N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-5950

 

(Investment Company Act File Number)

 

 

Money Market Obligations Trust

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

Peter J. Germain, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 07/31/18

 

 

Date of Reporting Period: Quarter ended 10/31/17

 

 

 

 

 

 

Item 1.Schedule of Investments

 

 

 

 

 

Federated Capital Reserves Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    ASSET-BACKED SECURITIES—1.1%  
    Finance - Automotive—0.8%  
$17,478,409   AmeriCredit Automobile Receivables Trust 2017-3, Class A1, 1.40%, 8/20/2018 $17,478,409
12,161,736   Enterprise Fleet Financing LLC 2017-2, Class A1, 1.50%, 7/20/2018 12,161,736
12,285,408   Wheels SPV 2, LLC Series 2017-1, Class A1, 1.40%, 7/20/2018 12,285,408
    TOTAL 41,925,553
    Finance - Equipment—0.3%  
6,503,292   CCG Receivables Trust 2017-1, Class A1, 1.35%, 6/14/2018 6,503,292
10,971,304   Dell Equipment Finance Trust 2017-1, Class A1, 1.35%, 5/22/2018 10,971,304
    TOTAL 17,474,596
    TOTAL ASSET-BACKED SECURITIES 59,400,149
    CERTIFICATES OF DEPOSIT—27.9%  
    Banking—27.9%  
127,800,000   ABN Amro Bank NV, 1.42% - 1.59%, 11/17/2017 - 4/30/2018 127,191,447
74,000,000   Bank of Montreal, 1.51% - 1.55%, 12/18/2017 - 1/5/2018 74,000,000
170,000,000   Bank of Nova Scotia, Toronto, 1.50%, 4/6/2018 - 4/27/2018 170,000,000
30,000,000   Bank of Tokyo-Mitsubishi UFJ Ltd., 1.44%, 2/21/2018 30,000,000
25,000,000   BNP Paribas SA, 1.55%, 4/23/2018 25,000,000
30,000,000   Canadian Imperial Bank of Commerce, 1.57%, 7/3/2018 30,000,000
40,000,000   Credit Suisse AG, 1.44%, 2/1/2018 40,000,000
33,000,000   DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.33%, 12/15/2017 33,000,000
100,000,000   KBC Bank N.V., 1.18%, 11/1/2017 100,000,000
200,000,000   Landesbank Baden-Wurttemberg, 1.19%, 11/7/2017 200,000,000
160,000,000   Mizuho Bank Ltd., 1.40% - 1.43%, 11/3/2017 - 12/22/2017 159,793,749
105,000,000   Mizuho Bank Ltd., 1.19%, 11/2/2017 105,000,000
70,000,000   Societe Generale, Paris, 1.30%, 12/12/2017 70,000,000
200,000,000   Sumitomo Mitsui Trust Bank Ltd., 1.18%, 11/1/2017 200,000,000
179,500,000   Toronto Dominion Bank, 1.41% - 1.75%, 12/6/2017 - 10/22/2018 179,500,000
    TOTAL 1,543,485,196
    TOTAL CERTIFICATES OF DEPOSIT 1,543,485,196
    COMMERCIAL PAPER—24.6%1  
    Aerospace / Auto—2.8%  
8,500,000   Toyota Credit Canada Inc., (Toyota Motor Corp. Support Agreement), 1.527%, 4/6/2018 8,444,382
95,000,000   Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.681% - 1.701%, 7/9/2018 - 7/20/2018 93,873,925
50,000,000   Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.507%, 4/3/2018 49,683,375
    TOTAL 152,001,682
    Banking—8.1%  
189,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.449% - 1.481%, 11/20/2017 - 2/16/2018 188,391,381
50,000,000   Bank of Nova Scotia, Toronto, 1.507%, 4/27/2018 49,633,708
25,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.605%, 7/19/2018 24,714,722
90,000,000   Gotham Funding Corp., (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 1.435%, 1/24/2018 89,700,750
60,000,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.324%, 11/3/2017 59,995,600
15,000,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.375%, 1/2/2018 14,964,608
21,246,000   Ridgefield Funding Company, LLC Series B, (Societe Generale, Paris LIQ), 1.355%, 11/10/2017 - 11/13/2017 21,238,661
    TOTAL 448,639,430
    Finance - Automotive—2.2%  
122,475,000   Ford Motor Credit Co. LLC, 1.507% - 1.528%, 11/3/2017 - 11/16/2017 122,435,576
1
Principal
Amount 		    Value
    COMMERCIAL PAPER—continued1  
    Finance - Commercial—0.9%  
$50,000,000   Atlantic Asset Securitization LLC, 1.446%, 2/6/2018 $49,806,000
    Finance - Equipment—1.5%  
82,000,000   Caterpillar Financial Services Corp., 1.20%, 11/7/2017 81,983,600
    Finance - Retail—8.1%  
70,000,000   Barton Capital S.A., 1.415%, 1/22/2018 69,775,183
20,000,000   CHARTA, LLC, 1.369%, 12/7/2017 19,972,800
15,000,000   CRC Funding, LLC, 1.44%, 1/10/2018 14,958,292
50,000,000   Old Line Funding, LLC, 1.562%, 4/20/2018 49,634,028
291,500,000   Sheffield Receivables Company LLC, 1.407% - 1.552%, 11/3/2017 - 1/25/2018 291,143,282
    TOTAL 445,483,585
    Sovereign—0.7%  
40,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.406%, 2/4/2018 39,856,889
    Telecommunications—0.3%  
17,600,000   Bell Canada, 1.402%, 11/20/2017 17,586,995
    TOTAL COMMERCIAL PAPER 1,357,793,757
    NOTES-VARIABLE—35.2%  
    Aerospace / Auto—0.5%  
5,000,000 2 Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.447% (3-month USLIBOR +0.10%), 1/4/2018 5,000,000
19,000,000 2 Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Credit Corp. Support Agreement), 1.43% (3-month USLIBOR +0.10%), 12/27/2017 19,000,000
    TOTAL 24,000,000
    Banking—33.6%  
9,000,000 2 Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.489% (1-month USLIBOR +0.25%), 2/16/2018 9,000,000
100,000,000 2 Bank of Montreal, 1.616% (3-month USLIBOR +0.30%), 12/1/2017 100,000,000
20,000,000 2 Bank of Montreal, 1.515% (1-month USLIBOR +0.28%), 11/8/2017 20,000,000
100,000,000 2 Bank of Montreal, 1.661% (3-month USLIBOR +0.35%), 11/3/2017 100,000,000
61,000,000 2 Bank of Montreal, 1.425% (1-month USLIBOR +0.19%), 11/2/2017 61,000,000
18,000,000 2 Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.455% (1-month USLIBOR +0.22%), 8/2/2018 18,000,000
25,000,000 2 Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.478% (3-month USLIBOR +0.15%), 6/18/2018 25,000,000
50,000,000 2 Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.659% (1-month USLIBOR +0.42%), 2/23/2018 50,000,000
68,000,000 2 Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.679% (1-month USLIBOR +0.44%), 2/15/2018 68,000,000
49,050,000 2 BlackRock Municipal Income Quality Trust, VMTP Preferred Shares (Series T0009) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.26%, 1/2/2019 49,050,000
34,140,000 2 BlackRock MuniHoldings Quality Fund, Inc., VMTP Preferred Shares (Series T0019) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.26%, 1/2/2019 34,140,000
113,000,000 2 Blackrock MuniYield Quality Fund II, Inc., VMTP Preferred Shares (Series T0012) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.26%, 1/2/2019 113,000,000
20,000,000 2 BlackRock Strategic Municipal Trust, VMTP Preferred Shares (Series T0015) Daily VRDPs, (JP Morgan Chase Bank N.A. LIQ), 1.26%, 1/2/2019 20,000,000
68,000,000 2 Canadian Imperial Bank of Commerce, 1.507% (3-month USLIBOR +0.15%), 4/19/2018 68,000,000
145,000,000 2 Canadian Imperial Bank of Commerce, 1.469% (1-month USLIBOR +0.23%), 11/20/2017 145,000,000
10,000,000 2 Canadian Imperial Bank of Commerce, 1.499% (1-month USLIBOR +0.260%), 11/13/2017 10,000,000
25,000,000 2 Chase Bank USA, N.A., 1.738% (1-month USLIBOR +0.50%), 11/6/2017 25,000,000
23,600,000 2 Citigroup, Inc., 2.362% (3-month USLIBOR +1.05%), 11/8/2017 23,604,258
32,000,000 2 Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.587% (1-month USLIBOR +0.35%), 12/11/2017 32,000,000
3,570,000 2 Colorado Health Facilities Authority, Series 2016B, (UMB Bank, N.A. LOC), 1.24%, 11/2/2017 3,570,000
10,265,000 2 Connecticut Water Co., Series 2004, (Citizens Bank, N.A., Providence LOC), 1.48%, 11/1/2017 10,265,000
9,000,000 2 Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.539% (1-month USLIBOR +0.30%), 3/22/2018 9,000,000
7,090,000 2 EG Irrevocable Life Insurance Trust, (BOKF, N.A. LOC), 1.24%, 11/2/2017 7,090,000
9,590,000 2 Eric and Lizzie Bommer Insurance Trust, (BOKF, N.A. LOC), 1.24%, 11/2/2017 9,590,000
2,370,000 2 Galasso Materials LLC and Galasso Holdings LLC, (Series 1998), (KeyBank, N.A. LOC), 1.30%, 11/2/2017 2,370,000
2
Principal
Amount 		    Value
    NOTES-VARIABLE—continued  
    Banking—continued  
$3,985,000 2 Gannett Fleming, Inc., Series 2001, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.69%, 11/3/2017 $3,985,000
6,300,000 2 GM Enterprises of Oregon, Inc., Series 2017, (Bank of the West, San Francisco, CA LOC), 1.24%, 11/2/2017 6,300,000
1,120,000 2 Graywood Farms LLC, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.69%, 11/3/2017 1,120,000
2,390,000 2 Green Knight EDC, Series 2004, (Fulton Bank, N.A. LOC), 1.45%, 11/2/2017 2,390,000
2,300,000 2 Hazlet Manor Associates, (Series 1998), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.69%, 11/7/2017 2,300,000
18,085,000 2 J.R. Adventures Insurance Trust, Series 2014, (BOKF, N.A. LOC), 1.24%, 11/2/2017 18,085,000
155,000 2 Lancaster, PA IDA, Snavely's Mill, Inc. Series 2003-B, (Fulton Bank, N.A. LOC), 1.45%, 11/2/2017 155,000
12,950,000 2 Maryland State EDC, Human Genome (Series 1997), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.69%, 11/7/2017 12,950,000
7,580,000 2 Maryland State EDC, Human Genome Sciences Series 1999-B, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.69%, 11/7/2017 7,580,000
77,500,000 2 Michigan State Finance Authority Revenue, Series 2010-A, (Bank of America N.A. LOC), 1.18%, 11/2/2017 77,500,000
3,405,000 2 Moran Enterprises, Inc., Series 2015, (BOKF, N.A. LOC), 1.24%, 11/2/2017 3,405,000
34,100,000 2 National Australia Bank Ltd., Melbourne, 1.49% (3-month USLIBOR +0.14%), 4/6/2018 34,100,000
15,000,000 2 New York State HFA, (Series 2017A), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.23%, 11/1/2017 15,000,000
23,935,000 2 RBS Insurance Trust, Series 2015, (BOKF, N.A. LOC), 1.24%, 11/2/2017 23,935,000
105,000,000 2 Royal Bank of Canada, 1.559% (1-month USLIBOR +0.32%), 11/16/2017 105,000,000
9,470,000 2 Sendra Family Irrevocable Trust, Series 2015, (BOKF, N.A. LOC), 1.24%, 11/2/2017 9,470,000
13,875,000 2 Steel Dust Recycling, LLC, Series 2016, (Comerica Bank LOC), 1.24%, 11/2/2017 13,875,000
75,000,000 2 Sumitomo Mitsui Banking Corp., 1.442% (1-month USLIBOR +0.20%), 11/6/2017 75,000,000
3,600,000 2 Szuch and Plotkin Irrevocable Trust Agreement, Series 2016, (BOKF, N.A. LOC), 1.24%, 11/2/2017 3,600,000
11,935,000 2 The Gregory P. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.24%, 11/2/2017 11,935,000
6,460,000 2 The Harry M. Rubin 2014 Insurance Trust, Series 2014, (Wells Fargo Bank, N.A. LOC), 1.24%, 11/1/2017 6,460,000
5,825,000 2 The Jacob Rosenstein Irrevocable Life Insurance Trust, (Bank of America N.A. LOC), 1.24%, 11/1/2017 5,825,000
8,820,000 2 The Jay Deitz 2015 Irrevocable Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 1.24%, 11/2/2017 8,820,000
9,825,000 2 The KVR Insurance Trust, Series 2014, (BOKF, N.A. LOC), 1.24%, 11/2/2017 9,825,000
9,240,000 2 The Murray D. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.24%, 11/2/2017 9,240,000
9,550,000 2 The Ray L. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.24%, 11/2/2017 9,550,000
5,565,000 2 The Raymon Lee Ince Irrevocable Trust, Series 2013, (BOKF, N.A. LOC), 1.24%, 11/2/2017 5,565,000
6,680,000 2 The Rieber Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 1.24%, 11/2/2017 6,680,000
100,000,000 2 Toronto Dominion Bank, 1.612% (3-month USLIBOR +0.30%), 11/8/2017 100,000,000
7,305,000 2 Tuttle Insurance Trust No. 2, Series 2015, (BOKF, N.A. LOC), 1.24%, 11/2/2017 7,305,000
175,000,000 2 Wells Fargo Bank, N.A., 1.694% (3-month USLIBOR +0.32%), 1/26/2018 175,000,000
25,000,000 2 Wells Fargo Bank, N.A., 1.704% (3-month USLIBOR +0.35%), 1/18/2018 25,000,000
23,000,000 2 Wells Fargo Bank, N.A., 1.778% (1-month USLIBOR +0.54%), 11/24/2017 23,000,000
1,345,000 2 Wilsbach Distributors, Inc., (Series 1999), (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.667%, 11/1/2017 1,345,000
8,240,000 2 Wingo Family Master Trust, (BOKF, N.A. LOC), 1.24%, 11/2/2017 8,240,000
13,000,000 2 Yavapai County, AZ IDA - Recovery Zone Facility, Taxable (Series 2015), (Bank of Nova Scotia, Toronto LOC), 1.30%, 11/2/2017 13,000,000
720,000 2 Ypsilanti, MI, UT GO, (Comerica Bank LOC), 1.29%, 11/1/2017 720,000
    TOTAL 1,855,939,258
    Finance - Commercial—0.0%  
1,790,000 2 Woodgrain Millwork, Inc., Series 2004, (General Electric Capital Corp. LOC), 1.25%, 11/2/2017 1,790,000
    Finance - Retail—0.9%  
50,000,000 2 Old Line Funding, LLC, 1.388% (1-month USLIBOR +0.15%), 4/6/2018 50,000,000
    Government Agency—0.2%  
9,467,000 2 Hart Family Holdings LLC, Series 2012, (Federal Home Loan Bank of Dallas LOC), 1.25%, 11/2/2017 9,467,000
2,450,000 2 Jefferson at Stadium Park - Phase B Owner LLC, Jefferson at Stadium Park Apartments, (Federal Home Loan Bank of San Francisco LOC), 1.25%, 11/2/2017 2,450,000
    TOTAL 11,917,000
    TOTAL NOTES-VARIABLE 1,943,646,258
3
Principal
Amount 		    Value
    OTHER REPURCHASE AGREEMENTS—9.5%  
$75,000,000   BNP Paribas S.A., 1.29%, 11/1/2017, interest in a $75,000,000 collateralized loan agreement, dated 10/31/2017, will repurchase securities provided as collateral for $75,002,688, in which Corporate Bonds and U.S. Government Agency securities with a market value of $76,502,741 have been received as collateral and held with BNY Mellon as tri-party agent. $75,000,000
60,000,000   BNP Paribas S.A., 1.46%, 11/1/2017, interest in a $100,000,000 collateralized loan agreement, dated 10/31/2017, will repurchase securities provided as collateral for $100,004,056, in which Corporate Bonds, Asset-Backed securities, Collateralized Mortgage-Backed Obligations, U.S. Treasury and Medium-Term Notes securities with a market value of $102,004,137 have been received as collateral and held with BNY Mellon as tri-party agent. 60,000,000
100,000,000   Citigroup Global Markets, Inc., 2.135%, 2/1/2018, interest in a $110,000,000 collateralized loan agreement, dated 8/2/2017, will repurchase securities provided as collateral for $111,193,726, in which Collateralized Mortgage Obligations securities with a market value of $112,327,647 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
50,000,000   Citigroup Global Markets, Inc., 2.085%, 2/1/2018, interest in a $60,000,000 collateralized loan agreement, dated 8/2/2017, will repurchase securities provided as collateral for $60,635,873, in which U.S. Government Agency and U.S. Treasury securities with a market value of $61,269,615 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
22,000,000   Citigroup Global Markets, Inc., 1.66%, 11/1/2017, interest in a $50,000,000 collateralized loan agreement, dated 10/31/2017, will repurchase securities provided as collateral for $50,002,306, in which Collateralized Mortgage Obligations securities with a market value of $51,002,352 have been received as collateral and held with BNY Mellon as tri-party agent. 22,000,000
60,000,000   Citigroup Global Markets, Inc., 1.36%, 11/1/2017, interest in a $60,000,000 collateralized loan agreement, dated 10/31/2017, will repurchase securities provided as collateral for $60,002,267, in which Exchange Traded securities with a market value of $61,202,323 have been received as collateral and held with BNY Mellon as tri-party agent. 60,000,000
110,000,000   HSBC Securities (USA), Inc., 1.26%, 11/1/2017, interest in a $110,000,000 collateralized loan agreement, dated 10/31/2017, will repurchase securities provided as collateral for $110,003,850, in which Corporate Bond securities with a market value of $112,203,944 have been received as collateral and held with BNY Mellon as tri-party agent. 110,000,000
45,000,000   Wells Fargo Securities LLC, 1.93%, 1/29/2018, interest in a $45,000,000 collateralized loan agreement, dated 10/31/2017, will repurchase securities provided as collateral for $45,217,125, in which Corporate Bond securities with a market value of $45,902,647 have been received as collateral and held with BNY Mellon as tri-party agent. 45,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS 522,000,000
    REPURCHASE AGREEMENTS—1.7%  
95,750,000   Interest in $430,000,000 joint repurchase agreement, 1.05% dated 10/31/2017 under which Barclays Bank PLC will repurchase the securities provided as collateral for $430,012,542 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $438,612,836. 95,750,000
    TOTAL REPURCHASE AGREEMENTS 95,750,000
    TOTAL INVESTMENT IN SECURITIES—100.0%
(AT AMORTIZED COST) 		5,522,075,360
    OTHER ASSETS AND LIABILITIES—0.0%3 2,101,083
    TOTAL NET ASSETS—100% $5,524,176,443
Securities that are subject to the federal alternative minimum tax (AMT) represent 1.0% of the Fund's portfolio as calculated based upon total market value.
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/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principal. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews
4
of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions) and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronyms are used throughout this portfolio:
EDC —Economic Development Corporation
GO —General Obligation
GTD —Guaranteed
HFA —Housing Finance Authority
IDA —Industrial Development Authority
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
UT —Unlimited Tax
VMTP —Variable Rate Municipal Term Preferred
VRDPs —Variable Rate Demand Preferreds
5
Federated Government Reserves Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—46.9%  
$199,500,000 1 Federal Farm Credit System Discount Notes, 0.84% - 1.33%, 11/17/2017 - 9/26/2018 $198,471,170
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.103% (1-month USLIBOR -0.135%), 11/25/2017 50,000,000
12,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.129% (1-month USLIBOR -0.11%), 11/13/2017 11,999,995
74,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.15% - 1.154% (1-month USLIBOR -0.085%), 11/1/2017 - 11/15/2017 73,997,749
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.173% - 1.177% (1-month USLIBOR -0.065%), 11/12/2017 - 11/29/2017 49,997,998
29,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.194% (1-month USLIBOR -0.045%), 11/21/2017 28,999,314
40,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.196% (1-month USLIBOR -0.043%), 11/15/2017 - 11/21/2017 39,999,304
22,800,000 2 Federal Farm Credit System Floating Rate Notes, 1.197% (1-month USLIBOR -0.041%), 11/6/2017 22,800,000
56,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.199% (1-month USLIBOR -0.04%), 11/13/2017 55,998,467
3,260,000 2 Federal Farm Credit System Floating Rate Notes, 1.283% (1-month USLIBOR +0.045%), 11/9/2017 3,259,942
92,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.298% (1-month USLIBOR +0.059%), 11/21/2017 92,000,000
12,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.304% (1-month USLIBOR +0.065%), 11/22/2017 12,017,172
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.363% (1-month USLIBOR +0.13%), 11/4/2017 50,000,000
14,500,000 2 Federal Farm Credit System Floating Rate Notes, 1.385% (1-month USLIBOR +0.15%), 11/1/2017 14,537,280
81,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.398% - 1.402% (1-month USLIBOR +0.16%), 11/12/2017 - 11/28/2017 80,999,987
296,500,000 1 Federal Home Loan Bank System Discount Notes, 0.85% - 1.265%, 11/14/2017 - 8/30/2018 295,580,425
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 0.917% (3-month USLIBOR -0.40%), 11/24/2017 99,992,095
28,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.007% (3-month USLIBOR -0.36%), 1/25/2018 28,000,000
40,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.013% (3-month USLIBOR -0.34%), 1/17/2018 40,000,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.048% (1-month USLIBOR -0.185%), 11/2/2017 50,000,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.067% (1-month USLIBOR -0.165%), 11/3/2017 50,000,000
45,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.067% (3-month USLIBOR -0.245%), 11/8/2017 45,000,000
85,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.072% (1-month USLIBOR -0.17%), 11/29/2017 85,000,000
189,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.078% - 1.082% (1-month USLIBOR -0.16%), 11/25/2017 - 11/28/2017 189,000,000
81,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.082% - 1.084% (1-month USLIBOR -0.155%), 11/14/2017 - 11/25/2017 80,999,710
280,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.083% - 1.089% (1-month USLIBOR -0.15%), 11/4/2017 - 11/23/2017 279,999,909
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.094% (1-month USLIBOR -0.143%), 11/18/2017 50,000,000
124,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.098% - 1.099% (1-month USLIBOR -0.14%), 11/6/2017 - 11/16/2017 124,000,000
23,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.101% (3-month USLIBOR -0.21%), 11/1/2017 22,998,786
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.104% (1-month USLIBOR -0.135%), 11/15/2017 20,000,000
95,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.107% - 1.108% (1-month USLIBOR -0.13%), 11/17/2017 - 11/25/2017 95,000,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.109% (3-month USLIBOR -0.205%), 11/23/2017 50,000,000
136,800,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.113% - 1.114% (1-month USLIBOR -0.125%), 11/20/2017 - 11/25/2017 136,797,542
125,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.117% - 1.119% (1-month USLIBOR -0.12%), 11/16/2017 - 11/17/2017 125,000,000
10,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.124% (3-month USLIBOR -0.185%), 11/10/2017 10,500,000
10,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.129% (1-month USLIBOR -0.11%), 11/22/2017 10,000,761
26,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.148% (1-month USLIBOR -0.09%), 11/9/2017 26,000,000
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.153% (1-month USLIBOR -0.085%), 11/12/2017 20,005,688
60,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.157% (3-month USLIBOR -0.16%), 11/24/2017 60,013,253
105,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.158% - 1.159% (1-month USLIBOR -0.08%), 11/19/2017 - 11/20/2017 105,005,551
76,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.177% (1-month USLIBOR -0.06%), 11/11/2017 - 11/18/2017 76,000,000
124,700,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.19% - 1.193% (1-month USLIBOR -0.045%), 11/1/2017 - 11/25/2017 124,696,627
25,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.199% (1-month USLIBOR -0.04%), 11/22/2017 25,000,000
11,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.204% (1-month USLIBOR -0.035%), 11/23/2017 11,002,614
42,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.216% (3-month USLIBOR -0.095%), 11/9/2017 41,999,950
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.251% (3-month USLIBOR -0.065%), 12/5/2017 50,000,000
98,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.265% - 1.271% (3-month USLIBOR -0.055%), 12/15/2017 - 12/21/2017 98,000,000
1
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—continued  
$50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.306% (3-month USLIBOR -0.03%), 1/4/2018 $50,000,000
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.314% - 1.317% (3-month USLIBOR +0.00%), 11/16/2017 - 12/8/2017 99,998,260
25,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.324% (3-month USLIBOR +0.01%), 11/23/2017 25,000,000
476,380,000   Federal Home Loan Bank System Notes, 0.625% - 2.75%, 11/28/2017 - 10/1/2018 476,265,883
45,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.117% (3-month USLIBOR -0.25%), 1/25/2018 45,000,000
85,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.118% (1-month USLIBOR -0.12%), 12/1/2017 85,000,000
100,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.337% (3-month USLIBOR +0.02%), 12/8/2017 100,000,000
172,028,000   Federal Home Loan Mortgage Corp. Notes, 0.75% - 1.15%, 12/15/2017 - 9/14/2018 171,819,514
191,816,000   Federal National Mortgage Association Notes, 0.875% - 8.95%, 12/20/2017 - 9/18/2018 191,792,950
22,000,000   Tennessee Valley Authority Notes, 1.75%, 10/15/2018 22,082,547
    TOTAL GOVERNMENT AGENCIES 4,577,630,443
    U.S. TREASURY—4.6%  
235,000,000   United States Treasury Notes, 0.625% - 2.25%, 11/30/2017 235,221,240
85,000,000   United States Treasury Notes, 1.00%, 12/31/2017 85,007,282
25,000,000   United States Treasury Notes, 1.00%, 8/15/2018 24,941,766
70,000,000   United States Treasury Notes, 2.625%, 1/31/2018 70,302,885
35,500,000   United States Treasury Notes, 4.25%, 11/15/2017 35,546,129
    TOTAL U.S. TREASURY 451,019,302
    REPURCHASE AGREEMENTS—50.5%  
550,000,000   Repurchase agreement, 1.06% dated 10/31/2017 under which ABN Amro Bank N.V. will repurchase the securities provided as collateral for $550,016,194 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 5/15/2047 and the market value of those underlying securities was $562,703,570. 550,000,000
263,250,000   Interest in $430,000,000 joint repurchase agreement, 1.05% dated 10/31/2017 under which Barclays Bank PLC will repurchase the securities provided as collateral for $430,012,542 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $438,612,836. 263,250,000
500,000,000   Repurchase agreement, 1.04% dated 10/30/2017 under which Barclays Bank PLC will repurchase the securities provided as collateral for $500,101,111 on 11/6/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 10/1/2047 and the market value of those underlying securities was $510,103,214. 500,000,000
200,000,000   Repurchase agreement, 1.05% dated 10/25/2017 under which Barclays Bank PLC will repurchase the securities provided as collateral for $200,175,000 on 11/24/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $204,178,522. 200,000,000
100,000,000   Repurchase agreement, 1.05% dated 10/31/2017 under which Barclays Bank PLC will repurchase the securities provided as collateral for $100,002,917 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 3/31/2023 and the market value of those underlying securities was $102,003,045. 100,000,000
500,000,000   Repurchase agreement, 1.06% dated 10/27/2017 under which Barclays Bank PLC will repurchase the securities provided as collateral for $500,103,056 on 11/3/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 10/1/2047 and the market value of those underlying securities was $510,105,117. 500,000,000
250,000,000   Repurchase agreement, 1.07% dated 10/31/2017 under which Barclays Capital, Inc. will repurchase the securities provided as collateral for $250,222,917 on 11/30/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 5/20/2046 and the market value of those underlying securities was $255,007,580. 250,000,000
46,594,000   Interest in $47,000,000 joint repurchase agreement, 1.06% dated 10/31/2017 under which BNP Paribas SA will repurchase the securities provided as collateral for $47,001,384 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 1/2/2018 and the market value of those underlying securities was $47,941,453. 46,594,000
50,000,000   Repurchase agreement, 1.10% dated 8/7/2017 under which BNP Paribas SA will repurchase the securities provided as collateral for $50,140,556 on 11/7/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 10/1/2047 and the market value of those underlying securities was $51,134,238. 50,000,000
500,000,000   Repurchase agreement, 1.05% dated 10/26/2017 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $500,102,083 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 8/15/2052 and the market value of those underlying securities was $510,090,153. 500,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$1,500,000,000   Repurchase agreement, 1.06% dated 10/31/2017 under which Fixed Income Clearing Corporation will repurchase the securities provided as collateral for $1,500,044,167 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $1,530,000,021. $1,500,000,000
421,000,000   Interest in $450,000,000 joint repurchase agreement, 1.07% dated 10/31/2017 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $450,013,375 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 11/1/2047 and the market value of those underlying securities was $460,498,108. 421,000,000
50,000,000   Repurchase agreement, 1.06% dated 10/31/2017 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $50,001,472 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 3/1/2047 and the market value of those underlying securities was $51,001,502. 50,000,000
    TOTAL REPURCHASE AGREEMENTS 4,930,844,000
    TOTAL INVESTMENT IN SECURITIES—102.0%
(AT AMORTIZED COST) 		9,959,493,745
    OTHER ASSETS AND LIABILITIES - NET—(2.0)%3 (191,889,157)
    TOTAL NET ASSETS—100% $9,767,604,588
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym is used throughout this portfolio:
LIBOR —London Interbank Offered Rate
3
Federated Institutional Prime 60 Day Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    CERTIFICATES OF DEPOSIT—13.5%  
    Finance - Banking—13.5%  
$350,000   Bank of Nova Scotia, Toronto, 1.320%, 12/1/2017 $350,012
350,000   DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.270%, 11/20/2017 350,008
350,000   Toronto Dominion Bank, 1.250%, 12/18/2017 350,044
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $1,050,064) 		1,050,064
    COMMERCIAL PAPER—44.3%1  
    Finance - Banking—30.5%  
350,000   Albion Capital LLC, (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 1.271%, 11/20/2017 349,765
250,000   Cancara Asset Securitization LLC, 1.200%, 11/1/2017 250,000
180,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.293%, 11/1/2017 180,000
250,000   Malayan Banking Berhad, New York—CPLOC, (Wells Fargo Bank, N.A. LOC), 1.261%, 11/1/2017 250,000
350,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.271%, 11/22/2017 349,741
250,000   N.V. Bank Nederlandse Gemeenten, 1.251%, 11/13/2017 249,896
375,000   NRW.Bank, 1.267%, 12/14/2017 374,433
375,000   Nationwide Building Society, 1.251%, 11/6/2017 374,935
    TOTAL 2,378,770
    Finance - Commercial—4.5%  
350,000   Atlantic Asset Securitization LLC, 1.302%, 11/17/2017 349,798
    Sovereign—9.3%  
300,000   Caisse des Depots et Consignations (CDC), 1.302%, 11/22/2017 299,772
425,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.262%, 11/4/2017 425,000
    TOTAL 724,772
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $3,453,340) 		3,453,340
    NOTES - VARIABLE—15.1%2  
    Finance - Banking—5.1%  
400,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.489% (1-month USLIBOR +0.250%), 11/15/2017 400,000
    Finance - Retail—10.0%  
400,000   Barton Capital S.A., 1.405% (1-month USLIBOR +0.170%), 2/9/2018 400,000
375,000   Fairway Finance Co. LLC, 1.365% (1-month USLIBOR +0.130%), 11/8/2017 375,005
    TOTAL 775,005
    TOTAL NOTES - VARIABLE
(IDENTIFIED COST $1,175,005) 		1,175,005
    OTHER REPURCHASE AGREEMENTS—8.6%  
    Finance - Banking—8.6%  
375,000   BNP Paribas SA, 1.46%, dated 10/31/2017, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,042 on 11/1/2017, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $76,503,103 have been received as collateral and held with BNY Mellon as tri-party agent. 375,000
300,000   HSBC Securities (USA), Inc., 1.26%, dated 10/31/2017, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,001,400 on 11/1/2017, in which corporate bonds with a market value of $40,800,175 have been received as collateral and held with JPMorgan Chase as tri-party agent. 300,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(IDENTIFIED COST $675,000) 		675,000
1
Principal
Amount 		    Value
    REPURCHASE AGREEMENT—19.2%  
    Finance - Banking—19.2%  
$1,498,000   Interest in $2,000,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,059,444 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/25/2057 and the market value of those underlying securities was $2,045,741,847. $1,498,000
    TOTAL INVESTMENT IN SECURITIES—100.7%
(IDENTIFIED COST $7,851,409) 		7,851,409
    OTHER ASSETS AND LIABILITIES - NET—(0.7)%3 (52,399)
    TOTAL NET ASSETS—100% $7,799,010
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
2 Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
2
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of October 31, 2017, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
LIQ —Liquidity Agreement
LOC —Letter of Credit
3
Federated Government Obligations Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—42.1%  
$2,489,778,000 1 Federal Farm Credit System Discount Notes, 0.840%—1.450%, 11/2/2017 - 10/2/2018 $2,473,976,553
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.102% (1-month USLIBOR -0.140%), 11/30/2017 50,000,000
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.103% (1-month USLIBOR -0.135%), 11/25/2017 50,000,000
100,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.109% (1-month USLIBOR -0.130%), 11/20/2017 100,000,000
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.122% (1-month USLIBOR -0.120%), 11/30/2017 49,996,916
68,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.129% (1-month USLIBOR -0.110%), 11/13/2017 67,999,971
439,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.150% - 1.154% (1-month USLIBOR -0.085%), 11/1/2017 - 11/15/2017 438,986,492
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.168% (1-month USLIBOR -0.070%), 11/24/2017 49,997,971
304,750,000 2 Federal Farm Credit System Floating Rate Notes, 1.173% - 1.177% (1-month USLIBOR -0.065%), 11/12/2017 - 11/29/2017 304,738,214
339,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.179% - 1.179% (1-month USLIBOR -0.060%), 11/16/2017 - 11/23/2017 339,000,000
158,850,000 2 Federal Farm Credit System Floating Rate Notes, 1.194% (1-month USLIBOR -0.045%), 11/21/2017 158,846,243
237,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.196% (1-month USLIBOR -0.043%), 11/15/2017 - 11/21/2017 236,995,879
137,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.197% (1-month USLIBOR -0.041%), 11/6/2017 137,000,000
338,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.199% (1-month USLIBOR -0.040%), 11/13/2017 337,990,749
12,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.282% (3-month USLIBOR -0.030%), 11/6/2017 11,999,076
78,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.293% (1-month USLIBOR +0.055%), 11/19/2017 77,997,676
70,500,000 2 Federal Farm Credit System Floating Rate Notes, 1.304% (1-month USLIBOR +0.065%), 11/22/2017 70,622,459
5,150,000 2 Federal Farm Credit System Floating Rate Notes, 1.327% (1-month USLIBOR +0.095%), 11/3/2017 5,152,154
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.328% (1-month USLIBOR +0.090%), 11/19/2017 50,083,008
100,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.359% (1-month USLIBOR +0.120%), 11/13/2017 100,238,876
200,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.363% (1-month USLIBOR +0.130%), 11/4/2017 200,000,000
177,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.398% - 1.402% (1-month USLIBOR +0.160%), 11/12/2017 - 11/28/2017 176,999,975
58,000,000   Federal Farm Credit System Notes, 0.930%—1.250%, 11/17/2017 - 9/5/2018 57,979,426
1,394,000,000 1 Federal Home Loan Bank System Discount Notes, 1.000%—1.265%, 11/17/2017 - 9/13/2018 1,387,568,535
1,293,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 0.914%—0.917% (3-month USLIBOR -0.400%), 11/17/2017 - 11/24/2017 1,292,905,882
165,700,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.007% (3-month USLIBOR -0.360%), 1/25/2018 165,700,000
234,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.013% (3-month USLIBOR -0.340%), 1/17/2018 234,500,000
150,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.048% (1-month USLIBOR -0.185%), 11/2/2017 150,000,000
238,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.065% (3-month USLIBOR -0.300%), 1/24/2018 238,500,000
200,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.067% (1-month USLIBOR -0.165%), 11/3/2017 200,000,000
260,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.067%—1.070% (3-month USLIBOR -0.245%), 11/8/2017 - 11/15/2017 260,000,000
500,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.072% (1-month USLIBOR -0.170%), 11/29/2017 500,000,000
898,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.079%—1.082% (1-month USLIBOR -0.160%), 11/16/2017 - 11/28/2017 898,000,000
1,046,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.082%—1.087% (1-month USLIBOR -0.155%), 11/14/2017 - 11/29/2017 1,046,000,000
1,561,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.083%—1.089% (1-month USLIBOR -0.150%), 11/4/2017 - 11/23/2017 1,561,499,405
295,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.094% (1-month USLIBOR -0.143%), 11/18/2017 295,000,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.095% (1-month USLIBOR -0.142%), 11/18/2017 50,000,000
710,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.098%—1.099% (1-month USLIBOR -0.140%), 11/6/2017 - 11/16/2017 710,474,334
137,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.101% (3-month USLIBOR -0.210%), 11/1/2017 136,992,767
280,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.102%—1.104% (1-month USLIBOR -0.135%), 11/15/2017 - 11/17/2017 279,993,926
831,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.108%—1.109% (1-month USLIBOR -0.130%), 11/20/2017 - 11/25/2017 831,000,000
306,300,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.109% (3-month USLIBOR -0.205%), 11/23/2017 306,300,000
552,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.113%—1.114% (1-month USLIBOR -0.125%), 11/20/2017 - 11/25/2017 551,984,638
1,275,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.117%—1.119% (1-month USLIBOR -0.120%), 11/14/2017 - 11/17/2017 1,275,000,000
63,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.124% (3-month USLIBOR -0.185%), 11/10/2017 63,000,000
20,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.129% (1-month USLIBOR -0.110%), 11/22/2017 20,001,523
167,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.148% (1-month USLIBOR -0.090%), 11/9/2017 167,000,000
1
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—continued  
$85,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.153% (1-month USLIBOR -0.085%), 11/12/2017 $85,024,174
439,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.157% (3-month USLIBOR -0.160%), 11/24/2017 - 11/26/2017 439,092,785
666,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.158%—1.159% (1-month USLIBOR -0.080%), 11/19/2017 - 11/20/2017 666,036,857
504,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.177%—1.177% (1-month USLIBOR -0.060%), 11/11/2017 - 11/18/2017 504,000,000
104,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.187% (3-month USLIBOR -0.125%), 11/8/2017 103,997,318
607,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.190%—1.193% (1-month USLIBOR -0.045%), 11/1/2017 - 11/25/2017 606,993,354
174,750,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.199% (1-month USLIBOR -0.040%), 11/22/2017 174,750,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.204% (1-month USLIBOR -0.035%), 11/23/2017 50,011,882
104,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.216% (3-month USLIBOR -0.095%), 11/9/2017 104,499,876
693,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.245%—1.252% (3-month USLIBOR -0.065%), 12/5/2017 - 12/13/2017 693,499,146
250,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.260% (3-month USLIBOR -0.060%), 12/15/2017 250,000,000
288,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.265%—1.271% (3-month USLIBOR -0.055%), 12/15/2017 - 12/21/2017 288,000,000
434,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.305%—1.313% (3-month USLIBOR -0.030%), 1/2/2018 - 1/5/2018 434,000,000
250,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.314%—1.317% (3-month USLIBOR +0.000%), 11/16/2017 - 12/8/2017 249,996,521
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.324% (3-month USLIBOR +0.010%), 11/23/2017 50,000,000
1,366,165,000   Federal Home Loan Bank System Notes, 0.625%—1.250%, 12/19/2017 - 9/17/2018 1,364,375,611
951,600,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.100%—1.117% (3-month USLIBOR -0.250%), 1/10/2018 - 1/25/2018 951,601,272
565,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.118% (1-month USLIBOR -0.120%), 12/1/2017 565,000,000
374,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.320% (3-month USLIBOR -0.030%), 1/8/2018 374,000,000
293,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.337% (3-month USLIBOR +0.020%), 12/8/2017 293,000,000
934,702,000   Federal Home Loan Mortgage Corp. Notes, 0.750%—5.125%, 11/17/2017 - 10/12/2018 934,006,351
269,000,000 2 Federal National Mortgage Association Floating Rate Notes, 1.326% (3-month USLIBOR -0.030%), 1/11/2018 269,000,000
1,102,667,000   Federal National Mortgage Association Notes, 0.875%—1.875%, 12/20/2017 - 9/18/2018 1,102,592,140
400,200,575 2 Housing and Urban Development Floating Rate Notes, 1.535% (3-month USLIBOR +0.200%), 11/1/2017 400,200,575
75,000,000 1 Tennessee Valley Authority Discount Notes, 1.020%, 11/14/2017 74,972,375
62,901,000   Tennessee Valley Authority, 1.750%—4.500%, 4/1/2018 - 10/15/2018 63,386,777
    TOTAL GOVERNMENT AGENCIES 29,260,059,662
    U.S. TREASURIES—5.4%  
500,000,000 1 United States Treasury Bills, 1.013%, 11/9/2017 499,887,500
1,427,000,000   United States Treasury Notes, 0.625%—2.250%, 11/30/2017 1,428,227,626
265,000,000   United States Treasury Notes, 0.750%—2.625%, 1/31/2018 265,293,185
873,750,000   United States Treasury Notes, 1.000%—2.750%, 12/31/2017 875,602,414
119,500,000   United States Treasury Notes, 1.000%, 8/15/2018 119,221,639
150,000,000   United States Treasury Notes, 1.000%, 9/15/2018 149,602,188
452,000,000   United States Treasury Notes, 4.250%, 11/15/2017 452,583,830
    TOTAL U.S. TREASURIES 3,790,418,382
    REPURCHASE AGREEMENTS—53.8%  
450,000,000   Interest in $850,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $850,025,028 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 3/20/2067 and the market value of those underlying securities was $872,420,995. 450,000,000
80,000,000   Interest in $250,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $250,007,431 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 3/20/2047 and the market value of those underlying securities was $255,914,875. 80,000,000
200,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $200,005,889 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/1/2047 and the market value of those underlying securities was $204,006,007. 200,000,000
210,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $210,006,183 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/1/2047 and the market value of those underlying securities was $214,982,488. 210,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$225,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/13/2017 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $501,144,306 on 12/29/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,288,025. $225,000,000
2,132,500,000   Interest in $4,400,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $4,400,128,333 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $4,488,130,929. 2,132,500,000
200,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $200,005,833 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2026 and the market value of those underlying securities was $204,005,967. 200,000,000
800,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $800,023,556 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/1/2047 and the market value of those underlying securities was $816,379,722. 800,000,000
128,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $128,003,769 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/15/2045 and the market value of those underlying securities was $130,721,879. 128,000,000
250,000,000   Interest in $425,000,000 joint repurchase agreement 1.10%, dated 10/24/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $425,766,181 on 12/22/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $433,606,005. 250,000,000
350,000,000   Interest in $450,000,000 joint repurchase agreement 1.10%, dated 8/7/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $451,265,000 on 11/7/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/1/2047 and the market value of those underlying securities was $460,247,719. 350,000,000
400,000,000   Interest in $550,000,000 joint repurchase agreement 1.14%, dated 7/7/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $552,281,583 on 11/15/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/1/2047 and the market value of those underlying securities was $563,442,591. 400,000,000
585,155,000   Interest in $905,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which Bank of America, N.A. will repurchase securities provided as collateral for $905,026,899 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/20/2044 and the market value of those underlying securities was $923,127,437. 585,155,000
200,000,000   Interest in $300,000,000 joint repurchase agreement 1.08%, dated 8/4/2017 under which Bank of Montreal will repurchase securities provided as collateral for $300,927,000 on 11/15/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $306,817,044. 200,000,000
500,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Bank of Nova Scotia, Toronto will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $1,530,044,709. 500,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Bank of Nova Scotia, Toronto will repurchase securities provided as collateral for $500,014,722 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/20/2047 and the market value of those underlying securities was $510,327,723. 250,000,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 1.09%, dated 8/25/2017 under which Bank of Nova Scotia, Toronto will repurchase securities provided as collateral for $501,680,417 on 12/14/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/1/2047 and the market value of those underlying securities was $511,156,733. 400,000,000
1,000,000,000   Repurchase agreement 1.03%, dated 10/31/2017 under which Barclays Bank PLC will repurchase securities provided as collateral for $1,000,028,611 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $1,020,029,238. 1,000,000,000
400,000,000   Interest in $800,000,000 joint repurchase agreement 1.05%, dated 10/25/2017 under which Barclays Bank PLC will repurchase securities provided as collateral for $800,700,000 on 11/24/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $816,714,005. 400,000,000
2,450,000,000   Interest in $3,420,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Barclays Bank PLC will repurchase securities provided as collateral for $3,420,099,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $3,488,501,752. 2,450,000,000
3
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$400,000,000   Interest in $500,000,000 joint repurchase agreement 1.06%, dated 10/27/2017 under which Barclays Bank PLC will repurchase securities provided as collateral for $500,103,056 on 11/3/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2047 and the market value of those underlying securities was $510,105,118. $400,000,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $500,103,056 on 11/7/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/20/2047 and the market value of those underlying securities was $510,015,017. 400,000,000
500,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Canadian Imperial Bank of Commerce will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $1,530,044,642. 500,000,000
40,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which Canadian Imperial Bank of Commerce will repurchase securities provided as collateral for $40,001,178 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/1/2047 and the market value of those underlying securities was $40,801,234. 40,000,000
250,000,000   Repurchase agreement 1.07%, dated 10/31/2017 under which Citibank, N.A. will repurchase securities provided as collateral for $250,007,431 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2029 and the market value of those underlying securities was $255,007,666. 250,000,000
750,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.05%, dated 10/26/2017 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,204,167 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/15/2053 and the market value of those underlying securities was $1,026,080,141. 750,000,000
650,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.04%, dated 10/25/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,000,202,222 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 3/31/2024 and the market value of those underlying securities was $1,020,206,346. 650,000,000
500,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.05%, dated 10/19/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,000,408,333 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 3/31/2024 and the market value of those underlying securities was $1,020,386,840. 500,000,000
500,000,000   Repurchase agreement 1.05%, dated 10/26/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,102,083 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2044 and the market value of those underlying securities was $510,089,294. 500,000,000
180,000,000   Interest in $700,000,000 joint repurchase agreement 1.05%, dated 10/27/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $700,142,917 on 11/3/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 11/15/2044 and the market value of those underlying securities was $714,104,216. 180,000,000
750,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $1,530,044,667. 750,000,000
280,000,000   Interest in $700,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $700,144,278 on 11/7/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2044 and the market value of those underlying securities was $714,021,089. 280,000,000
1,000,000,000   Interest in $2,150,000,000 joint repurchase agreement 1.04%, dated 10/31/2017 under which Credit Suisse Securities (USA) LLC will repurchase securities provided as collateral for $2,150,062,111 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2026 and the market value of those underlying securities was $2,193,004,211. 1,000,000,000
500,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,029,167 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $1,020,029,814. 500,000,000
100,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $100,002,917 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 12/31/2018 and the market value of those underlying securities was $102,003,050. 100,000,000
500,000,000   Repurchase agreement 1.00%, dated 10/31/2017 under which Federal Reserve Bank of New York will repurchase securities provided as collateral for $500,013,889 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 2/15/2043 and the market value of those underlying securities was $500,013,897. 500,000,000
4
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$500,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.02%, dated 10/4/2017 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $1,000,991,667 on 11/8/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2027 and the market value of those underlying securities was $1,020,809,297. $500,000,000
200,000,000   Interest in $350,000,000 joint repurchase agreement 1.04%, dated 10/31/2017 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $350,070,778 on 11/7/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2043 and the market value of those underlying securities was $357,000,970. 200,000,000
400,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $400,011,667 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 11/1/2047 and the market value of those underlying securities was $412,003,905. 400,000,000
150,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $150,004,375 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 11/1/2043 and the market value of those underlying securities was $154,503,235. 150,000,000
100,000,000   Interest in $200,000,000 joint repurchase agreement 1.05%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $200,017,500 on 11/2/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 9/6/2024 and the market value of those underlying securities was $204,017,886. 100,000,000
300,000,000   Repurchase agreement 1.05%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $300,026,250 on 11/2/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 5/1/2047 and the market value of those underlying securities was $306,938,431. 300,000,000
1,000,000,000   Interest in $2,500,000,000 joint repurchase agreement 1.05%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $2,500,072,917 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 3/31/2021 and the market value of those underlying securities was $2,537,957,435. 1,000,000,000
250,000,000   Repurchase agreement 1.05%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $250,007,292 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2047 and the market value of those underlying securities was $255,785,346. 250,000,000
600,000,000   Repurchase agreement 1.05%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $600,017,500 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2023 and the market value of those underlying securities was $609,138,926. 600,000,000
150,000,000   Repurchase agreement 1.14%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $150,199,500 on 12/11/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 11/15/2030 and the market value of those underlying securities was $153,203,137. 150,000,000
100,000,000   Repurchase agreement 1.14%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $100,167,833 on 12/22/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2043 and the market value of those underlying securities was $102,488,350. 100,000,000
100,000,000   Repurchase agreement 1.14%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $100,145,667 on 12/15/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2047 and the market value of those underlying securities was $102,248,576. 100,000,000
100,000,000   Repurchase agreement 1.14%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $100,145,667 on 12/15/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2042 and the market value of those underlying securities was $102,148,319. 100,000,000
150,000,000   Interest in $250,000,000 joint repurchase agreement 1.14%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $250,419,583 on 12/22/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2047 and the market value of those underlying securities was $255,766,844. 150,000,000
300,000,000   Interest in $500,000,000 joint repurchase agreement 1.16%, dated 10/30/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $500,853,889 on 12/22/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2047 and the market value of those underlying securities was $511,402,255. 300,000,000
430,000,000   Interest in $450,000,000 joint repurchase agreement 1.08%, dated 10/31/2017 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $450,013,500 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 9/20/2066 and the market value of those underlying securities was $463,503,176. 430,000,000
5
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$58,089,000   Interest in $550,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $550,016,347 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/20/2047 and the market value of those underlying securities was $561,016,675. $58,089,000
230,000,000   Interest in $500,000,000 joint repurchase agreement 1.05%, dated 10/19/2017 under which MUFG Securities Americas, Inc. will repurchase securities provided as collateral for $500,422,917 on 11/17/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,193,453. 230,000,000
1,000,000,000   Interest in $1,750,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which MUFG Securities Americas, Inc. will repurchase securities provided as collateral for $1,750,051,528 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/20/2067 and the market value of those underlying securities was $1,794,310,391. 1,000,000,000
500,000,000   Interest in $850,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $850,171,889 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $867,150,285. 500,000,000
1,621,002,000   Interest in $2,000,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,059,444 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/25/2057 and the market value of those underlying securities was $2,045,741,847. 1,621,002,000
141,729,000   Repurchase agreement 1.10%, dated 10/31/2017 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $141,733,331 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/1/2044 and the market value of those underlying securities was $144,300,849. 141,729,000
408,842,000   Repurchase agreement 1.00%, dated 10/31/2017 under which Prudential Legacy Insurance Co. of NJ, will repurchase securities provided as collateral for $408,853,357 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $415,930,860. 408,842,000
265,000,000   Interest in $500,000,000 joint repurchase agreement 1.08%, dated 8/4/2017 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $501,350,000 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $511,361,795. 265,000,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 1.10%, dated 9/21/2017 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $501,375,000 on 12/20/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 10/25/2047 and the market value of those underlying securities was $513,685,362. 400,000,000
285,000,000   Interest in $500,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $500,101,111 on 11/2/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 9/30/2021 and the market value of those underlying securities was $510,103,155. 285,000,000
250,000,000   Repurchase agreement 1.05%, dated 10/25/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $250,051,042 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/1/2047 and the market value of those underlying securities was $255,060,330. 250,000,000
250,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $250,007,361 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/1/2047 and the market value of those underlying securities was $255,146,902. 250,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $500,103,056 on 11/7/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $510,105,213. 250,000,000
400,000,000   Interest in $500,000,000 joint repurchase agreement 1.10%, dated 9/19/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $501,390,278 on 12/19/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/1/2047 and the market value of those underlying securities was $513,805,968. 400,000,000
1,300,000,000   Interest in $1,300,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Royal Bank of Scotland will repurchase securities provided as collateral for $1,300,037,917 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2046 and the market value of those underlying securities was $1,326,000,048. 1,300,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,101,111 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2045 and the market value of those underlying securities was $510,088,450. 250,000,000
6
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$300,000,000   Repurchase agreement 1.07%, dated 5/4/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $300,062,417 on 11/8/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/20/2047 and the market value of those underlying securities was $307,299,231. $300,000,000
200,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/10/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,921,389 on 12/11/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $510,333,502. 200,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/12/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,936,250 on 2/14/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $510,303,215. 250,000,000
350,000,000   Interest in $500,000,000 joint repurchase agreement 1.08%, dated 9/12/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,930,000 on 11/13/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2044 and the market value of those underlying securities was $510,765,001. 350,000,000
1,000,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Sumitomo Mitsui Banking Corp. will repurchase securities provided as collateral for $2,000,058,333 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 6/30/2022 and the market value of those underlying securities was $2,040,003,237. 1,000,000,000
1,000,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which Sumitomo Mitsui Banking Corp. will repurchase securities provided as collateral for $1,000,029,444 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Government Agency securities with various maturities to 1/20/2046 and the market value of those underlying securities was $1,020,001,059. 1,000,000,000
300,000,000   Interest in $400,000,000 joint repurchase agreement 1.05%, dated 10/25/2017 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $400,081,667 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2047 and the market value of those underlying securities was $408,083,300. 300,000,000
2,470,000,000   Interest in $3,130,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $3,130,092,161 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 3/16/2057 and the market value of those underlying securities was $3,193,098,458. 2,470,000,000
500,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $500,014,722 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities maturing on 7/20/2047 and the market value of those underlying securities was $510,015,018. 500,000,000
50,000,000   Repurchase agreement 1.06%, dated 10/31/2017 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $50,001,472 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities maturating on 3/1/2047 and the market value of those underlying securities was $51,001,502. 50,000,000
    TOTAL REPURCHASE AGREEMENTS
(AT AMORTIZED COST) 		37,370,317,000
    TOTAL INVESTMENT IN SECURITIES—101.3% 70,420,795,044
    OTHER ASSETS AND LIABILITIES - NET—(1.3)%3 (922,316,700)
    TOTAL NET ASSETS—100% $69,498,478,344
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assuance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
7
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a Valuation Committee (“Valuation Committee“) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym is used throughout this portfolio:
LIBOR—London Interbank Offered Rate
8
Federated Government Obligations Tax-Managed Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    GOVERNMENT AGENCIES—85.4%  
$751,500,000 1 Federal Farm Credit System Discount Notes, 0.97% - 1.27%, 11/01/2017 - 7/12/2018 $748,720,619
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 0.948% (3-month USLIBOR -0.37%), 11/30/2017 49,996,969
15,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.007% (3-month USLIBOR -0.35%), 1/12/2018 14,999,673
100,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.099% (1-month USLIBOR -0.14%), 11/21/2017 99,998,316
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.122% (1-month USLIBOR -0.12%), 11/30/2017 49,996,916
300,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.123% - 1.124% (1-month USLIBOR -0.115%), 11/9/2017 - 11/23/2017 299,996,762
150,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.129% (1-month USLIBOR -0.11%), 11/13/2017 149,999,935
37,500,000 2 Federal Farm Credit System Floating Rate Notes, 1.142% (1-month USLIBOR -0.10%), 11/28/2017 37,499,468
25,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.173% (1-month USLIBOR -0.065%), 11/12/2017 24,998,274
50,000,000 2 Federal Farm Credit System Floating Rate Notes, 1.228% (1-month USLIBOR -0.011%), 11/22/2017 50,000,000
10,330,000 2 Federal Farm Credit System Floating Rate Notes, 1.257% (1-month USLIBOR +0.02%), 11/17/2017 10,328,886
14,790,000 2 Federal Farm Credit System Floating Rate Notes, 1.283% (1-month USLIBOR +0.045%), 11/9/2017 14,790,210
15,190,000 2 Federal Farm Credit System Floating Rate Notes, 1.328% (1-month USLIBOR +0.09%), 11/25/2017 15,194,148
31,570,000 2 Federal Farm Credit System Floating Rate Notes, 1.40% (1-month USLIBOR +0.16%), 11/26/2017 31,591,150
205,500,000   Federal Farm Credit System Notes, 0.75% - 4.25%, 11/17/2017 - 9/15/2018 205,408,569
2,142,506,000 1 Federal Home Loan Bank System Discount Notes, 0.70% - 1.143%, 11/1/2017 - 2/28/2018 2,140,679,873
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.067% - 1.07% (3-month USLIBOR -0.245%), 11/8/2017 - 11/15/2017 50,000,000
225,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.07% (1-month USLIBOR -0.17%), 11/26/2017 225,000,000
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.079% (1-month USLIBOR -0.16%), 11/16/2017 100,000,000
250,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.083% - 1.089% (1-month USLIBOR -0.15%), 11/4/2017 - 11/16/2017 250,001,089
225,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.085% (1-month USLIBOR -0.155%), 11/26/2017 225,000,000
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.098% - 1.099% (1-month USLIBOR -0.14%), 11/6/2017 - 11/16/2017 100,000,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.104% (1-month USLIBOR -0.135%), 11/15/2017 50,000,000
150,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.113% (1-month USLIBOR -0.125%), 11/25/2017 149,986,243
42,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.119% (1-month USLIBOR -0.12%), 11/16/2017 42,500,000
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.153% (1-month USLIBOR -0.085%), 11/12/2017 50,014,220
50,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.157% (3-month USLIBOR -0.16%), 11/24/2017 50,011,044
30,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.19% (1-month USLIBOR -0.045%), 11/1/2017 29,998,383
100,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 1.191% (3-month USLIBOR -0.12%), 11/2/2017 100,000,000
8,495,000   Federal Home Loan Bank System Notes, 0.67%, 12/1/2017 8,491,785
9,022,000   Tennessee Valley Authority Bond, 6.25%, 12/15/2017 9,078,537
13,282,000 1 Tennessee Valley Authority Discount Notes, 1.025%, 11/21/2017 13,274,437
    TOTAL GOVERNMENT AGENCIES 5,397,555,506
    U.S. TREASURY—23.3%  
138,000,000   United States Treasury Bills, 0.95%, 11/16/2017 137,945,375
86,500,000   United States Treasury Bills, 0.955% - 0.99%, 11/2/2017 86,497,682
150,000,000   United States Treasury Bills, 1.00%, 11/24/2017 149,904,167
250,000,000   United States Treasury Bills, 1.013%, 11/9/2017 249,943,750
200,000,000   United States Treasury Bills, 1.03%, 12/8/2017 199,788,278
50,000,000   United States Treasury Bills, 1.04%, 12/21/2017 49,927,778
50,000,000 2 United States Treasury Floating Rate Notes, 1.203% (91-day T-Bill +0.07%), 11/7/2017 49,993,200
124,000,000   United States Treasury Notes, 0.75%, 4/30/2018 123,689,236
184,000,000   United States Treasury Notes, 0.875%, 5/31/2018 183,646,325
88,000,000   United States Treasury Notes, 1.00%, 5/15/2018 87,903,232
1
Principal
Amount 		    Value
    U.S. TREASURY—continued  
$150,000,000   United States Treasury Notes, 2.25%, 11/30/2017 $150,140,847
    TOTAL U.S. TREASURY 1,469,379,870
    TOTAL INVESTMENT IN SECURITIES —108.7%
(AT AMORTIZED COST) 		6,866,935,376
    OTHER ASSETS AND LIABILITIES - NET—(8.7)%3 (548,608,979)
    TOTAL NET ASSETS—100% $6,318,326,397
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions) and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronym is used throughout this portfolio:
LIBOR —London Interbank Offered Rate
2
Federated Institutional Money Market Management
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    CERTIFICATES OF DEPOSIT—10.6%  
    Finance - Banking—10.6%  
$1,500,000   Commonwealth Bank of Australia, 1.600%, 9/21/2018 $1,498,893
3,000,000   DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.310%—1.330%, 11/9/2017 - 12/15/2017 3,000,000
1,500,000   Mizuho Bank Ltd., 1.190%, 11/2/2017 1,500,000
1,000,000   Societe Generale, Paris, 1.300%, 12/12/2017 1,000,000
500,000   Toronto Dominion Bank, 1.350%, 12/28/2017 500,000
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $7,500,000) 		7,498,893
    COMMERCIAL PAPER—36.0%1  
    Aerospace/Auto—5.4%  
1,800,000   Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.681%, 7/20/2018 1,779,079
2,000,000   Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 1.309%, 11/13/2017 1,999,134
    TOTAL 3,778,213
    Finance - Banking—7.6%  
2,900,000   Bank of Nova Scotia, Toronto, 1.497%—1.501%, 4/27/2018 - 5/23/2018 2,877,093
500,000   DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.336%, 12/21/2017 499,076
1,500,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.283%, 11/10/2017 1,499,520
500,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.283%, 11/17/2017 499,716
    TOTAL 5,375,405
    Finance - Equipment—2.8%  
2,000,000   Caterpillar Financial Services Corp., 1.200%, 11/7/2017 1,999,600
    Finance - Retail—14.1%  
2,500,000   Barton Capital S.A., 1.333%, 12/26/2017 2,494,920
3,000,000   CAFCO, LLC, 1.346%, 12/15/2017 2,995,087
3,500,000   CRC Funding, LLC, 1.314%, 12/14/2017 3,494,523
1,000,000   Starbird Funding Corp., 1.334%, 12/12/2017 998,485
    TOTAL 9,983,015
    Finance - Securities—1.8%  
1,300,000   Anglesea Funding LLC, 1.384%—1.440%, 1/2/2018 - 2/21/2018 1,294,791
    Sovereign—4.3%  
3,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.325%—1.336%, 12/10/2017 - 12/14/2017 2,995,882
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $25,427,005) 		25,426,906
  2 NOTES - VARIABLE—33.0%  
    Finance - Banking—28.7%  
3,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.439% (1-month USLIBOR +0.200%), 11/22/2017 3,000,000
3,000,000   Bank of Montreal, 1.579% (1-month USLIBOR +0.340%), 11/14/2017 3,000,000
1,000,000   Canadian Imperial Bank of Commerce, 1.477% (1-month USLIBOR +0.240%), 11/20/2017 999,873
2,500,000   Canadian Imperial Bank of Commerce, 1.679% (1-month USLIBOR +0.440%), 11/14/2017 2,502,825
2,000,000   Commonwealth Bank of Australia, 1.429% (1-month USLIBOR +0.190%), 11/14/2017 2,000,103
3,270,000   Miami-Dade County, FL IDA, Badia Spices, Inc. Project Series 2015, (Northern Trust Co., Chicago, IL LOC), 1.220%, 11/2/2017 3,270,000
500,000   Pepper Residential Securities Trust No. 19, Class A1, (GTD by National Australia Bank Ltd., Melbourne), 1.592% (1-month USLIBOR +0.350%), 11/2/2017 500,000
3,000,000   Wells Fargo Bank, N.A., 1.699% (1-month USLIBOR +0.460%), 11/13/2017 3,003,454
2,000,000   Westpac Banking Corp. Ltd., Sydney, 1.473% (3-month USLIBOR +0.140%), 12/29/2017 2,001,364
    TOTAL 20,277,619
1
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Securities—4.3%  
$3,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.655% (1-month USLIBOR +0.420%), 11/9/2017 $3,000,000
    TOTAL NOTES - VARIABLE
(IDENTIFIED COST $23,269,824) 		23,277,619
    TIME DEPOSIT—3.5%  
    Finance - Banking—3.5%  
2,500,000   ABN Amro Bank NV, 1.200%, 11/6/2017 2,500,000
    OTHER REPURCHASE AGREEMENTS—9.3%  
    Finance - Banking—9.3%  
2,500,000   BNP Paribas SA, 1.460%, dated 10/31/2017, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,042 on 11/1/2017, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $76,503,103 have been received as collateral and held with BNY Mellon as tri-party agent. 2,500,000
2,600,000   HSBC Securities (USA), Inc., 1.360%, dated 10/31/2017, interest in a $330,000,000 collateralized loan agreement will repurchase securities provided as collateral for $330,012,467 on 11/1/2017, in which corporate bonds and medium-term notes with a market value of $336,601,831 have been received as collateral and held with JPMorgan Chase as tri-party agent. 2,600,000
1,500,000   MUFG Securities Americas, Inc., 1.360%, dated 10/31/2017, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $125,004,722 on 11/1/2017, in which commercial paper, common stock, convertible bonds, corporate bonds and medium-term notes with a market value of $127,504,817 have been received as collateral and held with BNY Mellon as tri-party agent. 1,500,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(IDENTIFIED COST $6,600,000) 		6,600,000
    REPURCHASE AGREEMENT—7.1%  
    Finance - Banking—7.1%  
5,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,059,444 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/25/2057 and the market value of those underlying securities was $2,045,741,847. 5,000,000
    TOTAL INVESTMENT IN SECURITIES—99.5%
(IDENTIFIED COST $70,296,829) 		70,303,418
    OTHER ASSETS AND LIABILITIES - NET—0.5%3 360,453
    TOTAL NET ASSETS—100% $70,663,871
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
2 Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
2
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of October 31, 2017, all investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
The following acronyms are used throughout this portfolio:
GTD —Guaranteed
IDA —Industrial Development Authority
LIBOR — London Interbank Offered Rate
LIQ —Liquidity Agreement
LLC —Limited Liability Corporation
LOC —Letter of Credit
3
Federated Municipal Obligations Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—98.9%  
    Alabama—6.0%  
$2,450,000   Alabama HFA MFH (Park Towne Villas Ltd.), (2000 Series C: Parktowne Apartments) Weekly VRDNs (Branch Banking & Trust Co. LOC), 1.060%, 11/2/2017 $2,450,000
3,470,000   Alabama HFA MFH (Summit South Mall Apartments Ltd.), (2007 Series C) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 3,470,000
1,450,000   Autauga County, AL IDA (Marshall Prattville, LLC), (Series 2008) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.000%, 11/2/2017 1,450,000
50,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Daily VRDNs, 1.010%, 11/1/2017 50,000,000
15,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1997) Weekly VRDNs, 1.130%, 11/2/2017 15,000,000
9,175,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 1998) Daily VRDNs, 1.000%, 11/1/2017 9,175,000
3,600,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.980%, 11/1/2017 3,600,000
14,570,000   Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2007) Weekly VRDNs (Comerica Bank LOC), 1.000%, 11/2/2017 14,570,000
10,000,000   Millport, AL IDA (Steel Dust Recycling, LLC), (Series 2011) Weekly VRDNs (Citibank NA, New York LOC), 1.000%, 11/2/2017 10,000,000
130,000   Tallassee, AL IDB (Milstead Farm Group, Inc.), (Series 1998) Weekly VRDNs (FHLB of Atlanta LOC), 1.290%, 11/2/2017 130,000
10,000,000   West Jefferson, AL IDB Solid Waste Disposal (Alabama Power Co.), (Series 2008) Daily VRDNs, 1.010%, 11/1/2017 10,000,000
3,170,000   Wilsonville, AL IDB (Alabama Power Co.), (Series 2008) Daily VRDNs, 1.010%, 11/1/2017 3,170,000
    TOTAL 123,015,000
    Arizona—0.7%  
155,000   Casa Grande, AZ IDA (Price Cos., Inc.), (Series 2002A) Weekly VRDNs (Bank of America N.A. LOC), 1.270%, 11/2/2017 155,000
7,221,000   Flagstaff, AZ IDA (Joy Cone Co.), (Series 1999) Weekly VRDNs (Citizens Bank of Pennsylvania LOC), 0.990%, 11/2/2017 7,221,000
6,750,000   Pinal County, AZ IDA (Milky Way Dairy LLC), (Series 2002) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.030%, 11/2/2017 6,750,000
    TOTAL 14,126,000
    California—9.3%  
1,000,000   California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs (FHLB of San Francisco LOC), 0.970%, 11/2/2017 1,000,000
4,910,000   California Enterprise Development Authority (J. Harris Industrial Water Treatment, Inc.), (Series 2015) Weekly VRDNs (City National Bank LOC), 1.070%, 11/2/2017 4,910,000
6,700,000   California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs (FHLB of San Francisco LOC), 0.970%, 11/2/2017 6,700,000
23,745,000   California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.080%, 11/2/2017 23,745,000
2,335,000   California Infrastructure & Economic Development Bank (Bonny Doon Winery, Inc.), (Series 2000A) Weekly VRDNs (Comerica Bank LOC), 1.070%, 11/2/2017 2,335,000
2,000,000   California PCFA (C.A. and E.J. Vanderham Family Trust), (Series 2003) Weekly VRDNs (CoBank, ACB LOC), 1.000%, 11/2/2017 2,000,000
3,185,000   California PCFA (Carlos Echeverria and Sons Dairy), (Series 2002) Weekly VRDNs (CoBank, ACB LOC), 1.000%, 11/2/2017 3,185,000
2,230,000   California PCFA (Metropolitan Recycling LLC), (Series 2012A) Weekly VRDNs (Comerica Bank LOC), 1.100%, 11/1/2017 2,230,000
950,000   California PCFA (Mill Valley Refuse Service, Inc.), (Series 2014) Weekly VRDNs (Comerica Bank LOC), 1.100%, 11/1/2017 950,000
3,000,000   California PCFA (P & D Dairy and Poso Creek Family Dairy, LLC), (Series 2003) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 1.000%, 11/2/2017 3,000,000
30,000,000   California PCFA (Sierra Pacific Industries), (Series 2014) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.050%, 11/1/2017 30,000,000
2,940,000   California PCFA (T & W Farms), (Series 2002) Weekly VRDNs (Bank of America N.A. LOC), 1.000%, 11/2/2017 2,940,000
5,000,000   California PCFA (Western Sky Dairy), (Series 2001A) Weekly VRDNs (Bank of America N.A. LOC), 1.000%, 11/2/2017 5,000,000
1,700,000   California Statewide Communities Development Authority IDRB (Sarich Family Living Trust), (Series 2001A: American Modular Systems, Inc.) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 1.200%, 11/2/2017 1,700,000
52,090,000   Golden State Tobacco Securitization Corp., CA (California State), Tender Option Bond Trust Certificates (2015-XF1038) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.000%, 11/2/2017 52,090,000
5,500,000   Hayward, CA USD, Tender Option Bond Trust Receipts (2017-XF0545) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.940%, 11/2/2017 5,500,000
19,500,000   Nuveen California Dividend Advantage Municipal Fund, (NAC Series 2) Weekly VRDPs (Citibank NA, New York LIQ), 1.070%, 11/2/2017 19,500,000
19,000,000   Nuveen California Dividend Advantage Municipal Fund, (NAC Series 5) Weekly VRDPs (Citibank NA, New York LIQ), 1.070%, 11/2/2017 19,000,000
1
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    California—continued  
$3,585,000   Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.990%, 11/2/2017 $3,585,000
    TOTAL 189,370,000
    Colorado—1.5%  
7,445,000   Cherry Creek, CO School District No. 5, Solar Eclipse (Series 2017-003), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/18/2018 7,445,000
3,300,000   Colorado Agricultural Development Authority (Monte Vista Dairy, LLC), (Series 2006) Weekly VRDNs (CoBank, ACB LOC), 1.000%, 11/2/2017 3,300,000
4,615,000   Colorado HFA (Acme Manufacturing Company, Inc.), (Series 2016A) Weekly VRDNs (UMB Bank, N.A. LOC), 1.120%, 11/2/2017 4,615,000
1,700,000   Colorado HFA (Class I Bonds) (Xybix Systems, Inc.), (Series 2007) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.070%, 11/2/2017 1,700,000
1,870,000   Colorado HFA (Popiel Properties LLC), (Series 2004A) Weekly VRDNs (UMB Bank, N.A. LOC), 1.170%, 11/2/2017 1,870,000
11,190,000   El Paso County, CO School District #20 Academy, Solar Eclipse (Series 2017-0006), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/25/2018 11,190,000
    TOTAL 30,120,000
    Connecticut—1.7%  
2,625,000   Connecticut State HEFA (Central Connecticut Coast YMCA), (Series A) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 0.970%, 11/2/2017 2,625,000
5,000,000   Connecticut State HFA, Tender Option Bond Trust Receipts (2016-XF0492) Weekly VRDNs (Bank of America N.A. LIQ), 0.970%, 11/2/2017 5,000,000
11,500,000   Connecticut State, Golden Blue (Series 2017-014) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.100%, 11/2/2017 11,500,000
11,745,000   Putnam, CT, (Lot B), 1.50% BANs, 12/13/2017 11,749,260
3,000,000   Stratford, CT, 2.50% BANs, 1/3/2018 3,006,132
    TOTAL 33,880,392
    District of Columbia—0.2%  
4,770,000   District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2017-0015), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 4,770,000
    Florida—7.4%  
10,000,000   Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), 1.00% CP, Mandatory Tender 2/5/2018 10,000,000
4,985,000   Florida State Board of Education (Florida State), Solar Eclipse (Series 2017-0049), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/14/2017 4,985,000
3,650,000   Florida State, Solar Eclipse (Series 2017-0054), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/21/2017 3,650,000
5,000,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), 0.90% CP, Mandatory Tender 11/15/2017 5,000,000
11,000,000   Jacksonville, FL PCR (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1992), 0.90% CP, Mandatory Tender 11/15/2017 11,000,000
17,500,000   Lee County, FL IDA (Florida Power & Light Co.), (Series 2016A) Daily VRDNs, 0.990%, 11/1/2017 17,500,000
5,900,000   Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.960%, 11/1/2017 5,900,000
4,275,000   Miami-Dade County, FL Aviation, Tender Option Bond Trust Receipts (2016-XL0035) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.070%, 11/2/2017 4,275,000
5,575,000   Miami-Dade County, FL IDA (CAE USA, Inc.), (Series 2000A) Weekly VRDNs (Royal Bank of Canada LOC), 1.040%, 11/1/2017 5,575,000
8,800,000   Miami-Dade County, FL IDA (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 0.980%, 11/1/2017 8,800,000
10,000,000   Miami-Dade County, FL Water & Sewer, Tender Option Bond Trust Receipts (2015-ZF0268) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 1.070%, 11/2/2017 10,000,000
1,750,000   Orange County, FL IDA (Central Florida Kidney Centers, Inc.), (Series 2000) Weekly VRDNs (SunTrust Bank LOC), 1.020%, 11/1/2017 1,750,000
6,000,000   Orlando, FL Contract Tourist Development (Orlando, FL), Tender Option Bond Trust Receipts (2015-XM0006) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 1.020%, 11/2/2017 6,000,000
1,935,000   Seminole County, FL IDA (3100 Camp Road LLC), (Series 2008) Weekly VRDNs (PNC Bank, N.A. LOC), 1.030%, 11/2/2017 1,935,000
43,360,000   St. Lucie County, FL Solid Waste Disposal (Florida Power & Light Co.), (Series 2003) Daily VRDNs, 0.980%, 11/1/2017 43,360,000
10,000,000   Sunshine State Governmental Finance Commission, FL (Orlando, FL), Callable Tax-Exempt Notes (Series H), 0.95% CP (JPMorgan Chase Bank, N.A. LIQ), Mandatory Tender 12/14/2017 10,000,000
1,680,000   Volusia County, FL IDA (Management by Innovation, Inc.), (Series 2008A) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.050%, 11/2/2017 1,680,000
    TOTAL 151,410,000
2
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Georgia—4.6%  
$35,000,000   Atlanta, GA Independent School System, 1.50% TANs, 12/29/2017 $35,025,012
5,500,000   Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 5,500,000
850,000   Atlanta, GA, Urban Residential Finance Authority (West End Housing Development), (Series 1995) Weekly VRDNs (FNMA LOC), 1.050%, 11/2/2017 850,000
2,575,000   Burke County, GA Development Authority (Georgia Power Co.), (1st Series 2009) Daily VRDNs, 0.980%, 11/1/2017 2,575,000
1,150,000   Burke County, GA Development Authority (Georgia Power Co.), (Second Series 1995) Daily VRDNs, 0.980%, 11/1/2017 1,150,000
8,500,000   Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 1.000%, 11/1/2017 8,500,000
6,850,000   Cobb County, GA Housing Authority (Walton Reserve Apartments), (Series 2002) Weekly VRDNs (SunTrust Bank LOC), 0.990%, 11/1/2017 6,850,000
4,960,000   Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 4,960,000
275,000   Gainesville and Hall County, GA Development Authority (Fieldale Farms Corp.), (Series 2002) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 0.960%, 11/2/2017 275,000
8,600,000   Kennesaw, GA Development Authority (Lakeside Vista Apartments), (Series 2004) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 8,600,000
16,870,000   Main Street Gas, Inc., GA, (Series 2010 A2), 1.02% TOBs (Royal Bank of Canada LOC), (SIFMA 7-day +0.100%), Optional Tender 12/1/2017 16,870,000
3,000,000   Willacoochee, GA Development Authority (Langboard, Inc.), (Series 1997) Weekly VRDNs (FHLB of Atlanta LOC), 1.070%, 11/2/2017 3,000,000
    TOTAL 94,155,012
    Hawaii—0.2%  
4,815,000   Hawaii State Department of Budget & Finance (Queen's Health Systems), (2015 Series C) VRENs, 1.370%, 11/2/2017 4,815,000
    Illinois—1.7%  
3,160,000   Harvey, IL Multifamily Revenue (Bethlehem Village), (Series 1997) Weekly VRDNs (FHLB of Indianapolis LOC), 1.120%, 11/2/2017 3,160,000
1,000,000   Illinois Development Finance Authority IDB (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.090%, 11/2/2017 1,000,000
6,000,000   Illinois Development Finance Authority IDB (Toyal America, Inc.), (Series 1997) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.020%, 11/2/2017 6,000,000
1,460,000   Illinois Development Finance Authority IDB (Val-Matic Valve & Manufacturing Corp.), (Series 2001) Weekly VRDNs (Bank of America N.A. LOC), 1.170%, 11/2/2017 1,460,000
4,400,000   Illinois Educational Facilities Authority (Saint Xavier University), (Series 2002A) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.200%, 11/2/2017 4,400,000
2,880,000   Illinois Finance Authority (Reliable Materials Lyons LLC), (Series 2006) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.060%, 11/1/2017 2,880,000
5,000,000   Illinois Finance Authority—Solid Waste (Kuusakoski US LLC), (Series 2013) Weekly VRDNs (Nordea Bank AB LOC), 1.020%, 11/2/2017 5,000,000
10,000,000   Illinois Housing Development Authority, Tender Option Bond Trust Certificates (2016-XG0093) Weekly VRDNs (GNMA COL)/(GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.150%, 11/2/2017 10,000,000
335,000   Woodridge, DuPage, Will and Cook Counties, IL (Home Run Inn Frozen Foods Corp.), (Series 2005) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.080%, 11/2/2017 335,000
    TOTAL 34,235,000
    Indiana—2.5%  
16,000,000   Bartholomew Consolidated School Corp., IN, 3.25% TANs, 12/29/2017 16,034,952
1,200,000   Indiana Development Finance Authority (South Central Community Mental Health Centers, Inc.), D/B/A Center for Behavioral Health (Series 2002) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.050%, 11/2/2017 1,200,000
12,925,000   Indianapolis, IN MFH (Nora Commons LP), (Series 2004A) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.120%, 11/2/2017 12,925,000
10,000,000   Indianapolis, IN MFH (Pedcor Investments-2006-LXXXVIII LP), (Series 2007A: Forest Ridge Apartments) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.020%, 11/2/2017 10,000,000
5,000,000   Jasper County, IN EDA (T & M LP), (Series 2010A) Weekly VRDNs (AgriBank FCB LOC), 1.000%, 11/2/2017 5,000,000
6,000,000   Logansport, IN (Andersons Clymers Ethanol LLC), (Series 2006) Weekly VRDNs (CoBank, ACB LOC), 1.030%, 11/2/2017 6,000,000
    TOTAL 51,159,952
    Iowa—0.8%  
5,300,000   Iowa Finance Authority (Five Star Holdings LLC), (Series 2007) Weekly VRDNs (AgriBank FCB LOC), 1.000%, 11/2/2017 5,300,000
6,000,000   Iowa Finance Authority (Roorda Dairy, LLC), (Series 2007) Weekly VRDNs (AgriBank FCB LOC), 1.000%, 11/2/2017 6,000,000
4,770,000   Iowa Finance Authority (U.S. Filter Water), (Series 2001A) Weekly VRDNs (Societe Generale, Paris LOC), 1.040%, 11/2/2017 4,770,000
    TOTAL 16,070,000
3
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Kentucky—0.3%  
$1,900,000   Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.010%, 11/3/2017 $1,900,000
2,030,000   Kentucky Housing Corp. (Arbors of Madisonville Apartments LP), (Series 2007) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.180%, 11/2/2017 2,030,000
1,120,000   Somerset, KY Industrial Building (Wonderfuel LLC), (Series 2000) Weekly VRDNs (Comerica Bank LOC), 1.220%, 11/2/2017 1,120,000
    TOTAL 5,050,000
    Louisiana—2.9%  
12,300,000   Ascension Parish, LA (BASF Corp.), (Series 1995) Weekly VRDNs, 1.020%, 11/1/2017 12,300,000
7,000,000   Ascension Parish, LA (BASF Corp.), (Series 1997) Weekly VRDNs, 1.020%, 11/1/2017 7,000,000
4,630,000   Louisiana HFA (Emerald Point Apartments Partners, Ltd.), (Series 2007) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 4,630,000
1,600,000   Port of New Orleans, LA (New Orleans Steamboat Co.), (Series 2000) Weekly VRDNs (FHLB of Dallas LOC), 1.050%, 11/2/2017 1,600,000
7,750,000   St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs (GTD by Nucor Corp.), 1.020%, 11/1/2017 7,750,000
25,800,000   St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010B-1) Weekly VRDNs (GTD by Nucor Corp.), 1.010%, 11/1/2017 25,800,000
    TOTAL 59,080,000
    Maryland—0.4%  
1,145,000   Maryland State Economic Development Corp. (Canusa Hershman Recycling), (Series 2005A) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.050%, 11/3/2017 1,145,000
5,000,000   Maryland State Transportation Authority, Solar Eclipse, 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/25/2018 5,000,000
1,400,000   Washington County, MD Economic Development Revenue Board (Packaging Services of Maryland, Inc.), (Series 2006) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.100%, 11/2/2017 1,400,000
    TOTAL 7,545,000
    Massachusetts—1.3%  
2,612,500   Haverhill, MA, 1.75% BANs, 12/1/2017 2,613,879
10,000,000   Massachusetts Development Finance Agency (Nantucket Electric Co.), (Series 2004), 1.08% CP (GTD by Massachusetts Electric Co.), Mandatory Tender 11/20/2017 10,000,000
5,415,000   Massachusetts IFA (New England Power Co.), (Series 1992B), 1.03% CP, Mandatory Tender 11/16/2017 5,415,000
300,000   Massachusetts IFA (New England Power Co.), (Series 1992B), 1.03% CP, Mandatory Tender 11/20/2017 300,000
6,503,000   Massachusetts IFA (New England Power Co.), (Series 1992B), 1.03% CP, Mandatory Tender 12/1/2017 6,503,000
1,500,000   Massachusetts State Development Finance Agency (Babson College), (Series 2008A) Weekly VRDNs (Bank of America N.A. LOC), 0.900%, 11/2/2017 1,500,000
500,000   Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs (Bank of America N.A. LIQ), 0.960%, 11/2/2017 500,000
    TOTAL 26,831,879
    Michigan—5.9%  
5,500,000   Grand Rapids, MI IDR (Clipper Belt Lacer Co.), (Series 2007) Weekly VRDNs (Bank of America N.A. LOC), 1.120%, 11/2/2017 5,500,000
103,575,000   Michigan State Housing Development Authority, (Series 2007E) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 1.000%, 11/1/2017 103,575,000
300,000   Michigan State Strategic Fund (B & C Leasing LLC), (Series 1999) Weekly VRDNs (Bank of America N.A. LOC), 1.270%, 11/2/2017 300,000
1,000,000   Michigan State Strategic Fund (Catholic Social Services of Lansing/St. Vincent Home, Inc.), (Series 2003) Weekly VRDNs (Comerica Bank LOC), 1.020%, 11/2/2017 1,000,000
830,000   Michigan State Strategic Fund (Lapeer Industries, Inc.), (Series 2007) Weekly VRDNs (Bank of America N.A. LOC), 1.170%, 11/2/2017 830,000
2,350,000   Michigan State Strategic Fund (Stegner East Investments LLC) Weekly VRDNs (Comerica Bank LOC), 1.160%, 11/2/2017 2,350,000
1,800,000   Michigan State Strategic Fund (Universal Forest Products Eastern Division, Inc.), Series 2002 Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.100%, 11/2/2017 1,800,000
5,090,000   Michigan Strategic Fund (Fresh Solution Farms), (Series 2008) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.040%, 11/3/2017 5,090,000
    TOTAL 120,445,000
    Minnesota—0.5%  
400,000   Coon Rapids, MN (Assurance Mfg. Co., Inc.), (Series 1999) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.100%, 11/2/2017 400,000
1,000,000   Faribault, MN IDA (Apogee Enterprises, Inc.), (Series 2001) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.090%, 11/2/2017 1,000,000
2,000,000   Hennepin County, MN Housing and Redevelopment Authority (City Apartments at Loring Park), (Series 2001) Weekly VRDNs (FNMA LOC), 1.030%, 11/2/2017 2,000,000
120,000   Lino Lakes, MN (Molin Concrete Products Co.), (Series 1998) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.100%, 11/2/2017 120,000
4
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Minnesota—continued  
$1,560,000   St. Anthony, MN (Landings at Silver Lake Village), (Series 2007) Weekly VRDNs (FHLB of Des Moines LOC), 1.060%, 11/3/2017 $1,560,000
2,000,000   St. Louis Park, MN (Urban Park Apartments), (Series 2010A) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.050%, 11/3/2017 2,000,000
1,150,000   St. Louis Park, MN (Urban Park Apartments), (Series 2010B) Weekly VRDNs (FHLB of Des Moines LOC), 1.150%, 11/3/2017 1,150,000
270,000   St. Paul, MN Port Authority (Camada Ltd. Partnership), (Series 2002-11) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.050%, 11/2/2017 270,000
2,110,000   St. Paul, MN Port Authority (National Checking Co.), IDRBs (Series 1998A) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.150%, 11/2/2017 2,110,000
    TOTAL 10,610,000
    Mississippi—0.5%  
4,335,000   Mississippi Home Corp. (Jackson Partners LP), (Series 2004-5: Arbor Park Apartments) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 4,335,000
5,975,000   Mississippi Home Corp. (Windsor Park Partners LP), (Series 2004-6) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 5,975,000
    TOTAL 10,310,000
    Missouri—0.2%  
3,610,000   Kansas City, MO Water Revenue, Solar Eclipse (Series 2017-0016), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 3,610,000
    Montana—3.2%  
65,655,000   Missoula, MT Water System, Golden Blue (Series 2017-011) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.100%, 11/2/2017 65,655,000
    Multi-State—7.2%  
12,100,000   Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs (Barclays Bank PLC LIQ), 1.020%, 11/2/2017 12,100,000
28,000,000   Nuveen Municipal Credit Income Fund, (Series 2) Weekly VRDPs (JPMorgan Chase Bank, N.A. LIQ), 1.150%, 11/2/2017 28,000,000
56,300,000   Nuveen Municipal Credit Income Fund, (Series 3) Weekly VRDPs (TD Bank, N.A. LIQ), 1.120%, 11/2/2017 56,300,000
41,000,000   Nuveen Quality Municipal Income Fund, (Series 1) Weekly VRDPs (Barclays Bank PLC LIQ), 1.150%, 11/2/2017 41,000,000
10,000,000   Nuveen Quality Municipal Income Fund, (Series 2) Weekly VRDPs (Barclays Bank PLC LIQ), 1.150%, 11/2/2017 10,000,000
    TOTAL 147,400,000
    Nevada—0.5%  
3,645,000   Clark County, NV, Solar Eclipse (Series 2017-0025), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/21/2017 3,645,000
1,875,000   Director of the State of Nevada Department of Business and Industry (575 Mill Street LLC), IDRBs (Series 1998A) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.260%, 11/2/2017 1,875,000
3,995,000   Nevada State Highway Revenue, Solar Eclipse (Series 2017-0018), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 3,995,000
    TOTAL 9,515,000
    New Hampshire—1.5%  
3,800,000   New Hampshire Business Finance Authority (New England Power Co.), (Series 1990B), 1.08% CP, Mandatory Tender 12/20/2017 3,800,000
5,000,000   New Hampshire Business Finance Authority (New England Power Co.), PCRBs (1990 Series A), 1.08% CP, Mandatory Tender 11/20/2017 5,000,000
22,510,000   New Hampshire Business Finance Authority (Valley Regional Hospital), (Series 2008) Daily VRDNs (Citizens Bank, N.A., Providence LOC), 1.000%, 11/1/2017 22,510,000
    TOTAL 31,310,000
    New Jersey—5.9%  
3,930,000   Clayton Borough, NJ, (Series A), 2.50% BANs, 12/11/2017 3,934,543
12,134,000   Freehold Borough, NJ, (Series 2016A), 2.50% BANs, 12/1/2017 12,146,957
20,940,000   Garden State Preservation Trust, NJ (New Jersey State), Tender Option Bond Trust Receipts (2016-ZF0416) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/2/2017 20,940,000
5,320,100   Hightstown Borough, NJ, 2.00% BANs, 2/1/2018 5,330,684
2,235,765   Linwood, NJ, 2.25% BANs, 7/25/2018 2,249,407
4,126,318   Maple Shade Township, NJ, 2.25% BANs, 6/28/2018 4,148,960
2,606,040   Matawan Borough, NJ, 2.25% BANs, 6/8/2018 2,619,726
2,317,000   Milltown, NJ, 2.25% BANs, 12/20/2017 2,319,296
2,735,875   Monroe Township (Gloucester County), NJ, (Series A), 2.50% BANs, 12/6/2017 2,739,113
3,432,500   Neptune Township, NJ, 2.25% BANs, 9/4/2018 3,460,987
1,950,000   New Jersey EDA (Baptist Home Society of New Jersey) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.080%, 11/2/2017 1,950,000
5
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    New Jersey—continued  
$580,000   New Jersey EDA (Geriatric Services Housing Corp., Inc.—(CNJJHA Assisted Living)), (Series 2001) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.200%, 11/1/2017 $580,000
3,145,000   New Jersey EDA (Rose Hill Associates LLC), (Series 2000) Weekly VRDNs (TD Bank, N.A. LOC), 1.010%, 11/3/2017 3,145,000
1,470,000   New Jersey EDA (Temple Emanuel of the Pascack Valley), (Series 2001) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.170%, 11/3/2017 1,470,000
4,715,000   New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series 1997) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.230%, 11/1/2017 4,715,000
1,780,000   New Jersey Health Care Facilities Financing Authority (Christian Health Care Center), (Series A-2) Weekly VRDNs (Valley National Bank, Passaic, NJ LOC), 1.150%, 11/2/2017 1,780,000
19,840,000   New Jersey Higher Education Assistance Authority, Tender Option Bond Trust Certificates (2016-XG0032) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 1.070%, 11/2/2017 19,840,000
2,727,425   North Plainfield, NJ, 2.50% BANs, 12/15/2017 2,731,772
4,780,000   Somers Point, NJ, 2.50% BANs, 12/7/2017 4,785,529
10,000,000   Wall Township, NJ, 2.25% BANs, 6/29/2018 10,057,731
9,377,513   Wood-Ridge, NJ Board of Education, 2.00% BANs, 11/2/2017 9,377,750
    TOTAL 120,322,455
    New Mexico—0.2%  
3,400,000   Albuquerque, NM IDRB (El Encanto, Inc.), (Series 1999) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.050%, 11/2/2017 3,400,000
300,000   Los Lunas Village, NM (Wall Colmonoy Corp.), (Series 1998) Weekly VRDNs (Bank of America N.A. LOC), 1.180%, 11/1/2017 300,000
    TOTAL 3,700,000
    New York—6.6%  
3,000,000   Broadalbin-Perth, NY CSD, 2.00% BANs, 6/20/2018 3,015,569
5,131,000   Frewsburg, NY CSD, 2.25% BANs, 6/27/2018 5,165,018
5,590,000   Hempstead (town), NY IDA MFH (Hempstead Village Housing Associates LP), (Series 2006) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 5,590,000
6,375,000   Kingston, NY, (2016 Series B), 2.00% BANs, 11/9/2017 6,376,383
18,000,000   Lancaster, NY CSD, 2.50% BANs, 6/14/2018 18,153,567
4,814,000   Madison, NY CSD, 2.00% BANs, 8/16/2018 4,844,008
4,040,000   Mount Markham, NY CSD, 2.00% BANs, 6/28/2018 4,059,576
4,200,000   New Rochelle, NY IDA (180 Union Avenue Owner LP), (Series 2006: West End Phase I Facility) Weekly VRDNs (Citibank NA, New York LOC), 1.020%, 11/2/2017 4,200,000
24,880,000   New York State Energy Research & Development Authority (National Grid Generation LLC), (1997 Series A) Weekly VRDNs (Royal Bank of Scotland PLC, Edinburgh LOC), 1.040%, 11/1/2017 24,880,000
20,000,000   New York State HFA (L&M 93rd Street LLC), (Series 2005A: 250 West 93rd Street) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 0.970%, 11/1/2017 20,000,000
4,990,000   New York State HFA (Midtown West B LLC), (Series 2008A: 505 West 37th Street) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.960%, 11/1/2017 4,990,000
2,790,000   New York State Mortgage Agency, (Series 135) Daily VRDNs (Barclays Bank PLC LIQ), 0.980%, 11/1/2017 2,790,000
7,600,000   New York State Mortgage Agency, (Series 139) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.970%, 11/1/2017 7,600,000
5,050,000   Newfield, NY CSD, 2.25% BANs, 6/28/2018 5,082,637
11,865,000   Norwood-Norfolk, NY CSD, 2.25% BANs, 6/29/2018 11,945,903
5,000,000   Owego-Apalachin, NY CSD, 2.00% RANs, 2/22/2018 5,001,617
1,605,000   Prattsburgh, NY CSD, 2.25% BANs, 6/28/2018 1,614,329
    TOTAL 135,308,607
    North Carolina—4.1%  
7,350,000   Boone, NC Water and Sewer, 2.00% BANs, 11/1/2017 7,350,000
7,456,000   Boone, NC Water and Sewer, 2.00% BANs, 7/26/2018 7,488,450
11,000,000   Boone, NC, 1.50% BANs, 11/1/2017 11,000,000
6,500,000   Boone, NC, 2.00% BANs, 11/1/2017 6,500,000
19,000,000   Boone, NC, 2.00% BANs, 7/26/2018 19,082,692
24,100,000   Hertford County, NC Industrial Facilities & PCFA (Nucor Corp.), (Series 2000A) Weekly VRDNs, 1.140%, 11/1/2017 24,100,000
45,000   North Carolina Medical Care Commission (Trinity Healthcare Credit Group) Weekly VRDNs, 0.910%, 11/1/2017 45,000
2,000,000   Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs (Credit Industriel et Commercial LOC), 1.000%, 11/2/2017 2,000,000
6
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    North Carolina—continued  
$105,000   Robeson County, NC Industrial Facilities & PCFA (Rempac Foam Corp.), (Series 1999) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 1.100%, 11/2/2017 $105,000
6,800,000   Union County, NC Enterprise Systems, Solar Eclipse (Series 2017-0051), 1.07% TOBs (U.S. Bank, N.A. LIQ) 11/30/2017 6,800,000
    TOTAL 84,471,142
    North Dakota—1.5%  
30,000,000   Grand Forks County, ND (J. R. Simplot Co.), (Series 2011) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.080%, 11/1/2017 30,000,000
    Ohio—3.1%  
5,250,000   Avon, OH Water System, 2.00% BANs, 2/1/2018 5,259,480
3,450,000   Cuyahoga Falls, OH, 2.00% BANs, 11/30/2017 3,452,263
415,000   Lake County, OH (Apsco Properties Ltd.), (Series 1996) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.090%, 11/2/2017 415,000
2,860,000   Marion County, OH MFH (Avalon Lakes), (Series 2006) Weekly VRDNs (FHLB of Cincinnati LOC), 0.980%, 11/2/2017 2,860,000
30,935,000   Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.100%, 11/2/2017 30,935,000
1,910,000   Ohio HFA, (Series 2016 G) Weekly VRDNs (FHLB of Cincinnati LIQ), 0.970%, 11/1/2017 1,910,000
165,000   Ohio HFA, (Series 2016 I) Weekly VRDNs (FHLB of Cincinnati LIQ), 0.970%, 11/1/2017 165,000
8,600,000   Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), Golden Blue (Series 2017-006) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.100%, 11/2/2017 8,600,000
1,100,000   Summit County, OH IDA (AESCO, Inc.), (Series 2001) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.090%, 11/2/2017 1,100,000
240,000   Summit County, OH IDA (Waldonia Investment), (Series 1998) Weekly VRDNs (KeyBank, N.A. LOC), 1.030%, 11/1/2017 240,000
380,000   Summit County, OH IDA (Wintek Ltd.), Variable Rate IDRB's (Series 1998A) Weekly VRDNs (FirstMerit Bank, N.A. LOC), 1.090%, 11/2/2017 380,000
7,000,000   Toledo-Lucas County, OH Port Authority (Van Deurzen Dairy LLC), (Series 2006) Weekly VRDNs (Bank of America N.A. LOC), 1.000%, 11/2/2017 7,000,000
    TOTAL 62,316,743
    Oregon—1.0%  
10,000,000   Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001A) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.000%, 11/2/2017 10,000,000
10,000,000   Port of Morrow, OR (Threemile Canyon Farms LLC), (Series 2001C) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.000%, 11/2/2017 10,000,000
    TOTAL 20,000,000
    Pennsylvania—0.6%  
12,000,000   Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs (Landesbank Hessen-Thuringen LOC), 1.060%, 11/2/2017 12,000,000
    Rhode Island—0.3%  
3,205,000   Rhode Island State Health and Educational Building Corp. (CVS-Highlander Charter School, Inc.), (Series 2007) Weekly VRDNs (Citizens Bank, N.A., Providence LOC), 1.150%, 11/1/2017 3,205,000
2,985,000   Rhode Island State Health and Educational Building Corp., (Series 2005A) Catholic School Pool Program Issue Daily VRDNs (Citizens Bank, N.A., Providence LOC), 0.990%, 11/1/2017 2,985,000
    TOTAL 6,190,000
    South Carolina—1.2%  
10,500,000   Berkeley County, SC IDB (Nucor Corp.) Weekly VRDNs, 1.070%, 11/1/2017 10,500,000
1,000,000   Berkeley County, SC IDB (Nucor Corp.), (Series 1997) Weekly VRDNs, 1.070%, 11/1/2017 1,000,000
4,845,000   Berkeley County, SC School District, Solar Eclipse (Series 2017-0030), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/16/2017 4,845,000
6,000,000   Lexington County, SC School District No. 001, Solar Eclipse (Series 2017-0058), 1.07% TOBs (GTD by South Carolina School District Credit Enhancement Program)/(U.S. Bank, N.A. LIQ), Optional Tender 2/1/2018 6,000,000
1,880,000   South Carolina Jobs-EDA (ACI Industries LLC), (Series 2007) Weekly VRDNs (Bank of America N.A. LOC), 1.100%, 11/2/2017 1,880,000
    TOTAL 24,225,000
    South Dakota—0.1%  
3,000,000   South Dakota Value Added Finance Authority (Prairie Gold Dairy LLC), (Series 2004) Weekly VRDNs (CoBank, ACB LOC), 1.000%, 11/2/2017 3,000,000
    Tennessee—1.5%  
25,000,000   Memphis-Shelby County, TN Industrial Development Board—PCRB (Nucor Steel Memphis, Inc.), (Series 2007) Weekly VRDNs (GTD by Nucor Corp.), 1.070%, 11/1/2017 25,000,000
7
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Tennessee—continued  
$5,000,000   Metropolitan Government Nashville & Davidson County, TN HEFA (Meharry Medical College), (Series 2009) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.010%, 11/3/2017 $5,000,000
    TOTAL 30,000,000
    Texas—10.1%  
25,000,000   Brazos River, TX, HBR Nav District (BASF Corp.), (Series 1996) Weekly VRDNs, 1.020%, 11/1/2017 25,000,000
15,800,000   Brazos River, TX, HBR Nav District (BASF Corp.), (Series 1997) Weekly VRDNs, 1.020%, 11/1/2017 15,800,000
20,000,000   Calhoun, TX Port Authority (BP PLC), (Series 1998) Weekly VRDNs, 1.020%, 11/1/2017 20,000,000
2,950,000   Dalhart, TX Economic Development Corp. (Northside Farms LLC), (Series 2005) Weekly VRDNs (AgriBank FCB LOC), 1.000%, 11/2/2017 2,950,000
2,100,000   Dallam County, TX Industrial Development Corp. (Consolidated Dairy Management LLC), (Series 2007) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.000%, 11/2/2017 2,100,000
18,105,000   El Paso County, TX Hospital District, (Series 2017-XM0525) Weekly VRDNs (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.170%, 11/2/2017 18,105,000
4,000,000   Jewett, TX Economic Development Corporation (Nucor Corp.), (Series 2003) Weekly VRDNs, 1.070%, 11/1/2017 4,000,000
53,725,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2002A) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.030%, 11/1/2017 53,725,000
12,500,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2003) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.070%, 11/1/2017 12,500,000
30,750,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2006) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.070%, 11/1/2017 30,750,000
6,050,000   Port of Corpus Christi Authority of Nueces County, TX (Flint Hills Resources LLC), (Series 2007) Weekly VRDNs (GTD by Flint Hills Resources LLC), 1.070%, 11/1/2017 6,050,000
15,000,000   Texas State Department of Housing & Community Affairs (Onion Creek Housing Partners Ltd.), (Series 2007) Weekly VRDNs (FNMA LOC), 1.060%, 11/2/2017 15,000,000
    TOTAL 205,980,000
    Utah—0.0%  
860,000   Salt Lake County, UT Training Facilities (Community Foundation For The Disabled, Inc.), (Series 2000) Weekly VRDNs (Wells Fargo Bank Northwest, N.A. LOC), 1.050%, 11/2/2017 860,000
    Virginia—0.3%  
3,100,000   Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs (Citibank NA, New York LIQ), 1.070%, 11/2/2017 3,100,000
2,000,000   Halifax, VA IDA (Virginia Electric & Power Co.), MMMs, PCR (Series 1992), 1.10% CP, Mandatory Tender 11/15/2017 2,000,000
    TOTAL 5,100,000
    Washington—0.6%  
2,125,000   Kitsap County, WA IDC (Cara Land Co., LLC), (Series 2006) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.100%, 11/2/2017 2,125,000
5,000,000   Seattle, WA Drain & Wastewater, Solar Eclipse (2017-0028), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/28/2017 5,000,000
2,310,000   Washington State EDFA (Mesa Dairy, LLC), (Series 2007E) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 1.240%, 11/2/2017 2,310,000
2,555,000   Washington State EDFA (Wood Realty, LLC), (Series 2008D: Skagit Valley Publishing) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.050%, 11/2/2017 2,555,000
    TOTAL 11,990,000
    West Virginia—0.5%  
9,500,000   Grant County, WV County Commission (Virginia Electric & Power Co.), PCRB (Series 1994), 1.06% CP, Mandatory Tender 11/15/2017 9,500,000
    Wisconsin—0.3%  
1,000,000   Wausau, WI IDA (Apogee Enterprises, Inc.), (Series 2002) Weekly VRDNs (Wells Fargo Bank, N.A. LOC), 1.090%, 11/2/2017 1,000,000
1,160,000   West Bend, WI IDA (Jackson Concrete, Inc.), (Series 2006) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.180%, 11/2/2017 1,160,000
3,965,000   Wisconsin State Public Finance Authority (Birchwood Properties LP), (Series 2016) Weekly VRDNs (FHLB of Des Moines LOC), 1.140%, 11/2/2017 3,965,000
    TOTAL 6,125,000
    TOTAL INVESTMENT IN SECURITIES—98.9%
(AT AMORTIZED COST) 		2,015,577,182
    OTHER ASSETS AND LIABILITIES - NET—1.1%2 23,277,983
    TOTAL NET ASSETS—100% $2,038,855,165
 
8
Securities that are subject to the federal alternative minimum tax (AMT) represent 60.4% of the portfolio as calculated based upon total market value.
1 Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee“) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
9
The following acronyms are used throughout this portfolio:
AMT —Alternative Minimum Tax
BANs —Bond Anticipation Notes
COL —Collateralized
CP —Commercial Paper
CSD —Central School District
EDA —Economic Development Authority
EDFA —Economic Development Finance Authority
FHLB —Federal Home Loan Bank
FNMA —Federal National Mortgage Association
GNMA —Government National Mortgage Association
GTD —Guaranteed
HEFA —Health and Education Facilities Authority
HFA —Housing Finance Authority
IDA —Industrial Development Authority
IDB —Industrial Development Bond
IDC —Industrial Development Corporation
IDR —Industrial Development Revenue
IDRB(s) —Industrial Development Revenue Bond(s)
IFA —Industrial Finance Authority
INS —Insured
LIQ —Liquidity Agreement
LOC —Letter of Credit
MFH —Multi-Family Housing
MMMs —Money Market Municipals
PCFA —Pollution Control Finance Authority
PCR —Pollution Control Revenue
PCRB(s) —Pollution Control Revenue Bond(s)
RANs —Revenue Anticipation Notes
SIFMA —Securities Industry and Financial Markets Association
TANs —Tax Anticipation Notes
TOBs —Tender Option Bonds
USD —Unified School District
VRDNs —Variable Rate Demand Notes
VRDPs —Variable Rate Demand Preferreds
VRENs —Variable Rate Extendible Notes
10
Federated Prime Cash Obligations Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    BANK NOTE—0.5%  
    Finance - Banking—0.5%  
$35,000,000   Bank of America N.A., 1.500%, 4/18/2018 $35,000,000
    CERTIFICATES OF DEPOSIT—10.4%  
    Finance - Banking—10.4%  
110,000,000   Bank of Montreal, 1.550%—1.600%, 12/18/2017 - 7/20/2018 110,000,000
30,000,000   Bank of Nova Scotia, Toronto, 1.500%, 5/25/2018 30,000,000
50,000,000   Canadian Imperial Bank of Commerce, 1.590%, 7/6/2018 50,000,000
10,000,000   Canadian Imperial Bank of Commerce, 1.590%, 7/9/2018 10,000,000
50,500,000   Commonwealth Bank of Australia, 1.600%, 9/21/2018 50,500,000
30,000,000   DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.330%, 12/15/2017 30,000,000
232,500,000   Mizuho Bank Ltd., 1.180%—1.190%, 11/1/2017 - 11/3/2017 232,500,000
94,000,000   Societe Generale, Paris, 1.300%, 12/12/2017 94,000,000
5,000,000   Toronto Dominion Bank, 1.600%, 7/20/2018 5,000,000
40,000,000   Toronto Dominion Bank, 1.700%, 10/5/2018 39,372,344
30,000,000   Wells Fargo Bank, N.A., 1.300%, 11/9/2017 30,000,000
25,000,000   Westpac Banking Corp. Ltd., Sydney, 1.570%, 9/14/2018 25,000,000
    TOTAL CERTIFICATES OF DEPOSIT 706,372,344
  1 COMMERCIAL PAPER—30.7%  
    Aerospace/Auto—3.1%  
62,000,000   Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.527%—1.578%, 4/6/2018 - 4/26/2018 61,557,650
77,000,000   Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.440%—1.701%, 3/19/2018 - 7/19/2018 76,146,684
75,000,000   Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.507%, 4/3/2018 74,525,062
    TOTAL 212,229,396
    Finance - Banking—13.9%  
1,140,000   ANZ New Zealand National (Int'l) Ltd., 1.355%, 1/19/2018 1,136,623
15,000,000   Albion Capital LLC, (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 1.281%, 11/22/2017 14,988,800
15,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.301%, 12/1/2017 14,983,750
223,600,000   Bank of Nova Scotia, Toronto, 1.486%—1.507%, 3/27/2018 - 5/23/2018 222,085,145
100,000,000   Banque et Caisse d'Epargne de L'Etat, 1.333%, 11/6/2017 99,981,612
67,800,000   Banque et Caisse d'Epargne de L'Etat, 1.360%—1.420%, 12/6/2017 - 3/1/2018 67,599,902
136,100,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.327%—1.636%, 11/3/2017 - 9/14/2018 135,339,177
62,000,000   Gotham Funding Corp., (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 1.272%—1.303%, 11/3/2017 - 12/15/2017 61,927,300
23,000,000   J.P. Morgan Securities LLC, 1.558%, 5/18/2018 22,805,190
8,000,000   Malayan Banking Berhad, New York, (Wells Fargo Bank, N.A. LOC), 1.593%, 4/13/2018 7,942,769
95,400,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.271%—1.283%, 11/13/2017 - 11/22/2017 95,346,550
48,000,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.303%—1.375%, 11/21/2017 - 1/2/2018 47,899,844
53,000,000   NRW.Bank, 1.425%—1.457%, 2/26/2018 - 3/5/2018 52,742,491
70,000,000   Societe Generale, Paris, 1.307%, 12/1/2017 69,923,875
30,000,000   Toronto Dominion Bank, 1.760%, 10/22/2018 29,488,511
    TOTAL 944,191,539
    Finance - Retail—4.1%  
47,500,000   Barton Capital S.A., 1.333%, 12/26/2017 47,403,483
15,000,000   CAFCO, LLC, 1.346%, 12/15/2017 14,975,433
50,000,000   CHARTA, LLC, 1.390%, 12/13/2017 49,919,500
24,000,000   CRC Funding, LLC, 1.395%—1.440%, 1/9/2018 - 2/2/2018 23,926,570
139,000,000   Starbird Funding Corp., 1.334%—1.375%, 11/1/2017 - 1/8/2018 138,911,469
    TOTAL 275,136,455
1
Principal
Amount 		    Value
  1 COMMERCIAL PAPER—continued  
    Finance - Securities—4.9%  
$205,400,000   Anglesea Funding LLC, 1.300%—1.511%, 11/1/2017 - 4/3/2018 $204,927,757
118,800,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.406%—1.660%, 1/18/2018 - 7/9/2018 117,860,919
8,500,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.558%—1.568%, 4/6/2018 - 4/13/2018 8,442,524
    TOTAL 331,231,200
    Sovereign—4.7%  
30,000,000   Caisse des Depots et Consignations (CDC), 1.330%, 11/7/2017 29,993,375
292,000,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.272%—1.420%, 11/4/2017 - 3/16/2018 291,271,872
    TOTAL 321,265,247
    TOTAL COMMERCIAL PAPER 2,084,053,837
    CORPORATE NOTE—0.2%  
    Finance - Banking—0.2%  
10,000,000 2 Commonwealth Bank of Australia, 1.489% (3-month USLIBOR +0.130%), 1/15/2018 10,001,108
  2 NOTES - VARIABLE—29.2%  
    Aerospace/Auto—0.1%  
10,000,000   Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.447% (3-month USLIBOR +0.100%), 1/8/2018 10,000,000
    Finance - Banking—19.1%  
50,000,000   ASB Finance Ltd., (GTD by ASB Bank Ltd.), 1.446% (3-month USLIBOR +0.130%), 12/5/2017 50,000,000
5,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.489% (1-month USLIBOR +0.250%), 11/22/2017 5,000,000
35,000,000   Bank of Montreal, 1.425% (1-month USLIBOR +0.190%), 11/2/2017 35,000,000
25,000,000   Bank of Montreal, 1.445% (1-month USLIBOR +0.210%), 11/10/2017 25,000,000
22,000,000   Bank of Montreal, 1.475% (1-month USLIBOR +0.240%), 11/2/2017 22,000,000
50,000,000   Bank of Montreal, 1.616% (3-month USLIBOR +0.300%), 12/1/2017 50,000,000
75,000,000   Bank of Montreal, 1.661% (3-month USLIBOR +0.350%), 11/3/2017 75,000,000
20,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.419% (3-month USLIBOR +0.110%), 11/13/2017 20,000,000
3,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.455% (1-month USLIBOR +0.220%), 11/2/2017 3,000,000
10,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.458% (1-month USLIBOR +0.220%), 11/6/2017 10,000,000
53,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.513% (3-month USLIBOR +0.150%), 1/16/2018 53,000,000
30,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.725% (1-month USLIBOR +0.490%), 11/8/2017 30,000,000
60,000,000   Canadian Imperial Bank of Commerce, 1.440% (1-month USLIBOR +0.200%), 11/27/2017 60,000,000
38,000,000   Canadian Imperial Bank of Commerce, 1.465% (1-month USLIBOR +0.230%), 11/8/2017 38,000,000
50,000,000   Canadian Imperial Bank of Commerce, 1.472% (1-month USLIBOR +0.230%), 11/28/2017 50,000,000
2,000,000   Canadian Imperial Bank of Commerce, 1.477% (1-month USLIBOR +0.240%), 11/20/2017 2,000,000
10,000,000   Canadian Imperial Bank of Commerce, 1.479% (1-month USLIBOR +0.240%), 11/22/2017 10,000,000
78,000,000   Canadian Imperial Bank of Commerce, 1.645% (1-month USLIBOR +0.410%), 11/2/2017 78,000,000
7,725,000   Capital Markets Access Co. LC, West Broad Holdings, LLC Series 2007, (Wells Fargo Bank, N.A. LOC), 1.240%, 11/2/2017 7,725,000
4,300,000   Charlotte Christian School, Series 1999, (Wells Fargo Bank, N.A. LOC), 1.280%, 11/1/2017 4,300,000
50,000,000   Commonwealth Bank of Australia, 1.429% (1-month USLIBOR +0.190%), 11/14/2017 49,995,597
50,000,000   Commonwealth Bank of Australia, 1.437% (1-month USLIBOR +0.200%), 11/13/2017 49,997,604
17,000,000   Commonwealth Bank of Australia, 1.483% (3-month USLIBOR +0.120%), 1/23/2018 17,000,000
21,325,000   Corporate Finance Managers, Inc., Series B, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 21,325,000
8,200,000   Dynetics, Inc., Series 2010-A, (Branch Banking & Trust Co. LOC), 1.240%, 11/2/2017 8,200,000
5,910,000   First Christian Church of Florissant, Series 2008, (BMO Harris Bank, N.A. LOC), 1.250%, 11/2/2017 5,910,000
3,670,000   Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.240%, 11/2/2017 3,670,000
5,465,000   Guiding Light Church, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 5,465,000
16,965,000   Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 16,965,000
320,000   Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance 2007B-1, (U.S. Bank, N.A. LOC), 1.160%, 11/1/2017 320,000
200,000   Kit Carson County, CO, Midwest Farms Project, (Wells Fargo Bank, N.A. LOC), 1.200%, 11/2/2017 200,000
25,000,000   Michigan State Finance Authority Revenue, Series 2010-A, (Bank of America N.A. LOC), 1.180%, 11/2/2017 25,000,000
3,000,000   Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.240%, 11/2/2017 3,000,000
2
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Finance - Banking—continued  
$1,440,000   Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 1.250%, 11/2/2017 $1,440,000
19,670,000   Osprey Properties Limited Partnership, LLP & Nighthawk Properties, LLC, Series 2008, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 19,670,000
3,735,000   PCP Investors, LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 3,735,000
29,435,000   Panel Rey S.A., Series 2016, (Citibank NA, New York LOC), 1.240%, 11/2/2017 29,435,000
4,370,000   Partisan Property, Inc., Series 2014, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/1/2017 4,370,000
10,000,000   Royal Bank of Canada, 1.442% (1-month USLIBOR +0.200%), 11/28/2017 10,000,000
15,000,000   SSAB AB (publ), Series 2015-A, (DNB Bank ASA LOC), 1.240%, 11/2/2017 15,000,000
12,575,000   Saint Paul Minnesota Sales Tax Revenue, Revenue Bond—Rivercentre Arena PJ Series 2009 A, (Wells Fargo Bank, N.A. LOC), 1.170%, 11/2/2017 12,575,000
6,780,000   Spira Millenium LLC, Series 2001, (Bank of America N.A. LOC), 1.300%, 11/2/2017 6,780,000
6,530,000   St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.220%, 11/2/2017 6,530,000
1,900,000   Sun Valley, Inc., (Wells Fargo Bank, N.A. LOC), 1.290%, 11/3/2017 1,900,000
8,740,000   Tack Capital Co., Series 2001-A, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 8,740,000
85,000,000   Toronto Dominion Bank, 1.581% (3-month USLIBOR +0.270%), 11/2/2017 85,000,000
100,000,000   Toronto Dominion Bank, 1.612% (3-month USLIBOR +0.300%), 11/8/2017 100,000,000
41,500,000   Toronto Dominion Bank, 1.759% (1-month USLIBOR +0.520%), 11/22/2017 41,500,000
7,100,000   Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 1.230%, 11/1/2017 7,100,000
26,000,000   Wells Fargo Bank, N.A., 1.448% (1-month USLIBOR +0.210%), 11/6/2017 26,000,000
36,000,000   Wells Fargo Bank, N.A., 1.450% (1-month USLIBOR +0.210%), 11/27/2017 36,000,000
30,000,000   Wells Fargo Bank, N.A., 1.487% (1-month USLIBOR +0.250%), 11/17/2017 30,000,000
5,000,000   Wells Fargo Bank, N.A., 1.592% (3-month USLIBOR +0.280%), 11/6/2017 5,000,000
10,000,000   Wells Fargo Bank, N.A., 1.657% (3-month USLIBOR +0.340%), 11/17/2017 10,000,000
1,000,000   Wells Fargo Bank, N.A., 1.699% (1-month USLIBOR +0.460%), 11/13/2017 1,000,000
    TOTAL 1,296,848,201
    Finance - Commercial—1.2%  
75,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.540% (1-month USLIBOR +0.300%), 11/27/2017 75,000,000
6,000,000   M3 Realty, LLC, Series 2007, (General Electric Capital Corp. LOC), 1.300%, 11/2/2017 6,000,000
    TOTAL 81,000,000
    Finance - Retail—3.8%  
25,000,000   Barton Capital S.A., 1.405% (1-month USLIBOR +0.170%), 11/9/2017 25,000,000
15,000,000   Barton Capital S.A., 1.485% (1-month USLIBOR +0.250%), 11/2/2017 15,000,000
45,000,000   Old Line Funding, LLC, 1.385% (1-month USLIBOR +0.150%), 11/2/2017 45,000,000
50,000,000   Old Line Funding, LLC, 1.389% (1-month USLIBOR +0.150%), 11/15/2017 50,000,000
27,000,000   Old Line Funding, LLC, 1.399% (1-month USLIBOR +0.160%), 11/20/2017 26,999,168
35,000,000   Old Line Funding, LLC, 1.423% (3-month USLIBOR +0.100%), 12/22/2017 35,000,000
60,000,000   Thunder Bay Funding, LLC, 1.593% (1-month USLIBOR +0.360%), 11/6/2017 60,000,000
    TOTAL 256,999,168
    Finance - Securities—2.8%  
20,000,000   Anglesea Funding LLC, 1.488% (1-month USLIBOR +0.250%), 11/24/2017 20,000,000
20,000,000   Anglesea Funding LLC, 1.568% (1-month USLIBOR +0.330%), 11/6/2017 20,000,000
35,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.415% (1-month USLIBOR +0.180%), 11/2/2017 35,000,000
50,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.458% (1-month USLIBOR +0.220%), 11/24/2017 50,000,000
11,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.587% (1-month USLIBOR +0.350%), 11/13/2017 11,000,000
15,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.592% (1-month USLIBOR +0.350%), 11/28/2017 15,000,000
40,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.682% (1-month USLIBOR +0.450%), 11/3/2017 40,000,000
    TOTAL 191,000,000
3
Principal
Amount 		    Value
  2 NOTES - VARIABLE—continued  
    Government Agency—2.2%  
$6,700,000   Buffalo Peak Apts., LLC, Series 2015-A Buffalo Peaks Apartment Project, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 $6,700,000
2,150,000   CMR LLC, CMR LLC Project Series 2017, (FHLB of Indianapolis LOC), 1.240%, 11/2/2017 2,150,000
135,000   California Statewide Communities Development Authority, Valley Palms Apartments Project Taxable 2002 Series C-T, (FNMA LOC), 1.300%, 11/2/2017 135,000
15,000,000   Canyon Oaks LLC, Series 2017-A Canyon Oaks Apartments, (FHLB of San Francisco LOC), 1.250%, 11/1/2017 15,000,000
19,770,000   Capital Trust Agency, FL, (FNMA LOC), 1.250%, 11/2/2017 19,770,000
7,805,000   Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (FHLB of Indianapolis LOC), 1.240%, 11/2/2017 7,805,000
4,480,000   Flamingo Enterprises, Inc., Series 2008, (FHLB of Atlanta LOC), 1.540%, 11/2/2017 4,480,000
5,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 5,000,000
4,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 4,000,000
730,000   Kentucky EDFA, Henderson County Health Care Corp., (FHLB of Cincinnati LOC), 1.440%, 11/2/2017 730,000
23,820,000   Oakmont of Whittier LLC, Series 2014-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 23,820,000
7,450,000   Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 7,450,000
30,495,000   Sunroad Centrum Apartments 23, L.P., Centrum Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 30,495,000
9,000,000   Sunroad Centrum Apartments 5 LP, Centrum Apartments Project, Series 2016-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 9,000,000
6,000,000   Sunroad Centrum Apartments 5 LP, Centrum Apartments Project, Series 2016-B, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 6,000,000
3,450,000   Wiz Kidz, LLC & Wiz Biz Holdings, LLC, Series 2008, (FHLB of Atlanta LOC), 1.540%, 11/2/2017 3,450,000
    TOTAL 145,985,000
    TOTAL NOTES - VARIABLE 1,981,832,369
    TIME DEPOSITS—16.3%  
    Finance - Banking—16.3%  
330,000,000   ABN Amro Bank NV, 1.200%, 11/1/2017 - 11/3/2017 330,000,000
50,000,000   Credit Industriel et Commercial, 1.070%, 11/1/2017 50,000,000
100,000,000   DNB Bank ASA, 1.060%, 11/1/2017 100,000,000
325,000,000   Nordea Bank AB, 1.070%, 11/1/2017 325,000,000
300,000,000   Northern Trust Co., Chicago, IL, 1.000%, 11/1/2017 300,000,000
    TOTAL TIME DEPOSITS 1,105,000,000
    OTHER REPURCHASE AGREEMENTS—12.2%  
    Finance - Banking—12.2%  
23,000,000   BNP Paribas SA, 1.46%, dated 10/31/2017, interest in a $75,000,000, collateralized loan agreement will repurchase securities provided as collateral for $75,003,042, on 11/1/2017, in which asset-backed securities, corporate bonds, medium term notes and municipal bonds with a market value of $76,503,103 have been received as collateral and held with BNY Mellon as tri-party agent. 23,000,000
100,000,000   BNP Paribas SA, 1.29%, dated 10/31/2017, interest in a $200,000,000, collateralized loan agreement will repurchase securities provided as collateral for $200,007,167, on 11/1/2017, in which asset-backed securities, corporate bonds, medium term notes and municipal bonds with a market value of $204,007,310 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
50,000,000   Citigroup Global Markets, Inc., 2.08%, dated 8/2/2017, interest in a $75,000,000, collateralized loan agreement will repurchase securities provided as collateral for $75,793,000, on 2/1/2018, in which certificates of deposit, U.S. Government Agency and U.S. Treasury securities with a market value of $76,587,031, have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
50,000,000   Citigroup Global Markets, Inc., 2.13%, dated 8/2/2017, interest in a $125,000,000, collateralized loan agreement will repurchase securities provided as collateral for $126,353,438, on 2/1/2018, in which asset-backed securities and collateralized mortgage obligations with a market value of $127,645,053, have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
25,000,000   Citigroup Global Markets, Inc., 1.36%, dated 10/31/2017, interest in a $60,000,000, collateralized loan agreement will repurchase securities provided as collateral for $60,002,267, on 11/1/2017, in which american depository receipts and exchange-traded funds with a market value of $61,202,331, have been received as collateral and held with BNY Mellon as tri-party agent. 25,000,000
39,700,000   HSBC Securities (USA), Inc., 1.26%, dated 10/31/2017, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,001,400 on 11/1/2017, in which corporate bonds with a market value of $40,800,175 have been received as collateral and held with BNY Mellon as tri-party agent. 39,700,000
100,000,000   HSBC Securities (USA), Inc., 1.26%, dated 10/31/2017, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,003,500 on 11/1/2017, in which asset backed securities with a market value of $102,003,905 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
4
Principal
Amount 		    Value
    OTHER REPURCHASE AGREEMENTS—continued  
    Finance - Banking—continued  
$133,000,000   HSBC Securities (USA), Inc., 1.36%, dated 10/31/2017, interest in a $330,000,000 collateralized loan agreement will repurchase securities provided as collateral for $330,012,467 on 11/1/2017, in which corporate bonds and medium-term notes with a market value of $336,601,831 have been received as collateral and held with BNY Mellon as tri-party agent. $133,000,000
50,000,000   MUFG Securities Americas, Inc., 1.36%, dated 10/31/2017, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $125,004,722 on 11/1/2017, in which asset-backed securities, commercial paper, convertible bonds, corporate bonds, medium-term notes, municipal bonds and unit investment trust with a market value of $127,504,817 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
110,000,000   MUFG Securities Americas, Inc., 1.38%, dated 10/16/2017, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,122,667 on 11/1/2017, in which asset-backed securities, commercial paper, convertible bonds, corporate bonds, medium-term notes, municipal bonds and unit investment trust with a market value of $204,125,216 have been received as collateral and held with BNY Mellon as tri-party agent. 110,000,000
100,000,000   Mizuho Securities USA, Inc., 2.27%, dated 10/11/2017, interest in a $160,000,000 collateralized loan agreement will repurchase securities provided as collateral for $160,585,156 on 12/8/2017, in which collateralized mortgage obligations with a market value of $163,416,104 have been received as collateral and held with JPMorgan Chase as tri-party agent. 100,000,000
50,000,000   Wells Fargo Securities LLC,1.93%, dated 10/31/2017, interest in a $130,000,000 collateralized loan agreement will repurchase securities provided as collateral for $130,627,250 on 1/29/2018, in which commercial paper, corporate bonds and municipal bonds with a market value of $132,607,474 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS 830,700,000
    REPURCHASE AGREEMENT—0.5%  
    Finance - Banking—0.5%  
33,600,000   Interest in $2,000,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,059,444 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/25/2057 and the market value of those underlying securities was $2,045,741,847. 33,600,000
    TOTAL INVESTMENT IN SECURITIES—100.0%
(AT AMORTIZED COST) 		6,786,559,658
    OTHER ASSETS AND LIABILITIES - NET—0.0%3 2,616,704
    TOTAL NET ASSETS—100% $6,789,176,362
1 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
2 Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
5
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronyms are used throughout this portfolio:
EDFA —Economic Development Finance Authority
FHLB —Federal Home Loan Bank
FNMA —Federal National Mortgage Association
GTD —Guaranteed
IDB —Industrial Development Bond
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
6
Federated Institutional Prime Obligations Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    ASSET-BACKED SECURITIES—1.3%  
    Finance - Automotive—1.1%  
$30,000,000   Enterprise Fleet Financing 2017-3 LLC, Class A1, 1.500%, 10/22/2018 $30,000,000
10,464,750   Enterprise Fleet Financing LLC 2017-2, Class A1, 1.500%, 7/20/2018 10,464,876
28,673,003   Santander Drive Auto Receivables Trust 2017-3, Class A1, 1.400%, 10/15/2018 28,673,149
    TOTAL 69,138,025
    Finance - Banking—0.2%  
10,000,000 1 Pepper Residential Securities Trust No. 19, Class A1, (GTD by National Australia Bank Ltd., Melbourne) (1-month USLIBOR +0.350%), 1.592%, 11/2/2017 10,000,000
    TOTAL ASSET-BACKED SECURITIES
(IDENTIFIED COST $79,137,753) 		79,138,025
    CERTIFICATES OF DEPOSIT—14.5%  
    Finance - Banking—14.5%  
20,000,000   BMO Harris Bank, N.A., 1.410%, 11/15/2017 20,000,000
95,000,000   Bank of Montreal, 1.520%—1.740%, 12/18/2017 - 10/19/2018 95,004,286
70,000,000   Bank of Nova Scotia, Toronto, 1.470%—1.500%, 3/29/2018 - 5/25/2018 69,996,102
60,000,000   Canadian Imperial Bank of Commerce, 1.480%—1.590%, 2/14/2018 - 7/9/2018 60,004,231
20,000,000   Citibank NA, New York, 1.400%, 12/26/2017 20,000,000
100,000,000   DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.330%, 12/15/2017 100,000,000
55,000,000   Mizuho Bank Ltd., 1.180%, 11/3/2017 55,000,000
10,000,000   Societe Generale, Paris, 1.300%, 12/12/2017 10,000,000
300,000,000   Sumitomo Mitsui Trust Bank Ltd., 1.180%, 11/6/2017 300,000,000
76,500,000   Toronto Dominion Bank, 1.300%—1.740%, 11/15/2017 - 10/22/2018 76,497,564
50,000,000   Toronto Dominion Bank, 1.700%, 10/5/2018 49,215,430
25,000,000   Wells Fargo Bank, N.A., 1.300%, 11/9/2017 25,000,000
30,000,000   Westpac Banking Corp. Ltd., Sydney, 1.570%, 9/14/2018 29,977,978
    TOTAL CERTIFICATES OF DEPOSIT
(IDENTIFIED COST $910,715,430) 		910,695,591
    COMMERCIAL PAPER—35.7%2  
    Aerospace/Auto—1.1%  
50,000,000   Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.517%—1.578%, 4/6/2018 - 4/26/2018 49,663,048
18,000,000   Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 1.292%, 11/13/2017 17,992,200
    TOTAL 67,655,248
    Finance - Banking—15.3%  
36,000,000   Albion Capital LLC, (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 1.271%—1.281%, 11/22/2017 35,973,207
42,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.282%—1.301%, 11/7/2017 - 12/1/2017 41,977,990
159,395,000   Bank of Nova Scotia, Toronto, 1.476%—1.501%, 4/6/2018 - 4/27/2018 158,333,986
105,000,000   Banque et Caisse d'Epargne de L'Etat, 1.346%—1.376%, 12/6/2017 - 12/11/2017 104,845,229
136,500,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.300%—1.771%, 11/3/2017 - 10/15/2018 134,820,332
85,000,000   Gotham Funding Corp., (Bank of Tokyo-Mitsubishi UFJ Ltd. LIQ), 1.252%—1.292%, 11/1/2017 - 12/8/2017 84,933,709
184,500,000   LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.283%—1.303%, 11/1/2017 - 12/4/2017 184,419,456
24,000,000   Malayan Banking Berhad, New York—CPLOC, (Wells Fargo Bank, N.A. LOC), 1.447% - 1.593%, 12/12/2017 - 4/13/2018 23,855,088
25,000,000   Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.283%, 11/13/2017 24,989,333
45,000,000   Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.375%, 1/2/2018 44,888,411
25,000,000   Mizuho Bank Ltd., 1.185%, 11/7/2017 24,995,063
64,710,000   Societe Generale, Paris, 1.307%, 12/1/2017 64,639,628
30,000,000   Toronto Dominion Bank, 1.760%, 10/22/2018 29,489,092
    TOTAL 958,160,524
1
Principal
Amount 		    Value
    COMMERCIAL PAPER—continued2  
    Finance - Commercial—2.0%  
$129,000,000   Atlantic Asset Securitization LLC, 1.100%, 11/1/2017 $129,000,000
    Finance - Equipment—1.4%  
89,000,000   Caterpillar Financial Services Corp., 1.200%, 11/7/2017 88,982,200
    Finance - Retail—6.5%  
22,000,000   CAFCO, LLC, 1.346%, 12/15/2017 21,963,969
35,000,000   CHARTA, LLC, 1.356%—1.441%, 12/7/2017 - 1/18/2018 34,912,466
78,500,000   CRC Funding, LLC, 1.314%—1.430%, 12/13/2017 - 1/9/2018 78,345,659
43,000,000   Old Line Funding, LLC, 1.431%—1.451%, 1/22/2018 - 3/26/2018 42,755,191
230,000,000   Starbird Funding Corp., 1.320%—1.395%, 11/1/2017 - 1/9/2018 229,791,531
    TOTAL 407,768,816
    Finance - Securities—4.3%  
108,000,000   Anglesea Funding LLC, 1.356%—1.425%, 12/1/2017 - 1/16/2018 107,770,059
92,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.355%—1.660%, 12/14/2017 - 7/9/2018 91,297,810
71,900,000   Collateralized Commercial Paper II Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.547%—1.558%, 4/6/2018 - 4/13/2018 71,400,800
    TOTAL 270,468,669
    Municipal—0.2%  
10,000,000   Kaiser Foundation Hospital, (GTD by Kaiser Permanente), 1.461%, 3/7/2018 9,943,908
    Sovereign—4.9%  
307,500,000   Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.272%—1.420%, 11/4/2017 - 3/16/2018 307,008,115
    TOTAL COMMERCIAL PAPER
(IDENTIFIED COST $2,239,102,455) 		2,238,987,480
    CORPORATE NOTE—0.3%  
    Finance - Banking—0.3%  
20,000,000 1 Commonwealth Bank of Australia, 1.489% (3-month USLIBOR +0.130%), 1/15/2018 20,013,942
    NOTES—VARIABLE—26.8%1  
    Aerospace/Auto—0.4%  
10,000,000   Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.447% (3-month USLIBOR +0.100%), 1/8/2018 10,000,944
15,000,000   Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 1.439% (1-month USLIBOR +0.200%), 11/14/2017 15,005,094
    TOTAL 25,006,038
    Finance - Banking—17.1%  
50,000,000   ASB Finance Ltd., (GTD by ASB Bank Ltd.), 1.446% (3-month USLIBOR +0.130%), 12/5/2017 50,029,779
40,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.439% (1-month USLIBOR +0.200%), 11/22/2017 40,000,000
10,000,000   Alpine Securitization Ltd., (Credit Suisse AG LIQ), 1.489% (1-month USLIBOR +0.250%), 11/22/2017 10,000,000
4,000,000   Bank of Montreal, 1.425% (1-month USLIBOR +0.190%), 11/2/2017 4,000,450
50,000,000   Bank of Montreal, 1.484% (3-month USLIBOR +0.170%), 11/24/2017 50,035,893
20,000,000   Bank of Montreal, 1.515% (1-month USLIBOR +0.280%), 11/8/2017 20,011,614
30,000,000   Bank of Montreal, 1.579% (1-month USLIBOR +0.340%), 11/14/2017 30,000,000
25,000,000   Bank of Montreal, 1.616% (3-month USLIBOR +0.300%), 12/1/2017 25,000,000
51,050,000   Bank of Montreal, 1.661% (3-month USLIBOR +0.350%), 11/3/2017 51,050,035
35,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.419% (3-month USLIBOR +0.110%), 11/13/2017 35,016,139
5,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.452% (1-month USLIBOR +0.220%), 11/3/2017 5,000,007
40,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.455% (1-month USLIBOR +0.220%), 11/2/2017 40,000,368
15,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.457% (3-month USLIBOR +0.140%), 11/30/2017 15,009,029
33,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.458% (1-month USLIBOR +0.220%), 11/6/2017 32,996,104
5,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.500% (3-month USLIBOR +0.150%), 1/5/2018 5,002,184
7,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.679% (1-month USLIBOR +0.440%), 11/15/2017 7,007,256
15,000,000   Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.757% (1-month USLIBOR +0.520%), 11/20/2017 15,016,187
45,000,000   Canadian Imperial Bank of Commerce, 1.477% (1-month USLIBOR +0.240%), 11/20/2017 44,994,305
2
Principal
Amount 		    Value
    NOTES—VARIABLE—continued1  
    Finance - Banking—continued  
$10,000,000   Canadian Imperial Bank of Commerce, 1.479% (1-month USLIBOR +0.240%), 11/22/2017 $9,997,746
49,000,000   Canadian Imperial Bank of Commerce, 1.488% (1-month USLIBOR +0.250%), 11/13/2017 49,021,412
20,000,000   Canadian Imperial Bank of Commerce, 1.679% (1-month USLIBOR +0.440%), 11/14/2017 20,022,596
7,645,000   Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 1.180%, 11/1/2017 7,645,000
25,000,000   Chase Bank USA, N.A., 1.738% (1-month USLIBOR +0.500%), 11/6/2017 25,022,593
1,250,000   Church at Brook Hills, (Wells Fargo Bank, N.A. LOC), 1.280%, 11/3/2017 1,250,000
47,000,000   Commonwealth Bank of Australia, 1.429% (1-month USLIBOR +0.190%), 11/14/2017 47,002,414
5,000,000   Commonwealth Bank of Australia, 1.469% (1-month USLIBOR +0.230%), 11/16/2017 5,002,862
20,000,000   Commonwealth Bank of Australia, 1.473% (3-month USLIBOR +0.140%), 12/29/2017 20,013,513
95,000   Corporate Finance Managers, Inc., Series B, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 95,000
6,400,000   Dynetics, Inc., Series 2010-A, (Branch Banking & Trust Co. LOC), 1.240%, 11/2/2017 6,400,000
16,700,000   Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.160%, 11/1/2017 16,700,000
3,000,000   Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 1.240%, 11/2/2017 3,000,000
7,000,000   Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 1.240%, 11/2/2017 7,000,000
315,000   Johnson City, TN Health & Education Facilities Board, Mountain State Health Alliance 2007B-1, (U.S. Bank, N.A. LOC), 1.160%, 11/1/2017 315,000
200,000   L.H. Kroh, Inc., (Series 1998), (Wells Fargo Bank, N.A. LOC), 1.280%, 11/1/2017 200,000
400,000   Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/1/2017 400,000
6,125,000   Miami-Dade County, FL IDA, Badia Spices, Inc. Project Series 2015, (Northern Trust Co., Chicago, IL LOC), 1.220%, 11/2/2017 6,125,000
5,375,000   Michael Dennis Sullivan Irrevocable Trust, Series 2015, (Wells Fargo Bank, N.A. LOC), 1.240%, 11/2/2017 5,375,000
19,635,000   Michigan State Finance Authority Revenue, Series 2010-A, (Bank of America N.A. LOC), 1.180%, 11/2/2017 19,635,000
9,780,000   Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.240%, 11/2/2017 9,780,000
20,000,000   National Australia Bank Ltd., Melbourne, 1.490% (3-month USLIBOR +0.140%), 1/8/2018 20,012,205
6,155,000   Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 1.340%, 11/2/2017 6,155,000
10,000,000   Royal Bank of Canada, 1.442% (1-month USLIBOR +0.200%), 11/28/2017 10,000,273
20,000,000   SSAB AB (publ), (Nordea Bank AB LOC), 1.240%, 11/2/2017 20,000,000
15,000,000   SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 1.240%, 11/2/2017 15,000,000
18,965,000   Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 1.230%, 11/2/2017 18,965,000
855,000   St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.220%, 11/2/2017 855,000
50,000,000   Toronto Dominion Bank, 1.413% (3-month USLIBOR +0.100%), 11/6/2017 50,013,329
74,000,000   Toronto Dominion Bank, 1.468% (1-month USLIBOR +0.230%), 11/27/2017 74,001,265
25,000,000   Toronto Dominion Bank, 1.612% (3-month USLIBOR +0.300%), 11/8/2017 25,000,000
15,000,000   Wells Fargo Bank, N.A., 1.657% (3-month USLIBOR +0.340%), 11/17/2017 15,000,000
19,000,000   Wells Fargo Bank, N.A., 1.699% (1-month USLIBOR +0.460%), 11/13/2017 19,021,874
50,000,000   Westpac Banking Corp. Ltd., Sydney, 1.473% (3-month USLIBOR +0.140%), 12/29/2017 50,034,102
6,835,000   Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 1.240%, 11/2/2017 6,835,000
    TOTAL 1,071,065,534
    Finance - Commercial—0.7%  
3,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.438% (1-month USLIBOR +0.200%), 11/6/2017 3,000,000
3,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.539% (1-month USLIBOR +0.300%), 11/22/2017 3,000,000
40,000,000   Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.540% (1-month USLIBOR +0.300%), 11/27/2017 40,000,000
    TOTAL 46,000,000
    Finance - Retail—2.4%  
14,600,000   Barton Capital S.A., 1.405% (1-month USLIBOR +0.170%), 11/9/2017 14,600,000
10,000,000   Barton Capital S.A., 1.485% (1-month USLIBOR +0.250%),11/2/2017 10,000,000
50,000,000   Old Line Funding, LLC, 1.388% (1-month USLIBOR +0.150%), 11/6/2017 50,002,626
20,000,000   Old Line Funding, LLC, 1.399% (1-month USLIBOR +0.160%), 11/20/2017 20,003,690
20,000,000 3 Old Line Funding, LLC, 1.435% (1-month USLIBOR +0.200%), 11/9/2017 20,004,950
28,000,000   Thunder Bay Funding, LLC, 1.387% (1-month USLIBOR +0.150%), 11/13/2017 28,006,764
3
Principal
Amount 		    Value
    NOTES—VARIABLE—continued1  
    Finance - Retail—continued  
$10,000,000   Thunder Bay Funding, LLC, 1.593% (1-month USLIBOR +0.360%), 11/6/2017 $10,000,000
    TOTAL 152,618,030
    Finance - Securities—3.4%  
20,000,000   Anglesea Funding LLC, 1.488% (1-month USLIBOR +0.250%), 11/9/2017 20,000,000
50,000,000   Anglesea Funding LLC, 1.507% (1-month USLIBOR +0.270%), 11/20/2017 50,000,000
45,000,000   Anglesea Funding LLC, 1.565% (1-month USLIBOR +0.330%), 11/1/2017 45,000,000
15,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.415% (1-month USLIBOR +0.180%), 11/2/2017 15,004,411
30,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.503% (3-month USLIBOR +0.180%), 12/22/2017 30,000,000
10,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.517% (3-month USLIBOR +0.200%), 12/11/2017 10,000,000
20,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.655% (1-month USLIBOR +0.420%), 11/9/2017 20,000,000
25,000,000   Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC Support Agreement), 1.682% (1-month USLIBOR +0.450%), 11/3/2017 25,000,000
    TOTAL 215,004,411
    Government Agency—2.8%  
6,450,000   Aquarium Parking Deck, LLC, Series 2005, (FHLB of Atlanta LOC), 1.200%, 11/1/2017 6,450,000
9,015,000   Austen Children's Gift Trust, (FHLB of Dallas LOC), 1.240%, 11/2/2017 9,015,000
11,800,000   Buffalo Peak Apts., LLC, Series 2015-A Buffalo Peaks Apartment Project, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 11,800,000
20,340,000   COG Leasing Co. LLP, Series 2007, (FHLB of Des Moines LOC), 1.250%, 11/2/2017 20,340,000
3,750,000   Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 3,750,000
3,750,000   Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 3,750,000
32,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 32,000,000
16,000,000   HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 16,000,000
1,000,000   Hallmark 75 Ontario LLC, Hallmark Apartment Homes Series 2016-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 1,000,000
6,075,000   Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 1.240%, 11/2/2017 6,075,000
8,140,000   Millbrook, AL Redevelopment Authority, RAM Millbrook Hospitality LLC Project, Series 2017, (FHLB of Atlanta LOC), 1.250%, 11/2/2017 8,140,000
6,200,000   Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 6,200,000
19,640,000   OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 19,640,000
7,500,000   Premier Mushrooms, Inc., Series 2012, (CoBank, ACB LOC), 1.240%, 11/2/2017 7,500,000
6,005,000   Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (FHLB of Atlanta LOC), 1.250%, 11/2/2017 6,005,000
14,200,000   Studio Sixty LLC, Thirdrail Studios Project Series 2015-A, (FHLB of San Francisco LOC), 1.250%, 11/2/2017 14,200,000
    TOTAL 171,865,000
    TOTAL NOTES - VARIABLE
(IDENTIFIED COST $1,681,240,280) 		1,681,559,013
    TIME DEPOSIT—4.9%  
    Finance - Banking—4.9%  
310,000,000   ABN Amro Bank NV, 1.200%, 11/6/2017 - 11/7/2017
(IDENTIFIED COST $310,000,000) 		310,000,000
    OTHER REPURCHASE AGREEMENTS—15.2%  
    Finance - Banking—15.2%  
27,125,000   BNP Paribas S.A. 1.46%, dated 10/31/2017, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,042 on 11/1/2017, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $76,503,103 have been received as collateral and held with BNY Mellon as tri-party agent. 27,125,000
100,000,000   BNP Paribas S.A. 1.31%, dated 10/30/2017, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,109,167 on 11/29/2017, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $102,111,350 have been received as collateral and held with BNY Mellon as tri-party agent. 100,000,000
4
Principal
Amount 		    Value
    OTHER REPURCHASE AGREEMENTS—continued  
    Finance - Banking—continued  
$100,000,000   BNP Paribas S.A. 1.29%, dated 10/31/2017, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,007,167 on 11/1/2017, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $204,007,310 have been received as collateral and held with BNY Mellon as tri-party agent. $100,000,000
42,000,000   CIBC World Markets Corp. 1.23%, dated 10/31/2017, interest in a $42,000,000 collateralized loan agreement will repurchase securities provided as collateral for $42,001,435 on 11/1/2017, in which corporate bonds with a market value of $42,843,970 have been received as collateral and held with JPMorgan Chase as tri-party agent. 42,000,000
35,000,000   Citigroup Global Markets, Inc., 1.36%, dated 10/31/2017, interest in a $60,000,000 collateralized loan agreement will repurchase securities provided as collateral for $60,002,267 on 11/1/2017, in which american depositary receipts, asset-backed securities, certificate of deposit, collateralized mortgage obligations and exchange-traded funds with a market value of $61,202,331 have been received as collateral and held with BNY Mellon as tri-party agent. 35,000,000
25,000,000   Citigroup Global Markets, Inc., 2.08%, dated 8/2/2017, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,793,000 on 2/1/2018, in which american depositary receipts, asset-backed securities, certificate of deposit, collateralized mortgage obligations and exchange-traded funds with a market value of $76,587,031 have been received as collateral and held with BNY Mellon as tri-party agent. 25,000,000
75,000,000   Citigroup Global Markets, Inc., 2.13%, dated 8/2/2017, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $126,353,438 on 2/1/2018, in which american depositary receipts, asset-backed securities, certificate of deposit, collateralized mortgage obligations and exchange-traded funds with a market value of $127,645,053 have been received as collateral and held with BNY Mellon as tri-party agent. 75,000,000
156,400,000   HSBC Securities (USA), Inc., 1.36%, dated 10/31/2017, interest in a $330,000,000 collateralized loan agreement will repurchase securities provided as collateral for $330,012,467 on 11/1/2017, in which corporate bonds and medium-term notes with a market value of $336,601,831 have been received as collateral and held with JPMorgan Chase as tri-party agent. 156,400,000
50,000,000   ING Financial Markets LLC 1.21%, dated 10/31/2017, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,001,681 on 11/1/2017, in which corporate bonds and medium-term notes with a market value of $51,001,715 have been received as collateral and held with JPMorgan Chase as tri-party agent. 50,000,000
48,000,000   ING Financial Markets LLC 1.26%, dated 10/31/2017, interest in a $48,000,000 collateralized loan agreement will repurchase securities provided as collateral for $48,001,680 on 11/1/2017, in which corporate bonds and medium-term notes with a market value of $48,962,055 have been received as collateral and held with JPMorgan Chase as tri-party agent. 48,000,000
73,500,000   MUFG Securities Americas, Inc., 1.36%, dated 10/31/2017, interest in a $125,000,000 collateralized loan agreement will repurchase securities provided as collateral for $125,004,722 on 11/1/2017, in which asset-backed securities, commercial paper, convertible bonds, corporate bonds, medium-term notes, municipal bonds and unit investment trust with a market value of $127,504,817 have been received as collateral and held with BNY Mellon as tri-party agent. 73,500,000
90,000,000   MUFG Securities Americas, Inc., 1.38%, dated 10/16/2017, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,122,667 on 11/1/2017, in which asset-backed securities, commercial paper, convertible bonds, corporate bonds, medium-term notes, municipal bonds and unit investment trust with a market value of $204,125,216 have been received as collateral and held with BNY Mellon as tri-party agent. 90,000,000
50,000,000   Mizuho Securities USA, Inc., 2.27%, dated 10/11/2017, interest in a $160,000,000 collateralized loan agreement will repurchase securities provided as collateral for $160,585,156 on 12/8/2017, in which collateralized mortgage obligations with a market value of $163,416,104 have been received as collateral and held with BNY Mellon as tri-party agent. 50,000,000
80,000,000   Wells Fargo Securities LLC 1.93%, dated 10/31/2017, interest in a $130,000,000 collateralized loan agreement will repurchase securities provided as collateral for $130,627,250 on 1/29/2018, in which commercial paper and corporate bonds with a market value of $132,607,474 have been received as collateral and held with BNY Mellon as tri-party agent. 80,000,000
    TOTAL OTHER REPURCHASE AGREEMENTS
(AT COST) 		952,025,000
    REPURCHASE AGREEMENT—1.5%  
    Finance - Banking—1.5%  
97,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.07%, dated 10/31/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,000,059,444 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/15/2052 and the market value of those underlying securities was $2,045,741,847.
(AT COST) 		97,000,000
    TOTAL INVESTMENT IN SECURITIES-100.2%
(IDENTIFIED COST $6,289,223,134) 		6,289,419,051
    OTHER ASSETS AND LIABILITIES-NET—(0.2)%4 (10,325,734)
    TOTAL NET ASSETS—100% $6,279,093,317
1 Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2 Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues.
5
3 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2017, these restricted securities amounted to $20,004,950, which represented 0.3% of total net assets.
4 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
As of October 31, 2017, all the investments of the Fund utilized Level 2 inputs in valuing the Fund's assets carried at fair value.
6
The following acronyms are used throughout this portfolio:
FHLB —Federal Home Loan Bank
GTD —Guaranteed
IDA —Industrial Development Authority
LIBOR —London Interbank Offered Rate
LIQ —Liquidity Agreement
LOC —Letter of Credit
7
Federated Institutional Prime Value Obligations Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount
or Shares 		    Value
    INVESTMENT COMPANY—99.2%  
$5,093,138,403 1 Federated Institutional Prime Obligations Fund, Institutional Shares, 1.20%2
(IDENTIFIED COST $5,094,630,944) 		$5,094,157,031
    OTHER REPURCHASE AGREEMENT—0.8%  
    Finance - Banking—0.8%  
38,000,000   HSBC Securities (USA), Inc., 1.36%, dated 10/31/2017, interest in a $330,000,000 collateralized loan agreement, will repurchase securities provided as collateral for $330,012,467 on 11/1/2017, in which corporate bonds and medium-term notes with a market value of $336,601,831 have been received as collateral and held with JPMorgan Chase as tri-party agent.
(IDENTIFIED COST $38,000,000) 		38,000,000
    TOTAL INVESTMENT IN SECURITIES—100.0%
(IDENTIFIED COST $5,132,630,944) 		5,132,157,031
    OTHER ASSETS AND LIABILITIES - NET—0.0%3 2,496,191
    TOTAL NET ASSETS—100% $5,134,653,222
1 Affiliated holding.
   
Affiliated fund holdings are investment companies which are managed by the Adviser or an affiliate of the Adviser. Transactions with affiliated fund holdings during the period ended October 31, 2017, were as follows:
  Federated
Institutional
Prime
Obligations Fund,
Institutional Shares
Balance of Shares Held 7/31/2017 —
Purchases/Additions 6,287,646,901
Sales/Reductions (1,194,508,498)
Balance of Shares Held 10/31/2017 5,093,138,403
Value $5,094,157,031
Change in Unrealized Appreciation/Depreciation $(473,913)
Net Realized Gain/(Loss) $(28,701)
Dividend Income $14,466,568
2 7-day net yield.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
1
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■ Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
Fair Valuation Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any over-the-counter derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
2
The following is a summary of the inputs used, as of October 31, 2017, in valuing the Fund's assets carried at fair value:
Valuation Inputs
  Level 1—
Quoted
Prices 		Level 2—
Other
Significant
Observable
Inputs 		Level 3—
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Other Repurchase Agreement $— $38,000,000 $— $38,000,000
Investment Company 5,094,157,031 — — 5,094,157,031
TOTAL SECURITIES $5,094,157,031 $38,000,000 $— $5,132,157,031
3
Federated Tax-Free Obligations Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—99.9%  
    Alabama—5.0%  
$20,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-A) Daily VRDNs, 0.980%, 11/1/2017 $20,000,000
15,375,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-B) Daily VRDNs, 0.980%, 11/1/2017 15,375,000
15,000,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series 2014-D) Weekly VRDNs, 1.060%, 11/1/2017 15,000,000
4,500,000   Columbia, AL IDB PCRB (Alabama Power Co.), (Series C) Daily VRDNs, 0.980%, 11/1/2017 4,500,000
32,710,000   Mobile, AL IDB (Alabama Power Co.), (First Series 2009: Barry Plant) Daily VRDNs, 0.980%, 11/1/2017 32,710,000
11,000,000   Mobile, AL IDB (Alabama Power Co.), PCRBs (Series 2007B) Weekly VRDNs, 1.060%, 11/1/2017 11,000,000
24,810,000   West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 1.060%, 11/2/2017 24,810,000
    TOTAL 123,395,000
    Arizona—0.6%  
5,000,000   Arizona School Facilities Board, Tender Option Bond Trust Receipts (2016-ZM0321) Weekly VRDNs (Assured Guaranty Corp. INS)/(Bank of America N.A. LIQ), 0.980%, 11/2/2017 5,000,000
11,225,000   Mesa, AZ Utility System, Solar Eclipse (2017-0026) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 11,225,000
    TOTAL 16,225,000
    California—5.4%  
46,000,000   California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.080%, 11/2/2017 46,000,000
21,400,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), 1.02% CP, Mandatory Tender 2/7/2018 21,400,000
12,000,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), 1.04% CP, Mandatory Tender 4/5/2018 12,000,000
15,500,000   California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), 1.00% CP, Mandatory Tender 1/4/2018 15,500,000
40,000,000   Golden State Tobacco Securitization Corp., CA (California State), Tender Option Bond Trust Certificates (2015-XF1038) Weekly VRDNs (GTD by Deutsche Bank AG)/(Deutsche Bank AG LIQ), 1.000%, 11/2/2017 40,000,000
    TOTAL 134,900,000
    Colorado—0.7%  
9,985,000   Cherry Creek, CO School District No. 5, Solar Eclipse (Series 2017-003), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/18/2018 9,985,000
6,710,000 2 Denver, CO City and County Board of Water Commissioners, Solar Eclipse (Series 2017-0032), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 6,710,000
    TOTAL 16,695,000
    Connecticut—1.3%  
2,135,000   Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 0.950%, 11/2/2017 2,135,000
355,000   Connecticut State HFA (CIL Realty), (Series 2010) Weekly VRDNs (HSBC Bank USA, N.A. LOC), 0.950%, 11/2/2017 355,000
30,000,000   Connecticut State, Golden Blue (Series 2017-014) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.100%, 11/2/2017 30,000,000
    TOTAL 32,490,000
    District of Columbia—0.4%  
4,995,000   District of Columbia Water & Sewer Authority, Solar Eclipse (Series 2017-0015), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 4,995,000
4,020,000   District of Columbia, Solar Eclipse (Series 2017-0035), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 4,020,000
    TOTAL 9,015,000
    Florida—10.2%  
6,495,000   Clearwater, FL Water and Sewer Authority, Solar Eclipse (Series 2017-0014), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 6,495,000
31,905,000   Collier County, FL Health Facilities Authority (Cleveland Clinic), (Series 2003C-1), 1.00% CP, Mandatory Tender 2/5/2018 31,905,000
2,900,000   Dade County, FL IDA (Florida Power & Light Co.), (Series 1993) Daily VRDNs, 0.960%, 11/1/2017 2,900,000
5,000,000   Florida State Board of Education Public Education (Florida State), Solar Eclipse Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 5,000,000
1
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Florida—continued  
$7,530,000   Florida State Turnpike Authority, Solar Eclipse (Series 2017-0002) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 $7,530,000
11,000,000   Florida State, Solar Eclipse Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 11,000,000
1,000,000   JEA, FL Electric System, (Series Three 2008B-3) Weekly VRDNs (Royal Bank of Canada LIQ), 0.910%, 11/1/2017 1,000,000
10,960,000   Jacksonville, FL PCR (Florida Power & Light Co.), (Series 1994), 0.90% CP, Mandatory Tender 11/15/2017 10,960,000
19,900,000   Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.960%, 11/1/2017 19,900,000
17,995,000   Miami-Dade County, FL Water & Sewer, Tender Option Bond Trust Receipts (2015-ZF0268) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 1.070%, 11/2/2017 17,995,000
6,410,000   Miami-Dade County, FL, RBC (Series E-70), 1.09% TOBs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), Optional Tender 11/1/2017 6,410,000
4,200,000   Orange County, FL School Board, Tender Option Bond Trust Certificates (2015-XF2013) Weekly VRDNs (Assured Guaranty Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.050%, 11/2/2017 4,200,000
20,000,000   Orlando & Orange County Expressway Authority, FL (Central Florida Expressway Authority), RBC Muni Trust (Series E-62), 1.09% TOBs (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), Optional Tender 11/1/2017 20,000,000
11,480,000   Orlando, FL Contract Tourist Development (Orlando, FL), Tender Option Bond Trust Receipts (2015-XM0006) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 1.020%, 11/2/2017 11,480,000
2,800,000   Palm Beach County, FL (Zoological Society of Palm Beach, Inc.), (Series 2001) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.920%, 11/2/2017 2,800,000
16,500,000   Polk County, FL IDA (Baycare Health System), (Series 2014A-2) VRENs, 1.220%, 11/2/2017 16,500,000
58,600,000   St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.950%, 11/1/2017 58,600,000
18,000,000   Sunshine State Governmental Finance Commission, FL (Orlando, FL), Callable Tax-Exempt Notes (Series H), 0.95% CP (JPMorgan Chase Bank, N.A. LIQ), Mandatory Tender 12/14/2017 18,000,000
    TOTAL 252,675,000
    Georgia—4.5%  
47,000,000   Atlanta, GA Independent School System, 1.50% TANs, 12/29/2017 47,033,588
55,010,000   Main Street Gas, Inc., GA, (Series 2010 A1), 1.02% TOBs (Royal Bank of Canada LOC), (SIFMA 7-day +0.100%), Optional Tender 12/1/2017 55,010,000
7,500,000   Metropolitan Atlanta Rapid Transit Authority, GA, Solar Eclipse (Series 2017-0047), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/16/2017 7,500,000
1,000,000   Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs (Bank of America N.A. LOC), 0.950%, 11/2/2017 1,000,000
    TOTAL 110,543,588
    Hawaii—0.7%  
9,285,000   Hawaii State Department of Budget & Finance (Queen's Health Systems), (2015 Series B) VRENs, 1.370%, 11/2/2017 9,285,000
8,660,000   Hawaii State, Solar Eclipse (3a-7) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 8,660,000
    TOTAL 17,945,000
    Idaho—1.0%  
23,835,000   Idaho Health Facilities Authority (Trinity Healthcare Credit Group), (Series 2013ID), 0.85% TOBs, Mandatory Tender 12/1/2017 23,835,000
    Illinois—0.2%  
600,000   Chicago, IL MFH Revenue (Churchview Manor Senior Apartments), (Series 2012) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 1.110%, 11/2/2017 600,000
4,655,000   Illinois Finance Authority (Resurrection Health Care Corp.), Tender Option Bond Trust Certificates (2015-XF2122) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 1.020%, 11/2/2017 4,655,000
    TOTAL 5,255,000
    Indiana—0.4%  
4,035,000   Jasper County, IN EDA (T & M LP), (Series 2010B) Weekly VRDNs (AgriBank FCB LOC), 1.000%, 11/2/2017 4,035,000
6,500,000   Jasper County, IN EDA (T & M LP), (Series 2010C) Weekly VRDNs (AgriBank FCB LOC), 1.000%, 11/2/2017 6,500,000
    TOTAL 10,535,000
    Kentucky—0.6%  
14,200,000   Georgetown, KY (Georgetown College), (Series 2006) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.010%, 11/3/2017 14,200,000
    Louisiana—2.3%  
50,000,000   Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs (GTD by BASF SE), 1.020%, 11/1/2017 50,000,000
1,140,000   Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs (FHLB of Dallas LOC), 0.980%, 11/1/2017 1,140,000
2
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Louisiana—continued  
$5,900,000   Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2010) Weekly VRDNs, 0.920%, 11/1/2017 $5,900,000
    TOTAL 57,040,000
    Maryland—1.4%  
1,935,000   Howard County, MD Revenue Bonds (Bluffs at Clarys Forest Apartments), (Series 1995) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/7/2017 1,935,000
5,000,000   Maryland State Transportation Authority, Solar Eclipse, 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 1/25/2018 5,000,000
904,000   Montgomery County, MD Housing Opportunities Commission (Byron House, Inc. Facility), (Series 1998 Issue I) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.020%, 11/7/2017 904,000
20,000,000   Montgomery County, MD, (2010 Series B), 0.90% CP, Mandatory Tender 12/1/2017 20,000,000
6,680,000   University System of Maryland, Solar Eclipse (Series 2017-0023), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/14/2017 6,680,000
    TOTAL 34,519,000
    Massachusetts—1.0%  
6,120,000   Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69), 1.12% TOBs (State Street Bank and Trust Co. LIQ), Optional Tender 12/7/2017 6,120,000
10,300,000   Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.960%, 11/2/2017 10,300,000
4,075,000   Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2013) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.960%, 11/2/2017 4,075,000
3,890,000   Massachusetts School Building Authority, Solar Eclipse (Series 2017-0013) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 3,890,000
    TOTAL 24,385,000
    Michigan—5.5%  
60,300,000   Eastern Michigan University Board of Regents, Golden Blue (2017-012) Weekly VRDNs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.990%, 11/2/2017 60,300,000
800,000   Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs (FHLB of Chicago LOC), 0.940%, 11/2/2017 800,000
3,100,000   Michigan Job Development Authority (Andersons, Inc. (The)), (Series 1985) Weekly VRDNs (U.S. Bank, N.A. LOC), 1.020%, 11/1/2017 3,100,000
655,000   Michigan State Finance Authority Revenue, Healthcare Equipment Loan (Series D) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.990%, 11/2/2017 655,000
2,900,000   Michigan State Strategic Fund (Catholic Social Services of Lansing/St. Vincent Home, Inc.), (Series 2003) Weekly VRDNs (Comerica Bank LOC), 1.020%, 11/2/2017 2,900,000
2,270,000   Michigan State Strategic Fund (Detroit Public Television), (Series 2005) Weekly VRDNs (Comerica Bank LOC), 1.010%, 11/2/2017 2,270,000
400,000   Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs (Bank of Tokyo-Mitsubishi UFJ Ltd. LOC), 1.000%, 11/2/2017 400,000
3,225,000   Michigan Strategic Fund (Washtenaw Christian Academy), (Series 2008) Weekly VRDNs (Fifth Third Bank, Cincinnati LOC), 1.010%, 11/3/2017 3,225,000
955,000   St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.010%, 11/2/2017 955,000
26,600,000   St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2003) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.010%, 11/2/2017 26,600,000
35,635,000   St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.010%, 11/2/2017 35,635,000
    TOTAL 136,840,000
    Minnesota—1.3%  
2,490,000   Andover, MN (Presbyterian Homes of Andover, Inc.), (Series 2003) Weekly VRDNs (FNMA LOC), 0.930%, 11/2/2017 2,490,000
1,770,000   Bloomington, MN (Presbyterian Homes, Inc.), (Series 2008) Weekly VRDNs (FHLMC LOC), 0.930%, 11/2/2017 1,770,000
14,010,000   Minneapolis, MN (Symphony Place) Weekly VRDNs (FHLMC LOC), 0.920%, 11/2/2017 14,010,000
200,000   Minneapolis/St. Paul, MN Housing & Redevelopment Authority (Children's Health Care), (Series A) Daily VRDNs (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.880%, 11/1/2017 200,000
1,540,000   Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series A) Weekly VRDNs, 0.870%, 11/1/2017 1,540,000
9,950,000   St. Cloud, MN ISD No. 742, Solar Eclipse (Series 2017-0009), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 9,950,000
2,642,000   St. Louis Park, MN (Parkshore Senior Campus, LLC), (Series 2004) Weekly VRDNs (FHLMC LOC), 1.000%, 11/2/2017 2,642,000
    TOTAL 32,602,000
    Missouri—0.6%  
930,000   Buchanan County, MO Solid Waste Disposal (Lifeline Foods LLC), (Series 2009A) Weekly VRDNs (Commerce Bank, N.A., Kansas City LOC), 0.960%, 11/2/2017 930,000
3
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Missouri—continued  
$10,000,000   Buchanan County, MO Solid Waste Disposal (Lifeline Foods LLC), (Series 2009B) Weekly VRDNs (Commerce Bank, N.A., Kansas City LOC), 0.960%, 11/2/2017 $10,000,000
4,995,000   Kansas City, MO Water Revenue, Solar Eclipse (Series 2017-0016), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 4,995,000
    TOTAL 15,925,000
    Montana—0.3%  
7,000,000   Montana State Board Of Investments, Municipal Finance Consolidation Act Bonds (Series 2010), 1.20% TOBs, Mandatory Tender 3/1/2018 7,000,000
    Multi-State—9.5%  
121,400,000   Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs (JPMorgan Chase Bank, N.A. LIQ), 1.010%, 11/2/2017 121,400,000
45,000,000   Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs (TD Bank, N.A. LIQ), 1.000%, 11/2/2017 45,000,000
69,000,000   Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs (Barclays Bank PLC LIQ), 1.020%, 11/2/2017 69,000,000
    TOTAL 235,400,000
    Nevada—1.0%  
5,000,000   Clark County, NV, Solar Eclipse (Series 2017-0025), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/21/2017 5,000,000
12,500,000   Las Vegas Valley, NV Water District (Southern Nevada Water Authority), (Series 2004A), 0.85% CP (Sumitomo Mitsui Banking Corp. LOC), Mandatory Tender 11/7/2017 12,500,000
7,990,000   Nevada State Highway Revenue, Solar Eclipse (Series 2017-0018), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/30/2017 7,990,000
    TOTAL 25,490,000
    New Jersey—2.8%  
5,470,030   Absecon, NJ, 2.00% BANs, 8/2/2018 5,498,404
2,110,500   Cresskill Borough, NJ, 2.00% BANs, 3/2/2018 2,115,742
6,000,000   Essex County, NJ, Clipper Tax-Exempt Certificates Trust (Series 2009-49) Weekly VRDNs (State Street Bank and Trust Co. LIQ), 0.970%, 11/2/2017 6,000,000
8,182,545   Glassboro Borough, NJ, 2.50% BANs, 1/10/2018 8,198,697
2,665,000   Kenilworth, NJ, 2.00% BANs, 12/8/2017 2,666,731
5,813,606   Manalapan Township, NJ, 2.25% BANs, 1/30/2018 5,829,741
8,240,000   New Jersey Housing & Mortgage Finance Agency, Tender Option Bond Trust Receipts (2016-ZF0346) Weekly VRDNs (Bank of America N.A. LIQ), 0.960%, 11/2/2017 8,240,000
11,360,000   New Jersey State Transportation Trust Fund Authority (New Jersey State), Stage Trust (Series 2011-28C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 3/1/2018 11,360,000
7,324,176   Roselle, NJ, 2.50% BANs, 3/1/2018 7,352,451
4,462,395   Southampton Township, NJ, (2017 Series A), 2.50% BANs, 7/17/2018 4,498,168
5,381,172   Wallington, NJ, 2.25% BANs, 8/23/2018 5,426,387
2,945,000   Winslow Township, NJ, (Series A), 2.50% BANs, 12/27/2017 2,949,766
    TOTAL 70,136,087
    New York—11.2%  
3,452,000   Baldwinsville, NY CSD, 2.25% BANs, 6/29/2018 3,473,281
11,050,000   Battery Park, NY City Authority, PUTTERs (Series 5012) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.960%, 11/1/2017 11,050,000
19,150,000   Candor, NY CSD, 2.25% BANs, 6/28/2018 19,286,302
13,800,000   Eden, NY CSD, 2.00% BANs, 6/8/2018 13,870,380
6,000,000   Geneva, NY City School District, 2.25% RANs, 6/26/2018 6,040,400
15,907,492   Lancaster, NY CSD, 2.50% BANs, 6/14/2018 16,043,207
3,705,578   Liberty, NY CSD, 2.00% BANs, 6/29/2018 3,724,947
21,190,000   MTA Transportation Revenue, Eagles (Series 2017-0004) Weekly VRDNs (Citibank NA, New York LIQ), 0.970%, 11/2/2017 21,190,000
3,500,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2015E-4) Weekly VRDNs (Bank of the West, San Francisco, CA LOC), 0.960%, 11/2/2017 3,500,000
39,770,000   Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.970%, 11/2/2017 39,770,000
6,027,088   Middletown, NY, (Series A), 2.25% BANs, 8/29/2018 6,078,630
4
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    New York—continued  
$3,400,000   New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-1) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.950%, 11/1/2017 $3,400,000
11,400,000   New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series DD-1) Daily VRDNs (TD Bank, N.A. LIQ), 0.920%, 11/1/2017 11,400,000
65,850,000   New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs (Landesbank Hessen-Thuringen LIQ), 0.950%, 11/1/2017 65,850,000
2,700,000   New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Receipts (2016-ZF0265) Weekly VRDNs (Toronto Dominion Bank LIQ), 0.940%, 11/2/2017 2,700,000
3,300,000   New York City, NY Transitional Finance Authority, Fiscal 2015 (Subseries A-4) Daily VRDNs (Mizuho Bank Ltd. LIQ), 0.930%, 11/1/2017 3,300,000
18,000,000   New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.950%, 11/1/2017 18,000,000
8,600,000   New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs (Landesbank Hessen-Thuringen LOC), 0.950%, 11/1/2017 8,600,000
5,476,209   North Syracuse, NY CSD, 2.25% BANs, 8/10/2018 5,521,353
2,302,807   Springville-Griffith Institute, NY CSD, 2.25% BANs, 8/24/2018 2,322,222
2,500,000   Waverly, NY CSD, 2.25% BANs, 8/31/2018 2,519,861
2,200,000   Webutuck, NY CSD, 2.25% BANs, 8/25/2018 2,217,669
6,422,000   Weedsport, NY CSD, 2.25% BANs, 7/13/2018 6,461,615
    TOTAL 276,319,867
    North Carolina—2.4%  
10,175,000   Charlotte-Mecklenburg Hospital Authority, NC (Carolinas HealthCare System), Stage Trust (Series 2011-72C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), Optional Tender 3/1/2018 10,175,000
13,000,000   Forsyth County, NC, Solar Eclipse (Series 2017-0020) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 13,000,000
4,815,000   Greensboro, NC Enterprise System, Solar Eclipse (Series 2017-0045) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 4,815,000
5,625,000   Mecklenburg County, NC, Solar Eclipse (Series 2017-0052), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/14/2017 5,625,000
1,035,000   North Carolina Capital Facilities Finance Agency (Summit School, Inc.), (Series 2008) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.920%, 11/2/2017 1,035,000
12,510,000   North Carolina Medical Care Commission (Moses H. Cone Memorial), (Series 2001A) Weekly VRDNs (BMO Harris Bank, N.A. LIQ), 0.900%, 11/2/2017 12,510,000
11,015,000   North Carolina State Capital Improvement (North Carolina State), Stage Trust (Series 2011-136C), 1.20% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 4/5/2018 11,015,000
1,100,000   Person County, NC Industrial Facilities & PCFA (Certainteed Gypsum, Inc.), (Series 2010) Weekly VRDNs (Credit Industriel et Commercial LOC), 1.000%, 11/2/2017 1,100,000
    TOTAL 59,275,000
    North Dakota—0.4%  
9,124,000   Grand Forks County, ND (J. R. Simplot Co.), (Series 2010) Weekly VRDNs (Cooperatieve Rabobank UA LOC), 1.020%, 11/1/2017 9,124,000
    Ohio—3.3%  
2,220,000   Cuyahoga County, OH Hospital Authority (The Sisters of Charity of St. Augustine Health System, Inc.), (Series 2000) Weekly VRDNs (PNC Bank, N.A. LOC), 0.920%, 11/2/2017 2,220,000
3,220,000   Franklin County, OH Health Care Facilities (Ohio Presbyterian Retirement Services), (Series 2005B) Weekly VRDNs (Comerica Bank LOC), 0.940%, 11/2/2017 3,220,000
3,100,000   Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), (Series 2008B) Weekly VRDNs, 0.940%, 11/2/2017 3,100,000
13,865,000   Franklin County, OH Hospital Facility Authority (OhioHealth Corp,), (Series 2011C) Weekly VRDNs, 0.930%, 11/1/2017 13,865,000
920,000   Franklin County, OH Hospital Facility Authority (U.S. Health Corp. of Columbus), Series A Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.930%, 11/2/2017 920,000
10,000,000   Franklin County, OH Mortgage Revenue (Trinity Healthcare Credit Group), (Series 2013OH), 0.85% TOBs, Mandatory Tender 12/1/2017 10,000,000
24,000,000   Middletown, OH (Premier Health Partners Obligated Group), Golden Blue (Series 2017-003) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.100%, 11/2/2017 24,000,000
8,300,000   Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2008 B-6), 0.90% CP, Mandatory Tender 12/4/2017 8,300,000
15,410,000   Ohio State Higher Educational Facility Commission (University Hospitals Health System, Inc.), Golden Blue (Series 2017-006) VRENs (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.100%, 11/2/2017 15,410,000
    TOTAL 81,035,000
5
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Oklahoma—0.6%  
$14,000,000   Oklahoma Development Finance Authority (INTEGRIS Obligated Group), (Series 2015 B) VRENs, 1.270%, 11/2/2017 $14,000,000
    Oregon—0.5%  
12,185,000   Clackamas County, OR School District No. 7J (Lake Oswego), Solar Eclipse (2017-0053) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 12,185,000
    Pennsylvania—6.3%  
2,000,000   Allegheny County, PA Hospital Development Authority (UPMC Health System), PUTTERs (Series 2017-5015) Daily VRDNs (JPMorgan Chase Bank, N.A. LIQ)/(JPMorgan Chase Bank, N.A. LOC), 0.960%, 11/1/2017 2,000,000
1,500,000   Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 0.910%, 11/2/2017 1,500,000
10,890,000   Emmaus, PA General Authority, (Series 1996) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 0.950%, 11/1/2017 10,890,000
400,000   Erie County, PA Hospital Authority (St. Vincent Health System), (Series 2010B) Weekly VRDNs (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.970%, 11/2/2017 400,000
7,080,000   Franklin County, PA IDA (Chambersburg Hospital), Stage Trust (Series 2010-01C), 1.20% TOBs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), (SIFMA 7-day +0.300%), Optional Tender 2/15/2018 7,080,000
4,795,000   Geisinger Authority, PA Health System (Geisinger Health System), Stage Trust (Series 2011-69C), 1.20% TOBs (Wells Fargo Bank, N.A. LIQ), Optional Tender 2/8/2018 4,795,000
1,000,000   Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs (PNC Bank, N.A. LOC), 0.940%, 11/2/2017 1,000,000
99,630,000   Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.990%, 11/2/2017 99,630,000
20,000,000   Pittsburgh, PA Water & Sewer Authority, First Lien (Series D-2) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.960%, 11/2/2017 20,000,000
9,500,000   State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.040%, 11/2/2017 9,500,000
    TOTAL 156,795,000
    South Carolina—0.4%  
10,000,000   Lexington, SC Waterworks & Sewer System, 2.50% BANs, 12/1/2017 10,011,786
    Tennessee—0.7%  
16,880,000   Metropolitan Government Nashville & Davidson County, TN, Solar Eclipse (Series 2017-0011) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 16,880,000
    Texas—7.0%  
8,575,000   Austin, TX Electric Utility System, Solar Eclipse (Series 2017-0008), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 11/16/2017 8,575,000
600,000   Austin, TX Hotel Occupancy Tax, Subordinate Lien Variable Rate Revenue Refunding Bonds (Series 2008-B) Weekly VRDNs (Sumitomo Mitsui Banking Corp. LOC), 0.950%, 11/2/2017 600,000
700,000   Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs (FHLMC LOC), 1.010%, 11/2/2017 700,000
40,000,000   Harris County, TX Cultural Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Subseries 2009C-1), 0.96% CP, Mandatory Tender 12/7/2017 40,000,000
2,700,000   Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-1) Daily VRDNs, 0.920%, 11/1/2017 2,700,000
15,000,000   Harris County, TX Hospital District, Senior Lien Refunding Revenue Bonds (Series 2010) Weekly VRDNs (JPMorgan Chase Bank, N.A. LOC), 0.960%, 11/2/2017 15,000,000
4,680,000   Hays, TX Consolidated ISD, Solar Eclipse (Series 2017-0050) Weekly VRDNs (GTD by Texas PSFG Program)/(U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 4,680,000
25,000,000   Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), (Series 2010) Weekly VRDNs (GTD by Total S.A.), 0.980%, 11/1/2017 25,000,000
21,000,000   Port of Port Arthur Navigation District of Jefferson County, TX (TOTAL Petrochemicals USA, Inc.), Exempt Facilities Revenue Bonds (Series 2009) Weekly VRDNs (GTD by Total S.A.), 0.980%, 11/1/2017 21,000,000
30,000,000   San Antonio, TX Electric & Gas System, (2012 Series B), 0.90% CP (State Street Bank and Trust Co. and Wells Fargo Bank, N.A. LIQs), Mandatory Tender 12/7/2017 30,000,000
25,000,000   San Antonio, TX Electric & Gas System, (2012 Series B), 0.98% CP (State Street Bank and Trust Co. and Wells Fargo Bank, N.A. LIQs), Mandatory Tender 12/14/2017 25,000,000
    TOTAL 173,255,000
    Utah—5.8%  
20,450,000   Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs (Canadian Imperial Bank of Commerce LOC), 0.900%, 11/1/2017 20,450,000
6
Principal
Amount 		    Value
  1 SHORT-TERM MUNICIPALS—continued  
    Utah—continued  
$122,321,000   Riverton, UT Hospital Revenue Authority (IHC Health Services, Inc.), Stage Trust (Series 2012-33C) Weekly VRDNs (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 0.970%, 11/2/2017 $122,321,000
    TOTAL 142,771,000
    Virginia—2.8%  
1,400,000   Fairfax County, VA IDA (Inova Health System), (Series 2005C-2) Weekly VRDNs (Northern Trust Co., Chicago, IL LOC), 0.940%, 11/1/2017 1,400,000
200,000   Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 200,000
4,900,000   Newport News, VA IDA (CNU Warwick LLC), (Series 2004) Weekly VRDNs (Bank of America N.A. LOC), 1.000%, 11/2/2017 4,900,000
63,295,000   Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) Weekly VRDNs (Citibank NA, New York LIQ), 0.960%, 11/2/2017 63,295,000
500,000   Virginia Small Business Financing Authority (Sentara Health Systems Obligation Group), Tender Option Bond Trust Receipts (2016-ZF0360) Weekly VRDNs (JPMorgan Chase Bank, N.A. LIQ), 0.940%, 11/2/2017 500,000
    TOTAL 70,295,000
    Washington—0.5%  
7,855,000   Seattle, WA Drain & Wastewater, Solar Eclipse (2017-0028), 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/28/2017 7,855,000
4,000,000   Seattle, WA, Solar Eclipse Weekly VRDNs (U.S. Bank, N.A. LIQ), 0.970%, 11/2/2017 4,000,000
    TOTAL 11,855,000
    West Virginia—1.0%  
25,000,000   West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs (Branch Banking & Trust Co. LOC), 0.950%, 11/2/2017 25,000,000
    Wisconsin—0.3%  
5,000,000   Milwaukee County, WI Metropolitan Sewer District, Solar Eclipse 2017-0036, 1.07% TOBs (U.S. Bank, N.A. LIQ), Optional Tender 12/14/2017 5,000,000
2,610,000   Wisconsin State HEFA (Wisconsin Lutheran Child & Family Services, Inc.), (Series 2008) Weekly VRDNs (BMO Harris Bank, N.A. LOC), 1.200%, 11/2/2017 2,610,000
    TOTAL 7,610,000
    TOTAL INVESTMENT IN SECURITIES—99.9%
(AT AMORTIZED COST) 		2,473,457,328
    OTHER ASSETS AND LIABILITIES - NET—0.1%3 2,786,215
    TOTAL NET ASSETS—100% $2,476,243,543
At October 31, 2017, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).
1 Current rate and current maturity or next reset date shown for floating/variable rate demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
2 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At October 31, 2017, these restricted securities amounted to $6,710,000, which represented 0.3% of total net assets.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
7
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
The following acronyms are used throughout this portfolio:
AMT —Alternative Minimum Tax
BANs —Bond Anticipation Notes
CDA —Community Development Authority
CP —Commercial Paper
CSD —Central School District
EDA —Economic Development Authority
EDC —Economic Development Commission
FHLB —Federal Home Loan Bank
FHLMC —Federal Home Loan Mortgage Corporation
FNMA —Federal National Mortgage Association
GTD —Guaranteed
HEFA —Health and Education Facilities Authority
HFA —Housing Finance Authority
IDA —Industrial Development Authority
IDB —Industrial Development Bond
INS —Insured
ISD —Independent School District
LIQ(s) —Liquidity Agreement(s)
LOC —Letter of Credit
MFH —Multi-Family Housing
PCFA —Pollution Control Finance Authority
PCR —Pollution Control Revenue
PCRB(s) —Pollution Control Revenue Bond(s)
PSFG —Permanent School Fund Guarantee
PUTTERs —Puttable Tax-Exempt Receipts
RANs —Revenue Anticipation Notes
SIFMA —Securities Industry and Financial Markets Association
TANs —Tax Anticipation Notes
TOBs —Tender Option Bonds
VRDNs —Variable Rate Demand Notes
VRDPs —Variable Rate Demand Preferreds
VRENs —Variable Rate Extendible Notes
8
Federated Treasury Obligations Fund
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—61.0%  
$150,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/13/2017 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $501,144,306 on 12/29/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,288,025. $150,000,000
190,000,000   Interest in $200,000,000 joint repurchase agreement 1.12%, dated 10/20/2017 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $200,528,889 on 1/16/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $204,057,125. 190,000,000
2,129,000,000   Interest in $4,400,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $4,400,128,333 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $4,488,130,929. 2,129,000,000
240,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $240,007,000 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $244,807,148. 240,000,000
350,000,000   Interest in $375,000,000 joint repurchase agreement 1.12%, dated 7/7/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $376,528,333 on 11/15/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2043 and the market value of those underlying securities was $383,892,358. 350,000,000
475,000,000   Interest in $500,000,000 joint repurchase agreement 1.14%, dated 3/2/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $501,900,000 on 3/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2046 and the market value of those underlying securities was $510,016,219. 475,000,000
75,000,000   Interest in $300,000,000 joint repurchase agreement 1.08%, dated 8/4/2017 under which Bank of Montreal will repurchase securities provided as collateral for $300,927,000 on 11/15/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $306,817,044. 75,000,000
275,000,000   Interest in $300,000,000 joint repurchase agreement 1.08%, dated 9/14/2017 under which Bank of Montreal will repurchase securities provided as collateral for $300,954,000 on 12/29/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $306,440,655. 275,000,000
750,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Bank of Nova Scotia will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $1,530,044,709. 750,000,000
250,000,000   Interest in $800,000,000 joint repurchase agreement 1.05%, dated 10/25/2017 under which Barclays Bank PLC will repurchase securities provided as collateral for $800,700,000 on 11/24/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $816,714,005. 250,000,000
970,000,000   Interest in $3,420,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Barclays Bank PLC will repurchase securities provided as collateral for $3,420,099,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2046 and the market value of those underlying securities was $3,488,501,752. 970,000,000
50,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Barclays Bank PLC will repurchase securities provided as collateral for $50,001,458 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 3/31/2023 and the market value of those underlying securities was $51,001,522. 50,000,000
750,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $1,530,044,642. 750,000,000
250,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Citibank, N.A. will repurchase securities provided as collateral for $250,007,292 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $255,007,559. 250,000,000
475,000,000   Interest in $500,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,101,111 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2029 and the market value of those underlying securities was $510,088,413. 475,000,000
1
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$475,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $475,013,854 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $484,514,255. $475,000,000
300,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.05%, dated 10/19/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,000,408,333 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 3/31/2024 and the market value of those underlying securities was $1,020,386,840. 300,000,000
500,000,000   Interest in $700,000,000 joint repurchase agreement 1.05%, dated 10/27/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $700,142,917 on 11/3/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 11/15/2044 and the market value of those underlying securities was $714,104,216. 500,000,000
750,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $1,530,044,667. 750,000,000
200,000,000   Interest in $700,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $700,144,278 on 11/7/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2044 and the market value of those underlying securities was $714,021,089. 200,000,000
106,000,000   Repurchase agreement 1.04%, dated 10/31/2017 under which Credit Suisse Securities (USA) LLC will repurchase securities provided as collateral for $106,003,062 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 10/31/2018 and the market value of those underlying securities was $108,121,372. 106,000,000
1,150,000,000   Interest in $2,150,000,000 joint repurchase agreement 1.04%, dated 10/31/2017 under which Credit Suisse Securities (USA) LLC will repurchase securities provided as collateral for $2,150,062,111 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2026 and the market value of those underlying securities was $2,193,004,211. 1,150,000,000
500,000,000   Interest in $500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $500,014,583 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2044 and the market value of those underlying securities was $510,014,933. 500,000,000
500,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Deutsche Bank Securities, Inc. will repurchase securities provided as collateral for $1,000,029,167 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $1,020,029,814. 500,000,000
250,000,000   Repurchase agreement 0.50%, dated 10/31/2017 under which Fixed Income Clearing Corporation (“FICC”) - State Street Bank will repurchase securities provided as collateral for $250,003,472 on 11/1/2017. The securities provided as collateral at the end of the period held with State Street Bank as tri-party agent, were U.S. Treasury securities with various maturities to 7/31/2018 and the market value of those underlying securities was $299,906,250. 250,000,000
500,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.02%, dated 10/4/2017 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $1,000,991,667 on 11/8/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2027 and the market value of those underlying securities was $1,020,809,297. 500,000,000
150,000,000   Interest in $350,000,000 joint repurchase agreement 1.04%, dated 10/31/2017 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $350,070,778 on 11/7/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2043 and the market value of those underlying securities was $357,000,970. 150,000,000
1,500,000,000   Interest in $2,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which ING Financial Markets LLC will repurchase securities provided as collateral for $2,500,072,917 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 3/31/2021 and the market value of those underlying securities was $2,537,957,435. 1,500,000,000
103,974,000   Repurchase agreement 1.05%, dated 10/31/2017 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $103,974,000 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities maturing on 2/15/2044 and the market value of those underlying securities was $106,055,462. 103,974,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 1.05%, dated 10/19/2017 under which MUFG Securities Americas, Inc., will repurchase securities provided as collateral for $500,422,917 on 11/17/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,193,453. 250,000,000
600,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $600,017,500 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2037 and the market value of those underlying securities was $612,017,870. 600,000,000
2
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$300,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $300,008,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $306,009,007. $300,000,000
850,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,000,029,167 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $1,020,029,839. 850,000,000
414,815,000   Repurchase agreement 1.09%, dated 10/31/2017 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $414,827,560 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $421,624,877. 414,815,000
253,279,000   Repurchase agreement 1.09%, dated 10/31/2017 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $253,286,669 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2026 and the market value of those underlying securities was $257,897,435. 253,279,000
125,000,000   Interest in $500,000,000 joint repurchase agreement 1.08%, dated 8/4/2017 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $501,350,000 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $511,361,795. 125,000,000
474,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which RBS Securities, Inc. will repurchase securities provided as collateral for $474,013,825 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $483,483,263. 474,000,000
200,000,000   Interest in $500,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $500,101,111 on 11/2/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 9/30/2021 and the market value of those underlying securities was $510,103,155. 200,000,000
250,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $250,007,292 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 1/31/2022 and the market value of those underlying securities was $255,007,458. 250,000,000
230,000,000   Interest in $500,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $500,103,056 on 11/7/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $510,105,213. 230,000,000
475,000,000   Interest in $500,000,000 joint repurchase agreement 1.03%, dated 10/30/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,100,139 on 11/6/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2044 and the market value of those underlying securities was $510,029,219. 475,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,101,111 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2045 and the market value of those underlying securities was $510,088,450. 250,000,000
200,000,000   Repurchase agreement 1.06%, dated 5/4/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $200,041,222 on 11/8/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $204,006,084. 200,000,000
250,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/10/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,921,389 on 12/11/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $510,333,502. 250,000,000
140,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/12/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,936,250 on 12/14/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $510,303,215. 140,000,000
100,000,000   Repurchase agreement 1.08%, dated 10/4/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $100,297,000 on 1/11/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $102,085,741. 100,000,000
1,000,000,000   Interest in $2,000,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $2,000,058,333 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 6/30/2022 and the market value of those underlying securities was $2,040,003,237. 1,000,000,000
3
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$275,000,000   Interest in $300,000,000 joint repurchase agreement 1.04%, dated 10/25/2017 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $300,060,667 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $306,061,891. $275,000,000
500,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $500,014,583 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $510,014,897. 500,000,000
500,000,000   Repurchase agreement 1.05%, dated 10/31/2017 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $500,014,583 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 3/31/2022 and the market value of those underlying securities was $510,014,972. 500,000,000
    TOTAL REPURCHASE AGREEMENTS 22,001,068,000
    U.S. TREASURIES—38.9%  
350,000,000 1 United States Treasury Bills, 1.013%, 11/9/2017 349,921,250
424,000,000 1 United States Treasury Bills, 1.225%—1.230%, 8/16/2018 419,833,319
150,000,000 1 United States Treasury Bills, 1.240%, 4/19/2018 149,126,833
240,000,000 1 United States Treasury Bills, 1.250%, 4/26/2018 238,533,333
315,500,000 2 United States Treasury Floating Rate Notes, 1.181% (91-day T-Bill +0.048%), 11/7/2017 315,501,978
1,246,770,000 2 United States Treasury Floating Rate Notes, 1.193% (91-day T-Bill +0.060%), 11/7/2017 1,246,832,437
487,000,000 2 United States Treasury Floating Rate Notes, 1.203% (91-day T-Bill +0.070%), 11/7/2017 486,983,948
622,000,000 2 United States Treasury Floating Rate Notes, 1.273% (91-day T-Bill +0.140%), 11/7/2017 622,198,419
282,500,000 2 United States Treasury Floating Rate Notes, 1.303% (91-day T-Bill +0.170%), 11/7/2017 282,483,499
1,137,000,000 2 United States Treasury Floating Rate Notes, 1.307% (91-day T-Bill +0.174%), 11/7/2017 1,137,080,911
527,000,000 2 United States Treasury Floating Rate Notes, 1.323% (91-day T-Bill +0.190%), 11/7/2017 527,012,523
983,000,000 2 United States Treasury Floating Rate Notes, 1.405% (91-day T-Bill +0.272%), 11/7/2017 983,162,284
2,014,200,000   United States Treasury Notes, 0.625%—2.250%, 11/30/2017 2,015,673,568
620,500,000   United States Treasury Notes, 0.750%—2.625%, 1/31/2018 622,866,982
940,000,000   United States Treasury Notes, 0.750%—2.625%, 4/30/2018 938,943,189
1,345,000,000   United States Treasury Notes, 0.750%—2.750%, 12/31/2017 1,347,107,323
564,500,000   United States Treasury Notes, 0.875%—2.375%, 5/31/2018 566,139,709
424,800,000   United States Treasury Notes, 0.875%—4.250%, 11/15/2017 425,114,677
617,000,000   United States Treasury Notes, 1.000%—3.875%, 5/15/2018 619,357,061
90,000,000   United States Treasury Notes, 1.000%, 8/15/2018 89,790,356
330,500,000   United States Treasury Notes, 1.000%, 9/15/2018 329,623,487
289,000,000   United States Treasury Notes, 1.125%, 6/15/2018 289,238,638
    TOTAL U.S. TREASURIES 14,002,525,724
    TOTAL INVESTMENT IN SECURITIES—99.9%
(AT AMORTIZED COST) 		36,003,593,724
    OTHER ASSETS AND LIABILITIES-NET—0.1%3 26,968,708
    TOTAL NET ASSETS—100% $36,030,562,432
1 Discount rate at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
4
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
5
Federated Trust for U.S. Treasury Obligations
Portfolio of Investments
October 31, 2017 (unaudited)
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—61.9%  
$25,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/13/2017 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $501,144,306 on 12/29/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,288,025. $25,000,000
10,000,000   Interest in $200,000,000 joint repurchase agreement 1.12%, dated 10/20/2017 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $200,528,889 on 1/16/2018. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $204,057,125. 10,000,000
78,000,000   Interest in $4,400,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $4,400,128,333 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $4,488,130,929. 78,000,000
25,000,000   Interest in $375,000,000 joint repurchase agreement 1.12%, dated 7/7/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $376,528,333 on 11/15/2017. The securities provided as collateral at the end of the period held with BNY Mellon tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2043 and the market value of those underlying securities was $383,892,358. 25,000,000
25,000,000   Interest in $500,000,000 joint repurchase agreement 1.14%, dated 3/2/2017 under which BNP Paribas S.A. will repurchase securities provided as collateral for $501,900,000 on 3/1/2018. The securities provided as collateral at the end of the period held with BNY Mellon tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2046 and the market value of those underlying securities was $510,016,219. 25,000,000
25,000,000   Interest in $300,000,000 joint repurchase agreement 1.08%, dated 9/14/2017 under which Bank of Montreal will repurchase securities provided as collateral for $300,954,000 on 12/29/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $306,440,655. 25,000,000
250,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Bank of Nova Scotia will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $1,530,044,709. 250,000,000
250,000,000   Interest in $1,500,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $1,500,043,750 on 11/1/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $1,530,044,642. 250,000,000
25,000,000   Interest in $500,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,101,111 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2029 and the market value of those underlying securities was $510,088,413. 25,000,000
20,000,000   Interest in $700,000,000 joint repurchase agreement 1.05%, dated 10/27/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $700,142,917 on 11/3/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities Maturing on 11/15/2044 and the market value of those underlying securities was $714,104,216. 20,000,000
20,000,000   Interest in $700,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $700,144,278 on 11/7/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2044 and the market value of those underlying securities was $714,021,089. 20,000,000
20,000,000   Interest in $500,000,000 joint repurchase agreement 1.05%, dated 10/19/2017 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $500,422,917 on 11/17/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,193,453. 20,000,000
150,000,000   Interest in $1,000,000,000 joint repurchase agreement 1.05%, dated 10/31/2017 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,000,029,167 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $1,020,029,839. 150,000,000
10,000,000   Interest in $500,000,000 joint repurchase agreement 1.08%, dated 8/4/2017 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $501,350,000 on 11/2/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $511,361,795. 10,000,000
15,000,000   Interest in $500,000,000 joint repurchase agreement 1.04%, dated 10/26/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $500,101,111 on 11/2/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 9/30/2021 and the market value of those underlying securities was $510,103,155. 15,000,000
1
Principal
Amount 		    Value
    REPURCHASE AGREEMENTS—continued  
$20,000,000   Interest in $500,000,000 joint repurchase agreement 1.06%, dated 10/31/2017 under which Royal Bank of Canada, New York will repurchase securities provided as collateral for $500,103,056 on 11/7/2017. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $510,105,213. $20,000,000
25,000,000   Interest in $500,000,000 joint repurchase agreement 1.03%, dated 10/30/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,100,139 on 11/6/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2044 and the market value of those underlying securities was $510,029,219. 25,000,000
10,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/10/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,921,389 on 12/11/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2043 and the market value of those underlying securities was $510,333,502. 10,000,000
10,000,000   Interest in $500,000,000 joint repurchase agreement 1.07%, dated 10/12/2017 under which Societe Generale, New York will repurchase securities provided as collateral for $500,936,250 on 12/14/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $510,303,215. 10,000,000
25,000,000   Interest in $300,000,000 joint repurchase agreement 1.04%, dated 10/25/2017 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $300,060,667 on 11/1/2017. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $306,061,891. 25,000,000
    TOTAL REPURCHASE AGREEMENTS 1,038,000,000
    U.S. TREASURIES—38.0%  
20,000,000 1 United States Treasury Bills, 1.228%, 8/16/2018 19,803,600
10,000,000 1 United States Treasury Bills, 1.250%, 4/26/2018 9,938,889
9,500,000 2 United States Treasury Floating Rate Notes, 1.181% (91-day T-Bill +0.048%), 11/7/2017 9,500,020
53,410,000 2 United States Treasury Floating Rate Notes, 1.193% (91-day T-Bill +0.060%), 11/7/2017 53,413,150
25,000,000 2 United States Treasury Floating Rate Notes, 1.203% (91-day T-Bill +0.070%), 11/7/2017 24,999,395
38,000,000 2 United States Treasury Floating Rate Notes, 1.273% (91-day T-Bill +0.140%), 11/7/2017 38,010,143
17,500,000 2 United States Treasury Floating Rate Notes, 1.303% (91-day T-Bill +0.170%), 11/7/2017 17,498,866
50,000,000 2 United States Treasury Floating Rate Notes, 1.307% (91-day T-Bill +0.174%), 11/7/2017 50,003,367
24,440,000 2 United States Treasury Floating Rate Notes, 1.323% (91-day T-Bill +0.190%), 11/7/2017 24,440,615
57,000,000 2 United States Treasury Floating Rate Notes, 1.405% (91-day T-Bill +0.272%), 11/7/2017 57,009,246
61,300,000   United States Treasury Notes, 0.625%—2.250%, 11/30/2017 61,334,259
37,200,000   United States Treasury Notes, 0.750%—2.625%, 1/31/2018 37,342,125
37,000,000   United States Treasury Notes, 0.750%—2.625%, 4/30/2018 37,001,082
79,500,000   United States Treasury Notes, 0.750%—2.750%, 12/31/2017 79,606,540
21,000,000   United States Treasury Notes, 0.875%—2.375%, 5/31/2018 21,041,975
33,200,000   United States Treasury Notes, 0.875%—4.250%, 11/15/2017 33,235,811
20,000,000   United States Treasury Notes, 1.000%, 5/15/2018 19,979,658
6,000,000   United States Treasury Notes, 1.000%, 8/15/2018 5,986,024
13,000,000   United States Treasury Notes, 1.000%, 9/15/2018 12,965,523
23,000,000   United States Treasury Notes, 1.125%, 6/15/2018 23,018,992
    TOTAL U.S. TREASURIES 636,129,280
    TOTAL INVESTMENT IN SECURITIES—99.9%
(AT AMORTIZED COST) 		1,674,129,280
    OTHER ASSETS AND LIABILITIES - NET—0.1%3 1,195,369
    TOTAL NET ASSETS—100% $1,675,324,649
1 Discount rate(s) at time of purchase.
2 Floating/variable note with current rate and current maturity or next reset date shown.
3 Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at October 31, 2017.
2
Investment Valuation
Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.
The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a Valuation Committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
In valuing the Fund's assets as of October 31, 2017, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.
3

 

 

 

 

 

 

 

 

 

Item 2.Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3.Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Money Market Obligations Trust

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date December 22, 2017

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date December 22, 2017

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date December 22, 2017