United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-5950
(Investment Company Act File Number)
Money Market Obligations Trust
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Investors Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End:10/31/19
Date of Reporting Period:10/31/19
Item 1. | Reports to Stockholders |
Share Class | Ticker | Wealth | CAIXX | Service | CACXX | Cash II | CALXX |
Cash Series | CCSXX | Capital | CCCXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 60.9% |
Commercial Paper | 31.6% |
Municipal Notes | 5.6% |
Other Assets and Liabilities—Net2 | 1.9% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 68.5% |
8-30 Days | 3.5% |
31-90 Days | 15.0% |
91-180 Days | 8.3% |
181 Days or more | 2.8% |
Other Assets and Liabilities—Net2 | 1.9% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—98.1% | ||
California—98.1% | |||
$1,140,000 | ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 1.030%, 11/7/2019 | $1,140,000 | |
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), 1.120%, 11/7/2019 | 7,080,000 | |
2,890,000 | Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/7/2019 | 2,890,000 | |
670,000 | Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/7/2019 | 670,000 | |
3,700,000 | Alameda County, CA IDA Recovery Zone Facility (Reis Newark LLC), (Series 2010A) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 1.120%, 11/7/2019 | 3,700,000 | |
10,000,000 | Alameda County, CA Joint Powers Authority (Alameda County, CA), (Series A), CP, (FHLB of San Francisco LOC), 1.300%, Mandatory Tender 12/5/2019 | 10,000,000 | |
22,265,000 | Allan Hancock, CA Joint CCD, Tender Option Bond Trust Receipts (Series 2019-XF0769) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 22,265,000 | |
9,960,000 | Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.220%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 3,365,000 | |
8,700,000 | Bay Area Toll Authority, CA, (2019 Series D) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.900%, 11/1/2019 | 8,700,000 | |
9,000,000 | Bay Area Toll Authority, CA, Tender Option Bond Trust Receipts (Series 2017-ZM0542) Weekly VRDNs, (Bank of America N.A. LIQ), 1.120%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 3,320,000 | |
5,295,000 | California Enterprise Development Authority (Alvarado Street Bakery), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.180%, 11/7/2019 | 5,295,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,395,000 | California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 1.140%, 11/7/2019 | $5,395,000 | |
6,575,000 | California Enterprise Development Authority (Ramar International Corporation), (Series 2008A) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/7/2019 | 6,575,000 | |
18,700,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 1.140%, 11/7/2019 | 18,700,000 | |
500,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2004K) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.100%, 11/6/2019 | 500,000 | |
900,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2005I) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.100%, 11/6/2019 | 900,000 | |
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), 1.240%, 11/7/2019 | 35,000,000 | |
20,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 1.300%, Mandatory Tender 2/4/2020 | 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), 1.270%, Optional Tender 11/1/2019 | 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), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 8,625,000 | |
1,500,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (2019-XM0770) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.130%, 11/7/2019 | 1,500,000 | |
1,750,000 | California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 1.170%, 11/7/2019 | 1,750,000 | |
4,765,000 | California Infrastructure & Economic Development Bank (Saddleback Valley Christian Schools), (Series 2010A) Weekly VRDNs, (FHLB of San Francisco LOC), 1.160%, 11/7/2019 | 4,765,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$9,715,000 | California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs, (FHLB of San Francisco LOC), 1.500%, 11/1/2019 | $9,715,000 | |
5,910,000 | California Infrastructure & Economic Development Bank (University of California (The Regents of)), Series 2019-XF0748 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 5,910,000 | |
1,860,000 | California Municipal Finance Authority (High Desert Partnership in Academic Excellence Foundation, Inc.), (Series 2012A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.160%, 11/7/2019 | 1,860,000 | |
18,850,000 | California PCFA (Air Products & Chemicals, Inc.), (Series 1997B) Daily VRDNs, 1.070%, 11/1/2019 | 18,850,000 | |
2,925,000 | California PCFA (Big Bear Disposal, Inc.), (Series 2010) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.120%, 11/6/2019 | 2,925,000 | |
3,060,000 | California PCFA (Mission Trail Waste Systems, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/6/2019 | 3,060,000 | |
9,210,000 | California State Department of Water Resources, (Series 1), CP, 1.170%, Mandatory Tender 12/6/2019 | 9,210,000 | |
1,591,000 | California State Department of Water Resources, (Series 1), CP, 1.250%, Mandatory Tender 11/26/2019 | 1,591,000 | |
9,619,000 | California State Department of Water Resources, (Series 1), CP, 1.310%, Mandatory Tender 11/13/2019 | 9,619,000 | |
7,000,000 | California State Department of Water Resources, (Series 1), CP, 1.350%, Mandatory Tender 11/4/2019 | 7,000,000 | |
8,649,000 | California State Department of Water Resources, (Series 2), CP, 1.220%, Mandatory Tender 12/5/2019 | 8,649,000 | |
15,266,000 | California State Department of Water Resources, (Series 2), CP, 1.290%, Mandatory Tender 11/6/2019 | 15,266,000 | |
4,767,000 | California State Department of Water Resources, (Series 2), CP, 1.330%, Mandatory Tender 11/14/2019 | 4,767,000 | |
1,655,000 | California State Municipal Finance Authority (University of La Verne), Tender Option Bond Trust Reeipts (2019-XF0821) Weekly VRDNs, (Toronto Dominion Bank LIQ)/(Toronto Dominion Bank LOC), 1.120%, 11/7/2019 | 1,655,000 | |
1,320,000 | California State Public Works Board (California State), (Series C), 5.000%, 11/1/2020 | 1,369,619 | |
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), 1.120%, 11/7/2019 | 2,235,000 | |
5,000,000 | California State University Institute, (Series A), CP, (State Street Bank and Trust Co. LOC)/(Wells Fargo Bank, N.A. LOC), 1.220%, Mandatory Tender 12/3/2019 | 5,000,000 | |
7,500,000 | California State, (Series 2011 A-5), CP, (U.S. Bank, N.A. LOC), 1.100%, Mandatory Tender 1/16/2020 | 7,500,000 | |
16,500,000 | California State, (Series 2011A-2), CP, (Royal Bank of Canada LOC), 1.290%, Mandatory Tender 11/4/2019 | 16,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$8,985,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 1.080%, Mandatory Tender 1/28/2020 | $8,985,000 | |
5,000,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 1.300%, Mandatory Tender 12/4/2019 | 5,000,000 | |
10,000,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 1.350%, Mandatory Tender 11/6/2019 | 10,000,000 | |
15,000,000 | California State, (Series A-6), CP, (Bank of America N.A. LOC), 1.220%, Mandatory Tender 11/1/2019 | 15,000,000 | |
2,500,000 | California State, RBC Muni Products (Series G-68) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 4,000,000 | |
2,220,000 | California Statewide Communities Development Authority (Cruzio Holding Company, LLC), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (Comerica Bank LOC), 1.030%, 11/7/2019 | 2,220,000 | |
5,045,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 1.250%, Mandatory Tender 4/9/2020 | 5,045,000 | |
7,455,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 1.250%, Mandatory Tender 4/9/2020 | 7,455,000 | |
26,230,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.300%, Mandatory Tender 4/2/2020 | 26,230,000 | |
27,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.450%, Mandatory Tender 11/6/2019 | 27,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 1.250%, Mandatory Tender 4/14/2020 | 10,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 1.350%, Mandatory Tender 1/8/2020 | 15,000,000 | |
17,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.220%, Mandatory Tender 3/5/2020 | 17,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.300%, Mandatory Tender 2/11/2020 | 10,000,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.340%, Mandatory Tender 12/10/2019 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$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), 1.120%, 11/7/2019 | $23,340,000 | |
6,310,000 | California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 1.030%, 11/7/2019 | 6,310,000 | |
1,875,000 | California Statewide Communities Development Authority (Penny Lane Centers), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.000%, 11/7/2019 | 1,875,000 | |
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), 1.200%, 11/7/2019 | 5,600,000 | |
39,725,000 | 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), 1.160%, 11/7/2019 | 39,725,000 | |
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), 1.220%, Optional Tender 11/1/2019 | 4,050,000 | |
25,025,000 | 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), 1.220%, Optional Tender 11/1/2019 | 25,025,000 | |
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), 1.220%, 11/7/2019 | 7,500,000 | |
3,600,000 | Central, CA Union High School District, Tender Option Bond Trust Receipts (Series 2019-XF0759) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.160%, 11/7/2019 | 3,600,000 | |
3,040,000 | Central, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0758) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.160%, 11/7/2019 | 3,040,000 | |
5,000,000 | Coast CCD, CA, (Series 2018 G-7) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 5,000,000 | |
5,705,000 | Coast CCD, CA, Tender Option Bond Trust Receipt (2018-XM0869) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.120%, 11/7/2019 | 5,705,000 | |
8,000,000 | Compton, CA USD, Tender Option Bond Trust Receipts (2019-XM0764) Weekly VRDNs, (Build America Mutual Assurance INS)/(Royal Bank of Canada LIQ), 1.160%, 11/7/2019 | 8,000,000 | |
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), 1.120%, 11/7/2019 | 4,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$860,000 | Culver City, CA USD, Solar Eclipse (Series 2017-0010) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.100%, 11/1/2019 | $860,000 | |
4,655,000 | Davis Joint USD, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 1.170%, 11/7/2019 | 4,655,000 | |
2,105,000 | Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 2,000,000 | |
32,335,000 | Fairfield-Suisun, CA USD, Solar Eclipse (Series 2016-0002) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 32,335,000 | |
13,710,000 | Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. LOC)/(Morgan Stanley Bank, N.A. LIQ), 1.160%, 11/7/2019 | 13,710,000 | |
12,920,000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 1.170%, 11/7/2019 | 12,920,000 | |
3,425,000 | Fremont, CA Union High School District, Tender Option Bond Trust Receipts (Series 2018-XF0647) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.120%, 11/7/2019 | 3,425,000 | |
2,500,000 | Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (2018-XF0669) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.130%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 22,060,000 | |
1,515,000 | Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.160%, 11/7/2019 | 1,515,000 | |
3,270,000 | Huntington Beach, CA City School District, Solar Eclipse (Series 2017-0029) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 3,270,000 | |
3,590,000 | Imperial Irrigation District, CA, Tender Option Bond Trust Receipts (Series 2018-XM0611) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 3,590,000 | |
3,380,000 | Lake Tahoe, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0773) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/7/2019 | 3,380,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$4,000,000 | Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), CP, (Bank of the West, San Francisco, CA LOC), 1.350%, Mandatory Tender 12/11/2019 | $4,000,000 | |
2,250,000 | Los Angeles County, CA Facilities, Inc. (Los Angeles County, CA), Tender Option Bond Trust Receipts (2019-XM0750) Weekly VRDNs, (Bank of America N.A. LIQ), 1.170%, 11/7/2019 | 2,250,000 | |
7,500,000 | Los Angeles County, CA Sanitation Districts Financing Authority (Los Angeles County, CA Sanitation District No. 20), Tender Option Bond Trust Certificates (2019-XM0761) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 7,500,000 | |
6,000,000 | Los Angeles County, CA TRANs, 5.000%, 6/30/2020 | 6,147,308 | |
3,225,000 | Los Angeles County, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0183) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.150%, 11/7/2019 | 3,225,000 | |
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), 1.120%, 11/7/2019 | 7,520,000 | |
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), 1.120%, 11/7/2019 | 3,000,000 | |
10,000,000 | Los Angeles, CA TRANs, 5.000%, 6/25/2020 | 10,243,733 | |
2,885,000 | Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-XM0703) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 2,885,000 | |
4,985,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/7/2019 | 4,985,000 | |
6,670,000 | Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.190%, 11/7/2019 | 6,670,000 | |
20,000,000 | Metropolitan Water District of Southern California, RBC Muni Products (Series E-138) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 20,000,000 | |
10,000,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 1.130%, 11/7/2019 | 10,000,000 | |
7,740,000 | Oakland, CA, Solar Eclipse (Series 2017-0046) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 7,740,000 | |
4,970,000 | Ontario-Montclair, CA School District, Tender Option Bond Trust Certificates (Series 2019-XF2805) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 4,970,000 | |
2,505,000 | Oxnard, CA School District, (Series 2018 G-8) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 2,505,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$1,190,000 | Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.170%, 11/7/2019 | $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 N.A., New York LIQ), 1.170%, 11/7/2019 | 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), 1.220%, 11/7/2019 | 7,500,000 | |
10,000,000 | Riverside County, CA TRANs, 5.000%, 6/30/2020 | 10,244,851 | |
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), 1.120%, 11/7/2019 | 1,000,000 | |
2,012,000 | San Bernardino, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0786) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.150%, 11/7/2019 | 2,012,000 | |
3,450,000 | San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.120%, 11/7/2019 | 3,450,000 | |
2,260,000 | San Diego County, CA Regional Airport Authority, RBC Muni Products Trust (Series 2019-E135) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 2,260,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.150%, Mandatory Tender 11/6/2019 | 15,000,000 | |
5,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.200%, Mandatory Tender 11/6/2019 | 5,000,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.250%, Mandatory Tender 11/4/2019 | 15,000,000 | |
4,510,000 | San Diego, CA Public Facilities Authority, (Series A), CP, (Wells Fargo Bank, N.A. LOC), 1.380%, Mandatory Tender 12/12/2019 | 4,510,000 | |
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), 1.120%, 11/7/2019 | 3,000,000 | |
9,445,000 | San Diego, CA USD, Tender Option Bond Trust Receipts (Series 2019-ZM0755) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 9,445,000 | |
10,000,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 1.240%, Mandatory Tender 1/9/2020 | 10,000,000 | |
5,800,000 | San Francisco, CA Public Utilities Commission (Power Enterprise), (Series A-1), CP, (Bank of America N.A. LOC), 1.220%, Mandatory Tender 11/13/2019 | 5,800,000 | |
10,000,000 | San Francisco, CA Public Utilities Commission (Wastewater Enterprise), (Series A-2), CP, (Bank of America N.A. LOC), 1.320%, Mandatory Tender 11/26/2019 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$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), 1.120%, 11/7/2019 | $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), 1.130%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 3,795,000 | |
871,000 | Santa Barbara, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0791) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.150%, 11/7/2019 | 871,000 | |
2,985,000 | Santa Clara County, CA, (Series 2018-XF0646) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.120%, 11/7/2019 | 2,985,000 | |
1,960,000 | Santa Clara Valley, CA Water District, (Series A), CP, (MUFG Bank Ltd. LOC), 1.250%, Mandatory Tender 11/7/2019 | 1,960,000 | |
5,104,000 | Savanna, CA Elementary School District, Tender Option Bond Trust Receipts (Series 2019-XF0789) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/7/2019 | 5,104,000 | |
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), 1.120%, 11/7/2019 | 3,000,000 | |
6,940,000 | South San Francisco, CA USD, Solar Eclipse (Series 2016-0010) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 6,940,000 | |
2,410,000 | Southwestern CCD, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0250) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.200%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 8,490,000 | |
2,450,000 | University of California (The Regents of), (Series A), CP, 1.300%, Mandatory Tender 11/20/2019 | 2,450,000 | |
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), 1.140%, 11/7/2019 | 10,000,000 | |
2,675,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 1,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,630,000 | Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2065 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.170%, 11/7/2019 | $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), 1.170%, 11/7/2019 | 5,685,000 | |
5,000,000 | Ventura County, CA TRANs, 5.000%, 7/1/2020 | 5,124,621 | |
8,675,000 | Visalia, CA USD, Floater Certificates (Series 2018-ZM0657) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.170%, 11/7/2019 | 8,675,000 | |
2,500,000 | West Basin, CA Municipal Water District, CP, (Bank of the West, San Francisco, CA LOC), 1.250%, Mandatory Tender 11/6/2019 | 2,500,000 | |
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), 1.170%, 11/7/2019 | 13,585,000 | |
21,860,000 | 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), 1.240%, 11/7/2019 | 21,860,000 | |
3,350,000 | Yosemite, CA CCD, RBC Muni Products (Series 2018-G50) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 3,350,000 | |
5,087,000 | Yosemite, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0772) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 5,087,000 | |
TOTAL INVESTMENT IN SECURITIES—98.1% (AT AMORTIZED COST)2 | 1,143,511,132 | ||
OTHER ASSETS AND LIABILITIES - NET—1.9%3 | 22,726,087 | ||
TOTAL NET ASSETS—100% | $1,166,237,219 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CCD | —Community College District |
CP | —Commercial Paper |
FHLB | —Federal Home Loan Bank |
FHLMC | —Federal Home Loan Mortgage Corporation |
GTD | —Guaranteed |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
PCFA | —Pollution Control Finance Authority |
TOBs | —Tender Option Bonds |
TRANs | —Tax and Revenue Anticipation Notes |
USD | —Unified School District |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.011 | 0.006 | 0.005 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.013) | (0.011) | (0.006) | (0.005) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.28% | 1.10% | 0.56% | 0.49% | 0.02% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.28% | 0.28% | 0.28% | 0.18%3 | 0.08% |
Net investment income | 1.25% | 1.10% | 0.58% | 0.12% | 0.01% |
Expense waiver/reimbursement4 | 0.14% | 0.19% | 0.29% | 0.39% | 0.51% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $678,115 | $372,325 | $156,974 | $54,046 | $147,528 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.18% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.010 | 0.008 | 0.003 | 0.001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.008 | 0.003 | 0.004 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.010) | (0.008) | (0.003) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.010) | (0.008) | (0.003) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.03% | 0.85% | 0.31% | 0.37% | 0.02% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.53% | 0.53% | 0.53% | 0.31%3 | 0.08% |
Net investment income | 1.02% | 0.82% | 0.30% | 0.05% | 0.01% |
Expense waiver/reimbursement4 | 0.21% | 0.27% | 0.38% | 0.55% | 0.78% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $146,624 | $140,179 | $150,916 | $163,198 | $259,239 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.31% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.009 | 0.007 | 0.002 | 0.0001 | 0.0001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.007 | 0.002 | 0.003 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.009) | (0.007) | (0.002) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.007) | (0.002) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.88% | 0.70% | 0.16% | 0.34% | 0.02% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.68% | 0.68% | 0.68% | 0.20%3 | 0.08% |
Net investment income | 0.87% | 0.68% | 0.16% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.28% | 0.34% | 0.42% | 0.90% | 1.00% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $207,071 | $15,140 | $8,242 | $6,170 | $114,582 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.20% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.003 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain (loss) | (0.001) | 0.0001 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.003 | 0.0001 | 0.003 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.005) | (0.003) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.003) | (0.000)1 | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.53% | 0.35% | 0.01% | 0.32% | 0.02% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.03% | 1.03% | 0.83% | 0.33%3 | 0.08% |
Net investment income | 0.56% | 0.32% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.34% | 0.40% | 0.70% | 1.18% | 1.40% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $21,190 | $38,713 | $51,752 | $55,103 | $108,116 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.33% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.012 | 0.010 | 0.005 | 0.001 | 0.0001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | (0.000)1 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.012 | 0.010 | 0.005 | 0.004 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.012) | (0.010) | (0.005) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.012) | (0.010) | (0.005) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.18% | 1.00% | 0.46% | 0.43% | 0.02% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.38% | 0.38% | 0.38% | 0.24%3 | 0.08% |
Net investment income | 1.18% | 0.99% | 0.49% | 0.07% | 0.01% |
Expense waiver/reimbursement4 | 0.24% | 0.29% | 0.36% | 0.52% | 0.65% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $113,238 | $130,769 | $89,382 | $29,806 | $142,057 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.24% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $1,143,511,132 | |
Cash | 216,530 | |
Income receivable | 3,570,116 | |
Receivable for investments sold | 27,019,689 | |
Receivable for shares sold | 352,226 | |
TOTAL ASSETS | 1,174,669,693 | |
Liabilities: | ||
Payable for investments purchased | $7,975,924 | |
Payable for shares redeemed | 68,766 | |
Income distribution payable | 38,796 | |
Payable for investment adviser fee (Note 5) | 5,348 | |
Payable for administrative fees (Note 5) | 2,519 | |
Payable for distribution services fee (Note 5) | 35,946 | |
Payable for other service fees (Notes 2 and 5) | 89,651 | |
Accrued expenses (Note 5) | 215,524 | |
TOTAL LIABILITIES | 8,432,474 | |
Net assets for 1,166,084,309 shares outstanding | $1,166,237,219 | |
Net Assets Consist of: | ||
Paid-in capital | $1,166,084,274 | |
Total distributable earnings (loss) | 152,945 | |
TOTAL NET ASSETS | $1,166,237,219 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$678,114,710 ÷ 678,025,793 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$146,623,975 ÷ 146,604,774 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$207,071,155 ÷ 207,043,993 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$21,189,685 ÷ 21,186,905 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$113,237,694 ÷ 113,222,844 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $16,064,297 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,111,884 | ||
Administrative fee (Note 5) | 824,950 | ||
Custodian fees | 35,632 | ||
Transfer agent fee (Note 2) | 511,030 | ||
Directors'/Trustees' fees (Note 5) | 6,503 | ||
Auditing fees | 22,100 | ||
Legal fees | 22,013 | ||
Portfolio accounting fees | 188,826 | ||
Distribution services fee (Note 5) | 603,701 | ||
Other service fees (Notes 2 and 5) | 1,072,286 | ||
Share registration costs | 84,177 | ||
Printing and postage | 33,239 | ||
Miscellaneous (Note 5) | 10,664 | ||
TOTAL EXPENSES | 6,527,005 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(1,406,425) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (624,006) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (2,030,431) | ||
Net expenses | 4,496,574 | ||
Net investment income | 11,567,723 | ||
Net realized gain on investments | 145,600 | ||
Change in net assets resulting from operations | $11,713,323 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $11,567,723 | $5,300,843 |
Net realized gain | 145,600 | 3,755 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,713,323 | 5,304,598 |
Distributions to Shareholders: | ||
Wealth Shares | (6,640,086) | (2,851,723) |
Service Shares | (1,426,554) | (1,249,846) |
Cash II Shares | (1,781,234) | (66,475) |
Cash Series Shares | (180,824) | (154,594) |
Capital Shares | (1,539,217) | (1,098,975) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,567,915) | (5,421,613) |
Share Transactions: | ||
Proceeds from sale of shares | 2,159,241,595 | 1,520,329,634 |
Net asset value of shares issued to shareholders in payment of distributions declared | 10,844,983 | 4,707,102 |
Cost of shares redeemed | (1,701,119,445) | (1,285,061,279) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 468,967,133 | 239,975,457 |
Change in net assets | 469,112,541 | 239,858,442 |
Net Assets: | ||
Beginning of period | 697,124,678 | 457,266,236 |
End of period | $1,166,237,219 | $697,124,678 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Wealth Shares | $23,020 | $(11,877) |
Service Shares | 109,293 | (106,372) |
Cash II Shares | 207,881 | (203,653) |
Cash Series Shares | 35,058 | (34,358) |
Capital Shares | 135,778 | (133,051) |
TOTAL | $511,030 | $(489,311) |
Other Service Fees Incurred | |
Service Shares | $349,726 |
Cash II Shares | 511,164 |
Cash Series Shares | 81,125 |
Capital Shares | 130,271 |
TOTAL | $1,072,286 |
Year Ended October 31 | 2019 | 2018 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,141,963,195 | $1,141,963,195 | 793,990,467 | $793,990,467 |
Shares issued to shareholders in payment of distributions declared | 6,228,549 | 6,228,549 | 2,428,846 | 2,428,846 |
Shares redeemed | (842,486,518) | (842,486,518) | (581,029,754) | (581,029,754) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 305,705,226 | $305,705,226 | 215,389,559 | $215,389,559 |
Year Ended October 31 | 2019 | 2018 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 287,493,797 | $287,493,797 | 266,596,451 | $266,596,451 |
Shares issued to shareholders in payment of distributions declared | 1,136,043 | 1,136,043 | 995,909 | 995,909 |
Shares redeemed | (282,202,706) | (282,202,706) | (278,290,000) | (278,290,000) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 6,427,134 | $6,427,134 | (10,697,640) | $(10,697,640) |
Year Ended October 31 | 2019 | 2018 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 428,844,355 | $428,844,355 | 51,679,593 | $51,679,593 |
Shares issued to shareholders in payment of distributions declared | 1,779,068 | 1,779,068 | 65,516 | 65,516 |
Shares redeemed | (238,718,930) | (238,718,930) | (44,845,496) | (44,845,496) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 191,904,493 | $191,904,493 | 6,899,613 | $6,899,613 |
Year Ended October 31 | 2019 | 2018 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 58,735,459 | $58,735,459 | 82,594,934 | $82,594,934 |
Shares issued to shareholders in payment of distributions declared | 176,116 | 176,116 | 152,128 | 152,128 |
Shares redeemed | (76,436,872) | (76,436,872) | (95,772,462) | (95,772,462) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (17,525,297) | $(17,525,297) | (13,025,400) | $(13,025,400) |
Year Ended October 31 | 2019 | 2018 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 242,204,789 | $242,204,789 | 325,468,189 | $325,468,189 |
Shares issued to shareholders in payment of distributions declared | 1,525,207 | 1,525,207 | 1,064,703 | 1,064,703 |
Shares redeemed | (261,274,419) | (261,274,419) | (285,123,567) | (285,123,567) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (17,544,423) | $(17,544,423) | 41,409,325 | $41,409,325 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 468,967,133 | $468,967,133 | 239,975,457 | $239,975,457 |
2019 | 2018 | |
Tax-exempt income | $11,564,154 | $5,299,208 |
Ordinary income1 | $289 | $50,370 |
Long-term capital gains | $3,472 | $72,035 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $7,361 |
Undistributed ordinary income2 | $14,260 |
Undistributed long-term capital gains | $131,324 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Cash II Shares | 0.20% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $408,930 | $(102,233) |
Cash Series Shares | 194,771 | (32,462) |
TOTAL | $603,701 | $(134,695) |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,005.90 | $1.42 |
Service Shares | $1,000 | $1,004.70 | $2.68 |
Cash II Shares | $1,000 | $1,003.90 | $3.43 |
Cash Series Shares | $1,000 | $1,002.10 | $5.20 |
Capital Shares | $1,000 | $1,005.40 | $1.92 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.80 | $1.43 |
Service Shares | $1,000 | $1,022.50 | $2.70 |
Cash II Shares | $1,000 | $1,021.80 | $3.47 |
Cash Series Shares | $1,000 | $1,020.00 | $5.24 |
Capital Shares | $1,000 | $1,023.30 | $1.94 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.28% |
Service Shares | 0.53% |
Cash II Shares | 0.68% |
Cash Series Shares | 1.03% |
Capital Shares | 0.38% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N351
CUSIP 60934N179
CUSIP 608919403
CUSIP 608919502
2019 ©Federated Investors, Inc.
Share Class | Ticker | Wealth | CAIXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 60.9% |
Commercial Paper | 31.6% |
Municipal Notes | 5.6% |
Other Assets and Liabilities—Net2 | 1.9% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 68.5% |
8-30 Days | 3.5% |
31-90 Days | 15.0% |
91-180 Days | 8.3% |
181 Days or more | 2.8% |
Other Assets and Liabilities—Net2 | 1.9% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—98.1% | ||
California—98.1% | |||
$1,140,000 | ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 1.030%, 11/7/2019 | $1,140,000 | |
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), 1.120%, 11/7/2019 | 7,080,000 | |
2,890,000 | Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/7/2019 | 2,890,000 | |
670,000 | Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/7/2019 | 670,000 | |
3,700,000 | Alameda County, CA IDA Recovery Zone Facility (Reis Newark LLC), (Series 2010A) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 1.120%, 11/7/2019 | 3,700,000 | |
10,000,000 | Alameda County, CA Joint Powers Authority (Alameda County, CA), (Series A), CP, (FHLB of San Francisco LOC), 1.300%, Mandatory Tender 12/5/2019 | 10,000,000 | |
22,265,000 | Allan Hancock, CA Joint CCD, Tender Option Bond Trust Receipts (Series 2019-XF0769) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 22,265,000 | |
9,960,000 | Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.220%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 3,365,000 | |
8,700,000 | Bay Area Toll Authority, CA, (2019 Series D) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.900%, 11/1/2019 | 8,700,000 | |
9,000,000 | Bay Area Toll Authority, CA, Tender Option Bond Trust Receipts (Series 2017-ZM0542) Weekly VRDNs, (Bank of America N.A. LIQ), 1.120%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 3,320,000 | |
5,295,000 | California Enterprise Development Authority (Alvarado Street Bakery), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.180%, 11/7/2019 | 5,295,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,395,000 | California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 1.140%, 11/7/2019 | $5,395,000 | |
6,575,000 | California Enterprise Development Authority (Ramar International Corporation), (Series 2008A) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/7/2019 | 6,575,000 | |
18,700,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 1.140%, 11/7/2019 | 18,700,000 | |
500,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2004K) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.100%, 11/6/2019 | 500,000 | |
900,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2005I) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.100%, 11/6/2019 | 900,000 | |
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), 1.240%, 11/7/2019 | 35,000,000 | |
20,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 1.300%, Mandatory Tender 2/4/2020 | 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), 1.270%, Optional Tender 11/1/2019 | 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), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 8,625,000 | |
1,500,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (2019-XM0770) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.130%, 11/7/2019 | 1,500,000 | |
1,750,000 | California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 1.170%, 11/7/2019 | 1,750,000 | |
4,765,000 | California Infrastructure & Economic Development Bank (Saddleback Valley Christian Schools), (Series 2010A) Weekly VRDNs, (FHLB of San Francisco LOC), 1.160%, 11/7/2019 | 4,765,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$9,715,000 | California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs, (FHLB of San Francisco LOC), 1.500%, 11/1/2019 | $9,715,000 | |
5,910,000 | California Infrastructure & Economic Development Bank (University of California (The Regents of)), Series 2019-XF0748 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 5,910,000 | |
1,860,000 | California Municipal Finance Authority (High Desert Partnership in Academic Excellence Foundation, Inc.), (Series 2012A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.160%, 11/7/2019 | 1,860,000 | |
18,850,000 | California PCFA (Air Products & Chemicals, Inc.), (Series 1997B) Daily VRDNs, 1.070%, 11/1/2019 | 18,850,000 | |
2,925,000 | California PCFA (Big Bear Disposal, Inc.), (Series 2010) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.120%, 11/6/2019 | 2,925,000 | |
3,060,000 | California PCFA (Mission Trail Waste Systems, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 1.120%, 11/6/2019 | 3,060,000 | |
9,210,000 | California State Department of Water Resources, (Series 1), CP, 1.170%, Mandatory Tender 12/6/2019 | 9,210,000 | |
1,591,000 | California State Department of Water Resources, (Series 1), CP, 1.250%, Mandatory Tender 11/26/2019 | 1,591,000 | |
9,619,000 | California State Department of Water Resources, (Series 1), CP, 1.310%, Mandatory Tender 11/13/2019 | 9,619,000 | |
7,000,000 | California State Department of Water Resources, (Series 1), CP, 1.350%, Mandatory Tender 11/4/2019 | 7,000,000 | |
8,649,000 | California State Department of Water Resources, (Series 2), CP, 1.220%, Mandatory Tender 12/5/2019 | 8,649,000 | |
15,266,000 | California State Department of Water Resources, (Series 2), CP, 1.290%, Mandatory Tender 11/6/2019 | 15,266,000 | |
4,767,000 | California State Department of Water Resources, (Series 2), CP, 1.330%, Mandatory Tender 11/14/2019 | 4,767,000 | |
1,655,000 | California State Municipal Finance Authority (University of La Verne), Tender Option Bond Trust Reeipts (2019-XF0821) Weekly VRDNs, (Toronto Dominion Bank LIQ)/(Toronto Dominion Bank LOC), 1.120%, 11/7/2019 | 1,655,000 | |
1,320,000 | California State Public Works Board (California State), (Series C), 5.000%, 11/1/2020 | 1,369,619 | |
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), 1.120%, 11/7/2019 | 2,235,000 | |
5,000,000 | California State University Institute, (Series A), CP, (State Street Bank and Trust Co. LOC)/(Wells Fargo Bank, N.A. LOC), 1.220%, Mandatory Tender 12/3/2019 | 5,000,000 | |
7,500,000 | California State, (Series 2011 A-5), CP, (U.S. Bank, N.A. LOC), 1.100%, Mandatory Tender 1/16/2020 | 7,500,000 | |
16,500,000 | California State, (Series 2011A-2), CP, (Royal Bank of Canada LOC), 1.290%, Mandatory Tender 11/4/2019 | 16,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$8,985,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 1.080%, Mandatory Tender 1/28/2020 | $8,985,000 | |
5,000,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 1.300%, Mandatory Tender 12/4/2019 | 5,000,000 | |
10,000,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 1.350%, Mandatory Tender 11/6/2019 | 10,000,000 | |
15,000,000 | California State, (Series A-6), CP, (Bank of America N.A. LOC), 1.220%, Mandatory Tender 11/1/2019 | 15,000,000 | |
2,500,000 | California State, RBC Muni Products (Series G-68) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 4,000,000 | |
2,220,000 | California Statewide Communities Development Authority (Cruzio Holding Company, LLC), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (Comerica Bank LOC), 1.030%, 11/7/2019 | 2,220,000 | |
5,045,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 1.250%, Mandatory Tender 4/9/2020 | 5,045,000 | |
7,455,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 1.250%, Mandatory Tender 4/9/2020 | 7,455,000 | |
26,230,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.300%, Mandatory Tender 4/2/2020 | 26,230,000 | |
27,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.450%, Mandatory Tender 11/6/2019 | 27,000,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 1.250%, Mandatory Tender 4/14/2020 | 10,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 1.350%, Mandatory Tender 1/8/2020 | 15,000,000 | |
17,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.220%, Mandatory Tender 3/5/2020 | 17,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.300%, Mandatory Tender 2/11/2020 | 10,000,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.340%, Mandatory Tender 12/10/2019 | 20,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$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), 1.120%, 11/7/2019 | $23,340,000 | |
6,310,000 | California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 1.030%, 11/7/2019 | 6,310,000 | |
1,875,000 | California Statewide Communities Development Authority (Penny Lane Centers), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.000%, 11/7/2019 | 1,875,000 | |
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), 1.200%, 11/7/2019 | 5,600,000 | |
39,725,000 | 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), 1.160%, 11/7/2019 | 39,725,000 | |
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), 1.220%, Optional Tender 11/1/2019 | 4,050,000 | |
25,025,000 | 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), 1.220%, Optional Tender 11/1/2019 | 25,025,000 | |
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), 1.220%, 11/7/2019 | 7,500,000 | |
3,600,000 | Central, CA Union High School District, Tender Option Bond Trust Receipts (Series 2019-XF0759) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.160%, 11/7/2019 | 3,600,000 | |
3,040,000 | Central, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0758) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.160%, 11/7/2019 | 3,040,000 | |
5,000,000 | Coast CCD, CA, (Series 2018 G-7) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 5,000,000 | |
5,705,000 | Coast CCD, CA, Tender Option Bond Trust Receipt (2018-XM0869) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.120%, 11/7/2019 | 5,705,000 | |
8,000,000 | Compton, CA USD, Tender Option Bond Trust Receipts (2019-XM0764) Weekly VRDNs, (Build America Mutual Assurance INS)/(Royal Bank of Canada LIQ), 1.160%, 11/7/2019 | 8,000,000 | |
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), 1.120%, 11/7/2019 | 4,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$860,000 | Culver City, CA USD, Solar Eclipse (Series 2017-0010) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.100%, 11/1/2019 | $860,000 | |
4,655,000 | Davis Joint USD, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 1.170%, 11/7/2019 | 4,655,000 | |
2,105,000 | Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 2,000,000 | |
32,335,000 | Fairfield-Suisun, CA USD, Solar Eclipse (Series 2016-0002) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 32,335,000 | |
13,710,000 | Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. LOC)/(Morgan Stanley Bank, N.A. LIQ), 1.160%, 11/7/2019 | 13,710,000 | |
12,920,000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 1.170%, 11/7/2019 | 12,920,000 | |
3,425,000 | Fremont, CA Union High School District, Tender Option Bond Trust Receipts (Series 2018-XF0647) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.120%, 11/7/2019 | 3,425,000 | |
2,500,000 | Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (2018-XF0669) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.130%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 22,060,000 | |
1,515,000 | Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.160%, 11/7/2019 | 1,515,000 | |
3,270,000 | Huntington Beach, CA City School District, Solar Eclipse (Series 2017-0029) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 3,270,000 | |
3,590,000 | Imperial Irrigation District, CA, Tender Option Bond Trust Receipts (Series 2018-XM0611) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 3,590,000 | |
3,380,000 | Lake Tahoe, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0773) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/7/2019 | 3,380,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$4,000,000 | Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), CP, (Bank of the West, San Francisco, CA LOC), 1.350%, Mandatory Tender 12/11/2019 | $4,000,000 | |
2,250,000 | Los Angeles County, CA Facilities, Inc. (Los Angeles County, CA), Tender Option Bond Trust Receipts (2019-XM0750) Weekly VRDNs, (Bank of America N.A. LIQ), 1.170%, 11/7/2019 | 2,250,000 | |
7,500,000 | Los Angeles County, CA Sanitation Districts Financing Authority (Los Angeles County, CA Sanitation District No. 20), Tender Option Bond Trust Certificates (2019-XM0761) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 7,500,000 | |
6,000,000 | Los Angeles County, CA TRANs, 5.000%, 6/30/2020 | 6,147,308 | |
3,225,000 | Los Angeles County, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0183) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.150%, 11/7/2019 | 3,225,000 | |
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), 1.120%, 11/7/2019 | 7,520,000 | |
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), 1.120%, 11/7/2019 | 3,000,000 | |
10,000,000 | Los Angeles, CA TRANs, 5.000%, 6/25/2020 | 10,243,733 | |
2,885,000 | Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-XM0703) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 2,885,000 | |
4,985,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/7/2019 | 4,985,000 | |
6,670,000 | Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.190%, 11/7/2019 | 6,670,000 | |
20,000,000 | Metropolitan Water District of Southern California, RBC Muni Products (Series E-138) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 20,000,000 | |
10,000,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 1.130%, 11/7/2019 | 10,000,000 | |
7,740,000 | Oakland, CA, Solar Eclipse (Series 2017-0046) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 7,740,000 | |
4,970,000 | Ontario-Montclair, CA School District, Tender Option Bond Trust Certificates (Series 2019-XF2805) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 4,970,000 | |
2,505,000 | Oxnard, CA School District, (Series 2018 G-8) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 2,505,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$1,190,000 | Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.170%, 11/7/2019 | $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 N.A., New York LIQ), 1.170%, 11/7/2019 | 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), 1.220%, 11/7/2019 | 7,500,000 | |
10,000,000 | Riverside County, CA TRANs, 5.000%, 6/30/2020 | 10,244,851 | |
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), 1.120%, 11/7/2019 | 1,000,000 | |
2,012,000 | San Bernardino, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0786) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.150%, 11/7/2019 | 2,012,000 | |
3,450,000 | San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.120%, 11/7/2019 | 3,450,000 | |
2,260,000 | San Diego County, CA Regional Airport Authority, RBC Muni Products Trust (Series 2019-E135) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 2,260,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.150%, Mandatory Tender 11/6/2019 | 15,000,000 | |
5,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.200%, Mandatory Tender 11/6/2019 | 5,000,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.250%, Mandatory Tender 11/4/2019 | 15,000,000 | |
4,510,000 | San Diego, CA Public Facilities Authority, (Series A), CP, (Wells Fargo Bank, N.A. LOC), 1.380%, Mandatory Tender 12/12/2019 | 4,510,000 | |
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), 1.120%, 11/7/2019 | 3,000,000 | |
9,445,000 | San Diego, CA USD, Tender Option Bond Trust Receipts (Series 2019-ZM0755) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 9,445,000 | |
10,000,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 1.240%, Mandatory Tender 1/9/2020 | 10,000,000 | |
5,800,000 | San Francisco, CA Public Utilities Commission (Power Enterprise), (Series A-1), CP, (Bank of America N.A. LOC), 1.220%, Mandatory Tender 11/13/2019 | 5,800,000 | |
10,000,000 | San Francisco, CA Public Utilities Commission (Wastewater Enterprise), (Series A-2), CP, (Bank of America N.A. LOC), 1.320%, Mandatory Tender 11/26/2019 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$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), 1.120%, 11/7/2019 | $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), 1.130%, 11/7/2019 | 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), 1.130%, 11/7/2019 | 3,795,000 | |
871,000 | Santa Barbara, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0791) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.150%, 11/7/2019 | 871,000 | |
2,985,000 | Santa Clara County, CA, (Series 2018-XF0646) Weekly VRDNs, (Toronto Dominion Bank LIQ), 1.120%, 11/7/2019 | 2,985,000 | |
1,960,000 | Santa Clara Valley, CA Water District, (Series A), CP, (MUFG Bank Ltd. LOC), 1.250%, Mandatory Tender 11/7/2019 | 1,960,000 | |
5,104,000 | Savanna, CA Elementary School District, Tender Option Bond Trust Receipts (Series 2019-XF0789) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/7/2019 | 5,104,000 | |
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), 1.120%, 11/7/2019 | 3,000,000 | |
6,940,000 | South San Francisco, CA USD, Solar Eclipse (Series 2016-0010) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.080%, 11/1/2019 | 6,940,000 | |
2,410,000 | Southwestern CCD, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0250) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.200%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 8,490,000 | |
2,450,000 | University of California (The Regents of), (Series A), CP, 1.300%, Mandatory Tender 11/20/2019 | 2,450,000 | |
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), 1.140%, 11/7/2019 | 10,000,000 | |
2,675,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs, (TD Bank, N.A. LIQ), 1.120%, 11/7/2019 | 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), 1.120%, 11/7/2019 | 1,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,630,000 | Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2065 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.170%, 11/7/2019 | $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), 1.170%, 11/7/2019 | 5,685,000 | |
5,000,000 | Ventura County, CA TRANs, 5.000%, 7/1/2020 | 5,124,621 | |
8,675,000 | Visalia, CA USD, Floater Certificates (Series 2018-ZM0657) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.170%, 11/7/2019 | 8,675,000 | |
2,500,000 | West Basin, CA Municipal Water District, CP, (Bank of the West, San Francisco, CA LOC), 1.250%, Mandatory Tender 11/6/2019 | 2,500,000 | |
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), 1.170%, 11/7/2019 | 13,585,000 | |
21,860,000 | 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), 1.240%, 11/7/2019 | 21,860,000 | |
3,350,000 | Yosemite, CA CCD, RBC Muni Products (Series 2018-G50) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.120%, 11/7/2019 | 3,350,000 | |
5,087,000 | Yosemite, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0772) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.120%, 11/7/2019 | 5,087,000 | |
TOTAL INVESTMENT IN SECURITIES—98.1% (AT AMORTIZED COST)2 | 1,143,511,132 | ||
OTHER ASSETS AND LIABILITIES - NET—1.9%3 | 22,726,087 | ||
TOTAL NET ASSETS—100% | $1,166,237,219 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CCD | —Community College District |
CP | —Commercial Paper |
FHLB | —Federal Home Loan Bank |
FHLMC | —Federal Home Loan Mortgage Corporation |
GTD | —Guaranteed |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
PCFA | —Pollution Control Finance Authority |
TOBs | —Tender Option Bonds |
TRANs | —Tax and Revenue Anticipation Notes |
USD | —Unified School District |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.011 | 0.006 | 0.005 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.013) | (0.011) | (0.006) | (0.005) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.28% | 1.10% | 0.56% | 0.49% | 0.02% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.28% | 0.28% | 0.28% | 0.18%3 | 0.08% |
Net investment income | 1.25% | 1.10% | 0.58% | 0.12% | 0.01% |
Expense waiver/reimbursement4 | 0.14% | 0.19% | 0.29% | 0.39% | 0.51% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $678,115 | $372,325 | $156,974 | $54,046 | $147,528 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.18% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $1,143,511,132 | |
Cash | 216,530 | |
Income receivable | 3,570,116 | |
Receivable for investments sold | 27,019,689 | |
Receivable for shares sold | 352,226 | |
TOTAL ASSETS | 1,174,669,693 | |
Liabilities: | ||
Payable for investments purchased | $7,975,924 | |
Payable for shares redeemed | 68,766 | |
Income distribution payable | 38,796 | |
Payable for investment adviser fee (Note 5) | 5,348 | |
Payable for administrative fees (Note 5) | 2,519 | |
Payable for distribution services fee (Note 5) | 35,946 | |
Payable for other service fees (Notes 2 and 5) | 89,651 | |
Accrued expenses (Note 5) | 215,524 | |
TOTAL LIABILITIES | 8,432,474 | |
Net assets for 1,166,084,309 shares outstanding | $1,166,237,219 | |
Net Assets Consist of: | ||
Paid-in capital | $1,166,084,274 | |
Total distributable earnings (loss) | 152,945 | |
TOTAL NET ASSETS | $1,166,237,219 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$678,114,710 ÷ 678,025,793 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$146,623,975 ÷ 146,604,774 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$207,071,155 ÷ 207,043,993 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$21,189,685 ÷ 21,186,905 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$113,237,694 ÷ 113,222,844 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $16,064,297 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $3,111,884 | ||
Administrative fee (Note 5) | 824,950 | ||
Custodian fees | 35,632 | ||
Transfer agent fee (Note 2) | 511,030 | ||
Directors'/Trustees' fees (Note 5) | 6,503 | ||
Auditing fees | 22,100 | ||
Legal fees | 22,013 | ||
Portfolio accounting fees | 188,826 | ||
Distribution services fee (Note 5) | 603,701 | ||
Other service fees (Notes 2 and 5) | 1,072,286 | ||
Share registration costs | 84,177 | ||
Printing and postage | 33,239 | ||
Miscellaneous (Note 5) | 10,664 | ||
TOTAL EXPENSES | 6,527,005 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(1,406,425) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (624,006) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (2,030,431) | ||
Net expenses | 4,496,574 | ||
Net investment income | 11,567,723 | ||
Net realized gain on investments | 145,600 | ||
Change in net assets resulting from operations | $11,713,323 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $11,567,723 | $5,300,843 |
Net realized gain | 145,600 | 3,755 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 11,713,323 | 5,304,598 |
Distributions to Shareholders: | ||
Wealth Shares | (6,640,086) | (2,851,723) |
Service Shares | (1,426,554) | (1,249,846) |
Cash II Shares | (1,781,234) | (66,475) |
Cash Series Shares | (180,824) | (154,594) |
Capital Shares | (1,539,217) | (1,098,975) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (11,567,915) | (5,421,613) |
Share Transactions: | ||
Proceeds from sale of shares | 2,159,241,595 | 1,520,329,634 |
Net asset value of shares issued to shareholders in payment of distributions declared | 10,844,983 | 4,707,102 |
Cost of shares redeemed | (1,701,119,445) | (1,285,061,279) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 468,967,133 | 239,975,457 |
Change in net assets | 469,112,541 | 239,858,442 |
Net Assets: | ||
Beginning of period | 697,124,678 | 457,266,236 |
End of period | $1,166,237,219 | $697,124,678 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Wealth Shares | $23,020 | $(11,877) |
Service Shares | 109,293 | (106,372) |
Cash II Shares | 207,881 | (203,653) |
Cash Series Shares | 35,058 | (34,358) |
Capital Shares | 135,778 | (133,051) |
TOTAL | $511,030 | $(489,311) |
Other Service Fees Incurred | |
Service Shares | $349,726 |
Cash II Shares | 511,164 |
Cash Series Shares | 81,125 |
Capital Shares | 130,271 |
TOTAL | $1,072,286 |
Year Ended October 31 | 2019 | 2018 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,141,963,195 | $1,141,963,195 | 793,990,467 | $793,990,467 |
Shares issued to shareholders in payment of distributions declared | 6,228,549 | 6,228,549 | 2,428,846 | 2,428,846 |
Shares redeemed | (842,486,518) | (842,486,518) | (581,029,754) | (581,029,754) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 305,705,226 | $305,705,226 | 215,389,559 | $215,389,559 |
Year Ended October 31 | 2019 | 2018 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 287,493,797 | $287,493,797 | 266,596,451 | $266,596,451 |
Shares issued to shareholders in payment of distributions declared | 1,136,043 | 1,136,043 | 995,909 | 995,909 |
Shares redeemed | (282,202,706) | (282,202,706) | (278,290,000) | (278,290,000) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 6,427,134 | $6,427,134 | (10,697,640) | $(10,697,640) |
Year Ended October 31 | 2019 | 2018 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 428,844,355 | $428,844,355 | 51,679,593 | $51,679,593 |
Shares issued to shareholders in payment of distributions declared | 1,779,068 | 1,779,068 | 65,516 | 65,516 |
Shares redeemed | (238,718,930) | (238,718,930) | (44,845,496) | (44,845,496) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 191,904,493 | $191,904,493 | 6,899,613 | $6,899,613 |
Year Ended October 31 | 2019 | 2018 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 58,735,459 | $58,735,459 | 82,594,934 | $82,594,934 |
Shares issued to shareholders in payment of distributions declared | 176,116 | 176,116 | 152,128 | 152,128 |
Shares redeemed | (76,436,872) | (76,436,872) | (95,772,462) | (95,772,462) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (17,525,297) | $(17,525,297) | (13,025,400) | $(13,025,400) |
Year Ended October 31 | 2019 | 2018 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 242,204,789 | $242,204,789 | 325,468,189 | $325,468,189 |
Shares issued to shareholders in payment of distributions declared | 1,525,207 | 1,525,207 | 1,064,703 | 1,064,703 |
Shares redeemed | (261,274,419) | (261,274,419) | (285,123,567) | (285,123,567) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (17,544,423) | $(17,544,423) | 41,409,325 | $41,409,325 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 468,967,133 | $468,967,133 | 239,975,457 | $239,975,457 |
2019 | 2018 | |
Tax-exempt income | $11,564,154 | $5,299,208 |
Ordinary income1 | $289 | $50,370 |
Long-term capital gains | $3,472 | $72,035 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $7,361 |
Undistributed ordinary income2 | $14,260 |
Undistributed long-term capital gains | $131,324 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Cash II Shares | 0.20% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $408,930 | $(102,233) |
Cash Series Shares | 194,771 | (32,462) |
TOTAL | $603,701 | $(134,695) |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,005.90 | $1.42 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,023.80 | $1.43 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.28%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
2019 ©Federated Investors, Inc.
Share Class | Ticker | Institutional | FFTXX | Premier | FTFXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 98.9% |
Commercial Paper | 0.7% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 99.6% |
8-30 Days | 0.0% |
31-90 Days | 0.0% |
91-180 Days | 0.0% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
Alabama—3.4% | |||
$5,400,000 | Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A: Turtle Lake) Weekly VRDNs, (FNMA LOC), 1.170%, 11/7/2019 | $5,400,000 | |
8,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 1.150%, 11/7/2019 | 8,000,000 | |
4,540,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-A: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of America N.A. LOC), 1.120%, 11/7/2019 | 4,540,000 | |
8,750,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-B: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Societe Generale, Paris LOC), 1.140%, 11/7/2019 | 8,750,000 | |
5,250,000 | Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (FHLB of Dallas LOC), 1.150%, 11/7/2019 | 5,250,000 | |
14,295,000 | Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (FHLB of Atlanta LOC), 1.170%, 11/7/2019 | 14,295,000 | |
TOTAL | 46,235,000 | ||
Arizona—3.0% | |||
5,920,000 | Arizona Health Facilities Authority (Dignity Health (Catholic Healthcare West)), (2008 Series A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.180%, 11/6/2019 | 5,920,000 | |
10,000,000 | Maricopa County, AZ, IDA (Banner Health), (Series 2019F) Weekly VRDNs, 1.080%, 11/6/2019 | 10,000,000 | |
4,000,000 | Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 1.160%, 11/7/2019 | 4,000,000 | |
21,000,000 | Yavapai County, AZ IDA—Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement Project) Weekly VRDNs, (Citibank N.A., New York LOC), 1.080%, 11/7/2019 | 21,000,000 | |
TOTAL | 40,920,000 | ||
Colorado—2.4% | |||
21,490,000 | Colorado Health Facilities Authority (Sisters of Charity of Leavenworth Health System), (Series 2016B) Weekly VRDNs, 1.100%, 11/7/2019 | 21,490,000 | |
12,000,000 | Colorado Health Facilities Authority (Sisters of Charity of Leavenworth Health System), (Series 2016D) Weekly VRDNs, 1.100%, 11/1/2019 | 12,000,000 | |
TOTAL | 33,490,000 | ||
Connecticut—1.4% | |||
4,295,000 | Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.150%, 11/7/2019 | 4,295,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Connecticut—continued | |||
$3,800,000 | Connecticut State HEFA (Westminster School), (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 1.210%, 11/7/2019 | $3,800,000 | |
4,000,000 | Connecticut State HEFA (Yale-New Haven Hospital), (Series 2008C) Weekly VRDNs, 1.130%, 11/6/2019 | 4,000,000 | |
2,900,000 | Connecticut State HFA, (Subseries C-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.110%, 11/7/2019 | 2,900,000 | |
4,320,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 4,320,000 | |
TOTAL | 19,315,000 | ||
Florida—12.0% | |||
4,310,000 | Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs, (TD Bank, N.A. LOC), 1.180%, 11/7/2019 | 4,310,000 | |
20,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.200%, 11/6/2019 | 20,000,000 | |
24,855,000 | JEA, FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.240%, 11/1/2019 | 24,855,000 | |
3,795,000 | JEA, FL Electric System, (Series Three 2008C-2: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/7/2019 | 3,795,000 | |
14,000,000 | JEA, FL Water & Sewer System, (2008 Series A-2: Senior Revenue Bonds) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.140%, 11/6/2019 | 14,000,000 | |
8,770,000 | JEA, FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.150%, 11/6/2019 | 8,770,000 | |
35,230,000 | JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/6/2019 | 35,230,000 | |
9,965,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 1.300%, Mandatory Tender 11/6/2019 | 9,965,000 | |
9,300,000 | Miami-Dade County, FL Seaport, (Series 2014A) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.130%, 11/7/2019 | 9,300,000 | |
15,245,000 | Orlando, FL Utilities Commission, (Series 2008-1) Weekly VRDNs, (TD Bank, N.A. LOC), 1.140%, 11/6/2019 | 15,245,000 | |
7,450,000 | Palm Beach County, FL (Zoological Society of Palm Beach, Inc.), (Series 2001) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.120%, 11/7/2019 | 7,450,000 | |
1,105,000 | Pinellas County, FL Health Facility Authority (Baycare Health System), (Series 2009A-1) Daily VRDNs, (U.S. Bank, N.A. LOC), 1.240%, 11/1/2019 | 1,105,000 | |
10,000,000 | Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.130%, 11/7/2019 | 10,000,000 | |
TOTAL | 164,025,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—3.7% | |||
$13,500,000 | Brookhaven Development Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (PNC Bank, N.A. LIQ), 1.090%, 11/7/2019 | $13,500,000 | |
3,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 1.250%, 11/7/2019 | 3,000,000 | |
28,845,000 | Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly VRDNs, (PNC Bank, N.A. LIQ), 1.080%, 11/6/2019 | 28,845,000 | |
4,000,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Bank of Montreal LOC), 1.120%, 11/6/2019 | 4,000,000 | |
2,000,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005C-4) Weekly VRDNs, 1.070%, 11/7/2019 | 2,000,000 | |
TOTAL | 51,345,000 | ||
Illinois—5.5% | |||
23,000,000 | Chicago, IL O'Hare International Airport, (Series 2005C) Weekly VRDNs, (Bank of America N.A. LOC), 1.100%, 11/6/2019 | 23,000,000 | |
14,125,000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.180%, 11/6/2019 | 14,125,000 | |
10,845,000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-2B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.180%, 11/6/2019 | 10,845,000 | |
2,350,000 | Illinois Finance Authority (Carle Foundation), (Series 2009E) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.130%, 11/7/2019 | 2,350,000 | |
2,015,000 | Illinois Finance Authority (Northwest Community Hospital), (Series 2008C) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.140%, 11/7/2019 | 2,015,000 | |
18,330,000 | Illinois State Toll Highway Authority, (2007 Series A-1b) Weekly VRDNs, (Bank of America N.A. LOC), 1.110%, 11/7/2019 | 18,330,000 | |
5,305,000 | Morton Grove Village, IL (Illinois Holocaust Museum and Education Center), (Series 2006) Weekly VRDNs, (Bank of America N.A. LOC), 1.140%, 11/7/2019 | 5,305,000 | |
TOTAL | 75,970,000 | ||
Indiana—3.4% | |||
30,250,000 | Indiana State Finance Authority (Trinity Healthcare Credit Group), (Series 2008D-1) Weekly VRDNs, 1.130%, 11/7/2019 | 30,250,000 | |
3,275,000 | Indiana State Finance Authority Health System (Sisters of St. Francis Health Services, Inc.), (Series 2008F) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 1.180%, 11/7/2019 | 3,275,000 | |
5,415,000 | Indianapolis, IN MFH (Washington Pointe, LP), (Series 2009A) Weekly VRDNs, (FNMA LOC), 1.290%, 11/1/2019 | 5,415,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Indiana—continued | |||
$8,460,000 | Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.180%, 11/7/2019 | $8,460,000 | |
TOTAL | 47,400,000 | ||
Iowa—2.5% | |||
6,500,000 | Iowa Finance Authority (Archer-Daniels-Midland Co.), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, 1.140%, 11/6/2019 | 6,500,000 | |
27,100,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 1.150%, 11/7/2019 | 27,100,000 | |
750,000 | Iowa Finance Authority (Trinity Healthcare Credit Group), (Series 2000D) Weekly VRDNs, 1.110%, 11/7/2019 | 750,000 | |
TOTAL | 34,350,000 | ||
Louisiana—3.3% | |||
30,000,000 | Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010A) Daily VRDNs, (GTD by Exxon Mobil Corp.), 1.300%, 11/1/2019 | 30,000,000 | |
8,000,000 | Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (FHLB of Dallas LOC), 1.250%, 11/6/2019 | 8,000,000 | |
3,425,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 1.250%, 11/6/2019 | 3,425,000 | |
3,350,000 | Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 1.250%, 11/6/2019 | 3,350,000 | |
TOTAL | 44,775,000 | ||
Maryland—0.0% | |||
685,000 | Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs, (Bank of America N.A. LOC), 1.180%, 11/7/2019 | 685,000 | |
Massachusetts—0.6% | |||
8,240,000 | Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/7/2019 | 8,240,000 | |
Michigan—2.7% | |||
7,765,000 | Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B-3) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.190%, 11/6/2019 | 7,765,000 | |
4,430,000 | Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs, (FHLB of Chicago LOC), 1.120%, 11/7/2019 | 4,430,000 | |
3,355,000 | Michigan State Building Authority, Facilities Program (Series I) Weekly VRDNs, (Citibank N.A., New York LOC), 1.100%, 11/7/2019 | 3,355,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Michigan—continued | |||
$4,100,000 | Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.160%, 11/7/2019 | $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), 1.220%, 11/7/2019 | 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), 1.220%, 11/7/2019 | 4,240,000 | |
TOTAL | 36,720,000 | ||
Minnesota—2.2% | |||
17,520,000 | Minneapolis, MN (Symphony Place) Weekly VRDNs, (FHLMC LOC), 1.150%, 11/7/2019 | 17,520,000 | |
8,500,000 | Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series 2016) Weekly VRDNs, 1.070%, 11/6/2019 | 8,500,000 | |
4,650,000 | St. Louis Park, MN (Parkshore Senior Camput, LLC), (Series 2004) Weekly VRDNs, (FHLMC LOC), 1.200%, 11/7/2019 | 4,650,000 | |
TOTAL | 30,670,000 | ||
Mississippi—2.5% | |||
34,075,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 1.270%, 11/7/2019 | 34,075,000 | |
Missouri—0.2% | |||
2,395,000 | Missouri State HEFA (Ascension Health Alliance Senior Credit Group), (Series 2008 C-5) Weekly VRDNs, 1.130%, 11/6/2019 | 2,395,000 | |
Multi-State—5.5% | |||
24,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.190%, 11/7/2019 | 24,000,000 | |
9,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 1.170%, 11/7/2019 | 9,000,000 | |
22,100,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.190%, 11/7/2019 | 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), 1.200%, 11/7/2019 | 20,000,000 | |
TOTAL | 75,100,000 | ||
Nebraska—0.1% | |||
1,400,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 1.150%, 11/7/2019 | 1,400,000 | |
Nevada—0.5% | |||
7,400,000 | Clark County, NV Passenger Facility (Las Vegas-McCarran International Airport), (2010 Series F-2) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.110%, 11/6/2019 | 7,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—18.0% | |||
$2,200,000 | New York City, NY Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.310%, 11/1/2019 | $2,200,000 | |
23,750,000 | New York City, NY Municipal Water Finance Authority Daily VRDNs, (State Street Bank and Trust Co. LIQ), 1.310%, 11/1/2019 | 23,750,000 | |
7,755,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.330%, 11/1/2019 | 7,755,000 | |
37,675,000 | New York City, NY Municipal Water Finance Authority, (Series 2013AA-2) Weekly VRDNs, (MUFG Bank Ltd. LIQ), 1.110%, 11/7/2019 | 37,675,000 | |
5,725,000 | New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs, (Barclays Bank PLC LIQ), 1.300%, 11/1/2019 | 5,725,000 | |
44,170,000 | New York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.280%, 11/1/2019 | 44,170,000 | |
17,000,000 | New York City, NY Transitional Finance Authority, Future Tax Secured subseries C-4) Daily VRDNs, (Barclays Bank PLC LIQ), 1.300%, 11/1/2019 | 17,000,000 | |
18,550,000 | New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.110%, 11/7/2019 | 18,550,000 | |
5,300,000 | New York City, NY, (Fiscal 2008 Subseries J-10) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.100%, 11/7/2019 | 5,300,000 | |
12,205,000 | New York City, NY, (Fiscal 2008 Subseries J-6) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.320%, 11/1/2019 | 12,205,000 | |
10,000,000 | New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.110%, 11/7/2019 | 10,000,000 | |
3,115,000 | New York City, NY, (Fiscal 2012 Series G-7) Daily VRDNs, (MUFG Bank Ltd. LOC), 1.220%, 11/1/2019 | 3,115,000 | |
3,775,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 1.290%, 11/1/2019 | 3,775,000 | |
10,000,000 | New York City, NY, (Subseries B-5) Daily VRDNs, (Barclays Bank PLC LIQ), 1.300%, 11/1/2019 | 10,000,000 | |
1,115,000 | New York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC), 1.200%, 11/1/2019 | 1,115,000 | |
6,500,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 1.120%, 11/6/2019 | 6,500,000 | |
4,400,000 | New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.370%, 11/1/2019 | 4,400,000 | |
26,500,000 | New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.370%, 11/1/2019 | 26,500,000 | |
6,550,000 | 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), 1.110%, 11/7/2019 | 6,550,000 | |
TOTAL | 246,285,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
North Carolina—1.4% | |||
$9,300,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007B) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.380%, 11/1/2019 | $9,300,000 | |
8,000,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.380%, 11/1/2019 | 8,000,000 | |
1,785,000 | North Carolina Capital Facilities Finance Agency (Salem Academy and College), (Series 2005) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.150%, 11/7/2019 | 1,785,000 | |
TOTAL | 19,085,000 | ||
Ohio—2.9% | |||
5,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), (Series 2017C) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.110%, 11/7/2019 | 5,000,000 | |
3,600,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), (Series 2008B) Weekly VRDNs, 1.080%, 11/7/2019 | 3,600,000 | |
19,100,000 | Hamilton County, OH Hospital Facilities Authority (Cincinnati Children's Hospital Medical Center), (Series 2018Z) Weekly VRDNs, 1.110%, 11/7/2019 | 19,100,000 | |
3,100,000 | Hamilton County, OH Hospital Facilities Authority (The Elizabeth Gamble Deaconess Home Association), (Series 2002A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.140%, 11/7/2019 | 3,100,000 | |
1,210,000 | Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.140%, 11/7/2019 | 1,210,000 | |
8,000,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2019E) Daily VRDNs, 1.230%, 11/1/2019 | 8,000,000 | |
TOTAL | 40,010,000 | ||
Pennsylvania—5.2% | |||
7,430,000 | Butler County, PA General Authority (Iroquois School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.140%, 11/7/2019 | 7,430,000 | |
12,700,000 | Butler County, PA General Authority (South Park School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.140%, 11/7/2019 | 12,700,000 | |
2,500,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.150%, 11/7/2019 | 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), 1.150%, 11/7/2019 | 200,000 | |
12,055,000 | Mercer County, PA, (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.150%, 11/7/2019 | 12,055,000 | |
6,000,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 1.120%, 11/7/2019 | 6,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$7,000,000 | Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank PLC LOC), 1.110%, 11/7/2019 | $7,000,000 | |
10,000,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.150%, 11/7/2019 | 10,000,000 | |
1,100,000 | Southcentral PA, General Authority (Hanover Lutheran Retirement Village, Inc.), (Series 2005) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.240%, 11/1/2019 | 1,100,000 | |
12,500,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019C) Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/7/2019 | 12,500,000 | |
TOTAL | 71,485,000 | ||
Tennessee—2.2% | |||
5,100,000 | Blount County, TN Public Building Authority (Bradley County, TN), (Series E-6-A) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.170%, 11/6/2019 | 5,100,000 | |
16,235,000 | 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), 1.150%, 11/6/2019 | 16,235,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.170%, 11/7/2019 | 8,305,000 | |
TOTAL | 29,640,000 | ||
Texas—5.9% | |||
2,800,000 | Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs, (FHLMC LOC), 1.210%, 11/7/2019 | 2,800,000 | |
14,335,000 | Harris County, TX Hospital Distict, Senior Lien Refunding Revenue Bonds (Series 2010) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.150%, 11/7/2019 | 14,335,000 | |
18,500,000 | Tarrant County, TX HFDC (Cook Children's Medical Center), (Series 2010B) Weekly VRDNs, 1.140%, 11/7/2019 | 18,500,000 | |
44,815,000 | Texas State, Veterans Bonds (Series 2018) Weekly VRDNs, (FHLB of Dallas LIQ), 1.250%, 11/6/2019 | 44,815,000 | |
TOTAL | 80,450,000 | ||
Utah—3.9% | |||
25,000,000 | Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 1.220%, 11/6/2019 | 25,000,000 | |
26,345,000 | Murray City, UT (IHC Health Services, Inc.), (Series 2003B) Weekly VRDNs, 1.120%, 11/7/2019 | 26,345,000 | |
2,000,000 | St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.160%, 11/7/2019 | 2,000,000 | |
TOTAL | 53,345,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Vermont—0.9% | |||
$12,000,000 | Vermont Educational and Health Buildings Financing Agency (Fletcher Allen Health Care, Inc.), (Series 2008A) Weekly VRDNs, (TD Bank, N.A. LOC), 1.120%, 11/6/2019 | $12,000,000 | |
Virginia—0.3% | |||
4,500,000 | Albemarle County, VA EDA (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), 1.280%, 11/1/2019 | 4,500,000 | |
Washington—1.8% | |||
2,475,000 | King County, WA Sewer System, (Series 2001A) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 1.100%, 11/6/2019 | 2,475,000 | |
22,000,000 | Port of Tacoma, WA, (Series 2008B) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/6/2019 | 22,000,000 | |
TOTAL | 24,475,000 | ||
West Virginia—1.7% | |||
23,700,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.170%, 11/7/2019 | 23,700,000 | |
Wisconsin—0.5% | |||
6,945,000 | Wisconsin Public Finance Authority (RPD Holdings, LLC and HGI Wisconsin, LLC), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, (AgriBank FCB LOC), 1.150%, 11/7/2019 | 6,945,000 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT IDENTIFIED COST)2 | 1,366,430,000 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 5,014,064 | ||
TOTAL NET ASSETS—100% | $1,371,444,064 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CDA | —Community Development Authority |
CP | —Commercial Paper |
EDA | —Economic 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 |
PCRB | —Pollution Control Revenue Bond |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Year Ended October 31, | Period Ended 10/31/20161 | |||
2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | ||||
Net investment income | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
Less Distributions: | ||||
Distributions from net investment income | (0.0137) | (0.0114) | (0.0059) | (0.0020) |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return2 | 1.38% | 1.15% | 0.59% | 0.20% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.20% | 0.20% | 0.20% | 0.20%3 |
Net investment income | 1.36% | 1.17% | 0.59% | 0.54%3 |
Expense waiver/reimbursement4 | 0.16% | 0.18% | 0.20% | 0.22%3 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $855,998 | $594,047 | $301,268 | $231,159 |
1 | Reflects operations for the period from February 26, 2016 (date of initial public investment) to October 31, 2016. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0142 | 0.0119 | 0.0064 | 0.0020 | — |
Net realized gain (loss) | — | — | — | (0.0000)1 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0142 | 0.0119 | 0.0064 | 0.0020 | 0.0002 |
Less Distributions: | |||||
Distributions from net investment income | (0.0142) | (0.0119) | (0.0064) | (0.0020) | — |
Distributions from net realized gain | — | — | — | (0.0000)1 | — |
TOTAL DISTRIBUTIONS | (0.0142) | (0.0119) | (0.0064) | (0.0020) | — |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.00 |
Total Return3 | 1.43% | 1.20% | 0.64% | 0.25% | 0.00% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.15% | 0.15% | 0.15% | 0.14% | 0.12% |
Net investment income | 1.42% | 1.21% | 0.65% | 0.26% | 0.00% |
Expense waiver/reimbursement4 | 0.16% | 0.18% | 0.20% | 0.36% | 0.61% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $515,446 | $420,808 | $254,460 | $155,223 | $59,784 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at identified cost and fair value | $1,366,430,000 | |
Cash | 5,098,148 | |
Income receivable | 1,579,475 | |
Receivable for shares sold | 4,916,093 | |
TOTAL ASSETS | 1,378,023,716 | |
Liabilities: | ||
Payable for investments purchased | $5,005,240 | |
Payable for shares redeemed | 653,223 | |
Income distribution payable | 726,854 | |
Payable for investment adviser fee (Note 5) | 1,529 | |
Payable for administrative fees (Note 5) | 2,954 | |
Payable for other service fees (Note 2) | 33,156 | |
Accrued expenses (Note 5) | 156,696 | |
TOTAL LIABILITIES | 6,579,652 | |
Net assets for 1,371,441,414 shares outstanding | $1,371,444,064 | |
Net Assets Consist of: | ||
Paid-in capital | $1,371,441,414 | |
Total distributable earnings (loss) | 2,650 | |
TOTAL NET ASSETS | $1,371,444,064 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$855,998,438 ÷ 856,000,007 shares outstanding, no par value, unlimited shares authorized | $1.0000 | |
Premier Shares: | ||
$515,445,626 ÷ 515,441,407 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Investment Income: | |||
Interest | $18,893,578 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,413,104 | ||
Administrative fee (Note 5) | 958,441 | ||
Custodian fees | 43,892 | ||
Transfer agent fee | 54,283 | ||
Directors'/Trustees' fees (Note 5) | 8,045 | ||
Auditing fees | 20,400 | ||
Legal fees | 10,261 | ||
Portfolio accounting fees | 188,754 | ||
Other service fees (Note 2) | 352,675 | ||
Share registration costs | 71,458 | ||
Printing and postage | 19,137 | ||
Miscellaneous (Note 5) | 33,907 | ||
TOTAL EXPENSES | 4,174,357 | ||
Waiver of investment adviser fee (Note 5) | (1,952,733) | ||
Net expenses | 2,221,624 | ||
Net investment income | 16,671,954 | ||
Change in net assets resulting from operations | $16,671,954 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $16,671,954 | $8,844,391 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 16,671,954 | 8,844,391 |
Distributions to Shareholders: | ||
Institutional Shares | (9,572,444) | (4,698,956) |
Premier Shares | (7,103,992) | (4,138,425) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (16,676,436) | (8,837,381) |
Share Transactions: | ||
Proceeds from sale of shares | 3,381,084,951 | 2,446,160,623 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,199,101 | 4,918,921 |
Cost of shares redeemed | (3,032,691,453) | (1,991,958,294) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 356,592,599 | 459,121,250 |
Change in net assets | 356,588,117 | 459,128,260 |
Net Assets: | ||
Beginning of period | 1,014,855,947 | 555,727,687 |
End of period | $1,371,444,064 | $1,014,855,947 |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by 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. |
Other Service Fees Incurred | |
Institutional Shares | $352,675 |
Year Ended October 31 | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,456,449,182 | $1,456,449,182 | 946,254,469 | $946,254,469 |
Shares issued to shareholders in payment of distributions declared | 3,655,957 | 3,655,957 | 1,994,471 | 1,994,471 |
Shares redeemed | (1,198,149,322) | (1,198,149,322) | (655,473,061) | (655,473,061) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 261,955,817 | $261,955,817 | 292,775,879 | $292,775,879 |
Year Ended October 31 | 2019 | 2018 | ||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,924,635,769 | $1,924,635,769 | 1,499,906,154 | $1,499,906,154 |
Shares issued to shareholders in payment of distributions declared | 4,543,144 | 4,543,144 | 2,924,450 | 2,924,450 |
Shares redeemed | (1,834,542,131) | (1,834,542,131) | (1,336,485,233) | (1,336,485,233) |
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | 94,636,782 | $94,636,782 | 166,345,371 | $166,345,371 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 356,592,599 | $356,592,599 | 459,121,250 | $459,121,250 |
2019 | 2018 | |
Tax-exempt income | $16,676,436 | $8,837,381 |
Undistributed tax-exempt income | $2,686 |
Capital loss carryforwards | $(36) |
Short-Term | Long-Term | Total |
$36 | $— | $36 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,006.50 | $1.01 |
Premier Shares | $1,000 | $1,006.80 | $0.76 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.20 | $1.02 |
Premier Shares | $1,000 | $1,024.40 | $0.77 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.20% |
Premier Shares | 0.15% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N666
2019 ©Federated Investors, Inc.
Share Class | Ticker | Institutional | FFTXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 98.9% |
Commercial Paper | 0.7% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 99.6% |
8-30 Days | 0.0% |
31-90 Days | 0.0% |
91-180 Days | 0.0% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
Alabama—3.4% | |||
$5,400,000 | Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A: Turtle Lake) Weekly VRDNs, (FNMA LOC), 1.170%, 11/7/2019 | $5,400,000 | |
8,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 1.150%, 11/7/2019 | 8,000,000 | |
4,540,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-A: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of America N.A. LOC), 1.120%, 11/7/2019 | 4,540,000 | |
8,750,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-B: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Societe Generale, Paris LOC), 1.140%, 11/7/2019 | 8,750,000 | |
5,250,000 | Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (FHLB of Dallas LOC), 1.150%, 11/7/2019 | 5,250,000 | |
14,295,000 | Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (FHLB of Atlanta LOC), 1.170%, 11/7/2019 | 14,295,000 | |
TOTAL | 46,235,000 | ||
Arizona—3.0% | |||
5,920,000 | Arizona Health Facilities Authority (Dignity Health (Catholic Healthcare West)), (2008 Series A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.180%, 11/6/2019 | 5,920,000 | |
10,000,000 | Maricopa County, AZ, IDA (Banner Health), (Series 2019F) Weekly VRDNs, 1.080%, 11/6/2019 | 10,000,000 | |
4,000,000 | Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 1.160%, 11/7/2019 | 4,000,000 | |
21,000,000 | Yavapai County, AZ IDA—Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement Project) Weekly VRDNs, (Citibank N.A., New York LOC), 1.080%, 11/7/2019 | 21,000,000 | |
TOTAL | 40,920,000 | ||
Colorado—2.4% | |||
21,490,000 | Colorado Health Facilities Authority (Sisters of Charity of Leavenworth Health System), (Series 2016B) Weekly VRDNs, 1.100%, 11/7/2019 | 21,490,000 | |
12,000,000 | Colorado Health Facilities Authority (Sisters of Charity of Leavenworth Health System), (Series 2016D) Weekly VRDNs, 1.100%, 11/1/2019 | 12,000,000 | |
TOTAL | 33,490,000 | ||
Connecticut—1.4% | |||
4,295,000 | Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.150%, 11/7/2019 | 4,295,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Connecticut—continued | |||
$3,800,000 | Connecticut State HEFA (Westminster School), (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 1.210%, 11/7/2019 | $3,800,000 | |
4,000,000 | Connecticut State HEFA (Yale-New Haven Hospital), (Series 2008C) Weekly VRDNs, 1.130%, 11/6/2019 | 4,000,000 | |
2,900,000 | Connecticut State HFA, (Subseries C-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.110%, 11/7/2019 | 2,900,000 | |
4,320,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 4,320,000 | |
TOTAL | 19,315,000 | ||
Florida—12.0% | |||
4,310,000 | Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs, (TD Bank, N.A. LOC), 1.180%, 11/7/2019 | 4,310,000 | |
20,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.200%, 11/6/2019 | 20,000,000 | |
24,855,000 | JEA, FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.240%, 11/1/2019 | 24,855,000 | |
3,795,000 | JEA, FL Electric System, (Series Three 2008C-2: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/7/2019 | 3,795,000 | |
14,000,000 | JEA, FL Water & Sewer System, (2008 Series A-2: Senior Revenue Bonds) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.140%, 11/6/2019 | 14,000,000 | |
8,770,000 | JEA, FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 1.150%, 11/6/2019 | 8,770,000 | |
35,230,000 | JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.160%, 11/6/2019 | 35,230,000 | |
9,965,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000-A), CP, (U.S. Bank, N.A. LIQ), 1.300%, Mandatory Tender 11/6/2019 | 9,965,000 | |
9,300,000 | Miami-Dade County, FL Seaport, (Series 2014A) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.130%, 11/7/2019 | 9,300,000 | |
15,245,000 | Orlando, FL Utilities Commission, (Series 2008-1) Weekly VRDNs, (TD Bank, N.A. LOC), 1.140%, 11/6/2019 | 15,245,000 | |
7,450,000 | Palm Beach County, FL (Zoological Society of Palm Beach, Inc.), (Series 2001) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.120%, 11/7/2019 | 7,450,000 | |
1,105,000 | Pinellas County, FL Health Facility Authority (Baycare Health System), (Series 2009A-1) Daily VRDNs, (U.S. Bank, N.A. LOC), 1.240%, 11/1/2019 | 1,105,000 | |
10,000,000 | Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.130%, 11/7/2019 | 10,000,000 | |
TOTAL | 164,025,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—3.7% | |||
$13,500,000 | Brookhaven Development Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (PNC Bank, N.A. LIQ), 1.090%, 11/7/2019 | $13,500,000 | |
3,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 1.250%, 11/7/2019 | 3,000,000 | |
28,845,000 | Fulton County, GA Development Authority (Children's Healthcare of Atlanta, Inc.), (Series 2008) Weekly VRDNs, (PNC Bank, N.A. LIQ), 1.080%, 11/6/2019 | 28,845,000 | |
4,000,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Bank of Montreal LOC), 1.120%, 11/6/2019 | 4,000,000 | |
2,000,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005C-4) Weekly VRDNs, 1.070%, 11/7/2019 | 2,000,000 | |
TOTAL | 51,345,000 | ||
Illinois—5.5% | |||
23,000,000 | Chicago, IL O'Hare International Airport, (Series 2005C) Weekly VRDNs, (Bank of America N.A. LOC), 1.100%, 11/6/2019 | 23,000,000 | |
14,125,000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.180%, 11/6/2019 | 14,125,000 | |
10,845,000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-2B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.180%, 11/6/2019 | 10,845,000 | |
2,350,000 | Illinois Finance Authority (Carle Foundation), (Series 2009E) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.130%, 11/7/2019 | 2,350,000 | |
2,015,000 | Illinois Finance Authority (Northwest Community Hospital), (Series 2008C) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.140%, 11/7/2019 | 2,015,000 | |
18,330,000 | Illinois State Toll Highway Authority, (2007 Series A-1b) Weekly VRDNs, (Bank of America N.A. LOC), 1.110%, 11/7/2019 | 18,330,000 | |
5,305,000 | Morton Grove Village, IL (Illinois Holocaust Museum and Education Center), (Series 2006) Weekly VRDNs, (Bank of America N.A. LOC), 1.140%, 11/7/2019 | 5,305,000 | |
TOTAL | 75,970,000 | ||
Indiana—3.4% | |||
30,250,000 | Indiana State Finance Authority (Trinity Healthcare Credit Group), (Series 2008D-1) Weekly VRDNs, 1.130%, 11/7/2019 | 30,250,000 | |
3,275,000 | Indiana State Finance Authority Health System (Sisters of St. Francis Health Services, Inc.), (Series 2008F) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 1.180%, 11/7/2019 | 3,275,000 | |
5,415,000 | Indianapolis, IN MFH (Washington Pointe, LP), (Series 2009A) Weekly VRDNs, (FNMA LOC), 1.290%, 11/1/2019 | 5,415,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Indiana—continued | |||
$8,460,000 | Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.180%, 11/7/2019 | $8,460,000 | |
TOTAL | 47,400,000 | ||
Iowa—2.5% | |||
6,500,000 | Iowa Finance Authority (Archer-Daniels-Midland Co.), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, 1.140%, 11/6/2019 | 6,500,000 | |
27,100,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 1.150%, 11/7/2019 | 27,100,000 | |
750,000 | Iowa Finance Authority (Trinity Healthcare Credit Group), (Series 2000D) Weekly VRDNs, 1.110%, 11/7/2019 | 750,000 | |
TOTAL | 34,350,000 | ||
Louisiana—3.3% | |||
30,000,000 | Baton Rouge, LA Industrial Development Board (Exxon Mobil Corp.), (Series 2010A) Daily VRDNs, (GTD by Exxon Mobil Corp.), 1.300%, 11/1/2019 | 30,000,000 | |
8,000,000 | Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (FHLB of Dallas LOC), 1.250%, 11/6/2019 | 8,000,000 | |
3,425,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 1.250%, 11/6/2019 | 3,425,000 | |
3,350,000 | Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 1.250%, 11/6/2019 | 3,350,000 | |
TOTAL | 44,775,000 | ||
Maryland—0.0% | |||
685,000 | Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs, (Bank of America N.A. LOC), 1.180%, 11/7/2019 | 685,000 | |
Massachusetts—0.6% | |||
8,240,000 | Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/7/2019 | 8,240,000 | |
Michigan—2.7% | |||
7,765,000 | Kent Hospital Finance Authority, MI (Spectrum Health), (Series 2008B-3) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.190%, 11/6/2019 | 7,765,000 | |
4,430,000 | Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs, (FHLB of Chicago LOC), 1.120%, 11/7/2019 | 4,430,000 | |
3,355,000 | Michigan State Building Authority, Facilities Program (Series I) Weekly VRDNs, (Citibank N.A., New York LOC), 1.100%, 11/7/2019 | 3,355,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Michigan—continued | |||
$4,100,000 | Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.160%, 11/7/2019 | $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), 1.220%, 11/7/2019 | 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), 1.220%, 11/7/2019 | 4,240,000 | |
TOTAL | 36,720,000 | ||
Minnesota—2.2% | |||
17,520,000 | Minneapolis, MN (Symphony Place) Weekly VRDNs, (FHLMC LOC), 1.150%, 11/7/2019 | 17,520,000 | |
8,500,000 | Rochester, MN Health Care Facility Authority (Mayo Clinic), (Series 2016) Weekly VRDNs, 1.070%, 11/6/2019 | 8,500,000 | |
4,650,000 | St. Louis Park, MN (Parkshore Senior Camput, LLC), (Series 2004) Weekly VRDNs, (FHLMC LOC), 1.200%, 11/7/2019 | 4,650,000 | |
TOTAL | 30,670,000 | ||
Mississippi—2.5% | |||
34,075,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 1.270%, 11/7/2019 | 34,075,000 | |
Missouri—0.2% | |||
2,395,000 | Missouri State HEFA (Ascension Health Alliance Senior Credit Group), (Series 2008 C-5) Weekly VRDNs, 1.130%, 11/6/2019 | 2,395,000 | |
Multi-State—5.5% | |||
24,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.190%, 11/7/2019 | 24,000,000 | |
9,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 1.170%, 11/7/2019 | 9,000,000 | |
22,100,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 1.190%, 11/7/2019 | 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), 1.200%, 11/7/2019 | 20,000,000 | |
TOTAL | 75,100,000 | ||
Nebraska—0.1% | |||
1,400,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 1.150%, 11/7/2019 | 1,400,000 | |
Nevada—0.5% | |||
7,400,000 | Clark County, NV Passenger Facility (Las Vegas-McCarran International Airport), (2010 Series F-2) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 1.110%, 11/6/2019 | 7,400,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—18.0% | |||
$2,200,000 | New York City, NY Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 1.310%, 11/1/2019 | $2,200,000 | |
23,750,000 | New York City, NY Municipal Water Finance Authority Daily VRDNs, (State Street Bank and Trust Co. LIQ), 1.310%, 11/1/2019 | 23,750,000 | |
7,755,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2015 Subseries BB-2) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.330%, 11/1/2019 | 7,755,000 | |
37,675,000 | New York City, NY Municipal Water Finance Authority, (Series 2013AA-2) Weekly VRDNs, (MUFG Bank Ltd. LIQ), 1.110%, 11/7/2019 | 37,675,000 | |
5,725,000 | New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs, (Barclays Bank PLC LIQ), 1.300%, 11/1/2019 | 5,725,000 | |
44,170,000 | New York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.280%, 11/1/2019 | 44,170,000 | |
17,000,000 | New York City, NY Transitional Finance Authority, Future Tax Secured subseries C-4) Daily VRDNs, (Barclays Bank PLC LIQ), 1.300%, 11/1/2019 | 17,000,000 | |
18,550,000 | New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.110%, 11/7/2019 | 18,550,000 | |
5,300,000 | New York City, NY, (Fiscal 2008 Subseries J-10) Weekly VRDNs, (MUFG Bank Ltd. LOC), 1.100%, 11/7/2019 | 5,300,000 | |
12,205,000 | New York City, NY, (Fiscal 2008 Subseries J-6) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.320%, 11/1/2019 | 12,205,000 | |
10,000,000 | New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.110%, 11/7/2019 | 10,000,000 | |
3,115,000 | New York City, NY, (Fiscal 2012 Series G-7) Daily VRDNs, (MUFG Bank Ltd. LOC), 1.220%, 11/1/2019 | 3,115,000 | |
3,775,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 1.290%, 11/1/2019 | 3,775,000 | |
10,000,000 | New York City, NY, (Subseries B-5) Daily VRDNs, (Barclays Bank PLC LIQ), 1.300%, 11/1/2019 | 10,000,000 | |
1,115,000 | New York City, NY, (Subseries D-4) Daily VRDNs, (TD Bank, N.A. LOC), 1.200%, 11/1/2019 | 1,115,000 | |
6,500,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 1.120%, 11/6/2019 | 6,500,000 | |
4,400,000 | New York State HFA (Midtown West B LLC), (Series 2009A: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.370%, 11/1/2019 | 4,400,000 | |
26,500,000 | New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.370%, 11/1/2019 | 26,500,000 | |
6,550,000 | 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), 1.110%, 11/7/2019 | 6,550,000 | |
TOTAL | 246,285,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
North Carolina—1.4% | |||
$9,300,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007B) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.380%, 11/1/2019 | $9,300,000 | |
8,000,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007C) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.380%, 11/1/2019 | 8,000,000 | |
1,785,000 | North Carolina Capital Facilities Finance Agency (Salem Academy and College), (Series 2005) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.150%, 11/7/2019 | 1,785,000 | |
TOTAL | 19,085,000 | ||
Ohio—2.9% | |||
5,000,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), (Series 2017C) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.110%, 11/7/2019 | 5,000,000 | |
3,600,000 | Franklin County, OH Hospital Facility Authority (Nationwide Children's Hospital), (Series 2008B) Weekly VRDNs, 1.080%, 11/7/2019 | 3,600,000 | |
19,100,000 | Hamilton County, OH Hospital Facilities Authority (Cincinnati Children's Hospital Medical Center), (Series 2018Z) Weekly VRDNs, 1.110%, 11/7/2019 | 19,100,000 | |
3,100,000 | Hamilton County, OH Hospital Facilities Authority (The Elizabeth Gamble Deaconess Home Association), (Series 2002A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.140%, 11/7/2019 | 3,100,000 | |
1,210,000 | Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.140%, 11/7/2019 | 1,210,000 | |
8,000,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series 2019E) Daily VRDNs, 1.230%, 11/1/2019 | 8,000,000 | |
TOTAL | 40,010,000 | ||
Pennsylvania—5.2% | |||
7,430,000 | Butler County, PA General Authority (Iroquois School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.140%, 11/7/2019 | 7,430,000 | |
12,700,000 | Butler County, PA General Authority (South Park School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.140%, 11/7/2019 | 12,700,000 | |
2,500,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 1.150%, 11/7/2019 | 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), 1.150%, 11/7/2019 | 200,000 | |
12,055,000 | Mercer County, PA, (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.150%, 11/7/2019 | 12,055,000 | |
6,000,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 1.120%, 11/7/2019 | 6,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$7,000,000 | Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank PLC LOC), 1.110%, 11/7/2019 | $7,000,000 | |
10,000,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 1.150%, 11/7/2019 | 10,000,000 | |
1,100,000 | Southcentral PA, General Authority (Hanover Lutheran Retirement Village, Inc.), (Series 2005) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.240%, 11/1/2019 | 1,100,000 | |
12,500,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019C) Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/7/2019 | 12,500,000 | |
TOTAL | 71,485,000 | ||
Tennessee—2.2% | |||
5,100,000 | Blount County, TN Public Building Authority (Bradley County, TN), (Series E-6-A) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.170%, 11/6/2019 | 5,100,000 | |
16,235,000 | 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), 1.150%, 11/6/2019 | 16,235,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.170%, 11/7/2019 | 8,305,000 | |
TOTAL | 29,640,000 | ||
Texas—5.9% | |||
2,800,000 | Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs, (FHLMC LOC), 1.210%, 11/7/2019 | 2,800,000 | |
14,335,000 | Harris County, TX Hospital Distict, Senior Lien Refunding Revenue Bonds (Series 2010) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.150%, 11/7/2019 | 14,335,000 | |
18,500,000 | Tarrant County, TX HFDC (Cook Children's Medical Center), (Series 2010B) Weekly VRDNs, 1.140%, 11/7/2019 | 18,500,000 | |
44,815,000 | Texas State, Veterans Bonds (Series 2018) Weekly VRDNs, (FHLB of Dallas LIQ), 1.250%, 11/6/2019 | 44,815,000 | |
TOTAL | 80,450,000 | ||
Utah—3.9% | |||
25,000,000 | Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 1.220%, 11/6/2019 | 25,000,000 | |
26,345,000 | Murray City, UT (IHC Health Services, Inc.), (Series 2003B) Weekly VRDNs, 1.120%, 11/7/2019 | 26,345,000 | |
2,000,000 | St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.160%, 11/7/2019 | 2,000,000 | |
TOTAL | 53,345,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Vermont—0.9% | |||
$12,000,000 | Vermont Educational and Health Buildings Financing Agency (Fletcher Allen Health Care, Inc.), (Series 2008A) Weekly VRDNs, (TD Bank, N.A. LOC), 1.120%, 11/6/2019 | $12,000,000 | |
Virginia—0.3% | |||
4,500,000 | Albemarle County, VA EDA (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), 1.280%, 11/1/2019 | 4,500,000 | |
Washington—1.8% | |||
2,475,000 | King County, WA Sewer System, (Series 2001A) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 1.100%, 11/6/2019 | 2,475,000 | |
22,000,000 | Port of Tacoma, WA, (Series 2008B) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/6/2019 | 22,000,000 | |
TOTAL | 24,475,000 | ||
West Virginia—1.7% | |||
23,700,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.170%, 11/7/2019 | 23,700,000 | |
Wisconsin—0.5% | |||
6,945,000 | Wisconsin Public Finance Authority (RPD Holdings, LLC and HGI Wisconsin, LLC), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, (AgriBank FCB LOC), 1.150%, 11/7/2019 | 6,945,000 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT IDENTIFIED COST)2 | 1,366,430,000 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 5,014,064 | ||
TOTAL NET ASSETS—100% | $1,371,444,064 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CDA | —Community Development Authority |
CP | —Commercial Paper |
EDA | —Economic 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 |
PCRB | —Pollution Control Revenue Bond |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Year Ended October 31, | Period Ended 10/31/20161 | |||
2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | ||||
Net investment income | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
Less Distributions: | ||||
Distributions from net investment income | (0.0137) | (0.0114) | (0.0059) | (0.0020) |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return2 | 1.38% | 1.15% | 0.59% | 0.20% |
Ratios to Average Net Assets: | ||||
Net expenses | 0.20% | 0.20% | 0.20% | 0.20%3 |
Net investment income | 1.36% | 1.17% | 0.59% | 0.54%3 |
Expense waiver/reimbursement4 | 0.16% | 0.18% | 0.20% | 0.22%3 |
Supplemental Data: | ||||
Net assets, end of period (000 omitted) | $855,998 | $594,047 | $301,268 | $231,159 |
1 | Reflects operations for the period from February 26, 2016 (date of initial public investment) to October 31, 2016. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at identified cost and fair value | $1,366,430,000 | |
Cash | 5,098,148 | |
Income receivable | 1,579,475 | |
Receivable for shares sold | 4,916,093 | |
TOTAL ASSETS | 1,378,023,716 | |
Liabilities: | ||
Payable for investments purchased | $5,005,240 | |
Payable for shares redeemed | 653,223 | |
Income distribution payable | 726,854 | |
Payable for investment adviser fee (Note 5) | 1,529 | |
Payable for administrative fees (Note 5) | 2,954 | |
Payable for other service fees (Note 2) | 33,156 | |
Accrued expenses (Note 5) | 156,696 | |
TOTAL LIABILITIES | 6,579,652 | |
Net assets for 1,371,441,414 shares outstanding | $1,371,444,064 | |
Net Assets Consist of: | ||
Paid-in capital | $1,371,441,414 | |
Total distributable earnings (loss) | 2,650 | |
TOTAL NET ASSETS | $1,371,444,064 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$855,998,438 ÷ 856,000,007 shares outstanding, no par value, unlimited shares authorized | $1.0000 | |
Premier Shares: | ||
$515,445,626 ÷ 515,441,407 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Investment Income: | |||
Interest | $18,893,578 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,413,104 | ||
Administrative fee (Note 5) | 958,441 | ||
Custodian fees | 43,892 | ||
Transfer agent fee | 54,283 | ||
Directors'/Trustees' fees (Note 5) | 8,045 | ||
Auditing fees | 20,400 | ||
Legal fees | 10,261 | ||
Portfolio accounting fees | 188,754 | ||
Other service fees (Note 2) | 352,675 | ||
Share registration costs | 71,458 | ||
Printing and postage | 19,137 | ||
Miscellaneous (Note 5) | 33,907 | ||
TOTAL EXPENSES | 4,174,357 | ||
Waiver of investment adviser fee (Note 5) | (1,952,733) | ||
Net expenses | 2,221,624 | ||
Net investment income | 16,671,954 | ||
Change in net assets resulting from operations | $16,671,954 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $16,671,954 | $8,844,391 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 16,671,954 | 8,844,391 |
Distributions to Shareholders: | ||
Institutional Shares | (9,572,444) | (4,698,956) |
Premier Shares | (7,103,992) | (4,138,425) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (16,676,436) | (8,837,381) |
Share Transactions: | ||
Proceeds from sale of shares | 3,381,084,951 | 2,446,160,623 |
Net asset value of shares issued to shareholders in payment of distributions declared | 8,199,101 | 4,918,921 |
Cost of shares redeemed | (3,032,691,453) | (1,991,958,294) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 356,592,599 | 459,121,250 |
Change in net assets | 356,588,117 | 459,128,260 |
Net Assets: | ||
Beginning of period | 1,014,855,947 | 555,727,687 |
End of period | $1,371,444,064 | $1,014,855,947 |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by 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. |
Other Service Fees Incurred | |
Institutional Shares | $352,675 |
Year Ended October 31 | 2019 | 2018 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,456,449,182 | $1,456,449,182 | 946,254,469 | $946,254,469 |
Shares issued to shareholders in payment of distributions declared | 3,655,957 | 3,655,957 | 1,994,471 | 1,994,471 |
Shares redeemed | (1,198,149,322) | (1,198,149,322) | (655,473,061) | (655,473,061) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 261,955,817 | $261,955,817 | 292,775,879 | $292,775,879 |
Year Ended October 31 | 2019 | 2018 | ||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,924,635,769 | $1,924,635,769 | 1,499,906,154 | $1,499,906,154 |
Shares issued to shareholders in payment of distributions declared | 4,543,144 | 4,543,144 | 2,924,450 | 2,924,450 |
Shares redeemed | (1,834,542,131) | (1,834,542,131) | (1,336,485,233) | (1,336,485,233) |
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | 94,636,782 | $94,636,782 | 166,345,371 | $166,345,371 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 356,592,599 | $356,592,599 | 459,121,250 | $459,121,250 |
2019 | 2018 | |
Tax-exempt income | $16,676,436 | $8,837,381 |
Undistributed tax-exempt income | $2,686 |
Capital loss carryforwards | $(36) |
Short-Term | Long-Term | Total |
$36 | $— | $36 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual: | $1,000 | $1,006.50 | $1.01 |
Hypothetical (assuming a 5% return before expenses): | $1,000 | $1,024.20 | $1.02 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
2019 ©Federated Investors, Inc.
TickerGAMXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 62.3% |
Municipal Notes | 30.3% |
Commercial Paper | 6.8% |
Other Assets and Liabilities—Net2 | 0.6% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 67.4% |
8-30 Days | 3.2% |
31-90 Days | 18.2% |
91-180 Days | 7.0% |
181 Days or more | 3.6% |
Other Assets and Liabilities—Net2 | 0.6% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.4% | ||
Georgia—99.4% | |||
$ 4,460,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 1.440%, 11/1/2019 | $4,460,000 | |
2,300,000 | Atlanta, GA Airport Facilities Revenue (Atlanta, GA Airport General Revenue), Tender Option Bond Receipts (Series 2019-XF0815) Weekly VRDNs, (Bank of America N.A. LIQ), 1.200%, 11/7/2019 | 2,300,000 | |
2,335,000 | Atlanta, GA Water & Wastewater, Tender Option Bond Trust Receipts (2015-XF0234) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.150%, 11/7/2019 | 2,335,000 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 1.250%, 11/7/2019 | 9,750,000 | |
4,850,000 | Atlanta, GA, Urban Residential Finance Authority (West End Housing Development), (Series 1995) Weekly VRDNs, (FNMA LOC), 1.310%, 11/7/2019 | 4,850,000 | |
1,500,000 | Brookhaven Development Authority, GA (Children's Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (PNC Bank, N.A. LIQ), 1.090%, 11/7/2019 | 1,500,000 | |
5,400,000 | Bulloch County, GA Development Authority (Apogee Enterprises, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.240%, 11/7/2019 | 5,400,000 | |
2,500,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 1.420%, 11/1/2019 | 2,500,000 | |
3,160,000 | Cherokee County, GA Development Authority (Goodwill of North Georgia, Inc.), (Series 2008) Weekly VRDNs, (SunTrust Bank LOC), 1.190%, 11/6/2019 | 3,160,000 | |
2,384,000 | City of Atlanta, GA (Atlanta, GA Airport General Revenue), (Series K-2), CP, (PNC Bank, N.A. LOC), 1.500%, Mandatory Tender 3/23/2020 | 2,384,000 | |
4,000,000 | Cobb County, GA School District, (Series 2019) TANs, 3.000%, 12/18/2019 | 4,006,755 | |
9,415,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 1.250%, 11/7/2019 | 9,415,000 | |
7,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 1.250%, 11/7/2019 | 7,000,000 | |
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), 1.170%, 11/7/2019 | 3,425,000 | |
540,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.180%, 11/7/2019 | 540,000 | |
3,000,000 | Fulton County, GA TANs, 2.500%, 12/31/2019 | 3,005,040 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$9,320,000 | Fulton County, GA, Solar Eclipse (Series 2017-0007) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 12/26/2019 | $9,320,000 | |
7,500,000 | Gainesville & Hall County, GA Hospital Authority (Northeast Georgia Health System, Inc.), Revenue Anticipation Certificates (Series 2014B) FRNs, 2.070% (SIFMA 7-day +0.950%), Mandatory Tender 2/18/2020 | 7,500,709 | |
6,500,000 | Georgia State HFA, Tender Option Bond Trust Certificates (Series 2018-ZF2614) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.140%, 11/7/2019 | 6,500,000 | |
500,000 | Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 1.160%, 11/7/2019 | 500,000 | |
1,245,000 | Heard County, GA Development Authority (Oglethorpe Power Corp.), (Series 2009A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.180%, 11/6/2019 | 1,245,000 | |
4,350,000 | Main Street Natural Gas, Inc., GA, (Series 2010 A1) TOBs, (Royal Bank of Canada LOC), 1.220%, Optional Tender 12/2/2019 | 4,350,000 | |
5,155,000 | Main Street Natural Gas, Inc., GA, (Series 2010 A2) TOBs, (Royal Bank of Canada LOC), 1.220%, Optional Tender 12/2/2019 | 5,155,000 | |
4,520,000 | Metropolitan Atlanta Rapid Transit Authority, GA, Solar Eclipse (Series 2017-0047) TOBs, (U.S. Bank, N.A. LIQ), 1.320%, Optional Tender 11/14/2019 | 4,520,000 | |
850,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2017) Daily VRDNs, 1.300%, 11/1/2019 | 850,000 | |
7,200,000 | Municipal Electric Authority of Georgia, (Series 1985A), CP, (Barclays Bank PLC LOC), 1.400%, Mandatory Tender 11/7/2019 | 7,200,000 | |
500,000 | Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/7/2019 | 500,000 | |
5,055,000 | Paulding County, GA, Solar Eclipse (Series 2017-0060) TOBs, (U.S. Bank, N.A. LIQ), 1.390%, Optional Tender 11/07/2019 | 5,055,000 | |
2,000,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005B-2) Weekly VRDNs, 1.070%, 11/7/2019 | 2,000,000 | |
1,000,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005C-4) Weekly VRDNs, 1.070%, 11/7/2019 | 1,000,000 | |
1,000,000 | Roswell, GA Housing Authority (Belcourt Ltd.), MFH Refunding Revenue Bonds (Series 1988A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 1.200%, 11/6/2019 | 1,000,000 | |
2,305,000 | Savannah, GA EDA (Calvary Day School), (Series 2006) Weekly VRDNs, (SunTrust Bank LOC), 1.190%, 11/6/2019 | 2,305,000 | |
700,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 1.200%, 11/6/2019 | 700,000 | |
6,355,000 | Savannah, GA EDA (Home Depot, Inc.), (Series B) Weekly VRDNs, (SunTrust Bank LOC), 1.200%, 11/6/2019 | 6,355,000 | |
5,550,000 | Savannah, GA Housing Authority (Bradley Pointe Apartments), (Series 2003) Weekly VRDNs, (KeyBank, N.A. LOC), 1.300%, 11/7/2019 | 5,550,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$2,985,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.200%, 11/7/2019 | $2,985,000 | |
TOTAL INVESTMENT IN SECURITIES—99.4% (AT AMORTIZED COST)2 | 140,621,504 | ||
OTHER ASSETS AND LIABILITIES - NET—0.6%3 | 913,300 | ||
TOTAL NET ASSETS—100% | $141,534,804 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CP | —Commercial Paper |
EDA | —Economic Development Authority |
FHLMC | —Federal Home Loan Mortgage Corporation |
FNMA | —Federal National Mortgage Association |
FRNs | —Floating Rate Notes |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
SIFMA | —Securities Industry and Financial Markets Association |
TANs | —Tax Anticipation Notes |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Net realized gain | 0.0001 | — | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.11% | 0.88% | 0.35% | 0.11% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.53% | 0.53% | 0.53% | 0.32%3 | 0.12% |
Net investment income | 1.11% | 0.87% | 0.35% | 0.05% | 0.01% |
Expense waiver/reimbursement4 | 0.30% | 0.34% | 0.44% | 0.64% | 0.79% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $141,535 | $175,860 | $156,551 | $98,313 | $168,721 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $140,621,504 | |
Cash | 729,609 | |
Income receivable | 416,621 | |
Receivable for shares sold | 160,100 | |
TOTAL ASSETS | 141,927,834 | |
Liabilities: | ||
Payable for shares redeemed | $290,941 | |
Payable for investment adviser fee (Note 5) | 60 | |
Payable for administrative fee (Note 5) | 306 | |
Payable for portfolio accounting fees | 36,572 | |
Payable for other service fees (Note 2) | 30,392 | |
Payable for printing and postage | 16,072 | |
Accrued expenses (Note 5) | 18,687 | |
TOTAL LIABILITIES | 393,030 | |
Net assets for 141,533,656 shares outstanding | $141,534,804 | |
Net Assets Consist of: | ||
Paid-in capital | $141,533,656 | |
Total distributable earnings (loss) | 1,148 | |
TOTAL NET ASSETS | $141,534,804 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$141,534,804 ÷ 141,533,656 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $2,826,390 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $516,437 | ||
Administrative fee (Note 5) | 137,146 | ||
Custodian fees | 6,466 | ||
Transfer agent fee | 161,867 | ||
Directors'/Trustees' fees (Note 5) | 1,620 | ||
Auditing fees | 20,400 | ||
Legal fees | 11,214 | ||
Portfolio accounting fees | 71,604 | ||
Other service fees (Note 2) | 430,364 | ||
Share registration costs | 45,065 | ||
Printing and postage | 24,679 | ||
Miscellaneous (Note 5) | 5,952 | ||
TOTAL EXPENSES | 1,432,814 | ||
Waiver and Reimbursement (Note 5): | |||
Waiver of investment adviser fee | $(504,008) | ||
Reimbursement of other operating expenses | (7,998) | ||
TOTAL WAIVER AND REIMBURSEMENT | (512,006) | ||
Net expenses | 920,808 | ||
Net investment income | 1,905,582 | ||
Net realized gain on investments | 389 | ||
Change in net assets resulting from operations | $1,905,971 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,905,582 | $1,732,461 |
Net realized gain | 389 | — |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,905,971 | 1,732,461 |
Distributions to Shareholders | (1,905,227) | (1,748,623) |
Share Transactions: | ||
Proceeds from sale of shares | 375,262,428 | 367,529,786 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,872,636 | 1,743,686 |
Cost of shares redeemed | (411,460,593) | (349,948,926) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (34,325,529) | 19,324,546 |
Change in net assets | (34,324,785) | 19,308,384 |
Net Assets: | ||
Beginning of period | 175,859,589 | 156,551,205 |
End of period | $141,534,804 | $175,859,589 |
Year Ended October 31 | 2019 | 2018 |
Shares sold | 375,262,428 | 367,529,786 |
Shares issued to shareholders in payment of distributions declared | 1,872,636 | 1,743,686 |
Shares redeemed | (411,460,593) | (349,948,926) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | (34,325,529) | 19,324,546 |
2019 | 2018 | |
Tax-exempt income | $1,905,227 | $1,732,151 |
Ordinary income1 | $— | $16,472 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $759 |
Undistributed long-term capital gains | $389 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,005.20 | $2.68 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,022.50 | $2.70 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.53%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
2019 ©Federated Investors, Inc.
Share Class | Ticker | Wealth | MAWXX | Service | MMCXX | Cash Series | FMCXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 54.8% |
Commercial Paper | 22.6% |
Municipal Notes | 22.5% |
Other Assets and Liabilities—Net2 | 0.1% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 67.2% |
8-30 Days | 9.0% |
31-90 Days | 7.9% |
91-180 Days | 12.4% |
181 Days or more | 3.4% |
Other Assets and Liabilities—Net2 | 0.1% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.9% | ||
Massachusetts—99.9% | |||
$800,000 | Ashland, MA, (Series B) BANs, 2.550%, 1/23/2020 | $800,801 | |
572,963 | Bedford, MA BANs, 3.000%, 12/13/2019 | 573,824 | |
2,250,000 | Billerica, MA, Solar Eclipse (2017-0027) TOBs, (U.S. Bank, N.A. LIQ), 1.250%, Optional Tender 11/7/2019 | 2,250,000 | |
1,560,000 | Boston, MA Water & Sewer Commission, Tax-Exempt Commercial Paper Bond Anticipation Notes (Series A), CP, (State Street Bank and Trust Co. LOC), 1.290%, Mandatory Tender 12/3/2019 | 1,560,000 | |
500,000 | Commonwealth of Massachusetts, (Series 2000A) Weekly VRDNs, (Citibank N.A., New York LIQ), 1.100%, 11/7/2019 | 500,000 | |
810,000 | Commonwealth of Massachusetts, (Series 2001 C) Weekly VRDNs, (Barclays Bank PLC LOC), 1.080%, 11/7/2019 | 810,000 | |
1,000,000 | Mansfield, MA BANs, 2.250%, 4/24/2020 | 1,001,160 | |
325,000 | Massachusetts Bay Transportation Authority General Transportation System, (2000 Series A-1) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.130%, 11/6/2019 | 325,000 | |
2,120,000 | Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) TOBs, (State Street Bank and Trust Co. LIQ), 1.270%, Optional Tender 2/6/2020 | 2,120,000 | |
1,000,000 | Massachusetts Development Finance Agency (Boston University), (Series U-6E) Daily VRDNs, (TD Bank, N.A. LOC), 1.200%, 11/1/2019 | 1,000,000 | |
1,800,000 | Massachusetts Development Finance Agency (CIL Realty of Massachusetts), (Series 2013) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.160%, 11/7/2019 | 1,800,000 | |
3,367,000 | Massachusetts Development Finance Agency, (Issue 4), CP, (FHLB of Boston LOC), 1.420%, Mandatory Tender 11/12/2019 | 3,367,000 | |
605,000 | Massachusetts HEFA (Henry Heywood Memorial Hospital), (Series 2009C) Tranche 2 Daily VRDNs, (TD Bank, N.A. LOC), 1.200%, 11/1/2019 | 605,000 | |
2,000,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 1.500%, Mandatory Tender 11/1/2019 | 2,000,000 | |
1,625,000 | Massachusetts School Building Authority, Eagles (Series 2014-0003) Weekly VRDNs, (Citibank N.A., New York LIQ), 1.150%, 11/7/2019 | 1,625,000 | |
150,000 | Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2015-XF2203) Weekly VRDNs, (Citibank N.A., New York LIQ), 1.140%, 11/7/2019 | 150,000 | |
1,000,000 | Massachusetts State Development Finance Agency (Babson College), (Series 2008A) Weekly VRDNs, (Bank of America N.A. LOC), 1.160%, 11/7/2019 | 1,000,000 | |
475,000 | Massachusetts State Development Finance Agency (Marine Biological Laboratory), (Series 2006) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.140%, 11/7/2019 | 475,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Massachusetts—continued | |||
$1,250,000 | 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), 1.150%, 11/7/2019 | $1,250,000 | |
5,775,000 | Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007A) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.200%, 11/6/2019 | 5,775,000 | |
2,270,000 | Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007B) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.200%, 11/6/2019 | 2,270,000 | |
795,000 | Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs, (Bank of America N.A. LIQ), 1.140%, 11/7/2019 | 795,000 | |
1,000,000 | Massachusetts State Health & Educational Facility (Tufts University), (Series 2008 N-2) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.200%, 11/1/2019 | 1,000,000 | |
1,000,000 | Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/7/2019 | 1,000,000 | |
367,545 | Millis, MA BANs, 3.000%, 11/1/2019 | 367,545 | |
1,255,387 | Randolph, MA BANs, 2.500%, 6/12/2020 | 1,261,959 | |
1,500,000 | University of Massachusetts Building Authority, MA, (Series 2013-B), CP, (U.S. Bank, N.A. LIQ), 1.280%, Mandatory Tender 2/12/2020 | 1,500,000 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)2 | 37,182,289 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%3 | 50,152 | ||
TOTAL NET ASSETS—100% | $37,232,441 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
BANs | —Bond Anticipation Notes |
CP | —Commercial Paper |
FHLB | —Federal Home Loan Bank |
HEFA | —Health and Education Facilities Authority |
IFA | —Industrial Finance Authority |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
Year Ended 10/31/2019 | Period Ended 10/31/20181 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 |
Income From Investment Operations: | ||
Net investment income | 0.0132 | 0.010 |
Net realized gain | 0.0003 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.010 |
Less Distributions: | ||
Distributions from net investment income | (0.013) | (0.010) |
Distributions from net realized gain | — | (0.000)3 |
TOTAL DISTRIBUTIONS | (0.013) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 |
Total Return4 | 1.29% | 1.02% |
Ratios to Average Net Assets: | ||
Net expenses | 0.36% | 0.36%5 |
Net investment income | 1.34% | 1.16%5 |
Expense waiver/reimbursement6 | 0.43% | 0.45%5 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $07 | $732 |
1 | Reflects operations for the period from November 6, 2017 (date of initial investment) to October 31, 2018. |
2 | Per share number has been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
7 | Represents less than $1,000. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0101 | 0.008 | 0.002 | 0.0002 | 0.0002 |
Net realized gain | 0.0002 | — | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.008 | 0.002 | 0.0002 | 0.0002 |
Less Distributions: | |||||
Distributions from net investment income | (0.010) | (0.008) | (0.002) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.010) | (0.008) | (0.002) | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 1.05% | 0.78% | 0.25% | 0.07% | 0.05% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.60% | 0.61% | 0.61% | 0.32%4 | 0.12% |
Net investment income | 1.04% | 0.72% | 0.20% | 0.03% | 0.01% |
Expense waiver/reimbursement5 | 0.48% | 0.39% | 0.37% | 0.57% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $17,107 | $19,628 | $50,886 | $71,785 | $115,844 |
1 | Per share number has been calculated using the average shares method. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0061 | 0.004 | 0.0002 | 0.0002 | 0.0002 |
Net realized gain | 0.0002 | — | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.004 | 0.0002 | 0.0002 | 0.0002 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.004) | (0.000)2 | (0.000)2 | (0.000)2 |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.006) | (0.004) | (0.000)2 | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.62% | 0.37% | 0.05% | 0.04% | 0.05% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.02% | 1.02% | 0.81% | 0.35%4 | 0.12% |
Net investment income | 0.64% | 0.36% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.65% | 0.60% | 0.77% | 1.14% | 1.35% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $20,125 | $48,133 | $42,818 | $60,767 | $80,123 |
1 | Per share number has been calculated using the average shares method. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.35% after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $37,182,289 | |
Cash | 42,258 | |
Income receivable | 123,823 | |
TOTAL ASSETS | 37,348,370 | |
Liabilities: | ||
Payable for shares redeemed | $123 | |
Income distribution payable | 1,852 | |
Payable to adviser (Note 5) | 336 | |
Payable for administrative fee (Note 5) | 80 | |
Payable for transfer agent fee | 9,383 | |
Payable for legal fees | 6,649 | |
Payable for portfolio accounting fees | 43,490 | |
Payable for distribution services fee (Note 5) | 7,529 | |
Payable for other service fees (Notes 2 and 5) | 7,995 | |
Payable for share registration costs | 19,746 | |
Payable for printing and postage | 16,706 | |
Accrued expenses (Note 5) | 2,040 | |
TOTAL LIABILITIES | 115,929 | |
Net assets for 37,215,104 shares outstanding | $37,232,441 | |
Net Assets Consist of: | ||
Paid-in capital | $37,215,316 | |
Total distributable earnings (loss) | 17,125 | |
TOTAL NET ASSETS | $37,232,441 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Wealth Shares: | ||
$100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$17,106,875 ÷ 17,098,910 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$20,125,466 ÷ 20,116,094 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $975,600 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $176,356 | ||
Administrative fee (Note 5) | 47,230 | ||
Custodian fees | 3,231 | ||
Transfer agent fee | 56,586 | ||
Directors'/Trustees' fees (Note 5) | 791 | ||
Auditing fees | 20,400 | ||
Legal fees | 10,731 | ||
Portfolio accounting fees | 82,631 | ||
Distribution services fee (Note 5) | 235,059 | ||
Other service fees (Notes 2 and 5) | 144,182 | ||
Share registration costs | 62,382 | ||
Printing and postage | 20,963 | ||
Miscellaneous (Note 5) | 7,004 | ||
TOTAL EXPENSES | 867,546 | ||
Waivers and Reimbursement (Note 5): | |||
Waiver of investment adviser fee | $(176,356) | ||
Waiver/reimbursement of other operating expenses | (171,877) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (348,233) | ||
Net expenses | 519,313 | ||
Net investment income | 456,287 | ||
Net realized gain on investments | 16,687 | ||
Change in net assets resulting from operations | $472,974 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $456,287 | $432,100 |
Net realized gain | 16,687 | — |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 472,974 | 432,100 |
Distributions to Shareholders: | ||
Wealth Shares | (4,252) | (2,524) |
Service Shares | (200,193) | (269,984) |
Cash Series Shares | (251,635) | (163,423) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (456,080) | (435,931) |
Share Transactions: | ||
Proceeds from sale of shares | 168,315,304 | 234,406,209 |
Net asset value of shares issued to shareholders in payment of distributions declared | 417,629 | 290,120 |
Cost of shares redeemed | (200,010,997) | (259,902,401) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (31,278,064) | (25,206,072) |
Change in net assets | (31,261,170) | (25,209,903) |
Net Assets: | ||
Beginning of period | 68,493,611 | 93,703,514 |
End of period | $37,232,441 | $68,493,611 |
Other Service Fees Incurred | |
Service Shares | $46,241 |
Cash Series Shares | 97,941 |
TOTAL | $144,182 |
Year Ended October 31 | 2019 | 20181 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 589,044 | $589,044 | 1,311,180 | $1,311,180 |
Shares redeemed | (1,321,210) | (1,321,210) | (578,914) | (578,914) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (732,166) | $(732,166) | 732,266 | $732,266 |
Year Ended October 31 | 2019 | 2018 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 49,789,838 | $49,789,838 | 67,415,795 | $67,415,795 |
Shares issued to shareholders in payment of distributions declared | 167,194 | 167,194 | 127,681 | 127,681 |
Shares redeemed | (52,486,251) | (52,486,251) | (98,799,007) | (98,799,007) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (2,529,219) | $(2,529,219) | (31,255,531) | $(31,255,531) |
Year Ended October 31 | 2019 | 2018 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 117,936,422 | $117,936,422 | 165,679,234 | $165,679,234 |
Shares issued to shareholders in payment of distributions declared | 250,435 | 250,435 | 162,439 | 162,439 |
Shares redeemed | (146,203,536) | (146,203,536) | (160,524,480) | (160,524,480) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (28,016,679) | $(28,016,679) | 5,317,193 | $5,317,193 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (31,278,064) | $(31,278,064) | (25,206,072) | $(25,206,072) |
1 | Reflects operations for the period from November 6, 2017 (date of initial investment) to October 31, 2018. |
2019 | 2018 | |
Tax-exempt income | $456,080 | $432,047 |
Ordinary income1 | $— | $699 |
Long-term capital gains | $— | $3,185 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $438 |
Undistributed ordinary income2 | $1,998 |
Undistributed long-term capital gains | $14,689 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash Series Shares | $235,059 | $(74,436) |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,006.10 | $1.82 |
Service Shares | $1,000 | $1,004.90 | $3.03 |
Cash Series Shares | $1,000 | $1,002.80 | $5.15 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.40 | $1.84 |
Service Shares | $1,000 | $1,022.20 | $3.06 |
Cash Series Shares | $1,000 | $1,020.10 | $5.19 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.36% |
Service Shares | 0.60% |
Cash Series Shares | 1.02% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: 1990 | Principal Occupations: Mary Jo Ochson has been the Fund's Portfolio Manager since 1990. Ms. Ochson was named Chief Investment Officer of Federated's tax-exempt fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N518
CUSIP 608919882
2019 ©Federated Investors, Inc.
Share Class | Ticker | Wealth | NISXX | Service | FNTXX | Cash II | NYCXX |
Cash Series | FNCXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 68.1% |
Municipal Notes | 24.4% |
Commercial Paper | 7.1% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 68.5% |
8-30 Days | 2.3% |
31-90 Days | 10.4% |
91-180 Days | 6.8% |
181 Days or more | 11.6% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
New York—99.6% | |||
$285,000 | Albany, NY IDA (Albany Local Development Corp.), (Series 2002: Corning Preserve/Hudson Riverfront) Weekly VRDNs, (KeyBank, N.A. LOC), 1.250%, 11/7/2019 | $285,000 | |
4,200,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 4,200,000 | |
3,000,000 | Argyle, NY CSD, (Series 2019) BANs, 2.250%, 6/5/2020 | 3,009,961 | |
4,840,000 | Aurora, NY BANs, 2.375%, 4/2/2020 | 4,851,616 | |
5,229,500 | Batavia Town, NY BANs, 3.000%, 3/12/2020 | 5,247,990 | |
10,000,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.150%, 11/7/2019 | 10,000,000 | |
2,075,000 | Belfast, NY CSD BANs, 1.750%, 6/26/2020 | 2,078,059 | |
2,500,000 | Binghamton, NY City School District RANs, 2.750%, 1/24/2020 | 2,503,941 | |
3,779,013 | Bradford, NY CSD BANs, 2.000%, 6/26/2020 | 3,791,621 | |
2,869,000 | Burdett Village, NY BANs, 2.375%, 2/19/2020 | 2,869,000 | |
3,750,000 | Canadice, NY BANs, 2.000%, 7/17/2020 | 3,751,647 | |
2,000,000 | Carthage, NY CSD BANs, 1.500%, 6/29/2020 | 2,002,070 | |
3,000,000 | Clayton, NY BANs, 1.500%, 9/9/2020 | 3,002,521 | |
1,995,000 | Columbia County, NY IDA (Columbia Memorial Hospital), (Series 2008A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.160%, 11/7/2019 | 1,995,000 | |
3,595,743 | Corning, NY (Town of) BANs, 1.750%, 8/12/2020 | 3,603,176 | |
3,100,000 | Cortland, NY BANs, 2.375%, 4/10/2020 | 3,107,966 | |
2,000,000 | East Rochester, NY Union Free School District BANs, 2.000%, 6/26/2020 | 2,008,633 | |
8,658,000 | Elba, NY, (Series 2018A) BANs, 2.750%, 11/26/2019 | 8,658,000 | |
3,930,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.220%, 11/7/2019 | 3,930,000 | |
3,840,000 | Fort Edward Union Free School District, NY BANs, 2.000%, 6/19/2020 | 3,848,822 | |
7,175,000 | Glens Falls, NY BANs, 2.000%, 6/5/2020 | 7,175,000 | |
1,200,000 | Heuvelton, NY CSD BANs, 1.500%, 6/25/2020 | 1,201,073 | |
5,030,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Receipts (Series 2019-ZM0737) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.200%, 11/7/2019 | 5,030,000 | |
2,075,086 | Lloyd, NY BANs, 3.000%, 2/14/2020 | 2,079,754 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$20,000,000 | MTA Transportation Revenue, Tender Option Bond Trust Receipts (2019-XF0806) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.200%, 11/7/2019 | $20,000,000 | |
9,875,000 | MTA Transportation Revenue, Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ), 1.270%, 11/7/2019 | 9,875,000 | |
1,055,939 | Malone, NY CSD BANs, 2.000%, 8/14/2020 | 1,060,013 | |
18,445,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 1.270%, Optional Tender 2/6/2020 | 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), 1.200%, 11/7/2019 | 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), 1.240%, 11/7/2019 | 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), 1.240%, 11/7/2019 | 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), 1.240%, 11/7/2019 | 6,205,000 | |
2,763,571 | Middletown, NY, (2019 Series B) BANs, 1.750%, 10/22/2020 | 2,774,162 | |
2,560,000 | Monroe County, NY IDA (Continuing Developmental Services, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.270%, 11/7/2019 | 2,560,000 | |
3,400,000 | Montauk, NY Union Free School District BANs, 2.000%, 6/25/2020 | 3,415,281 | |
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), 1.150%, 11/7/2019 | 3,725,000 | |
8,960,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2815) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 1.180%, 11/7/2019 | 8,960,000 | |
8,700,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2816) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.170%, 11/7/2019 | 8,700,000 | |
1,407,680 | New Paltz, NY BANs, 1.500%, 9/17/2020 | 1,409,865 | |
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), 1.080%, 11/7/2019 | 1,150,000 | |
685,000 | New York City Capital Resource Corp. (Cobble Hill Health Center, Inc.), Loan Enhanced Assistance Program (Series 2008B-3) Weekly VRDNs, (Bank of America N.A. LOC), 1.100%, 11/7/2019 | 685,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$5,400,000 | New York City Housing Development Corp. (2 Gold LLC), (Series 2006A: 2 Gold Street) Weekly VRDNs, (FNMA LOC), 1.130%, 11/6/2019 | $5,400,000 | |
10,000,000 | New York City Housing Development Corp. (8 Spruce Street Residential LLC), BAML 3a-7 CE (Series 2019-BAML5009) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.160%, 11/7/2019 | 10,000,000 | |
3,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2786) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 3,000,000 | |
4,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2787) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 4,000,000 | |
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), 1.150%, 11/7/2019 | 3,805,000 | |
6,525,000 | New York City, NY IDA (Convent of the Sacred Heart School of New York), (Series 2002) Monthly VRDNs, (FHLB of San Francisco LOC), 1.520%, 11/7/2019 | 6,525,000 | |
2,000,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2000 Series C) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.080%, 11/6/2019 | 2,000,000 | |
5,500,000 | New York City, NY Municipal Water Finance Authority, (Series 2001F-1) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.350%, 11/1/2019 | 5,500,000 | |
990,000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.110%, 11/7/2019 | 990,000 | |
3,585,000 | New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.350%, 11/1/2019 | 3,585,000 | |
5,110,000 | New York City, NY Municipal Water Finance Authority, Solar Eclipse (Series 2019-0001) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/16/2020 | 5,110,000 | |
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), 1.150%, 11/7/2019 | 9,000,000 | |
1,715,000 | New York City, NY Transitional Finance Authority, Fiscal 2014 (Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.260%, 11/1/2019 | 1,715,000 | |
5,850,000 | New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.110%, 11/7/2019 | 5,850,000 | |
4,185,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-5) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.110%, 11/7/2019 | 4,185,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$1,345,000 | New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs, (Bank of New York Mellon, N.A. LIQ), 1.150%, 11/6/2019 | $1,345,000 | |
1,720,000 | New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly VRDNs, (GTD by Landesbank Hessen-Thuringen LIQ), 1.150%, 11/6/2019 | 1,720,000 | |
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), 1.150%, 11/7/2019 | 6,000,000 | |
475,000 | New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.110%, 11/7/2019 | 475,000 | |
10,000,000 | New York City, NY, (Subseries A-2) Daily VRDNs, (Mizuho Bank Ltd. LOC), 1.300%, 11/1/2019 | 10,000,000 | |
16,650,000 | New York City, NY, Fiscal 2014 (Subseries I-3) Weekly VRDNs, (Citibank N.A., New York LOC), 1.100%, 11/6/2019 | 16,650,000 | |
10,000,000 | New York City, NY, RBC Muni Products (Series E-133) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.150%, 11/7/2019 | 10,000,000 | |
4,885,000 | New York City, NY, Solar Eclipse (Series 2017-0057) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/16/2020 | 4,885,000 | |
2,450,000 | New York City, NY, Solar Eclipse 3a-7 (Series 2019-0012) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/23/2020 | 2,450,000 | |
845,000 | 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), 1.100%, 11/7/2019 | 845,000 | |
4,315,000 | New York State Dormitory Authority (New York University), Solar Eclipse (Series 2017-0034) TOBs, (U.S. Bank, N.A. LIQ), 1.250%, Optional Tender 11/21/2019 | 4,315,000 | |
5,075,000 | New York State Dormitory Authority (Rockefeller University), (Series 2002A-2) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.100%, 11/7/2019 | 5,075,000 | |
7,905,000 | New York State Dormitory Authority (Rockefeller University), (Series 2008A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.130%, 11/7/2019 | 7,905,000 | |
370,000 | New York State Dormitory Authority (St. John's University), (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 1.080%, 11/7/2019 | 370,000 | |
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), 1.150%, 11/7/2019 | 5,600,000 | |
6,000,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-2) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.110%, 11/6/2019 | 6,000,000 | |
23,105,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 1.120%, 11/6/2019 | 23,105,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$950,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/6/2019 | $950,000 | |
11,125,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 1.150%, 11/6/2019 | 11,125,000 | |
4,450,000 | New York State HFA (8 East 102nd Street Housing), (Series 2010A) Weekly VRDNs, (TD Bank, N.A. LOC), 1.080%, 11/6/2019 | 4,450,000 | |
1,400,000 | New York State HFA (Dock Street Rental LLC), (Series 2013A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.110%, 11/6/2019 | 1,400,000 | |
2,000,000 | New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.370%, 11/1/2019 | 2,000,000 | |
5,955,000 | New York State HFA, (2010 Series A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.190%, 11/6/2019 | 5,955,000 | |
3,335,000 | New York State HFA, Tender Option Bond Trust Certificates (Series 2019-ZF2800) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.160%, 11/7/2019 | 3,335,000 | |
10,000,000 | New York State Local Government Assistance Corp., (Series 2003A-4V) Subordinate Lien Refunding Bonds Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/6/2019 | 10,000,000 | |
8,005,000 | New York State Local Government Assistance Corp., (Subordinate Series 2008B-3V) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.130%, 11/6/2019 | 8,005,000 | |
13,100,000 | 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), 1.350%, Mandatory Tender 1/9/2020 | 13,100,000 | |
17,000,000 | 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), 1.440%, Mandatory Tender 11/5/2019 | 17,000,000 | |
3,000,000 | New York State Thruway Authority, Tender Option Bond Trust Receipts (Series 2019-XF0829) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.220%, 11/7/2019 | 3,000,000 | |
2,445,000 | New York State Thruway Authority, Tender Option Bond Trust Receipts (Series 2019-ZF0831) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.150%, 11/7/2019 | 2,445,000 | |
5,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 1.150%, 11/7/2019 | 5,500,000 | |
3,245,000 | 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), 1.100%, 11/7/2019 | 3,245,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$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), 1.140%, 11/7/2019 | $6,890,000 | |
7,500,000 | 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), 1.150%, 11/7/2019 | 7,500,000 | |
3,000,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2019-XM0724) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.150%, 11/7/2019 | 3,000,000 | |
1,400,000 | New York State Urban Development Corp., (Subseries 2008A-5) Weekly VRDNs, (TD Bank, N.A. LOC), 1.130%, 11/7/2019 | 1,400,000 | |
5,160,000 | New York, NY City Industrial Agency (Jamaica First Parking LLC), (Series 2004) Weekly VRDNs, (TD Bank, N.A. LOC), 1.150%, 11/7/2019 | 5,160,000 | |
14,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.170%, 11/7/2019 | 14,500,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs, (TD Bank, N.A. LIQ), 1.160%, 11/7/2019 | 10,000,000 | |
4,940,000 | Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 4,940,000 | |
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), 1.980%, 11/1/2019 | 7,950,000 | |
1,500,000 | Orange County, NY IDA (Tuxedo Park School), (Series 2002) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 1,500,000 | |
1,859,000 | Owego-Apalachin, NY CSD BANs, 1.750%, 8/21/2020 | 1,864,435 | |
11,075,000 | Port Authority of New York and New Jersey, (Series B), CP, 1.400%, Mandatory Tender 1/15/2020 | 11,075,000 | |
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), 1.150%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 1,880,000 | |
1,600,000 | Rome, NY, (2019 Series A) BANs, 2.000%, 5/29/2020 | 1,600,000 | |
6,480,000 | Salina, NY BANs, 2.250%, 6/13/2020 | 6,503,383 | |
3,160,039 | Stony Point, NY, (Series 2019A) BANs, 1.500%, 8/20/2020 | 3,165,023 | |
1,190,000 | Suffolk County, NY IDA (Guide Dog Foundation, Inc.) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.180%, 11/7/2019 | 1,190,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$2,000,000 | Tuckahoe, NY Union Free School District BANs, 2.000%, 6/5/2020 | $2,003,722 | |
4,895,000 | Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.220%, 11/7/2019 | 4,895,000 | |
2,290,000 | Van Buren, NY BANs, 3.000%, 1/17/2020 | 2,293,304 | |
1,255,050 | Wappingers, NY CSD BANs, 2.000%, 7/15/2020 | 1,258,690 | |
3,190,000 | Watertown, NY (Town of) BANs, 2.750%, 4/16/2020 | 3,203,582 | |
2,100,000 | Waverly, NY CSD BANs, 1.750%, 6/30/2020 | 2,103,844 | |
4,538,873 | Waverly, NY, (Series 2018) BANs, 2.750%, 12/19/2019 | 4,538,873 | |
4,766,000 | Windham, NY BANs, 2.375%, 5/20/2020 | 4,779,490 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)2 | 579,534,517 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 2,216,287 | ||
TOTAL NET ASSETS—100% | $581,750,804 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
CP | —Commercial Paper |
CSD | —Central School District |
FHLB | —Federal Home Loan Bank |
FNMA | —Federal National Mortgage Association |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
RANs | —Revenue Anticipation Notes |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.33% | 1.08% | 0.56% | 0.16% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.32% | 0.32% | 0.32% | 0.22%3 | 0.12% |
Net investment income | 1.31% | 1.10% | 0.58% | 0.10% | 0.01% |
Expense waiver/reimbursement4 | 0.17% | 0.25% | 0.34% | 0.40% | 0.48% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $326,684 | $211,511 | $111,061 | $70,496 | $215,975 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Net realized gain | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.11% | 0.86% | 0.34% | 0.06% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.54% | 0.54% | 0.54% | 0.30%3 | 0.12% |
Net investment income | 1.09% | 0.82% | 0.35% | 0.02% | 0.01% |
Expense waiver/reimbursement4 | 0.45% | 0.55% | 0.62% | 0.79% | 0.96% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $219,665 | $28,662 | $64,510 | $35,692 | $194,225 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.30% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.009 | 0.006 | 0.001 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.006 | 0.001 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.009) | (0.006) | (0.001) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.006) | (0.001) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.87% | 0.63% | 0.13% | 0.02% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.77% | 0.77% | 0.76% | 0.29%3 | 0.12% |
Net investment income | 0.87% | 0.62% | 0.13% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.22% | 0.32% | 0.41% | 0.81% | 0.98% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $9,952 | $9,535 | $10,982 | $8,457 | $65,870 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.29% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.62% | 0.38% | 0.01% | 0.02% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.02% | 1.02% | 0.86% | 0.36%3 | 0.12% |
Net investment income | 0.63% | 0.33% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.32% | 0.42% | 0.65% | 1.11% | 1.33% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $25,450 | $35,414 | $141,388 | $172,288 | $285,077 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $579,534,517 | |
Cash | 122,863 | |
Income receivable | 2,239,671 | |
Receivable for shares sold | 230,266 | |
TOTAL ASSETS | 582,127,317 | |
Liabilities: | ||
Payable for investments purchased | $100,058 | |
Payable for shares redeemed | 13,339 | |
Income distribution payable | 25,074 | |
Payable for investment adviser fee (Note 5) | 2,707 | |
Payable for administrative fees (Note 5) | 1,256 | |
Payable for custodian fees | 11,937 | |
Payable for transfer agent fee | 25,078 | |
Payable for portfolio accounting fees | 78,828 | |
Payable for distribution services fee (Note 5) | 18,847 | |
Payable for other service fees (Notes 2 and 5) | 51,513 | |
Payable for share registration costs | 22,798 | |
Payable for printing and postage | 17,397 | |
Accrued expenses (Note 5) | 7,681 | |
TOTAL LIABILITIES | 376,513 | |
Net assets for 581,704,792 shares outstanding | $581,750,804 | |
Net Assets Consist of: | ||
Paid-in capital | $581,704,792 | |
Total distributable earnings (loss) | 46,012 | |
TOTAL NET ASSETS | $581,750,804 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$326,684,090 ÷ 326,658,245 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$219,664,826 ÷ 219,647,462 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$9,951,746 ÷ 9,950,958 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$25,450,142 ÷ 25,448,127 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $8,350,124 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,532,006 | ||
Administrative fee (Note 5) | 406,989 | ||
Custodian fees | 19,789 | ||
Transfer agent fee | 284,789 | ||
Directors'/Trustees' fees (Note 5) | 3,248 | ||
Auditing fees | 22,100 | ||
Legal fees | 13,251 | ||
Portfolio accounting fees | 150,785 | ||
Distribution services fee (Note 5) | 699,722 | ||
Other service fees (Notes 2 and 5) | 576,881 | ||
Share registration costs | 69,468 | ||
Printing and postage | 22,202 | ||
Miscellaneous (Note 5) | 8,438 | ||
TOTAL EXPENSES | 3,809,668 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(873,901) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (576,518) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (1,450,419) | ||
Net expenses | 2,359,249 | ||
Net investment income | 5,990,875 | ||
Net realized gain on investments | 40,695 | ||
Change in net assets resulting from operations | $6,031,570 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,990,875 | $2,409,618 |
Net realized gain | 40,695 | — |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 6,031,570 | 2,409,618 |
Distributions to Shareholders: | ||
Wealth Shares | (3,653,828) | (1,739,804) |
Service Shares | (2,023,356) | (409,245) |
Cash II Shares | (91,932) | (68,743) |
Cash Series Shares | (219,584) | (190,481) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (5,988,700) | (2,408,273) |
Share Transactions: | ||
Proceeds from sale of shares | 998,159,264 | 590,949,152 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,636,656 | 2,227,719 |
Cost of shares redeemed | (707,209,918) | (635,997,444) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 296,586,002 | (42,820,573) |
Change in net assets | 296,628,872 | (42,819,228) |
Net Assets: | ||
Beginning of period | 285,121,932 | 327,941,160 |
End of period | $581,750,804 | $285,121,932 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Service Shares | $463,163 | $(129,406) |
Cash II Shares | 26,261 | — |
Cash Series Shares | 87,457 | — |
TOTAL | $576,881 | $(129,406) |
Year Ended October 31 | 2019 | 2018 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 506,187,750 | $506,187,750 | 338,736,312 | $338,736,312 |
Shares issued to shareholders in payment of distributions declared | 3,407,502 | 3,407,502 | 1,696,840 | 1,696,840 |
Shares redeemed | (394,445,382) | (394,445,382) | (239,985,503) | (239,985,503) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 115,149,870 | $115,149,870 | 100,447,649 | $100,447,649 |
Year Ended October 31 | 2019 | 2018 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 443,173,878 | $443,173,878 | 108,636,153 | $108,636,153 |
Shares issued to shareholders in payment of distributions declared | 1,922,304 | 1,922,304 | 280,484 | 280,484 |
Shares redeemed | (254,110,633) | (254,110,633) | (144,764,861) | (144,764,861) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 190,985,549 | $190,985,549 | (35,848,224) | $(35,848,224) |
Year Ended October 31 | 2019 | 2018 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,141,971 | $12,141,971 | 18,428,713 | $18,428,713 |
Shares issued to shareholders in payment of distributions declared | 90,573 | 90,573 | 68,484 | 68,484 |
Shares redeemed | (11,816,363) | (11,816,363) | (19,944,089) | (19,944,089) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 416,181 | $416,181 | (1,446,892) | $(1,446,892) |
Year Ended October 31 | 2019 | 2018 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 36,655,665 | $36,655,665 | 125,147,974 | $125,147,974 |
Shares issued to shareholders in payment of distributions declared | 216,277 | 216,277 | 181,911 | 181,911 |
Shares redeemed | (46,837,540) | (46,837,540) | (231,302,991) | (231,302,991) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (9,965,598) | $(9,965,598) | (105,973,106) | $(105,973,106) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 296,586,002 | $296,586,002 | (42,820,573) | $(42,820,573) |
2019 | 2018 | |
Tax-exempt income | $5,988,700 | $2,406,836 |
Ordinary income1 | $— | $1,437 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $5,317 |
Undistributed ordinary income | $40,695 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Service Shares | 0.25% |
Cash II Shares | 0.25% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Service Shares | $463,552 | $(389,384) |
Cash II Shares | 26,273 | (5,254) |
Cash Series Shares | 209,897 | (52,474) |
TOTAL | $699,722 | $(447,112) |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,006.30 | $1.62 |
Service Shares | $1,000 | $1,005.20 | $2.73 |
Cash II Shares | $1,000 | $1,004.00 | $3.89 |
Cash Series Shares | $1,000 | $1,002.80 | $5.15 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.60 | $1.63 |
Service Shares | $1,000 | $1,022.50 | $2.75 |
Cash II Shares | $1,000 | $1,021.30 | $3.92 |
Cash Series Shares | $1,000 | $1,020.10 | $5.19 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.32% |
Service Shares | 0.54% |
Cash II Shares | 0.77% |
Cash Series Shares | 1.02% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N294
CUSIP 60934N310
CUSIP 608919866
2019 ©Federated Investors, Inc.
Share Class | Ticker | Wealth | NISXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 68.1% |
Municipal Notes | 24.4% |
Commercial Paper | 7.1% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 68.5% |
8-30 Days | 2.3% |
31-90 Days | 10.4% |
91-180 Days | 6.8% |
181 Days or more | 11.6% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
New York—99.6% | |||
$285,000 | Albany, NY IDA (Albany Local Development Corp.), (Series 2002: Corning Preserve/Hudson Riverfront) Weekly VRDNs, (KeyBank, N.A. LOC), 1.250%, 11/7/2019 | $285,000 | |
4,200,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 4,200,000 | |
3,000,000 | Argyle, NY CSD, (Series 2019) BANs, 2.250%, 6/5/2020 | 3,009,961 | |
4,840,000 | Aurora, NY BANs, 2.375%, 4/2/2020 | 4,851,616 | |
5,229,500 | Batavia Town, NY BANs, 3.000%, 3/12/2020 | 5,247,990 | |
10,000,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.150%, 11/7/2019 | 10,000,000 | |
2,075,000 | Belfast, NY CSD BANs, 1.750%, 6/26/2020 | 2,078,059 | |
2,500,000 | Binghamton, NY City School District RANs, 2.750%, 1/24/2020 | 2,503,941 | |
3,779,013 | Bradford, NY CSD BANs, 2.000%, 6/26/2020 | 3,791,621 | |
2,869,000 | Burdett Village, NY BANs, 2.375%, 2/19/2020 | 2,869,000 | |
3,750,000 | Canadice, NY BANs, 2.000%, 7/17/2020 | 3,751,647 | |
2,000,000 | Carthage, NY CSD BANs, 1.500%, 6/29/2020 | 2,002,070 | |
3,000,000 | Clayton, NY BANs, 1.500%, 9/9/2020 | 3,002,521 | |
1,995,000 | Columbia County, NY IDA (Columbia Memorial Hospital), (Series 2008A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.160%, 11/7/2019 | 1,995,000 | |
3,595,743 | Corning, NY (Town of) BANs, 1.750%, 8/12/2020 | 3,603,176 | |
3,100,000 | Cortland, NY BANs, 2.375%, 4/10/2020 | 3,107,966 | |
2,000,000 | East Rochester, NY Union Free School District BANs, 2.000%, 6/26/2020 | 2,008,633 | |
8,658,000 | Elba, NY, (Series 2018A) BANs, 2.750%, 11/26/2019 | 8,658,000 | |
3,930,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 1.220%, 11/7/2019 | 3,930,000 | |
3,840,000 | Fort Edward Union Free School District, NY BANs, 2.000%, 6/19/2020 | 3,848,822 | |
7,175,000 | Glens Falls, NY BANs, 2.000%, 6/5/2020 | 7,175,000 | |
1,200,000 | Heuvelton, NY CSD BANs, 1.500%, 6/25/2020 | 1,201,073 | |
5,030,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Receipts (Series 2019-ZM0737) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.200%, 11/7/2019 | 5,030,000 | |
2,075,086 | Lloyd, NY BANs, 3.000%, 2/14/2020 | 2,079,754 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$20,000,000 | MTA Transportation Revenue, Tender Option Bond Trust Receipts (2019-XF0806) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 1.200%, 11/7/2019 | $20,000,000 | |
9,875,000 | MTA Transportation Revenue, Tender Option Bond Trust Receipts (Series 2018-XM0697) Weekly VRDNs, (Bank of America N.A. LIQ), 1.270%, 11/7/2019 | 9,875,000 | |
1,055,939 | Malone, NY CSD BANs, 2.000%, 8/14/2020 | 1,060,013 | |
18,445,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 1.270%, Optional Tender 2/6/2020 | 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), 1.200%, 11/7/2019 | 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), 1.240%, 11/7/2019 | 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), 1.240%, 11/7/2019 | 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), 1.240%, 11/7/2019 | 6,205,000 | |
2,763,571 | Middletown, NY, (2019 Series B) BANs, 1.750%, 10/22/2020 | 2,774,162 | |
2,560,000 | Monroe County, NY IDA (Continuing Developmental Services, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.270%, 11/7/2019 | 2,560,000 | |
3,400,000 | Montauk, NY Union Free School District BANs, 2.000%, 6/25/2020 | 3,415,281 | |
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), 1.150%, 11/7/2019 | 3,725,000 | |
8,960,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2815) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 1.180%, 11/7/2019 | 8,960,000 | |
8,700,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2816) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 1.170%, 11/7/2019 | 8,700,000 | |
1,407,680 | New Paltz, NY BANs, 1.500%, 9/17/2020 | 1,409,865 | |
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), 1.080%, 11/7/2019 | 1,150,000 | |
685,000 | New York City Capital Resource Corp. (Cobble Hill Health Center, Inc.), Loan Enhanced Assistance Program (Series 2008B-3) Weekly VRDNs, (Bank of America N.A. LOC), 1.100%, 11/7/2019 | 685,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$5,400,000 | New York City Housing Development Corp. (2 Gold LLC), (Series 2006A: 2 Gold Street) Weekly VRDNs, (FNMA LOC), 1.130%, 11/6/2019 | $5,400,000 | |
10,000,000 | New York City Housing Development Corp. (8 Spruce Street Residential LLC), BAML 3a-7 CE (Series 2019-BAML5009) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.160%, 11/7/2019 | 10,000,000 | |
3,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2786) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 3,000,000 | |
4,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2787) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.150%, 11/7/2019 | 4,000,000 | |
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), 1.150%, 11/7/2019 | 3,805,000 | |
6,525,000 | New York City, NY IDA (Convent of the Sacred Heart School of New York), (Series 2002) Monthly VRDNs, (FHLB of San Francisco LOC), 1.520%, 11/7/2019 | 6,525,000 | |
2,000,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2000 Series C) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.080%, 11/6/2019 | 2,000,000 | |
5,500,000 | New York City, NY Municipal Water Finance Authority, (Series 2001F-1) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.350%, 11/1/2019 | 5,500,000 | |
990,000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.110%, 11/7/2019 | 990,000 | |
3,585,000 | New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.350%, 11/1/2019 | 3,585,000 | |
5,110,000 | New York City, NY Municipal Water Finance Authority, Solar Eclipse (Series 2019-0001) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/16/2020 | 5,110,000 | |
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), 1.150%, 11/7/2019 | 9,000,000 | |
1,715,000 | New York City, NY Transitional Finance Authority, Fiscal 2014 (Subseries D-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 1.260%, 11/1/2019 | 1,715,000 | |
5,850,000 | New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.110%, 11/7/2019 | 5,850,000 | |
4,185,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subordinate Bonds (Series 2013C-5) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 1.110%, 11/7/2019 | 4,185,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$1,345,000 | New York City, NY Transitional Finance Authority, New York City Recovery Bonds (2003 Series 3-G) Weekly VRDNs, (Bank of New York Mellon, N.A. LIQ), 1.150%, 11/6/2019 | $1,345,000 | |
1,720,000 | New York City, NY Transitional Finance Authority, New York City Recovery Bonds (Subseries 2003A-1) Weekly VRDNs, (GTD by Landesbank Hessen-Thuringen LIQ), 1.150%, 11/6/2019 | 1,720,000 | |
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), 1.150%, 11/7/2019 | 6,000,000 | |
475,000 | New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 1.110%, 11/7/2019 | 475,000 | |
10,000,000 | New York City, NY, (Subseries A-2) Daily VRDNs, (Mizuho Bank Ltd. LOC), 1.300%, 11/1/2019 | 10,000,000 | |
16,650,000 | New York City, NY, Fiscal 2014 (Subseries I-3) Weekly VRDNs, (Citibank N.A., New York LOC), 1.100%, 11/6/2019 | 16,650,000 | |
10,000,000 | New York City, NY, RBC Muni Products (Series E-133) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.150%, 11/7/2019 | 10,000,000 | |
4,885,000 | New York City, NY, Solar Eclipse (Series 2017-0057) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/16/2020 | 4,885,000 | |
2,450,000 | New York City, NY, Solar Eclipse 3a-7 (Series 2019-0012) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/23/2020 | 2,450,000 | |
845,000 | 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), 1.100%, 11/7/2019 | 845,000 | |
4,315,000 | New York State Dormitory Authority (New York University), Solar Eclipse (Series 2017-0034) TOBs, (U.S. Bank, N.A. LIQ), 1.250%, Optional Tender 11/21/2019 | 4,315,000 | |
5,075,000 | New York State Dormitory Authority (Rockefeller University), (Series 2002A-2) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.100%, 11/7/2019 | 5,075,000 | |
7,905,000 | New York State Dormitory Authority (Rockefeller University), (Series 2008A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.130%, 11/7/2019 | 7,905,000 | |
370,000 | New York State Dormitory Authority (St. John's University), (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 1.080%, 11/7/2019 | 370,000 | |
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), 1.150%, 11/7/2019 | 5,600,000 | |
6,000,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-2) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 1.110%, 11/6/2019 | 6,000,000 | |
23,105,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 1.120%, 11/6/2019 | 23,105,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$950,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/6/2019 | $950,000 | |
11,125,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 1.150%, 11/6/2019 | 11,125,000 | |
4,450,000 | New York State HFA (8 East 102nd Street Housing), (Series 2010A) Weekly VRDNs, (TD Bank, N.A. LOC), 1.080%, 11/6/2019 | 4,450,000 | |
1,400,000 | New York State HFA (Dock Street Rental LLC), (Series 2013A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.110%, 11/6/2019 | 1,400,000 | |
2,000,000 | New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 1.370%, 11/1/2019 | 2,000,000 | |
5,955,000 | New York State HFA, (2010 Series A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.190%, 11/6/2019 | 5,955,000 | |
3,335,000 | New York State HFA, Tender Option Bond Trust Certificates (Series 2019-ZF2800) Weekly VRDNs, (Barclays Bank PLC LIQ), 1.160%, 11/7/2019 | 3,335,000 | |
10,000,000 | New York State Local Government Assistance Corp., (Series 2003A-4V) Subordinate Lien Refunding Bonds Weekly VRDNs, (Bank of America N.A. LIQ), 1.130%, 11/6/2019 | 10,000,000 | |
8,005,000 | New York State Local Government Assistance Corp., (Subordinate Series 2008B-3V) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 1.130%, 11/6/2019 | 8,005,000 | |
13,100,000 | 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), 1.350%, Mandatory Tender 1/9/2020 | 13,100,000 | |
17,000,000 | 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), 1.440%, Mandatory Tender 11/5/2019 | 17,000,000 | |
3,000,000 | New York State Thruway Authority, Tender Option Bond Trust Receipts (Series 2019-XF0829) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.220%, 11/7/2019 | 3,000,000 | |
2,445,000 | New York State Thruway Authority, Tender Option Bond Trust Receipts (Series 2019-ZF0831) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 1.150%, 11/7/2019 | 2,445,000 | |
5,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 1.150%, 11/7/2019 | 5,500,000 | |
3,245,000 | 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), 1.100%, 11/7/2019 | 3,245,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$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), 1.140%, 11/7/2019 | $6,890,000 | |
7,500,000 | 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), 1.150%, 11/7/2019 | 7,500,000 | |
3,000,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2019-XM0724) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.150%, 11/7/2019 | 3,000,000 | |
1,400,000 | New York State Urban Development Corp., (Subseries 2008A-5) Weekly VRDNs, (TD Bank, N.A. LOC), 1.130%, 11/7/2019 | 1,400,000 | |
5,160,000 | New York, NY City Industrial Agency (Jamaica First Parking LLC), (Series 2004) Weekly VRDNs, (TD Bank, N.A. LOC), 1.150%, 11/7/2019 | 5,160,000 | |
14,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.170%, 11/7/2019 | 14,500,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs, (TD Bank, N.A. LIQ), 1.160%, 11/7/2019 | 10,000,000 | |
4,940,000 | Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 4,940,000 | |
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), 1.980%, 11/1/2019 | 7,950,000 | |
1,500,000 | Orange County, NY IDA (Tuxedo Park School), (Series 2002) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.170%, 11/7/2019 | 1,500,000 | |
1,859,000 | Owego-Apalachin, NY CSD BANs, 1.750%, 8/21/2020 | 1,864,435 | |
11,075,000 | Port Authority of New York and New Jersey, (Series B), CP, 1.400%, Mandatory Tender 1/15/2020 | 11,075,000 | |
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), 1.150%, 11/7/2019 | 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), 1.170%, 11/7/2019 | 1,880,000 | |
1,600,000 | Rome, NY, (2019 Series A) BANs, 2.000%, 5/29/2020 | 1,600,000 | |
6,480,000 | Salina, NY BANs, 2.250%, 6/13/2020 | 6,503,383 | |
3,160,039 | Stony Point, NY, (Series 2019A) BANs, 1.500%, 8/20/2020 | 3,165,023 | |
1,190,000 | Suffolk County, NY IDA (Guide Dog Foundation, Inc.) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.180%, 11/7/2019 | 1,190,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$2,000,000 | Tuckahoe, NY Union Free School District BANs, 2.000%, 6/5/2020 | $2,003,722 | |
4,895,000 | Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.220%, 11/7/2019 | 4,895,000 | |
2,290,000 | Van Buren, NY BANs, 3.000%, 1/17/2020 | 2,293,304 | |
1,255,050 | Wappingers, NY CSD BANs, 2.000%, 7/15/2020 | 1,258,690 | |
3,190,000 | Watertown, NY (Town of) BANs, 2.750%, 4/16/2020 | 3,203,582 | |
2,100,000 | Waverly, NY CSD BANs, 1.750%, 6/30/2020 | 2,103,844 | |
4,538,873 | Waverly, NY, (Series 2018) BANs, 2.750%, 12/19/2019 | 4,538,873 | |
4,766,000 | Windham, NY BANs, 2.375%, 5/20/2020 | 4,779,490 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)2 | 579,534,517 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 2,216,287 | ||
TOTAL NET ASSETS—100% | $581,750,804 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
CP | —Commercial Paper |
CSD | —Central School District |
FHLB | —Federal Home Loan Bank |
FNMA | —Federal National Mortgage Association |
GTD | —Guaranteed |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
RANs | —Revenue Anticipation Notes |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.33% | 1.08% | 0.56% | 0.16% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.32% | 0.32% | 0.32% | 0.22%3 | 0.12% |
Net investment income | 1.31% | 1.10% | 0.58% | 0.10% | 0.01% |
Expense waiver/reimbursement4 | 0.17% | 0.25% | 0.34% | 0.40% | 0.48% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $326,684 | $211,511 | $111,061 | $70,496 | $215,975 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account these expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $579,534,517 | |
Cash | 122,863 | |
Income receivable | 2,239,671 | |
Receivable for shares sold | 230,266 | |
TOTAL ASSETS | 582,127,317 | |
Liabilities: | ||
Payable for investments purchased | $100,058 | |
Payable for shares redeemed | 13,339 | |
Income distribution payable | 25,074 | |
Payable for investment adviser fee (Note 5) | 2,707 | |
Payable for administrative fees (Note 5) | 1,256 | |
Payable for custodian fees | 11,937 | |
Payable for transfer agent fee | 25,078 | |
Payable for portfolio accounting fees | 78,828 | |
Payable for distribution services fee (Note 5) | 18,847 | |
Payable for other service fees (Notes 2 and 5) | 51,513 | |
Payable for share registration costs | 22,798 | |
Payable for printing and postage | 17,397 | |
Accrued expenses (Note 5) | 7,681 | |
TOTAL LIABILITIES | 376,513 | |
Net assets for 581,704,792 shares outstanding | $581,750,804 | |
Net Assets Consist of: | ||
Paid-in capital | $581,704,792 | |
Total distributable earnings (loss) | 46,012 | |
TOTAL NET ASSETS | $581,750,804 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$326,684,090 ÷ 326,658,245 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$219,664,826 ÷ 219,647,462 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$9,951,746 ÷ 9,950,958 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$25,450,142 ÷ 25,448,127 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $8,350,124 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,532,006 | ||
Administrative fee (Note 5) | 406,989 | ||
Custodian fees | 19,789 | ||
Transfer agent fee | 284,789 | ||
Directors'/Trustees' fees (Note 5) | 3,248 | ||
Auditing fees | 22,100 | ||
Legal fees | 13,251 | ||
Portfolio accounting fees | 150,785 | ||
Distribution services fee (Note 5) | 699,722 | ||
Other service fees (Notes 2 and 5) | 576,881 | ||
Share registration costs | 69,468 | ||
Printing and postage | 22,202 | ||
Miscellaneous (Note 5) | 8,438 | ||
TOTAL EXPENSES | 3,809,668 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(873,901) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (576,518) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (1,450,419) | ||
Net expenses | 2,359,249 | ||
Net investment income | 5,990,875 | ||
Net realized gain on investments | 40,695 | ||
Change in net assets resulting from operations | $6,031,570 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,990,875 | $2,409,618 |
Net realized gain | 40,695 | — |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 6,031,570 | 2,409,618 |
Distributions to Shareholders: | ||
Wealth Shares | (3,653,828) | (1,739,804) |
Service Shares | (2,023,356) | (409,245) |
Cash II Shares | (91,932) | (68,743) |
Cash Series Shares | (219,584) | (190,481) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (5,988,700) | (2,408,273) |
Share Transactions: | ||
Proceeds from sale of shares | 998,159,264 | 590,949,152 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,636,656 | 2,227,719 |
Cost of shares redeemed | (707,209,918) | (635,997,444) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 296,586,002 | (42,820,573) |
Change in net assets | 296,628,872 | (42,819,228) |
Net Assets: | ||
Beginning of period | 285,121,932 | 327,941,160 |
End of period | $581,750,804 | $285,121,932 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Service Shares | $463,163 | $(129,406) |
Cash II Shares | 26,261 | — |
Cash Series Shares | 87,457 | — |
TOTAL | $576,881 | $(129,406) |
Year Ended October 31 | 2019 | 2018 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 506,187,750 | $506,187,750 | 338,736,312 | $338,736,312 |
Shares issued to shareholders in payment of distributions declared | 3,407,502 | 3,407,502 | 1,696,840 | 1,696,840 |
Shares redeemed | (394,445,382) | (394,445,382) | (239,985,503) | (239,985,503) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 115,149,870 | $115,149,870 | 100,447,649 | $100,447,649 |
Year Ended October 31 | 2019 | 2018 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 443,173,878 | $443,173,878 | 108,636,153 | $108,636,153 |
Shares issued to shareholders in payment of distributions declared | 1,922,304 | 1,922,304 | 280,484 | 280,484 |
Shares redeemed | (254,110,633) | (254,110,633) | (144,764,861) | (144,764,861) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 190,985,549 | $190,985,549 | (35,848,224) | $(35,848,224) |
Year Ended October 31 | 2019 | 2018 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,141,971 | $12,141,971 | 18,428,713 | $18,428,713 |
Shares issued to shareholders in payment of distributions declared | 90,573 | 90,573 | 68,484 | 68,484 |
Shares redeemed | (11,816,363) | (11,816,363) | (19,944,089) | (19,944,089) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 416,181 | $416,181 | (1,446,892) | $(1,446,892) |
Year Ended October 31 | 2019 | 2018 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 36,655,665 | $36,655,665 | 125,147,974 | $125,147,974 |
Shares issued to shareholders in payment of distributions declared | 216,277 | 216,277 | 181,911 | 181,911 |
Shares redeemed | (46,837,540) | (46,837,540) | (231,302,991) | (231,302,991) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (9,965,598) | $(9,965,598) | (105,973,106) | $(105,973,106) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 296,586,002 | $296,586,002 | (42,820,573) | $(42,820,573) |
2019 | 2018 | |
Tax-exempt income | $5,988,700 | $2,406,836 |
Ordinary income1 | $— | $1,437 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $5,317 |
Undistributed ordinary income | $40,695 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Service Shares | 0.25% |
Cash II Shares | 0.25% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Service Shares | $463,552 | $(389,384) |
Cash II Shares | 26,273 | (5,254) |
Cash Series Shares | 209,897 | (52,474) |
TOTAL | $699,722 | $(447,112) |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,006.30 | $1.62 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,023.60 | $1.63 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 0.32%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
2019 ©Federated Investors, Inc.
Share Class | Ticker | Wealth | PAMXX | Service | FPAXX | Cash Series | PACXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 85.2% |
Municipal Notes | 9.6% |
Commercial Paper | 4.7% |
Other Assets and Liabilities—Net2 | 0.5% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 69.0% |
8-30 Days | 0.0% |
31-90 Days | 26.3% |
91-180 Days | 0.0% |
181 Days or more | 4.2% |
Other Assets and Liabilities—Net2 | 0.5% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.5% | ||
Pennsylvania—99.5% | |||
$3,400,000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 1.240%, 11/7/2019 | $3,400,000 | |
1,500,000 | Allegheny County, PA HDA (UPMC Health System), Tender Option Bond Trust Receipts (Series 2019-XM0758) Weekly VRDNs, (Royal Bank of Canada LIQ), 1.220%, 11/7/2019 | 1,500,000 | |
2,500,000 | Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.190%, 11/7/2019 | 2,500,000 | |
1,420,000 | Berks County, PA IDA (Fleetwood Industries Business Trust), (Series of 2005) Weekly VRDNs, (U.S. Bank, N.A. LOC), 1.170%, 11/7/2019 | 1,420,000 | |
4,995,000 | Berks County, PA Municipal Authority (Tower Health), Golden Blue (Series 2018-001) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 1.270%, 11/7/2019 | 4,995,000 | |
3,500,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 1.240%, 11/7/2019 | 3,500,000 | |
2,205,000 | East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 1.420%, 11/7/2019 | 2,205,000 | |
900,000 | Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.260%, 11/1/2019 | 900,000 | |
1,425,000 | Lancaster, PA IDA (John F. Martin & Sons, Inc.), (Series A of 2007) Weekly VRDNs, (Fulton Bank, N.A. LOC), 1.250%, 11/7/2019 | 1,425,000 | |
620,000 | Lehigh County, PA General Purpose Authority (Phoebe-DeVitt Homes Obligated Group), (Series B of 1998) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.220%, 11/7/2019 | 620,000 | |
5,415,000 | 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), 1.270%, 11/7/2019 | 5,415,000 | |
290,000 | North Hills, PA School District, 4.000%, 10/15/2020 | 297,108 | |
1,245,000 | Northampton County, PA IDA (Binney & Smith, Inc.), (Series 1997A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.310%, 11/6/2019 | 1,245,000 | |
175,000 | Northampton County, PA IDA (Binney & Smith, Inc.), (Series 1997B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.360%, 11/6/2019 | 175,000 | |
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), 1.220%, 11/7/2019 | 1,665,000 | |
750,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 1.120%, 11/7/2019 | 750,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$2,575,000 | Pennsylvania HFA, (Series 2006-93B) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.180%, 11/6/2019 | $2,575,000 | |
3,000,000 | Pennsylvania Infrastructure Investment Authority, (Series 2019A) CPXs, 1.260%, Mandatory Tender 1/15/2020 | 3,000,000 | |
3,250,000 | Pennsylvania State Turnpike Commission, (Series 2017-ZM0535) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Citibank N.A., New York LIQ), 1.270%, 11/7/2019 | 3,250,000 | |
3,500,000 | Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.390%, Optional Tender 12/2/2019 | 3,500,000 | |
2,400,000 | Pennsylvania State University, (Series B of 2009) TOBs, 1.580%, Mandatory Tender 6/1/2020 | 2,400,000 | |
3,570,000 | 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), 1.200%, 11/7/2019 | 3,570,000 | |
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), 1.140%, 11/7/2019 | 2,845,000 | |
1,415,000 | Southcentral PA, General Authority (Hanover Lutheran Retirement Village, Inc.), (Series 2005) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 1.240%, 11/1/2019 | 1,415,000 | |
1,000,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 1.200%, 11/1/2019 | 1,000,000 | |
3,500,000 | State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 1.240%, 11/7/2019 | 3,500,000 | |
3,000,000 | Washington County, PA Hospital Authority (Monongahela Valley Hospital), (Series 2018C) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 1.190%, 11/7/2019 | 3,000,000 | |
1,915,000 | Washington County, PA Hospital Authority (Washington Hospital, PA), (Series 2007B) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.140%, 11/7/2019 | 1,915,000 | |
TOTAL INVESTMENT IN SECURITIES—99.5% (AT AMORTIZED COST)2 | 63,982,108 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%3 | 318,577 | ||
TOTAL NET ASSETS—100% | $64,300,685 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CPX | —Extendible Commercial Paper |
FHLMC | —Federal Home Loan Mortgage Corporation |
HDA | —Hospital Development Authority |
HFA | —Housing Finance Authority |
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 |
VRENs | —Variable Rate Extendible Notes |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.012 | 0.010 | 0.004 | 0.001 | 0.0001 |
Net realized gain | — | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.012 | 0.010 | 0.004 | 0.001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.012) | (0.009) | (0.004) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | (0.001) | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.012) | (0.010) | (0.004) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.17% | 0.99% | 0.38% | 0.13% | 0.03% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.47% | 0.47% | 0.47% | 0.31%3 | 0.13% |
Net investment income | 1.17% | 0.92% | 0.41% | 0.06% | 0.01% |
Expense waiver/reimbursement4 | 0.21% | 0.24% | 0.30% | 0.34% | 0.49% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $31,834 | $29,650 | $28,371 | $10,015 | $44,264 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.010 | 0.008 | 0.002 | 0.0001 | 0.0001 |
Net realized gain | — | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.008 | 0.002 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.010) | (0.007) | (0.002) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | (0.001) | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.010) | (0.008) | (0.002) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.97% | 0.78% | 0.18% | 0.09% | 0.03% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.67% | 0.67% | 0.67% | 0.31%3 | 0.13% |
Net investment income | 0.97% | 0.71% | 0.14% | 0.02% | 0.01% |
Expense waiver/reimbursement4 | 0.26% | 0.29% | 0.35% | 0.59% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $13,346 | $15,589 | $12,442 | $30,951 | $103,462 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain | — | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.003) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | (0.001) | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.58% | 0.40% | 0.01% | 0.06% | 0.03% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.06% | 1.05% | 0.84% | 0.36%3 | 0.13% |
Net investment income | 0.59% | 0.32% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.26% | 0.31% | 0.58% | 0.94% | 1.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $19,120 | $37,606 | $45,288 | $51,604 | $83,856 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $63,982,108 | |
Cash | 265,799 | |
Income receivable | 175,660 | |
Receivable for shares sold | 3,025 | |
TOTAL ASSETS | 64,426,592 | |
Liabilities: | ||
Income distribution payable | $30,016 | |
Payable for investment adviser fee (Note 5) | 137 | |
Payable for administrative fee (Note 5) | 139 | |
Payable for transfer agent fee | 5,894 | |
Payable for portfolio accounting fees | 43,734 | |
Payable for distribution services fee (Note 5) | 5,827 | |
Payable for other service fees (Notes 2 and 5) | 7,103 | |
Payable for share registration costs | 11,350 | |
Payable for printing and postage | 15,477 | |
Accrued expenses (Note 5) | 6,230 | |
TOTAL LIABILITIES | 125,907 | |
Net assets for 64,299,919 shares outstanding | $64,300,685 | |
Net Assets Consist of: | ||
Paid-in capital | $64,299,857 | |
Total distributable earnings (loss) | 828 | |
TOTAL NET ASSETS | $64,300,685 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$31,834,115 ÷ 31,833,736 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$13,346,129 ÷ 13,345,970 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$19,120,441 ÷ 19,120,213 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $1,359,006 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $247,374 | ||
Administrative fee (Note 5) | 65,810 | ||
Custodian fees | 3,769 | ||
Transfer agent fee | 42,136 | ||
Directors'/Trustees' fees (Note 5) | 970 | ||
Auditing fees | 20,398 | ||
Legal fees | 10,659 | ||
Portfolio accounting fees | 83,212 | ||
Distribution services fee (Note 5) | 121,418 | ||
Other service fees (Notes 2 and 5) | 113,676 | ||
Share registration costs | 59,805 | ||
Printing and postage | 21,518 | ||
Miscellaneous (Note 5) | 6,962 | ||
TOTAL EXPENSES | 797,707 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(171,020) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (25,356) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (196,376) | ||
Net expenses | 601,331 | ||
Net investment income | 757,675 | ||
Change in net assets resulting from operations | $757,675 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $757,675 | $538,608 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 757,675 | 538,608 |
Distributions to Shareholders: | ||
Wealth Shares | (429,859) | (317,831) |
Service Shares | (148,627) | (118,576) |
Cash Series Shares | (179,062) | (168,576) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (757,548) | (604,983) |
Share Transactions: | ||
Proceeds from sale of shares | 229,584,337 | 268,322,823 |
Net asset value of shares issued to shareholders in payment of distributions declared | 262,253 | 250,544 |
Cost of shares redeemed | (248,390,927) | (271,763,638) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (18,544,337) | (3,190,271) |
Change in net assets | (18,544,210) | (3,256,646) |
Net Assets: | ||
Beginning of period | 82,844,895 | 86,101,541 |
End of period | $64,300,685 | $82,844,895 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Service Shares | $38,052 | $(7,405) |
Cash Series Shares | 75,624 | — |
TOTAL | $113,676 | $(7,405) |
Year Ended October 31 | 2019 | 2018 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 87,005,288 | $87,005,288 | 96,518,559 | $96,518,559 |
Shares issued to shareholders in payment of distributions declared | 12,801 | 12,801 | 13,394 | 13,394 |
Shares redeemed | (84,833,856) | (84,833,856) | (95,231,575) | (95,231,575) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 2,184,233 | $2,184,233 | 1,300,378 | $1,300,378 |
Year Ended October 31 | 2019 | 2018 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 46,479,238 | $46,479,238 | 42,504,679 | $42,504,679 |
Shares issued to shareholders in payment of distributions declared | 72,200 | 72,200 | 69,379 | 69,379 |
Shares redeemed | (48,794,752) | (48,794,752) | (39,417,084) | (39,417,084) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (2,243,314) | $(2,243,314) | 3,156,974 | $3,156,974 |
Year Ended October 31 | 2019 | 2018 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 96,099,811 | $96,099,811 | 129,299,585 | $129,299,585 |
Shares issued to shareholders in payment of distributions declared | 177,252 | 177,252 | 167,771 | 167,771 |
Shares redeemed | (114,762,319) | (114,762,319) | (137,114,979) | (137,114,979) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (18,485,256) | $(18,485,256) | (7,647,623) | $(7,647,623) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (18,544,337) | $(18,544,337) | (3,190,271) | $(3,190,271) |
2019 | 2018 | |
Tax-exempt income | $757,548 | $538,032 |
Long-term capital gains | $— | $66,951 |
Undistributed tax-exempt income | $828 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash Series Shares | $121,418 | $(17,951) |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,005.50 | $2.38 |
Service Shares | $1,000 | $1,004.50 | $3.39 |
Cash Series Shares | $1,000 | $1,002.50 | $5.35 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,022.80 | $2.40 |
Service Shares | $1,000 | $1,021.80 | $3.41 |
Cash Series Shares | $1,000 | $1,019.90 | $5.40 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.47% |
Service Shares | 0.67% |
Cash Series Shares | 1.06% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N542
CUSIP 60934N526
2019 ©Federated Investors, Inc.
Share Class | Ticker | Service | VACXX | Cash Series | VCSXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 76.7% |
Municipal Notes | 16.2% |
Commercial Paper | 7.1% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 79.3% |
8-30 Days | 1.1% |
31-90 Days | 13.7% |
91-180 Days | 5.9% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—100.0% | ||
Virginia—97.9% | |||
$4,000,000 | Agency Enhanced Affordable Housing Trust 2018-BAML0002, BAML 3a-7 (2018-BAML0002) Weekly VRDNs, (Bank of America N.A. LIQ)/(GTD by FHLMC), 1.220%, 11/7/2019 | $4,000,000 | |
4,785,000 | Alexandria, VA, Solar Eclipse (2017-0044) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/9/2020 | 4,785,000 | |
8,600,000 | Arlington County, VA IDA (Gates of Ballston Apartments), (Series 2005) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.170%, 11/6/2019 | 8,600,000 | |
225,000 | Arlington County, VA IDA (National Science Teachers Association), (Series 2000A) Weekly VRDNs, (SunTrust Bank LOC), 1.190%, 11/6/2019 | 225,000 | |
17,150,000 | Arlington County, VA IDA (Westover Apartments, LP), (Series 2011A) Weekly VRDNs, (FHLMC LOC), 1.170%, 11/7/2019 | 17,150,000 | |
150,000 | Bedford County, VA IDA (David R. Snowman and Carol J. Snowman), (Series 1999) Weekly VRDNs, (SunTrust Bank LOC), 1.240%, 11/6/2019 | 150,000 | |
8,500,000 | Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs, (Citibank N.A., New York LIQ), 1.270%, 11/7/2019 | 8,500,000 | |
8,000,000 | Botetourt County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs, (Bank of America N.A. LOC), 1.200%, 11/7/2019 | 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 N.A., New York LIQ), 1.370%, 11/7/2019 | 7,500,000 | |
2,210,000 | Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (SunTrust Bank LOC), 1.260%, 11/7/2019 | 2,210,000 | |
12,860,000 | Fairfax County, VA EDA (Mount Vernon Ladies' Association of the Union), (Series 2007) Weekly VRDNs, (SunTrust Bank LOC), 1.170%, 11/6/2019 | 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), 1.240%, 11/1/2019 | 3,690,000 | |
9,440,000 | Fairfax County, VA IDA (Inova Health System), (Series 2018C) Weekly VRDNs, 1.120%, 11/7/2019 | 9,440,000 | |
7,325,000 | Hampton Roads, VA Sanitation District, (Series 2016B) Weekly VRDNs, 1.130%, 11/7/2019 | 7,325,000 | |
3,670,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZF2619) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 1.150%, 11/7/2019 | 3,670,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Virginia—continued | |||
$4,865,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZM0629) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 1.120%, 11/7/2019 | $4,865,000 | |
7,500,000 | Harrisonburg, VA Redevelopment & Housing Authority (Richfield Place Associates LP), (Series 2001A: Huntington Village Apartments) Weekly VRDNs, (FNMA LOC), 1.160%, 11/7/2019 | 7,500,000 | |
845,000 | Henrico County, VA EDA (JAS-LCS LLC), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.360%, 11/7/2019 | 845,000 | |
4,040,000 | King George County IDA, VA (Garnet of Virginia, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 1.150%, 11/7/2019 | 4,040,000 | |
2,000,000 | Loudoun County, VA EDA (Stone Springs VA LLC), (Series 2017) TOBs, (GTD by United States Treasury), 1.840%, Mandatory Tender 12/1/2019 | 2,000,000 | |
1,500,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003C) Weekly VRDNs, 1.090%, 11/6/2019 | 1,500,000 | |
1,830,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003D) Weekly VRDNs, 1.090%, 11/6/2019 | 1,830,000 | |
4,050,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003E) Weekly VRDNs, 1.120%, 11/6/2019 | 4,050,000 | |
1,000,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003F) Weekly VRDNs, 1.120%, 11/6/2019 | 1,000,000 | |
250,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2013A) Weekly VRDNs, 1.130%, 11/6/2019 | 250,000 | |
5,210,000 | Loudoun County, VA, Solar Eclipse (Series 2017-0038) TOBs, (U.S. Bank, N.A. LIQ), 1.240%, Optional Tender 1/9/2020 | 5,210,000 | |
5,475,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Branch Banking & Trust Co. LOC), 1.120%, 11/7/2019 | 5,475,000 | |
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), 1.160%, 11/7/2019 | 2,520,000 | |
315,000 | Newport News, VA IDA (CNU Warwick LLC), (Series 2004) Weekly VRDNs, (Bank of America N.A. LOC), 1.150%, 11/7/2019 | 315,000 | |
8,500,000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2016A) Weekly VRDNs, 1.120%, 11/6/2019 | 8,500,000 | |
5,000,000 | Stafford County, VA and Staunton, VA IDA, Series 2008 A-1, CP, (Bank of America N.A. LOC), 1.440%, Mandatory Tender 11/7/2019 | 5,000,000 | |
5,840,000 | Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) TOBs, (Citibank N.A., New York LIQ), 1.320%, Optional Tender 1/29/2020 | 5,840,000 | |
4,600,000 | Suffolk, VA, Solar Eclipse TOBs, (U.S. Bank, N.A. LIQ), 1.310%, Optional Tender 1/23/2020 | 4,600,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Virginia—continued | |||
$2,000,000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) TOBs, (U.S. Bank, N.A. LIQ), 1.250%, Optional Tender 11/28/2019 | $2,000,000 | |
2,000,000 | Virginia College Building Authority (University of Richmond), (Series 2004) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 1.100%, 11/6/2019 | 2,000,000 | |
4,681,000 | Virginia Commonwealth University, (Series A), CP, 1.350%, Mandatory Tender 2/5/2020 | 4,681,000 | |
5,000,000 | Virginia Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008A) Weekly VRDNs, (PNC Bank, N.A. LOC), 1.100%, 11/7/2019 | 5,000,000 | |
2,750,000 | Virginia Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008B) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 1.110%, 11/7/2019 | 2,750,000 | |
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), 1.220%, 11/1/2019 | 1,900,000 | |
6,640,000 | Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 1.320%, Optional Tender 2/3/2020 | 6,640,000 | |
TOTAL | 188,416,000 | ||
District of Columbia—2.1% | |||
4,000,000 | Metropolitan Washington, DC Airports Authority, (Series One), CP, (JPMorgan Chase Bank, N.A. LOC), 1.370%, Mandatory Tender 12/18/2019 | 4,000,000 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)2 | 192,416,000 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%3 | 74,438 | ||
TOTAL NET ASSETS—100% | $192,490,438 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
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 |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.010 | 0.007 | 0.002 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.007 | 0.003 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.010) | (0.007) | (0.002) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.001) | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.010) | (0.007) | (0.003) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.98% | 0.75% | 0.25% | 0.06% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.66% | 0.66% | 0.66% | 0.33%3 | 0.09% |
Net investment income | 0.95% | 0.73% | 0.17% | 0.03% | 0.01% |
Expense waiver/reimbursement4 | 0.17% | 0.23% | 0.29% | 0.57% | 0.79% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $147,979 | $110,541 | $108,573 | $118,843 | $165,877 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.33% after taking into account this expense reductions. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Year Ended October 31 | 2019 | 2018 | 2017 | 2016 | 2015 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.004 | 0.001 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.001) | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.006) | (0.004) | (0.001) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.58% | 0.36% | 0.09% | 0.03% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 1.05% | 1.05% | 0.81% | 0.35%3 | 0.09% |
Net investment income | 0.58% | 0.33% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.39% | 0.45% | 0.73% | 1.15% | 1.39% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $44,511 | $61,479 | $87,565 | $96,705 | $109,464 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.35% after taking into account this expense reduction. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $192,416,000 | |
Cash | 168,909 | |
Income receivable | 431,786 | |
Receivable for shares sold | 97,094 | |
TOTAL ASSETS | 193,113,789 | |
Liabilities: | ||
Payable for shares redeemed | $478,100 | |
Payable for investment adviser fee (Note 5) | 2,716 | |
Payable for administrative fee (Note 5) | 417 | |
Payable for portfolio accounting fees | 42,814 | |
Payable for distribution services fee (Note 5) | 11,018 | |
Payable for other service fees (Notes 2 and 5) | 40,860 | |
Payable for printing and postage | 16,709 | |
Accrued expenses (Note 5) | 30,717 | |
TOTAL LIABILITIES | 623,351 | |
Net assets for 192,463,887 shares outstanding | $192,490,438 | |
Net Assets Consist of: | ||
Paid-in capital | $192,463,453 | |
Total distributable earnings (loss) | 26,985 | |
TOTAL NET ASSETS | $192,490,438 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Service Shares: | ||
$147,979,493 ÷ 147,959,073 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$44,510,945 ÷ 44,504,814 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $2,942,086 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $543,112 | ||
Administrative fee (Note 5) | 144,181 | ||
Custodian fees | 6,238 | ||
Transfer agent fee | 182,860 | ||
Directors'/Trustees' fees (Note 5) | 1,559 | ||
Auditing fees | 20,400 | ||
Legal fees | 10,918 | ||
Portfolio accounting fees | 77,591 | ||
Distribution services fee (Note 5) | 323,915 | ||
Other service fees (Notes 2 and 5) | 452,296 | ||
Share registration costs | 46,596 | ||
Printing and postage | 26,381 | ||
Miscellaneous (Note 5) | 6,606 | ||
TOTAL EXPENSES | 1,842,653 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(134,282) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (294,164) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (428,446) | ||
Net expenses | 1,414,207 | ||
Net investment income | 1,527,879 | ||
Net realized gain on investments | 25,777 | ||
Change in net assets resulting from operations | $1,553,656 |
Year Ended October 31 | 2019 | 2018 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,527,879 | $1,056,849 |
Net realized gain | 25,777 | 7,526 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,553,656 | 1,064,375 |
Distributions to Shareholders: | ||
Service Shares | (1,216,885) | (817,009) |
Cash Series Shares | (318,077) | (271,552) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,534,962) | (1,088,561) |
Share Transactions: | ||
Proceeds from sale of shares | 402,531,412 | 400,733,200 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,533,483 | 1,086,437 |
Cost of shares redeemed | (383,613,092) | (425,913,256) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 20,451,803 | (24,093,619) |
Change in net assets | 20,470,497 | (24,117,805) |
Net Assets: | ||
Beginning of period | 172,019,941 | 196,137,746 |
End of period | $192,490,438 | $172,019,941 |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Service Shares | $317,385 | $(126,808) |
Cash Series Shares | 134,911 | — |
TOTAL | $452,296 | $(126,808) |
Year Ended October 31 | 2019 | 2018 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 286,850,366 | $286,850,366 | 226,497,312 | $226,497,312 |
Shares issued to shareholders in payment of distributions declared | 1,215,802 | 1,215,802 | 816,121 | 816,121 |
Shares redeemed | (250,642,841) | (250,642,841) | (225,332,684) | (225,332,684) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 37,423,327 | $37,423,327 | 1,980,749 | $1,980,749 |
Year Ended October 31 | 2019 | 2018 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount | |
Shares sold | 115,681,046 | $115,681,046 | 174,235,888 | $174,235,888 | |
Shares issued to shareholders in payment of distributions declared | 317,681 | 317,681 | 270,316 | 270,316 | |
Shares redeemed | (132,970,251) | (132,970,251) | (200,580,572) | (200,580,572) | |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (16,971,524) | $(16,971,524) | (26,074,368) | $(26,074,368) | |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 20,451,803 | $20,451,803 | (24,093,619) | $(24,093,619) |
2019 | 2018 | |
Tax-exempt income | $1,527,436 | $1,056,535 |
Ordinary income1 | $— | $16,307 |
Long-term capital gains | $7,526 | $15,719 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed tax-exempt income | $1,210 |
Undistributed long-term capital gains | $25,775 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash Series Shares | $323,915 | $(167,356) |
December 20, 2019
Beginning Account Value 5/1/2019 | Ending Account Value 10/31/2019 | Expenses Paid During Period1 | |
Actual: | |||
Service Shares | $1,000 | $1,004.40 | $3.33 |
Cash Series Shares | $1,000 | $1,002.50 | $5.30 |
Hypothetical (assuming a 5% return before expenses): | |||
Service Shares | $1,000 | $1,021.90 | $3.36 |
Cash Series Shares | $1,000 | $1,019.90 | $5.35 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Service Shares | 0.66% |
Cash Series Shares | 1.05% |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Fund Family; Director or Trustee of the Funds in the Federated Fund Family; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Investors, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Investors, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Director, Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee of the Federated Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc.; Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President's Cabinet and Business School Board of Visitors for the University of Alabama and is on the Business School Board of Visitors for Wake Forest University. Mr. Hough previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O'Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O'Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O'Neill serves as Director, Medicines for Humanity and Director, The Golisano Children's Museum of Naples, Florida. Mr. O'Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Investors, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Investors, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Family; Vice President and Chief Compliance Officer of Federated Investors, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Investors, Inc. Prior to joining Federated, Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated's money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Mary Jo Ochson Birth Date: September 12, 1953 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Mary Jo Ochson was named Chief Investment Officer of Federated's tax-exempt, fixed-income products in 2004 and Chief Investment Officer of Federated's Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. |
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919825
2019 ©Federated Investors, Inc.
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $406,660
Fiscal year ended 2018 - $473,390
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $3,500
Fiscal year ended 2018- Audit consent fee for N-1A filing.
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $3,366 and $0 respectively. Fiscal year ended 2019- Audit consent for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal years:
Fiscal year ended 2019 - $0
Fiscal year ended 2018 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.
The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit Services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services, all other Audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Company’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain Audit-related services, all other Audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services, all Tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant to its accountant during the fiscal year in which the services are provided; |
(2) | Such services were not recognized by the registrant, the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant at the time of the engagement to be non-audit services; and |
(3) | Such services are promptly brought to the attention of the Audit Committee of the issuer and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the board of directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of prohibited non-audit services and the applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2019 – 0%
Fiscal year ended 2018 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2019 – 0%
Fiscal year ended 2018 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2019 – 0%
Fiscal year ended 2018 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2019 - $606,377
Fiscal year ended 2018 - $1,154,636
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
The registrant’s management and Audit Committee continue to believe that the registrant’s registered public accounting firms, Ernst & Young LLP (“EY”) and KPMG LLP (“KPMG”) (as applicable, “EY/KPMG”), have the ability to exercise objective and impartial judgment on all issues encompassed within their audit services. EY/KPMG is required to make a determination that it satisfies certain independence requirements under the federal securities laws. Like other registrants, there is a risk that activities or relationships of EY/KPMG, or its partners or employees, can prevent a determination from being made that it satisfies such independence requirements with respect to the registrant, which could render it ineligible to serve as the registrant’s independent public accountant.
In their respective required communications to the Audit Committee of the registrant’s Board, EY/KPMG informed the Audit Committee that EY/KPMG and/or covered person professionals within EY/KPMG maintain lending relationships with certain owners of greater than 10% of the shares of the registrant and/or certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY/KPMG has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Investors, Inc., the Adviser (for which EY serves as independent public accountant), and their respective affiliates (collectively, the “Federated Fund Complex”).
EY/KPMG informed the Audit Committee that EY/KPMG believes that these lending relationships described above do not and will not impair EY/KPMG’s ability to exercise objective and impartial judgment in connection with financial statement audits of their respective funds of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY/KPMG has been and is capable of objective and impartial judgment on all issues encompassed within EY/KPMG’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY/KPMG and the registrant. On September 22, 2017, the SEC extended the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter. On June 18, 2019, the SEC adopted amendments to the Loan Rule, which, refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.
Additionally, on July 18, 2018, EY informed the registrant that Rule 2-01(c)(1)(i)(A) of Regulation S-X (“Investment Rule”) also has been implicated since July 2, 2018. The Investment Rule prohibits public accounting firms, or covered person professionals and their immediate family members, from having certain direct financial investments in their audit clients and affiliated entities. EY informed the registrant that a pension trust of a non-US affiliated entity of EY had previously made, and as of July 18, 2018 maintained, an investment in a fund (“Hermes Fund”) managed by Hermes Alternative Investment Management Limited (“HAIML”), which is a wholly owned subsidiary of Hermes Fund Managers Limited (“HFML”). The pension trust’s investment in the Hermes Fund involves the Investment Rule because an indirect wholly owned subsidiary of Federated Investors, Inc. (an affiliate of the registrant’s adviser), acquired a 60% majority interest in HFML on July 2, 2018, effective July 1, 2018 (“Hermes Acquisition”). The pension trust first invested in the Hermes Fund in 2007, well prior to the Hermes Acquisition. The pension trust’s investment represented less than 3.3% of the Hermes Fund’s assets as of July 18, 2018. EY subsequently informed the registrant that EY’s affiliated entity’s pension trust had submitted an irrevocable redemption notice to redeem its investment in the Hermes Fund. Pursuant to the redemption terms of the Hermes Fund, the pension trust’s redemption would not be effected until December 26, 2018 at the earliest. The redemption notice could not be revoked by the pension trust. The redemption notice would only be revoked by HAIML, as the adviser for Hermes Fund, if, and to the extent, the pension trust successfully sold its interest in the Hermes Fund in a secondary market transaction. EY also informed the registrant that the pension trust simultaneously submitted a request to HAIML to conduct a secondary market auction for the pension trust’s interests in the Hermes Fund. In addition, the only voting rights shareholders of the Hermes Fund had under the Hermes Fund’s governing documents relate to key appointments, including the election of the non-executive members of the Hermes Fund’s committee, the appointment of the Hermes Fund’s trustee and the adoption of the Hermes Fund’s financial statements. The next meeting of the Hermes Fund at which shareholders can vote on the election of members to the Hermes Fund’s committee is not until June 2019, and the size of the pension trust’s investment in the Hermes Fund would not allow it to unilaterally elect a committee member or the trustee. EY does not audit the Hermes Fund and the Hermes Fund’s assets and operations are not consolidated in the registrant’s financial statements that are subject to audit by EY. Finally, no member of EY’s audit team that provides audit services to the registrant is a beneficiary of EY’s affiliated entity’s pension trust. Management reviewed this matter with the registrant’s Audit Committee, and, based on that review, as well as a letter from EY to the registrant dated July 26, 2018, in which EY indicated that it had determined that this matter does not impair EY’s ability to exercise objective and impartial judgment in connection with the audit of the financial statements for the registrant and the belief that a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit, the registrant’s management and Audit Committee made a determination that such matter does not impair EY’s ability to exercise objective and impartial judgment in connection with the audit of the financial statements for the registrant. On August 29, 2018, EY informed the registrant that EY’s affiliated entity’s pension trust sold its entire interest in the Hermes Fund, effective as of August 28, 2018.
If it were to be determined that, with respect to the Loan Rule, the relief available under the Letter was improperly relied upon, or that the independence requirements under the federal securities laws were not complied with regarding the registrant, for certain periods, and/or given the implication of the Investment Rule for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may be determined not to be consistent with or comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, andcertain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such eventscould have a material adverse effect on the registrant and the Federated Fund Complex.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer 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-CSR.
(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 registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RegistrantMoney Market Obligations Trust
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateDecember 20, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By/S/ J. Christopher Donahue
J. Christopher Donahue, Principal Executive Officer
DateDecember 20, 2019
By/S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
DateDecember 20, 2019