Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

Federated California Municipal Cash Trust

Portfolio of Investments

January 31, 2019 (unaudited)

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.5%
		California—99.5%
$2,140,000		ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 1.300%, 2/7/2019	$2,140,000
7,080,000		Alameda Corridor Transportation Authority, CA, Tender Option Bond Trust Certificates (Series 2018-XL0085) Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.430%, 2/7/2019	7,080,000
835,000		Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 1.460%, 2/7/2019	835,000
3,000,000		Alameda County, CA Joint Powers Authority (Alameda County, CA), (Series A), CP, (FHLB of San Francisco LOC), 1.740%, Mandatory Tender 2/6/2019	3,000,000
9,960,000		Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.530%, 2/7/2019	9,960,000
3,365,000		Banning, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2440) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.480%, 2/7/2019	3,365,000
1,000,000		Bay Area Toll Authority, CA, 5.000%, 4/1/2019	1,005,318
9,000,000		Bay Area Toll Authority, CA, Tender Option Bond Trust Receipts (Series 2017-ZM0542) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	9,000,000
4,000,000		Beaumont, CA Public Improvement Authority, Tender Option Bond Trust Certificates (Series 2018-ZF2715) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.480%, 2/7/2019	4,000,000
3,320,000		Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.480%, 2/7/2019	3,320,000
5,000,000		California Educational Facilities Authority (Stanford University), CP, 1.750%, Mandatory Tender 4/2/2019	5,000,000
6,500,000		California Educational Facilities Authority (Stanford University), CP, 1.750%, Mandatory Tender 4/4/2019	6,500,000
6,000,000		California Educational Facilities Authority (Stanford University), CP, 1.750%, Mandatory Tender 4/9/2019	6,000,000
11,250,000		California Educational Facilities Authority (Stanford University), CP, 1.780%, Mandatory Tender 4/1/2019	11,250,000
5,655,000		California Enterprise Development Authority (Alvarado Street Bakery), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.480%, 2/7/2019	5,655,000
5,620,000		California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 1.480%, 2/7/2019	5,620,000
6,575,000		California Enterprise Development Authority (Ramar International Corporation), (Series 2008A) Weekly VRDNs, (Comerica Bank LOC), 1.500%, 2/7/2019	6,575,000
12,200,000		California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 1.480%, 2/7/2019	12,200,000
35,000,000		California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.550%, 2/7/2019	35,000,000
10,000,000		California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 1.800%, Mandatory Tender 2/12/2019	10,000,000
20,000,000		California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 1.830%, Mandatory Tender 3/14/2019	20,000,000
2,500,000		California Health Facilities Financing Authority (Kaiser Permanente), RBC Muni Products (Series G-44) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.580%, Optional Tender 5/1/2019	2,500,000
5,000,000		California Health Facilities Financing Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2018-XF0608) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.430%, 2/7/2019	5,000,000
4,180,000		California Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at Stanford), Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	4,180,000
2,295,000		California Health Facilities Financing Authority (Providence St. Joseph Health), Tender Option Bond Trust Receipts (Series 2018-XM0696) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	2,295,000
8,625,000		California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Certificates (2017-XF2417) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.440%, 2/7/2019	8,625,000
2,611,000		California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Certificates (Series 2017-XF2408) Weekly VRDNs, (Citibank NA, New York LIQ), 1.390%, 2/7/2019	2,611,000
4,765,000		California Infrastructure & Economic Development Bank (Saddleback Valley Christian Schools), (Series 2010A) Weekly VRDNs, (FHLB of San Francisco LOC), 1.460%, 2/7/2019	4,765,000
9,715,000		California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs, (FHLB of San Francisco LOC), 1.900%, 2/1/2019	9,715,000
3,795,000		California Infrastructure & Economic Development Bank (Tobinworld), (Series 2007A) Weekly VRDNs, (Comerica Bank LOC), 1.500%, 2/7/2019	3,795,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$1,910,000		California Municipal Finance Authority (High Desert Partnership in Academic Excellence Foundation, Inc.), (Series 2012A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.480%, 2/7/2019	$1,910,000
7,200,000		California Municipal Finance Authority (La Sierra University), (Series 2008A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.370%, 2/7/2019	7,200,000
700,000		California Municipal Finance Authority (La Sierra University), (Series 2008B) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.370%, 2/7/2019	700,000
3,570,000		California Municipal Finance Authority (Notre Dame High School), (Series 2007) Weekly VRDNs, (Comerica Bank LOC), 1.300%, 2/7/2019	3,570,000
7,400,000		California PCFA (Air Products & Chemicals, Inc.), (Series 1997B) Daily VRDNs, 1.410%, 2/1/2019	7,400,000
780,000		California PCFA (Mission Trail Waste Systems, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 1.460%, 2/6/2019	780,000
14,720,000		California State Department of Water Resources Power Supply Program, (Series L), 5.000%, 5/1/2019	14,840,016
15,000,000		California State Department of Water Resources, (Series 1), CP, 1.450%, Mandatory Tender 3/18/2019	15,000,000
5,310,000		California State Department of Water Resources, (Series 1), CP, 1.450%, Mandatory Tender 3/7/2019	5,310,000
12,361,000		California State Department of Water Resources, (Series 1), CP, 1.470%, Mandatory Tender 4/10/2019	12,361,000
9,000,000		California State Department of Water Resources, (Series 1), CP, 1.470%, Mandatory Tender 4/4/2019	9,000,000
9,100,000		California State Department of Water Resources, (Series 1), CP, 1.680%, Mandatory Tender 2/7/2019	9,100,000
2,000,000		California State Department of Water Resources, (Series 2), CP, 1.300%, Mandatory Tender 2/12/2019	2,000,000
4,000,000		California State Department of Water Resources, (Series 2), CP, 1.380%, Mandatory Tender 2/21/2019	4,000,000
16,300,000		California State Department of Water Resources, (Series 2), CP, 1.450%, Mandatory Tender 3/4/2019	16,300,000
10,000,000		California State Department of Water Resources, (Series 2), CP, 1.480%, Mandatory Tender 2/26/2019	10,000,000
14,708,000		California State Department of Water Resources, (Series 2), CP, 1.530%, Mandatory Tender 3/15/2019	14,708,000
5,675,000		California State Municipal Finance Authority (Garden Grove Pacific Associates), (2018 Series A: Garden Brook Senior Village) Weekly VRDNs, (FHLB of San Francisco LOC), 1.230%, 2/6/2019	5,675,000
8,760,000		California State Public Works Board (California State), (2012 Series A), 5.000%, 4/1/2019	8,807,090
2,235,000		California State University (The Trustees of), Tender Option Bond Trust Receipts (Series 2018-ZF0673) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	2,235,000
1,800,000		California State University (The Trustees of), Tender Option Bond Trust Receipts (Series 2019-XF0740) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.430%, 2/7/2019	1,800,000
13,840,000		California State University Institute, (Series A), CP, (State Street Bank and Trust Co. LOC)/(Wells Fargo Bank, N.A. LOC), 1.470%, Mandatory Tender 3/5/2019	13,840,000
5,000,000		California State, (Series 2011A-2), CP, (Royal Bank of Canada LOC), 1.550%, Mandatory Tender 4/3/2019	5,000,000
5,490,000		California State, (Series A-6), CP, (Bank of America N.A. LOC), 1.600%, Mandatory Tender 3/5/2019	5,490,000
2,500,000		California State, RBC Muni Products (Series G-68) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	2,500,000
2,000,000		California State, RBC Muni Products, Inc., Trust Floater Certificates (Series G-1) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	2,000,000
4,000,000		California State, RBC Muni Products, Inc., Trust Floater Certificates (Series G-2) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	4,000,000
4,950,000		California State, Various Purpose UT GO Bonds, (United States Treasury PRF 4/1/2019@100), 6.000%, 4/1/2038	4,986,506
3,355,000		California State, Various Purpose UT GO Bonds, (United States Treasury PRF 4/1/2019@100), 6.500%, 4/1/2033	3,382,450
7,585,000		California Statewide Communities Development Authority (Chabad of California), (Series 2004) Weekly VRDNs, (Comerica Bank LOC), 1.420%, 2/7/2019	7,585,000
2,220,000		California Statewide Communities Development Authority (Cruzio Holding Company, LLC), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (Comerica Bank LOC), 1.300%, 2/7/2019	2,220,000
5,045,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 1.600%, Mandatory Tender 6/11/2019	5,045,000
5,950,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 1.820%, Mandatory Tender 5/9/2019	5,950,000
15,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.600%, Mandatory Tender 6/11/2019	15,000,000
6,230,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.800%, Mandatory Tender 5/3/2019	6,230,000
4,560,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008A) Weekly VRDNs, 1.300%, 2/6/2019	4,560,000
15,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 1.800%, Mandatory Tender 3/25/2019	15,000,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$20,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.820%, Mandatory Tender 4/4/2019	$20,000,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.860%, Mandatory Tender 3/13/2019	10,000,000
10,000,000		California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009 B-6), CP, 1.750%, Mandatory Tender 6/5/2019	10,000,000
23,340,000		California Statewide Communities Development Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2015-ZF0199) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.430%, 2/7/2019	23,340,000
6,465,000		California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 1.300%, 2/7/2019	6,465,000
735,000		California Statewide Communities Development Authority (Penny Lane Centers), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.480%, 2/7/2019	735,000
7,520,000		California Statewide Communities Development Authority (Rady Children's Hospital—San Diego), (Series 2008C) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.250%, 2/7/2019	7,520,000
5,600,000		California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 Series B: Mountain View Apartments) Weekly VRDNs, (FHLMC LOC), 1.510%, 2/7/2019	5,600,000
19,725,000		California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 1.400%, 2/7/2019	19,725,000
4,050,000		California Statewide Communities Development Authority, (Series 2010A: Gas Supply Variable Rate Revenue Bonds) TOBs, (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), 1.530%, Optional Tender 3/1/2019	4,050,000
25,625,000		California Statewide Communities Development Authority, (Series 2010B: Gas Supply Variable Rate Revenue Bonds) TOBs, (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), 1.530%, Optional Tender 3/1/2019	25,625,000
7,500,000		Central Basin Municipal Water District, CA, Tender Option Bond Trust Certificates (2016-XG0038) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.530%, 2/7/2019	7,500,000
5,000,000		Coast CCD, CA, (Series 2018 G-7) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	5,000,000
5,705,000		Coast CCD, CA, Tender Option Bond Trust Receipt (2018-XM0869) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.430%, 2/7/2019	5,705,000
4,000,000		Corona-Norco, CA USD, RBC Muni Products (Series G-64) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	4,000,000
9,905,000		East Side, CA Union High School District, Stage Trust (Series 2011-120C) TOBs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.700%, Optional Tender 7/25/2019	9,905,000
2,105,000		Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs, (Bank of America N.A. LIQ), 1.420%, 2/7/2019	2,105,000
2,000,000		Escondido, CA, RBC Muni Products (Series G-77) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	2,000,000
3,425,000		Fremont, CA Union High School District, Tender Option Bond Trust Receipts (Series 2018-XF0647) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.430%, 2/7/2019	3,425,000
2,500,000		Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (2018-XF0669) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.440%, 2/7/2019	2,500,000
2,000,000		Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (Series 2018-XG0188) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.440%, 2/7/2019	2,000,000
22,060,000		Hayward, CA USD, Tender Option Bond Trust Receipts (2017-XF0545) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 1.420%, 2/7/2019	22,060,000
2,000,000		Hillsborough, CA Water and Sewer Systems, (Series 2006A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 1.250%, 2/7/2019	2,000,000
1,850,000		Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.480%, 2/7/2019	1,850,000
3,590,000		Imperial Irrigation District, CA, Tender Option Bond Trust Receipts (Series 2018-XM0611) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.440%, 2/7/2019	3,590,000
7,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), CP, (Bank of the West, San Francisco, CA LOC), 1.600%, Mandatory Tender 4/10/2019	7,000,000
11,000,000		Los Angeles County, CA Capital Asset Leasing Corporation, (Series B), CP, (U.S. Bank, N.A. LOC), 1.470%, Mandatory Tender 2/6/2019	11,000,000
5,000,000		Los Angeles County, CA TRANs, 4.000%, 6/28/2019	5,048,579
3,300,000		Los Angeles, CA Department of Water & Power (Electric/Power System), Tender Option Bond Trust Receipts (Series 2017-XF0570) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.430%, 2/7/2019	3,300,000
7,520,000		Los Angeles, CA Department of Water & Power (Electric/Power System), Tender Option Bond Trust Receipts (Series 2018-XF0732) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.430%, 2/7/2019	7,520,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$3,000,000		Los Angeles, CA Department of Water & Power (Water Works/System), Tender Option Bond Trust Receipts (Series 2017-XG0121) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	$3,000,000
35,695,000		Los Angeles, CA TRANs, 4.000%, 6/27/2019	36,025,834
3,000,000		Los Angeles, CA USD, Tender Option Bond Trust Certificates (Series 2018-XF2575) Weekly VRDNs, (Citibank NA, New York LIQ), 1.390%, 2/7/2019	3,000,000
2,885,000		Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-XM0703) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.430%, 2/7/2019	2,885,000
5,000,000		Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-ZM0590) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	5,000,000
4,985,000		Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 1.420%, 2/7/2019	4,985,000
6,670,000		Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.500%, 2/7/2019	6,670,000
10,000,000		Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 1.440%, 2/7/2019	10,000,000
2,505,000		Oxnard, CA School District, (Series 2018 G-8) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	2,505,000
1,190,000		Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.480%, 2/7/2019	1,190,000
17,690,000		Pomona, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2446) Weekly VRDNs, (Build America Mutual Assurance INS)/(Citibank NA, New York LIQ), 1.480%, 2/7/2019	17,690,000
7,500,000		Riverside County, CA Public Financing Authority (Riverside County, CA), Tender Option Bond Trust Receipt (2017-ZF0538) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.530%, 2/7/2019	7,500,000
18,800,000		Sacramento, CA Municipal Utility District, (Subseries K-1), CP, (State Street Bank and Trust Co. LOC), 1.480%, Mandatory Tender 4/4/2019	18,800,000
7,500,000		Sacramento, CA Municipal Utility District, (Subseries K-1), CP, (State Street Bank and Trust Co. LOC), 1.530%, Mandatory Tender 4/2/2019	7,500,000
1,000,000		San Bernardino, CA CCD, RBC Muni Products (Series G-78) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	1,000,000
3,450,000		San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.460%, 2/7/2019	3,450,000
5,000,000		San Diego County, CA Water Authority, (Series 8), CP, (MUFG Bank Ltd. LIQ), 1.300%, Mandatory Tender 2/4/2019	5,000,000
3,000,000		San Diego, CA USD, RBC Muni Products (Series 2018-G51) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	3,000,000
9,945,000		San Francisco, CA City & County Airport Commission, Stage Trust (Series 2010-03C) TOBs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.700%, Optional Tender 7/25/2019	9,945,000
19,928,000		San Francisco, CA Public Utilities Commission (Wastewater Enterprise), (Series A-2), CP, (Bank of America N.A. LOC), 1.530%, Mandatory Tender 3/28/2019	19,928,000
3,330,000		San Francisco, CA Public Utilities Commission (Water Enterprise), Tender Option Bond Trust Receipts (Series 2018-XF0607) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.430%, 2/7/2019	3,330,000
2,230,000		San Mateo County, CA CCD, Tender Option Bond Trust Cetificates (Series 2018-XM0712) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.440%, 2/7/2019	2,230,000
3,795,000		San Rafael City, CA High School District, Tender Option Bond Trust Receipts (Series 2018-XF0674) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.440%, 2/7/2019	3,795,000
2,985,000		Santa Clara County, CA, (Series 2018-XF0646) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.430%, 2/7/2019	2,985,000
3,000,000		Sonoma County, CA Junior College District, (Series 2018 G-6) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	3,000,000
2,410,000		Southwestern CCD, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0250) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.530%, 2/7/2019	2,410,000
4,750,000		Sweetwater, CA Union High School District, RBC Muni Products, Inc. Trust (Series G-95) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	4,750,000
8,490,000		Twin Rivers, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2442) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.480%, 2/7/2019	8,490,000
14,000,000		University of California (The Regents of), (2013 Series AL-4) Daily VRDNs, 1.400%, 2/1/2019	14,000,000
2,450,000		University of California (The Regents of), (Series A), CP, 1.550%, Mandatory Tender 5/22/2019	2,450,000
5,000,000		University of California (The Regents of), (Series A), CP, 1.780%, Mandatory Tender 3/5/2019	5,000,000
10,000,000		University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2670) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.450%, 2/7/2019	10,000,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		California—continued
$2,675,000		University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.430%, 2/7/2019	$2,675,000
1,500,000		University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2018-ZM0660) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	1,500,000
5,630,000		Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2065 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.480%, 2/7/2019	5,630,000
5,685,000		Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2066 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.480%, 2/7/2019	5,685,000
8,675,000		Visalia, CA USD, Floater Certificates (Series 2018-ZM0657) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.450%, 2/7/2019	8,675,000
13,585,000		Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 1.480%, 2/7/2019	13,585,000
23,035,000		Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital Obligated Group), Golden Blue 3a-7 (Series 2018-030) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.550%, 2/7/2019	23,035,000
3,350,000		Yosemite, CA CCD, RBC Muni Products (Series 2018-G50) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.430%, 2/7/2019	3,350,000
		TOTAL INVESTMENT IN SECURITIES—99.5% (AT AMORTIZED COST)	1,002,693,793
		OTHER ASSETS AND LIABILITIES - NET—0.5%²	5,275,131
		TOTAL NET ASSETS—100%	$1,007,968,924

At January 31, 2019, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.

Investment Valuation

Securities are valued at amortized cost. Under the amortized cost valuation method, an investment is valued initially at its cost as determined in accordance with U.S. generally accepted accounting principles. The Fund then adjusts the amount of interest income accrued each day over the term of the investment to account for any difference between the initial cost of the investment and the amount payable at its maturity. If amortized cost is determined not to approximate fair value, the value of the portfolio securities will be determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its net asset value per share.

The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market-based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets, as of January 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Federated Institutional Tax-Free Cash Trust

Portfolio of Investments

January 31, 2019 (unaudited)

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—100.1%
		Alabama—8.6%
$5,600,000		Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A:Turtle Lake) Weekly VRDNs, (FNMA LOC), 1.480%, 2/7/2019	$5,600,000
8,000,000		Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 1.440%, 2/7/2019	8,000,000
8,750,000		Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-B: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Societe Generale, Paris LOC), 1.470%, 2/7/2019	8,750,000
5,525,000		Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (FHLB of Dallas LOC), 1.450%, 2/7/2019	5,525,000
28,025,000		Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2008C: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 1.430%, 2/7/2019	28,025,000
4,950,000		Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011A: Gulf Opportunity Zone Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.490%, 2/6/2019	4,950,000
4,400,000		Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011I: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 1.430%, 2/7/2019	4,400,000
13,000,000		Tuscaloosa County, AL IDA (Hunt Refining Co.), (Series 2011J: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 1.430%, 2/7/2019	13,000,000
15,230,000		Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (FHLB of Atlanta LOC), 1.480%, 2/7/2019	15,230,000
		TOTAL	93,480,000
		Arizona—1.1%
5,920,000		Arizona Health Facilities Authority (Dignity Health (Catholic Healthcare West)), (2008 Series A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.500%, 2/6/2019	5,920,000
1,625,000		Arizona Health Facilities Authority (Dignity Health (Catholic Healthcare West)), (2008 Series B) Weekly VRDNs, (Barclays Bank PLC LOC), 1.450%, 2/6/2019	1,625,000
4,000,000		Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 1.480%, 2/7/2019	4,000,000
		TOTAL	11,545,000
		Connecticut—1.8%
4,435,000		Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.460%, 2/7/2019	4,435,000
3,900,000		Connecticut State HEFA (Westminster School), (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 1.500%, 2/7/2019	3,900,000
6,545,000		Connecticut State HFA (CIL Realty), (Series 2010) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.460%, 2/7/2019	6,545,000
4,320,000		Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.480%, 2/7/2019	4,320,000
		TOTAL	19,200,000
		Florida—8.5%
4,810,000		Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs, (TD Bank, N.A. LOC), 1.480%, 2/7/2019	4,810,000
9,750,000		Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.470%, 2/6/2019	9,750,000
27,935,000		JEA, FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.650%, 2/1/2019	27,935,000
2,860,000		JEA, FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.550%, 2/6/2019	2,860,000
12,055,000		JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.540%, 2/6/2019	12,055,000
7,450,000		Palm Beach County, FL (Zoological Society of Palm Beach, Inc.), (Series 2001) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.460%, 2/7/2019	7,450,000
10,000,000		Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.440%, 2/7/2019	10,000,000
17,405,000		Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010B) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.440%, 2/7/2019	17,405,000
		TOTAL	92,265,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Georgia—5.2%
$8,800,000		Burke County, GA Development Authority (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Bank of America N.A. LOC), 1.470%, 2/6/2019	$8,800,000
3,250,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 1.560%, 2/7/2019	3,250,000
40,925,000		Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly VRDNs, (PNC Bank, N.A. LIQ), 1.450%, 2/6/2019	40,925,000
2,850,000		Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Bank of Montreal LOC), 1.420%, 2/6/2019	2,850,000
		TOTAL	55,825,000
		Illinois—6.6%
1,550,000		Illinois Development Finance Authority (North Park University), (Series 1999) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.480%, 2/6/2019	1,550,000
25,100,000		Illinois Development Finance Authority IDB (Lyric Opera of Chicago) Weekly VRDNs, (BMO Harris Bank, N.A. LOC)/(JPMorgan Chase Bank, N.A. LOC)/(Northern Trust Co., Chicago, IL LOC), 1.480%, 2/6/2019	25,100,000
19,125,000		Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.500%, 2/6/2019	19,125,000
5,150,000		Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-2B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.500%, 2/6/2019	5,150,000
3,450,000		Illinois Finance Authority (Carle Foundation), (Series 2009C) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.410%, 2/7/2019	3,450,000
2,350,000		Illinois Finance Authority (Carle Foundation), (Series 2009E) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.440%, 2/7/2019	2,350,000
3,250,000		Illinois Finance Authority (Clearbrook Corp.), (Series 2008) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.430%, 2/7/2019	3,250,000
5,905,000		Morton Grove Village, IL (Illinois Holocaust Museum and Education Center), (Series 2006) Weekly VRDNs, (Bank of America N.A. LOC), 1.430%, 2/7/2019	5,905,000
5,995,000		Southwestern Illinois Development Authority (Molinero, Inc.), (Series 2010) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.430%, 2/7/2019	5,995,000
		TOTAL	71,875,000
		Indiana—1.9%
1,500,000		Indiana State Finance Authority Enviornmental (Duke Energy Indiana, Inc.), (Series 2009A-4) Daily VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.700%, 2/1/2019	1,500,000
5,275,000		Indiana State Finance Authority Health System (Sisters of St. Francis Health Services, Inc.), (Series 2008F) Weekly VRDNs, (Bank of New York Mellon LOC), 1.470%, 2/7/2019	5,275,000
5,515,000		Indianapolis, IN MFH (Washington Pointe, LP), (Series 2009A) Weekly VRDNs, (FNMA LOC), 1.350%, 2/1/2019	5,515,000
8,740,000		Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.490%, 2/7/2019	8,740,000
		TOTAL	21,030,000
		Iowa—2.5%
27,100,000		Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 1.450%, 2/7/2019	27,100,000
200,000		Iowa Finance Authority (Trinity Healthcare Credit Group), (Series 2000D) Weekly VRDNs, 1.430%, 2/7/2019	200,000
		TOTAL	27,300,000
		Louisiana—2.9%
3,620,000		Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 1.340%, 2/6/2019	3,620,000
3,350,000		Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 1.340%, 2/6/2019	3,350,000
13,700,000		Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2008B) Weekly VRDNs, 1.470%, 2/6/2019	13,700,000
11,000,000		Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2009A) Weekly VRDNs, 1.390%, 2/6/2019	11,000,000
		TOTAL	31,670,000
		Maryland—0.1%
685,000		Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs, (Bank of America N.A. LOC), 1.720%, 2/7/2019	685,000
		Massachusetts—0.6%
85,000		Commonwealth of Massachusetts, (Series 2001 C) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.430%, 2/7/2019	85,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Massachusetts—continued
$6,090,000		Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.440%, 2/7/2019	$6,090,000
		TOTAL	6,175,000
		Michigan—3.2%
8,825,000		Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B-3) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.430%, 2/6/2019	8,825,000
4,840,000		Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs, (FHLB of Chicago LOC), 1.460%, 2/7/2019	4,840,000
4,100,000		Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.470%, 2/7/2019	4,100,000
12,830,000		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), 1.530%, 2/7/2019	12,830,000
4,240,000		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), 1.530%, 2/7/2019	4,240,000
		TOTAL	34,835,000
		Minnesota—1.7%
12,520,000		Minneapolis, MN (Symphony Place) Weekly VRDNs, (FHLMC LOC), 1.490%, 2/7/2019	12,520,000
1,200,000		Minnesota State Higher Education Facility Authority (Augsburg College), (Series Six-J2) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.520%, 2/7/2019	1,200,000
4,650,000		St. Louis Park, MN (Parkshore Senior Campus, LLC), (Series 2004) Weekly VRDNs, (FHLMC LOC), 1.510%, 2/7/2019	4,650,000
		TOTAL	18,370,000
		Mississippi—3.2%
34,075,000		Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 1.550%, 2/7/2019	34,075,000
		Missouri—0.2%
1,800,000		Missouri State HEFA (Saint Louis University), (Series B-2) Daily VRDNs, (Wells Fargo Bank, N.A. LOC), 1.630%, 2/1/2019	1,800,000
		Multi-State—6.9%
24,000,000		Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank NA, New York LIQ), 1.510%, 2/7/2019	24,000,000
9,000,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 1.480%, 2/7/2019	9,000,000
22,100,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.520%, 2/7/2019	22,100,000
20,000,000		Nuveen Enhanced AMT-Free Quality Municipal Income Fund, VRDP(Series 5-1000) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ)/(Sumitomo Mitsui Banking Corp. LOC), 1.520%, 2/7/2019	20,000,000
		TOTAL	75,100,000
		Nebraska—0.1%
1,400,000		Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 1.480%, 2/7/2019	1,400,000
		New York—8.8%
8,000,000		New York City, NY Municipal Water Finance Authority, (Fiscal 2014 AA-6 Bonds) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.630%, 2/1/2019	8,000,000
6,905,000		New York City, NY Municipal Water Finance Authority, (Series 2015 BB-4) Daily VRDNs, (Barclays Bank PLC LIQ), 1.630%, 2/1/2019	6,905,000
7,850,000		New York City, NY Municipal Water Finance Authority, (Series 2015BB-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.490%, 2/7/2019	7,850,000
1,000,000		New York City, NY Transitional Finance Authority, (2019 Subseries A-4) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.630%, 2/1/2019	1,000,000
10,000,000		New York City, NY Transitional Finance Authority, (Series 1999A-1) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.450%, 2/6/2019	10,000,000
4,600,000		New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs, (Barclays Bank PLC LIQ), 1.630%, 2/1/2019	4,600,000
1,000,000		New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.420%, 2/7/2019	1,000,000
3,900,000		New York City, NY Transitional Finance Authority, Future Tax Secured Bonds (2003 Subseries C-2) Daily VRDNs, (GTD by Landesbank Hessen-Thuringen LIQ), 1.640%, 2/1/2019	3,900,000
12,415,000		New York City, NY, (Fiscal 2012 Series G-6) Daily VRDNs, (Mizuho Bank Ltd. LOC), 1.650%, 2/1/2019	12,415,000
21,505,000		New York City, NY, (Fiscal 2017 Series A Subseries A-5) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.680%, 2/1/2019	21,505,000
5,500,000		New York State Dormitory Authority (City University of New York), Consolidated Fifth General Resolution Revenue Bonds (Series 2008C) Weekly VRDNs, (Bank of America N.A. LOC), 1.400%, 2/7/2019	5,500,000
3,600,000		New York State HFA (160 Madison Ave, LLC), (Series 2014A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.640%, 2/1/2019	3,600,000
6,000,000		New York State HFA (160 Madison Avenue), (2013 Series A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.640%, 2/1/2019	6,000,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$2,900,000		New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.640%, 2/1/2019	$2,900,000
		TOTAL	95,175,000
		North Carolina—0.7%
5,345,000		Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007B) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.650%, 2/1/2019	5,345,000
1,785,000		North Carolina Capital Facilities Finance Agency (Salem Academy and College), (Series 2005) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.420%, 2/7/2019	1,785,000
		TOTAL	7,130,000
		Ohio—5.6%
7,100,000		Franklin County, OH Hospital Facility Authority (OhioHealth Corp,), (Series 2018 C) Weekly VRDNs, 1.420%, 2/6/2019	7,100,000
31,500,000		Hamilton County, OH Hospital Facilities Authority (Cincinnati Children's Hospital Medical Center), (Series 2018AA) Weekly VRDNs, 1.410%, 2/7/2019	31,500,000
3,400,000		Hamilton County, OH Hospital Facilities Authority (The Elizabeth Gamble Deaconess Home Association), (Series 2002A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.430%, 2/7/2019	3,400,000
1,210,000		Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.430%, 2/7/2019	1,210,000
17,115,000		Ohio Water Development Authority, (Series 2016A) Weekly VRDNs, (BMO Harris Bank, N.A. LIQ), 1.430%, 2/6/2019	17,115,000
		TOTAL	60,325,000
		Pennsylvania—9.2%
7,855,000		Butler County, PA General Authority (Iroquois School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.440%, 2/7/2019	7,855,000
13,300,000		Butler County, PA General Authority (South Park School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.440%, 2/7/2019	13,300,000
2,500,000		Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.460%, 2/7/2019	2,500,000
200,000		Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.460%, 2/7/2019	200,000
6,975,000		Emmaus, PA General Authority, (Series 1996) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Wells Fargo Bank, N.A. LIQ), 1.500%, 2/6/2019	6,975,000
1,200,000		Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.660%, 2/1/2019	1,200,000
700,000		Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.430%, 2/7/2019	700,000
4,400,000		Lower Merion, PA School District, (Series B of 2009) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.360%, 2/7/2019	4,400,000
12,765,000		Mercer County, PA, (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.440%, 2/7/2019	12,765,000
1,800,000		Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (GTD by FHLMC), 1.430%, 2/7/2019	1,800,000
5,950,000		Philadelphia, PA Authority for Industrial Development, (Series 2007B-2) Weekly VRDNs, (TD Bank, N.A. LOC), 1.420%, 2/7/2019	5,950,000
2,000,000		Philadelphia, PA Gas Works, (8th Series D) Weekly VRDNs, (Royal Bank of Canada LOC), 1.430%, 2/7/2019	2,000,000
4,625,000		Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2005A) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.630%, 2/1/2019	4,625,000
10,215,000		Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank PLC LOC), 1.430%, 2/7/2019	10,215,000
25,490,000		Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.440%, 2/7/2019	25,490,000
		TOTAL	99,975,000
		Tennessee—2.7%
2,200,000		Metropolitan Nashville Tennessee Airport Authority, (Series 2008A) Weekly VRDNs, (Societe Generale, Paris LOC), 1.450%, 2/6/2019	2,200,000
17,000,000		Sevier County, TN Public Building Authority (Sevier County, TN), Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs, (Bank of America N.A. LOC), 1.440%, 2/6/2019	17,000,000
10,500,000		Wilson County, TN Sports Authority, (Series 1999) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.430%, 2/7/2019	10,500,000
		TOTAL	29,700,000
		Texas—11.9%
2,800,000		Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs, (FHLMC LOC), 1.520%, 2/7/2019	2,800,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Texas—continued
$10,000,000		Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-1) Daily VRDNs, 1.650%, 2/1/2019	$10,000,000
10,000,000		Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-2) Daily VRDNs, 1.650%, 2/1/2019	10,000,000
22,000,000		Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-1) Daily VRDNs, 1.650%, 2/1/2019	22,000,000
12,365,000		Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-2) Daily VRDNs, 1.650%, 2/1/2019	12,365,000
14,685,000		Harris County, TX Hospital Distict, Senior Lien Refunding Revenue Bonds (Series 2010) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.460%, 2/7/2019	14,685,000
13,050,000		Tarrant County, TX HFDC (Cook Children's Medical Center), (Series 2010B) Weekly VRDNs, 1.480%, 2/7/2019	13,050,000
14,500,000		Texas State, Veterans Bonds (Series 2011B) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.570%, 2/6/2019	14,500,000
29,065,000		Texas State, Veterans Bonds (Series 2012B) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.570%, 2/6/2019	29,065,000
		TOTAL	128,465,000
		Utah—0.9%
8,230,000		Murray City, Utah Hospital Revenue (IHC Health Services, Inc.), (Series 2005B) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.650%, 2/1/2019	8,230,000
2,000,000		St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.510%, 2/7/2019	2,000,000
		TOTAL	10,230,000
		Virginia—1.4%
5,750,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003A) Weekly VRDNs, 1.380%, 2/6/2019	5,750,000
3,780,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003B) Weekly VRDNs, 1.380%, 2/6/2019	3,780,000
2,300,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2009B) Weekly VRDNs, 1.400%, 2/6/2019	2,300,000
3,000,000		Norfolk, VA, (Series 2007) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.400%, 2/6/2019	3,000,000
		TOTAL	14,830,000
		West Virginia—3.1%
15,035,000		West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.440%, 2/7/2019	15,035,000
18,680,000		West Virginia State Hospital Finance Authority (West Virginia University Health System), (2018 Series C) Weekly VRDNs, (TD Bank, N.A. LOC), 1.430%, 2/7/2019	18,680,000
		TOTAL	33,715,000
		Wisconsin—0.7%
7,640,000		Wisconsin Public Finance Authority (RPD Holdings, LLC and HGI Wisconsin, LLC), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, (AgriBank FCB LOC), 1.440%, 2/7/2019	7,640,000
		TOTAL INVESTMENT IN SECURITIES—100.1% (AT IDENTIFIED COST)	1,083,815,000
		OTHER ASSETS AND LIABILITIES - NET—(0.1)%²	(879,429)
		TOTAL NET ASSETS—100%	$1,082,935,571

At January 31, 2019, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

■	Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).
■	Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.
■	Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.

■

For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.

If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”), is deemed not representative of the fair value of each security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.

Fair Valuation Procedures

The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 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 January 31, 2019, all investments of the Fund utilized Level 2 inputs, in valuing the Fund's assets carried at fair value.

The following acronyms are used throughout this portfolio:

CDA	—Community Development Authority
EDC	—Economic Development Commission
EDRB	—Economic Development Revenue Bond
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
HFA	—Housing Finance Authority
HFDC	—Health Facility Development Corporation
IDA	—Industrial Development Authority
IDB	—Industrial Development Bond
IDRB	—Industrial Development Revenue Bond
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds

Federated Georgia Municipal Cash Trust

Portfolio of Investments

January 31, 2019 (unaudited)

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—100.2%
		Georgia—100.2%
$2,720,000		Atlanta, GA Water & Wastewater, Tender Option Bond Trust Receipts (2015-XF0234) Weekly VRDNs,(Royal Bank of Canada LIQ), 1.460%, 2/7/2019	$2,720,000
9,750,000		Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs,(FNMA LOC), 1.560%, 2/7/2019	9,750,000
4,850,000		Atlanta, GA, Urban Residential Finance Authority (West End Housing Development), (Series 1995) Weekly VRDNs,(FNMA LOC), 1.600%, 2/7/2019	4,850,000
5,400,000		Bulloch County, GA Development Authority (Apogee Enterprises, Inc.), (Series 1999) Weekly VRDNs,(Wells Fargo Bank, N.A. LOC), 1.580%, 2/7/2019	5,400,000
3,300,000		Cherokee County, GA Development Authority (Goodwill of North Georgia, Inc.), (Series 2008) Weekly VRDNs,(SunTrust Bank LOC), 1.460%, 2/6/2019	3,300,000
4,000,000		Cobb County, GA School District, (Series 2019) TANs, 3.000%, 12/18/2019	4,045,993
9,615,000		Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs,(FNMA LOC), 1.560%, 2/7/2019	9,615,000
6,750,000		Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs,(FHLMC LOC), 1.560%, 2/7/2019	6,750,000
3,425,000		Dalton-Whitfield County, GA Joint Development Authority (Hamilton Health Care System Obligated Group), CDI Net Liquidity (2018-ZM0577) Weekly VRDNs,(Morgan Stanley Bank, N.A. LIQ), 1.480%, 2/7/2019	3,425,000
2,650,000		DeKalb Private Hospital Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly VRDNs,(Landesbank Hessen-Thuringen LIQ), 1.500%, 2/6/2019	2,650,000
600,000		Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs,(U.S. Bank, N.A. LOC), 1.510%, 2/7/2019	600,000
8,250,000		Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly VRDNs,(PNC Bank, N.A. LIQ), 1.450%, 2/6/2019	8,250,000
600,000		Fulton County, GA Development Authority (Donnellan School, Inc.), (Series 2000) Weekly VRDNs,(Bank of New York Mellon LOC), 1.550%, 2/7/2019	600,000
9,340,000		Fulton County, GA, Solar Eclipse (Series 2017-0007) TOBs,(U.S. Bank, N.A. LIQ), 1.630%, Optional Tender 3/28/2019	9,340,000
6,500,000		Georgia State HFA, Tender Option Bond Trust Certificates (Series 2018-ZF2614) Weekly VRDNs,(Morgan Stanley Bank, N.A. LIQ), 1.450%, 2/7/2019	6,500,000
2,455,000		Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs,(Bank of America N.A. LIQ), 1.470%, 2/7/2019	2,455,000
1,245,000		Heard County, GA Development Authority (Oglethorpe Power Corp.), (Series 2009A) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 1.500%, 2/6/2019	1,245,000
19,865,000		Kennesaw, GA Development Authority (Lakeside Vista Apartments), (Series 2004) Weekly VRDNs,(FNMA LOC), 1.560%, 2/7/2019	19,865,000
4,410,000		Main Street Natural Gas, Inc., GA, (Series 2010 A1) TOBs,(Royal Bank of Canada LOC), 1.530%, Optional Tender 2/1/2019	4,410,000
5,225,000		Main Street Natural Gas, Inc., GA, (Series 2010 A2) TOBs,(Royal Bank of Canada LOC), 1.530%, Optional Tender 2/1/2019	5,225,000
4,525,000		Metropolitan Atlanta Rapid Transit Authority, GA, Solar Eclipse (Series 2017-0047) TOBs,(U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 2/14/2019	4,525,000
10,625,000		Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 1.800%, 2/1/2019	10,625,000
10,430,000		Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2009B) Weekly VRDNs,(JPMorgan Chase Bank, N.A. LOC), 1.500%, 2/6/2019	10,430,000
7,800,000		Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs,(Bank of Montreal LOC), 1.420%, 2/6/2019	7,800,000
4,020,000		Municipal Electric Authority of Georgia, (Series 1985C) General Resolution Weekly VRDNs,(TD Bank, N.A. LOC), 1.470%, 2/6/2019	4,020,000
5,000,000		Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs,(Bank of America N.A. LOC), 1.440%, 2/7/2019	5,000,000
5,065,000		Paulding County, GA, Solar Eclipse (Series 2017-0060) TOBs,(U.S. Bank, N.A. LIQ), 1.630%, Optional Tender 3/14/2019	5,065,000
4,485,000		Private Colleges & Universities Facilities of GA (Emory University), (Series 2005B-2) Weekly VRDNs, 1.470%, 2/7/2019	4,485,000
2,135,000		Private Colleges & Universities Facilities of GA (Emory University), (Series 2005B-3) Weekly VRDNs, 1.410%, 2/7/2019	2,135,000
2,000,000		Private Colleges & Universities Facilities of GA (Emory University), (Series 2005C-1) Weekly VRDNs, 1.420%, 2/7/2019	2,000,000
1,000,000		Roswell, GA Housing Authority (Belcourt Ltd.), MFH Refunding Revenue Bonds (Series 1988A) Weekly VRDNs,(Northern Trust Co., Chicago, IL LOC), 1.470%, 2/6/2019	1,000,000
1,805,000		Savannah, GA EDA (Calvary Day School), (Series 2006) Weekly VRDNs,(SunTrust Bank LOC), 1.460%, 2/6/2019	1,805,000
8,850,000		Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 1.470%, 2/6/2019	8,850,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Georgia—continued
$400,000		Savannah, GA EDA (Home Depot, Inc.), (Series B) Weekly VRDNs,(SunTrust Bank LOC), 1.470%, 2/6/2019	$400,000
5,550,000		Savannah, GA Housing Authority (Bradley Pointe Apartments), (Series 2003) Weekly VRDNs,(KeyBank, N.A. LOC), 1.580%, 2/7/2019	5,550,000
1,540,000		Troup County, GA Public Finance Authority, (Series 2018), 3.000%, 5/1/2019	1,544,402
2,985,000		Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs,(Branch Banking & Trust Co. LOC), 1.470%, 2/7/2019	2,985,000
10,350,000		Willacoochee, GA Development Authority (Langboard, Inc.), (Series 1997) Weekly VRDNs,(FHLB of Atlanta LOC), 1.580%, 2/7/2019	10,350,000
		TOTAL INVESTMENT IN SECURITIES—100.2% (AT AMORTIZED COST)	199,565,395
		OTHER ASSETS AND LIABILITIES - NET—(0.2)%²	(346,606)
		TOTAL NET ASSETS—100%	$199,218,789

Securities that are subject to the federal alternative minimum tax (AMT) represent 44.5% of the portfolio as calculated based upon total market value.

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

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.

Investment Valuation

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets as of January 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Federated Massachusetts Municipal Cash Trust

Portfolio of Investments

January 31, 2019 (unaudited)

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.6%
		Massachusetts—99.6%
$2,964,000		Ashland, MA, (Series A) BANs, 2.400%, 4/23/2019	$2,967,301
800,000		Ashland, MA, (Series B) BANs, 2.550%, 1/23/2020	803,437
1,380,000		Athol-Royalston, MA Regional School District BANs, 2.750%, 7/3/2019	1,383,935
1,800,000		Auburn, MA Water District BANs, 2.750%, 8/7/2019	1,804,500
3,265,000		Billerica, MA, Solar Eclipse (2017-0027) TOBs, (U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 2/7/2019	3,265,000
760,000		Commonwealth of Massachusetts, (Series A) RANs, 4.000%, 4/25/2019	763,963
2,880,000		Commonwealth of Massachusetts, Clipper Tax-Exempt Certificates Trust (Series 2009-69) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.460%, 2/7/2019	2,880,000
1,360,000		Gardner, MA BANs, 2.750%, 6/28/2019	1,364,295
1,427,000		Leicester, MA BANs, 2.500%, 2/15/2019	1,427,512
5,800,000		Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.470%, 2/7/2019	5,800,000
3,575,000		Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2013) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.470%, 2/7/2019	3,575,000
3,527,000		Massachusetts Development Finance Agency, (Issue 4), CP, (FHLB of Boston LOC), 1.610%, Mandatory Tender 2/21/2019	3,527,000
700,000		Massachusetts HEFA (Harvard University), (Series Y) Weekly VRDNs, 1.350%, 2/7/2019	700,000
605,000		Massachusetts HEFA (Henry Heywood Memorial Hospital), (Series 2009C) Tranche 2 Daily VRDNs, (TD Bank, N.A. LOC), 1.630%, 2/1/2019	605,000
2,850,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 1.720%, Mandatory Tender 2/14/2019	2,850,000
750,000		Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 1.780%, Mandatory Tender 2/4/2019	750,000
1,625,000		Massachusetts School Building Authority, Eagles (Series 2014-0003) Weekly VRDNs, (Citibank NA, New York LIQ), 1.460%, 2/7/2019	1,625,000
1,300,000		Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2015-XF2203) Weekly VRDNs, (Citibank NA, New York LIQ), 1.450%, 2/7/2019	1,300,000
450,000		Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.450%, 2/7/2019	450,000
1,000,000		Massachusetts State Development Finance Agency (Babson College), (Series 2008A) Weekly VRDNs, (Bank of America N.A. LOC), 1.480%, 2/7/2019	1,000,000
3,000,000		Massachusetts State Development Finance Agency (Governor Dummer Academy), (Series 2006) Weekly VRDNs, (TD Bank, N.A. LOC), 1.430%, 2/6/2019	3,000,000
575,000		Massachusetts State Development Finance Agency (Marine Biological Laboratory), (Series 2006) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.430%, 2/7/2019	575,000
3,000,000		Massachusetts State Development Finance Agency (Partners Healthcare Systems), RBC Muni Products (Series 2019 E-130) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.460%, 2/7/2019	3,000,000
5,775,000		Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007A) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.530%, 2/6/2019	5,775,000
2,270,000		Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007B) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.530%, 2/6/2019	2,270,000
720,000		Massachusetts State Health & Educational Facility (Amherst College), (Series 2005 J-2) Daily VRDNs, 1.540%, 2/1/2019	720,000
2,995,000		Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs, (Bank of America N.A. LIQ), 1.440%, 2/7/2019	2,995,000
3,170,000		Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.440%, 2/7/2019	3,170,000
6,670,000		Massachusetts Water Resources Authority, Tender Option Bond Trust Certificates (2016-XX1002) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.450%, 2/7/2019	6,670,000
2,500,000		Metropolitan Boston Transit Parking Corporation, Stage Trust (Series 2011-77C) TOBs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.700%, Optional Tender 7/25/2019	2,500,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Massachusetts—continued
$1,805,364		Sherborn, MA BANs, 2.280%, 9/14/2019	$1,807,868
		TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)	71,324,811
		OTHER ASSETS AND LIABILITIES - NET—0.4%²	272,143
		TOTAL NET ASSETS—100%	$71,596,954

At January 31, 2019, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.

Investment Valuation

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets, as of January 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronyms are used throughout this portfolio:

BANs	—Bond Anticipation Notes
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
GTD	—Guaranteed
HEFA	—Health and Education Facilities Authority
IFA	—Industrial Finance Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
RANs	—Revenue Anticipation Notes
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes

Federated New York Municipal Cash Trust

Portfolio of Investments

January 31, 2019 (unaudited)

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—100.1%
		New York—100.1%
$385,000		Albany, NY IDA (Albany Local Development Corp.), (Series 2002: Corning Preserve/Hudson Riverfront) Weekly VRDNs, (KeyBank, N.A. LOC), 1.600%, 2/7/2019	$385,000
4,400,000		Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.480%, 2/7/2019	4,400,000
3,000,000		Argyle, NY CSD BANs, 3.000%, 6/6/2019	3,010,068
5,476,500		Batavia Town, NY BANs, 2.750%, 3/14/2019	5,481,626
3,328,183		Bath, NY CSD BANs, 2.750%, 6/21/2019	3,338,449
2,184,760		Belfast, NY CSD BANs, 2.750%, 8/1/2019	2,192,940
2,500,000		Binghamton, NY City School District RANs, 2.750%, 1/24/2020	2,516,750
10,000,000		Broome County, NY TANs, 3.000%, 3/4/2019	10,008,887
2,909,000		Cold Spring, NY BANs, 2.750%, 5/10/2019	2,913,967
2,130,000		Columbia County, NY IDA (Columbia Memorial Hospital), (Series 2008A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.460%, 2/7/2019	2,130,000
8,658,000		Elba, NY, (Series 2018A) BANs, 2.750%, 11/26/2019	8,670,596
2,000,000		Harrisville, NY CSD BANs, 2.750%, 6/28/2019	2,005,920
2,975,000		Hastings, NY BANs, 2.750%, 7/3/2019	2,983,486
2,265,000		Herkimer County, NY CSD, (Series 2018A) BANs, 2.750%, 8/1/2019	2,274,143
2,075,086		Lloyd, NY BANs, 3.000%, 2/14/2020	2,091,313
10,570,000		MTA Transportation Revenue, Golden Blue 3a-7 (Series 2018-026) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.580%, 2/7/2019	10,570,000
6,535,000		MTA Transportation Revenue, Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ), 1.560%, 2/7/2019	6,535,000
2,980,000		Manchester-Shortsville, NY CSD BANs, 2.500%, 7/30/2019	2,988,016
900,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2012G-2) Weekly VRDNs, (TD Bank, N.A. LOC), 1.420%, 2/7/2019	900,000
18,445,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 1.470%, 2/7/2019	18,445,000
8,500,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Certificates (2018-ZM0606) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.510%, 2/7/2019	8,500,000
3,470,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-XF0499) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.550%, 2/7/2019	3,470,000
3,160,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (2016-ZF0500) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.550%, 2/7/2019	3,160,000
6,205,000		Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2018-XF0623) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.550%, 2/7/2019	6,205,000
2,805,000		Monroe County, NY IDA (Continuing Developmental Services, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.590%, 2/7/2019	2,805,000
3,100,000		Morrisville-Eaton, NY CSD, (Series B) BANs, 3.000%, 6/28/2019	3,111,077
6,445,000		Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008B) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.480%, 2/6/2019	6,445,000
3,725,000		Nassau County, NY, RBC Muni Products (Series 2018 G-5) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.460%, 2/7/2019	3,725,000
1,150,000		New York City Capital Resource Corp. (Cobble Hill Health Center, Inc.), Loan Enhanced Assistance Program (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 1.430%, 2/7/2019	1,150,000
4,200,000		New York City Housing Development Corp. (2 Gold LLC), (Series 2006A: 2 Gold Street) Weekly VRDNs, (FNMA LOC), 1.470%, 2/6/2019	4,200,000
8,730,000		New York City Housing Development Corp. (JDM Washington Street LLC), (2005A: 90 Washington Street) Weekly VRDNs, (FNMA LOC), 1.400%, 2/6/2019	8,730,000
475,000		New York City Housing Development Corp. (Royal Charter Properties-East, Inc.), (Series 2005A) Weekly VRDNs, (FNMA LOC), 1.390%, 2/6/2019	475,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$5,120,000		New York City Housing Development Corp. (West 26th Street Development), (Series 2011B) Weekly VRDNs, (FHLMC LOC), 1.430%, 2/7/2019	$5,120,000
5,000,000		New York City Housing Development Corp., Sustainable Neighborhood Bonds (2017 Series G-3) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.430%, 2/7/2019	5,000,000
3,805,000		New York City Housing Development Corp., Tender Option Bond Trust Receipts (Series 2019-XF0737) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.460%, 2/7/2019	3,805,000
2,235,000		New York City Trust For Cultural Resources (New York Botanical Garden), (Series 2009A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.390%, 2/7/2019	2,235,000
3,200,000		New York City, NY Health and Hospitals Corp., Health System Bonds (Series 2008B) Weekly VRDNs, (TD Bank, N.A. LOC), 1.400%, 2/6/2019	3,200,000
5,375,000		New York City, NY Health and Hospitals Corp., Health System Bonds (Series 2008D) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.400%, 2/6/2019	5,375,000
6,175,000		New York City, NY IDA (Convent of the Sacred Heart School of New York), (Series 2002) Monthly VRDNs, (FHLB of San Francisco LOC), 1.680%, 2/1/2019	6,175,000
665,000		New York City, NY IDA (Village Community School), (Series 2001) Weekly VRDNs, (TD Bank, N.A. LOC), 1.530%, 2/7/2019	665,000
990,000		New York City, NY Municipal Water Finance Authority, (Series 2010CC) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.450%, 2/7/2019	990,000
1,000,000		New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.650%, 2/1/2019	1,000,000
7,000,000		New York City, NY Municipal Water Finance Authority, RBC Muni Products (Series E-129) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.460%, 2/7/2019	7,000,000
700,000		New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.640%, 2/1/2019	700,000
9,000,000		New York City, NY Municipal Water Finance Authority, Tender Option Bond Trust Certificates (Series 2017-ZM0547) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.460%, 2/7/2019	9,000,000
11,000,000		New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.420%, 2/7/2019	11,000,000
470,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs, (Bank of New York Mellon LIQ), 1.400%, 2/6/2019	470,000
310,000		New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly VRDNs, (GTD by Landesbank Hessen-Thuringen LIQ), 1.490%, 2/6/2019	310,000
6,000,000		New York City, NY Transitional Finance Authority, Tender Option Bond Trust Receipts (Series 2018-XF0643) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.460%, 2/7/2019	6,000,000
325,000		New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.420%, 2/7/2019	325,000
2,600,000		New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.450%, 2/7/2019	2,600,000
100,000		New York City, NY, (Fiscal 2012 Series G-7) Daily VRDNs, (MUFG Bank Ltd. LOC), 1.650%, 2/1/2019	100,000
5,000,000		New York City, NY, RBC Municipal Products (Series E-86) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.460%, 2/7/2019	5,000,000
4,885,000		New York City, NY, Solar Eclipse (Series 2017-0057) TOBs, (U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 4/18/2019	4,885,000
3,655,000		New York State Dormitory Authority (City University of New York), Consolidated Fifth General Resolution Revenue Bonds (Series 2008C) Weekly VRDNs, (Bank of America N.A. LOC), 1.400%, 2/7/2019	3,655,000
700,000		New York State Dormitory Authority (City University of New York), Consolidated Fifth General Resolution Revenue Bonds (Series 2008D) Weekly VRDNs, (TD Bank, N.A. LOC), 1.420%, 2/7/2019	700,000
4,335,000		New York State Dormitory Authority (New York University), Solar Eclipse (Series 2017-0034) TOBs, (U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 2/21/2019	4,335,000
4,000,000		New York State Dormitory Authority (Rockefeller University), (Series 2002A-2) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.420%, 2/7/2019	4,000,000
5,645,000		New York State Dormitory Authority (Rockefeller University), (Series 2008A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.470%, 2/7/2019	5,645,000
1,575,000		New York State Dormitory Authority (Royal Charter Properties-East, Inc.), (Series 2006A) Weekly VRDNs, (FNMA LOC), 1.390%, 2/6/2019	1,575,000
14,265,000		New York State Dormitory Authority (St. John's University), (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 1.400%, 2/7/2019	14,265,000
5,600,000		New York State Dormitory Authority State Personal Income Tax Revenue, Tender Option Bond Trust Receipts (Series 2018-XG0218) Weekly VRDNs, (Bank of America N.A. LIQ), 1.450%, 2/7/2019	5,600,000
900,000		New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-1) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.470%, 2/6/2019	900,000
400,000		New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-3) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.390%, 2/6/2019	400,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$2,630,000		New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 1.400%, 2/6/2019	$2,630,000
400,000		New York State HFA (160 Madison Ave, LLC), (Series 2014A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.640%, 2/1/2019	400,000
1,300,000		New York State HFA (160 Madison Avenue), (2013 Series A) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.640%, 2/1/2019	1,300,000
1,140,000		New York State HFA (29 Flatbush Associates, LLC), (Series 2010A: 29 Flatbush Avenue) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 1.420%, 2/6/2019	1,140,000
200,000		New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 1.410%, 2/6/2019	200,000
950,000		New York State HFA (42nd and 10th Street Associates LLC), (2008 Series A) Weekly VRDNs, (FHLMC LOC), 1.410%, 2/6/2019	950,000
900,000		New York State HFA (42nd and 10th Street Associates LLC), (Series 2010A) Weekly VRDNs, (FHLMC LOC), 1.410%, 2/6/2019	900,000
7,080,000		New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 1.410%, 2/6/2019	7,080,000
17,080,000		New York State HFA (8 East 102nd Street Housing), (Series 2010A) Weekly VRDNs, (TD Bank, N.A. LOC), 1.470%, 2/6/2019	17,080,000
1,400,000		New York State HFA (Dock Street Rental LLC), (Series 2013A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.450%, 2/6/2019	1,400,000
17,440,000		New York State HFA (Liberty Street Realty LLC), (Series 2003A) Weekly VRDNs, (FHLMC LOC), 1.390%, 2/6/2019	17,440,000
7,300,000		New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.640%, 2/1/2019	7,300,000
5,715,000		New York State HFA, (2010 Series A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.450%, 2/6/2019	5,715,000
280,000		New York State HFA, 606 West 57th Street (Series 2014A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.400%, 2/6/2019	280,000
390,000		New York State HFA, Service Contract Revenue Refunding Bonds (Series 2003L) Weekly VRDNs, (Bank of America N.A. LOC), 1.470%, 2/6/2019	390,000
4,505,000		New York State Local Government Assistance Corp., (Subordinate Series 2008B-3V) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.470%, 2/6/2019	4,505,000
2,950,000		New York State Local Government Assistance Corp., Subordinate Lien Refunding Bonds (Series 2003A-8V) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.470%, 2/6/2019	2,950,000
7,000,000		New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 1.380%, Mandatory Tender 3/6/2019	7,000,000
7,100,000		New York State Power Authority, (Series 2), CP, (JPMorgan Chase Bank, N.A. LIQ)/(State Street Bank and Trust Co. LIQ)/(TD Bank, N.A. LIQ)/(Wells Fargo Bank, N.A. LIQ), 1.400%, Mandatory Tender 4/2/2019	7,100,000
1,150,000		New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), (Series 2004A-3-B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.490%, 2/7/2019	1,150,000
2,300,000		New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), State Facilities and Equipment (Series 2004A3-C) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.430%, 2/7/2019	2,300,000
2,000,000		New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), State Facilities and Equipment (Series 2004A3-D) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.430%, 2/7/2019	2,000,000
6,890,000		New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2018-XF0634) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.450%, 2/7/2019	6,890,000
3,750,000		New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2018-XM0636) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.460%, 2/7/2019	3,750,000
5,500,000		New York State Urban Development Corp. (New York State), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 1.460%, 2/7/2019	5,500,000
4,310,000		New York, NY City Industrial Agency (Jamaica First Parking LLC), (Series 2004) Weekly VRDNs, (TD Bank, N.A. LOC), 1.460%, 2/7/2019	4,310,000
3,276,000		Newark Village, NY BANs, 2.375%, 5/30/2019	3,276,000
2,450,000		Newfield, NY CSD BANs, 3.000%, 6/27/2019	2,457,229
14,500,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Citibank NA, New York LIQ), 1.490%, 2/7/2019	14,500,000
10,000,000		Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs, (TD Bank, N.A. LIQ), 1.470%, 2/7/2019	10,000,000
4,028,401		Oakfield, NY BANs, 2.750%, 3/21/2019	4,033,134
4,940,000		Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.480%, 2/7/2019	4,940,000
6,200,000		Onondaga County, NY Trust for Cultural Resources (Syracuse University), (Series 2010A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.390%, 2/6/2019	6,200,000
7,950,000		Ontario County, NY Industrial Development Agency (Friends of the Finger Lakes Performing Arts Center, Inc.), (Series 2005A) Monthly VRDNs, (Citizens Bank, N.A., Providence LOC), 2.110%, 2/1/2019	7,950,000
1,500,000		Orange County, NY IDA (Tuxedo Park School), (Series 2002) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.480%, 2/7/2019	1,500,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		New York—continued
$11,020,000		Port Authority of New York and New Jersey, (Series B), CP, 1.600%, Mandatory Tender 4/3/2019	$11,020,000
1,100,000		Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.460%, 2/7/2019	1,100,000
1,880,000		Rensselaer County, NY IDA (WMHT Educational Telecommunications), Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.480%, 2/7/2019	1,880,000
1,000,000		Rome, NY, (2018 Series B) BANs, 2.750%, 8/30/2019	1,002,752
6,000,000		Sherrill, NY City School District, (2018 Series C) BANs, 3.000%, 7/26/2019	6,022,810
1,190,000		Suffolk County, NY IDA (Guide Dog Foundation, Inc.) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.490%, 2/7/2019	1,190,000
5,310,000		Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.530%, 2/7/2019	5,310,000
2,290,000		Van Buren, NY BANs, 3.000%, 1/17/2020	2,305,020
2,500,000		Waverly, NY CSD BANs, 2.750%, 6/28/2019	2,506,924
4,538,873		Waverly, NY, (Series 2018) BANs, 2.750%, 12/19/2019	4,548,302
		TOTAL INVESTMENT IN SECURITIES—100.1% (AT AMORTIZED COST)	471,249,409
		OTHER ASSETS AND LIABILITIES - NET—(0.1)%²	(630,912)
		TOTAL NET ASSETS—100%	$470,618,497

At January 31, 2019, the Fund held no securities that are subject to the federal alternative minimum tax (AMT).

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

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.

Investment Valuation

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets, as of January 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Federated Pennsylvania Municipal Cash Trust

Portfolio of Investments

January 31, 2019 (unaudited)

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—99.8%
		Pennsylvania—99.8%
$4,000,000		Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Cincinnati LOC), 1.500%, 2/7/2019	$4,000,000
1,700,000		Allegheny County, PA HDA (UPMC Health System), (Series E-110) Daily VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.700%, 2/1/2019	1,700,000
8,210,000		Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.500%, 2/7/2019	8,210,000
1,000,000		Beaver County, PA IDA (Concordia Lutheran Obligated Group), (Series 2018A) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.460%, 2/7/2019	1,000,000
1,695,000		Berks County, PA IDA (Fleetwood Industries Business Trust), (Series of 2005) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.480%, 2/7/2019	1,695,000
5,000,000		Berks County, PA Municipal Authority (Tower Health), Golden Blue (Series 2018-001) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.580%, 2/7/2019	5,000,000
1,370,000		Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.460%, 2/7/2019	1,370,000
2,710,000		Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.480%, 2/7/2019	2,710,000
1,500,000		Commonwealth of Pennsylvania, (Series 2018-XG0180) Weekly VRDNs, (Bank of America N.A. LIQ), 1.410%, 2/7/2019	1,500,000
2,000,000		Commonwealth of Pennsylvania, (Series 2018-ZM0650) Weekly VRDNs, (Bank of America N.A. LIQ), 1.430%, 2/7/2019	2,000,000
2,655,000		East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 1.730%, 2/7/2019	2,655,000
1,000,000		Easton Area School District, PA, 5.000%, 4/1/2019	1,005,513
3,600,000		Haverford Twp., PA School District, (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.440%, 2/7/2019	3,600,000
1,535,000		Lancaster, PA Area Sewer Authority, (Series 2015), (Build America Mutual Assurance INS), 4.000%, 4/1/2019	1,540,456
1,425,000		Lancaster, PA IDA (John F. Martin & Sons, Inc.), (Series A of 2007) Weekly VRDNs, (Fulton Bank, N.A. LOC), 1.760%, 2/7/2019	1,425,000
910,000		Lehigh County, PA General Purpose Authority (Phoebe-DeVitt Homes Obligated Group), (Series B of 1998) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.610%, 2/7/2019	910,000
5,500,000		Lehigh County, PA General Purpose Authority (St. Luke's University Health Network), Golden Blue 3a-7 (Series 2019-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.580%, 2/7/2019	5,500,000
5,000,000		Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen- Thüringen LOC), 1.520%, 2/7/2019	5,000,000
1,630,000		Northampton County, PA IDA (Binney & Smith, Inc.), (Series 1997A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.600%, 2/6/2019	1,630,000
230,000		Northampton County, PA IDA (Binney & Smith, Inc.), (Series 1997B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.650%, 2/6/2019	230,000
1,665,000		Pennsylvania Economic Development Financing Authority (UPMC Health System), Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.530%, 2/7/2019	1,665,000
4,800,000		Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (GTD by FHLMC), 1.430%, 2/7/2019	4,800,000
2,890,000		Pennsylvania HFA, (Series 2006-93B) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.500%, 2/6/2019	2,890,000
4,750,000		Pennsylvania State Turnpike Commission, (Series 2017-ZM0535) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 1.600%, 2/7/2019	4,750,000
5,000,000		Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.630%, Optional Tender 6/3/2019	5,000,000
1,500,000		Pennsylvania State University, (Series B) TOBs, 1.730%, Mandatory Tender 6/1/2019	1,500,000
1,400,000		Philadelphia, PA Airport System, (Series C-1) Weekly VRDNs, (TD Bank, N.A. LOC), 1.520%, 2/6/2019	1,400,000
4,070,000		Philadelphia, PA Airport System, Tender Option Bond Trust Receipts (Series 2018-XG0159) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.470%, 2/7/2019	4,070,000
2,845,000		Philadelphia, PA Authority for Industrial Development (Philadelphia College of Osteopathic Medicine), (Series 2018-ZF0693) Weekly VRDNs, (Bank of America N.A. LIQ), 1.430%, 2/7/2019	2,845,000
1,325,000		Philadelphia, PA Gas Works, (8th Series D) Weekly VRDNs, (Royal Bank of Canada LOC), 1.430%, 2/7/2019	1,325,000
400,000		Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children's Hospital of Philadelphia), (Series 2002-B) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.630%, 2/1/2019	400,000
2,000,000		Philadelphia, PA Water & Wastewater System, (Series 2018-XF0719) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.460%, 2/7/2019	2,000,000

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		Pennsylvania—continued
$475,000		Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.440%, 2/7/2019	$475,000
2,550,000		Ridley, PA School District, (Series of 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 1.440%, 2/7/2019	2,550,000
850,000		Somerset, PA Area School District, (Series 2016A), (Assured Guaranty Municipal Corp. INS), 4.000%, 3/15/2019	851,993
2,615,000		Southcentral PA, General Authority (Hanover Lutheran Retirement Village, Inc.), (Series 2005) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.340%, 2/1/2019	2,615,000
4,000,000		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), 1.550%, 2/7/2019	4,000,000
705,000		Union City, PA Area School District, (Build America Mutual Assurance INS), 5.000%, 5/15/2019	711,102
4,000,000		Washington County, PA Hospital Authority (Monongahela Valley Hospital), (Series 2018C) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.510%, 2/7/2019	4,000,000
2,000,000		Washington County, PA Hospital Authority (Washington Hospital, PA), (Series 2007B) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.430%, 2/7/2019	2,000,000
100,000		York County, PA IDA (UL Holdings), (Series A of 2000) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.490%, 2/1/2019	100,000
		TOTAL INVESTMENT IN SECURITIES—99.8% (AT AMORTIZED COST)	102,629,064
		OTHER ASSETS AND LIABILITIES - NET—0.2%²	182,443
		TOTAL NET ASSETS—100%	$102,811,507

Securities that are subject to the federal alternative minimum tax (AMT) represent 20.6% of the portfolio as calculated based upon total market value.

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

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.

Investment Valuation

The Fund's Board of Trustees (the “Trustees”) have ultimate responsibility for determining the fair value of investments. The Trustees have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value of securities and in overseeing the comparison of amortized cost to market based value. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of monitoring the relationship of market-based value and amortized cost. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs and assumptions), and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 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 January 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

Federated Virginia Municipal Cash Trust

Portfolio of Investments

January 31, 2019 (unaudited)

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—98.9%
		Virginia—94.3%
$4,790,000		Alexandria, VA, Solar Eclipse (2017-0044) TOBs, (U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 4/11/2019	$4,790,000
8,700,000		Arlington County, VA IDA (Gates of Ballston Apartments), (Series 2005) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.440%, 2/6/2019	8,700,000
440,000		Arlington County, VA IDA (National Science Teachers Association), (Series 2000A) Weekly VRDNs, (SunTrust Bank LOC), 1.460%, 2/6/2019	440,000
17,150,000		Arlington County, VA IDA (Westover Apartments, LP), (Series 2011A) Weekly VRDNs, (FHLMC LOC), 1.480%, 2/7/2019	17,150,000
295,000		Bedford County, VA IDA (David R. Snowman and Carol J. Snowman), (Series 1999) Weekly VRDNs, (SunTrust Bank LOC), 1.500%, 2/6/2019	295,000
8,500,000		Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs, (Citibank NA, New York LIQ), 1.580%, 2/7/2019	8,500,000
8,000,000		Botetourt County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs, (Bank of America N.A. LOC), 1.540%, 2/7/2019	8,000,000
7,500,000		Chesapeake Bay Bridge & Tunnel District, VA, Tender Option Bond Trust Certificates (2017-ZM0511) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Citibank NA, New York LIQ), 1.680%, 2/7/2019	7,500,000
2,210,000		Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (SunTrust Bank LOC), 1.540%, 2/7/2019	2,210,000
12,860,000		Fairfax County, VA EDA (Mount Vernon Ladies' Association of the Union), (Series 2007) Weekly VRDNs, (SunTrust Bank LOC), 1.450%, 2/6/2019	12,860,000
3,690,000		Fairfax County, VA EDA (Young Men's Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.340%, 2/1/2019	3,690,000
2,670,000		Fairfax County, VA IDA (Inova Health System), (Series 2016C) Weekly VRDNs, 1.400%, 2/7/2019	2,670,000
1,600,000		Fairfax County, VA IDA (Inova Health System), (Series 2018C) Weekly VRDNs, 1.400%, 2/7/2019	1,600,000
3,550,000		Hampton Roads, VA Sanitation District, (Series 2016B) Weekly VRDNs, 1.460%, 2/7/2019	3,550,000
3,670,000		Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZF2619) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.460%, 2/7/2019	3,670,000
4,865,000		Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZM0629) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.430%, 2/7/2019	4,865,000
7,500,000		Harrisonburg, VA Redevelopment & Housing Authority (Richfield Place Associates LP), (Series 2001A: Huntington Village Apartments) Weekly VRDNs, (FNMA LOC), 1.540%, 2/7/2019	7,500,000
6,900,000		Harrisonburg, VA Redevelopment & Housing Authority (Woodman West Preservation, LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 1.460%, 2/7/2019	6,900,000
845,000		Henrico County, VA EDA (JAS-LCS LLC), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/7/2019	845,000
11,040,000		King George County IDA, VA (Garnet of Virginia, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.470%, 2/7/2019	11,040,000
1,830,000		Loudoun County, VA IDA (Howard Hughes Medical Institute) Weekly VRDNs, 1.390%, 2/6/2019	1,830,000
1,355,000		Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003A) Weekly VRDNs, 1.380%, 2/6/2019	1,355,000
5,215,000		Loudoun County, VA, Solar Eclipse (Series 2017-0038) TOBs, (U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 4/11/2019	5,215,000
1,100,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017B) Daily VRDNs, (Branch Banking & Trust Co. LOC), 1.580%, 2/1/2019	1,100,000
2,520,000		Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), Series 2017-XG0147 Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.470%, 2/7/2019	2,520,000
5,860,000		Newport News, VA IDA (CNU Warwick LLC), (Series 2004) Weekly VRDNs, (Bank of America N.A. LOC), 1.450%, 2/7/2019	5,860,000
5,840,000		Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) TOBs, (Citibank NA, New York LIQ), 1.630%, Optional Tender 2/14/2019	5,840,000
4,600,000		Suffolk, VA, Solar Eclipse TOBs, (U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 4/25/2019	4,600,000
3,565,000		University of Virginia, (Series A), CP, 1.550%, Mandatory Tender 3/6/2019	3,565,000
2,000,000		University of Virginia, Solar Eclipse (Series 2017-0017) TOBs, (U.S. Bank, N.A. LIQ), 1.560%, Optional Tender 2/28/2019	2,000,000
3,000,000		Virginia College Building Authority (University of Richmond), (Series 2004) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 1.420%, 2/6/2019	3,000,000
1,900,000		Virginia Small Business Financing Authority (Sentara Health Systems Obligation Group), Tender Option Bond Trust Receipts (2016-ZF0360) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.460%, 2/7/2019	1,900,000
6,640,000		Virginia State Public Building Authority Public Facilities, RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.630%, Optional Tender 2/1/2019	6,640,000
2,715,000		Virginia State Public School Authority (Virginia State), (1997 Resolution Series B), 5.000%, 8/1/2019	2,756,294
		TOTAL	164,956,294

Principal Amount			Value
	¹	SHORT-TERM MUNICIPALS—continued
		District of Columbia—4.6%
$8,140,000		Metropolitan Washington, DC Airports Authority, Stage Trust (Series 2011-107C) TOBs, (GTD by Wells Fargo Bank, N.A.)/(Wells Fargo Bank, N.A. LIQ), 1.770%, Optional Tender 7/25/2019	$8,140,000
		TOTAL INVESTMENT IN SECURITIES—98.9% (AT AMORTIZED COST)	173,096,294
		OTHER ASSETS AND LIABILITIES - NET—1.1%²	1,898,301
		TOTAL NET ASSETS—100%	$174,994,595

Securities that are subject to the federal alternative minimum tax (AMT) represent 45.8% of the portfolio as calculated based upon total market value.

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

Note: The categories of investments are shown as a percentage of total net assets at January 31, 2019.

Investment Valuation

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities.

Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

In valuing the Fund's assets as of January 31, 2019, all investments of the Fund are valued using amortized cost, which is a methodology utilizing Level 2 inputs.

The following acronyms are used throughout this portfolio:

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

(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.

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

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

CCD	—Community College District
CP	—Commercial Paper
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
GO	—General Obligation
GTD	—Guaranteed
IDA	—Industrial Development Authority
INS	—Insured
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MFH	—Multi-Family Housing
PCFA	—Pollution Control Finance Authority
PRF	—Prerefunded
TOBs	—Tender Option Bonds
TRANs	—Tax and Revenue Anticipation Notes
USD	—Unified School District
UT	—Unlimited Tax
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds
VRENs	—Variable Rate Extendible Notes

AMT	—Alternative Minimum Tax
BANs	—Bond Anticipation Notes
CP	—Commercial Paper
CSD	—Central School District
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corporation
FNMA	—Federal National Mortgage Association
GTD	—Guaranteed
HFA	—Housing Finance Authority
IDA	—Industrial Development Authority
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
RANs	—Revenue Anticipation Notes
TANs	—Tax Anticipation Notes
TOBs	—Tender Option Bonds
VRDNs	—Variable Rate Demand Notes
VRDPs	—Variable Rate Demand Preferreds
VRENs	—Variable Rate Extendible Notes