TOTAL		608,047,978

			Finance - Retail--0.9%
	43,000,000		AFS Insurance Premium Receivables Trust, (Series 1994-A), 1.926%, 2/18/2003		43,000,000
	29,000,000		Household Finance Corp., 1.830%, 2/7/2003		29,016,277
	46,000,000		SLM Corp., 1.552% - 1.690%, 2/18/2003 - 4/25/2003		46,057,914

			TOTAL		118,074,191

			Finance - Securities--3.4%
	434,000,000		Sigma Finance, Inc., (Sigma Finance Corp. GTD), 1.275% - 1.370%, 2/3/2003 -- 6/10/2003		433,957,858

			Government Agency--0.1%
	5,120,000		Acton Assisted Living LLC, (Series 2000), (Federal Home Loan Bank of Pittsburgh LOC), 1.350%, 2/6/2003		5,120,000
	10,000,000		Student Loan Marketing Association, USA Education, INC., 1.432%, 4/25/2003		10,005,756

			TOTAL		15,125,756

Principal Amount or Shares				Value
			NOTES - VARIABLE--continued²
			Insurance--2.8%
$	12,000,000		Allstate Life Insurance Co., 1.520%, 2/3/2003	$	12,000,000
	20,000,000		GE Capital Assurance Co., 1.730%, 2/10/2003		20,000,000
	80,000,000		GE Life and Annuity Assurance Co., 1.380% - 1.525%, 2/3/2003 -- 3/3/2003		80,000,000
	25,000,000		Jackson National Life Insurance Co., 1.450% - 1.816%, 2/24/2003 - 5/1/2003		25,000,000
	35,000,000		Monumental Life Insurance Co., 1.510% - 1.560%, 2/28/2003 - 4/1/2003		35,000,000
	15,000,000		New York Life Insurance Co., 1.520%, 2/28/2003		15,000,000
	9,000,000		Premium Asset Trust, (Series 2001-4), (GE Capital Assurance Co.), 1.520%, 2/21/2003		9,000,075
	15,000,000		Principal Life Insurance Co., 1.575%, 3/3/2003		15,000,000
	13,000,000		Protective Life Insurance Co., 1.856%, 5/1/2003		13,000,000
	36,995,000		Santa Monica Community College District, (Series 2001 D), (AMBAC INS) 1.390%, 2/6/2003		36,995,000
	25,000,000		Security Life of Denver Insurance Co., 1.410% -- 1.449%, 3/17/2003 - 4/25/2003		25,000,000
	25,000,000		Transamerica Occidental Life Insurance Co., 1.530%, 4/7/2003		25,000,000
	50,000,000		Travelers Insurance Co., 1.525%, 3/1/2003		50,000,000

			TOTAL		360,995,075

			Telecommunications--1.0%
	33,500,000		BellSouth Telecommunications, Inc., 1.432%, 3/5/2003		33,500,000
	92,600,000		Verizon Global Funding, 1.341% -- 1.370%, 2/18/2003 -- 2/19/2003		92,598,210

			TOTAL		126,098,210

			TOTAL NOTES - VARIABLE		3,791,536,160

			MUTUAL FUNDS--8.4%
			Asset Management--8.4%
	100,000,000		AIM Short-Term Investments Co. Liquid Assets Portfolio		100,000,000
	631,000,000		Nations Cash Reserves		631,000,000
	335,000,000		Scudder Money Market		335,000,000

			TOTAL MUTUAL FUNDS		1,066,000,000

			TIME DEPOSIT--0.6%
			Banking--0.6%
	75,000,000		Bayerische Hypotheken-und Vereinsbank AG, 1.312%, 1/31/2003		75,000,000

Principal Amount				Value
			REPURCHASE AGREEMENTS--0.3%
$	40,832,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 1/31/2003, to be repurchased at $40,836,594 on 2/3/2003 collateralized by U.S. Government Agency Obligations with various maturities to 1/16/2033	$	40,832,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	12,743,477,402

1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

2 Current rate and next reset date shown.

3 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. At January 31, 2003, these securities amounted to $60,000,000 which represents 0.5% of net assets.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($12,682,812,129) at January 31, 2003.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
EDR	--Economic Development Revenue
GTD	--Guaranteed
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
IDRB	--Industrial Development Revenue Bond
IDFA	--Industrial Development Finance Authority
INS	--Insured
LOC	--Letter of Credit
PCR	--Pollution Control Revenue
SA	--Support Agreement

See Notes which are an integral part of the Financial Statements

Tax-Free Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			SHORT-TERM MUNICIPALS--101.2%¹
			Alabama--3.4%
$	1,000,000		Alabama HFA (2000 Series A),Turtle Lake, Weekly VRDNs (Double Lake Ventures LLC)/(Federal National Mortgage Association LOC)	$	1,000,000
	14,620,000	²	Alabama State Public School & College Authority (PA-920R), 1.50% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 8/7/2003		14,620,000
	500,000		Alabama State Public School & College Authority, PUTTERs (Series 124), Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase & Co. LIQ)		500,000
	715,000		Anniston, AL, IDB (Series 1989-A), Weekly VRDNs (Union Foundry Co.)/(Amsouth Bank N.A., Birmingham LOC)		715,000
	19,000,000		Birmingham, AL Downtown Redevelopment Authority, (Series 2002), Weekly VRDNs (The UAB Educational Foundation)/(Regions Bank, Alabama LOC)		19,000,000
	29,500,000		Birmingham, AL Medical Clinic Board Weekly VRDNs (University of Alabama Health System)/(Amsouth Bank N.A., Birmingham LOC)		29,500,000
	3,500,000		Birmingham, AL, Tax Increment Financing District I Weekly VRDNs (MBIA INS)/(SouthTrust Bank of Alabama, Birmingham LIQ)		3,500,000
	6,480,000		Daphne, AL Special Care Facilities Financing Authority, (Series 1998-A), Weekly VRDNs (Presbyterian Retirement Corp.)/(Ambac Financial Group, Inc. INS)/(Amsouth Bank N.A., Birmingham LIQ)		6,480,000
	7,000,000		Huntsville, AL Special Care Facilities Financing Authority, (Series 2001D), Weekly VRDNs (Carlton Cove, Inc.)/(BNP Paribas SA LOC)		7,000,000
	6,000,000		Jefferson County, AL Sewer, Floater Certificates (Series 2000-352), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ)		6,000,000
	27,800,000		Jefferson County, AL Sewer, Warrants (Series 2002-A), Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase Bank LIQ)		27,800,000
	38,200,000		Jefferson County, AL Sewer, Warrants (Series C-3), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Bank of America N.A. LIQ)		38,200,000
	28,500,000		Jefferson County, AL Sewer, Warrants (Series C-6), Weekly VRDNs (XL Capital Assurance Inc. INS)/(Societe Generale, Paris LIQ)		28,500,000
	1,000,000		Mobile, AL Airport Authority, MERLOTS (Series 2000-A24), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		1,000,000
	8,000,000		Mobile, AL IDB, PCR (Series 1993B), Weekly VRDNs (Alabama Power Co.)		8,000,000
	2,500,000		Mobile, AL, Class A Certificates (Series 2002-197), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Bear Stearns Cos., Inc. LIQ)		2,500,000
	34,750,000		Port City Medical Clinic Board Mobile, Al, (Series 1998A), Weekly VRDNs (Infirmary Health System, Inc.)/(Ambac Financial Group, Inc. INS)/(Bank of Nova Scotia, Toronto and KBC Bank N.V. LIQs)		34,750,000
	6,130,000		Port City Medical Clinic Board Mobile, Al, (Series 1998B), Weekly VRDNs (Infirmary Health System, Inc.)/(Ambac Financial Group, Inc. INS)/(Bank of Nova Scotia, Toronto and KBC Bank N.V. LIQs)		6,130,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Alabama--continued
$	5,994,000		Tuscaloosa County, AL Automotive Corridor IDA, (Series 2002), Weekly VRDNs (MBIA INS)/(SouthTrust Bank of Alabama, Birmingham LIQ)	$	5,994,000
	1,005,000		Tuscaloosa County, AL Port Authority, (Series 1989A), Weekly VRDNs (Capstone Hotel Ltd.)/(SouthTrust Bank of Alabama, Birmingham LOC)		1,005,000

			TOTAL		242,194,000

			Alaska--0.5%
	4,675,000		Alaska International Airports System, (PT-1397), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Merrill Lynch & Co., Inc. LIQ)		4,675,000
	4,565,000		Alaska State Housing Finance Corp., (PT-37), Daily VRDNs (Merrill Lynch & Co., Inc. LIQ)		4,565,000
	7,025,000		Alaska State Housing Finance Corp., (PT-39), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Merrill Lynch & Co., Inc. LIQ)		7,025,000
	21,000,000		Alaska State Housing Finance Corp., MERLOTS (Series 1999D), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		21,000,000

			TOTAL		37,265,000

			Arizona--1.4%
	15,500,000		Apache County, AZ IDA, (Series 1983B), Weekly VRDNs (Tucson Electric Power Co.)/(Bank of New York LOC)		15,500,000
	1,250,000		Apache County, AZ IDA, (Series 1983 A), Weekly VRDNs (Tucson Electric Power Co.)/(Toronto Dominion Bank LOC)		1,250,000
	1,700,000		Arizona Health Facilities Authority Weekly VRDNs (University Physicians, Inc.)/(Bank One N.A. (Chicago) LOC)		1,700,000
	3,000,000		Arizona Health Facilities Authority, (Series 2002), Weekly VRDNs (Royal Oaks Life Care Community)/(Lasalle Bank, N.A. LOC)		3,000,000
	3,000,000		Arizona Health Facilities Authority, Pooled Loan Program Revenue Bonds (Series 1985B), Weekly VRDNs (FGIC INS)/(J.P. Morgan Chase Bank LIQ)		3,000,000
	9,020,000		Chandler, AZ IDA Weekly VRDNs (SMP II LP)/(Bank One N.A. (Chicago) LOC)		9,020,000
	5,925,000		Chandler, AZ IDA, (Series 2000), Weekly VRDNs (River Ranch Apartments)/(Federal Home Loan Mortgage Corp. LOC)		5,925,000
	700,000		Glendale, AZ IDA, (Series 1999), Weekly VRDNs (Friendship Retirement Corp.)/(Wells Fargo Bank Minnesota N.A. LOC)		700,000
	2,500,000		Glendale, AZ IDA, Variable Rate Senior Living Facilities Revenue Bonds Weekly VRDNs (Friendship Retirement Corp.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,500,000
	18,000,000	²	Maricopa County, AZ Community College District, (PT-388), 1.95% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/12/2003		18,000,000
	13,340,000		Maricopa County, AZ, IDA, (Series 2000A), Weekly VRDNs (Gran Victoria Housing LLC)/(Federal National Mortgage Association LOC)		13,340,000
	5,550,000		Pima County, AZ IDA Weekly VRDNs (Tucson Electric Power Co.)/(Toronto Dominion Bank LOC)		5,550,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Arizona--continued
$	3,700,000		Pima County, AZ IDA, (Series 2002A), Weekly VRDNs (La Posada at Park Centre, Inc.)/(Lasalle Bank, N.A. LOC)	$	3,700,000
	600,000		Salt River Project, AZ Agricultural Improvement & Power District, Floater Certificates (Series 2000-208) Weekly VRDNs (Morgan Stanley LIQ)		600,000
	1,765,000		Scottsdale, AZ IDA Weekly VRDNs (Scottsdale (Memorial Hospitals))/(Ambac Financial Group, Inc. INS)/(Dexia Credit Local LIQ)		1,765,000
	1,500,000		Sierra Vista, AZ IDA, (Series 2001A), Weekly VRDNs (Mountain Steppes Apartments)/(Federal National Mortgage Association LOC)		1,500,000
	4,000,000		Tempe, AZ IDA, (Series 2002C), Weekly VRDNs (Friendship Village of Tempe)/(Lasalle Bank, N.A. LOC)		4,000,000
	4,000,000		Tucson, AZ IDA, (Series 1989), Weekly VRDNs (Lincoln Garden Tucson LP)/(Federal Home Loan Mortgage Corp. LOC)		4,000,000
	1,500,000		Yavapai, AZ IDA, (Series 1997B), Weekly VRDNs (Yavapai Regional Medical Center)/(Financial Security Assurance Inc INS)/(Dexia Credit Local LIQ)		1,500,000

			TOTAL		96,550,000

			Arkansas--0.2%
	11,770,000		Fayetteville, AR Public Facilities Board, (Series 2002), Weekly VRDNs (Butterfield Trail Village Project)/(U.S. Bank N.A., Cincinnatti LOC)		11,770,000

			California--3.6%
	95,000,000		California School Cash Reserve Program Authority, (Series 2002A), 3.00% TRANs (Ambac Financial Group, Inc. INS), 7/3/2003		95,517,466
	11,800,000		California State Department of Water Resources Power Supply Program, (Series 2002 B-2), 1.80% TOBs (BNP Paribas SA LOC), Optional Tender 2/13/2003		11,800,000
	35,000,000		California State Department of Water Resources Power Supply Program, (Series 2002 C-9), 1.80% TOBs (Citibank N.A., New York LOC), Optional Tender 3/13/2003		35,000,000
	62,500,000		California State, (Series A), 2.50% RANs, 6/20/2003		62,718,770
	45,000,000		California State, RANs (Series 2002 FR/RI-F14J) Weekly VRDNs (Lehman Brothers Holdings, Inc. SWP)		45,000,000
	6,000,000		California Statewide Communities Development Authority, (Series 2001B), 1.70% TOBs (Kaiser Permanente), Optional Tender 7/1/2003		6,000,000

			TOTAL		256,036,236

			Colorado--1.1%
	25,000,000		Colorado HFA, (Series 2002 AA), Weekly VRDNs (MBIA INS)/(WestLB AG LIQ)		25,000,000
	3,410,000		Colorado Health Facilities Authority, (Series 1998C-1), Weekly VRDNs (Developmental Disabilities Center)/(Bank One, Colorado LOC)		3,410,000
	10,000,000		Colorado Health Facilities Authority, (Series 2002), Weekly VRDNs (Sisters of Charity of Leavenworth Health System)		10,000,000
	1,600,000		Denver (City & County), CO, 1.95% TOBs (Blake Street Compendium)/(Key Bank, N.A. LOC), Optional Tender 12/15/2003		1,600,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Colorado--continued
$	15,000,000		Denver West Metropolitan District, (Series 2001B), Weekly VRDNs (BNP Paribas SA LOC)	$	15,000,000
	4,000,000		Holland Creek Metropolitan District, CO, (Series 2001), Weekly VRDNs (Bank of America N.A. LOC)		4,000,000
	8,200,000		Moffat County, CO, PCRB (Series 1994), Daily VRDNs (Pacificorp)/(Ambac Financial Group, Inc. INS)/(Bank One N.A. (Chicago) LIQ)		8,200,000
	13,170,000	²	Westminster, CO, (PT-467), 1.80% TOBs (Cascade Village Apartments)/(Federal Home Loan Mortgage Corp. GTD)/(Federal Home Loan Mortgage Corp. LIQ), Optional Tender 3/6/2003		13,170,000

			TOTAL		80,380,000

			Connecticut--2.3%
	10,745,000	²	Connecticut State HFA, Variable Rate Certificates (Series 1998S), 1.55% TOBs (Bank of America N.A. LIQ), Optional Tender 8/28/2003		10,745,000
	12,550,000		Connecticut State Transportation Infrastructure Authority, (Series 2000 1) Weekly VRDNs (FGIC INS)/(Dexia Credit Local LIQ)		12,550,000
	26,695,000		Connecticut State, (Series 1997 B) Weekly VRDNs (Bayerische Landesbank Girozentrale LIQ)		26,695,000
	115,700,000		Connecticut State, Second Lien Special Tax Obligation Refunding Bonds, Transportation Infrastructure Purposes (Series 2003 1) Weekly VRDNs (Ambac Financial Group, Inc. INS)/(WestLB AG LIQ)		115,700,000

			TOTAL		165,690,000

			District of Columbia--3.3%
	17,500,000		District of Columbia, (Series 1985), Weekly VRDNs (American University)/(Ambac Financial Group, Inc. INS)/(WestLB AG LIQ)		17,500,000
	11,400,000		District of Columbia, (Series 1998B), Daily VRDNs (Medlantic/Helix Parent, Inc.)/(Financial Security Assurance Inc INS)/(Bank of New York and J.P. Morgan Chase Bank LIQs)		11,400,000
	63,900,000		District of Columbia, (Series 1998C), Daily VRDNs (Medlantic/Helix Parent, Inc.)/(Financial Security Assurance Inc INS)/(Bank of America N.A. LIQ)		63,900,000
	7,565,000		District of Columbia, (Series 1999), Weekly VRDNs (Association of American Medical Colleges)/(Ambac Financial Group, Inc. INS)/(Bank of America N.A. LIQ)		7,565,000
	5,910,000		District of Columbia, (Series 1999,) Weekly VRDNs (Young Men's Christian Association of Metropolitan Washington)/(Allfirst Bank LOC)		5,910,000
	9,000,000		District of Columbia, (Series 2000), Weekly VRDNs (Public Welfare Foundation, Inc.)/(SunTrust Bank LOC)		9,000,000
	40,000,000		District of Columbia, (Series 2001C), Weekly VRDNs (FGIC INS)/ (FGIC Securities Purchase, Inc. LIQ)		40,000,000
	20,000,000		District of Columbia, (Series 2002D), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)		20,000,000
	50,000,000		District of Columbia, 2.50% TRANs (Bank of Nova Scotia, Toronto LOC), 9/30/2003		50,227,249
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			District of Columbia--continued
$	2,830,000		District of Columbia, PUTTERs (Series 152), Weekly VRDNs (Financial Security Assurance Inc. INS)/(J.P. Morgan Chase Bank LIQ)	$	2,830,000
	3,575,000		District of Columbia, Revenue Bonds (Series 1997B), Weekly VRDNs (Association of American Medical Colleges)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		3,575,000

			TOTAL		231,907,249

			Florida--7.6%
	15,325,000		ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/(Series 1998-9), Weekly VRDNs (Florida State Board of Education Capital Outlay)/(Financial Security Assurance Inc. INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		15,325,000
	6,000,000		ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/(Series 1999-11), Weekly VRDNs (Tampa Bay, FL Water Utility System)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		6,000,000
	18,505,000		ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT)/(Series 2002-24), Weekly VRDNs (Escambia County, FL)/(Ambac Financial Group, Inc. INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		18,505,000
	10,000,000		Brevard County, FL Educational Facilities Authority, (Series B), Weekly VRDNs (Florida Institute of Technology)/(Bank of America N.A. LOC)		10,000,000
	2,580,000		Brevard County, FL Weekly VRDNs (Greywater Investments)/(Huntington National Bank, Columbus, OH LOC)		2,580,000
	6,200,000		Broward County, FL HFA, (Series 1997), Weekly VRDNs (Jacaranda Village Apartments)/(HSBC Bank USA LOC)		6,200,000
	1,850,000		Dade County, FL IDA, (Series 1985D), Weekly VRDNs (Dolphins Stadium)/(Societe Generale, Paris LOC)		1,850,000
	54,250,000		Dade County, FL Water & Sewer System Weekly VRDNs (FGIC INS)/(Lloyds TSB Bank PLC, London LIQ)		54,250,000
	10,905,000		Eustis Health Facilities Authority, FL, (Series 1985), Weekly VRDNs (Waterman Medical Center)/(SunTrust Bank LOC)		10,905,000
	5,480,000		Eustis Health Facilities Authority, FL, (Series 1992), Weekly VRDNs (Florida Hospital/Waterman, Inc.)/(SunTrust Bank LOC)		5,480,000
	8,200,000		Florida Housing Finance Agency, (Series 1985 YY), Weekly VRDNs (Monterey Meadows Apartments, FL)/(Federal National Mortgage Association LOC)		8,200,000
	9,000,000	²	Florida Housing Finance Corp., (PT-481), 1.80% TOBs (Oaks at Mill Creek Apartments)/(Federal Home Loan Mortgage Corp. GTD)/(Federal Home Loan Mortgage Corp. LIQ), Optional Tender 3/1/2003		9,000,000
	9,575,000		Florida State Board of Education Lottery, (PT-1527), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ)		9,575,000
	6,000,000		Florida State Department of Environmental Protection, (Series 2001-637), Weekly VRDNs (MBIA INS)/(Morgan Stanley LIQ)		6,000,000
	6,000,000		Florida State Department of Environmental Protection, Floater Certificates (Series 2001-722), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ)		6,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Florida--continued
$	2,500,000		Fort Myers, FL Utilities Revenue, (Series 1998-168), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ)	$	2,500,000
	575,000		Gulf Breeze, FL, (Series 1985E), Weekly VRDNs (FGIC INS)/(Dexia Credit Local LIQ)		575,000
	58,000,000		Highlands County, FL Health Facilities Authority, (Series 1996A), Weekly VRDNs (Adventist Health System)/(MBIA INS)/(Bank One N.A. (Chicago) LIQ)		58,000,000
	49,325,000		Highlands County, FL Health Facilities Authority, (Series 1996A), Weekly VRDNs (Adventist Health System)/(SunTrust Bank LOC)		49,325,000
	20,330,000		Highlands County, FL Health Facilities Authority, (Series 1997-A), Weekly VRDNs (Adventist Health System)/(SunTrust Bank LOC)		20,330,000
	1,000,000		Hillsborough County, FL IDA, (Series 1988), Weekly VRDNs (Florida Steel Corp.)/(Bank of America N.A. LOC)		1,000,000
	12,100,000		Hillsborough County, FL IDA, (Series 2001), Weekly VRDNs (Goodwill Industries-Suncoast, Inc.)/(SunTrust Bank LOC)		12,100,000
	13,500,000		JEA, FL Electric System, (Subordinate Revenue Bonds) (2000 Series F), Daily VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		13,500,000
	21,000,000		Lee County, FL IDA, (Series 1999B), Weekly VRDNs (Shell Point Village, FL)/(Bank of America N.A. LOC)		21,000,000
	5,000,000		Lee County, FL IDA, (Series 2002), Weekly VRDNs (Shell Point Village, FL)/(Bank of America N.A. LOC)		5,000,000
	2,750,000		Martin County, FL IDA, (Series 2001), Weekly VRDNs (Young Men's Christian Association of the Treasure Coast, FL)/(SunTrust Bank LOC)		2,750,000
	3,365,000		Miami, FL Health Facilities Authority, Health Facilities Revenue Bonds (Series 1992), Weekly VRDNs (Miami Jewish Home and Hospital for the Aged, Inc.)/(SunTrust Bank LOC)		3,365,000
	84,850,000		Miami-Dade County, FL School District, 2.75% TANs, 6/26/2003		85,261,632
	3,000,000		Orange County, FL Educational Facilities Authority, (Series 2001), Daily VRDNs (Rollins College)/(Bank of America N.A. LOC)		3,000,000
	10,250,000		Orange County, FL IDA, (Series 2002), Weekly VRDNs (Catholic Diocese of Orlando)/(SunTrust Bank LOC)		10,250,000
	9,700,000		Orange County, FL, (PT-1557), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ)		9,700,000
	9,925,000		Palm Beach County, FL IDA, (Series 2002), Weekly VRDNs (The Children's Home Society of Florida)/(Wachovia Bank N.A. LOC)		9,925,000
	11,800,000		Palm Beach County, FL, (Series 2000), Weekly VRDNs (Norton Gallery and School of Art, Inc. Project)/(Bank of America N.A. LOC)		11,800,000
	5,500,000		Palm Beach County, FL, (Series 2001), Weekly VRDNs (Hospice of Palm Beach County, Inc.)/(Northern Trust Co., Chicago, IL LOC)		5,500,000
	2,370,000		Pasco County, FL Educational Facilities Authority, (Series 1999), Weekly VRDNs (Saint Leo University, FL)/(Amsouth Bank N.A., Birmingham LOC)		2,370,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Florida--continued
$	1,580,000		Pinellas County Industry Council, FL, Variable/Fixed Rate Development Revenue Bonds (Series 1997), Weekly VRDNs (Boyd Industries, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)	$	1,580,000
	11,400,000		Sarasota, FL, (Series 2000), Weekly VRDNs (Ringling School of Art and Design, Inc.)/(SunTrust Bank LOC)		11,400,000
	2,000,000		St. Lucie County, FL PCR, (Series 2000), Daily VRDNs (Florida Power & Light Co.)		2,000,000
	2,495,000		Tampa Bay, FL Water Utility System, (PA-576), Weekly VRDNs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ)		2,495,000
	8,925,000		Volusia County, FL Education Facility Authority, (Series 2001), Weekly VRDNs (Bethune-Cookman College, Inc.)/(SunTrust Bank LOC)		8,925,000
	15,010,000		Volusia County, FL Health Facilities Authority, (Series 1994A), Weekly VRDNs (Southwest Volusia Healthcare Corp.)/(SunTrust Bank LOC)		15,010,000
	5,900,000		West Orange, FL Healthcare District, (Series 1999B), Weekly VRDNs (SunTrust Bank LOC)		5,900,000

			TOTAL		544,431,632

			Georgia--4.0%
	8,000,000		Athens-Clarke County, GA IDA, (Series 2001), Weekly VRDNs (UGA Real Estate Foundation, Inc.)/(SunTrust Bank LOC)		8,000,000
	4,000,000		Augusta, GA HFA, (Series 1998), Weekly VRDNs (Sterling Ridge Apartments)/(Amsouth Bank N.A., Birmingham LOC)		4,000,000
	5,000,000		Burke County, GA Development Authority, (First Series 2000), 1.75% TOBs (Georgia Power Co.), Mandatory Tender 3/3/2003		5,000,000
	11,245,000		Burke County, GA Development Authority, (Series 1999A), Daily VRDNs (Oglethorpe Power Corp.)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		11,245,000
	5,142,000		Burke County, GA Development Authority, (Series A), Weekly VRDNs (Oglethorpe Power Corp.)/(FGIC INS)/(Dexia Credit Local LIQ)		5,142,000
	3,900,000		Cobb-Marietta, GA Coliseum & Exhibit Hall Authority, (Series 1996A), Weekly VRDNs (MBIA INS)/(SunTrust Bank LIQ)		3,900,000
	5,400,000		Columbus, GA Hospital Authority, (Series 2000), Weekly VRDNs (St. Francis Hospital, Inc., GA)/(SunTrust Bank LOC)		5,400,000
	3,570,000		De Kalb County, GA Development Authority Weekly VRDNs (Lifesouth Community Blood Centers, Inc.)/(SunTrust Bank LOC)		3,570,000
	7,280,000		Fulco, GA Hospital Authority, (Series 1999), Weekly VRDNs (Piedmont Hospital)/(SunTrust Bank LOC)		7,280,000
	1,400,000		Fulton County, GA Development Authority, (Series 1998), Weekly VRDNs (Morehouse School of Medicine)/(SunTrust Bank LOC)		1,400,000
	6,000,000		Fulton County, GA Development Authority, (Series 2001), Weekly VRDNs (The Lovett School)/(SunTrust Bank LOC)		6,000,000
	6,000,000		Fulton County, GA Development Authority, (Series 2001), Weekly VRDNs (Trinity School, Inc.)/(SunTrust Bank LOC)		6,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Georgia--continued
$	26,245,000	²	Fulton County, GA Housing Authority, (PT-469), 1.95% TOBs (Cimarron & Monterey Apartments)/(Federal Home Loan Mortgage Corp. GTD)/(Federal Home Loan Mortgage Corp. LIQ), Optional Tender 6/12/2003	$	26,245,000
	9,000,000		Fulton County, GA Housing Authority, (Series 1996), Weekly VRDNs (Hampton Hills Apartments)/(Federal Home Loan Mortgage Corp. LOC)		9,000,000
	2,200,000		Fulton County, GA IDA Weekly VRDNs (Automatic Data Processing, Inc.)		2,200,000
	5,500,000		Gainesville and Hall County, GA Development Authority, (Series 1999A), Weekly VRDNs (Lanier Village Estates, Inc.)/(Regions Bank, Alabama LOC)		5,500,000
	11,500,000		Gainesville, GA Redevelopment Authority, (Series 1999), Weekly VRDNs (Brenau University, Inc.)/(SunTrust Bank LOC)		11,500,000
	15,700,000		Georgia State Municipal Gas Authority, (Series A), Weekly VRDNs (Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		15,700,000
	13,330,000		Georgia State Municipal Gas Authority, (Series A), Weekly VRDNs (Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		13,330,000
	21,665,000		Georgia State Municipal Gas Authority, (Series B), Weekly VRDNs (Bayerische Landesbank Girozentrale, Credit Suisse First Boston, J.P. Morgan Chase Bank and Wachovia Bank N.A. LOCs)		21,665,000
	4,700,000		Georgia State Municipal Gas Authority, (Series B) Weekly VRDNs (Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		4,700,000
	41,555,000		Georgia State Municipal Gas Authority, (Series C), Weekly VRDNs (Bank of America N.A., Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank and Wachovia Bank N.A. LOCs)		41,555,000
	15,765,000		Georgia State Municipal Gas Authority, (Series C), Weekly VRDNs (Bank of America N.A., Bayerische Landesbank Girozentrale, J.P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		15,765,000
	10,000,000		Georgia State Road and Tollway Authority, (Series 2002), 3.00% Bonds, 11/1/2003		10,116,809
	6,000,000		Georgia State, Floater Certificates (Series 2011-647), Weekly VRDNs (Morgan Stanley LIQ)		6,000,000
	12,500,000		Georgia State, PUTTERs (Series 128), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)		12,500,000
	1,200,000		Gwinnett County, GA IDA, (Series 2001), Weekly VRDNs (Gwinnett County, GA)/(Landesbank Hessen-Thueringen, Frankfurt LIQ)		1,200,000
	3,500,000		Macon-Bibb County, GA Hospital Authority, (Series 2000), Daily VRDNs (Central Georgia Senior Health, Inc.)/(SunTrust Bank LOC)		3,500,000
	8,400,000		Monroe County, GA Development Authority, (Second Series), Daily VRDNs (Georgia Power Co.)		8,400,000
	8,000,000		Rockdale County, GA Hospital Authority, (Series 2002), Weekly VRDNs (Rockdale Hospital and Health System, Inc.)/(SunTrust Bank LOC)		8,000,000

			TOTAL		283,813,809

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Hawaii--0.3%
$	13,250,000		Hawaii State Department of Budget & Finance, (Series 2003D), Weekly VRDNs (Kahala Nui)/(Lasalle Bank, N.A. LOC)	$	13,250,000
	10,000,000		Hawaii State, ROCs (Series 1044), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Salomon Smith Barney Holdings, Inc. LIQ)		10,000,000

			TOTAL		23,250,000

			Illinois--6.4%
	11,000,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 1998-14), Weekly VRDNs (Cook County, IL)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		11,000,000
	14,705,000	²	ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 2001-13), 1.25% TOBs (Illinois State)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 5/7/2003		14,705,000
	14,285,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 2001-31), Weekly VRDNs (Chicago, IL)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		14,285,000
	6,200,000		Chicago, IL Board of Education, MERLOTS (Series 2001 A47), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		6,200,000
	10,000,000		Chicago, IL Board of Education, Variable Rate Certificates (Series 1996BB), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)		10,000,000
	21,500,000		Chicago, IL Metropolitan Water Reclamation District, (Series 2002-E), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		21,500,000
	4,990,000		Chicago, IL Wastewater Transmission, MERLOTS (Series 2001-A125), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ)		4,990,000
	2,430,000		Chicago, IL Weekly VRDNs (Canadian Imperial Bank of Commerce LOC)		2,430,000
	27,000,000		Chicago, IL, (Series 2000A), Weekly VRDNs (Peoples Gas Light & Coke Co.)		27,000,000
	7,885,000		Chicago, IL, MERLOTS (Series 2002 A-44), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		7,885,000
	20,000,000		Chicago, IL, MERLOTS (Series 1997 V), Weekly VRDNs (Chicago, IL Water Revenue)/(FGIC INS)/(Wachovia Bank N.A. LIQ)		20,000,000
	4,640,000		Chicago, IL, MERLOTS (Series 2000 WWW), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Wachovia Bank N.A. LIQ)		4,640,000
	24,995,000		Chicago, IL, Variable Rate Certificates (Series 1998M), Weekly VRDNs (FGIC INS)/(Bank of America N.A. LIQ)		24,995,000
	6,665,000	²	Cook County, IL Community College District No. 508, MERLOTS (Series 2001-A4), 1.55% TOBs (FGIC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		6,665,000
	20,650,000		Cook County, IL, (Series 2002 B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		20,650,000
	12,885,000		Freeport, IL, (Series 2001), Weekly VRDNs (Freeport Regional Health Care Foundation)/(Firstar Bank, N.A. LOC)		12,885,000
	3,900,000		Galesburg, IL, (Series 1996), Weekly VRDNs (Knox College)/(Lasalle Bank, N.A. LOC)		3,900,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Illinois--continued
$	130,000		Hopedale Village, IL, (Series 1998), Weekly VRDNs (Hopedale Medical Foundation)/(Bank One, Illinois N.A. LOC)	$	130,000
	7,000,000		Illinois Development Finance Authority, (Series 1999), Weekly VRDNs (North Shore Senior Center)/(American National Bank & Trust Co., Chicago LOC)		7,000,000
	4,500,000		Illinois Development Finance Authority, (Series 2002), Weekly VRDNs (BAPS, Inc.)/(Comerica Bank - Texas LOC)		4,500,000
	2,500,000		Illinois Development Finance Authority, (Series 2002), Weekly VRDNs (St. Ignatius College Prep.)/(American National Bank & Trust Co., Chicago LOC)		2,500,000
	1,000,000		Illinois Development Finance Authority, (Series A), Weekly VRDNs (McCormick Theological Seminary)/(Northern Trust Co., Chicago, IL LOC)		1,000,000
	3,200,000		Illinois Development Finance Authority, IDB Weekly VRDNs (Burpee Museum of Natural History)/(American National Bank & Trust Co., Chicago LOC)		3,200,000
	3,100,000		Illinois Development Finance Authority, IDB Weekly VRDNs (Lyric Opera of Chicago)/(Bank One, Michigan, Caisse Nationale De Credit Agricole, Paris, Harris Trust & Savings Bank, Chicago and Northern Trust Co., Chicago, IL LOCs)		3,100,000
	2,160,000		Illinois Development Finance Authority, IDB, (Series 1997), Weekly VRDNs (Ada S. McKinley Community Services, Inc.)/(Harris Trust & Savings Bank, Chicago LOC)		2,160,000
	111,325,000		Illinois Health Facilities Authority, (Series 1997B), Weekly VRDNs (Advocate Health Care Network)/(Bank One N.A. (Chicago), Bank of America N.A. and Northern Trust Co., Chicago, IL LIQs)		111,325,000
	7,900,000		Illinois Health Facilities Authority, (Series 2001C), Weekly VRDNs (Edward Hospital Obligated Group)/(Financial Security Assurance Inc. INS)/(American National Bank & Trust Co., Chicago LIQ)		7,900,000
	1,000,000		Illinois Health Facilities Authority, Revolving Fund Pooled Financing Program (Series 1985F), Weekly VRDNs (Bank One, Michigan LOC)		1,000,000
	9,995,000		Illinois State, (PT-380), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		9,995,000
	25,000,000		Illinois State, 3.00% RANs, 6/15/2003		25,138,303
	6,000,000		Illinois State, MERLOTS (Series 2002 A49), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		6,000,000
	8,245,000		Metropolitan Pier & Exposition Authority, IL, MERLOTS (Series 2000VVV), Weekly VRDNs (McCormick Place)/(FGIC INS)/(Wachovia Bank N.A. LIQ)		8,245,000
	7,200,000		Metropolitan Pier & Exposition Authority, IL, PUTTERs (Series 269), Weekly VRDNs (MBIA INS)/(J.P. Morgan Chase Bank LIQ)		7,200,000
	4,975,000		Regional Transportation Authority, IL, (Series 2001-A73), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		4,975,000
	3,790,000		Regional Transportation Authority, IL, MERLOTS (Series 2001-A86), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		3,790,000
	10,875,000		Regional Transportation Authority, IL, MERLOTS (Series 2002-A23), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		10,875,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Illinois--continued
$	9,985,000		Regional Transportation Authority, IL, MERLOTS (Series 2002-A24), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)	$	9,985,000
	9,000,000		Regional Transportation Authority, IL, MERLOTS (Series 2002--A41), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		9,000,000
	6,185,000		Village of Gilberts, IL Special Service Area No. 10, Timber Trails Project (Series 2001), Weekly VRDNs (Bank of America N.A. LOC)		6,185,000

			TOTAL		458,933,303

			Indiana--1.6%
	11,115,000	²	ABN AMRO MuniTOPS Certificates Trust (Indiana Non-AMT) (Series 2002-7), 2.00% TOBs (Indianapolis, IN Local Public Improvement Bond Bank)/(MBIA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 5/21/2003		11,115,000
	4,465,000		Anderson, IN, (Series 2000), Weekly VRDNs (United Faith Housing Corp.)/(National City Bank, Ohio LOC)		4,465,000
	5,890,000		Fort Wayne, IN, (Series 1998), Weekly VRDNs (St. Anne Home of the Diocese of Fort Wayne-South Bend, Inc.)/(Bank One, Indiana N.A. LOC)		5,890,000
	8,380,000		Franklin, IN, (Series 1999), Weekly VRDNs (Franklin United Methodist Home, Inc.)/(Firstar Bank, N.A. LOC)		8,380,000
	1,010,000		Indiana Health Facility Financing Authority Weekly VRDNs (Crossroads Rehabilitation Center)/(Bank One, Indiana N.A. LOC)		1,010,000
	36,470,000		Indianapolis, IN Local Public Improvement Bond Bank, Class A Certificates (Series 2002-193), Daily VRDNs (MBIA INS)/(Bear Stearns Cos., Inc. LIQ)		36,470,000
	7,820,000		Indianapolis, IN, (Series 2000), Marquette Manor Project, Weekly VRDNs (Retirement Living, Inc.)/(Allied Irish Banks PLC LOC)		7,820,000
	2,950,000		Indianapolis, IN, EDRB (Series 2001), Weekly VRDNs (Indianapolis Electrical Joint Apprenticeship and Training Committee)/(National City Bank, Ohio LOC)		2,950,000
	8,000,000		Lawrence, IN EDRB, (Series 2002), Weekly VRDNs (Westminster Village North, Inc.)/(U.S. Bank N.A., Cincinnatti LOC)		8,000,000
	1,935,000		Linton, IN, (Series 1999), Weekly VRDNs (Franklin-Glenburn Home, Inc.)/(Firstar Bank, N.A. LOC)		1,935,000
	1,955,000		St. Joseph County, IN, (Series 1998), Weekly VRDNs (South Bend Heritage Foundation, Inc.)/(Key Bank, N.A. LOC)		1,955,000
	10,665,000		St. Joseph County, IN, (Series 2000), Weekly VRDNs (South Bend Medical Foundation)/(Key Bank, N.A. LOC)		10,665,000
	4,000,000		Vigo County, IN EDRB, (Series 2001), Weekly VRDNs (Sisters of Providence of Saint Mary's of the Woods)/(Allied Irish Banks PLC LOC)		4,000,000
	6,595,000		Warren Township MSD, IN, MERLOTS (Series 2001 A-52), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		6,595,000
	6,105,000		Winona Lake, IN, (Series 1999A), Weekly VRDNs (Grace Village Retirement Community)/(Firstar Bank, N.A. LOC)		6,105,000

			TOTAL		117,355,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Kansas--0.9%
$	10,405,000		Kansas State Department of Transportation, (PT-384), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)	$	10,405,000
	5,185,000		Lawrence, KS, (Series 2002-I), 2.45% BANs, 6/1/2003		5,192,520
	6,005,355		Unified Government of Wyandotte County/Kansas City, KS, (Series 2002-XV), 1.65% BANs, 2/1/2003		6,005,355
	40,000,000		Unified Government of Wyandotte County/Kansas City, KS, (Series 2003-I), 1.35% BANs, 2/1/2004		39,991,600

			TOTAL		61,594,475

			Kentucky--0.2%
	410,000		Boone County, KY Weekly VRDNs (Spring Meadow Associates)/(Huntington National Bank, Columbus, OH LOC)		410,000
	7,500,000		Jefferson County, KY, (Series 1997), Weekly VRDNs (Kosmos Cement Co. Partnership)/(Wachovia Bank N.A. LOC)		7,500,000
	9,535,000		Kentucky Economic Development Finance Authority, (Series 1999B), Weekly VRDNs (Baptist Healthcare System)/(MBIA INS)/(Bank One, Michigan LIQ)		9,535,000

			TOTAL		17,445,000

			Louisiana--0.5%
	10,000,000	²	ABN AMRO MuniTOPS Certificates Trust (Louisiana Non-AMT) (Series 2002-17), 1.65% TOBs (Louisiana State Gas & Fuels)/(Ambac Financial Group, Inc. INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 8/21/2003		10,000,000
	800,000		Calcasieu Parish, LA, IDB Weekly VRDNs (Citgo Petroleum Corp.)/(WestLB AG LOC)		800,000
	14,000,000		Calcasieu Parish, LA, IDB, (Series 1999) Weekly VRDNs (PPG Industries, Inc.)		14,000,000
	8,000,000		Louisiana Local Government Environmental Facilities Community Development Authority, (Series 2001), Weekly VRDNs (Jewish Federation of Greater New Orleans)/(SunTrust Bank LOC)		8,000,000
	4,700,000		Louisiana State University and Agricultural and Mechanical College, (Series 2000), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		4,700,000

			TOTAL		37,500,000

			Maryland--2.5%
	1,300,000		Anne Arundel County, MD, (EDRB) (Series 1985 A), Weekly VRDNs (West Capital Associates LP)/(SunTrust Bank LOC)		1,300,000
	1,300,000		Anne Arundel County, MD, (Series 1988), Weekly VRDNs (Oakland Hills LP Facility)/(Allfirst Bank LOC)		1,300,000
	8,400,000		Baltimore County, MD IDA, Variable Rate Demand Acquisition Program (Series 1986), Weekly VRDNs (Baltimore Capital Acquisition)/(Bayerische Landesbank Girozentrale LOC)		8,400,000
	2,100,000		Baltimore County, MD Port Facility Monthly VRDNs (Occidental Petroleum Corp.)/(BNP Paribas SA LOC)		2,100,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Maryland--continued
$	3,375,000		Baltimore County, MD, (Series 1999), Weekly VRDNs (Calvert Hall College Facility)/(Allfirst Bank LOC)	$	3,375,000
	1,800,000		Baltimore, MD, (1988 Issue), Weekly VRDNs (University West LP)/(Allfirst Bank LOC)		1,800,000
	9,000,000		Calvert County, MD EDA, (Series 2001), Weekly VRDNs (Asbury-Solomons, Inc.)/(KBC Bank N.V. LOC)		9,000,000
	7,290,000		Carroll County, MD, (Series 1999B), Weekly VRDNs (Fairhaven, Inc./Copper Ridge, Inc.)/(Radian Asset Assurance INS)/(Branch Banking & Trust Co., Winston-Salem LIQ)		7,290,000
	9,700,000		Frederick County, MD, (1997 Issue), Weekly VRDNs (Homewood at Frederick MD, Inc. Facility)/(Allfirst Bank LOC)		9,700,000
	1,250,000		Harford County, MD, (Series 1988), Weekly VRDNs (1001 Partnership Facility)/(Allfirst Bank LOC)		1,250,000
	775,000		Howard County, MD, (Series 1995), Weekly VRDNs (Bluffs at Clarys Forest Apartments)/(Allfirst Bank LOC)		775,000
	2,805,000		Howard County, MD, (Series 1999), Weekly VRDNs (Howard Development LP Facility)/(Allfirst Bank LOC)		2,805,000
	15,165,000		Howard County, MD, (Series 2002-A), Weekly VRDNs (Columbia Vantage House Corp.)/(Lasalle Bank, N.A. LOC)		15,165,000
	4,365,000		Maryland Economic Development Corp., (1997 Issue), Weekly VRDNs (Jenkins Memorial Nursing Home, Inc. Facility)/(Allfirst Bank LOC)		4,365,000
	4,000,000		Maryland Economic Development Corp., (Series A), Weekly VRDNs (The ASSOCIATED: Jewish Community Federation of Baltimore, Inc.)/(Bank of America N.A. LOC)		4,000,000
	1,910,000		Maryland Health & Higher Educational Facilities Authority Weekly VRDNs (Capitol College)/(Allfirst Bank LOC)		1,910,000
	13,300,000		Maryland Health & Higher Educational Facilities Authority, (Series 1985A), Weekly VRDNs (Bank One N.A. (Chicago) LOC)		13,300,000
	10,175,000		Maryland Health & Higher Educational Facilities Authority, (Series 1994), Weekly VRDNs (University Physicians, Inc.)/(Allfirst Bank LOC)		10,175,000
	5,620,000		Maryland Health & Higher Educational Facilities Authority, (Series 1996-B), Weekly VRDNs (Loyola College in Maryland, Inc.)/(MBIA INS)/(Allfirst Bank LIQ)		5,620,000
	1,950,000		Maryland Health & Higher Educational Facilities Authority, (Series 1998), Weekly VRDNs (Woodbourne Foundation, Inc.)/(Allfirst Bank LOC)		1,950,000
	6,220,000		Maryland Health & Higher Educational Facilities Authority, (Series 1999), Weekly VRDNs (Boys' Latin School)/(Allfirst Bank LOC)		6,220,000
	5,000,000		Maryland Health & Higher Educational Facilities Authority, (Series 1999), Weekly VRDNs (Landon School)/(SunTrust Bank LOC)		5,000,000
	3,150,000		Maryland Health & Higher Educational Facilities Authority, (Series 2001C), Weekly VRDNs (Collington Episcopal Life Care Community, Inc.)/(Lasalle Bank, N.A. LOC)		3,150,000
	13,000,000		Maryland Health & Higher Educational Facilities Authority, (Series 2002), Weekly VRDNs (Holton-Arms School, Inc.)/(SunTrust Bank LOC)		13,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Maryland--continued
$	8,795,000		Maryland Health & Higher Educational Facilities Authority, (Series 1997), Weekly VRDNs (Augsburg Lutheran Home of MD, Inc.)/(Allfirst Bank LOC)	$	8,795,000
	3,000,000		Maryland Industrial Development Financing Authority, (Series 2002A), Weekly VRDNs (National Aquarium in Baltimore, Inc.)/(SunTrust Bank LOC)		3,000,000
	15,630,000	²	Maryland State Community Development Administration, (PT-123), 1.90% TOBs (BNP Paribas SA LIQ), Optional Tender 5/22/2003		15,630,000
	2,635,000		Maryland State IDFA, (1994 Issue), Weekly VRDNs (Baltimore International Culinary College Foundation, Inc.)/(SunTrust Bank LOC)		2,635,000
	13,000,000		Montgomery County, MD EDRB, (Series 2002), Weekly VRDNs (Institute for Genomic Research, Inc.)/(Bank of America N.A. LOC)		13,000,000
	2,101,000		Montgomery County, MD Housing Opportunities Commission, (Series 1998 Issue I), Weekly VRDNs (Byron House, Inc. Facility)/(Allfirst Bank LOC)		2,101,000
	495,000	²	Prince Georges County, MD Housing Authority Mortgage, (PT-1311), 1.55% TOBs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/4/2003		495,000
	2,875,000		Prince Georges County, MD, (1997 Issue), Weekly VRDNs (Mona Branch Avenue Ltd. Partnership)/(Allfirst Bank LOC)		2,875,000

			TOTAL		181,481,000

			Massachusetts--5.0%
	11,273,140		Clipper Tax-Exempt Certificates Trust, (Series A), Weekly VRDNs (Massachusetts State Lottery Commission)/(Ambac Financial Group, Inc. INS)/(State Street Bank and Trust Co. LIQ)		11,273,140
	3,000,000		Commonwealth of Massachusetts Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Citibank N.A., New York LIQ)		3,000,000
	2,250,000		Commonwealth of Massachusetts, (Series 2000A), Daily VRDNs (Landesbank Baden-Wuerttemberg LIQ)		2,250,000
	25,000,000		Commonwealth of Massachusetts, (Series 2001 B), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		25,000,000
	17,215,000		Commonwealth of Massachusetts, (Series 2001 C), Weekly VRDNs (State Street Bank and Trust Co. LIQ)		17,215,000
	18,300,000		Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000 Daily VRDNs (Toronto Dominion Bank LIQ)		18,300,000
	11,000,000		Dighton-Rehobeth, MA Regional School District, 2.50% BANs, 6/6/2003		11,024,402
	9,250,000		Hudson, MA, 2.60% BANs, 5/14/2003		9,266,459
	41,700,000		Massachusetts Development Finance Agency, (Series 2002 R-1), Weekly VRDNs (Boston University)/(XL Capital Assurance Inc. INS)/(Bayerische Landesbank Girozentrale LIQ)		41,700,000
	7,200,000		Massachusetts Development Finance Agency, (Series 2002A), Weekly VRDNs (Assumption College)/(Bank of New York LOC)		7,200,000
	37,565,000		Massachusetts Development Finance Agency, (Series R3), Weekly VRDNs (Boston University)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ)		37,565,000
	12,110,000		Massachusetts HEFA, (Series B) Weekly VRDNs (Hallmark Health System)/(Financial Security Assurance Inc INS)/(Fleet National Bank LIQ)		12,110,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Massachusetts--continued
$	3,627,500		Massachusetts Turnpike Authority, Floater Certificates (Series 2000-335), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Morgan Stanley LIQ)	$	3,627,500
	19,100,000		Massachusetts Water Resources Authority, (Series 2000B), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		19,100,000
	42,860,000		Massachusetts Water Resources Authority, Class A Certificates (Series 2002-208), Daily VRDNs (Financial Security Assurance Inc. INS)/ (Bear Stearns Cos., Inc. LIQ)		42,860,000
	10,000,000		Medford, MA, 2.25% BANs, 11/14/2003		10,050,070
	15,000,000		New Bedford, MA, 2.50% BANs, 2/27/2003		15,008,185
	17,775,000		Northborough-Southborough, MA Regional School District, (Series B), 2.75% BANs, 10/30/2003		17,924,288
	6,000,000		Watertown, MA, 2.20% BANs, 11/14/2003		6,027,738
	42,500,000		Westborough, MA, 2.50% BANs, 5/23/2003		42,588,777

			TOTAL		353,090,559

			Michigan--3.7%
	18,619,000		ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT) (Series 1998-11), Weekly VRDNs (DeWitt, MI Public Schools)/(Financial Security Assurance Inc. INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		18,619,000
	4,909,000		Battle Creek, MI Economic Development Corp., (Series 1992), Weekly VRDNs (Michigan Carton & Paperboard Co.)/(American National Bank & Trust Co., Chicago LOC)		4,909,000
	8,840,000	²	Detroit, MI City School District, (PA-997R), 1.55% TOBs (Financial Security Assurance Inc. INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/4/2003		8,840,000
	25,764,000		Detroit, MI City School District, Floater Certificates (Series 2001-710), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Morgan Stanley LIQ)		25,764,000
	4,620,000		Detroit, MI City School District, Variable Certificates (Series 2002H), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Bank of America N.A. LIQ)		4,620,000
	3,000,000		Detroit, MI City School District, Variable Rate Certificates (Series 2001-P), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Bank of America N.A. LIQ)		3,000,000
	6,475,000		Detroit, MI Sewage Disposal System, MERLOTS (Series 2001-A103), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		6,475,000
	5,700,000		Detroit, MI Sewage Disposal System, MERLOTS (Series 2000-I), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		5,700,000
	4,260,000		Detroit, MI Sewage Disposal System, Variable Certificates (Series 2002G), Weekly VRDNs (FGIC INS)/(Bank of America N.A. LIQ)		4,260,000
	1,520,000		Garden City, MI HFA, (Series 1996A), Weekly VRDNs (Garden City Hospital, Osteopathic)/(National City Bank, Michigan/Illinois LOC)		1,520,000
	3,500,000		Grand Rapid & Kent County, MI Joint Building Authority, (Series 2001-JPMC7), Weekly VRDNs (Kent County, MI)/(J.P. Morgan Chase & Co. LIQ)		3,500,000
	2,100,000		Grand Rapids, MI EDR, (Series 1983-B), Weekly VRDNs (Amway Grand Plaza Hotel Facilities)/(Fifth Third Bank, Michigan LOC)		2,100,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Michigan--continued
$	1,150,000		Grand Rapids, MI Economic Development Corp., (Series 2000), Weekly VRDNs (Holland Home Obligated Group)/(Fifth Third Bank, Michigan LOC)	$	1,150,000
	1,000,000		Grand Rapids, MI Economic Development Corp., (Series 1991-A), Weekly VRDNs (Amway Hotel Corp.)/(Standard Federal Bank, N.A. LOC)		1,000,000
	9,815,000	²	Huron Valley, MI School District, MERLOTS (Series 2001-A120), 1.55% TOBs (Michigan State GTD)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		9,815,000
	6,705,000		Ingham County, MI Economic Development Corp., (Series 1995), Weekly VRDNs (Martin Luther Memorial Home, Inc.)/(Bank One, Indiana N.A. LOC)		6,705,000
	6,000,000		Jackson County, MI Economic Development Corp., (Series 2001A), Daily VRDNs (Vista Grande Villa)/(Lasalle Bank, N.A. LOC)		6,000,000
	1,000,000		Kent Hospital Finance Authority, MI, (Series 1998B), Weekly VRDNs (Spectrum Health)/(MBIA INS)/(Bank One, Michigan LIQ)		1,000,000
	10,000,000		Kentwood, MI Public Economic Development Corp. Weekly VRDNs (Holland Home Obligated Group)/(Lasalle Bank, N.A. LOC)		10,000,000
	560,000		Michigan Higher Education Facilities Authority, (Series 1997), Weekly VRDNs (Davenport College of Business)/(Fifth Third Bank, Michigan LOC)		560,000
	35,000,000		Michigan Municipal Bond Authority, (Series C-2), 2.25% RANs (J.P. Morgan Chase & Co. LOC), 8/22/2003		35,155,670
	15,000,000		Michigan State Building Authority, (Series 3), 1.05% CP (Bank of New York LOC), Mandatory Tender 4/3/2003		15,000,000
	9,985,000		Michigan State Hospital Finance Authority, (PT-732) Weekly VRDNs (Ascension Health Credit Group)/(MBIA Insurance Corp. INS)/(Svenska Handelsbanken, Stockholm LIQ)		9,985,000
	9,000,000		Michigan State Hospital Finance Authority, (Series 1999 A), Weekly VRDNs (Covenant Retirement Communities, Inc.)/(Lasalle Bank, N.A. LOC)		9,000,000
	745,000		Michigan State Hospital Finance Authority, (Series 2000), Weekly VRDNs (Oaklawn Hospital, MI)/(Standard Federal Bank, N.A. LOC)		745,000
	24,510,000		Michigan State Hospital Finance Authority, (Series 2000E), Weekly VRDNs (Trinity Healthcare Credit Group)/(Ambac Financial Group, Inc. INS)/(Bank One N.A. (Chicago) LIQ)		24,510,000
	3,000,000		Michigan State Hospital Finance Authority, (Series B), Weekly VRDNs (Standard Federal Bank, N.A. LOC)		3,000,000
	2,500,000		Michigan State Hospital Finance Authority, MERLOTS (Series 1997A), Weekly VRDNs (Detroit Medical Center Obligated Group)/(Ambac Financial Group, Inc. INS)/(Wachovia Bank N.A. LIQ)		2,500,000
	10,180,000		Michigan State Housing Development Authority, (Series 2002A), Weekly VRDNs (Ponds Taylor Limited Dividend Housing Association LLC)/(Federal National Mortgage Association LOC)		10,180,000
	2,655,000		Michigan State Housing Development Authority, MERLOTS (Series 2002 B1), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		2,655,000
	1,100,000		Michigan State, (Series A), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Dexia Credit Local LIQ)		1,100,000
	4,000,000		Michigan Strategic Fund Daily VRDNs (Henry Ford Museum & Greenfield Village)/(Comerica Bank LOC)		4,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Michigan--continued
$	4,730,000		Michigan Strategic Fund, (Series 1999), Weekly VRDNs (Pierce Foundation)/(Standard Federal Bank, N.A. LOC)	$	4,730,000
	7,495,000		Michigan Strategic Fund, (PA-334), Weekly VRDNs (Detroit Edison Co.)/(MBIA Insurance Corp. INS)/(Merrill Lynch & Co., Inc. LIQ)		7,495,000
	2,135,000		Rockford, MI Public Schools, Floater Certificates (Series 2002-589), Weekly VRDNs (Michigan State GTD)/(Morgan Stanley LIQ)		2,135,000
	9,000,000		Wayne Westland Community Schools, MI, Floater Certificates (Series 1998-67), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ)		9,000,000

			TOTAL		266,727,670

			Minnesota--2.2%
	8,000,000	²	ABN AMRO MuniTOPS Certificates Trust (Minnesota Non-AMT) (Series 2000-8), 2.05% TOBs (Minneapolis/St. Paul, MN Metropolitan Airports Commission)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 5/7/2003		8,000,000
	8,600,000		Burnsville, MN, Variable Rate Demand Revenue Bonds (Series 1996), Weekly VRDNs (YMCA)/(Wells Fargo Bank Minnesota N.A. LOC)		8,600,000
	1,500,000		Duluth, MN, (Series 1985) Weekly VRDNs (Wachovia Bank N.A. LOC)		1,500,000
	2,050,000		Glencoe-Silverlake, MN Independent School District No. 2859, 2.25% TRANs (Minnesota State GTD), 8/11/2003		2,056,822
	2,500,000		Minneapolis Special School District No. 001, MN, (PT-1451), Weekly VRDNs (Minnesota State GTD)/(Merrill Lynch & Co., Inc. LIQ)		2,500,000
	1,950,000		Minneapolis, MN Multifamily Housing Authority, (Series 2001), Weekly VRDNs (Seven Corners Apartments)/(Wells Fargo Bank, N.A. LOC)		1,950,000
	9,730,000		Minneapolis, MN, (Series 1993), Weekly VRDNs (Market Square Real Estate, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		9,730,000
	10,000,000		Minneapolis, MN, Housing Development Revenue Refunding Bonds (Series 1988), Weekly VRDNs (Symphony Place)/(Federal Home Loan Mortgage Corp. LOC)		10,000,000
	995,000		Minneapolis/St. Paul, MN Metropolitan Airports Commission, MERLOTS (Series 2000ZZ), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		995,000
	1,475,000		Minnesota Public Facilities Authority, (PT-1175), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		1,475,000
	1,500,000		Minnesota State Commissioner of Iron Range Resources & Rehabilitation, (Series 1991), Weekly VRDNs (Louisiana-Pacific Corp.)/(Wachovia Bank N.A. LOC)		1,500,000
	16,125,000		Minnesota State, (PT-399), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		16,125,000
	10,810,000		Minnesota State, (PT-400), Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		10,810,000
	15,500,000		Minnesota State, Floater Certificates (Series 2001-719), Weekly VRDNs (Morgan Stanley LIQ)		15,500,000
	5,800,000		Minnesota State, PUTTERs (Series 273), Weekly VRDNs (J.P. Morgan Chase Bank LIQ)		5,800,000
	2,500,000		Park Rapids, MN Independent School District No.309, 1.70% TRANs (Minnesota State GTD), 9/1/2003		2,501,419
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Minnesota--continued
$	7,000,000		Rochester, MN Health Care Facility Authority, (Series 1998-177), Weekly VRDNs (Mayo Foundation)/(Morgan Stanley LIQ)	$	7,000,000
	6,000,000		Rochester, MN Health Care Facility Authority, (Series 2000A), 1.45% CP (Mayo Foundation)/(Chase Manhattan Bank (USA) N.A., Wilmington LIQ), Mandatory Tender 2/13/2003		6,000,000
	13,400,000		Rochester, MN Health Care Facility Authority, (Series 2000C), 1.05% CP (Mayo Foundation)/(Wells Fargo Bank Minnesota N.A. LIQ), Mandatory Tender 2/4/2003		13,400,000
	8,000,000		Seaway Port Authority of Duluth, MN, (Series 2000), Weekly VRDNs (St. Lawrence Cement Inc.)/(Wachovia Bank N.A. LOC)		8,000,000
	5,500,000		Shakopee, MN Hospital Finance Authority Weekly VRDNs (St. Francis Regional Medical Center)/(Wells Fargo Bank Minnesota N.A. LOC)		5,500,000
	10,335,000		University of Minnesota, (Series 1999A), Weekly VRDNs		10,335,000
	4,995,000		University of Minnesota, Floater Certificates (Series 2001-648), Weekly VRDNs (Morgan Stanley LIQ)		4,995,000

			TOTAL		154,273,241

			Mississippi--0.2%
	855,000		Hinds County, MS, (Series 1991), Weekly VRDNs (North State St. Project)/(Amsouth Bank N.A., Birmingham LOC)		855,000
	10,680,000		Mississippi Business Finance Corp., (Series A), Weekly VRDNs (Mississippi College)/(Amsouth Bank N.A., Birmingham LOC)		10,680,000

			TOTAL		11,535,000

			Missouri--0.4%
	2,650,000		Kansas City, MO School District Building Corp., (Series 2002A), 4.00% Bonds (Kansas City, MO School District)/(FGIC INS), 2/1/2003		2,650,000
	3,800,000		Missouri State HEFA, (Series 2000), Weekly VRDNs (Dialysis Clinic, Inc.)/(SunTrust Bank LOC)		3,800,000
	9,500,000		Missouri State HEFA, (Series A), 2.50% Bonds (SSM Health Care Credit Group), 6/1/2003		9,532,396
	12,500,000		University of Missouri, (Series 2000), Daily VRDNs		12,500,000

			TOTAL		28,482,396

			Multistate--3.1%
	32,977,952		ABN AMRO Chicago Corp. (Series 1997-1), LeaseTOPS Trust Weekly VRDNs (Lasalle Bank, N.A. LIQ)/(Lasalle Bank, N.A. LOC)		32,977,952
	46,459,000		Clipper Tax-Exempt Certificates Trust (Non-AMT Multistate) (Series 1998-2), Weekly VRDNs (State Street Bank and Trust Co. LIQ)		46,459,000
	11,809,560		Koch Floating Rate Trust (Multistate Non-AMT) (Series 2000-1), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(State Street Bank and Trust Co. LIQ)		11,809,560
	28,259,000		Koch Floating Rate Trust (Multistate Non-AMT) (Series 2001-1), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(State Street Bank and Trust Co. LIQ)		28,259,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Multistate--continued
$	26,000,000		Missouri-Illinois Metropolitan District Bi-State Development Agency, (Series 2002A), Weekly VRDNs (Metrolink Cross County Extension)/(Financial Security Assurance Inc. INS)/(WestLB AG LIQ)	$	26,000,000
	5,963,285	²	PBCC LeaseTOPS Trust (Multistate Non-AMT) (Series 1998-2), 2.00% TOBs (Ambac Financial Group, Inc. INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 10/8/2003		5,963,285
	15,474,396	²	PBCC LeaseTOPS Trust (Multistate Non-AMT) (Series 1999-2), 2.00% TOBs (Ambac Financial Group, Inc. INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 10/15/2003		15,474,396
	55,500,000		TICs/TOCs MuniMae Trust (Series 2002-1M), Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale and Landesbank Baden-Wuerttemberg LIQs)		55,500,000

			TOTAL		222,443,193

			Nevada--0.1%
	7,500,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 1998-1), Weekly VRDNs (Nevada State)/(MBIA INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		7,500,000

			New Hampshire--0.9%
	8,000,000		New Hampshire Health and Education Facilities Authority, (Series 2002B), Weekly VRDNs (Catholic Medical Center)/(Citizens Bank of Massachusetts LOC)		8,000,000
	56,300,000		New Hampshire Higher Educational & Health Facilities Authority, Revenue Bonds (Series 2002), Weekly VRDNs (Dartmouth College, NH)		56,300,000

			TOTAL		64,300,000

			New Jersey--1.4%
	1,860,000		Delaware River Port Authority, PUTTERs (Series 144), Weekly VRDNs (Financial Security Assurance Inc. INS)/(J.P. Morgan Chase Bank LIQ)		1,860,000
	22,600,000		Hamilton Township, NJ, 2.125% BANs, 10/17/2003		22,709,371
	6,000,000		Moorestown Township, NJ, 3.00% BANs, 5/29/2003		6,021,522
	4,995,000	²	New Jersey EDA, (PA-827R), 1.60% TOBs (Ambac Financial Group, Inc. INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/18/2003		4,995,000
	11,200,000		New Jersey State Transportation Trust Fund Authority, Trust Receipts (Series 1996-1), Weekly VRDNs (MBIA INS)/(Bank of New York LIQ)		11,200,000
	6,000,000		North Brunswick Township, NJ, 2.50% BANs, 2/21/2003		6,002,584
	24,585,000		Port Authority of New York and New Jersey, (Series 2001-736), Weekly VRDNs (Financial Security Assurance Inc INS)/(Morgan Stanley LIQ)		24,585,000
	10,066,000		Trenton, NJ, 2.25% BANs, 10/17/2003		10,118,545
	11,277,000		Trenton, NJ, 2.25% BANs, 10/17/2003		11,335,827

			TOTAL		98,827,849

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			New Mexico--0.0%
$	2,500,000		Bernalillo County, NM, (Series 2002), 3.00% BANs, 3/15/2003	$	2,502,404

			New York--10.2%
	16,000,000		Chenango Valley, NY Central School District, 2.375% BANs, 6/27/2003		16,042,420
	24,540,500		Cornwall, NY Central School District, 2.25% BANs, 10/17/2003		24,651,344
	39,200,000		Long Island Power Authority, (Series 1A), Weekly VRDNs (Bayerische Hypotheken-und Vereinsbank AG LOC)		39,200,000
	30,000,000		Long Island Power Authority, (Series 3A), Weekly VRDNs (J.P. Morgan Chase Bank LOC)		30,000,000
	46,215,000		Metropolitan Transportation Authority, NY, Floater Certificates (Series 2001-660), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Morgan Stanley LIQ)		46,215,000
	24,000,000		Metropolitan Transportation Authority, NY, MERLOTS (Series 1997C), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		24,000,000
	15,000,000		New York City Municipal Water Finance Authority, Floater Certificates (Series 2001-687), Weekly VRDNs (MBIA INS)/(Morgan Stanley LIQ)		15,000,000
	30,025,000		New York City Municipal Water Finance Authority, Trust Receipts (Series 1997 FR/RI-6), Weekly VRDNs (MBIA INS)/(Bank of New York LIQ)		30,025,000
	75,000,000		New York City, NY Transitional Finance Authority, (Series 2002 FR/RI- L11), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		75,000,000
	24,900,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Series 2003 3-H), Daily VRDNs (Bank of New York LIQ)		24,900,000
	40,000,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003 1-C), Daily VRDNs (J.P. Morgan Chase Bank LIQ)		40,000,000
	5,400,000		New York City, NY, (Series 1995 B-8), Weekly VRDNs (Bayerische Landesbank Girozentrale LOC)		5,400,000
	21,900,000		New York City, NY, (1996 Series J-2), Weekly VRDNs (WestLB AG LOC)		21,900,000
	17,400,000		New York City, NY, (1996 Series J-3), Weekly VRDNs (J.P. Morgan Chase Bank LOC)		17,400,000
	50,000,000		New York City, NY, 2.50% RANs, 4/11/2003		50,105,375
	150,200,000		New York City, NY, FR/RI (Series 2002 L24J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		150,200,000
	7,675,000		New York State Environmental Facilities Corp. State Clean Water and Drinking Water, (Series 2001-732), Weekly VRDNs (Morgan Stanley LIQ)		7,675,000
	5,470,000		New York State Environmental Facilities Corp., Floater Certificates (Series 2001-658), Weekly VRDNs (New York City Municipal Water Finance Authority)/(Morgan Stanley LIQ)		5,470,000
	16,812,500		New York State Thruway Authority, Floater Certificates (Series 2001-691), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Morgan Stanley LIQ)		16,812,500
	7,500,000		North Syracuse, NY Central School District, 2.40% BANs, 6/20/2003		7,519,650
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			New York--continued
$	3,000,000		Northport - East Northport, NY Unified Free School District, 2.25% TANs, 6/30/2003	$	3,008,433
	18,000,000		Northport - East Northport, NY Unified Free School District, 2.50% TANs, 6/30/2003		18,069,412
	11,690,773		Skaneateles, NY Central School District, 2.50% BANs, 6/20/2003		11,725,767
	15,000,000		Spencerport, NY Central School District, 2.00% BANs, 3/14/2003		15,004,139
	11,185,000		Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000A), Weekly VRDNs (Financial Security Assurance Inc. INS)/ (J.P. Morgan Chase Bank LIQ)		11,185,000
	4,000,000		VRDC/IVRC Trust, (Series 1993G), Weekly VRDNs (St. Lukes Roosevelt Hospital Center)/(FHA INS)/(J.P. Morgan Chase Bank LIQ)		4,000,000
	17,950,000		Wallkill, NY Central School District, 2.375% BANs, 6/26/2003		17,997,323

			TOTAL		728,506,363

			North Carolina--1.2%
	1,200,000		North Carolina Capital Facilities Finance Agency, (Series 2002), Weekly VRDNs (Goodwill Community Foundation)/(Bank of America N.A. LOC)		1,200,000
	31,000,000		North Carolina Medical Care Commission, (Series 2001A), Weekly VRDNs (Moses H. Cone Memorial)		31,000,000
	35,000,000		North Carolina Medical Care Commission, (Series 2001B), Weekly VRDNs (Moses H. Cone Memorial)		35,000,000
	8,000,000		North Carolina State, Public Improvement Bonds (Series 2002E), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		8,000,000
	7,650,000		North Carolina State, Public Improvement Bonds (Series 2002F), Weekly VRDNs (Landesbank Hessen-Thueringen, Frankfurt LIQ)		7,650,000

			TOTAL		82,850,000

			Ohio--7.0%
	8,338,000	²	ABN AMRO MuniTOPS Certificates Trust (Ohio Non-AMT) (Series 1998-18), 2.00% TOBs (Cleveland, OH Waterworks)/(Financial Security Assurance Inc. INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 5/7/2003		8,338,000
	2,005,000		Akron, Bath & Copley, OH Joint Township Weekly VRDNs (Visiting Nurses)/(National City Bank, Ohio LOC)		2,005,000
	15,000,000		Akron, Bath & Copley, OH Joint Township, (Series 2002), Weekly VRDNs (Sumner on Ridgewood, Inc.)/(KBC Bank N.V. LOC)		15,000,000
	12,425,000		Ashland County, OH Health Care, (Series 1999), Weekly VRDNs (Brethren Care, Inc.)/(FirstMerit Bank, N.A. LOC)		12,425,000
	6,925,000		Banc One Capital Higher Education Tax-Exempt Income Trust, (Series 2), Certificates of Ownership, Weekly VRDNs (Bank One, Kentucky LOC)		6,925,000
	8,975,000		Butler County Hospital, (Series 2002), Weekly VRDNs (Middletown Regional Hospital)/(Bank One N.A. (Ohio) LOC)		8,975,000
	5,500,000		Butler County, OH, (Series 2002), Weekly VRDNs (LifeSphere, Inc.)/(U.S. Bank N.A., Cincinnatti LOC)		5,500,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Ohio--continued
$	4,165,000		Cincinnati City School District, OH, PUTTERs (Series 315), Weekly VRDNs (Financial Security Assurance Inc. INS)/(J.P. Morgan Chase Bank LIQ)	$	4,165,000
	11,720,000		Clark County, OH, (Series 1999), Weekly VRDNs (Ohio Masonic Home)/(Ambac Financial Group, Inc. INS)/(Harris Trust & Savings Bank, Chicago LIQ)		11,720,000
	9,575,000		Clark County, OH, (Series 2001), Weekly VRDNs (Ohio Masonic Home)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		9,575,000
	10,165,000		Clark County, OH, (Series 2002), Weekly VRDNs (Ohio Masonic Home)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		10,165,000
	23,000,000		Cuyahoga County, OH Health Care Facilities, (Series 2001), Weekly VRDNs (Gardens of McGregor & Amasa Stone)/(Key Bank, N.A. LOC)		23,000,000
	4,500,000		Cuyahoga County, OH Hospital Authority, (Series 2000), Weekly VRDNs (The Sisters of Charity of St. Augustine Health System, Inc.)/(National City Bank, Ohio LOC)		4,500,000
	5,000,000		Cuyahoga County, OH IDA, (Series A-1), Remarketing Weekly VRDNs (University School)/(Key Bank, N.A. LOC)		5,000,000
	4,420,000		Cuyahoga County, OH, (Series 1999), Weekly VRDNs (The Renaissance)/(Lasalle Bank, N.A. LOC)		4,420,000
	4,000,000		Cuyahoga County, OH, (Series 2002), Weekly VRDNs (The Health Museum of Cleveland)/(Key Bank, N.A. LOC)		4,000,000
	5,000,000		Cuyahoga, OH Community College District, (Series 2002B), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Key Bank, N.A. LIQ)		5,000,000
	2,500,000		Dublin, OH, Industrial Development Refunding Revenue Bonds (Series 1997), Weekly VRDNs (Witco Corp.)/(Fleet National Bank LOC)		2,500,000
	4,170,000		Erie County, OH, (Series 1996A), Weekly VRDNs (Providence Care Center)/(Bank One N.A. (Ohio) LOC)		4,170,000
	3,280,000		Franklin County, OH Health Care Facilities, (Series 1999 A), Weekly VRDNs (National Church Residences)/(Fifth Third Bank, Cincinnati LOC)		3,280,000
	1,450,000		Franklin County, OH Health Care Facilities, (Series 1999 B), Weekly VRDNs (National Church Residences)/(Fifth Third Bank, Cincinnati LOC)		1,450,000
	2,000,000		Franklin County, OH Health Care Facilities, Refunding & Improvement Revs (Series 2002 B), Weekly VRDNs (Ohio Presbyterian Retirement Services)/(National City Bank, Ohio LOC)		2,000,000
	4,500,000		Franklin County, OH IDA Weekly VRDNs (Heekin Can, Inc.)/(Bank One, Illinois N.A. LOC)		4,500,000
	20,000,000		Franklin County, OH Mortgage Revenue, (Series 2000F), Weekly VRDNs (Trinity Healthcare Credit Group)/(J.P. Morgan Chase Bank LIQ)		20,000,000
	10,000,000		Franklin County, OH, Hospital Revenue Bonds (Series 1995), Weekly VRDNs (Trinity Healthcare Credit Group)/(J.P. Morgan Chase Bank LIQ)		10,000,000
	6,130,000		Geauga County, OH, (Series 2001), Weekly VRDNs (Montefiore Housing Corp.)/(Key Bank, N.A. LOC)		6,130,000
	1,335,000		Genoa Village, OH, (Series 1999), Weekly VRDNs (Genoa Health Care Center)/(Fifth Third Bank, Cincinnati LOC)		1,335,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Ohio--continued
$	14,930,000		Greene County, OH Hospital Facilities Revenue Authority, (Series 1999A), Weekly VRDNs (Med Health System)/(Key Bank, N.A. LOC)	$	14,930,000
	5,600,000		Greene County, OH, (Series D), 2.10% BANs, 5/30/2003		5,603,740
	8,100,000		Hamilton County, OH Hospital Facilities Authority, (Series 2002A), Weekly VRDNs (The Elizabeth Gamble Deaconess Home Association)/(J.P. Morgan Chase Bank LOC)		8,100,000
	9,450,000		Hamilton County, OH, (Series 2000A), Weekly VRDNs (Deaconess Long Term Care, Inc.)/(Lasalle Bank, N.A. LOC)		9,450,000
	6,130,000		Henry County, OH, (Series 1996), Weekly VRDNs (Automatic Feed Co.)/(Huntington National Bank, Columbus, OH LOC)		6,130,000
	11,970,000		Hudson City, OH, 1.80% BANs, 11/26/2003		12,009,482
	69,045,000		Kent State University, OH, (Series 2001), Weekly VRDNs (MBIA INS)/ (Dexia Bank, Belgium LIQ)		69,045,000
	13,000,000		Lake County, OH Weekly VRDNs (Lake County, OH Hospital System, Inc.)/(Radian Asset Assurance INS)/(Fleet National Bank LIQ)		13,000,000
	10,800,000		Lakewood, OH, (Series 2000), Weekly VRDNs (St. Edward High School)/(Allied Irish Banks PLC LOC)		10,800,000
	7,595,000		Lorain County, OH EDA Weekly VRDNs (Lake Ridge Academy)/(National City Bank, Ohio LOC)		7,595,000
	10,000,000		Lorain, OH City School District, 2.11% BANs, 2/24/2003		10,003,646
	5,355,000		Louisville, OH, (Series 1999A), Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC)		5,355,000
	5,835,000		Louisville, OH, (Series 1999B), Weekly VRDNs (St. Joseph Care Center)/(FirstMerit Bank, N.A. LOC)		5,835,000
	7,400,000		Lucas County, OH IDA Weekly VRDNs (Kroger Co.)/(U.S. Bank N.A., Cincinnatti LOC)		7,400,000
	12,475,000		Lucas County, OH Weekly VRDNs (Lutheran Homes Society)/(Fifth Third Bank, Cincinnati LOC)		12,475,000
	110,000		Lucas County, OH Weekly VRDNs (Sunshine Children's Home)/(National City Bank, Ohio LOC)		110,000
	10,700,000		Lucas County, OH, (Series 1), 1.90% BANs, 10/16/2003		10,731,869
	1,320,000		Marion County, OH Health Care Facilities Weekly VRDNs (Marion Area Counseling Center, Inc.)/(Huntington National Bank, Columbus, OH LOC)		1,320,000
	4,000,000		Marion County, OH Health Care Facilities, (Series 2002), Weekly VRDNs (United Church Homes, Inc.)/(Key Bank, N.A. LOC)		4,000,000
	5,850,000		Mason, OH, 2.60% BANs, 5/29/2003		5,862,880
	7,400,000		Medina County, OH, (Series 1997), Weekly VRDNs (Plaza 71 Associates Ltd.)/(WestLB AG LOC)		7,400,000
	3,655,000		Middletown, OH, 2.50% BANs, 5/21/2003		3,660,888
	2,910,000		Montgomery, OH IDA Weekly VRDNs (Bethesda Two LP)/(Huntington National Bank, Columbus, OH LOC)		2,910,000
	7,000,000		New Albany, OH, (Series B), Weekly VRDNs (Bank One N.A. (Ohio) LOC)		7,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Ohio--continued
$	5,920,000		North Ridgeville, OH, 2.28% BANs, 5/8/2003	$	5,922,732
	9,000,000		Ohio State Building Authority, (Series 2002), FR/RI-L39J Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		9,000,000
	845,000		Ohio State Higher Education Facility Weekly VRDNs (Notre Dame College)/(National City Bank, Ohio LOC)		845,000
	5,695,000		Ohio State Turnpike Commission, Morgan Stanley Floater Certificates (Series 1998-71), Weekly VRDNs (FGIC INS)/(Morgan Stanley LIQ)		5,695,000
	3,600,000		Ohio State University, (Series 1999 B2), Weekly VRDNs		3,600,000
	5,375,000		Ohio State, (Series 2002), FR/RI-L31J Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		5,375,000
	4,500,000		Rickenbacker, OH Port Authority, (Series 1992), Weekly VRDNs (Rickenbacker Holdings, Inc.)/(Bank One N.A. (Ohio) LOC)		4,500,000
	5,175,000		Ross County, OH Weekly VRDNs (Adena Health System)/(Huntington National Bank, Columbus, OH LOC)		5,175,000
	4,450,000		Ross County, OH, Health Care Facilities Revenue Bonds (Series 2001), Weekly VRDNs (Traditions at Chillicothe)/(Huntington National Bank, Columbus, OH LOC)		4,450,000
	2,650,000		Summit County, OH, (Series 1996), Weekly VRDNs (United Disability Services, Inc.)/(FirstMerit Bank, N.A. LOC)		2,650,000
	6,000,000		Summit County, OH, (Series 2002), Weekly VRDNs (The Western Reserve Academy)/(Key Bank, N.A. LOC)		6,000,000
	4,250,000		Village of Holland, OH, (Series 2001), Weekly VRDNs (Anne Grady Corp.)/(Fifth Third Bank, Cincinnati LOC)		4,250,000
	1,235,000		Wayne County, OH, Health Care Facility Revenue Bonds (Series 1995), Weekly VRDNs (D & M Realty Project)/(Bank One N.A. (Ohio) LOC)		1,235,000
	4,095,000		Willoughby, OH, 1.90% BANs, 12/19/2003		4,118,805
	2,025,000		Wood County, OH, (Series 1998), Weekly VRDNs (IMCO Carbide Tool, Inc.)/(Huntington National Bank, Columbus, OH LOC)		2,025,000

			TOTAL		501,647,042

			Oklahoma--0.2%
	1,790,000		Muskogee, OK Industrial Trust, (Series 1985), Weekly VRDNs (Warmack Muskogee Ltd. Partnership)/(Bank of America N.A. LOC)		1,790,000
	5,270,000		Oklahoma Development Finance Authority, (Series 2001), Weekly VRDNs (Oklahoma Centennial Fund, Inc.)/(Bank of America N.A. LOC)		5,270,000
	8,000,000		Oklahoma State Industries Authority, (Series 2002), Weekly VRDNs (American Cancer Society, Inc.)/(Bank of America N.A. LOC)		8,000,000

			TOTAL		15,060,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Oregon--0.7%
$	50,000,000		Oregon State, (Series A), 3.25% TANs, 5/1/2003	$	50,149,349

			Pennsylvania--5.0%
	3,500,000		Adams County, PA IDA, (Series 2002), Weekly VRDNs (Wellspan Properties, Inc.)/(Ambac Financial Group, Inc. INS)/(Allied Irish Banks PLC LIQ)		3,500,000
	5,695,000		Allegheny County, PA HDA, (Series 1990 D), Weekly VRDNs (Presbyterian University Hospital)/(MBIA INS)/(J.P. Morgan Chase Bank LIQ)		5,695,000
	7,975,000		Allegheny County, PA HDA, (Series 2001B), Weekly VRDNs (Covenant at South Hills)/(Key Bank, N.A. LOC)		7,975,000
	8,000,000		Allegheny County, PA HDA, (Series 2000 A), 1.95% TOBs (South Hills Health System)/(PNC Bank, N.A. LOC), Mandatory Tender 6/1/2003		8,000,000
	4,835,000		Allegheny County, PA HDA, (Series B1), Weekly VRDNs (Presbyterian University Hospital)/(Bank One, Michigan LOC)		4,835,000
	3,605,000		Allegheny County, PA IDA, (Series 1992) Weekly VRDNs (Eleven Parkway Center Associates)/(National City Bank, Pennsylvania LOC)		3,605,000
	4,000,000		Allegheny County, PA IDA, (Series 2002), 3.00% TOBs (Our Lady of the Sacred Heart High School)/(PNC Bank, N.A. LOC), Mandatory Tender 6/1/2003		4,015,811
	8,600,000		Allegheny County, PA IDA, (Series B), Weekly VRDNs (Zoological Society of Pittsburgh)/(PNC Bank, N.A. LOC)		8,600,000
	2,490,000		Allegheny County, PA IDA, Variable Rate Demand Revenue Bonds (Series 1997A), Weekly VRDNs (Jewish Community Center)/(National City Bank, Pennsylvania LOC)		2,490,000
	4,485,000		Allegheny County, PA IDA, Variable Rate Demand Revenue Bonds (Series 1997 B), Weekly VRDNs (Jewish Community Center)/(National City Bank, Pennsylvania LOC)		4,485,000
	3,850,000		Butler County, PA IDA, IDRB's (Series 1997), Weekly VRDNs (Wise Business Forms, Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)		3,850,000
	4,615,000		Central Bucks, PA School District, (Series 2000 A), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		4,615,000
	4,440,000		Chartiers Valley, PA Industrial & Commercial Development Authority, (Series 2000B), Weekly VRDNs (Asbury Heights)/(Lasalle Bank, N.A. LOC)		4,440,000
	11,800,000		Commonwealth of Pennsylvania, (Series 2001-JPMC5), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)		11,800,000
	12,652,500		Commonwealth of Pennsylvania, Floater Certificates (Series 2001-696), Weekly VRDNs (Financial Security Assurance Inc INS)/(Morgan Stanley LIQ)		12,652,500
	3,500,000		Commonwealth of Pennsylvania, Variable Rate Certificates (Series 2001-F), Weekly VRDNs (Bank of America N.A. LIQ)		3,500,000
	6,000,000		Cumberland County, PA Municipal Authority, (Series 1993), Weekly VRDNs (Presbyterian Homes, Inc.)/(KBC Bank N.V. LOC)		6,000,000
	15,000,000		Cumberland County, PA Municipal Authority, (Series 2002-C), Weekly VRDNs (Wesley Affiliated Services, Inc. Obligated Group)/(Lloyds TSB Bank PLC, London LOC)		15,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Pennsylvania--continued
$	9,000,000		Cumberland County, PA Municipal Authority, (Series 2003-B), Weekly VRDNs (Presbyterian Homes, Inc.)/(KBC Bank N.V. LOC)	$	9,000,000
	7,320,000		Cumberland County, PA Municipal Authority, Variable Rate Revenue Bonds (Series 1996 B), 1.80% TOBs (Dickinson College)/(Mellon Bank N.A., Pittsburgh LOC), Mandatory Tender 11/1/2003		7,320,000
	4,575,000		Cumberland County, PA, (Series 2000), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Wachovia Bank N.A. LIQ)		4,575,000
	4,500,000		Cumberland County, PA, (Series 2001), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Wachovia Bank N.A. LIQ)		4,500,000
	4,410,000		Dallastown Area School District, PA, G.O. Bonds (Series 1998), Weekly VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		4,410,000
	14,500,000		Dauphin County, PA General Authority, Education and Health Loan Program, (Series 1997), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		14,500,000
	3,130,000		Delaware County, PA Authority, Hospital Revenue Bonds (Series 1996), Weekly VRDNs (Crozer-Chester Medical Center)/(KBC Bank N.V. LOC)		3,130,000
	4,555,000		Delaware Valley, PA Regional Finance Authority, Variable Rate Certificates (Series 2002E), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Bank of America N.A. LIQ)		4,555,000
	15,000,000		Doylestown Hospital Authority, PA, (Series 1998 B), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(PNC Bank, N.A. LIQ)		15,000,000
	1,000,000		East Hempfield Township, PA IDA, (Series 1997), Weekly VRDNs (Mennonite Home)/(Allfirst Bank LOC)		1,000,000
	2,000,000		Erie County, PA Hospital Authority Weekly VRDNs (St. Mary's Hospital Erie, PA)/(PNC Bank, N.A. LOC)		2,000,000
	16,745,000		Erie County, PA Hospital Authority Weekly VRDNs (St. Vincent Health System)/(Citizens Bank of Pennsylvania LOC)		16,745,000
	9,700,000		Horizon Hospital System Authority, PA, (Series 2002), Weekly VRDNs (St. Paul Homes)/(Allfirst Bank LOC)		9,700,000
	6,700,000		Lancaster, PA IDA, (Series 2000 B), Weekly VRDNs (Garden Spot Village)/(SunTrust Bank LOC)		6,700,000
	8,200,000		Mercersburg Borough, PA General Purpose Authority, (Series 2000 A), Weekly VRDNs (Regents of the Mercersburg College)/(Wachovia Bank N.A. LOC)		8,200,000
	9,300,000		Mercersburg Borough, PA General Purpose Authority, (Series 2000 B), Weekly VRDNs (Regents of the Mercersburg College)/(Wachovia Bank N.A. LOC)		9,300,000
	5,510,000		Montgomery County, PA IDA, (Series 1992), Weekly VRDNs (Hickory Pointe Project)/(Wachovia Bank N.A. LOC)		5,510,000
	1,500,000		Pennsylvania EDFA, (Series 1996 E) Weekly VRDNs (Adelphoi, Inc.)/(PNC Bank, N.A. LOC)		1,500,000
	3,000,000		Pennsylvania State Higher Education Facilities Authority, (Series 1997 B7), Weekly VRDNs (Saint Francis College, PA)/(Allied Irish Banks PLC LOC)		3,000,000
	8,000,000		Pennsylvania State Higher Education Facilities Authority, (Series H1), Weekly VRDNs (Beaver College, PA)/(Allied Irish Banks PLC LOC)		8,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Pennsylvania--continued
$	6,000,000		Pennsylvania State Higher Education Facilities Authority, (Series I-3), 1.80% TOBs (Messiah College)/(Allied Irish Banks PLC LOC), Mandatory Tender 11/1/2003	$	6,000,000
	3,000,000		Pennsylvania State Higher Education Facilities Authority, (Series I-4), Weekly VRDNs (Messiah College)/(PNC Bank, N.A. LOC)		3,000,000
	7,700,000		Pennsylvania State Higher Education Facilities Authority, (Series J4), 3.00% TOBs (Waynesburg College)/(PNC Bank, N.A. LOC), Mandatory Tender 5/1/2003		7,722,632
	9,000,000		Pennsylvania State Higher Education Facilities Authority, ROCs Trust (Series 1018), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Salomon Smith Barney Holdings, Inc. LIQ)		9,000,000
	4,600,000		Philadelphia, PA Authority for Industrial Development, (Series 1998), Weekly VRDNs (Philadelphia Academy of Music)/(Wachovia Bank N.A. LOC)		4,600,000
	5,000,000		Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2002-D), Daily VRDNs (Children's Hospital of Philadelphia)/ (MBIA Insurance Corp. INS)/(WestLB AG LIQ)		5,000,000
	10,000,000		Philadelphia, PA School District, 2.75% TRANs, 6/30/2003		10,042,197
	9,755,000		Philadelphia, PA Water & Sewer, Lehman Trust Receipts (Series 2000 FR/RI-N4), Weekly VRDNs (United States Treasury COL)/(Bank of New York LIQ)		9,755,000
	8,300,000		Pittsburgh, PA, SG-71 Weekly VRDNs (FGIC INS)/(Societe Generale, Paris LIQ)		8,300,000
	3,440,000		Scranton-Lackawanna, PA Health & Welfare Authority, MERLOTS (Series 2002-A18), Weekly VRDNs (University of Scranton)/(Ambac Financial Group, Inc. INS)/(Wachovia Bank N.A. LIQ)		3,440,000
	12,740,000		Southcentral Pennsylvania General Authority, (Series 2000 A), Weekly VRDNs (York County, PA)/(Ambac Financial Group, Inc. INS)/(Wachovia Bank N.A. LIQ)		12,740,000
	2,700,000		Washington County, PA Authority, (Series 1985A), Weekly VRDNs (1985-A Pooled Equipment Lease Program)/(Wachovia Bank N.A. LOC)		2,700,000
	2,000,000		Washington County, PA Authority, (Series B-1C), Weekly VRDNs (Eye & Ear Hospital)/(Allied Irish Banks PLC LOC)		2,000,000
	3,965,000		Washington County, PA Hospital Authority, (Series 2001B), 1.65% TOBs (Washington Hospital, PA)/(PNC Bank, N.A. LOC), Mandatory Tender 7/1/2003		3,965,000
	11,000,000		Washington County, PA IDA, (Series 2000), Weekly VRDNs (Presbyterian SeniorCare-Southminister Place)/(Radian Asset Assurance INS)/(National City Bank, Pennsylvania LIQ)		11,000,000
	4,000,000		Westmoreland County, PA IDA, (Series 2000A), Weekly VRDNs (Redstone Presbyterian Senior Care Obligated Group)/(Mellon Bank N.A., Pittsburgh LOC)		4,000,000

			TOTAL		356,968,140

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Rhode Island--0.1%
$	8,800,000		Rhode Island State Health and Educational Building Corp., (Series 2002A), Daily VRDNs (Care New England)/(Fleet National Bank LOC)	$	8,800,000

			South Carolina--0.4%
	5,984,000		Berkeley County, SC School District, Floater Certificates (Series 2001-656), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Morgan Stanley LIQ)		5,984,000
	3,000,000		Piedmont Municipal Power Agency, SC, Electric Revenue Bonds (Series 2002B), Weekly VRDNs (FGIC INS)/(Toronto Dominion Bank LIQ)		3,000,000
	5,000,000		South Carolina Jobs-EDA, (Series 2002), Weekly VRDNs (Carolina Piedmont Foundation, Inc.)/(Bank of America N.A. LOC)		5,000,000
	6,500,000		South Carolina State Public Service Authority, MERLOTS (Series 2000L), Weekly VRDNs (MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ)		6,500,000
	5,200,000		Spartanburg County, SC School District No. 1, 2.75% BANs, 5/14/2003		5,211,829
	5,175,000		Western Carolina Regional Sewer Authority, SC, 3.40% Bonds (Financial Security Assurance Inc. INS), 3/1/2003		5,180,985

			TOTAL		30,876,814

			Tennessee--3.2%
	13,071,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 1999-1), Weekly VRDNs (Metropolitan Government Nashville & Davidson County, TN)/(FGIC INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		13,071,000
	6,600,000		Blount County, TN Public Building Authority, (Series A-3-A), Daily VRDNs (Ambac Financial Group, Inc. INS)/(Landesbank Baden-Wuerttemberg LIQ)		6,600,000
	16,600,000		Chattanooga, TN HEFA Weekly VRDNs (Mccallie School)/(SunTrust Bank LOC)		16,600,000
	7,400,000		Chattanooga, TN HEFA Weekly VRDNs (Sisken Hospital)/(Bank of America N.A. LOC)		7,400,000
	9,345,000		Chattanooga, TN HEFA, (Series 2003), Weekly VRDNs (Southern Adventist University)/(Bank of America N.A. LOC)		9,345,000
	4,100,000		Chattanooga, TN IDB, (Series 1997), Weekly VRDNs (YMCA)/(SunTrust Bank LOC)		4,100,000
	17,620,000	²	Elizabethton, TN Health & Educational Facilities Board, (Merlot 2000 GG), 1.55% TOBs (Mountain States Health Alliance)/(MBIA Insurance Corp. INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		17,620,000
	18,000,000		Hendersonville, TN IDB, (Series 2000), Weekly VRDNs (Pope John Paul II High School, Inc.)/(SunTrust Bank LOC)		18,000,000
	6,900,000		Knox County, TN Health Education & Housing Facilities Board, (Series 2000), Weekly VRDNs (Episcopal School of Knoxville)/(SunTrust Bank LOC)		6,900,000
	13,220,000		Knox County, TN Health Education & Housing Facilities Board, (Series 2000), Weekly VRDNs (Johnson Bible College)/(Amsouth Bank N.A., Birmingham LOC)		13,220,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Tennessee--continued
$	2,000,000		Knox County, TN IDB, (Series 1999), Weekly VRDNs (Educational Services of the South, Inc.)/(SunTrust Bank LOC)	$	2,000,000
	4,500,000		Maury County, TN HEFA, (Series 1996E), Weekly VRDNs (Southern Healthcare Systems, Inc.)/(Bank One N.A. (Chicago) LOC)		4,500,000
	8,700,000		Memphis, TN Center City Revenue Finance Corp., (Series 1996A), Weekly VRDNs (South Bluffs)/(National Bank of Commerce, Memphis, TN LOC)		8,700,000
	1,000,000		Memphis, TN, (Series 1995A), Weekly VRDNs (WestLB AG LIQ)		1,000,000
	1,200,000		Memphis, TN, General Improvement Refunding Bonds, (Series 1995A), Weekly VRDNs (WestLB AG LIQ)		1,200,000
	1,200,000		Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 1996), Weekly VRDNs (Dede Wallace Center)/(SunTrust Bank LOC)		1,200,000
	6,900,000		Metropolitan Government Nashville & Davidson County, TN HEFA, (Series 1997), Weekly VRDNs (Belmont University)/(SunTrust Bank LOC)		6,900,000
	2,510,000		Metropolitan Government Nashville & Davidson County, TN IDB, (Series 1995), Weekly VRDNs (Hickory Trace Apartments)/(National City Bank, Kentucky LOC)		2,510,000
	8,500,000		Metropolitan Government Nashville & Davidson County, TN IDB, (Series 2003), Weekly VRDNs (David Lipscomb University)/(SunTrust Bank LOC)		8,500,000
	910,000		Montgomery Co., TN Public Building Authority, Pooled Financing Revenue Bonds (Series 1996), Weekly VRDNs (Montgomery County Loan)/(Bank of America N.A. LOC)		910,000
	4,200,000		Sevier County, TN Public Building Authority, (Series II-B-2), Weekly VRDNs (Citizens Gas Utility District of Scott & Morgan Counties)/(Ambac Financial Group, Inc. INS)/(KBC Bank N.V. LIQ)		4,200,000
	3,125,000		Sevier County, TN Public Building Authority, (Series II-G-3), Weekly VRDNs (Maryville, TN)/(Ambac Financial Group, Inc. INS)/(KBC Bank N.V. LIQ)		3,125,000
	5,900,000		Sevier County, TN Public Building Authority, (Series IV-A-2), Daily VRDNs (Sevier County, TN)/(Financial Security Assurance Inc INS)/(J.P. Morgan Chase Bank LIQ)		5,900,000
	8,250,000		Sevier County, TN Public Building Authority, (Series IV-E-1), Daily VRDNs (Pigeon Forge, TN)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		8,250,000
	5,000,000		Sevier County, TN Public Building Authority, (Series IV-F-3), Daily VRDNs (Morristown, TN)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		5,000,000
	14,675,000		Sevier County, TN Public Building Authority, (Series IV-J-1), Daily VRDNs (Claiborne County, TN)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		14,675,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Tennessee--continued
$	8,180,000		Sevier County, TN Public Building Authority, Local Government Public Improvement Bonds, (Series II-G-1) Weekly VRDNs (Ambac Financial Group, Inc. INS)/(KBC Bank N.V. LIQ)	$	8,180,000
	11,545,000		Shelby County, TN, Floater Certificates (Series 2001-561), Weekly VRDNs (Morgan Stanley LIQ)		11,545,000
	1,245,000		Washington County, TN IDB, (Series 1996), Weekly VRDNs (Springbrook Properties)/(SunTrust Bank LOC)		1,245,000
	12,700,000		Wilson County, TN Sports Authority, (Series 1999), Weekly VRDNs (PNC Bank, N.A. LOC)		12,700,000

			TOTAL		225,096,000

			Texas--8.9%
	20,996,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 1998-19), Weekly VRDNs (Dallas, TX Waterworks & Sewer System)/(Financial Security Assurance Inc INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		20,996,000
	5,500,000	²	ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 2002-16), 1.55% TOBs (Leander, TX Independent School District)/ (Texas Permanent School Fund Guarantee Program GTD)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 8/20/2003		5,500,000
	10,890,000		Aldine, TX Independent School District, (Series 1997), SGB-30 Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Societe Generale, Paris LIQ)		10,890,000
	14,030,000		Austin, TX Electric Utility System, (Series 2002-744d), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Morgan Stanley LIQ)		14,030,000
	6,415,000		Austin, TX Water and Wastewater System, MERLOTS (Series 2001 A-63), Weekly VRDNs (Financial Security Assurance Inc INS)/(Wachovia Bank N.A. LIQ)		6,415,000
	15,000,000	²	Bexar County, TX, Clippers (Series 2001-3), 1.30% TOBs (MBIA INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 9/11/2003		15,000,000
	17,785,000		Dallas, TX, (PT-369) Weekly VRDNs (Merrill Lynch & Co., Inc. LIQ)		17,785,000
	9,000,000		East Texas Housing Finance Corp., (Series 2002), Weekly VRDNs (The Park at Shiloh Apartments)/(SouthTrust Bank of Alabama, Birmingham LOC)		9,000,000
	400,000		Grapevine, TX, IDC, (Series 1993), Weekly VRDNs (Southern Air Transport, Inc.)/(Bank of Montreal LOC)		400,000
	5,000,000		Harris County, TX HFDC, (Series 2000), Weekly VRDNs (St. Dominic Village)/(J.P. Morgan Chase Bank LOC)		5,000,000
	143,400,000		Harris County, TX HFDC, (Series 2002), Daily VRDNs (Methodist Hospital, Harris County, TX)		143,400,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Texas--continued
$	1,500,000		Harris County, TX, Toll Road Unlimited Tax and Sub Lien Revenue (Series 1994-H) Weekly VRDNs (J.P. Morgan Chase Bank LIQ)	$	1,500,000
	12,000,000		Houston, TX Airport System, MERLOTS (Series 2000-A25), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Wachovia Bank N.A. LIQ)		12,000,000
	10,530,000		Houston, TX Higher Education Finance Corp., (Series 2000A), Weekly VRDNs (Houston Student Housing LLC)/(Wachovia Bank N.A. LOC)		10,530,000
	10,000,000		Houston, TX Independent School District, Floater Certificates (Series 1998-133), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Morgan Stanley LIQ)		10,000,000
	15,380,000		Houston, TX Water & Sewer System, MERLOTS (Series 2001-A128), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		15,380,000
	2,680,000		Houston, TX Water & Sewer System, MERLOTS (Series 2002-A-16), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Wachovia Bank N.A. LIQ)		2,680,000
	11,315,000		Kendall County, TX Health Facilities Development Corp., (Series 2002-A), Weekly VRDNs (Morningside Ministries Foundation, Inc.)/(Bank One N.A. (Chicago) LOC)		11,315,000
	8,560,000		McKinney, TX Independent School District, (PT-1180), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch & Co., Inc. LIQ)		8,560,000
	1,170,000		North Richland Hills, TX IDC Weekly VRDNs (Tecnol, Inc.)/(Bank of America N.A. LOC)		1,170,000
	7,500,000		Richmond, TX Higher Education Finance Corp., (Series 2003-A), Weekly VRDNs (Bayou Student Housing LLC - University of Houston)/(Ambac Financial Group, Inc. INS)/(J.P. Morgan Chase Bank LIQ)		7,500,000
	4,000,000	²	Sabine River Authority, TX, Clippers (Series 2001-2), 1.30% TOBs (Southwestern Electric Power Co.)/(MBIA Insurance Corp. INS)/(State Street Bank and Trust Co. LIQ), Optional Tender 9/11/2003		4,000,000
	5,400,000	²	San Antonio, TX Electric & Gas, MERLOTS (Series 2002-A12), 1.75% TOBs (United States Treasury COL)/(Wachovia Bank N.A. LIQ), Optional Tender 2/27/2003		5,400,000
	5,860,000		San Antonio, TX Electric & Gas, MERLOTS (Series 2001 A10), Weekly VRDNs (Wachovia Bank N.A. LIQ)		5,860,000
	88,000,000		San Antonio, TX Electric & Gas, MERLOTS (Series 2002-A53), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Wachovia Bank N.A. LIQ)		88,000,000
	13,000,000		San Antonio, TX Electric & Gas, Municipal Securities Trust Receipts (Series 1997 SG 101), Weekly VRDNs (Societe Generale, Paris LIQ)		13,000,000
	10,000,000		San Antonio, TX Independent School District, (PT-1184), Weekly VRDNs (Texas Permanent School Fund Guarantee Program GTD)/(Merrill Lynch & Co., Inc. LIQ)		10,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Texas--continued
$	655,000		TX Pooled Tax Exempt Trust, Certificates of Participation (Series 1996), Weekly VRDNs (Bank One N.A. (Chicago) LOC)	$	655,000
	6,580,000		Tarrant County, TX Housing Finance Corp., (PT-480), Weekly VRDNs (Windcastle Apartments)/(Federal Home Loan Mortgage Corp. GTD)/(Federal Home Loan Mortgage Corp. LIQ)		6,580,000
	11,510,000		Tarrant County, TX Housing Finance Corp., (PT-482), Weekly VRDNs (Bear Creek Apartments)/(Federal Home Loan Mortgage Corp. GTD)/(Federal Home Loan Mortgage Corp. LIQ)		11,510,000
	8,345,000		Tarrant County, TX, HFA, (Series A), Weekly VRDNs (Adventist Health System)/(SunTrust Bank LOC)		8,345,000
	2,845,000	²	Texas State Department of Housing & Community Affairs, (PT-361), 1.95% TOBs (MBIA INS)/(Bayerische Hypotheken-und Vereinsbank AG LIQ), Optional Tender 5/8/2003		2,845,000
	135,000,000		Texas State, 2.75% TRANs, 8/29/2003		136,080,134
	6,000,000		Texas Turnpike Authority, ROCs Trust (Series 188), Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Salomon Smith Barney Holdings, Inc. LIQ)		6,000,000
	8,200,000		Waco, TX Education Finance Corp., (Series 2002A), Weekly VRDNs (Baylor University)/(XL Capital Assurance Inc. INS)/(Dexia Credit Local LIQ)		8,200,000

			TOTAL		635,526,134

			Utah--0.3%
	4,000,000		Emery County, UT, (Series 1994), Daily VRDNs (Pacificorp)/(Ambac Financial Group, Inc. INS)/(Bank of Nova Scotia, Toronto LIQ)		4,000,000
	3,600,000		Salt Lake County, UT, PCR Bonds (Series 1994B), Daily VRDNs (BP Amoco Corp.)		3,600,000
	5,000,000		Weber County, UT, (Series 2000A), Weekly VRDNs (IHC Health Services, Inc.)/(Dexia Credit Local LIQ)		5,000,000
	9,100,000		Weber County, UT, (Series 2000C), Weekly VRDNs (IHC Health Services, Inc.)/(Dexia Credit Local LIQ)		9,100,000

			TOTAL		21,700,000

			Vermont--0.0%
	392,000		Vermont Educational and Health Buildings Financing Agency, (Series 1995A), Weekly VRDNs (Key Bank, N.A. LOC)		392,000

			Virginia--1.5%
	26,910,000		ABN AMRO MuniTOPS Certificates Trust (Virginia Non-AMT) (Series 1998-21), Weekly VRDNs (Norfolk, VA Water Revenue)/(Financial Security Assurance Inc. INS)/(ABN AMRO Bank NV, Amsterdam LIQ)		26,910,000
	4,535,000		Albemarle County, VA IDA, (Series 1999), Weekly VRDNs (Region Ten Community Services Board, Inc.)/(Wachovia Bank N.A. LOC)		4,535,000
	4,565,000		Alexandria, VA IDA, (Series 1999), Weekly VRDNs (Church Schools in the Diocese of Virginia)/(SunTrust Bank LOC)		4,565,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Virginia--continued
$	3,125,000		Arlington County, VA, (Series 2000A), Weekly VRDNs (National Science Teachers Association)/(SunTrust Bank LOC)	$	3,125,000
	8,500,000		Fairfax County, VA EDA, (Series 1995), Weekly VRDNs (American Society of Civil Engineers Foundation, Inc.)/(SunTrust Bank LOC)		8,500,000
	6,500,000		Fairfax County, VA EDA, (Series 2001), Weekly VRDNs (The Langley School)/(SunTrust Bank LOC)		6,500,000
	2,010,000		Fairfax County, VA IDA, (Series 1988D), Weekly VRDNs (Inova Health System)		2,010,000
	2,900,000		Fauquier County, VA IDA Weekly VRDNs (Warrenton Development Co.)/(Fleet National Bank LOC)		2,900,000
	3,500,000		Henrico County, VA EDA, (Series 2001), Weekly VRDNs (Instructive Visiting Nurse Association)/(SunTrust Bank LOC)		3,500,000
	4,000,000		Henrico County, VA EDA, (Series 2001), Weekly VRDNs (Roslyn Conference Center)/(SunTrust Bank LOC)		4,000,000
	8,770,000		Newport News, VA EDA, Oyster Point Town Center Weekly VRDNs (Newport News, VA)/(SunTrust Bank LIQ)		8,770,000
	3,825,000		Newport News, VA Redevelopment & Housing Authority, River Park Towers (Series 1999), Weekly VRDNs (TVO River Park Partners LP)/(Federal National Mortgage Association LOC)		3,825,000
	5,500,000		Newport News, VA Redevelopment & Housing Authority, (Series 2001,) Weekly VRDNs (Newport-Oxford Associates LLP)/(Federal Home Loan Mortgage Corp. LOC)		5,500,000
	4,145,000		Richmond, VA Redevelopment & Housing Authority, (Series 1989), Weekly VRDNs (Belmont Apartment)/(Wachovia Bank N.A. LOC)		4,145,000
	4,500,000		Roanoke, VA IDA, (Series 2002E), Daily VRDNs (Carilion Health System Obligated Group)		4,500,000
	3,000,000		Spotsylvania County, VA IDA, (Series 1993), Weekly VRDNs (Carlisle Corp. Project)/(SunTrust Bank LOC)		3,000,000
	7,900,000		Virginia Resources Authority, Water and Sewer (Series 1997), Weekly VRDNs (Henrico County, VA)/(SunTrust Bank LIQ)		7,900,000
	1,220,000		Virginia State Public Building Authority, Floater Certificates (Series 1998-131), Weekly VRDNs (MBIA INS)/(Morgan Stanley LIQ)		1,220,000

			TOTAL		105,405,000

			Washington--2.3%
	4,000,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 1998-16), Weekly VRDNs (Port of Seattle, WA)/(MBIA INS)/ (ABN AMRO Bank NV, Amsterdam LIQ)		4,000,000
	11,957,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 1999-12), Weekly VRDNs (Washington State)/(MBIA INS)/ (ABN AMRO Bank NV, Amsterdam LIQ)		11,957,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Washington--continued
$	5,000,000		ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 2001-1) Weekly VRDNs (King County, WA)/(MBIA INS)/ (ABN AMRO Bank NV, Amsterdam LIQ)	$	5,000,000
	8,680,000	²	ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) (Series 2002-36), 1.40% TOBs (Tacoma, WA Regional Water Supply System)/(MBIA INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 12/10/2003		8,680,000
	4,170,000		Clark County, WA Public Utilities District No. 001, MERLOTS (Series 2001-A122), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Wachovia Bank N.A. LIQ)		4,170,000
	16,230,000		Energy Northwest, WA, (PT-615), Weekly VRDNs (Financial Security Assurance Inc, MBIA INS) and Bayerische Hypotheken-und Vereinsbank AG LIQs)		16,230,000
	9,560,000		Energy Northwest, WA, PT-1392 Weekly VRDNs (Ambac Financial Group, Inc. INS)/(Merrill Lynch & Co., Inc. LIQ)		9,560,000
	10,000,000		King County, WA, MERLOTS (Series 2000 E), Weekly VRDNs (FGIC INS)/ (Wachovia Bank N.A. LIQ)		10,000,000
	2,200,000		Port of Seattle, WA, (Series 1985), Weekly VRDNs (Douglas Management Co.)/(Mellon Bank N.A., Pittsburgh LOC)		2,200,000
	18,000,000		Seattle, WA Municipal Light & Power, (Series 2002), 2.50% RANs, 11/21/2003		18,142,326
	21,025,000		Seattle, WA Municipal Light & Power, MERLOTS (Series 2001 A56), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Wachovia Bank N.A. LIQ)		21,025,000
	4,250,000		Washington State Public Power Supply System, MERLOTS (Series 2001-A25), Weekly VRDNs (Energy Northwest, WA)/(Wachovia Bank N.A. LIQ)		4,250,000
	34,860,000		Washington State, Class A Certificates (Series 2002-205), Weekly VRDNs (MBIA INS)/(Bear Stearns Cos., Inc. LIQ)		34,860,000
	2,065,000		Washington State, MERLOTS (Series 2002-A14), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		2,065,000
	5,170,000		Washington State, Piper Certificates (Series 2002G), Weekly VRDNs (FGIC INS)/(Bank of New York LIQ)		5,170,000
	3,765,000		Washington State, Piper Variable Certificates (Series 2002B), Weekly VRDNs (Financial Security Assurance Inc. INS)/(Bank of New York LIQ)		3,765,000

			TOTAL		161,074,326

			West Virginia--0.3%
	6,530,000		Cabell County Commission, WV, (Series 1995), Weekly VRDNs (Foster Foundation)/(Huntington National Bank, Columbus, OH LOC)		6,530,000
	14,500,000		Marshall County, WV, PCR (Series 1992), Weekly VRDNs (PPG Industries, Inc.)		14,500,000

			TOTAL		21,030,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Wisconsin--3.0%
$	2,000,000		Chippewa Falls WI, Unified School District, 2.00% TRANs, 9/30/2003	$	2,005,061
	4,200,000		D.C. Everest Area School District, WI, 2.25% TRANs, 8/28/2003		4,216,491
	21,000,000		Eau Claire, WI Area School District, 2.00% TRANs, 10/1/2003		21,062,988
	3,215,000		Glendale River Hills School District, WI, 2.15% TRANs, 8/19/2003		3,226,772
	2,000,000		Grafton, WI School District, 2.00% TRANs, 6/27/2003		2,003,007
	5,000,000		Greendale, WI School District, 1.75% TRANs, 8/29/2003		5,007,042
	2,100,000		Hamilton, WI School District, 1.75% BANs, 10/1/2003		2,102,188
	2,425,000		Hartland-Lakeside, WI Joint School District No. 3, 1.75% TRANs, 9/18/2003		2,427,993
	23,000,000		Kenosha, WI United School District No. 1, (Series 2002-B), 2.00% TRANs, 10/30/2003		23,119,911
	27,000,000		Kenosha, WI United School District No. 1, (Series A), 2.00% TRANs, 10/3/2003		27,090,608
	5,800,000		Kettle Moraine, WI School District, 1.75% TRANs, 9/3/2003		5,809,036
	8,750,000		Menomonee Falls, WI School District, 2.00% TRANs, 8/20/2003		8,769,837
	7,000,000		Mequon-Thiensville, WI School District, 2.00% TRANs, 9/4/2003		7,019,076
	6,600,000		Middleton-Cross Plains, WI Area School District, 1.75% TRANs, 8/22/2003		6,609,693
	6,400,000		Milwaukee, WI Redevelopment Authority, (Series 2002), Weekly VRDNs (Cathedral Place Parking)/(Bayerische Hypotheken-und Vereinsbank AG LOC)		6,400,000
	6,520,000		Milwaukee, WI, (Series 1999), Weekly VRDNs (Goodwill Industries of Southeastern Wisconsin and Metropolitan Chicago, Inc.)/(U.S. Bank N.A., Cincinnatti LOC)		6,520,000
	10,000,000		Milwaukee, WI, (Series A), 3.00% RANs, 3/20/2003		10,014,663
	2,500,000		Neenah, WI Joint School District, 2.50% TRANs, 8/29/2003		2,513,747
	3,400,000		Oregon, WI School District, 1.75% TRANs, 9/9/2003		3,405,035
	2,740,000		Rhinelander, WI School District, 2.00% TRANs, 9/25/2003		2,745,398
	2,000,000		Seymour, WI Community School District, 2.00% TRANs, 10/3/2003		2,004,866
	7,300,000		Sun Prairie, WI Area School District, 2.25% TRANs, 8/25/2003		7,329,848
	4,000,000		Waunakee, WI Community School District, 1.75% TRANs, 9/12/2003		4,005,288
	5,250,000		Wausau, WI School District, 1.75% TRANs, 9/23/2003		5,258,268
	1,865,000		Wisconsin State HEFA, (Series 1997), Weekly VRDNs (Cedar Crest, Inc.)/(Bank One, Wisconsin N.A. LOC)		1,865,000
	15,000,000		Wisconsin State HEFA, (Series 1999C), Weekly VRDNs (Aurora Health Care, Inc.)/(Bank One N.A. (Chicago) LOC)		15,000,000
	2,600,000		Wisconsin State HEFA, (Series 2000), Weekly VRDNs (Grace Lutheran Foundation, Inc.)/(Firstar Bank, N.A. LOC)		2,600,000
	21,590,000		Wisconsin State HEFA, MERLOTS (Series 1997 B), Weekly VRDNs (Sinai Samaritan Medical Center, Inc.)/(MBIA INS)/(Wachovia Bank N.A. LIQ)		21,590,000

			TOTAL		211,721,816

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Wyoming--0.1%
$	8,190,000		Converse County, WY, PCRB (Series 1994), Daily VRDNs (Pacificorp)/ (Ambac Financial Group, Inc. INS)/(Bank One N.A. (Chicago) LIQ)	$	8,190,000
	1,360,000		Douglas, WY, 1.45% TOBs (Safeway, Inc.)/(Deutsche Bank Trust Co. Americas LOC) 6/2/2003		1,360,000

			TOTAL		9,550,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	7,223,632,000

1 The Fund primarily invests in securities rated in the highest short-term rating categories by one or more nationally recognized statistical rating organizations ("NRSROs") or unrated securities of comparable quality. An NRSRO's two highest rating categories are determined without regard for sub-categories and gradations. For example, securities rated SP-1+ or SP-1 by Standard & Poor's, MIG-1 or VMIG-1 by Moody's Investors Service, or F-1+ or F-1- by Fitch Ratings are all considered rated in highest short-term rating categories. Securities rated in the highest short-term rating category (and unrated securities of comparable quality) are identified as First Tier securities. The Fund follows applicable regulations in determining whether a security is rated by multiple NRSROs in different rating categories should be identified as a First Tier security. At January 31, 2003, the portfolio securities were rated as follows:

Tier Rating Based on Total Market Value (unaudited)

First Tier		Second Tier
99.1%		0.9%

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. Denotes a restricted security that has been deemed liquid by criteria approved by the Fund's Board of Trustees. At January 31, 2003, these securities amounted to $270,860,681 which represents 3.8% of net assets.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($7,134,194,991) at January 31, 2003.

The following acronyms are used throughout this portfolio:

AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
COL	--Collateralized
EDA	--Economic Development Authority
EDFA	--Economic Development Financing Authority
EDR	--Economic Development Revenue
EDRB	--Economic Development Revenue Bonds
FGIC	--Financial Guaranty Insurance Company
FHA	--Federal Housing Administration
GNMA	--Government 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
IDC	--Industrial Development Corporation
IDRB	--Industrial Development Revenue Bond
IDFA	--Industrial Development Finance Authority
INS	--Insured
LIQ(s)	--Liquidity Agreement(s)
LOC(s)	--Letter(s) of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
PCR	--Pollution Control Revenue
PCRB	--Pollution Control Revenue Bonds
PUTTERs	--Puttable Tax Exempt Receipts
RANs	--Revenue Anticipation Notes
ROCs	--Reset Option Certificates
TANs	--Tax Anticipation Notes
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Participating Securities
TRANs	--Tax and Revenue Anticipation Notes
VRDNs	--Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statements of Assets and Liabilities

January 31, 2003 (unaudited)

		Government Obligations Fund		Government Obligations Tax-Managed Fund		Municipal Obligations Fund
Assets:
Investments in repurchase agreements	$	5,066,082,000	$	--	$	--
Investments in securities		5,752,763,065		4,296,992,333		1,827,144,500

Total investments in securities, at amortized cost and value		10,818,845,065		4,296,992,333		1,827,144,500
Cash		49,933		452,577		534,938
Income receivable		17,502,236		5,829,545		4,808,586
Receivable for shares sold		212,889		--		--

TOTAL ASSETS		10,836,610,123		4,303,274,455		1,832,488,024

Liabilities:
Payable for investments purchased		--		--		10,000,000
Payable for shares redeemed		379,345		150,501		707,660
Income distribution payable		10,695,999		4,034,264		1,604,895
Accrued expenses		1,025,266		583,587		191,590

TOTAL LIABILITIES		12,100,610		4,768,352		12,504,145

TOTAL NET ASSETS	$	10,824,509,513	$	4,298,506,103	$	1,819,983,879

Net Assets:
Institutional Shares	$	7,400,257,978	$	1,905,173,400	$	934,837,137
Institutional Service Shares		3,424,251,535		2,393,332,703		398,869,297
Institutional Capital Shares		--		--		486,277,445

TOTAL NET ASSETS	$	10,824,509,513	$	4,298,506,103	$	1,819,983,879

Shares Outstanding:
Institutional Shares		7,400,257,978		1,905,173,400		934,837,137
Institutional Service Shares		3,424,251,535		2,393,332,703		398,869,297
Institutional Capital Shares		--		--		486,277,445

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares		$1.00		$1.00		$1.00

Institutional Service Shares		$1.00		$1.00		$1.00

Institutional Capital Shares		--		--		$1.00

See Notes which are an integral part of the Financial Statements

Statements of Assets and Liabilities

January 31, 2003 (unaudited)

		Prime Cash Obligations Fund		Prime Value Obligations Fund
Assets:
Investments in repurchase agreements	$	1,137,194,000	$	40,832,000
Investments in securities		10,584,770,458		12,702,645,402

Total investments in securities, at amortized cost and value		11,721,964,458		12,743,477,402
Cash		67		--
Income receivable		27,634,424		31,792,563
Receivable for shares sold		1,319,028		5,326,560

TOTAL ASSETS		11,750,917,977		12,780,596,525

Liabilities:
Payable for investments purchased		71,002,099		80,997,500
Payable for shares redeemed		745,214		1,055,450
Income distribution payable		11,902,895		15,120,677
Payable to bank		--		169,796
Accrued expenses		802,573		440,973

TOTAL LIABILITIES		84,452,781		97,784,396

TOTAL NET ASSETS	$	11,666,465,196	$	12,682,812,129

Net Assets:
Institutional Shares	$	8,139,846,033	$	11,216,448,812
Institutional Service Shares		2,347,902,046		992,234,678
Institutional Capital Shares		1,178,717,117		474,128,639

TOTAL NET ASSETS	$	11,666,465,196	$	12,682,812,129

Shares Outstanding:
Institutional Shares		8,139,846,033		11,216,448,812
Institutional Service Shares		2,347,902,046		992,234,678
Institutional Capital Shares		1,178,717,117		474,128,639

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares		$1.00		$1.00

Institutional Service Shares		$1.00		$1.00

Institutional Capital Shares		$1.00		$1.00

See Notes which are an integral part of the Financial Statements

Statements of Assets and Liabilities

January 31, 2003 (unaudited)

		Tax-Free Obligations Fund
Assets:
Investments in repurchase agreements	$	--
Investments in securities		7,223,632,000

Total investments in securities, at amortized cost and value		7,223,632,000
Cash		132,119
Income receivable		25,136,519
Receivable for shares sold		138,970

TOTAL ASSETS		7,249,039,608

Liabilities:
Payable for investments purchased		108,194,788
Payable for shares redeemed		548,541
Income distribution payable		5,638,958
Accrued expenses		462,330

TOTAL LIABILITIES		114,844,617

TOTAL NET ASSETS		7,134,194,991

Net Assets Consist of:
Paid in capital	$	7,134,579,208
Accumulated net realized loss on investments		(456,834	)
Undistributed net investment income		72,617

TOTAL NET ASSETS	$	7,134,194,991

Net Assets:
Institutional Shares	$	5,313,272,462
Institutional Service Shares		1,820,922,529

TOTAL NET ASSETS	$	7,134,194,991

Shares Outstanding:
Institutional Shares		5,313,587,876
Institutional Service Shares		1,821,010,637

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares		$1.00

Institutional Service Shares		$1.00

See Notes which are an integral part of the Financial Statements

Statements of Operations

Six Months Ended January 31, 2003 (unaudited)

		Government Obligations Fund			Government Obligations Tax-Managed Fund			Municipal Obligations Fund
Investment Income:
Interest	$	94,760,930		$	33,905,836		$	12,527,706

Expenses:
Investment adviser fee		11,201,943			4,050,593			1,591,126
Administrative personnel and services fee		4,211,931			1,523,023			598,263
Custodian fees		259,082			92,645			29,443
Transfer and dividend disbursing agent fees and expenses		270,568			151,791			75,304
Directors'/Trustees' fees		39,207			16,202			5,167
Auditing fees		5,601			6,595			6,786
Legal fees		11,202			6,076			13,155
Portfolio accounting fees		376,702			159,011			96,350
Shareholder services fee--Institutional Shares		9,229,748			2,305,197			--
Shareholder services fee--Institutional Service Shares		4,772,681			2,758,045			498,078
Shareholder services fee--Institutional Capital Shares		--			--			338,930
Share registration costs		29,442			18,746			39,864
Printing and postage		18,240			10,127			14,731
Insurance premiums		5,601			2,025			3,346
Miscellaneous		22,404			12,152			3,180

TOTAL EXPENSES		30,454,352			11,112,228			3,313,723

Waivers:
Waiver of investment adviser fee		(4,801,621	)		(1,791,400	)		(966,428	)
Waiver of transfer and dividend disbursing agent fees and expenses		(173,914	)		(107,753	)		(12,176	)
Waiver of shareholder services fee--Institutional Shares		(9,229,748	)		(2,305,197	)		--
Waiver of shareholder services fee--Institutional Capital Shares		--			--			(203,358	)

TOTAL WAIVERS		(14,205,283	)		(4,204,350	)		(1,181,962	)

Net expenses		16,249,069			6,907,878			2,131,761

Net investment income	$	78,511,861		$	26,997,958		$	10,395,945

See Notes which are an integral part of the Financial Statements

Statements of Operations

Six Months Ended January 31, 2003 (unaudited)

		Prime Cash Obligations Fund			Prime Value Obligations Fund
Investment Income:
Interest	$	105,251,416		$	104,260,581

Expenses:
Investment adviser fee		12,143,533			11,860,050
Administrative personnel and services fee		4,565,969			4,459,379
Custodian fees		328,454			311,109
Transfer and dividend disbursing agent fees and expenses		247,882			215,696
Directors'/Trustees' fees		53,273			44,258
Auditing fees		6,072			5,930
Legal fees		24,287			22,129
Portfolio accounting fees		412,880			407,580
Shareholder services fee--Institutional Service Shares		2,967,230			1,244,245
Shareholder services fee--Institutional Capital Shares		1,351,070			600,579
Share registration costs		39,177			56,553
Printing and postage		16,842			22,129
Insurance premiums		6,072			5,930
Miscellaneous		18,215			11,860

TOTAL EXPENSES		22,180,956			19,267,427

Waivers:
Waiver of investment adviser fee		(6,417,279	)		(6,916,286	)
Waiver of transfer and dividend disbursing agent fees and expenses		(110,595	)		(86,656	)
Waiver of shareholder services fee--Institutional Capital Shares		(810,642	)		(360,348	)

TOTAL WAIVERS		(7,338,516	)		(7,363,290	)

Net expenses		14,842,440			11,904,137

Net investment income	$	90,408,976		$	92,356,444

See Notes which are an integral part of the Financial Statements

Statements of Operations

Six Months Ended January 31, 2003 (unaudited)

		Tax-Free Obligations Fund
Investment Income:
Interest	$	51,627,940

Expenses:
Investment adviser fee		7,015,195
Administrative personnel and services fee		2,637,713
Custodian fees		149,074
Transfer and dividend disbursing agent fees and expenses		176,498
Directors'/Trustees' fees		21,046
Auditing fees		7,015
Legal fees		40,336
Portfolio accounting fees		243,779
Shareholder services fee--Institutional Shares		6,410,877
Shareholder services fee--Institutional Service Shares		2,358,118
Share registration costs		47,352
Printing and postage		10,523
Insurance premiums		3,508
Miscellaneous		8,770

TOTAL EXPENSES		19,129,804

Waivers:
Waiver of investment adviser fee		(3,030,567	)
Waiver of transfer and dividend disbursing agent fees and expenses		(143,175	)
Waiver of shareholder services fee--Institutional Shares		(6,410,877	)

TOTAL WAIVERS		(9,584,619	)

Net expenses		9,545,185

Net investment income		42,082,755

Realized Loss on Investments:
Net realized loss on investments		(440,564	)

Change in net assets resulting from operations	$	41,642,191

See Notes which are an integral part of the Financial Statements

Statements of Changes in Net Assets

		Government Obligations Fund						Government Obligations Tax-Managed Fund
		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002			Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	78,511,861		$	234,781,689		$	26,997,958		$	92,662,280
Net realized gain on investments		--			--			--			2,489,396

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		78,511,861			234,781,689			26,997,958			95,151,676

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(54,760,179	)		(156,559,486	)		(13,501,566	)		(47,926,602	)
Institutional Service Shares		(23,751,682	)		(78,222,203	)		(13,496,392	)		(44,735,678	)
Distributions from net realized gain on investments:
Institutional Shares		--			--			--			(1,253,684	)
Institutional Service Shares		--			--			--			(1,235,712	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(78,511,861	)		(234,781,689	)		(26,997,958	)		(95,151,676	)

Share Transactions:
Proceeds from sale of shares		53,583,288,598			101,031,627,932			6,151,002,109			14,390,609,581
Net asset value of shares issued to shareholders in payment of distributions declared		29,211,482			103,627,969			3,678,775			18,651,304
Cost of shares redeemed		(53,989,109,662	)		(100,046,041,219	)		(5,914,519,500	)		(14,766,981,751	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(376,609,582	)		1,089,214,682			240,161,384			(357,720,866	)

Change in net assets		(376,609,582	)		1,089,214,682			240,161,384			(357,720,866	)

Net Assets:
Beginning of period		11,201,119,095			10,111,904,413			4,058,344,719			4,416,065,585

End of period	$	10,824,509,513		$	11,201,119,095		$	4,298,506,103		$	4,058,344,719

See Notes which are an integral part of the Financial Statements

Statements of Changes in Net Assets

		Municipal Obligations Fund						Prime Cash Obligations Fund
		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002			Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	10,395,945		$	17,254,872		$	90,408,976		$	253,836,671

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(6,415,158	)		(9,886,226	)		(67,237,629	)		(199,359,334	)
Institutional Service Shares		(2,277,378	)		(4,705,485	)		(15,426,690	)		(38,418,091	)
Institutional Capital Shares		(1,703,409	)		(2,663,161	)		(7,744,657	)		(16,059,246	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(10,395,945	)		(17,254,872	)		(90,408,976	)		(253,836,671	)

Share Transactions:
Proceeds from sale of shares		7,908,372,786			7,909,856,468			67,532,499,835			153,967,375,128
Net asset value of shares issued to shareholders in payment of distributions declared		5,857,287			10,611,983			37,685,344			124,926,029
Cost of shares redeemed		(7,406,424,308	)		(7,526,264,570	)		(67,110,354,525	)		(150,448,920,391	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		507,805,765			394,203,881			459,830,654			3,643,380,766

Change in net assets		507,805,765			394,203,881			459,830,654			3,643,380,766

Net Assets:
Beginning of period		1,312,178,114			917,974,233			11,206,634,542			7,563,253,776

End of period	$	1,819,983,879		$	1,312,178,114		$	11,666,465,196		$	11,206,634,542

See Notes which are an integral part of the Financial Statements

Statements of Changes in Net Assets

		Prime Value Obligations Fund						Tax-Free Obligations Fund
		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002			Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	92,356,444		$	225,250,729		$	42,082,755		$	91,544,755
Net realized gain (loss) on investment		--			--			(440,564	)		(11,653	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		92,356,444			225,250,729			41,642,191			91,533,102

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(82,071,980	)		(189,697,784	)		(32,445,132	)		(67,139,963	)
Institutional Service Shares		(6,750,827	)		(22,703,257	)		(9,628,523	)		(24,411,683	)
Institutional Capital Shares		(3,533,637	)		(12,849,688	)		--			--

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(92,356,444	)		(225,250,729	)		(42,073,655	)		(91,551,646	)

Share Transactions:
Proceeds from sale of shares		60,815,426,056			104,759,765,450			14,663,048,325			24,908,340,642
Net asset value of shares issued to shareholders in payment of distributions declared		42,424,903			114,747,990			9,827,227			16,908,031
Cost of shares redeemed		(57,616,273,448	)		(102,256,701,530	)		(14,879,909,393	)		(22,355,684,693	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		3,241,577,511			2,617,811,910			(207,033,841	)		2,569,563,980

Change in net assets		3,241,577,511			2,617,811,910			(207,465,305	)		2,569,545,436

Net Assets:
Beginning of period		9,441,234,618			6,823,422,708			7,341,660,296			4,772,114,860

End of period	$	12,682,812,129		$	9,441,234,618		$	7,134,194,991		$	7,341,660,296

Undistributed net investment income	$	--		$	--		$	72,617		$	63,517

See Notes which are an integral part of the Financial Statements

Financial Highlights--Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended	Net Asset Value, Beginning of Period	Net Investment Income	Net Realized and Unrealized Gain on Investments		Total From Investment Operations	Distributions From Net Investment Income	Distributions From Net Realized Gain on Investments
Government Obligations Fund
July 31, 1998	$1.00	0.05	--		0.05	(0.05)	--
July 31, 1999	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2000³	$1.00	0.06	--		0.06	(0.06)	--
July 31, 2001	$1.00	0.06	--		0.06	(0.06)	--
July 31, 2002	$1.00	0.02	--		0.02	(0.02)	--
January 31, 2003⁴	$1.00	0.01	--		0.01	(0.01)	--

Government Obligations Tax-Managed Fund
July 31, 1998	$1.00	0.05	--		0.05	(0.05)	--
July 31, 1999	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2000³	$1.00	0.06	--		0.06	(0.06)	--
July 31, 2001	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2002	$1.00	0.02	0.00	⁶	0.02	(0.02)	(0.00)	⁶
January 31, 2003⁴	$1.00	0.01	--		0.01	(0.01)	--

Municipal Obligations Fund
January 31, 1998	$1.00	0.04	--		0.04	(0.04)	--
January 31, 1999	$1.00	0.03	--		0.03	(0.03)	--
July 31, 1999⁷	$1.00	0.02	--		0.02	(0.02)	--
July 31, 2000³	$1.00	0.04	--		0.04	(0.04)	--
July 31, 2001	$1.00	0.04	--		0.04	(0.04)	--
July 31, 2002	$1.00	0.02	--		0.02	(0.02)	--
January 31, 2003⁴	$1.00	0.01	--		0.01	(0.01)	--

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

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

3 Beginning with the year ended July 31, 2000, the Funds were audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

4 For the six months ended January 31, 2003 (unaudited).

5 Computed on an annualized basis.

6 Represents less than $0.01.

7 The Funds changed their fiscal year-end from January 31 to July 31.

See Notes which are an integral part of the Financial Statements

				Ratios to Average Net Assets
Total Distributions	Net Asset Value, End of Period	Total Return	¹	Expenses		Net Investment Income		Expense Waiver/ Reimbursement	²	Net Assets, End of Period (000 Omitted)

(0.05)	$1.00	5.59%		0.20%		5.45%		0.35%		$ 3,707,106
(0.05)	$1.00	5.04%		0.20%		4.92%		0.34%		$4,498,581
(0.06)	$1.00	5.80%		0.20%		5.64%		0.34%		$4,431,985
(0.06)	$1.00	5.64%		0.20%		5.39%		0.34%		$6,667,868
(0.02)	$1.00	2.23%		0.20%		2.19%		0.34%		$7,380,640
(0.01)	$1.00	0.76%		0.20%	⁵	1.48%	⁵	0.34%	⁵	$7,400,258


(0.05)	$1.00	5.49%		0.20%		5.35%		0.37%		$ 953,268
(0.05)	$1.00	5.00%		0.20%		4.88%		0.35%		$1,066,412
(0.06)	$1.00	5.77%		0.20%		5.65%		0.35%		$1,298,674
(0.05)	$1.00	5.61%		0.20%		5.36%		0.34%		$2,280,317
(0.02)	$1.00	2.22%		0.20%		2.16%		0.34%		$1,798,217
(0.01)	$1.00	0.75%		0.20%	⁵	1.47%	⁵	0.34%	⁵	$1,905,173


(0.04)	$1.00	3.68%		0.18%		3.57%		0.23%		$ 217,838
(0.03)	$1.00	3.53%		0.18%		3.41%		0.41%		$303,899
(0.02)	$1.00	1.59%		0.18%	⁵	3.17%	⁵	0.18%	⁵	$354,034
(0.04)	$1.00	3.92%		0.18%		3.78%		0.15%		$445,659
(0.04)	$1.00	3.88%		0.18%		3.80%		0.14%		$391,269
(0.02)	$1.00	1.79%		0.18%		1.68%		0.13%		$856,839
(0.01)	$1.00	0.71%		0.18%	⁵	1.39%	⁵	0.12%	⁵	$934,837

Financial Highlights--Institutional Shares

(For a Share Outstanding Throughout Each Period)


Year Ended	Net Asset Value, Beginning of Period	Net Investment Income	Net Realized and Unrealized Gain (Loss) on Investments		Total From Investment Operations	Distributions From Net Investment Income
Prime Cash Obligations Fund
January 31, 1998	$1.00	0.06	--		0.06	(0.06)
January 31, 1999	$1.00	0.05	--		0.05	(0.05)
July 31, 1999³	$1.00	0.02	--		0.02	(0.02)
July 31, 2000⁵	$1.00	0.06	--		0.06	(0.06)
July 31, 2001	$1.00	0.06	--		0.06	(0.06)
July 31, 2002	$1.00	0.02	--		0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	--		0.01	(0.01)

Prime Value Obligations Fund
January 31, 1998	$1.00	0.06	--		0.06	(0.06)
January 31, 1999	$1.00	0.05	--		0.05	(0.05)
July 31, 1999³	$1.00	0.02	--		0.02	(0.02)
July 31, 2000⁵	$1.00	0.06	--		0.06	(0.06)
July 31, 2001	$1.00	0.06	--		0.06	(0.06)
July 31, 2002	$1.00	0.02	--		0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	--		0.01	(0.01)

Tax-Free Obligations Fund
July 31, 1998	$1.00	0.03	0.00	⁷	0.03	(0.03)
July 31, 1999	$1.00	0.03	(0.00	)⁷	0.03	(0.03)
July 31, 2000⁵	$1.00	0.04	0.00	⁷	0.04	(0.04)
July 31, 2001	$1.00	0.04	0.00	⁷	0.04	(0.04)
July 31, 2002	$1.00	0.02	(0.00	)⁷	0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	(0.00	)⁷	0.01	(0.01)

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

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

3 The Funds changed their fiscal year-end from January 31 to July 31.

4 Computed on an annualized basis.

5 Beginning with the year ended July 31, 2000, the Funds were audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

6 For the six months ended January 31, 2003 (unaudited).

7 Represents less than $0.01.

See Notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Net Asset Value, End of Period	Total Return	¹	Expenses		Net Investment Income		Expense Waiver/ Reimbursement	²	Net Assets, End of Period (000 Omitted)

$1.00	5.61%		0.18%		5.44%		0.12%		$ 1,100,620
$1.00	5.50%		0.18%		5.29%		0.37%		$ 1,825,266
$1.00	2.42%		0.18%	⁴	4.81%	⁴	0.13%	⁴	$ 1,929,887
$1.00	5.91%		0.18%		5.77%		0.12%		$ 2,471,383
$1.00	5.76%		0.18%		5.30%		0.12%		$ 5,671,182
$1.00	2.34%		0.18%		2.25%		0.11%		$ 8,219,465
$1.00	0.79%		0.18%	⁴	1.55%	⁴	0.11%	⁴	$ 8,139,846


$1.00	5.68%		0.14%		5.59%		0.18%		$ 865,742
$1.00	5.53%		0.16%		5.37%		0.40%		$ 1,474,123
$1.00	2.44%		0.16%	⁴	4.87%	⁴	0.15%	⁴	$ 1,147,717
$1.00	5.92%		0.16%		5.91%		0.15%		$ 2,051,666
$1.00	5.81%		0.16%		5.34%		0.14%		$ 5,395,732
$1.00	2.39%		0.17%		2.28%		0.12%		$ 7,967,856
$1.00	0.81%		0.17%	⁴	1.58%	⁴	0.12%	⁴	$11,216,449


$1.00	3.50%		0.20%		3.45%		0.35%		$ 2,279,770
$1.00	3.14%		0.20%		3.08%		0.35%		$ 2,461,697
$1.00	3.69%		0.20%		3.61%		0.35%		$ 2,464,779
$1.00	3.66%		0.20%		3.56%		0.34%		$ 3,286,888
$1.00	1.65%		0.20%		1.59%		0.34%		$ 5,265,275
$1.00	0.64%		0.20%	⁴	1.27%	⁴	0.34%	⁴	$ 5,313,272

Financial Highlights--Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended	Net Asset Value, Beginning of Period	Net Investment Income	Net Realized and Unrealized Gain on Investments		Total From Investment Operations	Distributions From Net Investment Income	Distributions From Net Realized Gain on Investments
Government Obligations Fund
July 31, 1998	$1.00	0.05	--		0.05	(0.05)	--
July 31, 1999	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2000³	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2001	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2002	$1.00	0.02	--		0.02	(0.02)	--
January 31, 2003⁴	$1.00	0.01	--		0.01	(0.01)	--

Government Obligations Tax-Managed Fund
July 31, 1998	$1.00	0.05	--		0.05	(0.05)	--
July 31, 1999	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2000³	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2001	$1.00	0.05	--		0.05	(0.05)	--
July 31, 2002	$1.00	0.02	0.00	⁶	0.02	(0.02)	(0.00)	⁶
January 31, 2003⁴	$1.00	0.01	--		0.01	(0.01)	--

Municipal Obligations Fund
January 31, 1998	$1.00	0.03	--		0.03	(0.03)	--
January 31, 1999	$1.00	0.03	--		0.03	(0.03)	--
July 31, 1999⁷	$1.00	0.01	--		0.01	(0.01)	--
July 31, 2000³	$1.00	0.04	--		0.04	(0.04)	--
July 31, 2001	$1.00	0.04	--		0.04	(0.04)	--
July 31, 2002	$1.00	0.02	--		0.02	(0.02)	--
January 31, 2003⁴	$1.00	0.01	--		0.01	(0.01)	--

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

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

3 Beginning with the year ended July 31, 2000, the Funds were audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

4 For six months ended January 31, 2003 (unaudited).

5 Computed on an annualized basis.

6 Represents less than $0.01.

7 The Funds changed their fiscal year-end from January 31 to July 31.

See Notes which are an integral part of the Financial Statements

				Ratios to Average Net Assets
Total Distributions	Net Asset Value, End of Period	Total Return	¹	Expenses		Net Investment Income		Expense Waiver/ Reimbursement²		Net Assets, End of Period (000 Omitted)

(0.05)	$1.00	5.33%		0.45%		5.23%		0.10%		$1,672,417
(0.05)	$1.00	4.78%		0.45%		4.67%		0.09%		$2,087,254
(0.05)	$1.00	5.54%		0.45%		5.44%		0.09%		$2,642,307
(0.05)	$1.00	5.38%		0.45%		5.20%		0.09%		$3,444,036
(0.02)	$1.00	1.97%		0.45%		1.92%		0.09%		$3,820,479
(0.01)	$1.00	0.63%		0.45%	⁵	1.24%	⁵	0.09%	⁵	$3,424,252


(0.05)	$1.00	5.23%		0.45%		5.11%		0.12%		$ 830,652
(0.05)	$1.00	4.74%		0.45%		4.63%		0.10%		$1,329,556
(0.05)	$1.00	5.50%		0.45%		5.42%		0.10%		$1,940,671
(0.05)	$1.00	5.35%		0.45%		5.19%		0.09%		$2,135,748
(0.02)	$1.00	1.97%		0.45%		1.88%		0.09%		$2,260,128
(0.01)	$1.00	0.62%		0.45%	⁵	1.22%	⁵	0.09%	⁵	$2,393,333


(0.03)	$1.00	3.43%		0.43%		3.48%		0.23%		$ 41,216
(0.03)	$1.00	3.27%		0.43%		3.22%		0.16%		$ 67,832
(0.01)	$1.00	1.47%		0.43%	⁵	2.98%	⁵	0.18%	⁵	$106,684
(0.04)	$1.00	3.66%		0.43%		3.75%		0.15%		$266,103
(0.04)	$1.00	3.62%		0.43%		3.53%		0.14%		$369,670
(0.02)	$1.00	1.53%		0.43%		1.54%		0.13%		$258,515
(0.01)	$1.00	0.59%		0.43%	⁵	1.14%	⁵	0.12%	⁵	$398,869

Financial Highlights--Institutional Service Shares

(For a Share Outstanding Throughout Each Period)


Year Ended	Net Asset Value, Beginning of Period	Net Investment Income	Net Realized and Unrealized Gain (Loss) on Investments		Total From Investment Operations	Distributions From Net Investment Income
Prime Cash Obligations Fund
January 31, 1998	$1.00	0.05	--		0.05	(0.05)
January 31, 1999	$1.00	0.05	--		0.05	(0.05)
July 31, 1999³	$1.00	0.02	--		0.02	(0.02)
July 31, 2000⁵	$1.00	0.06	--		0.06	(0.06)
July 31, 2001	$1.00	0.05	--		0.05	(0.05)
July 31, 2002	$1.00	0.02	--		0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	--		0.01	(0.01)

Prime Value Obligations Fund
January 31, 1998	$1.00	0.05	--		0.05	(0.05)
January 31, 1999	$1.00	0.05	--		0.05	(0.05)
July 31, 1999³	$1.00	0.02	--		0.02	(0.02)
July 31, 2000⁵	$1.00	0.06	--		0.06	(0.06)
July 31, 2001	$1.00	0.05	--		0.05	(0.05)
July 31, 2002	$1.00	0.02	--		0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	--		0.01	(0.01)

Tax-Free Obligations Fund
July 31, 1998	$1.00	0.03	0.00	⁷	0.03	(0.03)
July 31, 1999	$1.00	0.03	(0.00	)⁷	0.03	(0.03)
July 31, 2000⁵	$1.00	0.03	0.00	⁷	0.03	(0.03)
July 31, 2001	$1.00	0.03	0.00	⁷	0.03	(0.03)
July 31, 2002	$1.00	0.01	(0.00	)⁷	0.01	(0.01)
July 31, 2003⁶	$1.00	0.01	(0.00	)⁷	0.01	(0.01)

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

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

3 The Funds changed their fiscal year-end from January 31 to July 31.

4 Computed on an annualized basis.

5 Beginning with the year ended July 31, 2000, the Funds were audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

6 For the six months ended January 31, 2003 (unaudited).

7 Represents less than $0.01.

See notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Net Asset Value, End of Period	Total Return	¹	Expenses		Net Investment Income		Expense Waiver/ Reimbursement	²	Net Assets, End of Period (000 Omitted)

$1.00	5.34%		0.43%		5.29%		0.12%		$ 668,665
$1.00	5.23%		0.43%		5.09%		0.12%		$ 894,851
$1.00	2.29%		0.43%	⁴	4.63%	⁴	0.13%	⁴	$ 957,998
$1.00	5.65%		0.43%		5.55%		0.12%		$1,095,034
$1.00	5.50%		0.43%		5.28%		0.12%		$1,375,740
$1.00	2.08%		0.43%		1.97%		0.11%		$2,092,235
$1.00	0.66%		0.43%	⁴	1.30%	⁴	0.11%	⁴	$2,347,902


$1.00	5.41%		0.39%		5.32%		0.17%		$ 325,390
$1.00	5.27%		0.41%		5.13%		0.15%		$ 495,172
$1.00	2.31%		0.41%	⁴	4.64%	⁴	0.15%	⁴	$ 707,737
$1.00	5.66%		0.41%		5.52%		0.15%		$ 708,801
$1.00	5.54%		0.41%		5.31%		0.14%		$ 982,153
$1.00	2.13%		0.42%		2.12%		0.12%		$ 966,996
$1.00	0.69%		0.42%	⁴	1.36%	⁴	0.12%	⁴	$ 992,235


$1.00	3.25%		0.45%		3.20%		0.10%		$ 940,516
$1.00	2.89%		0.45%		2.83%		0.10%		$1,055,650
$1.00	3.43%		0.45%		3.39%		0.10%		$1,091,173
$1.00	3.40%		0.45%		3.31%		0.09%		$1,485,227
$1.00	1.40%		0.45%		1.37%		0.09%		$2,076,385
$1.00	0.52%		0.45%	⁴	1.02%	⁴	0.09%	⁴	$1,820,923

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consist of 40 portfolios. The financial statements of the following portfolios (individually referred to as the "Fund" or collectively as the "Funds") are presented herein:

Portfolio Name	Diversification	Class of Shares	Investment Objective
Government Obligations Fund	diversified	Institutional Shares Institutional Service Shares	To provide current income consistent with stability of principal.
Government Obligations Tax-Managed Fund	diversified	Institutional Shares Institutional Service Shares	To provide current income consistent with stability of principal and liquidity.
Municipal Obligations Fund	diversified	Institutional Shares Institutional Service Shares Institutional Capital Shares	To provide current income exempt from federal regular income tax consistent with stability of principal.
Prime Cash Obligations Fund	diversified	Institutional Shares Institutional Service Shares Institutional Capital Shares	To provide current income consistent with stability of principal and liquidity.
Prime Value Obligations Fund	diversified	Institutional Shares Institutional Service Shares Institutional Capital Shares	To provide current income consistent with stability of principal and liquidity.
Tax-Free Obligations Fund	diversified	Institutional Shares Institutional Service Shares	To provide dividend income exempt from federal regular income tax consistent with stability of principal.

The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP").

Investment Valuation

The Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All premiums and discounts are amortized/accreted as required. The Funds offer multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes

It is the Funds' policy to comply with the provisions of the Internal Revenue Code, as amended (the "Code"), applicable to regulated investment companies and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

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

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. Many restricted securities may be resold in the secondary market in transactions exempt from registration. In some cases, the restricted securities may be resold without registration upon exercise of a demand feature. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Additional information on each restricted illiquid security held by Prime Cash Obligations Fund at January 31, 2003 is as follows:

Security	Fund Acquisition Date	Acquisition Cost
MONET Trust, (Series 2000-1)	9/27/2000 -- 6/28/2002	$55,000,000

Additional information on each restricted illiquid security held by Prime Value Obligations Fund at January 31, 2003 is as follows:

Security	Fund Acquisition Date	Acquisition Cost
MONET Trust, (Series 2000-1)	9/27/2000 - 6/28/2002	$45,000,000

URI Trust, (Series 2000-1)	12/18/2000	15,000,000

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

Government Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	41,030,446,869		76,364,753,763
Shares issued to shareholders in payment of distributions declared	17,240,678		56,335,343
Shares redeemed	(41,028,069,833	)	(75,708,316,994	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	19,617,714		712,772,112


Institutional Service Shares:
Shares sold	12,552,841,729		24,666,874,169
Shares issued to shareholders in payment of distributions declared	11,970,804		47,292,626
Shares redeemed	(12,961,039,829	)	(24,337,724,225	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	(396,227,296	)	376,442,570

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(376,609,582	)	1,089,214,682


Government Obligations Tax-Managed Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	3,344,941,999		7,330,050,499
Shares issued to shareholders in payment of distributions declared	1,250,547		6,989,801
Shares redeemed	(3,239,235,813	)	(7,819,140,951	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	106,956,733		(482,100,651	)


Institutional Service Shares:
Shares sold	2,806,060,110		7,060,559,082
Shares issued to shareholders in payment of distributions declared	2,428,228		11,661,503
Shares redeemed	(2,675,283,687	)	(6,947,840,800	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	133,204,651		124,379,785

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	240,161,384		(357,720,866	)


Municipal Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	5,768,494,331		4,938,827,777
Shares issued to shareholders in payment of distributions declared	3,406,659		5,177,243
Shares redeemed	(5,693,902,857	)	(4,478,435,349	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	77,998,133		465,569,671


Institutional Service Shares:
Shares sold	926,669,641		1,679,444,934
Shares issued to shareholders in payment of distributions declared	1,370,019		3,219,887
Shares redeemed	(787,685,669	)	(1,793,819,644	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARES TRANSACTIONS	140,353,991		(111,154,823	)


Institutional Capital Shares:
Shares sold	1,213,208,814		1,291,583,757
Shares issued to shareholders in payment of distributions declared	1,080,609		2,214,853
Shares redeemed	(924,835,782	)	(1,254,009,577	)

NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARES TRANSACTIONS	289,453,641		39,789,033

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	507,805,765		394,203,881


Prime Cash Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	53,702,876,545		132,307,454,503
Shares issued to shareholders in payment of distributions declared	28,070,250		98,262,791
Shares redeemed	(53,810,566,064	)	(129,857,433,589	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(79,619,269	)	2,548,283,705


Institutional Service Shares:
Shares sold	9,548,065,249		12,920,570,119
Shares issued to shareholders in payment of distributions declared	6,049,929		14,613,262
Shares redeemed	(9,298,448,377	)	(12,218,687,776	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	255,666,801		716,495,605


Institutional Capital Shares:
Shares sold	4,281,558,041		8,739,350,506
Shares issued to shareholders in payment of distributions declared	3,565,165		12,049,976
Shares redeemed	(4,001,340,084	)	(8,372,799,026	)

NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS	283,783,122		378,601,456

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	459,830,654		3,643,380,766


Prime Value Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	55,099,737,248		82,300,608,192
Shares issued to shareholders in payment of distributions declared	36,360,329		90,635,173
Shares redeemed	(51,887,504,987	)	(79,819,118,991	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	3,248,592,590		2,572,124,374


Institutional Service Shares:
Shares sold	4,253,293,119		16,109,745,774
Shares issued to shareholders in payment of distributions declared	3,904,622		15,633,213
Shares redeemed	(4,231,959,185	)	(16,140,535,466	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	25,238,556		(15,156,479	)


Institutional Capital Shares:
Shares sold	1,462,395,689		6,349,411,484
Shares issued to shareholders in payment of distributions declared	2,159,952		8,479,604
Shares redeemed	(1,496,809,276	)	(6,297,047,073	)

NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS	(32,253,635	)	60,844,015

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	3,241,577,511		2,617,811,910


Tax-Free Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	12,034,466,745		19,017,611,664
Shares issued to shareholders in payment of distributions declared	8,243,205		12,458,763
Shares redeemed	(11,994,391,091	)	(17,051,670,393	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	48,318,859		1,978,400,034


Institutional Service Shares:
Shares sold	2,628,581,472		5,890,728,978
Shares issued to shareholders in payment of distributions declared	1,584,022		4,449,268
Shares redeemed	(2,885,518,302	)	(5,304,014,300	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	(255,352,808	)	591,163,946

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(207,033,949	)	2,569,563,980

FEDERAL TAX INFORMATION

At July 31, 2002, the Tax-Free Obligations Fund had a capital loss carryforward for federal tax purposes of $16,270 which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year		Expiration Amount
2007		$ 797

2009		$ 3,820

2010		$11,653

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Funds' investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to the percentage of the Funds' average daily net assets as follows.

Fund		Investment Adviser Fee Percentage
Government Obligations Fund		0.20%
Government Obligations Tax-Managed Fund		0.20%
Municipal Obligations Fund		0.20%
Prime Cash Obligations Fund		0.20%
Prime Value Obligations Fund		0.20%
Tax-Free Obligations Fund		0.20%

The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee

Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Funds with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of class. Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Funds will pay FSSC up to 0.25% of average daily net assets of the Funds for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

For the six months ended January 31, 2003, Institutional Shares for the Municipal Obligations Fund, Prime Cash Obligations Fund and Prime Value Obligations Fund did not incur a shareholder services fee.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Portfolio Accounting Fees

FServ maintains the Funds' accounting records for which it receives a fee. The fee is based on the level of each of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

INTERFUND TRANSACTIONS

During the six months ended January 31, 2003, the Funds engaged in purchase and sale transactions with funds that have a common investment adviser (or affiliated investment advisers), common Directors/Trustees, and/or common Officers. These purchase and sale transactions complied with Rule 17a-7 under the Act. Interfund transactions were as follows:

Fund		Purchases		Sales
Municipal Obligations Fund	$	2,264,607,000	$	2,226,231,000

Tax-Free Obligations Fund	$	4,781,749,780	$	4,191,480,680

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Money Market Obligations Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N104 Cusip 60934N625
Cusip 60934N807 Cusip 60934N617
Cusip 60934N856 Cusip 60934N583
Cusip 60934N849 Cusip 60934N575
Cusip 60934N658 Cusip 60934N401
Cusip 60934N641 Cusip 60934N880

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

25244 (3/03)

Federated Investors
World-Class Investment Manager

Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

INSTITUTIONAL CAPITAL SHARES

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Municipal Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			SHORT-TERM MUNICIPALS--100.4%¹
			Alabama--1.1%
$	3,300,000		Birmingham, AL IDA, (Series 1997), Weekly VRDNs (Millcraft, AL, Inc.)/(Regions Bank, Alabama LOC)	$	3,300,000
	2,275,000		Calhoun County, AL Economic Development Council, Variable/Fixed Rate IDRBs Weekly VRDNs (Fabarc Steel Co.)/(Regions Bank, Alabama LOC)		2,275,000
	10,300,000		Decatur, AL IDB, (Series 1996), 1.20% CP (Nucor Steel Decatur LLC)/(Wachovia Bank N.A. LOC), Mandatory Tender 2/3/2003		10,300,000
	3,115,000		Orange Beach, AL Industrial Development Board, (Series 2002), Weekly VRDNs (Romar Motels, Inc.)/(Columbus Bank and Trust Co., GA LOC)		3,115,000
	2,000,000		Port City Medical Clinic Board Mobile, AL, (Series 1998A), Weekly VRDNs (Infirmary Health System, Inc.)/(AMBAC INS)/(Bank of Nova Scotia, Toronto and KBC Bank N.V. LIQs)		2,000,000

			TOTAL		20,990,000

			Alaska--0.1%
	1,200,000		Valdez, AK Marine Terminal, (Series 2002), 3.00% TOBs (Phillips Transportation Alaska, Inc.)/(Phillips Petroleum Co. GTD), Mandatory Tender 5/1/2003		1,200,000

			Arizona--1.9%
	11,930,000		Coconino County, AZ Pollution Control Corp., (Series 1998), Daily VRDNs (Arizona Public Service Co.)/(KBC Bank N.V. LOC)		11,930,000
	7,500,000		Maricopa County, AZ Pollution Control Corp., (Series 1994C), Daily VRDNs (Arizona Public Service Co.)/(Toronto Dominion Bank LOC)		7,500,000
	4,740,000		Maricopa County, AZ, IDA Single Family Mortgage, MERLOTS (Series 2001 A-126), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		4,740,000
	3,675,000		Maricopa County, AZ, IDA, (Series 2000A), Weekly VRDNs (Las Gardenias Apartments)/(FNMA LOC)		3,675,000
	4,644,000		Pima County, AZ IDA, Single Family Mortgages, Roaring Fork (Series 1999-6), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		4,644,000
	1,500,000		Tucson and Pima County, AZ IDA, Single Family Mortgage, Roaring Fork (Series 2000-13), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		1,500,000

			TOTAL		33,989,000

			Arkansas--3.1%
	1,000,000		Arkadelphia, AR, Industrial Development Revenue Bonds (Series 1996), Weekly VRDNs (Siplast, Inc.)/(Danske Bank A/S LOC)		1,000,000
	5,435,000		Arkansas Development Finance Authority, (PT-1310), Weekly VRDNs (Oakwood Manor Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		5,435,000
	5,630,000		Arkansas Development Finance Authority, (Series 1995), Weekly VRDNs (Paco Steel & Engineering Corp.)/(Wells Fargo Bank Minnesota N.A. LOC)		5,630,000
	14,000,000		Arkansas Development Finance Authority, (Series 2001), Weekly VRDNs (ENSCO, Inc.)/(Wachovia Bank N.A. LOC)		14,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Arkansas--continued
$	11,700,000		Blytheville, AR, (Series 1998), Weekly VRDNs (Nucor Corp.)	$	11,700,000
	4,500,000		Blytheville, AR, (Series 2002), Weekly VRDNs (Nucor Corp.)		4,500,000
	8,000,000		Crossett, AR, (Series 1997), Weekly VRDNs (Bemis Co., Inc.)		8,000,000
	7,100,000		Siloam Springs, AR, IDRB (Series 1994), Weekly VRDNs (La-Z Boy Chair Co.)/(Bank One, Michigan LOC)		7,100,000

			TOTAL		57,365,000

			California--4.1%
	27,500,000		California State, (Series B), 2.50% RANs, 6/27/2003		27,587,606
	3,375,000		California State, (Series D), VRNs, 6/27/2003		3,375,000
	29,000,000		California State, GO Tax Exempt Notes, 1.35% CP, Mandatory Tender 2/19/2003		29,000,000
	3,175,000		California Statewide Communities Development Authority, (Series 1996-H), Weekly VRDNs (Levecke LLC)/(Union Bank of California LOC)		3,175,000
	3,000,000		California Statewide Communities Development Authority, (Series 2001B), 1.70% TOBs (Kaiser Permanente), Optional Tender 7/1/2003		3,000,000
	5,000,000		California Statewide Communities Development Authority, (Series B), 2.25% TOBs (Kaiser Permanente), Mandatory Tender 2/1/2003		5,000,000
	1,680,000		Los Angeles County, CA IDA, (Series 1991), Weekly VRDNs (Caitec Garment Processing, Inc.)/(Union Bank of California LOC)		1,680,000
	1,878,120	²	PBCC LeaseTOPS Trust (California Non-AMT) (Series 1998-1), 1.90% TOBs (AMBAC Financial Group, Inc. INS)/(Pitney Bowes Credit Corp. LIQ) 8/10/2003		1,878,120

			TOTAL		74,695,726

			Colorado--1.3%
	6,070,000		Colorado HFA, MERLOTS (Series 2001 A20), Weekly VRDNs (Wachovia Bank N.A. LIQ)		6,070,000
	3,370,000		Denver, CO City & County Airport Authority, Bonds (MBIA INS), 11/15/2003		3,329,405
	8,250,000		Denver, CO City & County Airport Authority, (PT-724), Weekly VRDNs (MBIA INS)/(Svenska Handelsbanken, Stockholm LIQ)		8,250,000
	5,455,000		El Paso County, CO HFA, Roaring Fork (Series 1999-1), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		5,455,000

			TOTAL		23,104,405

			Connecticut--4.3%
	34,625,000		Connecticut State Transportation Infrastructure Authority, Weekly VRDNs (Commerzbank AG, Frankfurt LOC)		34,625,000
	44,245,000		Connecticut State, Second Lien Special Tax Obligation Refunding Bonds, Transportation Infrastructure Purposes (2003 Series 2), Weekly VRDNs (AMBAC INS)/(Dexia Credit Local LIQ)		44,245,000

			TOTAL		78,870,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			District of Columbia--2.3%
$	41,900,000		District of Columbia, (Series 2002D), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)	$	41,900,000

			Florida--2.4%
	3,525,000		Broward County, FL HFA, MERLOTS (Series 2001 A27), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		3,525,000
	10,000,000		Clipper Tax-Exempt Certificates Trust (Florida AMT) (Series 1999-5), Weekly VRDNs (State Street Bank and Trust Co. LIQ)		10,000,000
	2,783,000		Clipper Tax-Exempt Certificates Trust (Florida AMT) (Series 2000-3), Weekly VRDNs (Duval County, FL HFA)/(MBIA INS)/(State Street Bank and Trust Co. LIQ)		2,783,000
	10,300,000		Dade County, FL IDA, Exempt Facilities Revenue Refunding Bonds (Series 1993), Daily VRDNs (Florida Power & Light Co.)		10,300,000
	4,000,000		Greater Orlando, FL Aviation Authority Weekly VRDNs (Cessna Aircraft Co.)/(Textron, Inc. GTD)		4,000,000
	3,780,000		Manatee County, FL, (Series 1996A), Weekly VRDNs (Superior Electronics Group, Inc.)/(Wachovia Bank N.A. LOC)		3,780,000
	8,590,000		Miami-Dade County, FL HFA, (PT-1349), Weekly VRDNs (Hidden Grove Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		8,590,000

			TOTAL		42,978,000

			Georgia--3.5%
	3,500,000	²	Atlanta, GA Airport Revenue, PA 926R, 1.70% TOBs (FGIC INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 4/3/2003		3,500,000
	1,500,000		Atlanta, GA, Urban Residential Finance Authority, Multifamily Housing Revenue Bonds (Series 1995), Weekly VRDNs (West End Housing Development Project)/(Wachovia Bank N.A. LOC)		1,500,000
	8,000,000		Burke County, GA Development Authority, (First Series 2000), 1.75% TOBs (Georgia Power Co.), Mandatory Tender 3/3/2003		8,000,000
	6,810,000		Crisp County, GA Solid Waste Management Authority, (Series 1998), Weekly VRDNs (Financial Security Assurance Inc INS)/(Wachovia Bank N.A. LIQ)		6,810,000
	6,000,000		Fayette County, GA, (Series 1998), Weekly VRDNs (Gardner Denver Machinery, Inc.)/(National City Bank, Michigan/Illinois LOC)		6,000,000
	15,000,000		Georgia State Municipal Gas Authority, (Series A), Weekly VRDNs (Bayerische Landesbank Girozentrale, J. P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		15,000,000
	10,500,000		Georgia State Municipal Gas Authority, (Series B), Weekly VRDNs (Bayerische Landesbank Girozentrale, J. P. Morgan Chase Bank, Landesbank Hessen-Thueringen, Frankfurt and Wachovia Bank N.A. LOCs)		10,500,000
	8,000,000		Georgia State, PUTTERs, (Series 128), Weekly VRDNs (J.P. Morgan Chase & Co. LIQ)		8,000,000
	2,200,000		Savannah, GA EDA, (Series 1995A), Weekly VRDNs (Home Depot, Inc.)		2,200,000
	2,000,000		Savannah, GA EDA, (Series 2000), Weekly VRDNs (Republic Services of Georgia)/(SunTrust Bank LOC)		2,000,000

			TOTAL		63,510,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Hawaii--0.1%
$	1,995,000		Hawaii Finance and Development Corp., MERLOTS (Series 2001 A15), Weekly VRDNs (FNMA COL)/(Wachovia Bank N.A. LIQ)	$	1,995,000

			Illinois--4.3%
	5,395,000		Chicago, IL O'Hare International Airport, (PT-664), Weekly VRDNs (AMBAC INS)/(Merrill Lynch & Co., Inc. LIQ)		5,395,000
	9,995,000		Chicago, IL O'Hare International Airport, (PT-685), Weekly VRDNs (AMBAC INS)/(Svenska Handelsbanken, Stockholm LIQ)		9,995,000
	9,135,000		Chicago, IL Single Family Mortgage, (PT-290), Weekly VRDNs (GNMA COL)/(Landesbank Hessen-Thueringen, Frankfurt LIQ)		9,135,000
	2,750,000		Chicago, IL, (Series 1997), Weekly VRDNs (Trendler Components, Inc.)/(American National Bank & Trust Co., Chicago LOC)		2,750,000
	1,760,000		Chicago, IL, (Series 1999 IDRB), Weekly VRDNs (Ade, Inc.)/(Firstar Bank, N.A. LOC)		1,760,000
	9,000,000		Chicago, IL, (Series 2000C), Weekly VRDNs (Peoples Gas Light & Coke Co.)		9,000,000
	10,500,000		Chicago, IL, Chicago Midway Airport Special Facility Revenue Bonds (Series 1998), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		10,500,000
	11,000,000		Chicago, IL, Gas Supply Revenue Bonds (1993 Series B), Weekly VRDNs (Peoples Gas Light & Coke Co.)		11,000,000
	1,000,000		Galva, IL, (Series 1999), Weekly VRDNs (John H. Best & Sons, Inc.)/ (Wells Fargo Bank Minnesota N.A. LOC)		1,000,000
	4,180,000		Illinois Development Finance Authority, (Series 2001), Weekly VRDNs (Mangel BG Investments LLC)/(Lasalle Bank, N.A. LOC)		4,180,000
	1,050,000		Illinois Development Finance Authority, IDB, (Series 1989), Weekly VRDNs (Addison 450 LP)/(American National Bank & Trust Co., Chicago LOC)		1,050,000
	1,800,000		Illinois Development Finance Authority, IDB, (Series 1995), Weekly VRDNs (Evapco, Inc.)/(Bank of America N.A. LOC)		1,800,000
	3,000,000		Illinois Development Finance Authority, IDB, (Series 2000A), Weekly VRDNs (Processing Technologies, Inc.)/(Firstar Bank, N.A. LOC)		3,000,000
	1,185,000		Martinsville, IL, IDRB (Series 1995), Weekly VRDNs (PAP-R Products Co.)/(Bank One, Illinois N.A. LOC)		1,185,000
	6,280,000		Robbins (Village of), IL, (Series 2001), Weekly VRDNs (Robbins Property LLC)/(American National Bank & Trust Co., Chicago LOC)		6,280,000

			TOTAL		78,030,000

			Indiana--4.0%
	4,830,000		Benton, IN Community School Corp., 2.25% TANs, 12/31/2003		4,862,523
	1,250,000		Clarksville, IN, (Series 1997), Weekly VRDNs (Metal Sales Manufacturing Corp.)/(Firstar Bank, N.A. LOC)		1,250,000
	2,765,000		Elkhart County, IN, (Series 1997), Weekly VRDNs (Hart Housing Group, Inc.)/(Fifth Third Bank, Cincinnati LOC)		2,765,000
	4,500,000		Greater Clark, IN Community Schools Corp., 2.25% TANs, 12/31/2003		4,536,472
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Indiana--continued
$	4,500,000		Hamilton, IN Southeastern Schools, 2.00% TANs, 12/31/2003	$	4,528,360
	1,345,000		Huntington, IN, (Series 1999), Weekly VRDNs (DK Enterprises LLC)/(Wells Fargo Bank Minnesota N.A. LOC)		1,345,000
	12,105,000	²	Indiana Bond Bank, MERLOTS (Series 2001 - A119), 1.50% TOBs (Indiana State Revolving Fund Program)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		12,105,000
	4,635,000		Indiana State HFA, MERLOTS (Series 2000-PPP), Weekly VRDNs (Wachovia Bank N.A. LIQ)		4,635,000
	2,585,000		Indianapolis, IN Local Public Improvement Bond Bank, (PT-731), Weekly VRDNs (Indianapolis, IN Airport Authority)/(Financial Security Assurance Inc INS)/(Merrill Lynch & Co., Inc. LIQ)		2,585,000
	3,400,000		Indianapolis, IN, (Series 1999), Weekly VRDNs (Chip Ganassi Racing Teams)/(National City Bank, Pennsylvania LOC)		3,400,000
	5,000,000		Jasper County, IN EDRB, (Series 2000), Weekly VRDNs (T & M LP)/(Key Bank, N.A. LOC)		5,000,000
	8,235,000		Jeffersonville, IN, (PT-1309), Weekly VRDNs (Armstrong Farms Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		8,235,000
	1,855,000		Kendallville, IN, (Series 1995), Weekly VRDNs (Rivnut Real Estate, Ltd.)/(National City Bank, Ohio LOC)		1,855,000
	5,800,000		Mishawaka, IN, (Series 2000), Weekly VRDNs (Atchison Indiana LLC)/(National City Bank, Indiana LOC)		5,800,000
	770,000		Richmond, IN, (Series 1996), Weekly VRDNs (Holland Colors Americas, Inc.)/(Bank One, Indiana N.A. LOC)		770,000
	6,375,000		Wawasee, IN Community School Corp., 2.25% TANs, 12/31/2003		6,420,850
	2,800,000		Whitley County, IN, (Series 1999), Weekly VRDNs (Undersea Sensor Systems, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,800,000

			TOTAL		72,893,205

			Kansas--1.8%
	8,545,000		Sedgwick & Shawnee Counties, KS, MERLOTS (Series 2001 A-35), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		8,545,000
	6,660,000		Sedgwick & Shawnee Counties, KS, Variable Rate Certificates (Series 1999W), Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ)		6,660,000
	3,935,964		Unified Government of Wyandotte County/Kansas City, KS, (Series 2002-I), 1.85% BANs, 2/1/2003		3,935,964
	13,066,656		Unified Government of Wyandotte County/Kansas City, KS, (Series 2003-I), 1.35% BANs, 2/1/2004		13,063,912

			TOTAL		32,204,876

			Kentucky--2.3%
	6,000,000		Graves County, KY, School Building Revenue Bonds (Series 1988), Weekly VRDNs (Seaboard Farms)/(Bank of New York LOC)		6,000,000
	1,350,000		Jefferson County, KY, (Series 1995), Weekly VRDNs (Derby Industries, Inc.)/(Bank One, Kentucky LOC)		1,350,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Kentucky--continued
$	11,995,000		Kenton County, KY Airport Board, Trust Receipts (Series 1998F-1), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)	$	11,995,000
	3,990,000		Kentucky Housing Corp., MERLOTS (Series 2000-B9), Weekly VRDNs (Wachovia Bank N.A. LIQ)		3,990,000
	16,000,000		Kentucky Turnpike Authority, Floater Certificates (2001-567), Weekly VRDNs (Financial Security Assurance Inc INS)/(Morgan Stanley LIQ)		16,000,000
	3,150,000		Paris, KY Weekly VRDNs (Monessen Holdings LLC)/(Fifth Third Bank, Cincinnati LOC)		3,150,000

			TOTAL		42,485,000

			Louisiana--1.7%
	4,000,000	²	ABN AMRO MuniTOPS Certificates Trust (Louisiana Non-AMT) Series 2002-17, 1.65% TOBs (Louisiana State Gas & Fuels)/(AMBAC INS)/ (ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 8/21/2003		4,000,000
	5,000,000		Lake Charles, LA Harbor & Terminal District, (Series 1995A), Weekly VRDNs (Polycom-Huntsman, Inc.)/(National City Bank, Pennsylvania LOC)		5,000,000
	9,600,000		Lake Charles, LA Harbor & Terminal District, (Series 2000), Weekly VRDNs (Conoco, Inc.)/(Bank One N.A. (Chicago) LOC)		9,600,000
	3,345,000		Louisiana HFA, Trust Receipts (Series 1999 FR/RI-52), Weekly VRDNs (GNMA COL)/(Bayerische Hypotheken-und Vereinsbank AG LIQ)		3,345,000
	7,000,000		Louisiana Public Facilities Authority, (Series 2002), Weekly VRDNs (Air Products & Chemicals, Inc.)		7,000,000
	1,600,000		Ouachita Parish, LA IDB, (Series 1998), Weekly VRDNs (Dixie Carbonic, Inc.)/(Bank One, Illinois N.A. LOC)		1,600,000

			TOTAL		30,545,000

			Maine--1.0%
	3,800,000		Biddeford, ME Weekly VRDNs (DK Associates & Volk Packaging)/(Comerica Bank LOC)		3,800,000
	2,550,000		Biddeford, ME, (Series 2000), Weekly VRDNs (Volk Packaging)/(Comerica Bank LOC)		2,550,000
	7,615,000	²	Maine State Housing Authority, MERLOTS (Series 2001-A108), 1.60% TOBs (Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		7,615,000
	1,580,000		Trenton, ME, (Series 1998), Weekly VRDNs (Hinckley Co.)/(Key Bank, N.A. LOC)		1,580,000
	2,015,000		Westbrook, ME Weekly VRDNs (D & G Group)/(Fleet National Bank LOC)		2,015,000

			TOTAL		17,560,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Maryland--0.7%
$	1,286,000		Harford County, MD, (Series 1989), Weekly VRDNs (Harford Commons Associates Facility)/(Allfirst Bank LOC)	$	1,286,000
	3,375,000		Maryland Industrial Development Financing Authority, (Series 1999), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		3,375,000
	2,440,000		Maryland State Community Development Administration, (Series 1990A), Weekly VRDNs (College Estates)/(Allfirst Bank LOC)		2,440,000
	4,905,000		Maryland State Community Development Administration, (Series 1990B), Weekly VRDNs (Cherry Hill Apartment Ltd.)/(Allfirst Bank LOC)		4,905,000

			TOTAL		12,006,000

			Massachusetts--0.2%
	30,000		Massachusetts Development Finance Agency, (Series 2002A), Weekly VRDNs (Assumption College)/(Bank of New York LOC)		30,000
	4,000,000		Massachusetts Municipal Wholesale Electric Co., Floater Certificates (Series 2001-674), Weekly VRDNs (MBIA INS)/(Morgan Stanley LIQ)		4,000,000

			TOTAL		4,030,000

			Michigan--0.8%
	14,380,000	²	Detroit, MI City School District, MERLOTS (Series 2000 A8), 1.55% TOBs (FGIC INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		14,380,000

			Minnesota--1.3%
	1,100,000		Blaine, MN, (Series 1997), Weekly VRDNs (Plastic Enterprises, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		1,100,000
	3,400,000		Coon Rapids, MN, (Series 1999), Weekly VRDNs (Assurance Mfg. Co., Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		3,400,000
	6,440,000		Dakota County & Washington County MN Housing & Redevelopment Authority, MERLOTS (Series J), Weekly VRDNs (United States Treasury COL)/(Wachovia Bank N.A. LIQ)		6,440,000
	2,225,000		Minneapolis, MN IDA, (Series 1999), Weekly VRDNs (Viking Materials, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,225,000
	5,250,000		Ramsey County, MN Housing and Redevelopment Authority, Chestnut Housing, LLP (Series 2002), 1.2462% TOBs (Bayerische Landesbank Girozentrale), Mandatory Tender 5/1/2003		5,250,000
	2,170,000		Savage, MN, (Series 1998), Weekly VRDNs (Fabcon, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,170,000
	980,000		Springfield, MN, (Series 1998), Weekly VRDNs (Ochs Brick Co.)/(Wells Fargo Bank Minnesota N.A. LOC)		980,000
	2,250,000		White Bear Lake, MN, (Series 1999), Weekly VRDNs (Taylor Corp.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,250,000

			TOTAL		23,815,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Mississippi--2.6%
$	4,500,000		Mississippi Home Corp., (PT-1446), Weekly VRDNs (GNMA COL)/(Merrill Lynch & Co., Inc. LIQ)	$	4,500,000
	6,000,000		Mississippi Home Corp., (Series 1997), Weekly VRDNs (Windsor Park Apartments)/(SouthTrust Bank of Alabama, Birmingham LOC)		6,000,000
	7,670,000		Mississippi Home Corp., MERLOTS (Series 2001 A8), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		7,670,000
	15,240,000		Mississippi Home Corp., Roaring Forks (Series 2002-16), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		15,240,000
	3,940,000		Mississippi Home Corp., Roaring Forks Certificates (Series 2001-14), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		3,940,000
	9,790,000		Mississippi Regional Housing Authorithy No. II, (Series 1998), 1.85% TOBs (Bradford Park Apartments)/(Amsouth Bank N.A., Birmingham LOC), Mandatory Tender 10/1/2003		9,790,000

			TOTAL		47,140,000

			Missouri--1.1%
	1,170,000		Kansas City, MO IDA, (Series 1999), Weekly VRDNs (B&B Investments LLC)/(Wells Fargo Bank Minnesota N.A. LOC)		1,170,000
	5,415,000		Missouri State Housing Development Commission, MERLOTS (Series 2001-A81), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		5,415,000
	4,670,000	²	Missouri State Housing Development Commission, MERLOTS (Series 2000-QQQ), 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		4,670,000
	7,110,000		Missouri State Housing Development Commission, MERLOTS (Series 2001 A28), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		7,110,000
	1,000,000		St. Louis, MO IDA, (Series 1997), Weekly VRDNs (Cee Kay Supply)/(Commerce Bank, Kansas City, N.A. LOC)		1,000,000

			TOTAL		19,365,000

			Montana--0.5%
	3,240,000		Montana State Board of Housing, MERLOTS (Series 2002 A19), Weekly VRDNs (Wachovia Bank N.A. LIQ)		3,240,000
	6,655,000	²	Montana State Board of Housing, Variable Certificates (Series 2002L), 1.70% TOBs (Bank of America N.A. LIQ), Optional Tender 6/5/2003		6,655,000

			TOTAL		9,895,000

			Multi State--8.4%
	9,033,500		BNY Municipal Certificates Trust (Series 2002-BNY1), Weekly VRDNs (Bank of New York LIQ)/(Bank of New York LOC)		9,033,500
	3,790,000		BNY Municipal Certificates Trust (Series 2002-BNY5), Weekly VRDNs (Bank of New York LIQ)/(Bank of New York LOC)		3,790,000
	29,000,000		Charter Mac Floater Certificates Trust I, (Nat-4 Series), Weekly VRDNs (MBIA INS)/(Bayerische Landesbank Girozentrale, Dexia Bank, Belgium, Fleet National Bank, Landesbank Baden-Wuerttemberg, State Street Bank and Trust Co. and Toronto Dominion Bank LIQs)		29,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Multi State--continued
$	43,230,000		Clipper Tax-Exempt Certificates Trust (AMT Multistate) (Series 1999-3), Weekly VRDNs (State Street Bank and Trust Co. LIQ)	$	43,230,000
	42,465,000		Clipper Tax-Exempt Certificates Trust (AMT Multistate) (Series 2002-09), Weekly VRDNs (AMBAC, FGIC, Financial Security Assurance Inc, MBIA INS) and State Street Bank and Trust Co. LIQs)		42,465,000
	7,534,000		Koch Floating Rate Trust (Multistate Non-AMT) (Series 2001-1), Weekly VRDNs (AMBAC INS)/(State Street Bank and Trust Co. LIQ)		7,534,000
	2,038,150	²	PBCC LeaseTOPS Trust (Multistate Non-AMT) (Series 1998-2), 2.00% TOBs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 10/8/2003		2,038,150
	4,582,577	²	PBCC LeaseTOPS Trust (Multistate Non-AMT) (Series 1999-2), 2.00% TOBs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 10/15/2003		4,582,577
	11,621,961	²	PBCC LeaseTOPSTrust (Multistate Non-AMT) (Series 2002-1), 2.15% TOBs (AMBAC INS)/(Pitney Bowes Credit Corp. LIQ), Optional Tender 7/9/2003		11,621,961

			TOTAL		153,295,188

			Nebraska--2.8%
	2,400,000		Douglas County, NE, (Series 2000), Weekly VRDNs (Majors Plastics, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,400,000
	3,900,000		Douglas County, NE, IDRB (Series 1997), Weekly VRDNs (American Laboratories, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		3,900,000
	9,975,000		Nebraska Investment Finance Authority, (Series 2001 E), Weekly VRDNs (Federal Home Loan Bank of Topeka LIQ)		9,975,000
	26,041,000		Nebraska Investment Finance Authority, (Series 2001 F), Weekly VRDNs (Federal Home Loan Bank of Topeka LIQ)		26,041,000
	3,495,000		Nebraska Investment Finance Authority, MERLOTs (Series 2000-O), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		3,495,000
	5,700,000		Stanton County, NE, (Series 1998) Weekly VRDNs (Nucor Corp.)		5,700,000

			TOTAL		51,511,000

			Nevada--0.4%
	7,535,000		Clark County, NV, (Series 1998), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		7,535,000
	400,000		Sparks, NV, (Series 1996), Weekly VRDNs (Antioch Publishing Co.)/(National City Bank, Ohio LOC)		400,000

			TOTAL		7,935,000

			New Hampshire--1.1%
	4,600,000		New Hampshire Business Finance Authority, (Series 2002), Weekly VRDNs (GT Equipment Technologies, Inc.)/(Fleet National Bank LOC)		4,600,000
	2,397,000		New Hampshire Business Finance Authority, (Series A), Weekly VRDNs (Upper Valley Press)/(Key Bank, N.A. LOC)		2,397,000
	5,950,000		New Hampshire Higher Educational & Health Facilities Authority, (Series 2001A), Weekly VRDNs (Dartmouth-Hitchcock Obligated Group)/ (Financial Security Assurance Inc INS)/(Chase Manhattan Bank (USA) N.A., Wilmington and Dexia Credit Local LIQs)		5,950,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			New Hampshire--continued
$	4,120,000		New Hampshire State HFA, MERLOTS (Series 2001 A-51), Weekly VRDNs (Wachovia Bank N.A. LIQ)	$	4,120,000
	3,175,000		New Hampshire State HFA, MERLOTS (Series 2001-A82), Weekly VRDNs (Wachovia Bank N.A. LIQ)		3,175,000

			TOTAL		20,242,000

			New Jersey--0.4%
	2,188,019		Beach Haven, NJ, 2.75% BANs, 6/13/2003		2,193,835
	4,995,000	²	New Jersey Turnpike Authority, PA-824R, 1.60% TOBs (MBIA INS)/(Merrill Lynch & Co., Inc. LIQ), Optional Tender 9/4/2003		4,995,000

			TOTAL		7,188,835

			New Mexico--1.5%
	2,905,000		Albuquerque, NM, (Series 1996), Weekly VRDNs (Rose's Southwest Papers, Inc.)/(Wells Fargo Bank Minnesota N.A. LOC)		2,905,000
	5,300,000		Albuquerque, NM, (Series 1999), Weekly VRDNs (El Encanto, Inc. Project)/(Wells Fargo Bank Minnesota N.A. LOC)		5,300,000
	3,900,000		Los Lunas Village, NM, (Series 1998), Weekly VRDNs (Wall Colmonoy Corp.)/(Standard Federal Bank, N.A. LOC)		3,900,000
	2,875,000		New Mexico Mortgage Finance Authority, MERLOTS (Series 2001 A9), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		2,875,000
	6,300,000	²	New Mexico Mortgage Finance Authority, MERLOTS 2001 A66, 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		6,300,000
	5,550,000	²	New Mexico Mortgage Finance Authority, MERLOTs (Series 2000-A18), 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		5,550,000

			TOTAL		26,830,000

			New York--10.6%
	4,000,000		Carthage, NY Central School District, 2.375% RANs, 6/27/2003		4,009,794
	2,700,000		Metropolitan Transportation Authority, NY, Dedicated Tax Fund Variable Rate Bonds (Series 2002B), Weekly VRDNs (Financial Security Assurance Inc INS)/(Dexia Credit Local LIQ)		2,700,000
	10,500,000		New York City Housing Development Corp., (Series 2000A), Weekly VRDNs (15th Street Development)/(Bayerische Hypotheken-und Vereinsbank AG LOC)		10,500,000
	15,100,000		New York City Housing Development Corp., (Series 2001A), Weekly VRDNs (West 55th Street Development)/(Bayerische Hypotheken-und Vereinsbank AG LOC)		15,100,000
	10,000,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G), Weekly VRDNs (Bank of New York LIQ)		10,000,000
	3,200,000		New York City, NY, (1993 Series B), Daily VRDNs (FGIC INS)/(FGIC Securities Purchase, Inc. LIQ)		3,200,000
	84,300,000		New York City, NY, FR/RI (Series 2002 L24J), Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		84,300,000
	10,000,000		New York State HFA, (2003 Series A: 360 West 43rd Street), Weekly VRDNs (42/9 Residential LLC)/(Bayerische Hypotheken-und Vereinsbank AG LOC)		10,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			New York--continued
$	4,000,000		Norwood-Norfolk, NY Central School District, 2.375% BANs, 6/27/2003	$	4,010,299
	6,000,000		Oyster Bay, NY, (2002 Series D), 2.375% BANs, 8/22/2003		6,025,305
	5,000,000		Oyster Bay, NY, (2002 Series D), 2.50% BANs, 8/22/2003		5,024,499
	8,850,000		Randolph, NY Central School District, 2.25% BANs, 6/25/2003		8,872,385
	10,000,000		Rochester, NY, 2.25% BANs, 10/23/2003		10,024,800
	1,177,200		Schalmont, NY Central School District, 2.25% BANs, 6/27/2003		1,180,061
	2,000,000		Triborough Bridge & Tunnel Authority, NY, Subordinate Revenue Bonds (Series 2000A), Weekly VRDNs (Financial Security Assurance Inc INS)/ (J.P. Morgan Chase Bank LIQ)		2,000,000
	1,000,000		VRDC/IVRC Trust, (Series 1993G), Weekly VRDNs (St. Lukes Roosevelt Hospital Center)/(FHA INS)/(J. P. Morgan Chase Bank LIQ)		1,000,000
	9,700,000		Watkins Glen, NY Central School District, 2.00% BANs, 6/17/2003		9,714,363
	5,000,000		Waverly, NY Central School District, 2.50% RANs, 6/30/2003		5,016,036

			TOTAL		192,677,542

			North Carolina--0.9%
	11,000,000	²	North Carolina State, (PT-413), 1.90% TOBs (Merrill Lynch & Co., Inc. LIQ), Optional Tender 6/12/2003		11,000,000
	5,500,000		North Carolina State, (Series 2002C), Weekly VRDNs (Bayerische Landesbank Girozentrale LIQ)		5,500,000
	395,000		Sampson County, NC Industrial Facilities and Pollution Control Financing Authorithy, (Series 1997), Weekly VRDNs (DuBose Strapping, Inc.)/(Wachovia Bank N.A. LOC)		395,000

			TOTAL		16,895,000

			Ohio--1.7%
	4,000,000	²	ABN AMRO MuniTOPS Certificates Trust (Ohio Non-AMT) Series 1998-18, (Series 1998-18), 2.00% TOBs (Cleveland, OH Waterworks)/(Financial Security Assurance Inc INS)/(ABN AMRO Bank NV, Amsterdam LIQ), Optional Tender 5/7/2003		4,000,000
	6,250,000		Medina County, OH, (Series 1998), Weekly VRDNs (Mack Industries, Inc.)/(Huntington National Bank, Columbus, OH LOC)		6,250,000
	3,985,000		Ohio HFA Multifamily Housing, MERLOTS (Series 2001-A78), Weekly VRDNs (GNMA COL)/(Wachovia Bank N.A. LIQ)		3,985,000
	5,270,000		Ohio HFA Multifamily Housing, Variable Rate Certificates (Series 2001-I), Weekly VRDNs (GNMA COL)/(Bank of America N.A. LIQ)		5,270,000
	10,765,000		Ohio State Building Authority, (Series 2002), FR/RI-L39J Weekly VRDNs (Lehman Brothers Holdings, Inc. LIQ)		10,765,000

			TOTAL		30,270,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Oklahoma--1.5%
$	6,000,000		Broken Arrow, OK EDA Weekly VRDNs (Blue Bell Creameries)/(J.P. Morgan Chase Bank LOC)	$	6,000,000
	810,000		Oklahoma City, OK Airport Trust, 4.00% Bonds (MBIA INS), 7/1/2003		817,779
	20,000,000		Tulsa County, OK Industrial Authority, (Series 2002A), Daily VRDNs (Montereau in Warren Woods)/(BNP Paribas SA LOC)		20,000,000

			TOTAL		26,817,779

			Oregon--1.0%
	8,500,000		Port of Morrow, OR, (Series 2001A), Weekly VRDNs (Threemile Canyon Farms LLC)/(Key Bank, N.A. LOC)		8,500,000
	10,000,000		Port of Morrow, OR, (Series 2001C), Weekly VRDNs (Threemile Canyon Farms LLC)/(Key Bank, N.A. LOC)		10,000,000

			TOTAL		18,500,000

			Pennsylvania--0.4%
	4,000,000		Erie, PA School District, 2.50% TRANs, 6/30/2003		4,014,510
	2,700,000		William Penn School District, PA, 2.50% TRANs, 6/30/2003		2,706,488

			TOTAL		6,720,998

			Rhode Island--0.8%
	2,965,000		Rhode Island Housing & Mortgage Finance Corp., MERLOTS (Series 2001-A31) Weekly VRDNs (Wachovia Bank N.A. LIQ)		2,965,000
	5,100,000		Rhode Island Housing & Mortgage Finance Corp., MERLOTS (Series 2001 A80), Weekly VRDNs (Wachovia Bank N.A. LIQ)		5,100,000
	4,130,000		Rhode Island Industrial Facilities Corp., (Series 2001), Weekly VRDNs (Interplex Industries, Inc.)/(Key Bank, N.A. LOC)		4,130,000
	2,300,000		Warwick, RI Housing Authority, (Series 2001), Daily VRDNs (Trafalgar East Apartments)/(Fleet National Bank LOC)		2,300,000

			TOTAL		14,495,000

			South Carolina--3.5%
	20,000,000		Berkeley County, SC IDB Weekly VRDNs (Nucor Corp.)		20,000,000
	785,000		Berkeley County, SC IDB, (Series 1989), Weekly VRDNs (W.W. Williams Co.)/(Bank One N.A. (Ohio) LOC)		785,000
	14,500,000		Berkeley County, SC IDB, (Series 1996A), Weekly VRDNs (Nucor Corp.)		14,500,000
	200,000		Berkeley County, SC IDB, (Series 1997), Weekly VRDNs (Nucor Corp.)		200,000
	13,000,000		Berkeley County, SC IDB, (Series 1998), Weekly VRDNs (Nucor Corp.)		13,000,000
	2,760,000		South Carolina Jobs--EDA Weekly VRDNs (Boozer Lumber Co.)/(SouthTrust Bank of Alabama, Birmingham LOC)		2,760,000
	4,750,000		South Carolina Jobs--EDA Weekly VRDNs (Fenner Container, Inc.)/(SunTrust Bank LOC)		4,750,000
	300,000		South Carolina Jobs--EDA, (Series 1990), Weekly VRDNs (NMFO Associates)/(Wachovia Bank N.A. LOC)		300,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			South Carolina--continued
$	550,000		South Carolina Jobs--EDA, (Series 1990), Weekly VRDNs (Old Claussen's Bakery)/(Wachovia Bank N.A. LOC)	$	550,000
	350,000		South Carolina Jobs--EDA, (Series 1990), Weekly VRDNs (Rice Street Association)/(Wachovia Bank N.A. LOC)		350,000
	3,700,000		South Carolina Jobs--EDA, (Series 1996), Weekly VRDNs (PVC Container Corp. Project)/(PNC Bank, N.A. LOC)		3,700,000
	2,800,000		York County, SC IDA, (Series1989), Weekly VRDNs (Sediver Inc.)/(BNP Paribas SA LOC)		2,800,000

			TOTAL		63,695,000

			Tennessee--2.1%
	10,000,000		Blount County, TN Public Building Authority, (Series A-5-A), Daily VRDNs (Blount County, TN)/(AMBAC INS)/(Toronto Dominion Bank LIQ)		10,000,000
	1,300,000		Cheatham County, TN IDB, (Series 1997B), Weekly VRDNs (Triton Boat Co.)/(Amsouth Bank N.A., Birmingham LOC)		1,300,000
	2,000,000		Covington, TN IDB, (Series 1992), Weekly VRDNs (Wallace Computer Services, Inc.)/(Wachovia Bank N.A. LOC)		2,000,000
	1,440,000		Dickson County, TN IDB, (Series 1996), Weekly VRDNs (Tennessee Bun Co. LLC Project)/(PNC Bank, N.A. LOC)		1,440,000
	7,000,000		Jackson County, TN IDB, (Series B), Daily VRDNs (Esselte AB)/(Bank of America N.A. LOC)		7,000,000
	3,000,000		Jackson, TN IDB, Solid Waste Facility Bonds (Series 1995), Weekly VRDNs (Florida Steel Corp.)/(Bank of America N.A. LOC)		3,000,000
	1,350,000		Knox County, TN IDB, (Series 1996), Weekly VRDNs (Health Ventures, Inc.)/(SunTrust Bank LOC)		1,350,000
	7,755,000		Shelby County, TN Health Education & Housing Facilities Board, (Series 1988), Weekly VRDNs (Arbor Lake Project)/(PNC Bank, N.A. LOC)		7,755,000
	600,000		South Pittsburg, TN IDB, (Series 1996), Weekly VRDNs (Lodge Manufacturing Co.)/(SunTrust Bank LOC)		600,000
	4,000,000		Tullahoma, TN, (Series 1995), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC)		4,000,000

			TOTAL		38,445,000

			Texas--8.6%
	19,620,000		Arlington, TX Housing Finance Corp., Roaring Forks Certificates (Series 2002-03), Weekly VRDNs (GNMA COL)/(Bank of New York LIQ)		19,620,000
	12,000,000		Austin, TX Airport System, MERLOTS (Series 2000J), Weekly VRDNs (MBIA INS)/(Wachovia Bank N.A. LIQ)		12,000,000
	14,990,000		Austin, TX Housing Finance Corp., (PT-1348), Weekly VRDNs (Blunn Creek Apartments)/(Merrill Lynch & Co., Inc. LIQ)/(Merrill Lynch & Co., Inc. LOC)		14,990,000
	5,000,000	²	Austin, TX, MERLOTS (Series 2000-A26), 1.50% TOBs (MBIA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		5,000,000
Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Texas--continued
$	6,000,000		Brazos River Authority, TX, Trust Receipts (Series 2002 FR/RI F-1), Weekly VRDNs (TXU Energy)/(Bank of New York SWP)	$	6,000,000
	6,755,000		Colorado County, TX IDC, (Series 2000), Weekly VRDNs (Great Southern Wood Preserving Inc.)/(SouthTrust Bank of Alabama, Birmingham LOC)		6,755,000
	12,055,000		Dallas-Fort Worth, TX International Airport Facility Improvement Corp., (Series 2001A-1), Weekly VRDNs (Learjet, Inc.)/(Bank of America N.A. LOC)		12,055,000
	9,000,000		Dallas-Fort Worth, TX International Airport, (PA-1061), Weekly VRDNs (MBIA INS)/(Merrill Lynch & Co., Inc. LIQ)		9,000,000
	3,220,000		Dallas-Fort Worth, TX International Airport, MERLOTS (Series 2002-A13), Weekly VRDNs (FGIC INS)/(Wachovia Bank N.A. LIQ)		3,220,000
	6,420,000	²	El Paso, TX Housing Finance Corp., MERLOTS (Series 2001 A-40), 1.60% TOBs (GNMA COL)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		6,420,000
	9,600,000		Houston, TX Airport System, (MERLOTS Series 2001-B4), Weekly VRDNs (Financial Security Assurance Inc INS)/(Wachovia Bank N.A. LIQ)		9,600,000
	15,100,000		Midlothian, TX Industrial Development Corp., (Series 1999), Daily VRDNs (Texas Industries, Inc.)/(Bank of America N.A. LOC)		15,100,000
	10,000,000		Port Arthur Navigation District, TX IDC, (Series 2001), Weekly VRDNs (Air Products & Chemicals, Inc.)		10,000,000
	3,765,000		Saginaw, TX IDA, (Series 1998), Weekly VRDNs (Glad Investing Partners Ltd.)/(Bank One N.A. (Chicago) LOC)		3,765,000
	3,620,000		Texas State Department of Housing & Community Affairs, Variable Certificates (Series 2001A), Weekly VRDNs (MBIA INS)/(Bank of America N.A. LIQ)		3,620,000
	10,200,000		Texas State, 2.75% TRANs, 8/29/2003		10,287,396
	4,900,000		Trinity River Authority of Texas, (Series 2001), Weekly VRDNs (Community Waste Disposal, Inc.)/(Wells Fargo Bank, Texas LOC)		4,900,000
	3,850,000		Waxahachie, TX IDA, (Series 1998), Weekly VRDNs (Rock-Tenn Converting Co.)/(SunTrust Bank LOC)		3,850,000

			TOTAL		156,182,396

			Utah--0.7%
	7,800,000		Emery County, UT, (Series 1994), Daily VRDNs (Pacificorp)/(AMBAC INS)/ (Bank of Nova Scotia, Toronto LIQ)		7,800,000
	4,400,000		Salt Lake County, UT, PCR Bonds (Series 1994B), Daily VRDNs (BP Amoco Corp.)		4,400,000

			TOTAL		12,200,000

			Vermont--0.4%
	7,220,000	²	Vermont HFA, MERLOTS (Series 2001-A91), 1.60% TOBs (Financial Security Assurance Inc INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		7,220,000

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			Virginia--2.8%
$	10,000,000		Campbell County, VA IDA Weekly VRDNs (Georgia-Pacific Corp.)/(Bank of America N.A. LOC)	$	10,000,000
	10,000,000		Halifax, VA IDA, MMMs, PCR (Series 1992), 1.65% CP (Virginia Electric & Power Co.), Mandatory Tender 4/9/2003		10,000,000
	5,000,000	²	Harrisonburg, VA Redevelopment & Housing Authority, (PT-485), 1.80% TOBs (Rolling Brook Village Apartments)/(Federal Home Loan Mortgage Corp. GTD)/(FHLMC LIQ), Optional Tender 3/1/2003		5,000,000
	9,050,000		James City County, VA IDA, (Series 1997), Weekly VRDNs (Riverside Health System-Patriots Colony)		9,050,000
	6,880,000		Loudoun County, VA IDA, (Series 2001), Daily VRDNs (Atlantic Coast Airlines)/(Wachovia Bank N.A. LOC)		6,880,000
	5,000,000		Metropolitan Washington, DC Airports Authority, (Series 2002-C), Weekly VRDNs (Financial Security Assurance Inc INS)/(Dexia Credit Local LIQ)		5,000,000
	2,000,000		Newport News, VA Redevelopment & Housing Authority, (Series 2001A), Weekly VRDNs (Admiral Pointe Apartments)/(SunTrust Bank LOC)		2,000,000
	3,200,000		Winchester, VA IDA, (Series 2001), Weekly VRDNs (Northwood Manufacturing)/(Wachovia Bank N.A. LOC)		3,200,000

			TOTAL		51,130,000

			Washington--3.2%
	6,995,000		Chelan County, WA Public Utility District No. 1, (MERLOTS Series 2001-B1), Weekly VRDNs (Chelan Hydro Consolidated System)/(MBIA INS)/(Wachovia Bank N.A. LIQ)		6,995,000
	5,267,500		Energy Northwest, WA, Piper Certificates (Series 2002C), Weekly VRDNs (Financial Security Assurance Inc INS)/(Bank of New York LIQ)		5,267,500
	9,000,000		Pierce County, WA Economic Development Corp., (Series 1995), Weekly VRDNs (Simpson-Tacoma Kraft Co.)/(Bank of America N.A. LOC)		9,000,000
	2,495,000		Port of Seattle, WA, (PT-720), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ)		2,495,000
	4,450,000		Port of Seattle, WA, (PT-728), Weekly VRDNs (FGIC INS)/(BNP Paribas SA LIQ)		4,450,050
	3,750,000		Seattle, WA Housing Authority, (Series 2002: New Holly Project Phase III), Weekly VRDNs (Desdemona LP)/(Key Bank, N.A. LOC)		3,750,000
	11,880,000	²	Spokane, WA Public Facilities District, MERLOTS (Series 2001-A111), 1.60% TOBs (MBIA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		11,880,000
	5,350,000		Washington State Housing Finance Commission, (Series 2002A), Weekly VRDNs (Alderwood Court Associates LP)/(FNMA LOC)		5,350,000
	9,940,000	²	Washington State Public Power Supply System, MERLOTS (Series 2000 A19), 1.55% TOBs (Energy Northwest, WA)/(MBIA INS)/(Wachovia Bank N.A. LIQ), Optional Tender 11/12/2003		9,940,000

			TOTAL		59,127,550

Principal Amount				Value
			SHORT-TERM MUNICIPALS--continued¹
			West Virginia--0.1%
$	1,730,000		Berkeley County, WV County Commission, (Series 1994), Weekly VRDNs (Brentwood Industries, Inc.)/(Wachovia Bank N.A. LOC)	$	1,730,000

			Wisconsin--1.0%
	1,000,000		Grand Chute, WI, (Series 2000A), Weekly VRDNs (Pacon Corp.)/(Firstar Bank, N.A. LOC)		1,000,000
	3,125,000		Hartford, WI, (Series 2000), Weekly VRDNs (Advance Bag, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC)		3,125,000
	2,470,000		La Crosse, WI IDA, (Series 2000), Weekly VRDNs (Pacal Industries)/ (Wells Fargo Bank Minnesota N.A. LOC)		2,470,000
	2,300,000		Milwaukee, WI, (Series 1997), 1.45% TOBs (Signature Flight Support Corp.)/(Bayerische Landesbank Girozentrale LOC), Optional Tender 6/2/2003		2,300,000
	1,000,000		New Berlin, WI, (Series 1997A), Weekly VRDNs (Sunraider LLC/New Berlin Plastics, Inc.)/(Bank One, Wisconsin N.A. LOC)		1,000,000
	3,680,000		Sussex, WI IDB, (Series 2000), Weekly VRDNs (Sharp Packaging Systems, Inc.)/(Marshall & Ilsley Bank, Milwaukee LOC)		3,680,000
	5,515,000		Wisconsin Housing & EDA, Trust Receipts (Series 1997-18), Weekly VRDNs (Bank of New York LIQ)		5,515,000

			TOTAL		19,090,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	1,827,144,500

Securities that are subject to alternative minimum tax represent 43.8% of the portfolio as calculated based upon total portfolio market value.

Tier Rating Based on Total Market Value

First Tier		Second Tier
95.04%		4.96%

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($1,819,983,879) at January 31, 2003.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
AMT	--Alternative Minimum Tax
BANs	--Bond Anticipation Notes
COL	--Collateralized
CP	--Commercial Paper
EDA	--Economic Development Authority
EDRB	--Economic Development Revenue Bond
FGIC	--Financial Guaranty Insurance Company
FHA	--Federal Housing Administration
FHLMC	--Federal Home Loan Mortgage Corporation
FNMA	--Federal National Mortgage Association
GNMA	--Government National Mortgage Association
GO	--General Obligation
GTD	--Guaranteed
HFA	--Housing Finance Authority
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
IDC	--Industrial Development Corporation
IDRB(s)	--Industrial Development Revenue Bond(s)
INS	--Insured
LIQ(s)	--Liquidity Agreement(s)
LOC(s)	--Letter(s) of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series
MMMs	--Money Market Municipals
PCR	--Pollution Control Revenue
PUTTERs	--Puttable Tax Exempt Receipts
RANs	--Revenue Anticipation Notes
TANs	--Tax Anticipation Notes
TOBs	--Tender Option Bonds
TOPS	--Trust Obligation Patticipating Securities
TRANs	--Tax and Revenue Anticipation Notes
UT	--Unlimited Tax
VRDNs	--Variable Rate Demand Notes
VRNs	--Variable Rate Notes

See Notes which are an integral part of the Financial Statements

Prime Cash Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			CERTIFICATES OF DEPOSIT--11.5%
			Banking--11.5%
$	136,000,000		Abbey National Treasury Services, PLC, 1.802% - 1.841%, 10/17/2003 - 10/20/2003	$	135,996,442
	15,000,000		BNP Paribas SA, 1.260%, 7/7/2003		15,005,677
	53,000,000		Bank of New York, 2.089%, 7/1/2003		52,992,432
	125,000,000		Canadian Imperial Bank of Commerce, 1.350%, 5/7/2003		125,000,000
	22,000,000		Citibank N.A., New York, 1.280%, 4/23/2003		22,000,000
	152,500,000		Comerica Bank, 2.159% - 2.484%, 3/10/2003 - 6/23/2003		152,507,741
	250,000,000		Credit Agricole Indosuez, 1.280%, 3/6/2003		250,000,000
	56,000,000		Credit Suisse First Boston, 1.810%, 2/3/2003		56,000,000
	43,000,000		Dresdner Bank AG, Frankfurt, 1.350%, 2/21/2003		43,010,672
	6,000,000		Mercantile Safe Deposit & Trust Co., Baltimore, 1.940%, 10/24/2003		6,000,000
	5,000,000		Rabobank Nederland, Utrecht, 2.309%, 3/7/2003		5,000,786
	100,000,000		Royal Bank of Canada, Montreal, 2.187%, 2/18/2003		100,000,000
	46,000,000		Societe Generale, Paris, 1.395%, 2/3/2004		46,004,599
	176,000,000		Svenska Handelsbanken, Stockholm, 1.290% - 2.139%, 3/7/2003 - 6/30/2003		176,016,234
	125,000,000		Toronto Dominion Bank, 1.350%, 5/7/2003 - 5/13/2003		124,997,379
	25,000,000		WestLB AG, 1.360%, 5/15/2003		25,000,000

			TOTAL CERTIFICATES OF DEPOSIT		1,335,531,962

			COLLATERALIZED LOAN AGREEMENTS--5.2%
			Banking--1.3%
	150,000,000		CDC Financial Products, Inc., 1.413%, 2/3/2003		150,000,000

			Brokerage--3.9%
	120,000,000		Goldman Sachs & Co., 1.363% - 1.463%, 2/3/2003		120,000,000
	340,000,000		Salomon Smith Barney Inc., 1.363% - 1.413%, 2/3/2003		340,000,000

			TOTAL		460,000,000

			TOTAL COLLATERALIZED LOAN AGREEMENTS		610,000,000

Principal Amount				Value
			COMMERCIAL PAPER--26.4%¹
			Banking--7.9%
$	171,000,000		Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.321% - 1.344%, 2/7/2003 - 4/9/2003	$	170,795,523
	108,000,000		Citicorp, 1.284% - 1.303%, 3/10/2003 - 4/25/2003		107,792,531
	110,500,000		Danske Corp., Inc., (Guaranteed by Danske Bank A/S), 1.304%, 4/16/2003		110,204,719
	100,000,000		Deutsche Bank Financial, Inc., (Guaranteed by Deutsche Bank AG), 1.350%, 5/8/2003		99,642,400
	127,000,000		ING (U.S.) Funding LLC, (Guaranteed by ING Bank N.V.), 1.369% - 2.003%, 3/26/2003 - 5/14/2003		126,535,962
	24,495,000		Ivory Funding Corp., 1.314%, 4/7/2003		24,437,062
	50,000,000		KBC Financial Products International Ltd., (Guaranteed by KBC Bank N.V.), 1.298%, 7/23/2003		49,691,833
	138,189,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.311% - 1.385%, 2/3/2003 - 3/6/2003		138,117,949
	40,000,000		Societe Generale North America, Inc., (Guaranteed by Societe Generale, Paris), 1.298%, 7/15/2003		39,764,933
	54,133,000		Stellar Funding Group Inc., 1.301% - 1.379%, 2/3/2003 - 5/14/2003		54,065,892

			TOTAL		921,048,804

			Finance - Automotive--2.0%
	122,500,000		FCAR Auto Loan Trust, (Series A1/P1), 1.298% - 1.308%, 7/11/2003 - 7/16/2003		121,784,139
	115,000,000		New Center Asset Trust, (Series A1/P1), 1.264% - 1.339%, 4/28/2003 - 5/9/2003		114,639,510

			TOTAL		236,423,649

			Finance - Commercial--6.6%
	276,000,000		Amsterdam Funding Corp., 1.264% - 1.302%, 2/5/2003 - 4/23/2003		275,644,876
	50,000,000		Edison Asset Securitization LLC, 1.308%, 7/10/2003		49,712,917
	60,000,000		Eureka Securitization Inc., 1.284%, 4/22/2003		59,829,333
	50,000,000		Falcon Asset Securitization Corp., 1.309%, 7/10/2003		49,712,917
	50,000,000		General Electric Capital Corp., 1.339%, 5/12/2003		49,815,278
	155,475,000		Jupiter Securitization Corp., 1.281%, 2/18/2003 - 2/19/2003		155,379,246
	50,000,000		PREFCO-Preferred Receivables Funding Co., 1.349%, 5/12/2003		49,813,889
	78,000,000		Paradigm Funding LLC, 1.291% - 1.303%, 2/12/2003 - 3/7/2003		77,934,243

			TOTAL		767,842,699

			Finance - Retail--3.6%
	425,000,000		Sheffield Receivables Corp., 1.271% - 1.292%, 2/20/2003 - 2/25/2003		424,658,965

Principal Amount				Value
			COMMERCIAL PAPER--continued¹
			Finance - Securities--3.6%
$	334,200,000		Galaxy Funding Inc., 1.274% - 1.804%, 2/14/2003 - 4/22/2003	$	333,349,224
	33,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.501%, 5/8/2003		32,868,880
	50,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 2.111%, 3/14/2003		49,881,271

			TOTAL		416,099,375

			Insurance--0.9%
	100,000,000		Aspen Funding Corp., (Insured by MBIA Insurance Corp.), 1.322%, 2/4/2003		99,989,000

			Oil & Oil Finance--1.2%
	143,000,000		Shell Finance (UK) PLC, 1.298% - 1.865%, 7/11/2003 - 9/29/2003		141,754,267

			Retail--0.6%
	70,000,000		Home Depot, Inc., 1.369%, 5/20/2003		69,714,400

			TOTAL COMMERCIAL PAPER		3,077,531,159

			BANK NOTES--0.6%
			Banking--0.6%
	75,000,000		Forrestal Funding Master Trust, (Bank of America N.A. Swap Agreement), 1.710%, 2/20/2003		74,948,937

			SHORT-TERM NOTES--11.2%
			Banking--0.4%
	50,000,000		Deutsche Bank AG, 1.343%, 2/3/2003		50,000,000

			Brokerage--3.6%
	180,000,000		Goldman Sachs Group, Inc., 1.400% - 1.480%, 2/3/2003 - 5/15/2003		180,000,000
	244,000,000		Merrill Lynch & Co., Inc., 1.463% - 2.450%, 2/3/2003 - 3/24/2003		244,000,000

			TOTAL		424,000,000

			Finance - Automotive--1.6%
	11,062,815		Americredit Automobile Receivables Trust 2002-E-M, Class A1, 1.819%, 11/6/2003		11,062,815
	16,997,211		Ford Credit Auto Owner Trust 2002-D, Class A1, 1.790%, 5/15/2003		16,997,211
	2,520,403		Honda Auto Receivables Owner Trust 2002-2, Class A1, 1.950%, 6/13/2003		2,520,404
	23,511,438		Nissan Auto Lease Trust 2002-A, Class A1, 1.400%, 11/17/2003		23,511,438
	64,948,626		Regions Auto Receivables Trust 2002-1, Class A1, 1.435%, 12/15/2003		64,948,626
	10,738,302		SSB Auto Loan Trust 2002-1, Class A1, 1.659%, 11/15/2003		10,738,302
	56,000,000		WFS Financial Owner Trust 2002-4, Class A1, 1.676%, 11/20/2003		56,000,000

			TOTAL		185,778,796

Principal Amount				Value
			SHORT-TERM NOTES--continued
			Finance - Equipment--0.5%
$	37,145,218		CNH Equipment Trust 2002-B, Class A1, 1.406%, 12/9/2003	$	37,145,218
	23,186,630		Navistar Financial Corp. Owner Trust 2002-B, Class A1, 1.620%, 11/15/2003		23,186,630

			TOTAL		60,331,848

			Finance - Securities--3.7%
	215,000,000		Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.600% - 2.990%, 2/6/2003 - 11/20/2003		215,000,000
	50,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 2.450%, 3/3/2003		50,000,000
	170,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.945% - 2.680%, 2/26/2003 - 10/27/2003		170,000,000

			TOTAL		435,000,000

			Retail--0.4%
	41,850,000		Wal-Mart Stores, Inc., 4.375%, 8/1/2003		42,280,000

			Telecommunications--1.0%
	50,000,000		BellSouth Corp., 4.105%, 4/26/2003		50,147,409
	60,000,000		SBC Communications, Inc., 4.295%, 6/5/2003		60,308,607

			TOTAL		110,456,016

			TOTAL SHORT-TERM NOTES		1,307,846,660

			GOVERNMENT AGENCIES--1.6%
			Government Agencies--1.6%
	115,000,000		Federal Home Loan Bank System, 1.600% - 1.720%, 11/3/2003 - 2/3/2004		115,000,000
	75,000,000		Federal Home Loan Mortgage Corp., 1.750% - 5.250%, 12/8/2003 - 2/15/2004		75,591,225

			TOTAL GOVERNMENT AGENCIES		190,591,225

			LOAN PARTICIPATION--0.8%
			Chemicals--0.6%
	75,000,000		DuPont Teijin Films U.K. Ltd., (Guaranteed by Du Pont (E.I.) de Nemours & Co.), 1.340% - 1.487%, 3/7/2003 - 9/30/2003		75,000,000

			Electrical Equipment--0.2%
	16,700,000		Mt. Vernon Phenol Plant Partnership, (General Electric Co. LOC), 1.386%, 5/19/2003		16,700,000

			TOTAL LOAN PARTICIPATION		91,700,000

Principal Amount				Value
			NOTES - VARIABLE--30.0%²
			Banking--10.4%
$	5,489,000		Aaron Oil Co., Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003	$	5,489,000
	40,000,000		Abbey National Treasury Services, PLC, 1.320%, 5/1/2003		40,000,000
	6,945,000		Acton Realty Investors LLP, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		6,945,000
	3,000,000		Alabama Paper Products LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,000,000
	3,425,000		Alabama State IDA, (Regions Bank, Alabama LOC), 1.400%, 2/6/2003		3,425,000
	2,000,000		Albuquerque, NM, (Series 1997) El Canto, Inc., (Wells Fargo Bank Minnesota N.A. LOC), 1.590%, 2/6/2003		2,000,000
	1,235,000		Alder Creek Properties LLC, (Key Bank, N.A. LOC), 1.400%, 2/6/2003		1,235,000
	4,540,000		American Custom Yachts, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,540,000
	5,820,000		B & H Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,820,000
	11,040,000		Badger Mining Corp., (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		11,040,000
	11,775,000		Barton Healthcare LLC, (American National Bank & Trust Co., Chicago LOC), 1.400%, 2/5/2003		11,775,000
	2,200,000		Birmingham Fastener and Supply, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,200,000
	186,500,000		Blue Heron Funding III, Inc, (Series 3A), (Guaranteed by WestLB AG), 1.351%, 2/28/2003		186,500,000
	3,440,000		Boyd-Plott LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,440,000
	6,185,000		Brownsburg Christian Church, Inc., (Firstar Bank, N.A. LOC), 1.490%, 2/6/2003		6,185,000
	3,240,000		Brumfield Properties, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		3,240,000
	1,340,000		C.W. Caldwell, Inc., Sweetbriar Assisted Living Facility, Project, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,340,000
	4,300,000		CAM International LP, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,300,000
	7,750,000		California Statewide Communities Development Authority, (U.S. Bank N.A., Cincinnatti LOC), 1.390%, 2/3/2003		7,750,000
	2,515,000		Capital Container Properties LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		2,515,000
	12,091,000		Capital One Funding Corp., (Bank One N.A. (Chicago) LOC), 1.400%, 2/6/2003		12,091,000
	48,662,000		Capital One Funding Corp., (Bank One N.A. (Ohio) LOC), 1.400% - 1.550%, 2/6/2003		48,662,000
	1,396,000		Capital One Funding Corp., (Bank One, Indiana N.A. LOC), 1.400%, 2/6/2003		1,396,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	4,250,000		Capital One Funding Corp., (Bank One, Wisconsin N.A. LOC), 1.400%, 2/6/2003	$	4,250,000
	4,428,000		Capital One Funding Corp., (Series 1993-A), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		4,428,000
	3,540,000		Capital One Funding Corp., (Series 1994-E), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		3,540,000
	7,623,000		Capital One Funding Corp., (Series 1996-G), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		7,623,000
	11,491,000		Capital One Funding Corp., (Series 2001-B), (Bank One N.A. (Ohio) LOC), 1.550%, 2/6/2003		11,491,000
	2,670,000		Casna LP, (Series 1997), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		2,670,000
	8,535,000		Cedarville College, (Series 1998), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		8,535,000
	4,050,000		Charapp Family Ltd., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		4,050,000
	6,705,000		Charles River LLC, (Harris Trust & Savings Bank, Chicago LOC), 1.340%, 2/6/2003		6,705,000
	9,900,000		Charlotte Christian School, (Series 1999), (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		9,900,000
	1,000,000		Citywide Development Corp., (Bank One, West Virginia N.A. LOC), 1.450%, 2/6/2003		1,000,000
	3,450,000		Cleveland Country Club, Inc., (Series 2001), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,450,000
	5,900,000		Cleveland, TN IDB, (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		5,900,000
	8,310,000		Coilplus-Alabama, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.470%, 2/6/2003		8,310,000
	12,170,000		Community Centre Group of Cos., (Comerica Bank LOC), 1.440%, 2/6/2003		12,170,000
	4,800,000		Davis Industries, Inc., (Comerica Bank LOC), 1.400%, 2/6/2003		4,800,000
	5,000,000		Destin Water Users, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,000,000
	5,750,000		Dick Corp. Headquarters LP, (National City Bank, Pennsylvania LOC), 1.420%, 2/6/2003		5,750,000
	5,700,000		Duncan Machinery Movers Inc., (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		5,700,000
	2,580,000		Elliott Aviation, Inc., (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		2,580,000
	5,340,000		Elmira Downtown Arena LLC, (Key Bank, N.A. LOC), 1.400%, 2/6/2003		5,340,000
	970,000		Elsinore Properties, LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		970,000
	5,345,000		Equity Development Corp., (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,345,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	4,000,000		Excel Mining Systems, Inc., (Series 2001), (Australia & New Zealand Banking Group, Melbourne LOC), 1.450%, 2/6/2003	$	4,000,000
	510,000		Flowform, Inc., (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		510,000
	2,375,000		Frank Nelson Building of Birmingham LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,375,000
	5,870,000		Franklin County, OH, Edison Welding, (Series 1995), (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		5,870,000
	1,200,000		Fredricksburg, VA IDA, (SunTrust Bank LOC), 1.400%, 2/5/2003		1,200,000
	6,010,000		Freeport, IL, (Firstar Bank, N.A. LOC), 1.340%, 2/6/2003		6,010,000
	2,295,000		Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		2,295,000
	3,360,000		Galliano Marine Service, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		3,360,000
	4,500,000		Gary, In Redevelopment District, (American National Bank & Trust Co., Chicago LOC), 1.250%, 2/6/2003		4,500,000
	5,200,000		Georgia Ports Authority, Colonel's Island Terminal Project (Series 1996-A), Revenue Bonds, (SunTrust Bank LOC), 1.400%, 2/5/2003		5,200,000
	1,270,000		Gerald T. Thom, Trustee U.A.D., March 27, 1997, (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		1,270,000
	4,340,000		Grigsby Properties LLC, (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,340,000
	1,785,000		Guilford Capital LLC, (Series 2002 -- C), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		1,785,000
	2,880,000		Guilford Capital LLC, (Series 2002 -- F), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		2,880,000
	97,000,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		97,000,000
	3,265,000		Harvey A. Tolson, (Firstar Bank, N.A. LOC), 1.490%, 2/6/2003		3,265,000
	3,750,000		Holden Properties Colorado LLC, (Comerica Bank - California LOC), 1.490%, 2/6/2003		3,750,000
	9,805,000		Home City Ice Co. & H.C. Transport, (Series 2000), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		9,805,000
	4,830,000		Hugh W. Underwood/Underwood Properties, (Regions Bank, Alabama LOC), 1.460%, 2/6/2003		4,830,000
	6,235,000		Hugh W. Underwood, (Regions Bank, Alabama LOC), 1.460%, 2/6/2003		6,235,000
	3,085,000		IPC Industries, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		3,085,000
	5,250,000		IT Spring Wire LLC, (Series 1997), (Fifth Third Bank, Cincinnati LOC), 1.420%, 2/6/2003		5,250,000
	7,530,000		Ilsco Corp., (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		7,530,000
	9,000,000		Interlock Realty Co., (U.S. Bank N.A., Cincinnatti LOC), 1.400%, 2/6/2003		9,000,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	1,560,000		J.W. Harris, (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003	$	1,560,000
	4,125,000		Jemmack Funding Group LLC, (Series 2002), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		4,125,000
	4,300,000		Kansas Development Finance Authority, DLR Deer Creek Project, (Federal Home Loan Bank of Topeka LOC), 1.390%, 2/6/2003		4,300,000
	1,715,000		Kent Capital LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,715,000
	2,500,000		Kentucky Derby Hosiery Co., Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,500,000
	8,500,000		KinderCare Learning Centers, Inc., (Series B), (J.P. Morgan Chase Bank LOC), 1.850%, 2/5/2003		8,500,000
	1,815,000		Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank Minnesota N.A. LOC), 1.400%, 2/5/2003		1,815,000
	4,295,000		Kite Rubloff, Logansport LLC, (National City Bank, Ohio LOC), 1.520%, 2/6/2003		4,295,000
	4,050,000		LCO Ventures LLC, (Fleet National Bank LOC), 1.500%, 2/5/2003		4,050,000
	6,000,000		Laverne City, IDA, Mobile Tool Intl, Inc. Project (Series 1998-B), (Fleet National Bank LOC), 1.520%, 2/6/2003		6,000,000
	3,005,000		Life Church Birmingham, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,005,000
	3,920,000		Lincoln Park, (Bank One N.A. (Chicago) LOC), 1.400%, 2/6/2003		3,920,000
	5,000,000		Los Angeles, CA, MERLOTS (Series 2000 A), (H&H Theatre), (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		5,000,000
	30,985,000		M/S Land LLC, (Bank One, Illinois N.A. LOC), 1.400%, 2/6/2003		30,985,000
	4,000,000		MBE Investment Co. LLC, EH Investment Company (Series 2000 A), (Standard Federal Bank, N.A. LOC), 1.400%, 2/6/2003		4,000,000
	55,000,000	³	MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 1.470%, 3/27/2003		55,000,000
	2,007,000		MacDonald & Associates LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,007,000
	8,700,000		Medical Arts Capital LLC, (Series 2001), (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		8,700,000
	1,280,000		Michigan State Housing Development Authority, (Series 1999B), Lexington Place Apartments, (Bank of America N.A. LOC), 1.440%, 2/6/2003		1,280,000
	3,100,000		Mike Patton Real Estate II LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,100,000
	4,100,000		Mile Bluff Clinic Building Partnership, (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		4,100,000
	1,400,000		Mississippi Business Finance Corp., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		1,400,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	2,760,000		Mississippi Business Finance Corp., (Bank One, Illinois N.A. LOC), 1.350%, 2/6/2003	$	2,760,000
	3,100,000		Multicraft International LP, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,100,000
	4,055,000		Nassau County, NY IDA, Tweezerman Corp. Project, (Series 2003), (Fleet National Bank LOC), 1.500%, 2/5/2003		4,055,000
	2,600,000		New Berlin, WI, Sunraider LLC (Series 1997B), (Bank One, Wisconsin N.A. LOC), 1.450%, 2/6/2003		2,600,000
	3,300,000		New Jersey EDA, Morey Organization, Inc. Project (Series 1997), (Wachovia Bank N.A. LOC), 1.420%, 2/5/2003		3,300,000
	2,565,000		New Jersey EDA, Pheonix Realty Partners, (Wachovia Bank N.A. LOC), 1.490%, 2/5/2003		2,565,000
	5,450,000		Norcross Investment Group LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		5,450,000
	39,500,000		Novant Health, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		39,500,000
	6,790,000		O.K.I. Supply Co., (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		6,790,000
	3,175,000		Oakwoods Master Ltd. Partnership, (Amsouth Bank N.A., Birmingham LOC), 1.340%, 2/6/2003		3,175,000
	3,995,000		P.C.I. Paper Conversions, Inc., (Series 2000), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		3,995,000
	4,350,000		PW Holdings LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		4,350,000
	2,800,000		Parker Towing Co., Inc., (Series 2001), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,800,000
	7,050,000		Pepin Distributing Co., (Wachovia Bank N.A. LOC), 1.340%, 2/6/2003		7,050,000
	760,000		Poseyville, In, North American Green, (Series 1999), (Fifth Third Bank, Cincinnati LOC), 1.340%, 2/6/2003		760,000
	7,529,000		Primex Funding Corp., (Series 1997-A), (Bank One, Indiana N.A. LOC), 1.400%, 2/6/2003		7,529,000
	6,760,000		R & J Investment Co., (Bank One N.A. (Ohio) LOC), 1.440%, 2/6/2003		6,760,000
	3,160,000		Riverchase Country Club, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,160,000
	1,359,000		Sandridge Food Corp., (National City Bank, Ohio LOC), 1.420%, 2/6/2003		1,359,000
	6,950,000		Santa Rosa, CA, (WestLB AG LOC), 1.510%, 2/6/2003		6,950,000
	7,650,000		Second Baptist Church, Millington, TN, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		7,650,000
	18,500,000		Seeber USA, LLP, (Series 2000), (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		18,500,000
	6,510,000		Sherman-Dixie Concrete Industries, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		6,510,000
	5,690,000		Sioux-Preme Packing Co., (Firstar Bank, N.A. LOC), 1.500%, 2/5/2003		5,690,000
	3,230,000		Solon Properties LLC, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		3,230,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	5,000,000		Springhill Medical Comples, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003	$	5,000,000
	9,725,000		Stow-Glen Properties LLC, (Firstar Bank, N.A. LOC), 1.490%, 2/6/2003		9,725,000
	920,000		TDB Realty, Ltd., (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		920,000
	2,830,000		TIL Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,830,000
	2,480,000		TTL Realty LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,480,000
	975,000		Tallahassee-Leon County Civic Center Authority, (Series 1998-C), (SunTrust Bank LOC), 1.400%, 2/5/2003		975,000
	3,285,000		Tarrant Hydraulics Services LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,285,000
	3,005,000		Trap Rock Industries, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.390%, 2/5/2003		3,005,000
	825,000		Triple O LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.440%, 2/6/2003		825,000
	2,695,000		University Ltd. Properties LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,695,000
	3,430,000		VLF LLC, The Village of Lovejoy,Fountain Project, (Key Bank, N.A. LOC), 1.480%, 2/6/2003		3,430,000
	1,869,300		Valleydale Baptist Church, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		1,869,300
	1,730,000		Van Wyk Enterprises, Inc., (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,730,000
	5,575,000		Vista Grande Villa, (Lasalle Bank, N.A. LOC), 1.450%, 2/6/2003		5,575,000
	6,500,000		WL Properties of Georgia, Inc., (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		6,500,000
	4,300,000		Watson's St. Louis Property LLC, (Series 2001), (U.S. Bank N.A., Cincinnatti LOC), 1.460%, 2/6/2003		4,300,000
	3,700,000		Weaver Rentals LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,700,000
	6,400,000		Wellbrook Finance LLC, (Regions Bank, Alabama LOC), 1.440%, 2/6/2003		6,400,000
	110,000,000		Wells Fargo & Co., 1.370% - 1.412%, 2/1/2003 - 2/14/2003		110,000,000
	2,000,000		White's Ferry Road Church of Christ, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,000,000
	10,990,000		Wildcat Management Co., Inc., (Series 1999), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		10,990,000
	5,800,000		Winder-Barrow Industrial Building Authority, (SunTrust Bank LOC), 1.400%, 2/5/2003		5,800,000

			TOTAL		1,214,719,300

Principal Amount				Value
			NOTES - VARIABLE--continued²
			Brokerage--4.2%
$	247,000,000		Goldman Sachs Group, Inc., Promissory Notes, 1.415% - 1.470%, 2/3/20023 - 2/13/2003	$	247,000,000
	190,000,000		Merrill Lynch & Co., Inc., 1.425% - 1.640%, 2/3/2003 - 2/11/2003		190,059,709
	50,000,000		Salomon Smith Barney Holdings, Inc., 1.355%, 2/10/2003		50,000,000

			TOTAL		487,059,709

			Consumer Products--0.2%
	25,000,000		Diageo Capital PLC, (Guaranteed by Diageo PLC), 1.390%, 3/12/2003		25,000,000

			Finance - Commercial--6.8%
	300,000,000		Compass Securitization LLC, 1.328% - 1.330%, 2/13/2003 - 2/14/2003		299,991,015
	285,500,000		General Electric Capital Corp., 1.396%-1.490%, 2/3/2003-2/18/2003		285,573,124
	200,000,000		Paradigm Funding LLC, 1.309% - 1.350%, 2/7/2003 -- 7/28/2003		200,000,000

			TOTAL		785,564,139

			Finance - Retail--0.5%
	54,000,000		SLM Corp., 1.690%, 3/16/2003		54,007,715

			Finance - Securities--2.2%
	25,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.350%, 2/15/2003		24,998,646
	235,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.305% - 1.370%, 2/3/2003 - 6/10/2003		234,980,577

			TOTAL		259,979,223

			Government Agency--0.3%
	4,200,000		Community Hearth and Home Ltd., (Series 2002), (Federal Home Loan Bank of Cincinnati LOC), 1.440%, 2/6/2003		4,200,000
	5,600,000		Direct One Funding Corp., (Federal National Mortgage Association LOC), 1.410%, 2/6/2003		5,600,000
	975,000		Direct One Funding Corp., (Series 2000) (Sexton Properties), (Federal National Mortgage Association LOC), 1.410%, 2/6/2003		975,000
	25,000,000		Student Loan Marketing Association, USA Education, Inc, 1.433%, 4/25/2003		25,014,119

			TOTAL		35,789,119

			Insurance--2.6%
	24,000,000		Allstate Life Insurance Co., 1.520% - 1.570%, 2/1/2003 - 2/3/2003		24,000,000
	40,000,000		GE Life and Annuity Assurance Co., 1.380% - 1.526%, 2/3/2003 - 3/3/2003		40,000,000
	22,000,000		Jackson National Life Insurance Co., 1.450%, 2/24/2003		22,000,000
	54,000,000		Monumental Life Insurance Co., 1.490% - 1.610%, 2/3/2003 -- 2/28/2003		54,000,000
	50,000,000		New York Life Insurance Co., 1.526%, 5/1/2003		50,000,000
	9,900,000		Oberthur Gaming Technologies Corp., (Series 2002-A), (GE Capital Assurance Co. LOC), 1.390%, 2/5/2003		9,900,000
Principal Amount or Shares				Value
			NOTES - VARIABLE--continued²
			Insurance--continued
$	15,000,000		Premium Asset Trust, (Series 2001-10), (GE Life and Annuity Assurance Co. Insurance), 1.580%, 2/14/2003	$	15,007,785
	15,000,000		Protective Life Insurance Co., 1.857%, 5/1/2003		15,000,000
	25,000,000		Security Life of Denver Insurance Co., 1.460% - 1.570%, 3/17/2003 - 4/25/2003		25,000,000
	25,000,000		Transamerica Occidental Life Insurance Co., 1.520%, 4/7/2003		25,000,000
	20,000,000		Travelers Insurance Co., 1.526%, 3/1/2003		20,000,000

			TOTAL		299,907,785

			Municipal--0.1%
	15,000,000		Cook County, IL, (Series 2002 A), 1.390%, 2/5/2003		15,000,000

			Telecommunications--2.7%
	36,000,000		BellSouth Telecommunications, Inc., 1.433%, 3/4/2003		36,000,000
	282,600,000		Verizon Global Funding, 1.341% - 1.560%, 2/18/2003 -- 2/19/2003		282,593,525

			TOTAL		318,593,525

			TOTAL NOTES - VARIABLE		3,495,620,515

			MUTUAL FUNDS--3.4%
			Asset Management--3.4%
	400,000,000		AIM Short-Term Investments Co. Liquid Assets Portfolio		400,000,000
	1,000,000		Nations Money Market Reserves		1,000,000

			TOTAL MUTUAL FUNDS		401,000,000

Principal Amount				Value
			REPURCHASE AGREEMENTS--9.8%
$	425,000,000		Interest in $1,500,000,000 joint repurchase agreement with Bank of America LLC, 1.340% dated 1/31/2003, to be repurchased at $425,047,458 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033	$	425,000,000
	100,000,000		Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, 1.350% dated 1/31/2003, to be repurchased at $100,011,250 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		100,000,000
	612,194,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350% dated 1/31/2003, to be repurchased at $612,262,872 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		612,194,000

			TOTAL REPURCHASE AGREEMENTS		1,137,194,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	11,721,964,458

1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

2 Current rate and next reset date shown.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($11,666,465,196) at January 31, 2003.

The following acronyms are used throughout this portfolio:

EDA	--Economic Development Authority
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Options Tender Series

See Notes which are an integral part of the Financial Statements

Prime Value Obligations Fund
Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			CERTIFICATES OF DEPOSIT--7.9%
			Banking--7.9%
$	74,000,000		Abbey National Treasury Services, PLC, 1.810% - 1.840%, 10/17/2003 - 10/20/2003	$	73,996,442
	48,000,000		Bank of New York, 2.065%, 7/1/2003		47,993,146
	141,200,000		Bayerische Hypotheken-und Vereinsbank AG, 1.330%, 4/28/2003		141,200,000
	176,500,000		Comerica Bank, 2.275% - 2.610%, 3/7/2003 - 6/23/2003		176,491,762
	150,000,000		Credit Agricole Indosuez, 1.280%, 3/6/2003		150,000,000
	50,000,000		Credit Lyonnais SA, 1.400%, 2/25/2003		50,000,000
	120,000,000		Credit Suisse First Boston, 1.300% - 2.010%, 2/3/2003 - 2/19/2003		120,024,279
	4,000,000		Den Danske Bank A/S, 2.590%, 5/23/2003		4,006,453
	10,000,000		Mercantile Safe Deposit & Trust Co., Baltimore, 2.500%, 2/5/2003		10,000,000
	40,000,000		U.S. Bank, N.A., Cincinnati, 2.250%, 6/23/2003		39,995,374
	160,000,000		UBS AG, 2.210% - 2.530%, 2/18/2003 - 3/12/2003		159,999,538
	25,000,000		Westdeutsche Landesbank AG, 1.360%, 5/15/2003		25,000,000

			TOTAL CERTIFICATES OF DEPOSIT		998,706,994

			COLLATERALIZED LOAN AGREEMENTS--13.3%
			Banking--8.5%
	100,000,000		CDC Financial Products, Inc., 1.413%, 2/3/2003		100,000,000
	250,000,000		Deutsche Bank Securities, Inc., 1.372% - 1.442%, 2/3/2003		250,000,000
	269,000,000		HSBC Securities, Inc., 1.423% - 1.463%, 2/3/2003		269,000,000
	255,000,000		J.P. Morgan Securities, Inc., 1.413%, 2/3/2003		255,000,000
	200,000,000		Wachovia Securities, Inc., 1.413%, 2/3/2003		200,000,000

			TOTAL		1,074,000,000

			Brokerage--4.8%
	155,000,000		Goldman Sachs & Co., 1.363% - 1.433%, 2/3/2003		155,000,000
	100,000,000		Lehman Brothers, Inc., 1.493%, 2/3/2003		100,000,000
	200,000,000		Morgan Stanley & Co., Inc., 1.392%, 2/3/2003		200,000,000
	150,000,000		Salomon Smith Barney Inc., 1.363% - 1.413%, 2/3/2003		150,000,000

			TOTAL		605,000,000

			TOTAL COLLATERALIZED LOAN AGREEMENTS		1,679,000,000

Principal Amount				Value
			COMMERCIAL PAPER--21.3%¹
			Banking--8.9%
$	448,526,000		Bavaria TRR, (Bayerische Hypotheken-und Vereinsbank AG Swap Agreement), 1.320% - 1.360%, 2/21/2003 - 4/15/2003	$	447,750,525
	158,000,000		Citicorp, 1.280% - 1.300%, 3/10/2003 - 4/25/2003		157,614,474
	100,000,000		Deutsche Bank Financial, Inc., (Deutsche Bank AG GTD), 1.341% - 1.641%, 5/8/2003		99,642,400
	119,446,000		Fountain Square Commercial Funding Corp., 1.290% - 1.350%, 2/6/2003 - 2/18/2003		119,415,687
	90,000,000		HBOS Treasury Services PLC, 1.330%, 4/28/2003 - 4/29/2003		89,712,942
	66,000,000		Ivory Funding Corp., 1.310% - 1.350%, 2/12/2003 - 4/7/2003		65,902,078
	50,000,000		KBC Financial Products International Ltd., (KBC Bank N.V. GTD), 1.290%, 7/23/2003		49,691,833
	30,000,000		Kitty Hawk Funding Corp., 1.280%, 2/24/2003		29,975,467
	71,394,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.320% - 1.380%, 3/6/2003 - 7/17/2003		71,079,990

			TOTAL		1,130,785,396

			Entertainment--1.1%
	145,000,000		Walt Disney Co., 1.450% - 1.620%, 2/5/2003 - 4/22/2003		144,904,270

			Finance - Automotive--1.0%
	125,625,000		Ford Motor Credit Co., 1.590% - 2.230%, 2/4/2003 -- 4/28/2003		125,313,240

			Finance - Commercial--1.6%
	100,000,000		Edison Asset Securitization LLC, 1.300%, 7/10/2003		99,425,833
	50,000,000		General Electric Capital Corp., 1.330%, 5/12/2003		49,815,278
	50,000,000		Jupiter Securitization Corp., 1.280%, 2/19/2003		49,968,000

			TOTAL		199,209,111

			Finance - Equipment--0.3%
	39,000,000		John Deere Credit Ltd., (John Deere Capital Corp. GTD), 1.440% - 1.450%, 3/21/2003 - 3/25/2003		38,919,907

			Finance -- Retail--3.7%
	38,955,000		Barton Capital Corp., 1.270%, 2/21/2003		38,927,515
	30,000,000		Countrywide Home Loans, Inc., 1.320%, 2/20/2003		29,979,100
	274,900,000		Household Finance Corp., 1.380% - 2.200%, 2/4/2003 - 4/14/2003		274,248,716
	125,000,000		Sheffield Receivables Corp., 1.290%, 2/24/2003		124,896,979

			TOTAL		468,052,310

			Finance - Securities--1.5%
	162,200,000		Galaxy Funding Inc., 1.280% - 1.370%, 2/10/2003 - 4/7/2003		162,032,992
	25,500,000		K2 (USA) LLC, (K2 Corp. GTD), 1.350%, 5/22/2003		25,394,813

			TOTAL		187,427,805

Principal Amount				Value
			COMMERCIAL PAPER--continued¹
			Food & Beverage--1.2%
$	115,265,000		General Mills, Inc., 1.430% - 1.600%, 2/4/2003 - 4/23/2003	$	114,949,113
	37,800,000		Sara Lee Corp., 1.310%, 2/10/2003 - 2/21/2003		37,776,012

			TOTAL		152,725,125

			Insurance--0.4%
	50,000,000		AEGON Funding Corp., 1.290%, 7/17/2003		49,702,583

			Oil & Oil Finance--0.6%
	75,000,000		Shell Finance (UK) PLC, 1.290%, 7/11/2003		74,570,000

			Retail--1.0%
	131,100,000		Safeway, Inc., 1.370% - 1.450%, 3/13/2003 - 4/14/2003		130,813,777

			TOTAL COMMERCIAL PAPER		2,702,423,524

			SHORT-TERM NOTES--14.0%
			Banking--2.0%
	150,000,000		Deutsche Bank AG, 1.372%, 2/3/2003		150,000,000
	35,000,000		National City Bank, Indiana, 2.500%, 3/5/2003		35,000,000
	75,000,000		National City Bank, Ohio, 2.500%, 3/10/2003		74,998,873

			TOTAL		259,998,873

			Brokerage--5.1%
	330,000,000		Bear Stearns Cos., Inc., 1.462%, 2/3/2003		330,000,000
	195,000,000		Goldman Sachs Group, Inc., 1.440% - 1.480%, 2/3/2003 - 5/15/2003		195,000,000
	128,000,000		Merrill Lynch & Co., Inc., 1.462% - 2.450%, 2/3/2003 -- 3/24/2003		128,000,000

			TOTAL		653,000,000

			Finance - Automotive--1.5%
	7,375,210		Americredit Automobile Receivables Trust, (Series 2002-A), Class A1, 1.818%, 11/6/2003		7,375,210
	20,000,000		Capital One Auto Finance Trust, (Series 2002-C), Class A1, 1.434%, 12/15/2003		20,000,000
	2,839,928		CarMax Auto Owner Trust, (Series 2002-2), Class A1, 1.425%, 12/15/2003		2,839,928
	13,655,879		Ford Credit Auto Owner Trust, (Series 2002-D), Class A1, 1.790%, 5/15/2003		13,655,879
	17,538,000		Ford Motor Credit Co., 1.600%, 3/17/2003		17,529,816
	3,850,000		General Motors Acceptance Corp., 5.950%, 3/14/2003		3,865,270
	3,240,519		Honda Auto Receivables Owner Trust, (Series 2002-2), Class A1, 1.950%, 6/13/2003		3,240,519
	48,209,489		Household Automotive Trust, (Series 2002-3), Class A1, 1.413%, 12/17/2003		48,209,489
	22,178,290		MMCA Auto Owner Trust, (Series 2002-4), Class A1, 1.763%, 10/15/2003		22,178,290
	20,745,386		Nissan Auto Lease Trust, (Series 2002-A), Class A1, 1.400%, 11/17/2003		20,745,386
Principal Amount				Value
			SHORT-TERM NOTES--continued
			Finance - Automotive--continued
$	1,223,440		Nissan Auto Receivables Owner Trust, (Series 2002-B), Class A1, 2.090%, 5/9/2003	$	1,223,440
	8,053,726		SSB Auto Loan Trust, (Series 2002-1), Class A1, 1.658%, 11/15/2003		8,053,726
	24,000,000		WFS Financial Owner Trust, (Series 2002-4), Class A1, 1.676%, 11/20/2003		24,000,000

			TOTAL		192,916,953

			Finance - Equipment--0.8%
	39,152,113		Bank of America Lease Equipment Trust, (Series 2002-A), Class A1, 1.438%, 12/22/2003		39,152,112
	37,548,971		CNH Equipment Trust, (Series 2002-B), Class A1, 1.406%, 12/9/2003		37,548,971
	21,199,205		Navistar Financial Corp. Owner Trust, (Series 2002-B), Class A1, 1.620%, 11/15/2003		21,199,205

			TOTAL		97,900,288

			Finance - Securities--4.0%
	221,000,000		Beta Finance, Inc., (Beta Finance Corp. GTD), 1.400% - 3.000%, 4/8/2003 - 2/5/2004		221,000,000
	90,000,000		K2 (USA) LLC, (K2 Corp. GTD), 2.320% - 2.450%, 3/3/2003 - 7/7/2003		90,000,000
	193,000,000		Sigma Finance, Inc., (Sigma Finance Corp. GTD), 1.605% - 2.705%, 2/26/2003 - 2/6/2004		192,997,250

			TOTAL		503,997,250

			Municipal--0.1%
	9,000,000		Hudson County, NJ, 2.750%, 9/26/2003		9,017,111

			Telecommunications--0.5%
	60,000,000		SBC Communications, Inc., 4.295%, 6/5/2003		60,308,607

			TOTAL SHORT-TERM NOTES		1,777,139,082

			GOVERNMENT AGENCIES--1.5%
			Government Agency--1.5%
	115,000,000		Federal Home Loan Bank System, 1.600% - 1.720%, 11/3/2003 - 2/3/2004		115,000,000
	71,500,000		Federal Home Loan Mortgage Corp., 1.750% - 5.250%,12/8/2003 - 2/15/2004		72,347,423

			TOTAL GOVERNMENT AGENCIES		187,347,423

			LOAN PARTICIPATION--3.3%
			Chemicals--0.5%
	60,000,000		DuPont Teijin Films U.K. Ltd., (Du Pont (E.I.) de Nemours & Co. GTD), 1.490%, 9/30/2003		60,000,000

			Electrical Equipment--0.2%
	29,600,000		Mt. Vernon Phenol Plant Partnership, (General Electric Co. GTD), 1.386%, 5/19/2003		29,600,000

Principal Amount				Value
			LOAN PARTICIPATION--continued
			Finance - Automotive--0.8%
$	30,200,000		GMAC Residential Holding Corp., (General Motors Acceptance Corp. GTD), 1.880% - 1.930%, 2/3/2003	$	30,196,797
	70,700,000		General Motors Acceptance Corp., Mortgage of PA, (General Motors Acceptance Corp. GTD), 1.930% - 1.990%, 2/3/2003 -- 2/20/2003		70,695,422

			TOTAL		100,892,219

			Finance - Retail--1.8%
	235,000,000		Countrywide Home Loans, Inc., 1.380%, 2/5/2003 - 3/19/2003		235,000,000

			TOTAL LOAN PARTICIPATION		425,492,219

			NOTES - VARIABLE--29.9%²
			Banking--12.5%
	5,300,000		1700 Financial Group, Inc., (Series 2002), (Regions Bank, Alabama LOC), 1.440%, 2/5/2003		5,300,000
	5,340,000		35 N. Fourth Street Ltd., (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		5,340,000
	4,480,000		4 C's LLC, (Series 1998), (KeyBank, N.A. LOC), 1.400%, 2/6/2003		4,480,000
	2,945,000		AC, Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,945,000
	5,000,000		AW Mobile LLC, (SouthTrust Bank of Alabama, Birmingham LOC), 1.550%, 2/7/2003		5,000,000
	445,000		Alabama State, IDA, Nichols Research Corp., (SouthTrust Bank of Alabama, Birmingham LOC), 1.400%, 2/7/2003		445,000
	95,000		Alabama State, IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Fleet National Bank LOC), 1.440%, 2/6/2003		95,000
	1,106,000		American Health Care Centers, Inc., (Series 1998), (FirstMerit Bank, N.A. LOC), 1.420%, 2/6/2003		1,106,000
	8,425,000		Anchor Holdings LLC, (Series 2000), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		8,425,000
	2,100,000		Avondale Commerce Park, Phase III LLP, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,100,000
	8,895,000		B.R. Williams Trucking, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		8,895,000
	3,910,000		BBF LLC, (Series 2002), (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		3,910,000
	6,000,000		BMW Investments, Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		6,000,000
	116,025,000		Becker, MN PCR, (Series 2002-H1), (Bank of New York Swap Agreement), 1.470%, 2/5/2003		116,025,000
	1,575,000		Becker, MN PCR, (Series 2002-H2), (Bank of New York Swap Agreement), 1.470%, 2/5/2003		1,575,000
	7,605,000		Bethesda Country Club, Inc., (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		7,605,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	1,275,000		Bissett, William K. and Sheryl B., Multi-Option Adjustable Rate Notes, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003	$	1,275,000
	6,200,000		Blue Family Holdings LLC, (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		6,200,000
	254,000,000		Blue Heron Funding Ltd., (Series 3A), (Westdeutsche Landesbank AG GTD), 1.351%, 2/28/2003		254,000,000
	2,145,000		Bluff City Buick, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,145,000
	2,690,000		Bon Secour Ltd., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,690,000
	7,525,000		Bond Holdings LP, (SouthTrust Bank of Alabama, Birmingham LOC), 1.440%, 2/7/2003		7,525,000
	6,135,000		Briarwood LP, (Series 1999), (Bank One, N.A. (Ohio) LOC), 1.440%, 2/6/2003		6,135,000
	3,500,000		Brittany Bay Partners II Ltd., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.490%, 2/6/2003		3,500,000
	5,000,000		Brooksby Village, Inc., (Series 2002), (Lasalle Bank, N.A. LOC), 1.450%, 2/6/2003		5,000,000
	6,480,000		Brumfield Properties, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.350%, 2/6/2003		6,480,000
	2,993,000		CC Properties LLC, (Series 2002 A), Ronald & Phyllis Coleman, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,993,000
	3,828,000		CC Properties LLC, (Series 2002 B), Thomas & Carolyn Coleman, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,828,000
	8,725,000		Callaway Gardens Resort, Inc., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/5/2003		8,725,000
	1,500,000		Campbell Enterprises, (Huntington National Bank, Columbus, OH LOC), 1.440%, 2/6/2003		1,500,000
	18,150,000		Capital One Funding Corp., (Bank One, N.A. (Ohio) LOC), 1.400%, 2/6/2003		18,150,000
	13,080,000		Capital One Funding Corp., (Bank One, Illinois, N.A. LOC), 1.400%, 2/6/2003		13,080,000
	8,366,000		Capital One Funding Corp., (Series 1996-C), (Bank One, N.A. (Ohio) LOC), 1.400%, 2/6/2003		8,366,000
	790,000		Carmel, IN, Telamon Corp., (Series A), (Huntington National Bank, Columbus, OH LOC), 1.490%, 2/6/2003		790,000
	730,000		Carmel, IN, Telamon Corp., (Series B), (Huntington National Bank, Columbus, OH LOC), 1.490%, 2/6/2003		730,000
	3,725,000		Cattail Creek Country Club, (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		3,725,000
	5,205,000		Century Drive Associates, (Series 2001), (Commerce Bank, N.A., Cherry Hill, NJ LOC), 1.540%, 2/5/2003		5,205,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	6,850,000		Charlie N. McGlamry, (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003	$	6,850,000
	13,090,000		Church at Brook Hills, (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		13,090,000
	5,320,000		Clark-Holder Clinic, PA, (Columbus Bank and Trust Co., GA LOC), 1.400%, 2/6/2003		5,320,000
	785,000		Colorado Health Facilities Authority, (Series B), (Bank One, Colorado LOC), 1.500%, 2/6/2003		785,000
	4,905,000		Columbus, GA IDA, Woodmont Properties LLC, (Series 2000), (Columbus Bank and Trust Co., GA LOC), 1.390%, 2/6/2003		4,905,000
	3,900,000		Commerce Towers LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,900,000
	7,250,000		Commercial Contractors, Inc., (Series 1998), (Allfirst Bank LOC), 1.560%, 2/4/2003		7,250,000
	8,950,000		Consolidated Publishing Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 1.500%, 2/7/2003		8,950,000
	1,660,000		Continental Downtown Properties, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,660,000
	7,090,000		Continental Downtown Properties, (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		7,090,000
	9,500,000		Cullman Shopping Center, Inc., (Series 2002), (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		9,500,000
	4,755,000		DLR Investments, Inc., (Series 2000), Ripley Crossing Project, (Bank One, Indiana, N.A. LOC), 1.440%, 2/6/2003		4,755,000
	5,445,000		Dellridge Care Center LP, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		5,445,000
	7,210,000		Dewberry IV LP, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		7,210,000
	8,115,000		ERC Real Estate LLC, (KeyBank, N.A. LOC), 1.400%, 2/6/2003		8,115,000
	105,000		Edgefield County, SC, (Series 1997), (Bondex, Inc. Project), (HSBC Bank USA LOC), 1.850%, 2/6/2003		105,000
	4,100,000		Engle Printing & Publishing, (Allfirst Bank LOC), 1.540%, 2/7/2003		4,100,000
	8,625,000		Fountainhead Enterprises LLC, (Huntington National Bank, Columbus, OH LOC), 1.340%, 2/6/2003		8,625,000
	3,394,000		Frank Parsons Paper Co., Inc., (Series 1999), (Allfirst Bank LOC), 1.540%, 2/7/2003		3,394,000
	1,190,000		Franklin County, PA IDA, (Series 2001 B), Precast Systems LLC, (Allfirst Bank LOC), 1.540%, 2/7/2003		1,190,000
	3,680,000		Gannett Fleming, Inc., (Series 2001), (Allfirst Bank LOC), 1.540%, 2/7/2003		3,680,000
	2,172,000		Gateway Foods, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,172,000
	3,240,000		Georgetown Real Estate Holdings Ltd., (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		3,240,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	5,825,000		Georgia Crown Distributing Co., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003	$	5,825,000
	3,415,000		Gesmundo & Associates, Inc., (Series A), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003		3,415,000
	7,655,000		Green Clinic Management Co. LLC, (Regions Bank, Alabama LOC), 1.490%, 2/6/2003		7,655,000
	15,000,000		Greene County, GA IDA, Reynolds Lodge LLC, (Series 2000 A), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		15,000,000
	2,000,000		Greene County, GA IDA, Reynolds Lodge LLC, (Series 2000 B), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		2,000,000
	1,020,000		Guilford Capital LLC, (Series 2002 -- D), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		1,020,000
	3,335,000		Guilford Capital LLC, (Series 2002 -- E), (Regions Bank, Alabama LOC), 1.640%, 2/6/2003		3,335,000
	4,995,000		H.C. Equities LP, (Wachovia Bank, N.A. LOC), 1.400%, 2/6/2003		4,995,000
	89,000,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		89,000,000
	8,270,000		HFS Holdings LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		8,270,000
	8,500,000		Hanna Steel Corp., (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		8,500,000
	12,600,000		Harris County, GA IDA, (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		12,600,000
	4,645,000		Hazlet Manor Associates, (Series 1998), (Allfirst Bank LOC), 1.560%, 2/4/2003		4,645,000
	9,470,000		Healthcare Funding LLC, (Series 1999), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003		9,470,000
	9,145,000		Healthcare Network Properties LLC, (Series A), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003		9,145,000
	19,190,000		ICS-Remington LLC, (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		19,190,000
	940,000		Ilsco Corp., (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		940,000
	3,800,000		Indian Hills Country Club, (Series 2000), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,800,000
	1,155,000		J.W. Harris, Inc., (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		1,155,000
	15,415,000		JFK Family Borrowing, LLP, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		15,415,000
	7,446,290		Katie Realty LLC, (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		7,446,290
	5,105,000		Kenwood Country Club, Inc., (Series 1999), (Firstar Bank, N.A. LOC), 1.460%, 2/6/2003		5,105,000
	6,300,000		KeyBank, N.A., Euro Medium Term Note, 1.472%, 3/19/2003		6,300,948
	1,275,000		Laird's Auto Glass & Trim, Inc., (Standard Federal Bank, N.A. LOC), 1.490%, 2/5/2003		1,275,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	4,000,000		Lake Sherwood Senior Living Center LLC, (Union Planters Bank, N.A., Memphis, TN LOC), 1.590%, 2/6/2003	$	4,000,000
	6,820,000		Lee County, FL IDA, Bonita Community Health Center, (Series 1999 B), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/7/2003		6,820,000
	3,115,000		Lincoln Park Associates Ltd., (Bank One, N.A. (Chicago) LOC), 1.400%, 2/6/2003		3,115,000
	2,000,000		Liquid Asset Backed Securities Trust, (Series 1996-3), (Westdeutsche Landesbank AG Swap Agreement), 1.390%, 2/18/2003		2,000,000
	5,125,000		M&C Holdings LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,125,000
	5,200,000		Mac Churchill Properties North Ltd., (Series 2002), (SouthTrust Bank of Alabama, Birmingham LOC), 1.550%, 2/7/2003		5,200,000
	4,250,000		Marion County, FL IDA, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,250,000
	4,125,000		Maryland IDFA, Gen-Vec, Inc. Facility, (Series 1999), (Allfirst Bank LOC), 1.540%, 2/7/2003		4,125,000
	114,000		Maryland IDFA, Human Genome Sciences, (Series1994), (Allfirst Bank LOC), 1.260%, 2/3/2003		114,000
	21,610,000		Maryland IDFA., Human Genome Sciences, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		21,610,000
	16,000,000		Maryland IDFA., Human Genome Sciences, (Series 2001-A), (Allfirst Bank LOC), 1.560%, 2/4/2003		16,000,000
	675,000		Maryland IDFA, Pharmaceutics International, Inc., (Series 2001-B), (Allfirst Bank LOC), 1.540%, 2/7/2003		675,000
	6,315,000		Maryland EDR., Shire US Inc., (Series 2000-A), (Allfirst Bank LOC), 1.540%, 2/7/2003		6,315,000
	3,145,000		Mayer Properties LLP, (SouthTrust Bank of Alabama, Birmingham LOC), 1.450%, 2/7/2003		3,145,000
	3,680,000		McClatchy-Avondale Corp., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		3,680,000
	7,425,000		McCullough Snappy Service Oil Co., Inc., (SouthTrust Bank of Alabama, Birmingham LOC), 1.400%, 2/7/2003		7,425,000
	10,855,000		Mike Bowden, (Columbus Bank and Trust Co., GA LOC), 1.350%, 2/6/2003		10,855,000
	4,410,000		Miller, James & Deborah, (Series 1997), (Allfirst Bank LOC), 1.560%, 2/4/2003		4,410,000
	45,000,000	³	MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 1.470%, 3/28/2003		45,000,000
	3,190,000		Montgomery, AL IDB, (SouthTrust Bank of Alabama, Birmingham LOC), 1.350%, 2/6/2003		3,190,000
	4,160,000		Neron Real Estate LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,160,000
	7,575,000		North American Gulf Terminals, Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.390%, 2/6/2003		7,575,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	8,250,000		ORIS Automotive Parts AL Ltd., (AmSouth Bank N.A., Birmingham LOC), 1.340%, 2/6/2003	$	8,250,000
	5,795,000		Oaklawn Hospital, MI, (Series 2000 A), (Standard Federal Bank, N.A. LOC), 1.440%, 2/5/2003		5,795,000
	5,080,000		Old South Country Club, Inc., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		5,080,000
	7,500,000		Olive Baptist Church, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		7,500,000
	19,635,000		Omni HC, Inc., (Columbus Bank and Trust Co., GA LOC), 1.390%, 2/6/2003		19,635,000
	2,827,500		Orange Beach Marina, Inc., (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		2,827,500
	19,000,000		Palmetto Net, Inc., (National Bank of South Carolina LOC), 1.400%, 2/6/2003		19,000,000
	8,630,000		Perfect Properties LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		8,630,000
	3,934,000		Quality Synthetic Rubber Co., (Series 2000), (Firstar Bank, N.A. LOC), 1.440%, 2/6/2003		3,934,000
	9,000,000		Reiser Group Sonic Management Co., Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		9,000,000
	41,100,000		Riderwood Village, Inc., (Allfirst Bank LOC), 1.500%, 2/6/2003		41,100,000
	2,200,000		Riverchase Office Road LLC, (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		2,200,000
	1,400,000		Room One Corp., (Series 2001), (Fulton Bank LOC), 1.740%, 2/6/2003		1,400,000
	6,360,000		Royal Wine Corp. and KFP International Ltd., (Series 1998), (KeyBank, N.A. LOC), 1.400%, 2/6/2003		6,360,000
	740,000		Sandridge Food Corp., (National City Bank, Ohio LOC), 1.420%, 2/6/2003		740,000
	21,190,000		Schuster Enterprises, Inc., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		21,190,000
	20,000,000		Sea Island Co., (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		20,000,000
	8,830,000		Smith Land Improvement Corp., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/4/2003		8,830,000
	4,500,000		Southwest Atlanta E.O.C., Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.390%, 2/6/2003		4,500,000
	17,280,000		Spectra Gases, Inc., (Commerce Bank, N.A., Cherry Hill, NJ LOC), 1.490%, 2/5/2003		17,280,000
	7,960,000		Spencer Cos., Inc., (Series 2001), (First Commercial Bank, Birmingham, AL LOC), 1.440%, 2/6/2003		7,960,000
	3,200,000		Stone Creek LLC, (Columbus Bank and Trust Co., GA LOC), 1.350%, 2/6/2003		3,200,000
	1,670,000		TLC Realty LLC, (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		1,670,000
	5,895,000		Tanya K. Nitterhouse, (Allfirst Bank LOC), 1.540%, 2/7/2003		5,895,000
Principal Amount				Value
			NOTES - VARIABLE--continued²
			Banking--continued
$	11,350,000		Team Rahal, Inc., (Series 2002), (Allfirst Bank LOC), 1.540%, 2/7/2003	$	11,350,000
	10,300,000		Test Associates, (Series 2002), (Fulton Bank LOC), 1.490%, 2/6/2003		10,300,000
	4,885,000		Thomas Pipe and Steel LLC, (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		4,885,000
	4,000,000		Thomaston-Upson County, GA IDA, Atlantic Paper & Foil Project, (RBC Centura Bank LOC), 1.490%, 2/6/2003		4,000,000
	5,525,000		Town Development, Inc., (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		5,525,000
	15,000,000	³	URI Trust, (Series 2000-1), (UBS AG Swap Agreement), 1.460%, 3/18/2003		15,000,000
	3,300,000		University Church of Christ, (SouthTrust Bank of Alabama, Birmingham LOC), 1.550%, 2/7/2003		3,300,000
	1,700,000		Village Green Finance Co. LLC, (Series 1997), (Wachovia Bank, N.A. LOC), 1.340%, 2/5/2003		1,700,000
	12,360,000		Village of Bartlett, IL, Bartlett Quarry Redevelopemt Project, (Series 2000), (Lasalle Bank, N.A. LOC), 1.390%, 2/5/2003		12,360,000
	90,000		Vista Funding Corp., (Series 1994-A), (Fifth Third Bank, Cincinnati LOC), 1.350%, 2/6/2003		90,000
	3,000,000		Vulcan, Inc., (Series 2002), (AmSouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,000,000
	12,250,000		WCN Properties LP, (Series 2), (Fulton Bank LOC), 1.490%, 2/6/2003		12,250,000
	9,527,500		WCN Properties LP, (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		9,527,500
	112,000,000		Wells Fargo & Co., 1.370% - 1.412%, 2/3/2003 - 2/14/2003		112,000,000
	6,795,000		West Memphis, IDRB, S-B Power Tool Project, (Series 2000 A), (J.P. Morgan Chase Bank LOC), 1.390%, 2/6/2003		6,795,000
	7,130,000		West Shore Country Club, (Series 2000), (Allfirst Bank LOC), 1.540%, 2/7/2003		7,130,000
	17,000,000		Westpac Banking Corp. Ltd., Sydney, New York, 1.335%, 3/13/2003		17,001,027
	15,335,000		William Hill Manor, Inc., (Series 1998), (Allfirst Bank LOC), 1.560%, 2/4/2003		15,335,000
	8,145,000		Wilsbach Distributors, Inc., (Series 1999), (Allfirst Bank LOC), 1.560%, 2/5/2003		8,145,000
	225,000		York County, PA IDA, UL Holdings LLC, (Series 2000 B), (Allfirst Bank LOC), 1.540%, 2/7/2003		225,000
	17,300,000		Yorktown Building Holding Co. LLC, (Columbus Bank and Trust Co., GA LOC), 1.440%, 2/6/2003		17,300,000

			TOTAL		1,586,105,265

Principal Amount				Value
			NOTES - VARIABLE--continued²
			Brokerage--2.9%
$	205,000,000		Goldman Sachs Group, Inc., Promissory Notes, 1.415% - 1.470%, 2/3/2003 - 2/24/2003	$	205,000,000
	110,000,000		Merrill Lynch & Co., Inc., 1.425% - 1.640%, 2/3/2003 - 2/11/2003		110,059,709
	50,000,000		Salomon Smith Barney Holdings, Inc., 1.631%, 2/18/2003		50,079,056

			TOTAL		365,138,765

			Chemicals--0.6%
	69,000,000		Bayer Corp., (Bayer AG SA), 4.450%, 3/19/2003		69,128,004

			Consumer Products--0.5%
	65,000,000		Diageo Capital PLC, (Diageo PLC GTD), 1.390%, 3/12/2003		65,000,000

			Finance - Automotive--0.4%
	44,000,000		GMAC Residential Holding Corp., (General Motors Acceptance Corp. GTD), 1.938%, 2/3/2003		43,865,058

			Finance - Commercial--4.8%
	135,000,000		Compass Securitization LLC, 1.327% - 1.337%, 2/9/2003 - 2/14/2003		134,993,242
	258,000,000		General Electric Capital Corp., 1.396% - 1.470%, 2/3/2003 -- 3/2/2003		258,054,736
	215,000,000		Paradigm Funding LLC, 1.308% - 1.370%, 2/2/2003 - 2/28/2003		215,000,000

			TOTAL		608,047,978

			Finance - Retail--0.9%
	43,000,000		AFS Insurance Premium Receivables Trust, (Series 1994-A), 1.926%, 2/18/2003		43,000,000
	29,000,000		Household Finance Corp., 1.830%, 2/7/2003		29,016,277
	46,000,000		SLM Corp., 1.552% - 1.690%, 2/18/2003 - 4/25/2003		46,057,914

			TOTAL		118,074,191

			Finance - Securities--3.4%
	434,000,000		Sigma Finance, Inc., (Sigma Finance Corp. GTD), 1.275% - 1.370%, 2/3/2003 -- 6/10/2003		433,957,858

			Government Agency--0.1%
	5,120,000		Acton Assisted Living LLC, (Series 2000), (Federal Home Loan Bank of Pittsburgh LOC), 1.350%, 2/6/2003		5,120,000
	10,000,000		Student Loan Marketing Association, USA Education, INC., 1.432%, 4/25/2003		10,005,756

			TOTAL		15,125,756

Principal Amount or Shares				Value
			NOTES - VARIABLE--continued²
			Insurance--2.8%
$	12,000,000		Allstate Life Insurance Co., 1.520%, 2/3/2003	$	12,000,000
	20,000,000		GE Capital Assurance Co., 1.730%, 2/10/2003		20,000,000
	80,000,000		GE Life and Annuity Assurance Co., 1.380% - 1.525%, 2/3/2003 -- 3/3/2003		80,000,000
	25,000,000		Jackson National Life Insurance Co., 1.450% - 1.816%, 2/24/2003 - 5/1/2003		25,000,000
	35,000,000		Monumental Life Insurance Co., 1.510% - 1.560%, 2/28/2003 - 4/1/2003		35,000,000
	15,000,000		New York Life Insurance Co., 1.520%, 2/28/2003		15,000,000
	9,000,000		Premium Asset Trust, (Series 2001-4), (GE Capital Assurance Co.), 1.520%, 2/21/2003		9,000,075
	15,000,000		Principal Life Insurance Co., 1.575%, 3/3/2003		15,000,000
	13,000,000		Protective Life Insurance Co., 1.856%, 5/1/2003		13,000,000
	36,995,000		Santa Monica Community College District, (Series 2001 D), (AMBAC INS) 1.390%, 2/6/2003		36,995,000
	25,000,000		Security Life of Denver Insurance Co., 1.410% - 1.449%, 3/17/2003 - 4/25/2003		25,000,000
	25,000,000		Transamerica Occidental Life Insurance Co., 1.530%, 4/7/2003		25,000,000
	50,000,000		Travelers Insurance Co., 1.525%, 3/1/2003		50,000,000

			TOTAL		360,995,075

			Telecommunications--1.0%
	33,500,000		BellSouth Telecommunications, Inc., 1.432%, 3/5/2003		33,500,000
	92,600,000		Verizon Global Funding, 1.341% - 1.370%, 2/18/2003 - 2/19/2003		92,598,210

			TOTAL		126,098,210

			TOTAL NOTES - VARIABLE		3,791,536,160

			MUTUAL FUNDS--8.4%
			Asset Management--8.4%
	100,000,000		AIM Short-Term Investments Co. Liquid Assets Portfolio		100,000,000
	631,000,000		Nations Cash Reserves		631,000,000
	335,000,000		Scudder Money Market		335,000,000

			TOTAL MUTUAL FUNDS		1,066,000,000

			TIME DEPOSIT--0.6%
			Banking--0.6%
	75,000,000		Bayerische Hypotheken-und Vereinsbank AG, 1.312%, 1/31/2003		75,000,000

Principal Amount				Value
			REPURCHASE AGREEMENTS--0.3%
$	40,832,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 1/31/2003, to be repurchased at $40,836,594 on 2/3/2003 collateralized by U.S. Government Agency Obligations with various maturities to 1/16/2033	$	40,832,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	12,743,477,402

1 Each issue shows the rate of discount at the time of purchase for discount issues, or the coupon for interest bearing issues.

2 Current rate and next reset date shown.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($12,682,812,129) at January 31, 2003.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
EDR	--Economic Development Revenue
GTD	--Guaranteed
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
IDRB	--Industrial Development Revenue Bond
IDFA	--Industrial Development Finance Authority
INS	--Insured
LOC	--Letter of Credit
PCR	--Pollution Control Revenue
SA	--Support Agreement

See Notes which are an integral part of the Financial Statements

Statements of Assets and Liabilities

January 31, 2003 (unaudited)

	Municipal Obligations Fund		Prime Cash Obligations Fund		Prime Value Obligations Fund
Assets:
Investments in repurchase agreements	$	--	$	1,137,194,000	$	40,832,000
Investments in securities		1,827,144,500		10,584,770,458		12,702,645,402

Total investments in securities, at amortized cost and value		1,827,144,500		11,721,964,458		12,743,477,402
Cash		534,938		67		--
Income receivable		4,808,586		27,634,424		31,792,563
Receivable for shares sold		--		1,319,028		5,326,560

TOTAL ASSETS		1,832,488,024		11,750,917,977		12,780,596,525

Liabilities:
Payable for investments purchased		10,000,000		71,002,099		80,997,500
Payable for shares redeemed		707,660		745,214		1,055,450
Income distribution payable		1,604,895		11,902,895		15,120,677
Payable to bank		--		--		169,796
Accrued expenses		191,590		802,573		440,973

TOTAL LIABILITIES		12,504,145		84,452,781		97,784,396

TOTAL NET ASSETS	$	1,819,983,879	$	11,666,465,196	$	12,682,812,129

Net Assets:
Institutional Shares	$	934,837,137	$	8,139,846,033	$	11,216,448,812
Institutional Service Shares		398,869,297		2,347,902,046		992,234,678
Institutional Capital Shares		486,277,445		1,178,717,117		474,128,639

TOTAL NET ASSETS	$	1,819,983,879	$	11,666,465,196	$	12,682,812,129

Shares Outstanding:
Institutional Shares		934,837,137		8,139,846,033		11,216,448,812
Institutional Service Shares		398,869,297		2,347,902,046		992,234,678
Institutional Capital Shares		486,277,445		1,178,717,117		474,128,639

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
Institutional Shares		$1.00		$1.00		$1.00

Institutional Service Shares		$1.00		$1.00		$1.00

Institutional Capital Shares		$1.00		$1.00		$1.00

See Notes which are an integral part of the Financial Statements

Statements of Operations

Six Months Ended January 31, 2003 (unaudited)

		Municipal Obligations Fund			Prime Cash Obligations Fund			Prime Value Obligations Fund
Investment Income:
Interest	$	12,527,706		$	105,251,416		$	104,260,581

Expenses:
Investment adviser fee		1,591,126			12,143,533			11,860,050
Administrative personnel and services fee		598,263			4,565,969			4,459,379
Custodian fees		29,443			328,454			311,109
Transfer and dividend disbursing agent fees and expenses		75,304			247,882			215,696
Directors'/Trustees' fees		5,167			53,273			44,258
Auditing fees		6,786			6,072			5,930
Legal fees		13,155			24,287			22,129
Portfolio accounting fees		96,350			412,880			407,580
Shareholder services fee--Institutional Service Shares		498,078			2,967,230			1,244,245
Shareholder services fee--Institutional Capital Shares		338,930			1,351,070			600,579
Share registration costs		39,864			39,177			56,553
Printing and postage		14,731			16,842			22,129
Insurance premiums		3,346			6,072			5,930
Miscellaneous		3,180			18,215			11,860

TOTAL EXPENSES		3,313,723			22,180,956			19,267,427

Waivers:
Waiver of investment adviser fee		(966,428	)		(6,417,279	)		(6,916,286	)
Waiver of transfer and dividend disbursing agent fees and expenses		(12,176	)		(110,595	)		(86,656	)
Waiver of shareholder services fee--Institutional Capital Shares		(203,358	)		(810,642	)		(360,348	)

TOTAL WAIVERS		(1,181,962	)		(7,338,516	)		(7,363,290	)

Net expenses		2,131,761			14,842,440			11,904,137

Net investment income	$	10,395,945		$	90,408,976		$	92,356,444

See Notes which are an integral part of the Financial Statements

Statements of Changes in Net Assets

		Municipal Obligations Fund						Prime Cash Obligations Fund
		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002			Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Asset
Operations:
Net investment income	$	10,395,945		$	17,254,872		$	90,408,976		$	253,836,671

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(6,415,158	)		(9,886,226	)		(67,237,629	)		(199,359,334	)
Institutional Service Shares		(2,277,378	)		(4,705,485	)		(15,426,690	)		(38,418,091	)
Institutional Capital Shares		(1,703,409	)		(2,663,161	)		(7,744,657	)		(16,059,246	)

CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS		(10,395,945	)		(17,254,872	)		(90,408,976	)		(253,836,671	)

Share Transactions:
Proceeds from sale of shares		7,908,372,786			7,909,856,468			67,532,499,835			153,967,375,128
Net asset value of shares issued to shareholders in payment of distributions declared		5,857,287			10,611,983			37,685,344			124,926,029
Cost of shares redeemed		(7,406,424,308	)		(7,526,264,570	)		(67,110,354,525	)		(150,448,920,391	)

CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS		507,805,765			394,203,881			459,830,654			3,643,380,766

Change in net assets		507,805,765			394,203,881			459,830,654			3,643,380,766

Net Assets:
Beginning of period		1,312,178,114			917,974,233			11,206,634,542			7,563,253,776

End of period	$	1,819,983,879		$	1,312,178,114		$	11,666,465,196		$	11,206,634,542

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Prime Value Obligations Fund
		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	92,356,444		$	225,250,729

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(82,071,980	)		(189,697,784	)
Institutional Service Shares		(6,750,827	)		(22,703,257	)
Institutional Capital Shares		(3,533,637	)		(12,849,688	)

CHANGE IN NET ASSETS FROM DISTRIBUTIONS TO SHAREHOLDERS		(92,356,444	)		(225,250,729	)

Share Transactions:
Proceeds from sale of shares		60,815,426,056			104,759,765,450
Net asset value of shares issued to shareholders in payment of distribution declared		42,424,903			114,747,990
Cost of shares redeemed		(57,616,273,448	)		(102,256,701,530	)

CHANGE IN NET ASSETS FROM SHARE TRANSACTIONS		3,241,577,511			2,617,811,910

Change in net assets		3,241,577,511			2,617,811,910

Net Assets:
Beginning of period		9,441,234,618			6,823,422,708

End of period	$	12,682,812,129		$	9,441,234,618

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)


Year Ended	Net Asset Value, Beginning of Period	Net Investment Income	Distributions From Net Investment Income
Municipal Obligations Fund
January 31, 1998	$1.00	0.04	(0.04)
January 31, 1999	$1.00	0.03	(0.03)
July 31, 1999³	$1.00	0.02	(0.02)
July 31, 2000⁵	$1.00	0.04	(0.04)
July 31, 2001	$1.00	0.04	(0.04)
July 31, 2002	$1.00	0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	(0.01)

Prime Cash Obligations Fund
January 31, 1998	$1.00	0.05	(0.05)
January 31, 1999	$1.00	0.05	(0.05)
July 31, 1999³	$1.00	0.02	(0.02)
July 31, 2000⁵	$1.00	0.06	(0.06)
July 31, 2001	$1.00	0.05	(0.05)
July 31, 2002	$1.00	0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	(0.01)

Prime Value Obligations Fund
January 31, 1998	$1.00	0.05	(0.05)
January 31, 1999	$1.00	0.05	(0.05)
July 31, 1999³	$1.00	0.02	(0.02)
July 31, 2000⁵	$1.00	0.06	(0.06)
July 31, 2001	$1.00	0.06	(0.06)
July 31, 2002	$1.00	0.02	(0.02)
January 31, 2003⁶	$1.00	0.01	(0.01)

1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

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

3 The Funds changed their fiscal year-ends from January 31 to July 31.

4 Computed on an annualized basis.

5 Beginning with the year ended July 31, 2000, the Funds were audited by Deloitte and Touch LLP. Each of the previous years was audited by other auditors.

6 For six months ended January 31, 2003 (unaudited).

See Notes which are an integral part of the Financial Statements

			Ratios to Average Net Assets
Net Asset Value End of Period	Total Return	¹	Expenses		Net Investment Income		Expense Waiver/ Reimbursement	²		Net Assets End of Period (000 Omitted)

$1.00	3.56%		0.30%		3.53%		0.38%		$	17,701
$1.00	3.40%		0.30%		3.40%		0.31%		$	114,535
$1.00	1.53%		0.30%	⁴	3.00%	⁴	0.33%	⁴	$	74,609
$1.00	3.79%		0.30%		3.65%		0.30%		$	72,714
$1.00	3.75%		0.30%		3.64%		0.29%		$	157,035
$1.00	1.67%		0.30%		1.63%		0.28%		$	196,824
$1.00	0.65%		0.30%	⁴	1.26%	⁴	0.27%	⁴	$	486,277


$1.00	5.48%		0.30%		5.46%		0.26%		$	391,159
$1.00	5.37%		0.30%		5.18%		0.27%		$	230,193
$1.00	2.36%		0.30%	⁴	4.64%	⁴	0.28%	⁴	$	245,815
$1.00	5.78%		0.30%		5.58%		0.27%		$	163,282
$1.00	5.64%		0.30%		5.28%		0.27%		$	516,333
$1.00	2.22%		0.30%		2.07%		0.26%		$	894,934
$1.00	0.72%		0.30%	⁴	1.43%	⁴	0.26%	⁴	$	1,178,717


$1.00	5.55%		0.27%		5.61%		0.32%		$	67,064
$1.00	5.40%		0.28%		5.23%		0.30%		$	200,098
$1.00	2.38%		0.28%	⁴	4.76%	⁴	0.30%	⁴	$	275,756
$1.00	5.80%		0.28%		5.66%		0.30%		$	236,780
$1.00	5.68%		0.28%		5.27%		0.29%		$	445,538
$1.00	2.26%		0.29%		2.29%		0.27%		$	506,382
$1.00	0.75%		0.29%	⁴	1.47%	⁴	0.27%	⁴	$	474,129

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consist of 40 portfolios. The financial statements of the following portfolios (individually referred to as the "Fund" or collectively as the "Funds") are presented herein:

Portfolio Name	Diversification	Class of Shares	Investment Objective
Municipal Obligations Fund	diversified	Institutional Shares Institutional Service Shares Institutional Capital Shares	To provide current income exempt from federal regular income tax consistent with stability of principal.
Prime Cash Obligations Fund	diversified	Institutional Shares Institutional Service Shares Institutional Capital Shares	To provide current income consistent with stability of principal and liquidity.
Prime Value Obligations Fund	diversified	Institutional Shares Institutional Service Shares Institutional Capital Shares	To provide current income consistent with stability of principal and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Funds use the amortized cost method to value their portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Federal Taxes

When-Issued and Delayed Delivery Transactions

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. Many restricted securities may be resold in the secondary market in transactions exempt from registration. In some cases, the restricted securities may be resold without registration upon exercise of a demand feature. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. Restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Additional information on each restricted illiquid security held by Prime Cash Obligations Fund at January 31, 2003 is as follows:

Security	Fund Acquisition Date	Acquisition Cost
MONET Trust, (Series 2000-1)	9/27/2000 -- 6/28/2002	$55,000,000

Additional information on each restricted illiquid security held by Prime Value Obligations Fund at January 31, 2003 is as follows:

Security	Fund Acquisition Date	Acquisition Cost
MONET Trust, (Series 2000-1)	9/27/2000 - 6/28/2002	$45,000,000

URI Trust, (Series 2000-1)	12/18/2000	$15,000,000

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

Municipal Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	5,768,494,331		4,938,827,777
Shares issued to shareholders in payment of distributions declared	3,406,659		5,177,243
Shares redeemed	(5,693,902,857	)	(4,478,435,349	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	77,998,133		465,569,671


Institutional Service Shares:
Shares sold	926,669,641		1,679,444,934
Shares issued to shareholders in payment of distributions declared	1,370,019		3,219,887
Shares redeemed	(787,685,669	)	(1,793,819,644	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARES TRANSACTIONS	140,353,991		(111,154,823	)


Institutional Capital Shares:
Shares sold	1,213,208,814		1,291,583,757
Shares issued to shareholders in payment of distributions declared	1,080,609		2,214,853
Shares redeemed	(924,835,782	)	(1,254,009,577	)

NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARES TRANSACTIONS	289,453,641		39,789,033

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	507,805,765		394,203,881


Prime Cash Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	53,702,876,545		132,307,454,503
Shares issued to shareholders in payment of distributions declared	28,070,250		98,262,791
Shares redeemed	(53,810,566,064	)	(129,857,433,589	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(79,619,269	)	2,548,283,705


Institutional Service Shares:
Shares sold	9,548,065,249		12,920,570,119
Shares issued to shareholders in payment of distributions declared	6,049,929		14,613,262
Shares redeemed	(9,298,448,377	)	(12,218,687,776	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	255,666,801		716,495,605


Institutional Capital Shares:
Shares sold	4,281,558,041		8,739,350,506
Shares issued to shareholders in payment of distributions declared	3,565,165		12,049,976
Shares redeemed	(4,001,340,084	)	(8,372,799,026	)

NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS	283,783,122		378,601,456

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	459,830,654		3,643,380,766


Prime Value Obligations Fund	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	55,099,737,248		82,300,608,192
Shares issued to shareholders in payment of distributions declared	36,360,329		90,635,173
Shares redeemed	(51,887,504,987	)	(79,819,118,991	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	3,248,592,590		2,572,124,374


Institutional Service Shares:
Shares sold	4,253,293,119		16,109,745,774
Shares issued to shareholders in payment of distributions declared	3,904,622		15,633,213
Shares redeemed	(4,231,959,185	)	(16,140,535,466	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	25,238,556		(15,156,479	)


Institutional Capital Shares:
Shares sold	1,462,395,689		6,349,411,484
Shares issued to shareholders in payment of distributions declared	2,159,952		8,479,604
Shares redeemed	(1,496,809,276	)	(6,297,047,073	)

NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS	(32,253,635	)	60,844,015

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	3,241,577,511		2,617,811,910

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Fund		Investment Adviser Fee Percentage
Municipal Obligations Fund		0.20%
Prime Cash Obligations Fund		0.20%
Prime Value Obligations Fund		0.20%

The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee

Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Funds with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Funds' accounting records for which it receives a fee. The fee is based on the level of each of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

INTERFUND TRANSACTIONS

Fund		Purchases		Sales
Municipal Obligations Fund	$	2,264,607,000	$	2,226,231,000

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Cusip 60934N633
Cusip 60934N591
Cusip 60934N567

25245 (3/03)

Federated Investors
World-Class Investment Manager

Prime Obligations Fund

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			SHORT-TERM NOTES--12.0%
			Banking--0.7%
$	80,256,000		Forrestal Funding Master Trust, (Bank of America N.A. Swap Agreement), 1.290%, 2/20/2003	$	80,201,359
	80,000,000		National City Bank, Indiana, 2.500%, 3/5/2003		80,000,000
	40,500,000		National City Bank, Ohio, 2.500%, 3/10/2003		40,499,391

			TOTAL		200,700,750

			Brokerage--4.0%
	705,000,000		Goldman Sachs Group, Inc., 1.440% -1.480%, 2/3/2003- 5/15/2003		705,000,000
	380,000,000		Merrill Lynch & Co., Inc., 1.462% - 2.450%, 2/3/2003 -- 3/24/2003		380,000,000
	5,000,000		Morgan Stanley, 7.375%, 4/15/2003		5,058,615

			TOTAL		1,090,058,615

			Finance - Automotive--2.0%
	44,988,780		Americredit Automobile Receivables Trust 2002-E-M, Class A1, 1.818%, 11/6/2003		44,988,780
	45,000,000		Capital One Auto Finance Trust 2002-C, Class A1, 1.434%, 12/15/2003		45,000,000
	34,430,248		Ford Credit Auto Owner Trust 2002-D, Class A1, 1.790%, 5/15/2003		34,430,248
	130,000,000		Ford Credit Auto Owner Trust 2003-A, Class A1, 1.363%, 10/15/2003		130,000,000
	5,400,865		Honda Auto Receivables Owner Trust 2002-2, Class A1, 1.950%, 6/13/2003		5,400,865
	116,609,277		Household Automotive Trust 2002-3, Class A1, 1.413%, 12/17/2003		116,609,277
	52,554,978		Nissan Auto Lease Trust 2002-A, Class A1, 1.400%, 11/17/2003		52,554,978
	4,454,577		Nissan Auto Receivables Owner Trust 2002-B, Class A1, 2.090%, 5/9/2003		4,455,013
	16,107,453		SSB Auto Loan Trust 2002-1, Class A1, 1.658%, 11/15/2003		16,107,453
	27,312,230		Volkswagen Auto Lease Trust 2002-A, Class A1, 1.385%, 11/20/2003		27,312,230
	57,000,000		WFS Financial Owner Trust 2002-4, Class A1, 1.676%, 11/20/2003		57,000,000

			TOTAL		533,858,844

			Finance - Commercial--0.1%
	15,138,000		General Electric Capital Corp., 7.000%, 2/3/2003		15,141,822

			Finance - Equipment--0.5%
	11,745,634		Bank of America Lease Equipment Trust 2002-A, Class A1, 1.438%, 12/22/2003		11,745,634
	80,750,475		CNH Equipment Trust 2002-B, Class A1, 1.406%, 12/9/2003		80,750,475
	46,373,260		Navistar Financial Corp. Owner Trust 2002-B, Class A1, 1.620%, 11/15/2003		46,373,260

			TOTAL		138,869,369

Principal Amount				Value
			SHORT-TERM NOTES--continued
			Finance - Securities--3.9%
$	160,500,000		Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.830% - 2.700%, 5/22/2003 - 10/27/2003	$	160,500,000
	260,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.600% - 2.320%, 7/7/2003 - 11/24/2003		260,000,000
	640,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.605% 2.705%, 2/26/2003 - 11/25/2003		639,984,850

			TOTAL		1,060,484,850

			Insurance--0.0%
	5,708,087		Long Beach Acceptance Auto Receivables Trust 2002-A, Class A1, (Insured by Financial Security Assurance), 1.840%, 8/15/2003		5,708,087

			Telecommunications--0.8%
	75,000,000		BellSouth Corp., 4.105%, 4/26/2003		75,221,114
	142,000,000		SBC Communications, Inc., 4.295%, 6/5/2003		142,730,370

			TOTAL		217,951,484

			TOTAL SHORT-TERM NOTES		3,262,773,821

			CERTIFICATES OF DEPOSIT--15.2%
			Banking--15.2%
	50,000,000		ABN AMRO Bank NV, Amsterdam, 2.570%, 3/11/2003		49,999,486
	200,000,000		Abbey National Bank PLC, London, 2.210%, 2/18/2003		200,000,922
	222,000,000		Abbey National Treasury Services, PLC, 1.810% - 2.188%, 7/10/2003 - 10/20/2003		222,001,494
	205,000,000		Bank of New York, 1.350% - 2.070%, 5/8/2003 - 7/1/2003		205,012,779
	100,000,000		Bank of Nova Scotia, Toronto, 1.480 - 1.750%, 4/25/2003 - 5/8/2003		100,062,934
	150,000,000		Bayerische Landesbank Girozentrale, 1.300%, 7/15/2003		150,000,000
	225,000,000		Canadian Imperial Bank of Commerce, 1.320% - 1.350%, 5/7/2003 - 7/9/2003		225,000,000
	200,000,000		Chase Manhattan Bank (USA) N.A., Wilmington, 1.340%, 5/12/2003		200,000,000
	70,000,000		Citibank N.A., New York, 1.280%, 4/23/2003		70,000,000
	220,000,000		Comerica Bank, 2.330% - 2.610%, 3/7/2003 - 6/20/2003		220,000,356
	500,000,000		Credit Agricole Indosuez, 1.280%, 3/6/2003		500,000,000
	32,000,000		Credit Suisse First Boston, 1.820%, 2/3/2003		32,000,000
	25,000,000		Dresdner Bank AG, Frankfurt, 2.570%, 5/8/2003		25,079,621
	65,000,000		Mercantile Safe Deposit & Trust Co., Baltimore, 1.260% - 2.500%, 2/13/2003 - 2/4/2004		65,000,000
	50,000,000		Rabobank Nederland, Utrecht, 2.350%, 3/7/2003		49,992,437
	100,000,000		Royal Bank of Canada, Montreal, 1.575%, 10/6/2003		99,840,951
	250,000,000		Societe Generale, Paris, 1.270%, 3/4/2003		250,000,000
Principal Amount				Value
			CERTIFICATES OF DEPOSIT--continued
			Banking--continued
$	568,000,000		Svenska Handelsbanken, Stockholm, 1.300% - 2.280%, 3/7/2003 - 10/20/2003	$	567,992,551
	275,000,000		Toronto Dominion Bank, 1.350% - 1.800%, 2/3/2003 - 5/13/2003		275,020,501
	60,000,000		U.S. Bank N.A., Cincinnati, 2.250%, 6/23/2003		59,993,061
	325,000,000		UBS AG, 2.210% - 2.770%, 2/18/2003 - 5/16/2003		324,994,841
	50,000,000		Wells Fargo Bank, N.A., 1.290%, 3/6/2003		50,000,432
	200,000,000		WestLB AG, 1.350% - 1.360%, 5/12/2003 - 5/15/2003		200,000,000

			TOTAL CERTIFICATES OF DEPOSITS		4,141,992,366

			COLLATERALIZED LOAN AGREEMENTS--6.4%
			Banking--2.4%
	650,000,000		CDC Financial Products, Inc., 1.363% - 1.413%, 2/3/2003		650,000,000

			Brokerage--4.0%
	385,000,000		Goldman Sachs & Co., 1.363% - 1.463%, 2/3/2003		385,000,000
	710,000,000		Salomon Smith Barney, Inc., 1.363% - 1.413%, 2/3/2003		710,000,000

			TOTAL		1,095,000,000

			TOTAL COLLATERALIZED LOAN AGREEMENTS		1,745,000,000

			COMMERCIAL PAPER--19.9%¹
			Banking--7.2%
	169,710,000		Blue Spice LLC, (Deutsche Bank AG Swap Agreement), 1.320% - 1.340%, 2/11/2003 - 4/9/2003		169,412,204
	350,000,000		Citicorp, 1.300% - 1.310%, 3/13/2003 - 4/24/2003		349,232,111
	30,000,000		Fountain Square Commercial Funding Corp., 1.320%, 2/7/2003		29,993,400
	412,000,000		ING (U.S.) Funding LLC, (Guaranteed by ING Bank N.V.), 1.340% - 1.970%, 3/28/2003 - 5/19/2003		410,441,094
	47,830,000		Ivory Funding Corp., 1.340% - 1.350%, 2/7/2003 - 2/12/2003		47,812,169
	200,000,000		KBC Financial Products International Ltd., (Guaranteed by KBC Bank N.V.), 1.350%, 5/8/2003		199,280,000
	100,000,000		Kitty Hawk Funding Corp., 1.280%, 2/24/2003		99,918,222
	281,757,000		Long Lane Master Trust IV, (Fleet National Bank Swap Agreement), 1.320% - 1.380%, 2/12/2003 -- 7/17/2003		281,039,720
	17,945,000		Los Angeles County, CA Metropolitan Transportation Authority, (Landesbank Hessen-Thueringen, Frankfurt LOC), 1.400% - 1.650%, 2/12/2003 - 3/5/2003		17,945,000
	33,452,000		Old Slip Funding Corp., (Bank of New York Swap Agreement), 1.340%, 2/20/2003		33,428,342
	100,000,000		Societe Generale North America, Inc., (Guaranteed by Societe Generale, Paris), 1.290%, 7/15/2003		99,412,333
	215,350,000		Stellar Funding Group, Inc., 1.280% - 1.480%, 2/11/2003 - 7/31/2003		215,015,307

			TOTAL		1,952,929,902

Principal Amount				Value
			COMMERCIAL PAPER--continued¹
			Chemicals--0.0%
$	8,000,000		Bayer Corp., (Bayer AG Support Agreement), 1.300%, 4/8/2003	$	7,980,933

			Finance -- Automotive--0.7%
	120,000,000		FCAR Auto Loan Trust, (Series A1+/P1), 1.290% - 1.298%, 7/16/2003 - 7/17/2003		119,286,917
	70,100,000		New Center Asset Trust, (Series A1/P1), 1.260% - 1.268%, 4/22/2003 - 7/25/2003		69,739,220

			TOTAL		189,026,137

			Finance - Commercial--3.8%
	55,000,000		Amsterdam Funding Corp., 1.290% - 1.301%, 2/6/2003 - 2/20/2003		54,975,061
	75,000,000		Compass Securitization LLC, 1.280%, 2/24/2003		74,938,667
	150,000,000		Edison Asset Securitization LLC, 1.300%, 7/8/2003		149,149,583
	400,000,000		Jupiter Securitization Corp., 1.280% - 1.290%, 2/19/2003 - 3/3/2003		399,657,000
	111,000,000		Paradigm Funding LLC, 1.290% - 1.292%, 2/3/2003 - 3/7/2003		110,945,032
	25,000,000		PREFCO-Preferred Receivables Funding Co., 1.340%, 5/12/2003		24,906,944
	230,000,000		Receivables Capital Corp., 1.280% - 1.282%, 2/19/2003 - 3/21/2003		229,682,133

			TOTAL		1,044,254,420

			Finance - Retail--4.6%
	14,500,000		CommoLoCo, (Guaranteed by American General Finance Corp.), 1.290%, 7/15/2003		14,414,788
	1,999,000		Mortgage Interest Networking Trust A1/P1, 1.300%, 2/4/2003		1,998,783
	1,241,916,000		Sheffield Receivables Corp., 1.270% - 1.310%, 2/19/2003 - 7/8/2003		1,240,537,284

			TOTAL		1,256,950,855

			Finance - Securities--3.0%
	623,000,000		Galaxy Funding Inc., 1.280% - 1.790%, 2/10/2003 - 4/22/2003		621,568,780
	197,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.340% - 1.350%, 2/14/2003 - 5/19/2003		196,486,507

			TOTAL		818,055,287

			Retail--0.6%
	158,000,000		Home Depot, Inc., 1.360%, 5/20/2003		157,355,360

			TOTAL COMMERCIAL PAPER		5,426,552,894

			GOVERNMENT AGENCIES--2.0%
			Government Agency--2.0%
	275,000,000		Federal Home Loan Bank System, 1.600% - 2.540%, 4/4/2003 - 2/3/2004		275,000,000
	163,800,000		Federal Home Loan Mortgage Corp., 1.750 -- 5.250%, 12/8/2003 - 2/15/2004		165,329,302
	100,000,000		Federal National Mortgage Association, 5.125%, 2/13/2004		103,810,892

			TOTAL GOVERNMENT AGENCIES		544,140,194

Principal Amount				Value
			LOAN PARTICIPATION--0.1%
			Electrical Equipment--0.1%
$	39,300,000		Mt. Vernon Phenol Plant Partnership, (General Electric Co. LOC), 1.386%, 5/19/2003	$	39,300,000

			NOTES - VARIABLE--31.7%³
			Banking--10.1.%
	10,000,000		215 Jane Investors LLC, (Fleet National Bank LOC), 1.500%, 2/5/2003		10,000,000
	5,580,000		4 C's LLC, (Series 1998), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		5,580,000
	2,605,000		550 West 14th Place, (Series 1999-A), (Harris Trust & Savings Bank, Chicago LOC), 1.410%, 2/6/2003		2,605,000
	160,000,000		Abbey National Treasury Services, PLC, 1.320%, 2/4/2003		160,000,000
	11,470,000		Active Living of Glenview LLC, (Series 1998), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		11,470,000
	5,165,000		Adena Health System, Adena Health System Project (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.400%, 2/6/2003		5,165,000
	3,710,000		Advanced Labelworx, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		3,710,000
	5,000,000		Alabama Paper Products LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,000,000
	2,715,000		Alabama State IDA, (Series 1994), Miltope Project, (Regions Bank, Alabama LOC), 1.340%, 2/6/2003		2,715,000
	4,585,000		Alabama State IDA, (Wellborn Cabinet, Inc.), Tax Revenue Bonds, (Fleet National Bank LOC), 1.440%, 2/6/2003		4,585,000
	1,735,000		Alabama State IDA, Standard Furniture Project (Series 1995), (Amsouth Bank N.A., Birmingham LOC), 1.480%, 2/6/2003		1,735,000
	6,390,000		Aliceville, AL IDB, Buchanan Hardwood Flooring Co. (Series 1999), (Regions Bank, Alabama LOC), 1.340%, 2/6/2003		6,390,000
	39,200,000		American Health Care Centers, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		39,200,000
	13,630,000		American Self Storage Corp., (Series 2002), (U.S. Bank NA, Cincinnati LOC), 1.440%, 2/6/2003		13,630,000
	8,880,000		American Xtal Technology, Inc., Xtal Project (Series 1998), (U.S. Bank N.A., Cincinnati LOC), 1.440%, 2/6/2003		8,880,000
	7,180,000		Arrow N.A., Inc., (Bank of America N.A. LOC), 1.390%, 2/6/2003		7,180,000
	12,000,000		Association of American Medical Colleges, (Insured by AMBAC INS., Guaranteed by J.P. Morgan Chase Bank), 1.340%, 2/5/2003		12,000,000
	5,000,000		Atlantic Tool and Die Co., (Key Bank, N.A. LOC), 1.400%, 2/6/2003		5,000,000
	6,110,000		Baldwin County Sewer Service LLC, (Series 2002), (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		6,110,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Banking--continued
$	4,000,000		Bardstown City, KY, (RJ Tower Project), (Series 1995), (Comerica Bank LOC), 1.500%, 2/6/2003	$	4,000,000
	9,280,000		Bear Creek School, (Key Bank, N.A. LOC), 1.400%, 2/6/2003		9,280,000
	9,690,000		Berks County, PA IDA, (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		9,690,000
	10,600,000		Bing Steel Management, Inc., (Series 2000), (Comerica Bank LOC), 1.440%, 2/5/2003		10,600,000
	6,700,000		Bing Steel Management, Inc., (Series 2002), (Comerica Bank LOC), 1.441%, 2/5/2003		6,700,000
	316,000,000		Blue Heron Funding III, Inc, (Series 3A), (Guaranteed by WestLB AG), 1.351%, 2/28/2003		316,000,000
	1,457,790		Bowling Green Manor LP, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,457,790
	9,555,000		Boyd-Pake-Underwood LLC, (Regions Bank, Alabama LOC), 1.460%, 2/6/2003		9,555,000
	2,320,000		Broadway Investments, Inc., (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		2,320,000
	17,385,000		Brooksby Village, Inc., (Series 2002), (Lasalle Bank, N.A. LOC), 1.450%, 2/6/2003		17,385,000
	10,139,000		Brookshire Grocery Co., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		10,139,000
	685,000		Burlington, WI Community Development Authority, Hi Liter Graphics (Series 1998 B), (Bank One, Wisconsin N.A. LOC), 1.500%, 2/6/2003		685,000
	18,006,000		Capital One Funding Corp., (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		18,006,000
	14,524,000		Capital One Funding Corp., (Bank One, Illinois N.A. LOC), 1.400%, 2/6/2003		14,524,000
	16,212,000		Capital One Funding Corp., (Bank One, Illinois N.A. LOC), 1.400%, 2/6/2003		16,212,000
	22,389,000		Capital One Funding Corp., (Bank One, Kentucky LOC), 1.400%, 2/6/2003		22,389,000
	6,283,000		Capital One Funding Corp., (Series 1998-C), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		6,283,000
	19,796,000		Capital One Funding Corp., (Series 1999-A), (Bank One, Kentucky LOC), 1.400%, 2/6/2003		19,796,000
	14,409,000		Capital One Funding Corp., (Series 1999-B), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		14,409,000
	962,000		Capital One Funding Corp., (Series 1994-A), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		962,000
	16,309,000		Capital One Funding Corp., (Series 1994-C), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		16,309,000
	1,512,000		Capital One Funding Corp., (Series 1994-D), (Bank One, Kentucky LOC), 1.400%, 2/6/2003		1,512,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Banking--continued
$	5,094,000		Capital One Funding Corp., (Series 1995-B), (Bank One, Kentucky LOC), 1.400%, 2/6/2003	$	5,094,000
	15,729,000		Capital One Funding Corp., (Series 1995-F), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		15,729,000
	7,229,000		Capital One Funding Corp., (Series 1996-H), (Bank One, West Virginia N.A. LOC), 1.400%, 2/6/2003		7,229,000
	685,000		Carpenter, Thomas E., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		685,000
	1,828,000		Chandler, AZ IDA, South Bay Circuits IMR, (Series 1999B), (Comerica Bank LOC), 1.520%, 2/5/2003		1,828,000
	2,500,000		Chemi-Trol Chemical Co., (Huntington National Bank, Columbus, OH LOC), 1.400%, 2/6/2003		2,500,000
	7,250,000		Cincinnati Bible College and Seminary, (U.S. Bank N.A., Cincinnati LOC), 1.460%, 2/6/2003		7,250,000
	5,350,000		Clinton County, NY IDA, Bombardier Project (Series 1998-B), (HSBC Bank USA LOC), 1.850%, 2/6/2003		5,350,000
	962,337		Clyde Manor LP, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		962,337
	4,840,000		Colonie, NY IDA, Mechanical Technology, Inc. Project (Series 1998 A), (Key Bank, N.A. LOC), 1.410%, 2/6/2003		4,840,000
	965,000		Colorado Health Facilities Authority, Development Disabilities Resource Center (Series 1998-C1), (Bank One, Colorado LOC), 1.400%, 2/6/2003		965,000
	2,560,000		Columbia County, GA Development Authority, (Series 1993), (SunTrust Banks, Inc. LOC), 1.400%, 2/5/2003		2,560,000
	10,385,000		Coventry Madison LLC, (Series A), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003		10,385,000
	7,730,000		Crane Plastics Siding LLC, (Series 2000), (Bank One N.A. (Chicago) LOC), 1.390%, 2/6/2003		7,730,000
	6,100,000		Cruiser Properties LLC, (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.440%, 2/6/2003		6,100,000
	12,505,000		Cunat Capital Corp., (U.S. Bank N.A., Cincinnati LOC), 1.340%, 2/6/2003		12,505,000
	5,180,000		Damascus Co. Ltd., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		5,180,000
	11,100,000		David Lipscomb University, (Series 1998), (SunTrust Bank LOC), 1.400%, 2/5/2003		11,100,000
	16,200,000		Decatur, AL IDB, Bailey-PVS Oxides Project (Series 1998), (SunTrust Bank LOC), 1.390%, 2/6/2003		16,200,000
	3,510,000		Die-Matic Corp., (Huntington National Bank, Columbus, OH LOC), 1.440%, 2/6/2003		3,510,000
	3,640,000		Double H Plastics, Inc., (Series 1998), (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		3,640,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Banking--continued
$	1,115,000		Douglas County, GA Development Authority, Heritage Bag Project (Series 1998-B), (Wachovia Bank N.A. LOC), 1.340%, 2/6/2003	$	1,115,000
	2,800,000		EPCO Carbondioxide Products, Inc., (Series 2000), (Amsouth Bank N.A., Birmingham LOC), 1.340%, 2/6/2003		2,800,000
	9,690,000		Eagle Tool and Machine, (Bank One N.A. (Chicago) LOC), 1.400%, 2/6/2003		9,690,000
	6,775,000		Elsinore Properties LP, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		6,775,000
	13,000,000		Fairpoint Regional Utility System, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.490%, 2/6/2003		13,000,000
	11,340,000		Faison-City Plaza LP, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		11,340,000
	2,700,000		G.M.H. Enterprises, Inc., (Series 1995), (National City Bank, Ohio LOC), 1.420%, 2/6/2003		2,700,000
	15,290,000		Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		15,290,000
	15,000,000		Garlands of Barrington Lenders, Inc., (Series 2002-A), (Bank One N.A. (Chicago) LOC), 1.390%, 2/6/2003		15,000,000
	20,000,000		Garlands of Barrington Lenders, Inc., (Series 2002-B), (Bank One N.A. (Chicago) LOC), 1.390%, 2/6/2003		20,000,000
	15,000,000		Garlands of Barrington Lenders, Inc., (Series 2002-C), (Bank One N.A. (Chicago) LOC), 1.390%, 2/6/2003		15,000,000
	1,350,000		Gerken Materials, Inc., (Series 1995), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,350,000
	1,790,000		Gerken Materials, Inc., (Series 1997), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,790,000
	5,975,000		Grand Aire Express, Inc., (Series 1997), (National City Bank, Ohio LOC), 1.420%, 2/6/2003		5,975,000
	25,000,000		Greene County Development Authority, Reynolds Lodge LLC (Series 2000 A), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		25,000,000
	13,000,000		Greene County Development Authority, Reynolds Lodge LLC (Series 2000B), (Firstar Bank, N.A. LOC), 1.400%, 2/5/2003		13,000,000
	1,780,000		Grote Family LP, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,780,000
	6,040,000		Gwinnett County, GA, Newell Recycling of Atlanta (Series 1998), (Bank One N.A. (Chicago) LOC), 1.450%, 2/6/2003		6,040,000
	6,390,000		H & P Holdings LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		6,390,000
	215,000,000		HBOS Treasury Services PLC, 1.610%, 2/20/2003		215,000,000
	11,165,000		Hamilton Farm Bureau Cooperative, Inc., (Series 1999), (Huntington National Bank, Columbus, OH LOC), 1.500%, 2/6/2003		11,165,000
	9,750,000		Harvey A. Tolson, (Firstar Bank, N.A. LOC), 1.490%, 2/6/2003		9,750,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Banking--continued
$	19,710,000		Healthcare Funding LLC, (Series 1998 A), (National City Bank, Michigan/Illinois LOC), 1.390%, 2/6/2003	$	19,710,000
	6,050,000		Hillcrest Investments LLC, (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		6,050,000
	3,955,000		Historical Preservation Authority of Birmingham, (Series 1993), (Amsouth Bank N.A., Birmingham LOC), 1.480%, 2/6/2003		3,955,000
	4,150,000		J.P. Plymouth Properties LLC, (Series 1999), (Standard Federal Bank, N.A. LOC), 1.440%, 2/5/2003		4,150,000
	7,335,000		J.W. Harris, (Series 1999 & 2000), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		7,335,000
	21,500,000		Key Bank, N.A., 1.380% - 1.530%, 2/3/2003		21,502,257
	3,630,000		Kings Creek Country Club, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.490%, 2/5/2003		3,630,000
	2,170,000		L.H. Kroh, Inc., (Series 1998), (Wachovia Bank N.A. LOC), 1.490%, 2/5/2003		2,170,000
	1,105,000		Lincoln Park, (Bank One N.A. (Chicago) LOC), 1.400%, 2/6/2003		1,105,000
	157,000,000		Liquid Asset Backed Securities Trust, (Series 1996-3), (WestLB AG Swap Agreement), 1.390%, 2/15/2003		157,000,000
	5,165,000		Los Angeles, CA, MERLOTS (Series 2000 A), (H&H Theatre), (Wachovia Bank N.A. LOC), 1.440%, 2/5/2003		5,165,000
	119,000,000	²	MONET Trust, (Series 2000-1), (Dresdner Bank AG, Frankfurt Swap Agreement), 1.470%, 3/27/2003		119,000,000
	55,700,000		MPAR, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		55,700,000
	6,060,000		Mack Industries, Inc., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		6,060,000
	520,000		Madison, WI Community Development Authority, (Series 1997-B), Hamilton Point Apts., (Bank One, Wisconsin N.A. LOC), 1.450%, 2/6/2003		520,000
	12,740,000		Maryland Economic Development Corp., Human Genome Sciences (Series 1999B), (Wachovia Bank N.A. LOC), 1.560%, 2/4/2003		12,740,000
	21,000,000		Massachusetts Development Finance Agency, (J.P. Morgan Chase Bank LOC), 1.500%, 2/5/2003		21,000,000
	5,250,000		Massachusetts Health and Educational Facilities Authority, (Comerica Bank LOC), 1.550%, 2/6/2003		5,250,000
	1,360,000		McClellan Management, Inc., Genoa Health Care Center Project, (Series 1999), (Fifth Third Bank, Cincinnati LOC), 1.440%, 2/6/2003		1,360,000
	1,688,000		Midwest Funding Corp., (Series 1991 A), Class A-1, (Bank One N.A. (Ohio) LOC), 1.350%, 2/6/2003		1,688,000
	413,000		Midwest Funding Corp., (Series 1991-C), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		413,000
	2,242,000		Midwest Funding Corp., (Series 1992-B), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003		2,242,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Banking--continued
$	1,065,000		Midwest Funding Corp., (Series 1992-C), (Bank One N.A. (Ohio) LOC), 1.400%, 2/6/2003	$	1,065,000
	13,380,000		Milo C. Ritton and Superior Petroleum Co., (Series 2002), (National City Bank, Pennsylvania LOC), 1.420%, 2/6/2003		13,380,000
	9,400,000		Mississippi Business Finance Corp., (Regions Bank, Alabama LOC), 1.340%, 2/6/2003		9,400,000
	7,300,000		Mississippi Business Finance Corp., Choctaw Foods, Inc, (Rabobank Nederland, Utrecht LOC), 1.400%, 2/5/2003		7,300,000
	6,000,000		Mississippi Business Finance Corp., Howard Industries, Inc. (Series 1997), (Amsouth Bank N.A., Birmingham LOC), 1.340%, 2/6/2003		6,000,000
	10,000,000		Mississippi Business Finance Corp., Kohler Project, (Wachovia Bank N.A. LOC), 1.270%, 2/6/2003		10,000,000
	17,000,000		Mississippi Business Finance Corp., (Series 1994), Georgia Gulf, (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		17,000,000
	1,235,000		Moody, AL, (Series 2000 B), (Regions Bank, Alabama LOC), 1.590%, 2/6/2003		1,235,000
	12,750,000		North Oaks Partnership, (Series 1998), (Lasalle Bank, N.A. LOC), 1.450%, 2/6/2003		12,750,000
	500,000		Nova University, Inc. Lease Revenue Bonds, (Series 1993) Miami Dolphins Training Facility, (SunTrust Bank LOC), 1.400%, 2/5/2003		500,000
	46,300,000		Novant Health, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		46,300,000
	4,409,000		Oceana County Freezer Storage, Inc., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.490%, 2/6/2003		4,409,000
	1,050,000		Oceana County Freezer Storage, Inc., (Series)1999, (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		1,050,000
	12,445,000		Ohio Waste Development Authority Solid Waste, Bailey-PVS Oxides LLC (Series 1998), (Key Bank, N.A. LOC), 1.400%, 2/6/2003		12,445,000
	1,495,000		PV Communications, Inc., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.440%, 2/6/2003		1,495,000
	1,830,000		Pepin Distributing Co., (Wachovia Bank N.A. LOC), 1.340%, 2/6/2003		1,830,000
	6,650,000		Physicians Real Estate LLP, (Wells Fargo Bank Minnesota N.A. LOC), 1.550%, 2/5/2003		6,650,000
	6,820,000		Portsmouth, VA IDA, (Bank of America N.A. LOC), 1.440%, 2/5/2003		6,820,000
	5,071,000		Primex Funding Corp., (Series 1997-A, (Bank One, Indiana N.A. LOC), 1.400%, 2/6/2003		5,071,000
	1,695,000		R.M.D.H. Properties LLC, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,695,000
	6,000,000		Roby Co. Ltd. Partnership, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		6,000,000
	2,420,000		Roby Co. Ltd. Partnership, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		2,420,000
	10,025,000		Rollins College, (Series 1998), (SunTrust Bank LOC), 1.400%, 2/5/2003		10,025,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Banking--continued
$	9,550,000		Rooker, J.W., (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003	$	9,550,000
	46,880,000		SGM Funding Corp., (U.S. Bank N.A., Cincinnati LOC), 1.440%, 2/6/2003		46,880,000
	35,000,000		Santa Rosa, CA, (Landesbank Hessen-Thueringen, Frankfurt LOC), 1.510%, 2/6/2003		35,000,000
	7,995,000		Santa Rosa, CA, (WestLB AG LOC), 1.510%, 2/6/2003		7,995,000
	4,110,000		Savannah, GA Housing Authority, (SunTrust Bank LOC), 1.400%, 2/5/2003		4,110,000
	3,166,000		Sawmill Creek Lodge Co., (Series 1996), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		3,166,000
	5,500,000		Shepherd Capital LLC, (U.S. Bank NA, Cincinnati LOC), 1.390%, 2/5/2003		5,500,000
	8,460,000		Spira Millennium LLC, (Series 2001), (Fleet National Bank LOC), 1.400%, 2/6/2003		8,460,000
	46,750,000		Spitzer Group, (Bank One N.A. (Ohio) LOC), 1.550%, 2/6/2003		46,750,000
	4,830,000		Springfield Ltd. Partnership, (UBS AG LOC), 1.400%, 2/6/2003		4,830,000
	1,565,000		St. Paul, MN Port Authority, Bix Fruit Co. (Series 1998-B), (U.S. Bank N.A., Cincinnati LOC), 1.590%, 2/6/2003		1,565,000
	2,550,000		St. Paul, MN Port Authority, National Checking Co. Project (Series 1998-B), (U.S. Bank N.A., Cincinnati LOC), 1.490%, 2/6/2003		2,550,000
	14,430,000		Suffolk County, NY IDA, (Fleet National Bank LOC), 1.480%, 2/6/2003		14,430,000
	3,850,000		TNT Co., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.450%, 2/6/2003		3,850,000
	760,000		Trap Rock Industries, Inc., (Series 1997), (Wachovia Bank N.A. LOC), 1.390%, 2/5/2003		760,000
	100,000,000		U.S. Bank N.A., North Dakota, 1.260%, 2/28/2003		99,991,104
	50,000,000	²	URI Trust, (Series 2000-1), (UBS AG Swap Agreement), 1.460%, 3/18/2003		50,000,000
	2,425,000		Van Wyk Enterprises, Inc., (Series 1998-A), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		2,425,000
	380,000		Van Wyk Enterprises, Inc., (Series 1998-C), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		380,000
	3,190,000		Van Wyk Enterprises, Inc., (Series 1998-D), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		3,190,000
	890,000		Van Wyk, Bruce M., (Series 1998), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		890,000
	9,300,000		Victor H. Hanson/ Elizabeth F. Hanson, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		9,300,000
	11,128,000		Virginia Health Services, Inc., (Wachovia Bank N.A. LOC), 1.340%, 2/5/2003		11,128,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Banking--continued
$	786,000		Vista Funding Corp., (Bank One N.A. (Ohio) LOC), 1.350%, 2/6/2003	$	786,000
	2,015,000		Vista Funding Corp., (Series 1994-A), (Fifth Third Bank, Cincinnati LOC), 1.350%, 2/6/2003		2,015,000
	7,839,000		Vista Funding Corp., (Series 1995-D), (Fifth Third Bank, Cincinnati LOC), 1.450%, 2/6/2003		7,839,000
	1,579,000		Vista Funding Corp., (Series 1995-E), (Bank One N.A. (Ohio) LOC), 1.450%, 2/6/2003		1,579,000
	1,755,000		Vista Funding Corp., (Series 1998-B), (Fifth Third Bank, Cincinnati LOC), 1.400%, 2/6/2003		1,755,000
	2,155,000		Vulcan, Inc., (Amsouth Bank N.A., Birmingham LOC), 1.470%, 2/6/2003		2,155,000
	911,431		Wauseon Manor II LP, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		911,431
	263,000,000		Wells Fargo & Co., 1.370% - 1.413%, 2/1/2003 - 2/14/2003		263,000,000
	12,000,000		Western Reserve Masonic Community, Inc., (Guaranteed by J.P. Morgan Chase Bank, Insured by AMBAC INS.), 1.440%, 2/6/2003		12,000,000
	1,800,000		Wexner Heritage House, (Series 2000), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,800,000
	11,745,000		Whetstone Care Center LLC, (Series 1998), (Fifth Third Bank, Cincinnati LOC), 1.440%, 2/6/2003		11,745,000
	1,000,000		White Brothers Properties, (Series 1996), (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,000,000
	4,300,000		Willacoochee, City of, Development Authority, Longboard, Inc. Project (Series 1997), (Wachovia Bank N.A. LOC), 1.390%, 2/5/2003		4,300,000
	5,900,000		William Morris Realty Montgomery LLC, (Amsouth Bank N.A., Birmingham LOC), 1.440%, 2/6/2003		5,900,000
	5,235,000		Willow Hill Industries, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		5,235,000
	36,355,000		World Wildlife Fund, Inc., (Series 2000 B), (Insured by AMBAC INS), 1.340%, 2/6/2003		36,355,000
	1,920,000		YMCA of Central OH, (Huntington National Bank, Columbus, OH LOC), 1.390%, 2/6/2003		1,920,000

			TOTAL		2,756,041,919

			Brokerage--4.2%
	323,000,000		Goldman Sachs Group, Inc., Promissory Notes, 1.415% - 1.470%, 2/3/2003 -- 2/22/2003		323,000,000
	287,500,000		Merrill Lynch & Co., Inc., 1.425% - 1.640%, 2/3/2003- 2/11/2003		287,619,418
	248,000,000		Morgan Stanley, 1.390%, 2/3/2003		248,000,000
	100,000,000		Morgan Stanley, Morgan Stanley Dean Witter (Series C), 1.470%, 2/15/2003		100,046,863
	200,000,000		Salomon Smith Barney Holdings, Inc., 1.355% - 1.655%, 2/18/2003 - 5/9/2003		200,148,875

			TOTAL		1,158,815,156

Principal Amount				Value
			NOTES - VARIABLE--continued³
			Chemicals--0.4%
$	100,000,000		Bayer Corp., (Bayer AG Support Agreement), 4.450%, 3/19/2003	$	100,185,512

			Electrical Equipment--0.2%
	3,340,000		Alabama State IDA, General Electric Project, (General Electric Co. LOC), 1.360%, 2/6/2003		3,340,000
	65,786,454		Northwest Airlines, Inc., (Guaranteed by General Electric Co.), 1.450%, 2/3/2003		65,786,454

			TOTAL		69,126,454

			Finance - Commercial--6.7%
	875,000,000		Compass Securitization LLC, 1.328% - 1.330%, 2/9/2003 - 2/14/2003		874,981,105
	796,100,000		General Electric Capital Corp., 1.250% - 1.409%, 2/9/2003 -- 4/30/2003		796,050,933
	175,000,000		Paradigm Funding LLC, 1.309% - 1.350%, 2/1/2003 - 2/28/2003		175,000,000

			TOTAL		1,846,032,038

			Finance - Retail--0.5%
	34,000,000		American Express Credit Corp., 1.370%, 2/7/2003		33,998,907
	93,000,000		SLM Corp., 1.690%, 3/16/2003		93,013,082

			TOTAL		127,011,989

			Finance - Securities--3.7%
	50,000,000		Beta Finance, Inc., (Guaranteed by Beta Finance Corp.), 1.335%, 2/15/2003		49,997,255
	120,000,000		K2 (USA) LLC, (Guaranteed by K2 Corp.), 1.390% - 1.520%, 2/3/2003 - 2/15/2003		120,065,877
	835,000,000		Sigma Finance, Inc., (Guaranteed by Sigma Finance Corp.), 1.310% - 1.320%, 2/3/2003 -- 6/2/2003		834,933,936

			TOTAL		1,004,997,068

			Government Agency--0.3%
	11,500,000		Briarcliff Development Co., (Series 2002), (Federal Home Loan Bank of Topeka LOC), 1.390%, 2/6/2003		11,500,000
	7,945,000		Direct One Funding Corp., (FNMA LOC), 1.410%, 2/6/2003		7,945,000
	33,130,000		Direct One Funding Corp., (Series 2000), (Sexton Properties), (FNMA LOC), 1.410%, 2/6/2003		33,130,000
	14,885,000		Direct One Funding Corp., Sexton Properties LP, (Series 2000), (FNMA LOC), 1.410%, 2/6/2003		14,885,000
	5,350,000		Grand Pointe II Ltd. Partnership, (Series 1999), Globe Apartments, (Federal Home Loan Bank of Indianapolis LOC), 1.350%, 2/6/2003		5,350,000

			TOTAL		72,810,000

			Insurance--3.6%
	25,300,000		Albuquerque, NM, (Series 2000 A), (Insured by MBIA INS), 1.340%, 2/5/2003		25,300,000
	84,000,000		Allstate Life Insurance Co., 1.520% - 1.570%, 2/1/2003 - 2/7/2003		84,000,000
Principal Amount				Value
			NOTES - VARIABLE--continued³
			Insurance--continued
$	13,000,000		Baton Rouge, LA, (Dexia Credit Local LOC, Guaranteed by AMBAC INS), 1.390%, 2/6/2003	$	13,000,000
	40,000,000		GE Life and Annuity Assurance Co., 1.526%, 3/31/2003		40,000,000
	100,000,000		Jackson National Life Insurance Co., 1.450% - 1.817%, 2/1/2003 - 2/22/2003		100,000,000
	117,000,000		Monumental Life Insurance Co., 1.490% - 1.560%, 2/1/2003 - 3/3/2003		117,000,000
	85,000,000		New York Life Insurance Co., 1.520%, 2/28/2003 -- 3/3/2003		85,000,000
	150,000,000		Paradigm Funding LLC, 1.370%, 2/17/2003		150,000,000
	35,000,000		Premium Asset Trust, (Series 2001-10), (GE Life and Annuity Assurance Co. Insurance), 1.580%, 2/14/2003		35,020,973
	49,000,000		Protective Life Insurance Co., 1.857%, 2/1/2003		49,000,000
	75,000,000		Security Life of Denver Insurance Co., 1.450% - 1.460%, 3/16/2003 - 4/23/2003		75,000,000
	100,000,000		Transamerica Occidental Life Insurance Co., 1.530%, 4/7/2003		100,000,000
	101,000,000		Travelers Insurance Co., 1.480%, 3/31/2003		101,000,000

			TOTAL		974,320,973

			Municipals--0.1%
	35,000,000		Cook County, IL, (Series 2002 A), 1.391%, 2/5/2003		35,000,000

			Telecommunications--1.9%
	98,000,000		BellSouth Telecommunications, Inc., 1.433%, 3/4/2003		98,003,604
	413,200,000		Verizon Global Funding, 1.341% - 1.560%, 2/18/2003 - 2/19/2003		413,188,646

			TOTAL		511,192,250

			TOTAL NOTES -- VARIABLE		8,655,533,359

			REPURCHASE AGREEMENTS--7.0%
	775,000,000		Interest in $1,500,000,000 joint repurchase agreement with Bank of America LLC, 1.340%, dated 1/31/2003, to be repurchased at $775,086,542 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		775,000,000
	75,000,000		Interest in $125,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.140%, dated 1/31/2003, to be repurchased at $75,007,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 9/15/2010		75,000,000
	301,000,000		Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.350%, dated 1/31/2003, to be repurchased at $301,033,863 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2033		301,000,000
	200,000,000		Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.290%, dated 1/31/2003, to be repurchased at $200,021,500 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 11/15/2012		200,000,000
Principal Amount				Value
			REPURCHASE AGREEMENTS--continued
$	50,000,000		Interest in $73,000,000 joint repurchase agreement with UBS Warburg LLC, 1.240%, dated 1/31/2003, to be repurchased at $50,005,167 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 7/24/2007	$	50,000,000
	522,989,000		Interest in $2,500,000,000 joint repurchase agreement with UBS Warburg LLC, 1.350%, dated 1/31/2003, to be repurchased at $523,047,836 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/16/2033		522,989,000

			TOTAL REPURCHASE AGREEMENTS		1,923,989,000

			TIME DEPOSITS--3.2%
			Banking--3.2%
	155,000,000		Chase Manhattan Bank (USA) N.A., Wilmington, 1.313%, 2/3/2003		155,000,000
	105,000,000		Deutsche Bank AG, 1.313%, 2/3/2003		105,000,000
	150,000,000		Societe Generale, Paris, 1.313%, 2/3/2003		150,000,000
	350,000,000		UBS AG, 1.320%, 2/3/2003		350,000,000
	115,000,000		WestLB AG, 1.313%, 2/3/2003		115,000,000

			TOTAL TIME DEPOSITS		875,000,000

			MUTUAL FUNDS--2.7%
			Asset Management--2.7%
	750,000,000		AIM Short-Term Investments Co. Liquid Assets Portfolio		750,000,000
	1,000,000		Nations Money Market Reserves		1,000,000

			TOTAL MUTUAL FUNDS		751,000,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	27,365,281,634

1 Each issue shows the rate of discount at the time of purchase.

2 Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. At January 31, 2003, these securities amounted to $169,000,000, which represents 0.6% of net assets.

3 Current rate and next reset date shown.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($27,310,164,335) at January 31, 2003.

The following acronyms are used throughout this portfolio:

AMBAC	--American Municipal Bond Assurance Corporation
FNMA	--Federal National Mortgage Association
IDA	--Industrial Development Authority
IDB	--Industrial Development Bond
INS	--Insured
LOC	--Letter of Credit
MBIA	--Municipal Bond Investors Assurance
MERLOTS	--Municipal Exempt Receipts -- Liquidity Optional Tender Series

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	27,365,281,634
Income receivable				78,202,689
Receivable for shares sold				489,350

TOTAL ASSETS				27,443,973,673

Liabilities:
Payable for investments purchased	$	99,991,500
Payable for shares redeemed		1,405,336
Income distribution payable		29,861,006
Payable to bank		1,235,862
Accrued expenses		1,315,634

TOTAL LIABILITIES				133,809,338

Net assets for 27,310,164,335 shares outstanding			$	27,310,164,335

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$22,482,330,685 ÷ 22,482,330,685 shares outstanding				$1.00

Institutional Service Shares:
$4,827,833,650 ÷ 4,827,833,650 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	240,778,650

Expenses:
Investment adviser fee				$	27,716,597
Administrative personnel and services fee					10,421,441
Custodian fees					668,675
Transfer and dividend disbursing agent fees and expenses					564,209
Directors'/Trustees' fees					97,008
Auditing fees					3,476
Legal fees					41,575
Portfolio accounting fees					873,073
Shareholder services fee--Institutional Shares					28,002,219
Shareholder services fee--Institutional Service Shares					6,643,528
Share registration costs					51,957
Printing and postage					27,717
Insurance premiums					13,858
Miscellaneous					31,193

TOTAL EXPENSES					75,156,526

Waivers:
Waiver of investment adviser fee	$	(11,713,739	)
Waiver of transfer and dividend disbursing agent fees and expenses		(401,386	)
Waiver of shareholder services fee--Institutional Shares		(28,002,219	)

TOTAL WAIVERS					(40,117,344	)

Net expenses								35,039,182

Net investment income							$	205,739,468

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	205,739,468		$	543,236,490

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(171,385,702	)		(429,266,428	)
Institutional Service Shares		(34,353,766	)		(113,970,062	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(205,739,468	)		(543,236,490	)

Share Transactions:
Proceeds from sale of shares		171,900,082,338			333,120,087,255
Net asset value of shares issued to shareholders in payment of distributions declared		59,917,852			185,925,663
Cost of shares redeemed		(171,377,745,875	)		(325,585,900,163	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		582,254,315			7,720,112,755

Change in net assets		582,254,315			7,720,112,755

Net Assets:
Beginning of period		26,727,910,020			19,007,797,265

End of period	$	27,310,164,335		$	26,727,910,020

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.06			0.06			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.06	)		(0.06	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	0.78	%		2.32	%		5.74	%		5.88	%		5.14	%		5.64	%


Ratios to Average Net Assets:

Expenses	0.20	%³		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income	1.53	%³		2.21	%		5.32	%		5.76	%		4.99	%		5.51	%

Expense waiver/reimbursement⁴	0.34	%³		0.34	%		0.35	%		0.35	%		0.35	%		0.35	%

Supplemental Data:

Net assets, end of period (000 omitted)	$22,482,331		$20,707,206			$13,560,153			$6,630,924			$5,185,448			$3,980,339

1 Beginning with the year ended July 31, 2000, the fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	0.65	%		2.06	%		5.48	%		5.62	%		4.88	%		5.37	%


Ratios to Average Net Assets:

Expenses	0.45	%³		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Net investment income	1.29	%³		2.06	%		5.29	%		5.50	%		4.77	%		5.24	%

Expense waiver/reimbursement⁴	0.09	%³		0.09	%		0.10	%		0.10	%		0.10	%		0.10	%

Supplemental Data:

Net assets, end of period (000 omitted)	$4,827,834		$6,020,704			$5,447,645			$4,242,371			$4,215,510			$3,468,222

1 Beginning with the year ended July 31, 2000, the fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Prime Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund offers two classes of shares: Institutional Shares and Institutional Service Shares.

SIGNIFICANT ACCCOUNTING POLICIES

Investment Valuations

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as brokers/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date. The Fund offers multiple classes of shares, which differ in their respective service fees. All shareholders bear the common expenses of Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Restricted Securities

Additional information on each restricted illiquid security held at January 31, 2003, is as follows:

Security	Acquisition Date	Acquisition Amount
MONET Trust, (Series 2000-1)	9/27/2000 - 6/28/2002	$119,000,000

URI Trust, (Series 2000-1)	12/18/2000	$ 50,000,000

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

Transactions in capital stock were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Shares:
Shares sold	148,973,786,780		286,318,262,945
Shares issued to shareholders in payment of distributions declared	48,357,735		140,807,743
Shares redeemed	(147,247,019,394	)	(279,312,017,706	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	1,775,125,121		7,147,052,982


	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Institutional Service Shares:
Shares sold	22,926,295,558		46,801,824,310
Shares issued to shareholders in payment of distributions declared	11,560,117		45,117,920
Shares redeemed	(24,130,726,481	)	(46,273,882,457	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	(1,192,870,806	)	573,059,773

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	582,254,315		7,720,112,755

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.20% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

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

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Prime Obligations Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N203
Cusip 60934N708

1022002 (3/03)

Federated Investors
World-Class Investment Manager

Trust for Government Cash Reserves

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			GOVERNMENT AGENCIES--100.2%
$	18,760,000	¹	Federal Farm Credit System, Discount Notes, 1.220% - 2.180%, 2/14/2003 - 7/21/2003	$	18,695,808
	8,000,000	²	Federal Farm Credit System, Floating Rate Notes, 1.239% - 1.255%, 2/1/2003 - 2/16/2003		7,997,218
	14,400,000		Federal Farm Credit System, Notes, 1.670% - 5.700%, 2/3/2003 - 6/18/2003		14,439,279
	53,500,000	¹	Federal Home Loan Bank System, Discount Notes, 1.212% - 1.715%, 2/5/2003 - 8/8/2003		53,362,439
	37,000,000	²	Federal Home Loan Bank System, Floating Rate Notes, 1.220% - 1.570%, 2/2/2003 - 4/21/2003		36,995,052
	13,590,000		Federal Home Loan Bank System, Notes, 2.375% - 7.250%, 2/4/2003 - 10/24/2003		13,645,799
	23,500,000	¹	Student Loan Marketing Association, Discount Notes, 1.180% - 1.800%, 2/7/2003 - 10/14/2003		23,475,580
	9,100,000	²	Student Loan Marketing Association, Floating Rate Notes, 1.189% - 1.259%, 2/4/2003 - 4/25/2003		9,098,856
	4,200,000	²	Student Loan Marketing Association, Floating Rate Master Note, 1.159%, 2/4/2003		4,200,000
	4,880,000		Student Loan Marketing Association, Notes, 2.000% - 2.700%, 2/14/2003 - 5/27/2003		4,880,370
	19,500,000	¹	Tennessee Valley Authority, Discount Notes, 1.170% - 1.230%, 3/5/2003 - 4/4/2003		19,472,030

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	206,262,431

1 These issues show the rate of discount at the time of purchase.

2 Denotes variable rate securities which show current rate and next demand date.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($205,823,969) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Total investments in securities, at amortized cost and value			$	206,262,431
Income receivable				366,006

TOTAL ASSETS				206,628,437

Liabilities:
Payable for fund shares repurchased	$	75,643
Income distribution payable		178,286
Payable to bank		544,983
Accrued expenses		5,556

TOTAL LIABILITIES				804,468

Net assets for 205,823,969 shares outstanding			$	205,823,969

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$205,823,969 ÷ 205,823,969 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	1,814,161

Expenses:
Investment adviser fee				$	430,646
Administrative personnel and services fee					80,962
Custodian fees					5,624
Transfer and dividend disbursing agent fees and expenses					27,125
Directors'/Trustees' fees					886
Auditing fees					5,552
Legal fees					1,748
Portfolio accounting fees					27,009
Shareholder services fee					269,154
Share registration costs					10,113
Printing and postage					5,433
Insurance premiums					646
Miscellaneous					7,181

TOTAL EXPENSES					872,079

Waivers:
Waiver of investment adviser fee	$	(149,557	)
Waiver of transfer and dividend disbursing agent fees and expenses		(6,680	)
Waiver of shareholder services fee		(215,323	)

TOTAL WAIVERS					(371,560	)

Net expenses								500,519

Net investment income							$	1,313,642

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,313,642		$	4,737,483
Net realized gain on investments		--			83,752

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		1,313,642			4,821,235

Distributions to Shareholders:
Distributions from net investment income		(1,313,642	)		(4,737,483	)
Distributions from net realized gain on investments		--			(83,752	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(1,313,642	)		(4,821,235	)

Share Transactions:
Proceeds from sale of shares		243,505,217			546,983,723
Net asset value of shares issued to shareholders in payment of distributions declared		26,816			145,242
Cost of shares redeemed		(252,187,430	)		(609,585,517	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(8,655,397	)		(62,456,552	)

Change in net assets		(8,655,397	)		(62,456,552	)

Net Assets:
Beginning of period		214,479,366			276,935,918

End of period	$	205,823,969		$	214,479,366

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,						Period Ended			Year Ended November 30,
	01/31/2003			2002			2001			7/31/2000	¹		1999	²		1998			1997
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.04			0.05			0.05			0.05
Net realized and unrealized gain on investments	--			0.00	³		--			--			--			--			--

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.02			0.05			0.04			0.05			0.05			0.05

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.04	)		(0.05	)		(0.05	)		(0.05	)
Distributions from net realized gain on investment	--			(0.00	)³		--			--			--			--			--

TOTAL DISTRIBUTIONS	(0.01	)		(0.02	)		(0.05	)		(0.04	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return⁴	0.62	%		1.97	%		5.38	%		3.80	%		4.73	%		5.16	%		5.15	%


Ratios to Average Net Assets:

Expenses	0.46	%⁵		0.46	%		0.46	%		0.46	%⁵		0.46	%		0.46	%		0.46	%

Net investment income	1.21	%⁵		1.94	%		5.33	%		5.59	%⁵		4.61	%		5.06	%		5.02	%

Expense waiver/ reimbursement⁶	0.35	%⁵		0.33	%		0.32	%		0.31	%⁵		0.31	%		0.31	%		0.31	%

Supplemental Data:

Net assets, end of period (000 omitted)	$205,824		$214,479			$276,936			$384,299			$449,476			$535,007			$562,704

1 The Fund has changed its fiscal year-end from November 30 to July 31.

2 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

3 Represents less than $0.01.

4 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

5 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Trust for Government Cash Reserves (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which the shares are held. The investment objective of the Fund is high current income consistent with stability of principal and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Board of Trustees (the "Trustees") to issue an unlimited number of full and fractional shares of beneficial interest (without par value). At January 31, 2003 capital paid-in aggregated $205,899,612.

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	243,505,217		546,983,723
Shares issued to shareholders in payment of distributions declared	26,816		145,242
Shares redeemed	(252,187,430	)	(609,585,517	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(8,655,397	)	(62,456,552	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.40% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Trust for Government Cash Reserves
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N773

0062905 (3/03)

Federated Investors
World-Class Investment Manager

Treasury Obligations Fund

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount				Value
			U.S. TREASURY--28.8%
$	1,571,355,000	¹	U.S. Treasury Bills, 1.150% - 1.615%, 2/27/2003 -- 7/17/2003	$	1,565,292,677
	55,719,000		U.S. Treasury Bonds, 10.750%, 2/15/2003		55,900,850
	1,735,500,000		U.S. Treasury Notes, 2.750% - 5.750%, 2/28/2003 -- 12/31/2003		1,755,904,506

			TOTAL U.S. TREASURY OBLIGATIONS		3,377,098,033

			REPURCHASE AGREEMENTS--71.1%
	564,000,000		Interest in $800,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.290%, dated 1/31/2003, to be repurchased at $564,060,630 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 02/15/2029		564,000,000
	464,000,000		Interest in $600,000,000 joint repurchase agreement with Bank of Nova Scotia, Toronto, 1.290%, dated 1/31/2003, to be repurchased at $464,049,880 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 02/15/2031		464,000,000
	532,164,000		Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290%, dated 1/31/2003, to be repurchased at $532,221,208 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 04/15/2028		532,164,000
	400,000,000		Interest in $400,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.300%, dated 1/31/2003, to be repurchased at $400,043,333 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 04/15/2029		400,000,000
	524,000,000		Interest in $750,000,000 joint repurchase agreement with Bear Stearns Cos., Inc., 1.290%, dated 1/31/2003, to be repurchased at $524,056,330 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 02/15/2012		524,000,000
	81,811,000		Interest in $100,000,000 joint repurchase agreement with CIBC World Markets Corp., 1.290%, dated 1/31/2003, to be repurchased at $81,819,795 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 06/30/2004		81,811,000
	564,000,000		Interest in $700,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.290%, dated 1/31/2003, to be repurchased at $564,060,630 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 05/15/2030		564,000,000
	100,000,000		Interest in $100,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.190%, dated 1/31/2003, to be repurchased at $100,009,917 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 05/15/2014		100,000,000
Principal Amount				Value
			REPURCHASE AGREEMENTS--continued
$	714,000,000		Interest in $850,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.290%, dated 1/31/2003, to be repurchased at $714,076,755 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 02/15/2010	$	714,000,000
	554,000,000		Interest in $700,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.290%, dated 1/31/2003, to be repurchased at $554,059,555 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 02/15/2031		554,000,000
	150,000,000	²	Interest in $200,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.215%, dated 1/21/2003, to be repurchased at $150,399,938 on 4/10/2003, collateralized by U.S. Treasury Obligations with various maturities to 05/15/2021		150,000,000
	418,000,000		Interest in $700,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.290%, dated 1/31/2003, to be repurchased at $418,044,935 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 07/15/2012		418,000,000
	625,000,000	²	Interest in $750,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.210%, dated 1/13/2003, to be repurchased at $626,260,417 on 3/14/2003, collateralized by U.S. Treasury Obligations with various maturities to 08/15/2012		625,000,000
	780,000,000		Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley & Co., 1.290%, dated 1/31/2003, to be repurchased at $780,083,850 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 11/15/2012		780,000,000
	414,000,000		Interest in $550,000,000 joint repurchase agreement with Societe Generale, New York, 1.290%, dated 1/31/2003, to be repurchased at $414,044,505 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 08/15/2025		414,000,000
	839,000,000	²	Interest in $1,000,000,000 joint repurchase agreement with UBS Warburg LLC, 1.220%, dated 1/8/2003, to be repurchased at $839,852,983 on 2/7/2003, collateralized by U.S. Treasury Obligations with various maturities to 08/15/2015		839,000,000
	634,000,000		Interest in $750,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 1/31/2003, to be repurchased at $634,068,155 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 07/31/2003		634,000,000

			TOTAL REPURCHASE AGREEMENTS		8,357,975,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	11,735,073,033

1 The issue shows the rate of discount at time of purchase.

2 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($11,749,349,987) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Investments in repurchase agreements	$	8,357,975,000
Investments in securities		3,377,098,033

Total investments in securities, at amortized cost and value			$	11,735,073,033
Cash				812,030
Receivable for shares sold				2,000
Income receivable				28,670,770

TOTAL ASSETS				11,764,557,833

Liabilities:
Payable for shares redeemed		21,666
Income distribution payable		12,362,353
Accrued expenses		2,823,827

TOTAL LIABILITIES				15,207,846

Net assets for 11,749,349,987 shares outstanding			$	11,749,349,987

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$5,787,763,013 ÷ 5,787,763,013 shares outstanding				$1.00

Institutional Service Shares:
$5,423,282,310 ÷ 5,423,282,310 shares outstanding				$1.00

Institutional Capital Shares:
$538,304,664 ÷ 538,304,664 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	108,022,207

Expenses:
Investment adviser fee				$	13,605,933
Administrative personnel and services fee					5,115,831
Custodian fees					298,361
Transfer and dividend disbursing agent fees and expenses					395,582
Directors'/Trustees' fees					40,818
Auditing fees					6,803
Legal fees					13,606
Portfolio accounting fees					450,940
Shareholder services fee--Institutional Shares					8,840,187
Shareholder services fee--Institutional Service Shares					7,242,881
Shareholder services fee--Institutional Capital Shares					924,348
Share registration costs					35,959
Printing and postage					15,550
Insurance premiums					6,803
Miscellaneous					20,409

TOTAL EXPENSES					37,014,011

Waivers:
Waiver of investment adviser fee	$	(5,746,568	)
Waiver of transfer and dividend disbursing agent fees and expenses		(320,749	)
Waiver of shareholder services fee--Institutional Shares		(8,840,187	)
Waiver of shareholder services fee--Institutional Capital Shares		(554,609	)

TOTAL WAIVERS					(15,462,113	)

Net expenses								21,551,898

Net investment income								86,470,309

Realized gain on investments								3,572,843

Change in net assets resulting from operations								$90,043,152

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	86,470,309		$	248,624,639
Net realized gain on investments		3,572,843			8,025,200

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		90,043,152			256,649,839

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(49,191,606	)		(134,326,103	)
Institutional Service Shares		(31,813,927	)		(102,443,164	)
Institutional Capital Shares		(5,464,776	)		(11,855,372	)
Distributions from net realized gain on investments
Institutional Shares		(1,850,574	)		(4,151,811	)
Institutional Service Shares		(1,566,686	)		(3,482,070	)
Institutional Capital Shares		(155,583	)		(391,319	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(90,043,152	)		(256,649,839	)

Share Transactions:
Proceeds from sale of shares		30,462,906,127			74,072,509,728
Net asset value of shares issued to shareholders in payment of distributions declared		16,617,628			55,563,872
Cost of shares redeemed		(32,310,963,785	)		(72,487,425,246	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(1,831,440,030	)		1,640,648,354

Change in net assets		(1,831,440,030	)		1,640,648,354

Net Assets:
Beginning of period		13,580,790,017			11,940,141,663

End of period	$	11,749,349,987		$	13,580,790,017

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.05			0.05
Net realized and unrealized gain on investments	0.00	²		0.00	²		--			--			--			--

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.02			0.05			0.05			0.05			0.05

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05)			(0.05	)		(0.05	)
Distributions from net realized gain on investments	(0.00	)²		(0.00	)²		--			--			--			--

TOTAL DISTRIBUTIONS	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return³	0.73%			2.17	%		5.47	%		5.58	%		4.91	%		5.54	%


Ratios to Average Net Assets:

Expenses	0.20	%⁴		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income	1.39	%⁴		2.04	%		5.36	%		5.43	%		4.79	%		5.40	%

Expense waiver/reimbursement⁵	0.34	%⁴		0.34	%		0.34	%		0.34	%		0.34	%		0.35	%

Supplemental Data:

Net assets, end of period (000 omitted)	$5,787,763		$7,484,039			$6,009,592			$5,400,132			$5,477,028			$5,289,871

1 Beginning with the year ended July 31, 2000, the fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

2 Represents less than $0.01.

3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

4 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.05			0.05
Net realized and unrealized gain on investments	0.00	²		0.00	²		--			--			--			--

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.02			0.05			0.05			0.05			0.05

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)
Distributions from net realized gain on investments	(0.00	)²		(0.00	)²		--			--			--			--

TOTAL DISTRIBUTIONS	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return³	0.60%			1.91	%		5.21	%		5.32	%		4.65	%		5.28	%


Ratios to Average Net Assets:

Expenses	0.45	%⁴		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Net investment income	1.10	%⁴		1.83	%		5.03	%		5.16	%		4.54	%		5.15	%

Expense waiver/reimbursement⁵	0.09	%⁴		0.09	%		0.09	%		0.09	%		0.09	%		0.10	%

Supplemental Data:

Net assets, end of period (000 omitted)	$5,423,282		$5,519,235			$5,319,164			$4,400,816			$5,034,388			$5,045,428

1 Beginning with the year ended July 31, 2000, the fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

2 Represents less than $0.01.

3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

4 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Capital Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,
	1/31/2003			2002			2001			2000	¹		1999			1998
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.05			0.05
Net realized and unrealized gain on investments	0.00	²		0.00	²		--			--			--			--

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.02			0.05			0.05			0.05			0.05

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)
Distributions from net realized gain on investments	(0.00	)²		(0.00	)²		--			--			--			--

TOTAL DISTRIBUTIONS	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return³	0.68	%		2.06	%		5.37	%		5.47	%		4.81	%		5.43	%


Ratios to Average Net Assets:

Expenses	0.30	%⁴		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%

Net investment income	1.48	%⁴		1.85	%		5.16	%		5.25	%		4.61	%		5.30	%

Expense waiver/reimbursement⁵	0.24	%⁴		0.24	%		0.24	%		0.24	%		0.24	%		0.25	%

Supplemental Data:

Net assets, end of period (000 omitted)	$538,305		$577,516			$611,386			$334,019			$462,807			$31,703

1 Beginning with the year ended July 31, 2000, the fund was audited by Deloitte & Touche LLP. Each of the previous years was audited by other auditors.

2 Represents less than $0.01.

3 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

4 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust, (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consist of 40 portfolios. The financial statements included herein are only those of Treasury Obligations Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is to provide current income consistent with stability of principal.

The Fund offers three classes of shares: Institutional Shares, Institutional Service Shares and Institutional Capital Shares.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date. The Fund offers multiple classes of shares, which differ in their respective service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; difference in per share dividend rates are generally due to differences in separate class expenses.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/ 2002
Institutional Shares:
Shares sold	15,878,231,111		43,687,664,748
Shares issued to shareholders in payment of distributions declared	10,032,025		33,628,409
Shares redeemed	(17,584,539,060	)	(42,246,845,789	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(1,696,275,924	)	1,474,447,368


	Six Months Ended 1/31/2003		Year Ended 7/31/ 2002
Institutional Service Shares:
Shares sold	12,189,636,943		25,072,347,473
Shares issued to shareholders in payment of distributions declared	5,421,328		20,481,062
Shares redeemed	(12,291,010,841	)	(24,892,757,603	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	(95,952,570	)	200,070,932


	Six Months Ended 1/31/2003		Year Ended 7/31/ 2002
Institutional Capital Shares:
Shares sold	2,395,038,073		5,312,497,507
Shares issued to shareholders in payment of distributions declared	1,164,275		1,454,401
Shares redeemed	(2,435,413,884	)	(5,347,821,854	)

NET CHANGE RESULTING FROM INSTITUTIONAL CAPITAL SHARE TRANSACTIONS	(39,211,536	)	(33,869,946	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(1,831,440,030	)	1,640,648,354

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Treasury Obligations Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N500
Cusip 60934N872
Cusip 60934N823

1022004 (3/03)

Federated Investors
World-Class Investment Manager

Trust for Short-Term U.S. Government Securities

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount					Value
			GOVERNMENT AGENCIES--51.1%
$	3,000,000	¹	Federal Farm Credit System, Floating Rate Note, 1.255%, 2/7/2003	$	2,998,396
	29,500,000	¹	Federal Home Loan Bank System, Floating Rate Notes, 1.203% - 1.527%, 2/1/2003 - 3/22/2003		29,491,948
	20,555,000		Federal Home Loan Bank System, Notes, 1.700% - 2.990%, 2/4/2003 - 12/8/2003		20,553,865
	6,500,000	²	Federal Home Loan Mortgage Corp., Discount Notes, 1.280% - 2.460%, 2/27/2003 - 5/22/2003		6,484,103
	12,550,000		Federal Home Loan Mortgage Corp., Notes, 4.750% - 7.000%, 2/15/2003 - 2/15/2004		12,760,191
	42,000,000	²	Federal National Mortgage Association, Discount Notes, 1.270% - 2.280%, 2/7/2003 - 6/27/2003		41,871,060
	44,500,000	¹	Federal National Mortgage Association, Floating Rate Notes, 1.235% - 1.670%, 1/21/2003 - 4/7/2003		44,487,791
	7,000,000		Federal National Mortgage Association, Notes, 2.250% - 5.750%, 2/7/2003 - 2/13/2004		7,053,289
	2,000,000	²	Student Loan Marketing Association, Discount Note, 2.680%, 3/14/2003		1,993,896
	2,000,000	¹	Student Loan Marketing Association, Floating Rate Note, 1.190%, 4/25/2003		1,998,976

			TOTAL GOVERNMENT AGENCIES		169,693,515

			REPURCHASE AGREEMENTS--48.8%
	14,000,000		Interest in $650,000,000 joint repurchase agreement with Banc One Capital Markets, Inc., 1.350%, dated 1/31/2003, to be repurchased at $14,001,575 on 02/03/2003, collateralized by U.S. Government Agency Obligations with various maturities to 3/15/2030		14,000,000
	34,322,000		Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290%, dated 1/31/2003, to be repurchased at $34,325,690 on 2/03/2003, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028		34,322,000
Principal Amount					Value
			REPURCHASE AGREEMENTS--continued
$	14,000,000		Interest in $800,000,000 joint repurchase agreement with Countrywide Securities Corp., 1.350%, dated 1/31/2003, to be repurchased at $14,001,575 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/01/2033	$	14,000,000
	15,000,000	³	Interest in $500,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.250%, dated 1/23/2003, to be repurchased at $15,028,125 on 3/18/2003, collateralized by U.S. Government Agency Obligations with various maturities to 7/01/2032		15,000,000
	6,000,000	³	Interest in $475,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.280%, dated 1/6/2003, to be repurchased at $6,006,400 on 2/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 1/01/2033		6,000,000
	8,000,000	³	Interest in $450,000,000 joint repurchase agreement with Goldman Sachs & Co., 1.255%, dated 1/23/2003, to be repurchased at $8,015,897 on 3/21/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/01/2033		8,000,000
	10,000,000		Interest in $1,000,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.350%, dated 1/31/2003, to be repurchased at $10,001,125 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/01/2033		10,000,000
	15,000,000	³	Interest in $315,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.280%, dated 1/15/2003, to be repurchased at $15,026,133 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/01/2032		15,000,000
	14,000,000		Interest in $605,000,000 joint repurchase agreement with Salomon Smith Barney, 1.350%, dated 1/31/2003, to be repurchased at $14,001,575 on 2/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 10/01/2032		14,000,000
	2,000,000	³	Interest in $140,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 1/3/2003, to be repurchased at $2,004,228 on 3/3/2003, collateralized by U.S. Government Agency Obligations with various maturities to 2/15/2032		2,000,000
Principal Amount					Value
			REPURCHASE AGREEMENTS--continued
$	14,000,000	³	Interest in $750,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 11/7/2002, to be repurchased at $14,045,150 on 2/6/2003, collateralized by U.S. Government Agency Obligations with various maturities to 7/15/2030	$	14,000,000
	2,000,000	³	Interest in $300,000,000 joint repurchase agreement with UBS Warburg LLC, 1.300%, dated 11/22/2002, to be repurchased at $2,007,439 on 3/5/2003, collateralized by U.S. Government Agency Obligations with various maturities to 12/15/2032		2,000,000
	14,000,000		Interest in $500,000,000 joint repurchase agreement with WestLB AG, 1.350%, dated 1/31/2003, to be repurchased at $14,001,575 on 2/3/2003, collateralized by U.S. Government Agency Obligations and U.S. Treasury Obligations with various maturities to 6/01/2040		14,000,000

			TOTAL REPURCHASE AGREEMENTS		162,322,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)⁴	$	332,015,515

1 Denotes variable rate securities which show current rate and next demand date.

2 Rates noted reflect the effective yield.

3 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the repurchase agreement within seven days if the creditworthiness of the issuer is downgraded.

4 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($332,415,963) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Investments in repurchase agreements	$	162,322,000
Investments in securities		169,693,515

Total investments in securities, at amortized cost and value			$	332,015,515
Cash				2,601
Income receivable				685,841

TOTAL ASSETS				332,703,957

Liabilities:
Income distribution payable		274,769
Accrued expenses		13,225

TOTAL LIABILITIES				287,994

Net assets for 332,415,963 shares outstanding			$	332,415,963

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$332,415,963 ÷ 332,415,963 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	3,026,949

Expenses:
Investment adviser fee				$	704,665
Administrative personnel and services fee					132,477
Custodian fees					17,265
Transfer and dividend disbursing agent fees and expenses					29,398
Directors'/Trustees' fees					1,585
Auditing fees					5,550
Legal fees					1,982
Portfolio accounting fees					38,362
Shareholder services fee					440,415
Share registration costs					10,746
Printing and postage					5,638
Insurance premiums					705
Miscellaneous					925

TOTAL EXPENSES					1,389,713

Waivers:
Waiver of investment adviser fee	$	(222,416	)
Waiver of transfer and dividend disbursing agent fees and expenses		(11,473	)
Waiver of shareholder services fee		(352,332	)

TOTAL WAIVERS					(586,221	)

Net expenses								803,492

Net investment income							$	2,223,457

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	2,223,457		$	9,295,600

Distributions to Shareholders:
Distributions from net investment income		(2,223,457	)		(9,295,600	)

Share Transactions:
Proceeds from sale of shares		610,005,473			1,774,516,502
Net asset value of shares issued to shareholders in payment of distributions declared		176,638			1,425,454
Cost of shares redeemed		(621,619,461	)		(1,957,906,925	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(11,437,350	)		(181,964,969	)

Change in net assets		(11,437,350	)		(181,964,969	)

Net Assets:
Beginning of period		343,853,313			525,818,282

End of period	$	332,415,963		$	343,853,313

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended July 31,						Period Ended			Year Ended November 30,
	1/31/2003			2002			2001			7/31/2000	¹		1999			1998			1997
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.04			0.05			0.05			0.05
Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.04	)		(0.05	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	0.63	%		2.02	%		5.37	%		3.81	%		4.75	%		5.20	%		5.20	%


Ratios to Average Net Assets:

Expenses	0.46	%³		0.45	%		0.45	%		0.45	%³		0.45	%		0.45	%		0.45	%

Net investment income	1.26	%³		2.05	%		5.18	%		5.58	%³		4.65	%		5.09	%		5.07	%

Supplemental Data:

Net assets, end of period (000 omitted)	$332,416		$343,853			$525,818			$483,384			$583,103			$597,685			$675,988

1 The Fund has changed its fiscal year-end from November 30 to July 31.

2 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

3 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Trust for Short-Term U.S. Government Securities (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is high current income consistent with stability of principal and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

Transactions in shares were as follows:

	Six Months Ended 1/31/ 2003		Year Ended 7/31/ 2002
Shares sold	610,005,473		1,774,516,502
Shares issued to shareholders in payment of distributions declared	176,638		1,425,454
Shares redeemed	(621,619,461	)	(1,957,906,925	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(11,437,350	)	(181,964,969	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Trust for Short-Term U.S. Government Securities
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N781

8063001 (3/03)

Federated Investors
World-Class Investment Manager

Trust for U.S. Treasury Obligations

A Portfolio of Money Market Obligations Trust

SEMI-ANNUAL REPORT

January 31, 2003

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Portfolio of Investments

January 31, 2003 (unaudited)

Principal Amount					Value
			U.S. TREASURY OBLIGATIONS--25.2%
$	31,000,000	¹	United States Treasury Bills, 1.145% - 1.390%, 5/8/2003	$	30,900,893
	25,500,000	¹	United States Treasury Bills, 1.200% - 1.220%, 7/17/2003		25,357,471
	15,000,000	¹	United States Treasury Bills, 1.224%, 5/15/2003		14,947,453
	12,000,000	¹	United States Treasury Bills, 1.235% - 1.245%, 5/22/2003		11,954,503
	6,600,000	¹	United States Treasury Bills, 1.265%, 5/29/2003		6,572,866
	4,000,000	¹	United States Treasury Bills, 1.425%, 5/1/2003		3,985,908
	2,500,000	¹	United States Treasury Bills, 1.550%, 4/17/2003		2,491,927
	4,000,000		United States Treasury Bonds, 10.750%, 2/15/2003		4,013,055
	8,000,000		United States Treasury Notes, 2.750%, 9/30/2003		8,050,731
	9,000,000		United States Treasury Notes, 2.750%, 10/31/2003		9,075,971
	12,000,000		United States Treasury Notes, 3.000%, 11/30/2003		12,153,887
	5,000,000		United States Treasury Notes, 3.250%, 12/31/2003		5,083,358
	19,000,000		United States Treasury Notes, 3.625%, 8/31/2003		19,220,259
	7,000,000		United States Treasury Notes, 3.875%, 6/30/2003		7,060,905
	5,000,000		United States Treasury Notes, 3.875%, 7/31/2003		5,045,801
	5,000,000		United States Treasury Notes, 4.250%, 11/15/2003		5,095,873
	24,000,000		United States Treasury Notes, 5.250% - 5.750%, 8/15/2003		24,517,800
	9,000,000		United States Treasury Notes, 5.500%, 2/28/2003		9,021,555
	5,000,000		United States Treasury Notes, 5.500%, 3/31/2003		5,026,623
	10,000,000		United States Treasury Notes, 5.750%, 4/30/2003		10,093,201

			TOTAL U.S. TREASURY OBLIGATIONS		219,670,040

			REPURCHASE AGREEMENTS--74.7%
	37,000,000		Interest in $800,000,000 joint repurchase agreement with ABN AMRO Bank NV, New York, 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2029		37,000,000
	37,000,000		Interest in $600,000,000 joint repurchase agreement with Bank of Nova Scotia, Toronto, 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 11/15/2026		37,000,000
Principal Amount					Value
			REPURCHASE AGREEMENTS--continued
$	156,682,000		Interest in $1,199,000,000 joint repurchase agreement with Barclays Capital, Inc., 1.290%, dated 1/31/2003, to be repurchased at $156,698,843 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 4/15/2028	$	156,682,000
	37,000,000		Interest in $750,000,000 joint repurchase agreement with Bear Stearns Cos., Inc., 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2012		37,000,000
	37,000,000		Interest in $700,000,000 joint repurchase agreement with Credit Suisse First Boston Corp., 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 5/15/2030		37,000,000
	37,000,000		Interest in $850,000,000 joint repurchase agreement with Deutsche Bank Securities, Inc., 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2010		37,000,000
	37,000,000		Interest in $700,000,000 joint repurchase agreement with Greenwich Capital Markets, Inc., 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 2/15/2031		37,000,000
	16,000,000	²	Interest in $200,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.215%, dated 1/21/2003, to be repurchased at $16,042,660 on 4/10/2003, collateralized by U.S. Treasury Obligations with various maturities to 5/15/2021		16,000,000
	21,000,000		Interest in $700,000,000 joint repurchase agreement with J.P. Morgan Securities, Inc., 1.290%, dated 1/31/2003, to be repurchased at $21,002,258 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 7/15/2012		21,000,000
	38,000,000	²	Interest in $750,000,000 joint repurchase agreement with Merrill Lynch Government Securities, 1.210%, dated 1/13/2003, to be repurchased at $38,076,633 on 3/14/2003, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2012		38,000,000
	80,000,000		Interest in $1,250,000,000 joint repurchase agreement with Morgan Stanley & Co., Inc., 1.290% dated 1/31/2003, to be repurchased at $80,008,600 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2003		80,000,000
	37,000,000		Interest in $550,000,000 joint repurchase agreement with Societe Generale, New York, 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2025		37,000,000
Principal Amount					Value
			REPURCHASE AGREEMENTS--continued
$	42,000,000	²	Interest in $1,000,000,000 joint repurchase agreement with UBS Warburg LLC, 1.220%, dated 1/8/2003, to be repurchased at $42,042,700 on 2/7/2003, collateralized by U.S. Treasury Obligations with various maturities to 8/15/2015	$	42,000,000
	37,000,000		Interest in $750,000,000 joint repurchase agreement with UBS Warburg LLC, 1.290%, dated 1/31/2003, to be repurchased at $37,003,978 on 2/3/2003, collateralized by U.S. Treasury Obligations with various maturities to 7/24/2003		37,000,000

			TOTAL REPURCHASE AGREEMENTS		649,682,000

			TOTAL INVESTMENTS (AT AMORTIZED COST)³	$	869,352,040

1 The issue shows the rate of discount at time of purchase.

2 Although final maturity falls beyond seven days, a liquidity feature is included in each transaction to permit termination of the joint repurchase agreement within seven days.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets ($870,379,346) at January 31, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

January 31, 2003 (unaudited)

Assets:
Investments in securities	$	219,670,040
Investments in repurchase agreements		649,682,000

Total investments in securities, at amortized cost and value			$	869,352,040
Cash				1,612
Income receivable				1,928,894
Receivable for shares sold				504

TOTAL ASSETS				871,283,050

Liabilities:
Payable for fund shares repurchased		95,845
Payable for shareholder service fee		34,109
Income distribution payable		756,100
Accrued expenses		17,650

TOTAL LIABILITIES				903,704

Net assets for 870,379,346 shares outstanding			$	870,379,346

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$870,379,346 ÷ 870,379,346 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended January 31, 2003 (unaudited)

Investment Income:
Interest							$	6,652,595

Expenses:
Investment adviser fee				$	1,666,497
Administrative personnel and services fee					313,302
Custodian fees					29,436
Transfer and dividend disbursing agent fees and expenses					50,213
Directors'/Trustees' fees					3,027
Auditing fees					6,054
Legal fees					2,500
Portfolio accounting fees					57,409
Shareholder services fee					1,041,560
Share registration costs					10,416
Printing and postage					6,777
Insurance premiums					833
Miscellaneous					8,443

TOTAL EXPENSES					3,196,467

Waivers:
Waiver of investment adviser fee	$	(453,593	)
Waiver of transfer and dividend disbursing agent fees and expenses		(24,400	)
Waiver of shareholder services fee		(833,249	)

TOTAL WAIVERS					(1,311,242	)

Net expenses								1,885,225

Net investment income								4,767,370

Net realized gain on investments								234,994

Change in net assets resulting from operations							$	5,002,364

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 1/31/2003			Year Ended 7/31/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	4,767,370		$	16,257,542
Net realized gain on investments		234,994			606,953

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		5,002,364			16,864,495

Distributions to Shareholders:
Distributions from net investment income		(4,767,370	)		(16,257,542	)
Distributions from net realized gain on investments		(234,994	)		(606,953	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(5,002,364	)		(16,864,495	)

Share Transactions:
Proceeds from sale of shares		1,527,852,173			3,179,169,581
Net asset value of shares issued to shareholders in payment of distributions declared		802,158			3,234,125
Cost of shares redeemed		(1,504,164,210	)		(3,234,986,623	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		24,490,121			(52,582,917	)

Change in net assets		24,490,121			(52,582,917	)

Net Assets:
Beginning of period		845,889,225			898,472,142

End of period	$	870,379,346		$	845,889,225

See Notes which are an integral part of the Financial Statements

Financial Highlights

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)
	1/31/2003
Net Asset Value, Beginning of Period	$1.00
Income From Investment Operations:
Net investment income	0.01
Net realized and unrealized gain on investments	0.00	³

TOTAL FROM INVESTMENT OPERATIONS	0.01

Less Distributions:
Distributions from net investment income	(0.01	)
Distributions from net realized gain on investments	(0.00	)³

TOTAL DISTRIBUTIONS	(0.01	)

Net Asset Value, End of Period	$1.00

Total Return⁴	0.61	%


Ratios to Average Net Assets:
Expenses	0.45	%⁵

Net investment income	1.14	%⁵

Supplemental Data:

Net assets, end of period (000 omitted)	$870,379

1 Beginning with the period ended July 31, 1999, the Fund was audited by Ernst & Young LLP. Each of the previous years was audited by other auditors.

2 The Fund changed its fiscal year-end from September 30 to July 31.

3 Represents less than $0.01.

4 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.

5 Computed on an annualized basis.

See Notes which are an integral part of the Financial Statements

	Year Ended July 31,									Period Ended		Year Ended September 30,
	2002			2001			2000			7/31/1999	^1,2	1998		1997
	$1.00			$1.00			$1.00			$1.00		$1.00		$1.00

	0.02			0.05			0.05			0.04		0.05		0.05
	0.00	³		--			--			--		--		--

	0.02			0.05			0.05			0.04		0.05		0.05


	(0.02	)		(0.05	)		(0.05	)		(0.04	)	(0.05	)	(0.05	)
	(0.00	)³		--			--			--		--		--

	(0.02	)		(0.05	)		(0.05	)		(0.04	)	(0.05	)	(0.05	)

	$1.00			$1.00			$1.00			$1.00		$1.00		$1.00

	1.95	%		5.22	%		5.32	%		3.76	%	5.28	%	5.16	%




	0.45	%		0.45	%		0.45	%		0.45	%⁵	0.45	%	0.45	%

	1.85	%		5.12	%		5.14	%		4.45	%⁵	5.17	%	5.04	%



$845,889			$898,472			$951,849			$1,465,381			$2,358,709		$1,797,163

Notes to Financial Statements

January 31, 2003 (unaudited)

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 40 portfolios. The financial statements included herein are only those of Trust for U.S. Treasury Obligations (the "Fund"). The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective of the Fund is stability of principal and current income consistent with stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

The Fund uses the amortized cost method to value its portfolio securities in accordance with Rule 2a-7 under the Act.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. All discounts/premiums are accreted/amortized as required. Distributions to shareholders are recorded on the ex-dividend date.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). At January 31, 2003, capital paid-in aggregated $870,475,190. Transactions in shares were as follows:

	Six Months Ended 1/31/2003		Year Ended 7/31/2002
Shares sold	1,527,852,173		3,179,169,581
Shares issued to shareholders in payment of distributions declared	802,158		3,234,125
Shares redeemed	(1,504,164,210	)	(3,234,986,623	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	24,490,121		(52,582,917	)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.40% of the Fund's average daily net assets. The Adviser will waive, to the extent of its adviser fee, the amount, if any, by which the Fund's aggregate annual operating expenses (excluding interest, taxes, brokerage commissions, expenses of registering or qualifying the Fund and its shares under federal and state law and regulations, expenses or withholding taxes and extraordinary expenses) exceed 0.45% of the average daily net assets of the Fund.

Administrative Fee

Shareholder Services Fee

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

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

Federated Investors
World-Class Investment Manager

Trust for U.S. Treasury Obligations
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N799

8042508 (3/03)