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 Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End:07/31/20
Date of Reporting Period:Six months ended 01/31/20
Item 1. | Reports to Stockholders |
TickerFRFXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Instruments | 34.1% |
Commercial Paper | 31.0% |
Other Repurchase Agreements and Repurchase Agreements | 19.2% |
Bank Instruments | 13.7% |
Asset-Backed Securities | 1.0% |
Notes-Municipal | 0.2% |
Investment Company | 0.7% |
Other Assets and Liabilities—Net2 | 0.1% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 50.7%4 |
8-30 Days | 17.7% |
31-90 Days | 22.1% |
91-180 Days | 8.4% |
181 Days or more | 1.0% |
Other Assets and Liabilities—Net2 | 0.1% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
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. |
4 | Overnight securities comprised 19.1% of the Fund's portfolio. |
Principal Amount or Shares | Value | ||
ASSET-BACKED SECURITIES—1.0% | |||
Finance - Equipment—1.0% | |||
$15,450,333 | BCC Funding XVI LLC (Equipment Contract Backed Notes, Series 2019-1), Class A1, 2.300%, 10/20/2020 | $15,450,333 | |
4,663,048 | HPEFS Equipment Trust 2019-1, Class A1, 2.150%, 10/9/2020 | 4,663,048 | |
20,426,950 | MMAF Equipment Finance LLC 2019-B, Class A1, 2.124%, 10/9/2020 | 20,426,950 | |
TOTAL ASSET-BACKED SECURITIES | 40,540,331 | ||
CERTIFICATES OF DEPOSIT—13.7% | |||
Banking—13.7% | |||
135,000,000 | ABN Amro Bank NV, 2.090%, 2/12/2020 | 135,000,000 | |
30,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 2.200%, 3/19/2020 | 29,914,781 | |
125,000,000 | Landesbank Baden-Wurttemberg, 1.580% - 1.610%, 2/3/2020 - 2/6/2020 | 125,000,000 | |
150,000,000 | MUFG Bank Ltd., 1.910% - 2.020%, 2/28/2020 - 5/7/2020 | 150,000,000 | |
20,000,000 | MUFG Bank Ltd., 1.910%, 6/16/2020 | 19,857,077 | |
40,000,000 | Sumitomo Mitsui Banking Corp., 1.930%, 4/29/2020 | 40,000,000 | |
40,000,000 | Sumitomo Mitsui Trust Bank Ltd., 2.000%, 3/24/2020 | 40,000,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 539,771,858 | ||
1 | COMMERCIAL PAPER—31.0% | ||
Aerospace/Auto—1.0% | |||
40,000,000 | Northrop Grumman Corp., 1.794%, 3/25/2020 | 39,894,589 | |
Banking—14.5% | |||
20,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 20,000,000 | |
9,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.909%, 4/3/2020 | 8,970,550 | |
60,000,000 | BPCE SA, 1.919%, 7/6/2020 | 59,506,000 | |
110,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.949% - 2.100%, 2/5/2020 - 5/11/2020 | 109,698,764 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.969% (1-month USLIBOR +0.300%), 6/17/2020 | 50,000,000 | |
28,000,000 | Great Bridge Capital Co., LLC, (Standard Chartered Bank COL), 2.061%, 3/27/2020 | 27,912,306 | |
57,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.857% - 2.103%, 3/25/2020 - 7/6/2020 | 56,780,639 | |
25,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.918% - 1.919%, 5/21/2020 - 6/2/2020 | 24,848,528 | |
130,000,000 | Ridgefield Funding Company, LLC Series A, 1.916% - 2.093%, 4/9/2020 - 5/5/2020 | 129,431,750 |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Banking—continued | |||
$86,550,000 | Versailles Commercial Paper LLC, (Natixis LIQ), 1.859% - 2.033%, 2/3/2020 - 4/6/2020 | $86,375,353 | |
TOTAL | 573,523,890 | ||
Electric Power—1.4% | |||
55,000,000 | Duke Energy Corp., 1.670%, 2/3/2020 | 54,994,897 | |
Finance - Commercial—0.9% | |||
35,000,000 | Atlantic Asset Securitization LLC, 2.030%, 3/13/2020 - 3/18/2020 | 34,915,272 | |
Finance - Retail—3.2% | |||
50,000,000 | Barton Capital S.A., 1.707%, 4/28/2020 | 49,794,583 | |
25,000,000 | Chariot Funding LLC, 2.722%, 3/9/2020 | 24,931,910 | |
50,000,000 | Starbird Funding Corp., 2.091%, 3/26/2020 | 49,844,750 | |
TOTAL | 124,571,243 | ||
Food & Beverage—1.0% | |||
38,900,000 | Mondelez International, Inc., 1.660% - 1.804%, 2/4/2020 - 2/28/2020 | 38,873,982 | |
Hotels—0.8% | |||
31,200,000 | Marriott International, Inc., 1.803%, 2/24/2020 | 31,164,120 | |
Oil & Oil Finance—3.1% | |||
122,793,000 | BP Capital Markets PLC, (Guaranteed by BP PLC), 1.769% - 1.929%, 4/1/2020 - 6/18/2020 | 122,022,918 | |
Sovereign—3.8% | |||
25,000,000 | European Investment Bank, 1.916%, 5/26/2020 | 24,849,062 | |
125,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 2.008% - 2.021%, 2/29/2020 - 3/9/2020 | 124,813,889 | |
TOTAL | 149,662,951 | ||
Telecommunications—1.3% | |||
50,000,000 | Bell Canada, 1.853%, 2/4/2020 | 49,992,292 | |
TOTAL COMMERCIAL PAPER | 1,219,616,154 | ||
2 | NOTES-VARIABLE—34.1% | ||
Aerospace/Auto—1.3% | |||
50,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.850% (1-month USLIBOR +0.200%), 3/2/2020 | 50,000,000 | |
Banking—30.3% | |||
65,000,000 | Bank of Montreal, 1.846% (1-month USLIBOR +0.170%), 2/14/2020 | 65,002,175 | |
40,000,000 | Bank of Montreal, 1.954% (1-month USLIBOR +0.300%), 2/21/2020 | 40,000,000 | |
25,000,000 | Bank of Montreal, 1.970% (Effective Fed Funds +0.370%), 2/3/2020 | 25,000,000 | |
20,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 20,000,000 | |
25,000,000 | Bank of Montreal, 2.034% (3-month USLIBOR +0.130%), 2/18/2020 | 25,000,000 | |
14,000,000 | Bank of Montreal, 2.080% (3-month USLIBOR +0.120%), 3/30/2020 | 14,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Banking—continued | |||
$35,000,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | $35,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 1.893% (1-month USLIBOR +0.210%), 2/11/2020 | 25,000,000 | |
40,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | 40,000,000 | |
30,000,000 | Bank of Nova Scotia, Toronto, 2.032% (3-month USLIBOR +0.130%), 2/4/2020 | 30,000,000 | |
10,000,000 | Bank of Nova Scotia, Toronto, 2.038% (3-month USLIBOR +0.130%), 2/6/2020 | 10,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 2.047% (3-month USLIBOR +0.120%), 3/23/2020 | 25,000,000 | |
10,000,000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 2.028% (3-month USLIBOR +0.130%), 2/13/2020 | 10,000,000 | |
15,000,000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 2.136% (3-month USLIBOR +0.190%), 3/25/2020 | 15,000,000 | |
34,140,000 | BlackRock MuniHoldings Quality Fund, Inc., VMTP Preferred Shares (Series T0019) Daily VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 1.620%, 2/3/2020 | 34,140,000 | |
9,200,000 | Bragg 2019 Family Trust No. 1, Series 2019, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 9,200,000 | |
25,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 25,000,000 | |
40,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 40,000,000 | |
40,000,000 | Canadian Imperial Bank of Commerce, 1.984% (1-month USLIBOR +0.250%), 2/4/2020 | 40,000,000 | |
20,000,000 | Canadian Imperial Bank of Commerce, 2.030% (3-month USLIBOR +0.140%), 2/5/2020 | 20,000,000 | |
35,080,000 | Carol Allen Family Liquidity Trust, (Comerica Bank LOC), 1.620%, 2/6/2020 | 35,080,000 | |
16,120,000 | Catholic Health Initiatives, Taxable Muni Funding Trust (Series 2019-007) VRDNs, (Barclays Bank plc LOC), 2.000%, 2/6/2020 | 16,120,000 | |
2,780,000 | Colorado Health Facilities Authority, Series 2016B, (UMB Bank, N.A. LOC), 1.930%, 2/6/2020 | 2,780,000 | |
10,265,000 | Connecticut Water Co., Series 2004, (Citizens Bank, N.A., Providence LOC), 1.900%, 2/5/2020 | 10,265,000 | |
15,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.934% (1-month USLIBOR +0.280%), 2/21/2020 | 15,000,000 | |
7,090,000 | EG Irrevocable Life Insurance Trust, (BOKF, N.A. LOC), 1.620%, 2/6/2020 | 7,090,000 | |
9,590,000 | Eric and Lizzie Bommer Insurance Trust, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 9,590,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Banking—continued | |||
$2,930,000 | Gannett Fleming, Inc., Series 2001, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 2.110%, 2/7/2020 | $2,930,000 | |
14,215,000 | Gerald J. Rubin Special Trust No. 1, (Goldman Sachs Bank USA LOC), 1.620%, 2/6/2020 | 14,215,000 | |
5,670,000 | GM Enterprises of Oregon, Inc., Series 2017, (Bank of the West, San Francisco, CA LOC), 1.620%, 2/6/2020 | 5,670,000 | |
840,000 | Green Knight Economic Development Corp., Series 2004, (Fulton Bank, N.A. LOC), 2.110%, 2/6/2020 | 840,000 | |
2,195,000 | IRT Funding Trust / VAP Master Trust II, Taxable Muni Funding Trust (Series 2019-008) VRDNs, (Barclays Bank plc LOC), 2.000%, 2/6/2020 | 2,195,000 | |
23,445,000 | J.R. Adventures Insurance Trust, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 23,445,000 | |
115,000 | Lancaster, PA IDA, Snavely's Mill, Inc. Series 2003—B, (Fulton Bank, N.A. LOC), 2.110%, 2/6/2020 | 115,000 | |
3,405,000 | Moran Enterprises, Inc., Series 2015, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 3,405,000 | |
25,000,000 | National Australia Bank Ltd., Melbourne, 1.817% (1-month USLIBOR +0.160%), 2/20/2020 | 25,000,000 | |
38,900,000 | New Jersey EDA, Taxable Muni Funding Trust (Series 2019-014) VRDNs, (Barclays Bank plc LOC), 2.000%, 2/6/2020 | 38,900,000 | |
11,255,000 | NLS 2015 Irrevocable Trust, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 11,255,000 | |
9,280,000 | Opler 2013 Irrevocable Trust, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 9,280,000 | |
30,565,000 | RBS Insurance Trust, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 30,565,000 | |
20,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 20,000,000 | |
40,000,000 | Royal Bank of Canada, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 40,000,000 | |
40,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 40,000,000 | |
15,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 15,000,000 | |
20,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,000,000 | |
10,000,000 | Royal Bank of Canada, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 10,000,000 | |
9,470,000 | Sendra Family Irrevocable Trust, Series 2015, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 9,470,000 | |
13,875,000 | Steel Dust Recycling, LLC, Series 2016, (Comerica Bank LOC), 1.620%, 2/6/2020 | 13,875,000 | |
2,300,000 | Taxable Muni Funding Trust 2018-003, Barclays (Series 2018-003) VRDNs, (Barclays Bank plc LOC), 2.000%, 2/6/2020 | 2,300,000 | |
6,145,000 | Taxable Muni Funding Trust 2020-001, (Series 2020-001) VRDNs, (Barclays Bank plc LOC), 2.000%, 2/6/2020 | 6,145,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Banking—continued | |||
$11,935,000 | The Gregory P. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.620%, 2/6/2020 | $11,935,000 | |
6,460,000 | The Harry M. Rubin 2014 Insurance Trust, Series 2014, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/5/2020 | 6,460,000 | |
5,825,000 | The Jacob Rosenstein Irrevocable Life Insurance Trust, (Bank of America N.A. LOC), 1.640%, 2/5/2020 | 5,825,000 | |
8,820,000 | The Jay Deitz 2015 Irrevocable Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 8,820,000 | |
9,825,000 | The KVR Insurance Trust, Series 2014, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 9,825,000 | |
9,240,000 | The Murray D. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.620%, 2/6/2020 | 9,240,000 | |
9,550,000 | The Ray L. Berry Trust, Series 2017, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 9,550,000 | |
5,565,000 | The Raymon Lee Ince Irrevocable Trust, Series 2013, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 5,565,000 | |
6,680,000 | The Rieber Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 6,680,000 | |
20,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 20,000,000 | |
10,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 10,000,000 | |
25,000,000 | Toronto Dominion Bank, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 25,000,000 | |
7,305,000 | Tuttle Insurance Trust No. 2, Series 2015, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 7,305,000 | |
35,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 35,000,000 | |
15,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 15,000,000 | |
8,240,000 | Wingo Family Master Trust, (BOKF, N.A. LOC), 1.640%, 2/6/2020 | 8,240,000 | |
13,000,000 | Yavapai County, AZ IDA—Recovery Zone Facility (Drake Cement LLC), Taxble (Series 2015) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 1.650%, 2/6/2020 | 13,000,000 | |
TOTAL | 1,195,317,175 | ||
Finance - Retail—1.8% | |||
50,000,000 | Chariot Funding LLC, 1.970% (1-month USLIBOR +0.190%), 2/3/2020 | 50,000,000 | |
20,000,000 | Old Line Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 20,000,000 | |
TOTAL | 70,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Government Agency—0.7% | |||
$3,935,000 | Jerry P. Himmel Irrevocable Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 1.100%, 2/6/2020 | $3,935,000 | |
10,725,000 | Joseph L. Goggins Irrevocable Insurance Trust, Series 2018, (Federal Home Loan Bank of Atlanta LOC), 1.620%, 2/6/2020 | 10,725,000 | |
7,870,000 | Millbrook, AL Redevelopment Authority, RAM Millbrook Hospitality LLC Project, Series 2017, (Federal Home Loan Bank of New York LOC), 1.760%, 2/6/2020 | 7,870,000 | |
6,060,000 | Roberts Insurance Trusts, LLC, (Federal Home Loan Bank of Des Moines LOC), 1.620%, 2/6/2020 | 6,060,000 | |
TOTAL | 28,590,000 | ||
TOTAL NOTES—VARIABLE | 1,343,907,175 | ||
NOTES-MUNICIPAL—0.2% | |||
Municipals—0.2% | |||
8,319,000 | Broome County, NY, Taxable (Series B) BANs, 3.000%, 5/1/2020 | 8,323,964 | |
OTHER REPURCHASE AGREEMENTS—7.1% | |||
50,000,000 | Citigroup Global Markets, Inc., 2.137%, dated 11/19/2019, interest in a $60,000,000 collateralized loan agreement will repurchase securities provided as collateral for $60,655,463 on 5/21/2019, in which medium-term notes and sovereign debt securities with a market value of $61,321,482 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
70,000,000 | Citigroup Global Markets, Inc., 2.187%, dated 11/19/2019, interest in a $90,000,000 collateralized loan agreement will repurchase securities provided as collateral for $91,006,195 on 5/21/2020, in which asset-backed securities and collateralized mortgage-backed obligations with a market value of $91,986,303 have been received as collateral and held with BNY Mellon as tri-party agent. | 70,000,000 | |
50,000,000 | HSBC Securities (USA), Inc., 1.680%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which corporate bonds and medium-term notes with a market value of $51,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 1.680%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,000 on 2/3/2020, in which medium-term notes with a market value of $102,014,281 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
10,000,000 | Wells Fargo Securities LLC, 2.230%, dated 1/16/2020, interest in a $10,000,000 collateralized loan agreement will repurchase securities provided as collateral for $10,055,750 on 4/15/2020, in which collateralized mortgage-backed obligations with a market value of $10,211,373 have been received as collateral and held with BNY Mellon as tri-party agent. | 10,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 280,000,000 |
Principal Amount or Shares | Value | ||
REPURCHASE AGREEMENTS—12.1% | |||
$169,000,000 | Interest in $400,000,000 joint repurchase agreement, 1.580% dated 1/31/2020 under which Barclays Bank PLC will repurchase the securities provided as collateral for $400,052,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury with various maturities to 8/15/2046 and the market value of those underlying securities was $408,053,763. | $169,000,000 | |
50,000,000 | Interest in $200,000,000 joint repurchase agreement, 1.600% dated 1/31/2020 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,026,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency with various maturities to 2/25/2036 and the market value of those underlying securities was $205,695,052. | 50,000,000 | |
7,000,000 | Interest in $86,000,000 joint repurchase agreement, 1.600% dated 1/31/2020 under which BNP Paribas SA will repurchase the securities provided as collateral for $86,011,467 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2040 and the market value of those underlying securities was $102,002,981. | 7,000,000 | |
250,000,000 | Interest in $2,015,000,000 joint repurchase agreement, 1.590% dated 1/31/2020 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $2,015,266,988 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency with various maturities to 12/20/2068 and the market value of those underlying securities was $2,075,724,997. | 250,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 476,000,000 | ||
INVESTMENT COMPANY—0.7% | |||
26,997,500 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71%3 | 27,000,100 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)4 | 3,935,159,582 | ||
OTHER ASSETS AND LIABILITIES—0.1%5 | 3,890,190 | ||
TOTAL NET ASSETS—100% | $3,939,049,772 |
Federated Institutional Prime Value Obligations Fund Institutional Shares | |
Balance of Shares Held 7/31/2019 | 26,997,500 |
Purchases/Additions | — |
Sales/Reductions | — |
Balance of Shares Held 1/31/2020 | 26,997,500 |
Value | $27,000,100 |
Change in Unrealized Appreciation/(Depreciation) | $— |
Net Realized Gain/(Loss) | $— |
Dividend Income | $262,881 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
BANs | —Bond Anticipation Notes |
COL | —Collateralized |
EDA | —Economic Development Authority |
GTD | —Guaranteed |
IDA | —Industrial Development Authority |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
VMTP | —Variable Rate Municipal Term Preferred |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations: | ||||||
Net investment income | 0.005 | 0.016 | 0.007 | 0.001 | — | — |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | — | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.016 | 0.007 | 0.001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net income | (0.005) | (0.016) | (0.007) | (0.001) | — | — |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.016) | (0.007) | (0.001) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.55% | 1.58% | 0.75% | 0.10% | 0.00%3 | 0.00%3 |
Ratios to Average Net Assets: | ||||||
Net expenses4 | 1.02%5 | 1.02% | 1.02% | 0.92% | 0.52% | 0.27% |
Net investment income | 1.09%5 | 0.58% | 0.70% | 0.08% | 0.00% | 0.00% |
Expense waiver/reimbursement6 | 0.19%5 | 0.19% | 0.19% | 0.30% | 0.72% | 1.05% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,939,050 | $4,030,191 | $4,220,884 | $6,951,890 | $11,562,657 | $12,847,237 |
1 | Represents less than $0.001. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Represents less than 0.01%. |
4 | The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio is 1.02% for the six months ended January 31, 2020 and 1.02%, 1.02%, 0.92%, 0.52% and 0.27% for the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively, after taking into account these expense reductions. |
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. |
Assets: | ||
Investment in securities, at value including $27,000,100 of investment in an affiliated holding* | $3,179,159,582 | |
Investments in other repurchase agreements and repurchase agreements | 756,000,000 | |
Investment in securities, at value (amortized and identified cost $3,935,159,582) | $3,935,159,582 | |
Cash | 597,161 | |
Income receivable | 6,262,921 | |
Receivable for shares sold | 1,002 | |
TOTAL ASSETS | 3,942,020,666 | |
Liabilities: | ||
Payable for shares redeemed | 22,907 | |
Payable for distribution services fee (Note 4) | 1,529,174 | |
Payable for other service fees (Notes 2 and 4) | 838,912 | |
Payable for transfer agent fee | 318,502 | |
Payable for portfolio accounting fees | 132,772 | |
Payable for investment adviser fee (Note 4) | 11,724 | |
Payable for administrative fee (Note 4) | 8,979 | |
Payable for Directors'/Trustees' fees (Note 4) | 2,969 | |
Accrued expenses (Note 4) | 104,955 | |
TOTAL LIABILITIES | 2,970,894 | |
Net assets for 3,939,060,568 shares outstanding | $3,939,049,772 | |
Net Assets Consists of: | ||
Paid-in capital | $3,939,048,013 | |
Total distributable earnings | 1,759 | |
TOTAL NET ASSETS | $3,939,049,772 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$3,939,049,772 ÷ 3,939,060,568 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Interest | $42,163,201 | ||
Dividends received from an affiliated holding* | 262,881 | ||
TOTAL INCOME | 42,426,082 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $4,013,851 | ||
Administrative fee (Note 4) | 1,581,681 | ||
Custodian fees | 70,556 | ||
Transfer agent fees | 2,015,372 | ||
Directors'/Trustees' fees (Note 4) | 12,940 | ||
Auditing fees | 11,864 | ||
Legal fees | 4,939 | ||
Distribution services fee (Note 4) | 11,038,091 | ||
Other service fees (Note 2) | 5,016,310 | ||
Portfolio accounting fees | 89,419 | ||
Share registration costs | 327,519 | ||
Printing and postage | 196,341 | ||
Miscellaneous (Note 4) | 20,954 | ||
TOTAL EXPENSES | 24,399,837 | ||
Waivers, Reimbursement and Reduction: | |||
Waiver/reimbursement of investment adviser fee (Note 4) | $(1,845,296) | ||
Waiver of other operating expenses (Note 4) | (2,006,926) | ||
Reduction of custodian fees (Note 5) | (8,801) | ||
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION | (3,861,023) | ||
Net expenses | 20,538,814 | ||
Net investment income | 21,887,268 | ||
Net realized gain on investments | 22,325 | ||
Change in net assets resulting from operations | $21,909,593 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $21,887,268 | $68,079,790 |
Net realized gain | 22,325 | 18,019 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 21,909,593 | 68,097,809 |
Distributions to Shareholders: | ||
Distribution to shareholders | (21,924,273) | (68,124,598) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (21,924,273) | (68,124,598) |
Share Transactions: | ||
Proceeeds from sale of shares | 860,516,997 | 2,014,908,074 |
Net asset value of shares issued to shareholders in payment of distributions declared | 21,433,107 | 66,550,811 |
Cost of shares redeemed | (973,076,958) | (2,272,124,378) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (91,126,854) | (190,665,493) |
Change in net assets | (91,141,534) | (190,692,282) |
Net Assets: | ||
Beginning of period | 4,030,191,306 | 4,220,883,588 |
End of period | $3,939,049,772 | $4,030,191,306 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |
Shares sold | 860,516,997 | 2,014,908,074 |
Shares issued to shareholders in payment of distributions declared | 21,433,107 | 66,550,811 |
Shares redeemed | (973,076,958) | (2,272,124,378) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | (91,126,854) | (190,665,493) |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,005.50 | $5.14 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,020.01 | $5.18 |
1 | Expenses are equal to the Fund's annualized net expense ratio of 1.02%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | A | GRAXX | B | GRBXX | C | GRCXX |
F | GRGXX | P | GRFXX |
Donahue
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 50.7% |
U.S. Government Agency Securities | 31.5% |
U.S. Treasury Securities | 18.5% |
Other Assets and Liabilities—Net2 | (0.7)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 66.4% |
8-30 Days | 11.8% |
31-90 Days | 14.4% |
91-180 Days | 2.8% |
181 Days or more | 5.3% |
Other Assets and Liabilities—Net2 | (0.7)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
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 | ||
GOVERNMENT AGENCIES—31.5% | |||
$13,340,000 | 1 | Federal Farm Credit System Discount Notes, 2.320%, 4/2/2020 - 5/20/2020 | $13,272,092 |
10,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.605% (1-month USLIBOR -0.055%), 2/27/2020 | 9,999,972 |
18,500,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.618% (1-month USLIBOR -0.065%), 2/12/2020 | 18,499,931 |
10,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.638% (1-month USLIBOR -0.045%), 2/12/2020 | 10,000,000 |
40,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 40,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.665% (1-month USLIBOR +0.005%), 2/27/2020 | 19,999,594 |
8,500,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.669% (1-month USLIBOR -0.030%), 2/9/2020 | 8,500,000 |
21,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.677% (1-month USLIBOR -0.015%), 2/8/2020 | 21,000,000 |
91,500,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.677% - 1.684% (1-month USLIBOR +0.000%), 2/13/2020 - 2/14/2020 | 91,500,000 |
15,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 15,000,000 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.685% (Secured Overnight Financing Rate +0.105%), 2/3/2020 | 25,000,000 |
21,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.700% (Secured Overnight Financing Rate +0.120%), 2/3/2020 | 21,000,000 |
14,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.725% (Effective Fed Funds +0.125%), 2/3/2020 | 13,999,242 |
35,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.734% (1-month USLIBOR +0.000%), 2/4/2020 | 34,999,486 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.760% (1-month USLIBOR -0.020%), 2/3/2020 | 19,999,834 |
37,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.760% (Secured Overnight Financing Rate +0.180%), 2/3/2020 | 37,000,000 |
34,700,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.790% (Secured Overnight Financing Rate +0.210%), 2/3/2020 | 34,700,000 |
508,000,000 | 1 | Federal Home Loan Bank System Discount Notes, 1.570% - 2.400%, 2/26/2020 - 6/19/2020 | 506,428,339 |
145,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.600% (Secured Overnight Financing Rate +0.020%), 2/3/2020 | 144,997,766 |
38,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.602% (3-month USLIBOR -0.240%), 4/16/2020 | 38,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$39,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.605% (Secured Overnight Financing Rate +0.025%), 2/3/2020 | $39,000,000 |
131,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.608% - 1.619% (1-month USLIBOR -0.050%), 2/17/2020 - 2/27/2020 | 131,000,000 |
45,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | 45,000,000 |
56,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.615% (Secured Overnight Financing Rate +0.035%), 2/3/2020 | 56,000,142 |
114,600,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.618% - 1.622% (1-month USLIBOR -0.040%), 2/4/2020 - 2/20/2020 | 114,600,000 |
50,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.623% (3-month USLIBOR -0.250%), 4/7/2020 | 50,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.624% (1-month USLIBOR -0.030%), 2/21/2020 | 19,995,657 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.625% (Secured Overnight Financing Rate +0.045%), 2/3/2020 | 25,000,000 |
31,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.628% (1-month USLIBOR -0.055%), 2/12/2020 | 31,500,000 |
30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.632% (1-month USLIBOR -0.025%), 2/20/2020 | 30,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.640% (Secured Overnight Financing Rate +0.060%), 2/3/2020 | 25,000,000 |
45,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.643% (3-month USLIBOR -0.235%), 2/10/2020 | 45,000,000 |
86,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.645% (Secured Overnight Financing Rate +0.065%), 2/3/2020 | 85,999,983 |
95,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 95,000,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.656% (3-month USLIBOR -0.245%), 2/11/2020 | 40,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.668% (3-month USLIBOR -0.220%), 3/11/2020 | 25,000,000 |
35,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.669% (1-month USLIBOR +0.000%), 2/16/2020 | 35,000,000 |
50,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.677% (1-month USLIBOR +0.020%), 2/19/2020 | 50,000,000 |
99,300,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 99,300,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.695% (Secured Overnight Financing Rate +0.115%), 2/3/2020 | 25,000,000 |
35,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.699% - 1.735% (3-month USLIBOR -0.200%), 3/18/2020 - 3/24/2020 | 35,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.700% (Secured Overnight Financing Rate +0.120%), 2/3/2020 | 20,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$44,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.710% (Secured Overnight Financing Rate +0.130%), 2/3/2020 | $44,000,000 |
79,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.711% (1-month USLIBOR +0.050%), 2/25/2020 - 2/27/2020 | 79,000,000 |
24,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.714% (1-month USLIBOR -0.020%), 2/4/2020 | 24,000,000 |
13,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.729% (1-month USLIBOR -0.005%), 2/5/2020 | 13,000,000 |
35,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.750% (Secured Overnight Financing Rate +0.170%), 2/3/2020 | 35,000,000 |
35,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.775% (3-month USLIBOR -0.115%), 2/5/2020 | 35,000,000 |
43,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.788% (3-month USLIBOR -0.120%), 2/28/2020 | 43,000,000 |
166,000,000 | Federal Home Loan Bank System, 1.690% - 1.950%, 4/16/2020 - 9/4/2020 | 165,998,674 | |
30,000,000 | 1 | Federal Home Loan Mortgage Corp. Discount Notes, 1.669%, 3/5/2020 | 29,954,103 |
21,300,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.040%), 2/3/2020 | 21,300,000 |
60,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.640% (Secured Overnight Financing Rate +0.060%), 2/3/2020 | 60,000,000 |
25,500,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 25,500,000 |
TOTAL GOVERNMENT AGENCIES | 2,822,044,815 | ||
U.S. TREASURY—18.5% | |||
25,000,000 | 1 | United States Treasury Bill, 1.610%, 4/30/2020 | 24,900,493 |
10,000,000 | 1 | United States Treasury Bill, 1.620%, 7/16/2020 | 9,925,300 |
30,000,000 | 1 | United States Treasury Bill, 1.625%, 4/9/2020 | 29,907,917 |
44,500,000 | 1 | United States Treasury Bill, 1.740%, 9/10/2020 | 44,022,515 |
30,000,000 | 1 | United States Treasury Bill, 1.800%, 8/13/2020 | 29,709,000 |
61,000,000 | 1 | United States Treasury Bill, 1.825%, 3/12/2020 | 60,876,306 |
85,000,000 | 1 | United States Treasury Bill, 1.890%, 2/13/2020 | 84,946,450 |
114,500,000 | 1 | United States Treasury Bills, 1.840% - 2.468%, 2/27/2020 | 114,324,106 |
65,000,000 | 1 | United States Treasury Bills, 1.845% - 1.870%, 3/19/2020 | 64,842,778 |
22,500,000 | 2 | United States Treasury Floating Rate Notes, 1.568% (91-day T-Bill +0.033%), 2/4/2020 | 22,500,430 |
29,500,000 | 2 | United States Treasury Floating Rate Notes, 1.578% (91-day T-Bill +0.043%), 2/4/2020 | 29,491,894 |
106,250,000 | 2 | United States Treasury Floating Rate Notes, 1.580% (91-day T-Bill +0.045%), 2/4/2020 | 106,217,231 |
207,300,000 | 2 | United States Treasury Floating Rate Notes, 1.650% (91-day T-Bill +0.115%), 2/4/2020 | 207,222,032 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$50,000,000 | 2 | United States Treasury Floating Rate Notes, 1.674% (91-day T-Bill +0.139%), 2/4/2020 | $49,999,091 |
65,500,000 | 2 | United States Treasury Floating Rate Notes, 1.689% (91-day T-Bill +0.154%), 2/4/2020 | 65,500,000 |
28,000,000 | 2 | United States Treasury Floating Rate Notes, 1.835% (91-day T-Bill +0.300%), 2/4/2020 | 28,015,570 |
44,000,000 | United States Treasury Note, 1.250%, 2/29/2020 | 43,970,854 | |
29,000,000 | United States Treasury Note, 1.500%, 4/15/2020 | 28,969,345 | |
29,000,000 | United States Treasury Note, 1.625%, 10/15/2020 | 29,003,183 | |
30,000,000 | United States Treasury Note, 2.500%, 12/31/2020 | 30,241,984 | |
10,000,000 | United States Treasury Note, 2.500%, 6/30/2020 | 10,024,330 | |
77,000,000 | United States Treasury Note, 2.625%, 11/15/2020 | 77,566,178 | |
71,000,000 | United States Treasury Note, 2.750%, 11/30/2020 | 71,650,537 | |
30,000,000 | United States Treasury Note, 2.750%, 9/30/2020 | 30,215,858 | |
18,000,000 | United States Treasury Note, 2.875%, 10/31/2020 | 18,163,307 | |
41,500,000 | United States Treasury Note, 3.500%, 5/15/2020 | 41,677,778 | |
16,000,000 | United States Treasury Note, 3.625%, 2/15/2020 | 16,008,993 | |
49,500,000 | United States Treasury Notes, 1.125% - 1.375%, 3/31/2020 | 49,430,264 | |
72,500,000 | United States Treasury Notes, 1.375% - 2.375%, 4/30/2020 | 72,532,277 | |
56,500,000 | United States Treasury Notes, 1.375% - 2.500%, 5/31/2020 | 56,586,595 | |
59,000,000 | United States Treasury Notes, 1.375% - 2.625%, 8/31/2020 | 59,191,971 | |
51,000,000 | United States Treasury Notes, 2.000% - 2.625%, 7/31/2020 | 51,193,901 | |
TOTAL U.S. TREASURY | 1,658,828,468 | ||
REPURCHASE AGREEMENTS—50.7% | |||
200,000,000 | Repurchase agreement, 1.600% dated 1/31/2020 under which ABN Amro Bank N.V. will repurchase the securities provided as collateral for $200,026,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $204,814,490. | 200,000,000 | |
13,000,000 | Interest in $400,000,000 joint repurchase agreement, 1.580% dated 1/31/2020 under which Barclays Bank PLC will repurchase the securities provided as collateral for $400,052,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2046 and the market value of those underlying securities was $408,053,763. | 13,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$100,000,000 | Repurchase agreement, 1.580% dated 1/31/2020 under which Barclays Capital, Inc. will repurchase the securities provided as collateral for $100,013,167 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $102,013,500. | $100,000,000 | |
150,000,000 | Interest in $200,000,000 joint repurchase agreement, 1.600% dated 1/31/2020 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,026,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 2/25/2036 and the market value of those underlying securities was $205,695,052. | 150,000,000 | |
100,000,000 | Repurchase agreement, 1.570% dated 1/7/2020 under which BNP Paribas SA will repurchase the securities provided as collateral for $100,270,389 on 3/9/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $102,120,147. | 100,000,000 | |
76,716,000 | Interest in $86,000,000 joint repurchase agreement, 1.600% dated 1/31/2020 under which BNP Paribas SA will repurchase the securities provided as collateral for $86,011,467 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $87,731,712. | 76,716,000 | |
100,000,000 | Repurchase agreement, 1.610% dated 1/29/2020 under which BNP Paribas SA will repurchase the securities provided as collateral for $100,411,444 on 4/30/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $102,018,251. | 100,000,000 | |
500,000,000 | Repurchase agreement, 1.600% dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $500,755,556 on 2/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 2/25/2052 and the market value of those underlying securities was $510,411,508. | 500,000,000 | |
1,250,000,000 | Repurchase agreement, 1.580% dated 1/31/2020 under which Fixed Income Clearing Corporation will repurchase the securities provided as collateral for $1,250,164,583 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $1,275,000,037. | 1,250,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$100,000,000 | Repurchase agreement, 1.650% dated 1/31/2020 under which Garda FIRV Opportunity Master Fund Ltd. will repurchase the securities provided as collateral for $100,013,750 on 2/3/2020. This agreement is guaranteed by Barclays Bank PLC. The securities provided as collateral at the end of the period held with BNY Mellon were U.S. Treasury securities with various maturities to 1/31/2022 and the market value of those underlying securities was $102,000,101. | $100,000,000 | |
50,000,000 | Repurchase agreement, 1.590% dated 1/31/2020 under which HSBC Securities (USA), Inc will repurchase the securities provided as collateral for $50,006,625 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 11/20/2048 and the market value of those underlying securities was $51,000,000. | 50,000,000 | |
150,000,000 | Repurchase agreement, 1.620% dated 1/8/2020 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $150,391,500 on 3/6/2020. The securities provided as collateral at the end of the period held with BNY Mellon were U.S. Treasury securities with various maturities to 7/15/2024 and the market value of those underlying securities was $152,946,025. | 150,000,000 | |
75,000,000 | Repurchase agreement, 1.630% dated 1/10/2020 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $75,203,750 on 3/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon were U.S. Treasury securities with various maturities to 11/15/2022 and the market value of those underlying securities was $76,968,940. | 75,000,000 | |
40,000,000 | Repurchase agreement, 1.650% dated 1/31/2020 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $40,110,000 on 3/31/2020. The securities provided as collateral at the end of the period held with BNY Mellon were U.S. Treasury securities with various maturities to 1/15/2039 and the market value of those underlying securities was $48,078,573. | 40,000,000 | |
70,000,000 | Repurchase agreement, 1.700% dated 12/5/2019 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $70,198,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon were U.S. Treasury securities with various maturities to 7/15/2024 and the market value of those underlying securities was $72,431,513. | 70,000,000 | |
150,000,000 | Repurchase agreement, 1.560% dated 1/7/2020 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $150,195,000 on 2/6/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2049 and the market value of those underlying securities was $153,179,011. | 150,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$142,000,000 | Interest in $300,000,000 joint repurchase agreement, 1.570% dated 1/31/2020 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $300,039,250 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury securities with various maturities to 7/31/2024 and the market value of those underlying securities was $306,040,045. | $142,000,000 | |
335,190,000 | Interest in $2,015,000,000 joint repurchase agreement, 1.590% dated 1/31/2020 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $2,015,266,988 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2068 and the market value of those underlying securities was $2,075,724,997. | 335,190,000 | |
400,000,000 | Repurchase agreement, 1.650% dated 1/31/2020 under which Millennium Fixed Income Fund Ltd. will repurchase the securities provided as collateral for $400,055,000 on 2/3/2020. This agreement is guaranteed by Barclays Bank PLC. The securities provided as collateral at the end of the period held with BNY Mellon were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $408,001,083. | 400,000,000 | |
200,000,000 | Repurchase agreement, 1.560% dated 1/3/2020 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $200,277,333 on 2/4/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $204,416,473. | 200,000,000 | |
150,000,000 | Repurchase agreement, 1.600% dated 1/31/2020 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $150,020,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury and U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $153,503,541. | 150,000,000 | |
100,000,000 | Repurchase agreement, 1.650% dated 1/31/2020 under which Symmetry Master Fund Ltd. will repurchase the securities provided as collateral for $100,013,750 on 2/3/2020. This agreement is guaranteed by Barclays Bank PLC. The securities provided as collateral at the end of the period held with BNY Mellon were U.S. Treasury securities with various maturities to 9/15/2022 and the market value of those underlying securities was $102,000,443. | 100,000,000 | |
50,000,000 | Repurchase agreement, 1.600% dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $50,006,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2049 and the market value of those underlying securities was $51,006,801. | 50,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$50,000,000 | Repurchase agreement, 1.600% dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $50,006,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency securities with various maturities to 3/27/2020 and the market value of those underlying securities was $51,007,187. | $50,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 4,551,906,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.7% (AT AMORTIZED COST)3 | 9,032,779,283 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.7)%4 | (62,377,668) | ||
TOTAL NET ASSETS—100% | $8,970,401,615 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.015 | 0.006 | 0.0002 | — | — |
Net realized gain (loss) | — | 0.0002 | (0.000)2 | 0.0002 | 0.0002 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.015 | 0.006 | 0.0002 | 0.0002 | — |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.015) | (0.006) | (0.000)2 | — | — |
Distributions from net realized gain | — | — | (0.000)2 | (0.000)2 | — | — |
TOTAL DISTRIBUTIONS | (0.005) | (0.015) | (0.006) | (0.000)2 | — | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.53% | 1.47% | 0.56% | 0.02% | 0.00%4 | 0.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.87%5,6 | 0.87%5 | 0.87%5 | 0.65%5 | 0.40%5 | 0.15%6 |
Net investment income | 1.04%6 | 1.48% | 0.54% | 0.02% | 0.00% | 0.00%6 |
Expense waiver/reimbursement7 | 0.16%6 | 0.14% | 0.15% | 0.37% | 0.62% | 0.86%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $120,765 | $103,120 | $73,428 | $87,623 | $89,786 | $218 |
1 | Reflects operations for the period from July 20, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods less than one year are not annualized. |
4 | Represents less than 0.01%. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.87% for the six months ended January 31, 2020 and 0.87% 0.87%, 0.65% and 0.40% for the years ended July 31, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2019 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.003 | 0.011 | 0.002 | 0.0002 | — | — |
Net realized gain (loss) | — | 0.0002 | (0.000)2 | 0.0002 | 0.0002 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.003 | 0.011 | 0.002 | 0.0002 | 0.0002 | — |
Less Distributions: | ||||||
Distributions from net investment income | (0.003) | (0.011) | (0.002) | — | — | — |
Distributions from net realized gain | — | — | (0.000)2 | (0.000)2 | — | — |
TOTAL DISTRIBUTIONS | (0.003) | (0.011) | (0.002) | (0.000)2 | — | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.32% | 1.07% | 0.23% | 0.00%4 | 0.00%4 | 0.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.27%5,6 | 1.27%5 | 1.19%5 | 0.65%5 | 0.40%5 | 0.15%6 |
Net investment income | 0.66%6 | 1.07% | 0.20% | 0.00% | 0.00% | 0.00%6 |
Expense waiver/reimbursement7 | 0.11%6 | 0.11% | 0.17% | 0.74% | 0.99% | 1.16%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,267 | $1,682 | $2,024 | $3,252 | $5,892 | $18 |
1 | Reflects operations for the period from July 20, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
4 | Represents less than 0.01%. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.27% for the six months ended January 31, 2020 and 1.27%, 1.19%, 0.65% and 0.40% for the years ended July 31, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.003 | 0.011 | 0.002 | 0.0002 | — | — |
Net realized gain (loss) | — | 0.0002 | (0.000)2 | 0.0002 | 0.0002 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.003 | 0.011 | 0.002 | 0.0002 | 0.0002 | — |
Less Distributions: | ||||||
Distributions from net investment income | (0.003) | (0.011) | (0.002) | — | — | — |
Distributions from net realized gain | — | — | (0.000)2 | (0.000)2 | — | — |
TOTAL DISTRIBUTIONS | (0.003) | (0.011) | (0.002) | (0.000)2 | — | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.34% | 1.08% | 0.23% | 0.00%4 | 0.00%4 | 0.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.25%5,6 | 1.26%5 | 1.20%5 | 0.68%5 | 0.40%5 | 0.15%6 |
Net investment income | 0.66%6 | 1.09% | 0.19% | 0.00% | 0.00% | 0.00%6 |
Expense waiver/reimbursement7 | 0.08%6 | 0.08% | 0.16% | 0.69% | 0.97% | 1.16%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $4,561 | $4,505 | $6,007 | $9,963 | $10,783 | $08 |
1 | Reflects operations for the period from July 20, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
4 | Represents less than 0.01%. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 1.25% for the six months ended January 31, 2020 and 1.26%, 1.20%, 0.68% and 0.40% for the years ended July 31, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
8 | Represents less than $1,000. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.015 | 0.006 | 0.0002 | — | — |
Net realized gain (loss) | — | 0.0002 | (0.000)2 | 0.0002 | 0.0002 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.015 | 0.006 | 0.0002 | 0.0002 | — |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.015) | (0.006) | (0.000)2 | — | — |
Distributions from net realized gain | — | — | (0.000)2 | (0.000)2 | — | — |
TOTAL DISTRIBUTIONS | (0.005) | (0.015) | (0.006) | (0.000)2 | — | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.53% | 1.47% | 0.56% | 0.02% | 0.00%4 | 0.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.87%5,6 | 0.87%5 | 0.87%5 | 0.62%5 | 0.40%5 | 0.15%6 |
Net investment income | 1.05%6 | 1.49% | 0.54% | 0.02% | 0.00% | 0.00%6 |
Expense waiver/reimbursement7 | 0.16%6 | 0.16% | 0.16% | 0.42% | 0.63% | 0.86%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,384 | $1,556 | $1,071 | $1,524 | $3,066 | $08 |
1 | Reflects operations for the period from July 20, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized. |
4 | Represents less than 0.01%. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.87% for the six months ended January 31, 2020 and 0.87%, 0.87%, 0.62% and 0.40% for the years ended July 31, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
8 | Represents less than $1,000. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.013 | 0.004 | 0.0001 | — | — |
Net realized gain (loss) | — | 0.0001 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.013) | (0.004) | (0.000)1 | — | — |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (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 | $1.00 |
Total Return2 | 0.45% | 1.32% | 0.41% | 0.00%3 | 0.00%3 | 0.00%3 |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.02%4,5 | 1.02%5 | 1.02%5 | 0.66%5 | 0.31%5 | 0.11%5 |
Net investment income | 0.89%4 | 1.31% | 0.40% | 0.00% | 0.00% | 0.00% |
Expense waiver/reimbursement6 | 0.18%4 | 0.18% | 0.18% | 0.54% | 0.89% | 1.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $8,842,425 | $8,069,420 | $8,626,983 | $10,580,501 | $12,639,013 | $12,194,155 |
1 | Represents less than $0.001. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Represents less than 0.01%. |
4 | Computed on an annualized basis. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 1.02% for the six months ended January 31, 2020 and 1.02%, 1.02%, 0.66%, 0.31% and 0.11% for the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities | $4,480,873,283 | |
Investments in repurchase agreements | 4,551,906,000 | |
Investment in securities, at amortized cost and fair value | $9,032,779,283 | |
Cash | 224,774 | |
Income receivable | 8,860,285 | |
Receivable for shares sold | 120,848 | |
TOTAL ASSETS | 9,041,985,190 | |
Liabilities: | ||
Payable for investments purchased | 64,600,000 | |
Payable for shares redeemed | 476,473 | |
Payable for distribution services fee (Note 5) | 3,446,261 | |
Payable for other service fees (Notes 2 and 5) | 1,930,379 | |
Payable for investment adviser fee (Note 5) | 30,634 | |
Payable for administrative fee (Note 5) | 19,269 | |
Payable for Directors'/Trustees' fees (Note 5) | 232 | |
Accrued expenses (Note 5) | 1,080,327 | |
TOTAL LIABILITIES | 71,583,575 | |
Net assets for 8,970,411,616 shares outstanding | $8,970,401,615 | |
Net Assets Consists of: | ||
Paid-in capital | $8,970,410,487 | |
Total distributable (loss) | (8,872) | |
TOTAL NET ASSETS | $8,970,401,615 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
$120,764,757 ÷ 120,764,871 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share | $1.00 | |
Class B Shares: | ||
$1,267,178 ÷ 1,267,180 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (94.50/100 of $1.00)1 | $0.95 | |
Class C Shares: | ||
$4,561,344 ÷ 4,561,350 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (99.00/100 of $1.00)1 | $0.99 | |
Class F Shares: | ||
$1,383,778 ÷ 1,383,779 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (99.00/100 of $1.00)1 | $0.99 | |
Class P Shares: | ||
$8,842,424,558 ÷ 8,842,434,436 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share | $1.00 |
1 | Under certain limited conditions, a “Contingent Deferred Sales Charge” of up to 5.50% for Class B Shares and up to 1.00% for Class C Shares and Class F Shares may be imposed. See “Sales Charge When You Redeem” in the Prospectus. |
Investment Income: | |||
Interest | $84,299,612 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $8,804,289 | ||
Administrative fee (Note 5) | 3,468,155 | ||
Custodian fees | 129,237 | ||
Transfer agent fees (Notes 2 and 5) | 4,468,901 | ||
Directors'/Trustees' fees (Note 5) | 25,385 | ||
Auditing fees | 11,864 | ||
Legal fees | 4,462 | ||
Distribution services fee (Note 5) | 24,160,456 | ||
Other service fees (Notes 2 and 5) | 10,953,034 | ||
Portfolio accounting fees | 97,209 | ||
Share registration costs | 359,995 | ||
Printing and postage | 373,370 | ||
Miscellaneous (Note 5) | 22,775 | ||
TOTAL EXPENSES | 52,879,132 | ||
Waivers, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(3,520,258) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (4,388,570) | ||
Reduction of custodian fees (Note 6) | (3,180) | ||
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION | (7,912,008) | ||
Net expenses | 44,967,124 | ||
Net investment income | 39,332,488 | ||
Change in net assets resulting from operations | $39,332,488 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $39,332,488 | $111,505,383 |
Net realized gain | — | 1,273 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 39,332,488 | 111,506,656 |
Distributions to Shareholders: | ||
Class A Shares | (587,764) | (1,225,911) |
Class B Shares | (4,802) | (19,427) |
Class C Shares | (15,778) | (61,738) |
Class F Shares | (8,125) | (21,180) |
Class P Shares | (38,723,055) | (110,177,119) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (39,339,524) | (111,505,375) |
Share Transactions: | ||
Proceeeds from sale of shares | 3,721,111,808 | 4,999,250,917 |
Net asset value of shares issued to shareholders in payment of distributions declared | 38,260,813 | 107,950,039 |
Cost of shares redeemed | (2,969,246,852) | (5,636,431,194) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 790,125,769 | (529,230,238) |
Change in net assets | 790,118,733 | (529,228,957) |
Net Assets: | ||
Beginning of period | 8,180,282,882 | 8,709,511,839 |
End of period | $8,970,401,615 | $8,180,282,882 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Class A Shares | $20,461 | $(17,858) |
Class B Shares | 603 | (226) |
Class C Shares | 1,067 | — |
Class F Shares | 251 | (218) |
Class P Shares | 4,446,519 | — |
TOTAL | $4,468,901 | $(18,302) |
Other Service Fees Incurred | |
Class A Shares | $140,928 |
Class B Shares | 1,806 |
Class C Shares | 5,631 |
Class F Shares | 1,915 |
Class P Shares | 10,802,754 |
TOTAL | $10,953,034 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 58,922,764 | $58,922,764 | 87,539,814 | $87,539,814 |
Shares issued to shareholders in payment of distributions declared | 574,468 | 574,468 | 1,189,029 | 1,189,029 |
Shares redeemed | (41,852,199) | (41,852,199) | (59,036,572) | (59,036,572) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 17,645,033 | $17,645,033 | 29,692,271 | $29,692,271 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 376,062 | $376,062 | 1,427,392 | $1,427,392 |
Shares issued to shareholders in payment of distributions declared | 4,777 | 4,777 | 19,279 | 19,279 |
Shares redeemed | (795,826) | (795,826) | (1,788,110) | (1,788,110) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (414,987) | $(414,987) | (341,439) | $(341,439) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,956,355 | $1,956,355 | 6,157,984 | $6,157,984 |
Shares issued to shareholders in payment of distributions declared | 15,658 | 15,658 | 60,979 | 60,979 |
Shares redeemed | (1,915,281) | (1,915,281) | (7,721,436) | (7,721,436) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 56,732 | $56,732 | (1,502,473) | $(1,502,473) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 143,954 | $143,954 | 1,692,635 | $1,692,635 |
Shares issued to shareholders in payment of distributions declared | 5,158 | 5,158 | 14,641 | 14,641 |
Shares redeemed | (321,461) | (321,461) | (1,221,892) | (1,221,892) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | (172,349) | $(172,349) | 485,384 | $485,384 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class P Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,659,712,673 | $3,659,712,673 | 4,902,433,092 | $4,902,433,092 |
Shares issued to shareholders in payment of distributions declared | 37,660,752 | 37,660,752 | 106,666,111 | 106,666,111 |
Shares redeemed | (2,924,362,085) | (2,924,362,085) | (5,566,663,184) | (5,566,663,184) |
NET CHANGE RESULTING FROM CLASS P SHARE TRANSACTIONS | 773,011,340 | $773,011,340 | (557,563,981) | $(557,563,981) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 790,125,769 | $790,125,769 | (529,230,238) | $(529,230,238) |
Short-Term | Long-Term | Total |
$0 | $1,836 | $1,836 |
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 |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.45% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class F Shares | 0.45% |
Class P Shares | 0.55% |
Distribution Service Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $255,481 | $(28,387) |
Class B Shares | 5,416 | — |
Class C Shares | 17,861 | — |
Class F Shares | 3,473 | (386) |
Class P Shares | 23,878,225 | (4,341,495) |
TOTAL | $24,160,456 | $(4,370,268) |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,005.30 | $4.39 |
Class B Shares | $1,000.00 | $1,003.20 | $6.39 |
Class C Shares | $1,000.00 | $1,003.40 | $6.29 |
Class F Shares | $1,000.00 | $1,005.30 | $4.39 |
Class P Shares | $1,000.00 | $1,004.50 | $5.14 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,020.76 | $4.42 |
Class B Shares | $1,000.00 | $1,018.75 | $6.44 |
Class C Shares | $1,000.00 | $1,018.85 | $6.34 |
Class F Shares | $1,000.00 | $1,020.76 | $4.42 |
Class P Shares | $1,000.00 | $1,020.01 | $5.18 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Class A Shares | 0.87% |
Class B Shares | 1.27% |
Class C Shares | 1.25% |
Class F Shares | 0.87% |
Class P Shares | 1.02% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919536
CUSIP 608919528
CUSIP 608919510
CUSIP 608919205
Share Class | Ticker | Select* | GRTXX | Institutional | GOIXX | |
Service | GOSXX | Administrative | GOEXX | ||
Cash II | GFYXX | Cash Series | GFSXX | ||
Capital | GOCXX | Trust | GORXX | ||
Premier | GOFXX | Advisor | GOVXX |
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 46.2% |
U.S. Government Agency Securities | 34.3% |
U.S. Treasury Securities | 18.1% |
Other Assets and Liabilities—Net2 | 1.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 66.8% |
8-30 Days | 11.3% |
31-90 Days | 12.5% |
91-180 Days | 3.0% |
181 Days or more | 5.0% |
Other Assets and Liabilities—Net2 | 1.4% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
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 | ||
GOVERNMENT AGENCIES—34.3% | |||
$181,650,000 | 1 | Federal Farm Credit System Discount Notes, 1.680%—2.320%, 2/20/2020 - 5/20/2020 | $180,991,062 |
171,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.605% (1-month USLIBOR -0.055%), 2/27/2020 | 170,999,514 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.609% (1-month USLIBOR -0.050%), 2/28/2020 | 25,000,000 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | 13,000,000 |
158,250,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.618% (1-month USLIBOR -0.065%), 2/12/2020 | 158,249,411 |
90,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.621%—1.694% (1-month USLIBOR -0.040%), 2/6/2020 - 2/25/2020 | 89,998,782 |
264,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.623%—1.669% (1-month USLIBOR -0.030%), 2/9/2020 - 2/24/2020 | 263,997,454 |
150,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.638% (1-month USLIBOR -0.045%), 2/12/2020 | 150,000,000 |
78,815,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.641% (1-month USLIBOR -0.035%), 2/18/2020 | 78,813,885 |
80,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.645% (Secured Overnight Financing Rate +0.065%), 2/3/2020 | 80,000,000 |
508,200,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 508,200,000 |
97,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.660% (Secured Overnight Financing Rate +0.080%), 2/3/2020 | 97,000,000 |
443,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.661%—1.684% (1-month USLIBOR +0.000%), 2/13/2020 - 2/27/2020 | 442,998,057 |
163,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.665% (1-month USLIBOR +0.005%), 2/27/2020 | 162,996,689 |
161,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.675%—1.709% (1-month USLIBOR +0.025%), 2/13/2020 - 2/29/2020 | 160,994,129 |
183,100,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.677% (1-month USLIBOR -0.015%), 2/8/2020 | 183,100,000 |
373,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.679% (1-month USLIBOR +0.020%), 2/28/2020 | 373,000,000 |
100,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 100,000,000 |
128,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.725% (Effective Fed Funds +0.125%), 2/3/2020 | 127,993,071 |
209,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.727%—1.749% (1-month USLIBOR +0.050%), 2/9/2020 - 2/10/2020 | 208,989,512 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$114,100,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.734% (1-month USLIBOR +0.000%), 2/4/2020 | $114,098,325 |
265,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.760% (1-month USLIBOR -0.020%), 2/3/2020 | 264,997,798 |
162,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.762% (1-month USLIBOR +0.070%), 2/8/2020 | 161,984,789 |
104,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.770% (3-month USLIBOR -0.130%), 3/4/2020 | 104,000,000 |
56,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.790% (Prime -2.960%), 2/3/2020 | 55,997,337 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.830% (Prime -2.920%), 2/3/2020 | 49,999,877 |
6,676,642,000 | 1 | Federal Home Loan Bank System Discount Notes, 1.560%—2.400%, 2/4/2020 - 7/1/2020 | 6,657,337,568 |
50,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.590% (Secured Overnight Financing Rate +0.010%), 2/3/2020 | 50,000,000 |
50,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.598% (1-month USLIBOR -0.060%), 2/20/2020 | 50,000,000 |
566,800,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.600% (Secured Overnight Financing Rate +0.020%), 2/3/2020 | 566,782,895 |
440,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.602% (3-month USLIBOR -0.240%), 4/16/2020 | 440,000,000 |
24,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.605% (Secured Overnight Financing Rate +0.025%), 2/3/2020 | 24,000,000 |
1,462,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.608%—1.684% (1-month USLIBOR -0.050%), 2/5/2020 - 2/27/2020 | 1,462,500,000 |
1,466,300,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | 1,466,260,520 |
868,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.615% (Secured Overnight Financing Rate +0.035%), 2/3/2020 | 867,999,477 |
250,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.616% (3-month USLIBOR -0.185%), 4/20/2020 | 249,997,113 |
1,433,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.618%—1.622% (1-month USLIBOR -0.040%), 2/4/2020 - 2/20/2020 | 1,433,000,000 |
177,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.040%), 2/3/2020 | 176,995,246 |
590,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.623% (3-month USLIBOR -0.250%), 4/7/2020 | 590,000,000 |
80,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.624% (1-month USLIBOR -0.030%), 2/21/2020 | 79,982,629 |
242,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.625% (Secured Overnight Financing Rate +0.045%), 2/3/2020 | 242,000,000 |
260,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.628% (1-month USLIBOR -0.055%), 2/12/2020 | 260,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$470,600,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.630% (Secured Overnight Financing Rate +0.050%), 2/3/2020 | $470,600,000 |
295,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.633% (1-month USLIBOR -0.025%), 2/20/2020 | 295,000,000 |
400,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.635% (Secured Overnight Financing Rate +0.055%), 2/3/2020 | 400,000,000 |
300,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.640% (Secured Overnight Financing Rate +0.060%), 2/3/2020 | 300,000,000 |
50,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.644% (1-month USLIBOR -0.070%), 2/7/2020 | 50,000,000 |
1,058,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.645% (Secured Overnight Financing Rate +0.065%), 2/3/2020 | 1,057,999,800 |
1,025,750,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 1,025,750,000 |
441,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.656%—1.664% (3-month USLIBOR -0.245%), 2/11/2020 - 2/14/2020 | 441,500,000 |
60,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.665% (Secured Overnight Financing Rate +0.085%), 2/3/2020 | 59,995,235 |
305,750,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.668%—1.674% (3-month USLIBOR -0.220%), 3/11/2020 - 3/16/2020 | 305,750,000 |
453,700,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.669% (1-month USLIBOR +0.000%), 2/16/2020 | 453,700,000 |
349,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.677% (1-month USLIBOR +0.020%), 2/19/2020 | 349,500,000 |
1,082,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 1,082,000,000 |
176,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.685% (Secured Overnight Financing Rate +0.105%), 2/3/2020 | 176,000,000 |
275,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.690% (Secured Overnight Financing Rate +0.110%), 2/3/2020 | 275,000,000 |
250,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.695% (Secured Overnight Financing Rate +0.115%), 2/3/2020 | 250,000,000 |
497,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.699%—1.735% (3-month USLIBOR -0.200%), 2/12/2020 - 3/24/2020 | 497,000,000 |
369,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.700% (Secured Overnight Financing Rate +0.120%), 2/3/2020 | 368,999,934 |
548,200,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.710% (Secured Overnight Financing Rate +0.130%), 2/3/2020 | 548,200,000 |
923,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.711% (1-month USLIBOR +0.050%), 2/25/2020 - 2/27/2020 | 923,500,000 |
268,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.714% (1-month USLIBOR -0.020%), 2/4/2020 | 268,000,000 |
143,800,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.729% (1-month USLIBOR -0.005%), 2/5/2020 | 143,800,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$315,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.750% (Secured Overnight Financing Rate +0.170%), 2/3/2020 | $315,000,000 |
423,600,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.775% (3-month USLIBOR -0.115%), 2/5/2020 | 423,600,000 |
402,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.788% (3-month USLIBOR -0.120%), 2/28/2020 | 402,500,000 |
500,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.845% (1-month USLIBOR +0.065%), 2/2/2020 | 500,000,000 |
58,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.940% (Secured Overnight Financing Rate +0.080%), 2/3/2020 | 58,000,000 |
1,858,750,000 | Federal Home Loan Bank System, 1.690%—1.950%, 4/16/2020 - 9/4/2020 | 1,858,733,718 | |
638,800,000 | 1 | Federal Home Loan Mortgage Corp. Discount Notes, 1.669%—1.721%, 2/20/2020 - 3/5/2020 | 638,008,104 |
75,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.580% (Secured Overnight Financing Rate +0.000%), 2/3/2020 | 74,999,579 |
90,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.585% (Secured Overnight Financing Rate +0.005%), 2/3/2020 | 90,000,000 |
314,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.600% (Secured Overnight Financing Rate +0.020%), 2/3/2020 | 313,973,127 |
40,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.605% (Secured Overnight Financing Rate +0.025%), 2/3/2020 | 40,000,000 |
221,700,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | 221,698,539 |
300,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.040%), 2/3/2020 | 300,000,000 |
565,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 1.640% (Secured Overnight Financing Rate +0.060%), 2/3/2020 | 565,000,000 |
65,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 1.590% (Secured Overnight Financing Rate +0.010%), 2/3/2020 | 65,000,000 |
114,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.040%), 2/3/2020 | 114,000,000 |
230,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 230,000,000 |
35,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 35,000,000 |
256,004,900 | 2 | Housing and Urban Development Floating Rate Notes, 2.109% (3-month USLIBOR +0.200%), 2/1/2020 | 256,004,900 |
TOTAL GOVERNMENT AGENCIES | 35,188,068,076 | ||
U.S. TREASURIES—18.1% | |||
70,000,000 | 1 | United States Treasury Bills, 1.549%—1.910%, 2/6/2020 | 69,983,234 |
40,000,000 | 1 | United States Treasury Bills, 1.574%, 5/7/2020 | 39,835,520 |
100,000,000 | 1 | United States Treasury Bills, 1.620%, 4/16/2020 | 99,662,500 |
112,900,000 | 1 | United States Treasury Bills, 1.620%, 7/16/2020 | 112,056,637 |
Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$707,000,000 | 1 | United States Treasury Bills, 1.625%—1.705%, 4/9/2020 | $704,792,918 |
30,000,000 | 1 | United States Treasury Bills, 1.641%, 4/23/2020 | 29,890,120 |
507,000,000 | 1 | United States Treasury Bills, 1.740%, 9/10/2020 | 501,559,891 |
333,600,000 | 1 | United States Treasury Bills, 1.800%, 8/13/2020 | 330,364,080 |
164,700,000 | 1 | United States Treasury Bills, 1.825%—1.868%, 3/5/2020 | 164,424,196 |
390,000,000 | 1 | United States Treasury Bills, 1.825%—1.868%, 3/12/2020 | 389,208,878 |
899,000,000 | 1 | United States Treasury Bills, 1.840%—2.465%, 2/27/2020 | 897,681,558 |
673,000,000 | 1 | United States Treasury Bills, 1.845%—1.870%, 3/19/2020 | 671,372,383 |
30,000,000 | 1 | United States Treasury Bills, 1.870%, 2/20/2020 | 29,970,930 |
934,000,000 | 1 | United States Treasury Bills, 1.890%, 2/13/2020 | 933,411,580 |
372,000,000 | 2 | United States Treasury Floating Rate Notes, 1.568% (91-day T-Bill +0.033%), 2/4/2020 | 371,994,168 |
570,000,000 | 2 | United States Treasury Floating Rate Notes, 1.578% (91-day T-Bill +0.043%), 2/4/2020 | 569,847,747 |
1,069,300,000 | 2 | United States Treasury Floating Rate Notes, 1.580% (91-day T-Bill +0.045%), 2/4/2020 | 1,068,790,606 |
1,905,000,000 | 2 | United States Treasury Floating Rate Notes, 1.650% (91-day T-Bill +0.115%), 2/4/2020 | 1,904,255,655 |
703,500,000 | 2 | United States Treasury Floating Rate Notes, 1.674% (91-day T-Bill +0.139%), 2/4/2020 | 703,434,617 |
739,500,000 | 2 | United States Treasury Floating Rate Notes, 1.689% (91-day T-Bill +0.154%), 2/4/2020 | 739,500,000 |
374,000,000 | 2 | United States Treasury Floating Rate Notes, 1.835% (91-day T-Bill +0.300%), 2/4/2020 | 374,524,633 |
513,000,000 | United States Treasury Notes, 1.125%—1.375%, 3/31/2020 | 512,289,194 | |
1,018,000,000 | United States Treasury Notes, 1.125%—2.375%, 4/30/2020 | 1,017,572,807 | |
468,300,000 | United States Treasury Notes, 1.250%, 2/29/2020 | 467,989,793 | |
965,000,000 | United States Treasury Notes, 1.375%—2.500%, 5/31/2020 | 963,830,724 | |
555,000,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 555,601,234 | |
860,550,000 | United States Treasury Notes, 1.375%—2.750%, 9/30/2020 | 865,773,767 | |
493,600,000 | United States Treasury Notes, 1.375%—2.875%, 10/31/2020 | 497,202,568 | |
299,750,000 | United States Treasury Notes, 1.500%, 4/15/2020 | 299,433,140 | |
20,000,000 | United States Treasury Notes, 1.500%, 7/15/2020 | 19,987,332 | |
363,300,000 | United States Treasury Notes, 1.625%—2.750%, 11/30/2020 | 365,805,878 | |
949,000,000 | United States Treasury Notes, 1.750%—2.625%, 11/15/2020 | 954,412,950 | |
385,000,000 | United States Treasury Notes, 2.000%, 7/31/2020 | 385,694,778 | |
132,000,000 | United States Treasury Notes, 2.500%, 6/30/2020 | 132,321,160 | |
387,500,000 | United States Treasury Notes, 2.500%, 12/31/2020 | 390,625,628 | |
277,250,000 | United States Treasury Notes, 3.500%, 5/15/2020 | 278,404,329 | |
107,000,000 | United States Treasury Notes, 3.625%, 2/15/2020 | 107,060,140 | |
TOTAL U.S. TREASURIES | 18,520,567,273 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—46.2% | |||
$250,000,000 | Interest in $500,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $500,066,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2068 and the market value of those underlying securities was $511,682,600. | $250,000,000 | |
430,000,000 | Interest in $525,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $525,070,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2049 and the market value of those underlying securities was $538,729,437. | 430,000,000 | |
2,500,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Australia & New Zealand Banking Group, Melbourne, will repurchase securities provided as collateral for $2,500,333,333 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $2,549,836,856. | 2,500,000,000 | |
250,000,000 | Interest in $250,000,000 joint repurchase agreement 1.57%, dated 1/17/2020 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $250,425,208 on 2/25/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2069 and the market value of those underlying securities was $256,867,881. | 250,000,000 | |
474,000,000 | Interest in $575,000,000 joint repurchase agreement 1.60%, dated 11/15/2019 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $577,300,000 on 2/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/20/2070 and the market value of those underlying securities was $590,887,425. | 474,000,000 | |
285,000,000 | Interest in $335,000,000 joint repurchase agreement 1.57%, dated 1/7/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $335,905,803 on 3/9/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2050 and the market value of those underlying securities was $342,102,448. | 285,000,000 | |
900,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.59%, dated 1/10/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,004,019,167 on 4/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,020,946,136. | 900,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$100,000,000 | Interest in $100,000,000 joint repurchase agreement 1.59%, dated 1/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $100,013,250 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/31/2026 and the market value of those underlying securities was $102,013,547. | $100,000,000 | |
108,000,000 | Interest in $108,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $108,014,400 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $110,174,733. | 108,000,000 | |
1,000,000,000 | Interest in $1,370,000,000 joint repurchase agreement 1.61%, dated 1/29/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,375,575,519 on 4/30/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/20/2063 and the market value of those underlying securities was $1,397,650,594. | 1,000,000,000 | |
430,000,000 | Interest in $430,000,000 joint repurchase agreement 1.63%, dated 12/2/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $431,226,575 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/20/2049 and the market value of those underlying securities was $439,873,214. | 430,000,000 | |
800,000,000 | Interest in $1,100,000,000 joint repurchase agreement 1.56%, dated 1/7/2020 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $1,101,430,000 on 2/6/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2066 and the market value of those underlying securities was $1,124,850,820. | 800,000,000 | |
1,435,000,000 | Interest in $1,435,000,000 joint repurchase agreement 1.59%, dated 1/31/2020 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $1,435,190,138 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/16/2059 and the market value of those underlying securities was $1,470,338,152. | 1,435,000,000 | |
1,042,807,000 | Interest in $1,293,000,000 joint repurchase agreement 1.59%, dated 1/31/2020 under which Bank of America, N.A. will repurchase securities provided as collateral for $1,293,171,323 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/20/2047 and the market value of those underlying securities was $1,319,034,749. | 1,042,807,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$250,000,000 | Interest in $425,000,000 joint repurchase agreement 1.57%, dated 1/17/2020 under which Bank of Montreal will repurchase securities provided as collateral for $425,722,854 on 2/25/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 9/20/2069 and the market value of those underlying securities was $436,964,919. | $250,000,000 | |
350,000,000 | Interest in $450,000,000 joint repurchase agreement 1.57%, dated 1/29/2020 under which Bank of Montreal will repurchase securities provided as collateral for $450,569,125 on 2/27/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $459,100,187. | 350,000,000 | |
300,000,000 | Repurchase agreement 1.58%, dated 1/27/2020 under which Bank of Montreal will repurchase securities provided as collateral for $301,198,167 on 4/27/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $306,094,026. | 300,000,000 | |
50,000,000 | Repurchase agreement 1.59%, dated 1/30/2020 under which Bank of Montreal will repurchase securities provided as collateral for $50,064,042 on 2/28/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/20/2069 and the market value of those underlying securities was $51,497,697. | 50,000,000 | |
350,000,000 | Repurchase agreement 1.60%, dated 1/30/2020 under which Bank of Montreal will repurchase securities provided as collateral for $351,400,000 on 4/29/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $357,063,483. | 350,000,000 | |
200,000,000 | Interest in $350,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $350,046,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2050 and the market value of those underlying securities was $358,865,761. | 200,000,000 | |
1,250,000,000 | Interest in $1,850,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Bank of Nova Scotia will repurchase securities provided as collateral for $1,850,246,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,887,265,938. | 1,250,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$724,000,000 | Interest in $975,000,000 joint repurchase agreement 1.56%, dated 1/6/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $976,267,500 on 2/5/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/25/2051 and the market value of those underlying securities was $997,393,758. | $724,000,000 | |
500,000,000 | Interest in $700,000,000 joint repurchase agreement 1.56%, dated 1/14/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $700,910,000 on 2/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/20/2048 and the market value of those underlying securities was $714,928,200. | 500,000,000 | |
400,000,000 | Interest in $500,000,000 joint repurchase agreement 1.56%, dated 1/21/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $500,650,000 on 2/20/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2049 and the market value of those underlying securities was $510,663,000. | 400,000,000 | |
400,000,000 | Interest in $500,000,000 joint repurchase agreement 1.57%, dated 1/10/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $500,610,556 on 2/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities maturing on 12/20/2049 and the market value of those underlying securities was $510,622,767. | 400,000,000 | |
978,000,000 | Interest in $1,900,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $1,900,250,167 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $1,938,255,241. | 978,000,000 | |
1,300,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $1,500,197,500 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2026 and the market value of those underlying securities was $1,529,998,409. | 1,300,000,000 | |
750,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.60%, dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,311,111 on 2/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 12/25/2049 and the market value of those underlying securities was $1,020,295,342. | 750,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$925,000,000 | Interest in $1,600,000,000 joint repurchase agreement 1.70%, dated 11/8/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,606,800,000 on 2/6/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $1,636,331,253. | $925,000,000 | |
240,000,000 | Interest in $400,000,000 joint repurchase agreement 1.70%, dated 11/19/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $401,643,333 on 2/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 5/15/2023 and the market value of those underlying securities was $409,464,319. | 240,000,000 | |
1,625,000,000 | Interest in $3,475,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Credit Agricole CIB, Paris will repurchase securities provided as collateral for $3,475,463,333 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $3,535,404,003. | 1,625,000,000 | |
1,100,000,000 | Repurchase agreement 1.58%, dated 1/31/2020 under which DNB Bank ASA will repurchase securities provided as collateral for $1,100,144,833 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2026 and the market value of those underlying securities was $1,122,000,062. | 1,100,000,000 | |
1,000,000,000 | Repurchase agreement 1.58%, dated 1/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,000,131,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $1,020,000,079. | 1,000,000,000 | |
2,250,000,000 | Repurchase agreement 1.58%, dated 1/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $2,250,296,250 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $2,295,000,037. | 2,250,000,000 | |
2,500,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which Fixed Income Clearing Corporation JPM will repurchase securities provided as collateral for $2,500,331,250 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 8/15/2044 and the market value of those underlying securities was $2,550,408,428. | 2,500,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$3,000,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.59%, dated 1/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,000,132,500 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $1,025,490,624. | $3,000,000,000 | |
75,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $75,009,938 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/20/2050 and the market value of those underlying securities was $76,500,000. | 75,000,000 | |
2,650,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which ING Financial Markets LLC will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 8/15/2028 and the market value of those underlying securities was $3,061,749,445. | 2,650,000,000 | |
400,000,000 | Interest in $500,000,000 joint repurchase agreement 1.57%, dated 1/15/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $500,654,167 on 2/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/15/2060 and the market value of those underlying securities was $510,000,000. | 400,000,000 | |
384,000,000 | Interest in $500,000,000 joint repurchase agreement 1.61%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $500,067,083 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/25/2052 and the market value of those underlying securities was $511,193,633. | 384,000,000 | |
1,500,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.63%, dated 11/15/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $3,016,164,167 on 3/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2046 and the market value of those underlying securities was $3,060,000,025. | 1,500,000,000 | |
200,001,187 | Repurchase agreement 1.58%, dated 1/31/2020 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $200,027,520 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2040 and the market value of those underlying securities was $204,011,785. | 200,001,187 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$1,000,000,000 | Interest in $2,000,000,000 joint repurchase agreement 1.55%, dated 1/3/2020 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,002,755,556 on 2/4/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $2,042,722,836. | $1,000,000,000 | |
1,350,000,000 | Interest in $1,700,000,000 joint repurchase agreement 1.56%, dated 1/3/2020 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $1,702,357,333 on 2/4/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/16/2061 and the market value of those underlying securities was $1,741,560,882. | 1,350,000,000 | |
1,000,000,000 | Repurchase agreement 1.58%, dated 1/31/2020 under which Natwest Markets Securities, Inc. will repurchase securities provided as collateral for $1,000,131,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $1,020,000,073. | 1,000,000,000 | |
1,750,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Nomura Securities International, Inc. will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/20/2069 and the market value of those underlying securities was $3,060,000,008. | 1,750,000,000 | |
132,000,000 | Interest in $300,000,000 joint repurchase agreement 1.62%, dated 1/31/2020 under which Pershing LLC will repurchase securities provided as collateral for $300,040,500 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 12/20/2069 and the market value of those underlying securities was $307,132,289. | 132,000,000 | |
248,176,500 | Repurchase agreement 1.61%, dated 1/31/2020 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $248,209,797 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Government Agency securities with various maturities to 12/1/2046 and the market value of those underlying securities was $252,867,906. | 248,176,500 | |
167,861,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $167,883,381 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2029 and the market value of those underlying securities was $170,938,809. | 167,861,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$200,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $200,026,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $205,074,071. | $200,000,000 | |
2,000,000,000 | Interest in $2,500,000,000 joint repurchase agreement 1.64%, dated 12/10/2019 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $2,506,263,889 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 3/20/2067 and the market value of those underlying securities was $2,563,780,322. | 2,000,000,000 | |
500,000,000 | Repurchase agreement 1.58%, dated 1/31/2020 under which Societe Generale, New York will repurchase securities provided as collateral for $500,065,833 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $510,067,243. | 500,000,000 | |
920,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,083,160,911. | 920,000,000 | |
284,578,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | 284,578,000 | |
1,200,000,000 | Interest in $2,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,000,263,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2049 and the market value of those underlying securities was $2,040,268,659. | 1,200,000,000 | |
1,000,000,000 | Interest in $2,730,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,730,364,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $2,784,992,192. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$50,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $50,006,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 4/20/2049 and the market value of those underlying securities was $51,006,800. | $50,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 47,458,423,687 | ||
TOTAL INVESTMENT IN SECURITIES—98.6% (AT AMORTIZED COST)3 | 101,167,059,036 | ||
OTHER ASSETS AND LIABILITIES - NET—1.4%4 | 1,484,248,254 | ||
TOTAL NET ASSETS—100% | $102,651,307,290 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20162 | |||
2019 | 2018 | 2017 | |||
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 | 0.012 | 0.003 | 0.001 | 0.0003 |
Net realized gain (loss) | (0.000)3 | (0.000)3 | 0.0003 | 0.0003 | 0.0003 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.012 | 0.003 | 0.001 | 0.0003 |
Less Distributions: | |||||
Distributions from net investment income | (0.009) | (0.012) | (0.003) | (0.001) | (0.000)3 |
Distributions from net realized gain | — | — | (0.000)3 | (0.000)3 | — |
TOTAL DISTRIBUTIONS | (0.009) | (0.012) | (0.003) | (0.001) | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.88% | 1.23% | 0.31% | 0.01% | 0.00%5 |
Ratios to Average Net Assets: | |||||
Net expenses | 0.17%6 | 1.15% | 1.11% | 0.68% | 0.42%6 |
Net investment income | 1.51%6 | 1.21% | 0.24% | 0.01% | 0.01%6 |
Expense waiver/reimbursement7 | 0.13%6 | 0.13% | 0.17% | 0.58% | 0.85%6 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $6,754,927 | $3,307 | $2,365 | $5,259 | $11 |
1 | Effective August 1, 2019, the Class R Shares were re-designated as Select Shares. |
2 | Reflects operations for the period from February 1, 2016 (date of initial investment) to July 31, 2016. |
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 | Represents less than 0.01%. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.021 | 0.013 | 0.001 | 0.001 | 0.0001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.021 | 0.013 | 0.001 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.021) | (0.013) | (0.001) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.021) | (0.013) | (0.001) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.87% | 2.17% | 1.26% | 0.47% | 0.13% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.19%3 | 0.19% | 0.19% | 0.18% | 0.19% | 0.11% |
Net investment income | 1.72%3 | 2.15% | 1.24% | 0.47% | 0.13% | 0.01% |
Expense waiver/reimbursement4 | 0.14%3 | 0.14% | 0.15% | 0.16% | 0.15% | 0.18% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,208,507 | $23,667,498 | $23,308,693 | $26,390,917 | $23,378,298 | $13,982,870 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.008 | 0.019 | 0.010 | 0.001 | 0.0001 | 0.0001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.019 | 0.010 | 0.0011 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.008) | (0.019) | (0.010) | (0.001) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.008) | (0.019) | (0.010) | (0.001) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.75% | 1.94% | 1.03% | 0.23% | 0.01% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.42%3 | 0.42% | 0.41% | 0.42% | 0.30% | 0.11% |
Net investment income | 1.47%3 | 1.93% | 1.02% | 0.23% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.13%3 | 0.13% | 0.13% | 0.15% | 0.27% | 0.43% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $13,607,730 | $10,249,258 | $7,828,028 | $8,078,425 | $7,620,524 | $8,429,371 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | Period Ended 7/31/20181 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||
Net investment income | 0.007 | 0.019 | 0.009 |
Net realized gain (loss) | 0.0002 | (0.000)2 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.019 | 0.009 |
Less Distributions: | |||
Distributions from net investment income | (0.007) | (0.019) | (0.009) |
Distributions from net realized gain | — | — | — |
TOTAL DISTRIBUTIONS | (0.007) | (0.000) | (0.009) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.73% | 1.90% | 0.91% |
Ratios to Average Net Assets: | |||
Net expenses | 0.45%4 | 0.45% | 0.45%4 |
Net investment income | 1.41%4 | 1.97% | 1.23%4 |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.15%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $347,706 | $176,438 | $12,413 |
1 | Reflects operations for the period from September 28, 2017 (date of initial investment) to July 31, 2018. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.015 | 0.006 | 0.0002 | 0.0002,3 | 0.0002 |
Net realized gain (loss) | 0.0002 | (0.000)2 | (0.000)2 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.015 | 0.006 | 0.0002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.015) | (0.006) | (0.000)2 | (0.000)2 | (0.000)2 |
Distributions from net realized gain | — | — | (0.000)2 | (0.000)2 | — | — |
TOTAL DISTRIBUTIONS | (0.005) | (0.015) | (0.006) | (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 | $1.00 |
Total Return4 | 0.54% | 1.51% | 0.60% | 0.03% | 0.01% | 0.00%5 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.84%6 | 0.84% | 0.84% | 0.60% | 0.39% | 0.14%6 |
Net investment income | 1.07%6 | 1.51% | 0.60% | 0.03% | 0.01% | 0.01%6 |
Expense waiver/reimbursement7 | 0.13%6 | 0.13% | 0.13% | 0.38% | 0.58% | 0.86%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $541,132 | $534,565 | $494,899 | $474,014 | $610,317 | $08 |
1 | Reflects operations for the period from June 2, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Per share numbers have been calculated using the average shares method. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Represents less than 0.01%. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
8 | Represents less than $1,000. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.013 | 0.004 | 0.0002 | 0.0002 | 0.0002 |
Net realized gain (loss) | (0.000)2 | (0.000)2 | (0.000)2 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.004 | 0.0002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.013) | (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 | — |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (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 | $1.00 |
Total Return3 | 0.46% | 1.35% | 0.39% | 0.01% | 0.01% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.99%5 | 1.00% | 1.05% | 0.59% | 0.32% | 0.14%5 |
Net investment income | 0.90%5 | 1.35% | 0.31% | 0.01% | 0.01% | 0.01%5 |
Expense waiver/reimbursement6 | 0.18%5 | 0.18% | 0.18% | 0.64% | 0.92% | 1.11%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $272,452 | $259,284 | $96,724 | $203,670 | $350,278 | $23,170 |
1 | Reflects operations for the period from June 2, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.008 | 0.020 | 0.011 | 0.001 | 0.001 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.020 | 0.011 | 0.001 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.008) | (0.020) | (0.011) | (0.001) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | — | (0.000)1 | (0.00)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.008) | (0.020) | (0.011) | (0.001) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.81% | 2.05% | 1.14% | 0.36% | 0.06% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.30%3 | 0.30% | 0.30% | 0.29% | 0.25% | 0.11% |
Net investment income | 1.61%3 | 2.04% | 1.15% | 0.38% | 0.06% | 0.01% |
Expense waiver/reimbursement4 | 0.13%3 | 0.13% | 0.13% | 0.14% | 0.18% | 0.28% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,380,646 | $3,399,696 | $3,078,850 | $2,568,978 | $995,373 | $773,154 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.006 | 0.017 | 0.008 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.017 | 0.008 | 0.0001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.006) | (0.017) | (0.008) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.006) | (0.017) | (0.008) | (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 | $1.00 |
Total Return2 | 0.61% | 1.67% | 0.76% | 0.09% | 0.01% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.69%3 | 0.69% | 0.68% | 0.56% | 0.30% | 0.12% |
Net investment income | 1.21%3 | 1.71% | 0.74% | 0.09% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.13%3 | 0.13% | 0.13% | 0.25% | 0.54% | 0.68% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,753,723 | $2,472,153 | $597,348 | $1,255,471 | $1,080,216 | $927,475 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.022 | 0.013 | 0.001 | 0.002 | 0.0002 |
Net realized gain (loss) | (0.000)2 | (0.000)2 | (0.000)2 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.022 | 0.013 | 0.001 | 0.002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.022) | (0.013) | (0.001) | (0.002) | (0.000)2 |
Distributions from net realized gain | — | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.009) | (0.022) | (0.013) | (0.001) | (0.002) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.89% | 2.21% | 1.29% | 0.51% | 0.16% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.15%4 | 0.15% | 0.15% | 0.14% | 0.16% | 0.14%4 |
Net investment income | 1.75%4 | 2.20% | 1.28% | 0.52% | 0.20% | 0.01%4 |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.13% | 0.14% | 0.13% | 0.16%4 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $49,238,122 | $42,873,211 | $29,053,580 | $27,271,620 | $11,385,203 | $1,863,335 |
1 | Reflects operations for the period from January 6, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/20191 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 |
Income From Investment Operations: | ||
Net investment income | 0.009 | 0.012 |
Net realized loss | (0.000)2 | (0.000)2 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.012 |
Less Distributions: | ||
Distributions from net investment income | (0.009) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 |
Total Return3 | 0.89% | 1.24% |
Ratios to Average Net Assets: | ||
Net expenses | 0.15%4 | 0.15%4 |
Net investment income | 1.74%4 | 2.29%4 |
Expense waiver/reimbursement5 | 0.13%4 | 0.13%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $546,363 | $355,712 |
1 | Reflects operations for the period from January 18, 2019 (date of initial investment) to July 31, 2019. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in repurchase agreements | $47,458,423,687 | |
Investment in securities | 53,708,635,349 | |
Investment in securities, at amortized cost and fair value | $101,167,059,036 | |
Cash | 1,747,578,192 | |
Income receivable | 115,741,063 | |
Receivable for shares sold | 158,960,448 | |
TOTAL ASSETS | 103,189,338,739 | |
Liabilities: | ||
Payable for investments purchased | $300,000,000 | |
Payable for shares redeemed | 150,521,980 | |
Income distribution payable | 77,687,127 | |
Capital gain distribution payable | 49,978 | |
Payable for investment adviser fee (Note 4) | 197,258 | |
Payable for administrative fees (Note 4) | 220,055 | |
Payable for Directors'/Trustees' fees (Note 4) | 6,418 | |
Payable for distribution services fee (Note 4) | 964,755 | |
Payable for other service fees (Note 4) | 5,236,004 | |
Accrued expenses (Note 4) | 3,147,874 | |
TOTAL LIABILITIES | 538,031,449 | |
Net assets for 102,651,518,272 shares outstanding | $102,651,307,290 | |
Net Assets Consist of: | ||
Paid-in capital | $102,651,536,948 | |
Total distributable earnings (loss) | (229,658) | |
TOTAL NET ASSETS | $102,651,307,290 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Select Shares: | ||
$6,754,926,523 ÷ 6,754,940,413 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$25,208,506,773 ÷ 25,208,558,695 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$13,607,730,363 ÷ 13,607,758,247 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Administrative Shares: | ||
$347,705,979 ÷ 347,706,694 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$541,131,696 ÷ 541,132,808 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$272,452,398 ÷ 272,452,958 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$3,380,646,369 ÷ 3,380,653,294 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$2,753,722,836 ÷ 2,753,728,496 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Premier Shares: | ||
$49,238,121,620 ÷ 49,238,222,834 shares oustanding, no par value, unlimited shares authorized | $1.00 | |
Advisor Shares: | ||
$546,362,733 ÷ 546,363,833 shares oustanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $934,346,807 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $98,437,068 | ||
Administrative fee (Note 4) | 38,771,318 | ||
Custodian fees | 1,439,991 | ||
Transfer agent fee (Note 2) | 2,091,235 | ||
Directors'/Trustees' fees (Note 4) | 260,596 | ||
Auditing fees | 12,623 | ||
Legal fees | 4,829 | ||
Portfolio accounting fees | 163,869 | ||
Distribution services fee (Note 4) | 5,570,770 | ||
Other service fees (Notes 2 and 4) | 28,211,976 | ||
Share registration costs | 935,702 | ||
Printing and postage | 323,071 | ||
Miscellaneous (Note 4) | 195,557 | ||
TOTAL EXPENSES | 176,418,605 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 4) | $(64,694,765) | ||
Waiver/reimbursements of other operating expenses (Notes 2 and 4) | (1,194,511) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (65,889,276) | ||
Net expenses | 110,529,329 | ||
Net investment income | 823,817,478 | ||
Net realized gain on investments | 806,867 | ||
Change in net assets resulting from operations | $824,624,345 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $823,817,478 | $1,555,200,876 |
Net realized gain (loss) | 806,867 | (703,869) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 824,624,345 | 1,554,497,007 |
Distributions to Shareholders: | ||
Select Shares | (21,399,142) | (51,239) |
Institutional Shares | (221,026,342) | (503,416,091) |
Service Shares | (86,285,248) | (180,538,168) |
Administrative Shares | (2,165,735) | (1,402,399) |
Cash II Shares | (2,871,871) | (7,780,479) |
Cash Series Shares | (1,245,368) | (2,844,512) |
Capital Shares | (26,474,337) | (66,418,120) |
Trust Shares | (16,576,267) | (29,367,328) |
Premier Shares | (441,673,986) | (762,192,726) |
Advisor Shares | (4,455,196) | (1,275,830) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (824,173,492) | (1,555,286,892) |
Share Transactions: | ||
Proceeds from sale of shares | 349,329,530,837 | 529,508,082,280 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Government Money Market Fund | 9,483,150,229 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 315,320,617 | 574,052,333 |
Cost of shares redeemed | (340,468,267,295) | (510,563,122,455) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 18,659,734,388 | 19,519,012,158 |
Change in net assets | 18,660,185,241 | 19,518,222,273 |
Net Assets: | ||
Beginning of period | 83,991,122,049 | 64,472,899,776 |
End of period | $102,651,307,290 | $83,991,122,049 |
Shares of the Fund Issued | Acquired Fund's Net Assets Received | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
9,483,150,229 | $9,483,150,229 | $105,367,217,265 | $114,850,367,494 |
Net investment income | $887,441,976 |
Net realized and unrealized gain on investments | 880,000 |
Net increase in net assets resulting from operations | $888,321,976 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Select Shares | $10,824 | $— |
Institutional Shares | 103,962 | — |
Service Shares | 930,402 | — |
Administrative Shares | 1,208 | — |
Cash II Shares | 241,181 | — |
Cash Series Shares | 50,098 | — |
Capital Shares | 13,071 | — |
Trust Shares | 538,092 | — |
Premier Shares | 200,365 | (475) |
Advisor Shares | 2,032 | — |
TOTAL | $2,091,235 | $(475) |
Other Service Fees Incurred | Other Service Fees Reimbursed | |
Select Shares | $282,623 | $— |
Institutional Shares | 6,273,671 | (1,125,170) |
Service Shares | 14,674,631 | — |
Administrative Shares | 75,754 | — |
Cash II Shares | 672,422 | — |
Cash Series Shares | 344,328 | — |
Capital Shares | 2,468,939 | — |
Trust Shares | 3,419,608 | — |
TOTAL | $28,211,976 | $(1,125,170) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Select Shares1: | Shares | Amount | Shares | Amount |
Shares sold | 2,313,081,925 | $2,313,081,925 | 4,818,821 | $4,818,821 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 6,795,016,726 | 6,795,016,726 | — | — |
Shares issued to shareholders in payment of distributions declared | 1,760,625 | 1,760,625 | 50,800 | 50,800 |
Shares redeemed | (2,358,226,024) | (2,358,228,007) | (3,927,475) | (3,927,475) |
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS | 6,751,633,252 | $6,751,631,269 | 942,146 | $942,146 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 96,194,106,778 | $96,194,172,642 | 166,014,377,662 | $166,014,377,662 |
Shares issued to shareholders in payment of distributions declared | 77,974,337 | 77,974,337 | 149,805,547 | 149,805,547 |
Shares redeemed | (94,731,209,175) | (94,731,209,175) | (165,805,145,488) | (165,805,145,488) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,540,871,940 | 1,540,937,804 | 359,037,721 | 359,037,721 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 18,367,788,439 | $18,367,788,439 | 31,772,505,345 | $31,772,505,345 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 2,688,133,493 | 2,688,133,493 | — | — |
Shares issued to shareholders in payment of distributions declared | 32,595,928 | 32,595,928 | 70,803,625 | 70,803,625 |
Shares redeemed | (17,730,099,248) | (17,730,108,099) | (29,421,983,010) | (29,421,983,010) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 3,358,418,612 | 3,358,409,761 | 2,421,325,960 | 2,421,325,960 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Administrative Shares: | Shares | Amount | Shares | Amount |
Shares sold | 317,624,731 | $317,624,731 | 324,810,429 | $324,810,429 |
Shares redeemed | (146,357,657) | (146,361,267) | (160,783,863) | (160,783,863) |
NET CHANGE RESULTING FROM ADMINISTRATIVE SHARE TRANSACTIONS | 171,267,074 | 171,263,464 | 164,026,566 | 164,026,566 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 589,992,767 | $589,992,767 | 1,166,455,788 | $1,166,455,788 |
Shares issued to shareholders in payment of distributions declared | 2,819,042 | 2,819,042 | 7,720,043 | 7,720,043 |
Shares redeemed | (586,248,142) | (586,248,585) | (1,134,504,643) | (1,134,504,643) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 6,563,667 | 6,563,224 | 39,671,188 | 39,671,188 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,083,991,419 | $1,083,991,681 | 1,544,423,795 | $1,544,423,795 |
Shares issued to shareholders in payment of distributions declared | 1,238,838 | 1,238,838 | 2,832,618 | 2,832,618 |
Shares redeemed | (1,072,063,054) | (1,072,063,054) | (1,384,694,728) | (1,384,694,728) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 13,167,203 | 13,167,465 | 162,561,685 | 162,561,685 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,944,489,631 | $5,944,489,631 | 10,819,267,037 | $10,819,267,037 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 10 | 10 | — | — |
Shares issued to shareholders in payment of distributions declared | 15,526,418 | 15,526,418 | 40,865,415 | 40,865,415 |
Shares redeemed | (5,979,085,878) | (5,979,093,150) | (10,539,253,111) | (10,539,253,111) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (19,069,819) | (19,077,091) | 320,879,341 | 320,879,341 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,923,786,932 | $2,923,786,932 | 4,261,502,788 | $4,261,502,788 |
Shares issued to shareholders in payment of distributions declared | 14,302,150 | 14,302,150 | 23,495,358 | 23,495,358 |
Shares redeemed | (2,656,533,390) | (2,656,540,160) | (2,410,171,983) | (2,410,171,983) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 281,555,692 | 281,548,922 | 1,874,826,163 | 1,874,826,163 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 221,006,942,600 | $221,006,942,600 | 313,157,554,587 | $313,157,554,587 |
Shares issued to shareholders in payment of distributions declared | 164,648,141 | 164,648,141 | 277,203,121 | 277,203,121 |
Shares redeemed | (214,806,920,267) | (214,806,934,616) | (299,614,731,341) | (299,614,731,341) |
NET CHANGE RESULTING FROM PREMIER SHARES TRANSACTIONS | 6,364,670,474 | 6,364,656,125 | 13,820,026,367 | 13,820,026,367 |
Six Months Ended 1/31/2020 | Year Ended 7/31/20192 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 587,659,489 | $587,659,489 | 442,366,028 | $442,366,028 |
Shares issued to shareholders in payment of distributions declared | 4,455,138 | 4,455,138 | 1,275,806 | 1,275,806 |
Shares redeemed | (401,465,815) | (401,481,182) | (87,926,813) | (87,926,813) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 190,648,812 | $190,633,445 | 355,715,021 | $355,715,021 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 18,659,726,907 | 18,659,734,388 | 19,519,012,158 | 19,519,012,158 |
1 | Effective August 1, 2019, the Class R Shares were re-designated as Select Shares. |
2 | Reflects operations for the period from January 18, 2019 to July 31, 2019. |
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 | |
Administrative Shares | 0.25% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Administrative Shares | $383,383 | $— |
Cash II Shares | 941,392 | — |
Cash Series Shares | 826,388 | (68,866) |
Trust Shares | 3,419,607 | — |
TOTAL | $5,570,770 | $(68,866) |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Select Shares | $1,000 | $1,008.80 | $0.86 |
Institutional Shares | $1,000 | $1,008.70 | $0.96 |
Service Shares | $1,000 | $1,007.50 | $2.12 |
Administrative Shares | $1,000 | $1,007.30 | $2.27 |
Cash II Shares | $1,000 | $1,005.40 | $4.23 |
Cash Series Shares | $1,000 | $1,004.60 | $4.99 |
Capital Shares | $1,000 | $1,008.10 | $1.51 |
Trust Shares | $1,000 | $1,006.10 | $3.48 |
Premier Shares | $1,000 | $1,008.90 | $0.76 |
Advisor Shares | $1,000 | $1,008.90 | $0.76 |
Hypothetical (assuming a 5% return before expenses): | |||
Select Shares | $1,000 | $1,024.30 | $0.87 |
Institutional Shares | $1,000 | $1,024.20 | $0.97 |
Service Shares | $1,000 | $1,023.00 | $2.14 |
Administrative Shares | $1,000 | $1,022.90 | $2.29 |
Cash II Shares | $1,000 | $1,020.90 | $4.27 |
Cash Series Shares | $1,000 | $1,020.20 | $5.03 |
Capital Shares | $1,000 | $1,023.60 | $1.53 |
Trust Shares | $1,000 | $1,021.70 | $3.51 |
Premier Shares | $1,000 | $1,024.40 | $0.76 |
Advisor Shares | $1,000 | $1,024.40 | $0.76 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Select Shares | 0.17% |
Institutional Shares | 0.19% |
Service Shares | 0.42% |
Administrative Shares | 0.45% |
Cash II Shares | 0.84% |
Cash Series Shares | 0.99% |
Capital Shares | 0.30% |
Trust Shares | 0.69% |
Premier Shares | 0.15% |
Advisor Shares | 0.15% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N104
CUSIP 60934N807
CUSIP 608919395
CUSIP 608919676
CUSIP 608919684
CUSIP 608919809
CUSIP 60934N153
CUSIP 608919718
CUSIP 608919437
Share Class | Ticker | Automated | GOAXX | Institutional | GOTXX | Service | GTSXX |
Security Type | Percentage of Total Net Assets |
U.S. Government Agency Securities | 61.7% |
U.S. Treasury Securities | 40.8% |
Other Assets and Liabilities—Net2 | (2.5)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 36.9% |
8-30 Days | 24.3% |
31-90 Days | 30.8% |
91-180 Days | 6.3% |
181 Days or more | 4.2% |
Other Assets and Liabilities—Net2 | (2.5)% |
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 | ||
GOVERNMENT AGENCIES—61.7% | |||
$ 810,000,000 | 1 | Federal Farm Credit System Discount Notes, 1.540% - 2.350%, 2/5/2020 - 12/7/2020 | $806,085,748 |
115,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | 115,000,000 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.627% (1-month USLIBOR -0.030%), 2/18/2020 | 49,998,826 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.645% (Secured Overnight Financing Rate +0.065%), 2/3/2020 | 20,000,000 |
27,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 26,999,209 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.660% (Secured Overnight Financing Rate +0.080%), 2/3/2020 | 50,000,000 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.665% (1-month USLIBOR +0.005%), 2/27/2020 | 12,999,736 |
5,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 5,000,000 |
24,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.683% (1-month USLIBOR +0.000%), 2/13/2020 | 24,000,000 |
15,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.685% (Secured Overnight Financing Rate +0.105%), 2/3/2020 | 15,000,000 |
12,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.749% (1-month USLIBOR +0.050%), 2/9/2020 | 11,999,067 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.760% (1-month USLIBOR -0.020%), 2/3/2020 | 19,999,834 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.762% (1-month USLIBOR +0.070%), 2/8/2020 | 12,998,779 |
8,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.770% (3-month USLIBOR -0.130%), 3/4/2020 | 8,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.790% (Secured Overnight Financing Rate +0.210%), 2/3/2020 | 20,000,000 |
1,572,895,000 | 1 | Federal Home Loan Bank System Discount Notes, 1.471% - 2.400%, 2/4/2020 - 7/24/2020 | 1,569,936,354 |
125,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.590% (Secured Overnight Financing Rate +0.010%), 2/3/2020 | 124,997,865 |
375,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.600% (Secured Overnight Financing Rate +0.020%), 2/3/2020 | 374,990,361 |
33,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.615% (Secured Overnight Financing Rate +0.035%), 2/3/2020 | 33,000,104 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.602% (3-month USLIBOR -0.240%), 4/16/2020 | 25,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$117,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | $116,997,492 |
75,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.611% - 1.619% (1-month USLIBOR -0.050%), 2/17/2020 - 2/27/2020 | 75,000,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.618% (1-month USLIBOR -0.040%), 2/18/2020 - 2/20/2020 | 40,000,000 |
22,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.040%), 2/3/2020 | 22,500,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.623% (3-month USLIBOR -0.250%), 4/7/2020 | 40,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.632% (1-month USLIBOR -0.025%), 2/20/2020 | 20,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.640% (Secured Overnight Financing Rate +0.060%), 2/3/2020 | 20,000,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.643% (3-month USLIBOR -0.235%), 2/10/2020 | 40,000,000 |
60,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.645% (Secured Overnight Financing Rate +0.065%), 2/3/2020 | 59,999,987 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 40,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.656% (3-month USLIBOR -0.245%), 2/11/2020 | 25,000,000 |
5,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.665% (Secured Overnight Financing Rate +0.085%), 2/3/2020 | 4,993,484 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.668% (3-month USLIBOR -0.220%), 3/11/2020 | 25,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.669% (1-month USLIBOR +0.000%), 2/16/2020 | 25,000,000 |
30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.677% (1-month USLIBOR +0.020%), 2/19/2020 | 30,000,000 |
60,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 60,000,000 |
14,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.685% (Secured Overnight Financing Rate +0.105%), 2/3/2020 | 14,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.690% (Secured Overnight Financing Rate +0.110%), 2/3/2020 | 25,000,000 |
15,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.695% (Secured Overnight Financing Rate +0.115%), 2/3/2020 | 15,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.699% - 1.735% (3-month USLIBOR -0.200%), 3/18/2020 - 3/24/2020 | 25,000,000 |
15,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.700% (Secured Overnight Financing Rate +0.120%), 2/3/2020 | 15,000,000 |
50,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.710% (1-month USLIBOR +0.050%), 2/27/2020 | 50,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.710% (Secured Overnight Financing Rate +0.130%), 2/3/2020 | $30,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.714% (1-month USLIBOR -0.020%), 2/4/2020 | 25,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.750% (Secured Overnight Financing Rate +0.170%), 2/3/2020 | 20,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.775% (3-month USLIBOR -0.115%), 2/5/2020 | 25,000,000 |
30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.788% (3-month USLIBOR -0.120%), 2/28/2020 | 30,000,000 |
100,000,000 | Federal Home Loan Bank System, 1.690% - 4.125%, 3/13/2020 - 6/12/2020 | 100,114,256 | |
100,000,000 | 1 | Tennessee Valley Authority Discount Notes, 1.525%, 2/5/2020 - 2/12/2020 | 99,975,642 |
29,940,000 | Tennessee Valley Authority Notes, 2.250%, 3/15/2020 | 29,961,005 | |
TOTAL GOVERNMENT AGENCIES | 4,474,547,749 | ||
U.S. TREASURY—40.8% | |||
155,000,000 | United States Treasury Bill, 1.505%, 2/4/2020 | 154,980,560 | |
100,000,000 | United States Treasury Bill, 1.505%, 2/18/2020 | 99,928,930 | |
49,000,000 | United States Treasury Bill, 1.505%, 3/3/2020 | 48,936,497 | |
150,000,000 | United States Treasury Bill, 1.520%, 3/12/2020 | 149,746,667 | |
75,000,000 | United States Treasury Bill, 1.540%, 2/11/2020 | 74,967,917 | |
100,000,000 | United States Treasury Bill, 1.540%, 3/24/2020 | 99,777,555 | |
200,000,000 | United States Treasury Bill, 1.550%, 3/31/2020 | 199,517,778 | |
100,000,000 | United States Treasury Bill, 1.555%, 3/26/2020 | 99,766,750 | |
25,000,000 | United States Treasury Bill, 1.610%, 4/30/2020 | 24,900,493 | |
8,000,000 | United States Treasury Bill, 1.620%, 7/16/2020 | 7,940,240 | |
25,000,000 | United States Treasury Bill, 1.747%, 9/10/2020 | 24,730,594 | |
25,000,000 | United States Treasury Bill, 1.800%, 8/13/2020 | 24,757,500 | |
25,000,000 | United States Treasury Bill, 1.945%, 2/6/2020 | 24,993,247 | |
175,000,000 | United States Treasury Bills, 1.500% - 1.565%, 2/25/2020 | 174,819,583 | |
294,000,000 | United States Treasury Bills, 1.500% - 1.890%, 2/13/2020 | 293,847,685 | |
131,000,000 | United States Treasury Bills, 1.515% - 1.520%, 3/10/2020 | 130,790,345 | |
175,000,000 | United States Treasury Bills, 1.518% - 1.795%, 4/2/2020 | 174,538,264 | |
78,500,000 | United States Treasury Bills, 1.540% - 1.870%, 3/19/2020 | 78,330,382 | |
163,000,000 | United States Treasury Bills, 1.560% - 2.468%, 2/27/2020 | 162,791,489 | |
43,000,000 | United States Treasury Bills, 1.625% - 1.690%, 4/9/2020 | 42,865,804 | |
199,000,000 | 2 | United States Treasury Floating Rate Notes, 1.568% (91-day T-Bill +0.033%), 2/4/2020 | 198,984,155 |
95,000,000 | 2 | United States Treasury Floating Rate Notes, 1.578% (91-day T-Bill +0.043%), 2/4/2020 | 94,988,619 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$162,590,000 | 2 | United States Treasury Floating Rate Notes, 1.580% (91-day T-Bill +0.045%), 2/4/2020 | $162,516,616 |
120,000,000 | 2 | United States Treasury Floating Rate Notes, 1.650% (91-day T-Bill +0.115%), 2/4/2020 | 119,969,546 |
69,950,000 | 2 | United States Treasury Floating Rate Notes, 1.674% (91-day T-Bill +0.139%), 2/4/2020 | 69,945,229 |
40,000,000 | 2 | United States Treasury Floating Rate Notes, 1.689% (91-day T-Bill +0.154%), 2/4/2020 | 40,000,000 |
10,000,000 | 2 | United States Treasury Floating Rate Notes, 1.835% (91-day T-Bill +0.300%), 2/4/2020 | 10,000,000 |
16,938,000 | United States Treasury Note, 1.375%, 5/31/2020 | 16,924,435 | |
25,000,000 | United States Treasury Note, 1.625%, 6/30/2020 | 25,003,739 | |
5,000,000 | United States Treasury Note, 1.625%, 11/30/2020 | 4,998,168 | |
10,000,000 | United States Treasury Note, 1.750%, 11/15/2020 | 10,007,435 | |
5,000,000 | United States Treasury Note, 2.000%, 7/31/2020 | 5,008,648 | |
6,750,000 | United States Treasury Note, 2.375%, 4/30/2020 | 6,755,493 | |
15,000,000 | United States Treasury Note, 2.750%, 9/30/2020 | 15,107,685 | |
36,000,000 | United States Treasury Notes, 1.125% - 1.375%, 3/31/2020 | 35,948,300 | |
53,000,000 | United States Treasury Notes, 1.375% - 2.625%, 8/31/2020 | 53,215,209 | |
TOTAL U.S. TREASURY | 2,962,301,557 | ||
TOTAL INVESTMENT IN SECURITIES—102.5% (AT AMORTIZED COST)3 | 7,436,849,306 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.5)%4 | (183,611,339) | ||
TOTAL NET ASSETS—100% | $7,253,237,967 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.007 | 0.018 | 0.009 | 0.001 | 0.001 | 0.0002 |
Net realized gain | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.018 | 0.009 | 0.001 | 0.001 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.007) | (0.018) | (0.009) | (0.001) | (0.001) | (0.000)2 |
Distributions from net realized gain | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.007) | (0.018) | (0.009) | (0.001) | (0.001) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.69% | 1.81% | 0.93% | 0.14% | 0.01% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.53%5,6 | 0.52%5 | 0.51%5 | 0.50%5 | 0.37%5 | 0.09%6 |
Net investment income | 1.40%6 | 1.79% | 0.93% | 0.14% | 0.01% | 0.01%6 |
Expense waiver/reimbursement7 | 0.09%6 | 0.09% | 0.09% | 0.11% | 0.24% | 0.55%6 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $120,599 | $182,939 | $176,028 | $177,555 | $190,937 | $08 |
1 | Reflects operations for the period July 20, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.53% for the six months ended January 31, 2020 and 0.52%, 0.51%, 0.50% and 0.37% for the years ended July 31, 2019, 2018, 2017 and 2016, respectively, after taking into account these expense reductions. |
6 | Computed on an annualized basis. |
7 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
8 | Represents less than $1,000. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.021 | 0.012 | 0.004 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.021 | 0.012 | 0.004 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.021) | (0.012) | (0.004) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.021) | (0.012) | (0.004) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.86% | 2.13% | 1.23% | 0.44% | 0.13% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.20%4 | 0.20% | 0.20% | 0.20% | 0.19% | 0.09% |
Net investment income | 1.68%4 | 2.11% | 1.21% | 0.43% | 0.13% | 0.01% |
Expense waiver/reimbursement5 | 0.09%4 | 0.09% | 0.09% | 0.09% | 0.10% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,739,883 | $3,019,468 | $2,739,607 | $3,074,463 | $2,861,313 | $2,672,599 |
1 | Represents less than $0.001. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.20% for the six months ended January 31, 2020 and 0.20%, 0.20%, 0.20%, 0.19% and 0.09% for the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively, after taking into account these expense reductions. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.007 | 0.019 | 0.010 | 0.002 | 0.001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.019 | 0.010 | 0.002 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.007) | (0.019) | (0.010) | (0.002) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.007) | (0.019) | (0.010) | (0.002) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.73% | 1.88% | 0.98% | 0.19% | 0.01% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.45%4 | 0.45% | 0.45% | 0.45% | 0.30% | 0.09% |
Net investment income | 1.44%4 | 1.86% | 0.96% | 0.20% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.09%4 | 0.09% | 0.09% | 0.09% | 0.24% | 0.45% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,392,756 | $2,698,641 | $2,651,637 | $3,010,073 | $2,693,327 | $2,626,353 |
1 | Represents less than $0.001. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.45% for the six months ended January 31, 2020 and 0.45%, 0.45%, 0.45%, 0.30% and 0.09% for the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively, after taking into account these expense reductions. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $7,436,849,306 | |
Cash | 683,831 | |
Receivable for shares sold | 17,697,482 | |
Income receivable | 6,092,716 | |
TOTAL ASSETS | 7,461,323,335 | |
Liabilities: | ||
Payable for investments purchased | $199,517,778 | |
Income distribution payable | 6,035,735 | |
Payable for shares redeemed | 1,480,841 | |
Payable for other service fees (Notes 2 and 4) | 681,105 | |
Payable for investment adviser fee (Note 4) | 22,625 | |
Payable for administrative fee (Note 4) | 16,208 | |
Payable for Directors'/Trustees' fees (Note 4) | 1,262 | |
Accrued expenses (Note 4) | 329,814 | |
TOTAL LIABILITIES | 208,085,368 | |
Net assets for 7,253,161,343 shares outstanding | $7,253,237,967 | |
Net Assets Consists of: | ||
Paid-in capital | $7,253,170,720 | |
Total distributable earnings | 67,247 | |
TOTAL NET ASSETS | $7,253,237,967 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$120,598,625 ÷ 120,597,513 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$3,739,883,116 ÷ 3,739,839,099 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$3,392,756,226 ÷ 3,392,724,731 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $60,507,348 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $6,405,629 | ||
Administrative fee (Note 4) | 2,523,623 | ||
Custodian fees | 95,042 | ||
Transfer agent fees (Note 2) | 102,959 | ||
Directors'/Trustees' fees (Note 4) | 19,931 | ||
Auditing fees | 12,046 | ||
Legal fees | 4,938 | ||
Other service fees (Notes 2 and 4) | 3,661,003 | ||
Portfolio accounting fees | 92,687 | ||
Share registration costs | 76,427 | ||
Printing and postage | 18,124 | ||
Miscellaneous (Note 4) | 36,679 | ||
TOTAL EXPENSES | 13,049,088 | ||
Waiver and Reduction: | |||
Waiver of investment adviser fee (Note 4) | $(2,766,175) | ||
Reduction of custodian fees (Note 5) | (3,725) | ||
TOTAL WAIVER AND REDUCTION | (2,769,900) | ||
Net expenses | 10,279,188 | ||
Net investment income | 50,228,160 | ||
Net realized gain on investments | 209,418 | ||
Change in net assets resulting from operations | $50,437,578 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $50,228,160 | $113,639,782 |
Net realized gain | 209,418 | 62,039 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 50,437,578 | 113,701,821 |
Distributions to Shareholders: | ||
Automated Shares | (1,097,301) | (3,133,168) |
Institutional Shares | (29,313,683) | (63,369,947) |
Service Shares | (20,015,437) | (47,189,849) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (50,426,421) | (113,692,964) |
Share Transactions: | ||
Proceeds from sale of shares | 10,744,951,530 | 16,160,158,776 |
Net asset value of shares issued to shareholders in payment of distributions declared | 11,826,343 | 21,394,447 |
Cost of shares redeemed | (9,404,599,772) | (15,847,785,551) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,352,178,101 | 333,767,672 |
Change in net assets | 1,352,189,258 | 333,776,529 |
Net Assets: | ||
Beginning of period | 5,901,048,709 | 5,567,272,180 |
End of period | $7,253,237,967 | $5,901,048,709 |
Transfer Agent Fees Incurred | |
Automated Shares | $60,446 |
Institutional Shares | 23,576 |
Service Shares | 18,937 |
TOTAL | $102,959 |
Other Service Fees Incurred | |
Automated Shares | $194,628 |
Service Shares | 3,466,375 |
TOTAL | $3,661,003 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 135,692,376 | $135,692,376 | 291,370,422 | $291,370,422 |
Shares issued to shareholders in payment of distributions declared | 994,942 | 994,942 | 2,918,617 | 2,918,617 |
Shares redeemed | (199,027,499) | (199,027,499) | (287,378,084) | (287,378,084) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (62,340,181) | $(62,340,181) | 6,910,955 | $6,910,955 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,691,096,052 | $6,691,096,052 | 9,345,628,188 | $9,345,628,188 |
Shares issued to shareholders in payment of distributions declared | 9,356,767 | 9,356,767 | 15,221,153 | 15,221,153 |
Shares redeemed | (5,980,044,000) | (5,980,044,000) | (9,080,993,980) | (9,080,993,980) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 720,408,819 | $720,408,819 | 279,855,361 | $279,855,361 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,918,163,102 | $3,918,163,102 | 6,523,160,166 | $6,523,160,166 |
Shares issued to shareholders in payment of distributions declared | 1,474,634 | 1,474,634 | 3,254,677 | 3,254,677 |
Shares redeemed | (3,225,528,272) | (3,225,528,273) | (6,479,413,487) | (6,479,413,487) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 694,109,464 | $694,109,463 | 47,001,356 | $47,001,356 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,352,178,102 | $1,352,178,101 | 333,767,672 | $333,767,672 |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,006.90 | $2.67 |
Institutional Shares | $1,000 | $1,008.60 | $1.01 |
Service Shares | $1,000 | $1,007.30 | $2.27 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.47 | $2.69 |
Institutional Shares | $1,000 | $1,024.13 | $1.02 |
Service Shares | $1,000 | $1,022.87 | $2.29 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.53% |
Institutional Shares | 0.20% |
Service Shares | 0.45% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N856
CUSIP 60934N849
Share Class | Ticker | Institutional | GOTXX |
Security Type | Percentage of Total Net Assets |
U.S. Government Agency Securities | 61.7% |
U.S. Treasury Securities | 40.8% |
Other Assets and Liabilities—Net2 | (2.5)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 36.9% |
8-30 Days | 24.3% |
31-90 Days | 30.8% |
91-180 Days | 6.3% |
181 Days or more | 4.2% |
Other Assets and Liabilities—Net2 | (2.5)% |
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 | ||
GOVERNMENT AGENCIES—61.7% | |||
$ 810,000,000 | 1 | Federal Farm Credit System Discount Notes, 1.540% - 2.350%, 2/5/2020 - 12/7/2020 | $806,085,748 |
115,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | 115,000,000 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.627% (1-month USLIBOR -0.030%), 2/18/2020 | 49,998,826 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.645% (Secured Overnight Financing Rate +0.065%), 2/3/2020 | 20,000,000 |
27,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 26,999,209 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.660% (Secured Overnight Financing Rate +0.080%), 2/3/2020 | 50,000,000 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.665% (1-month USLIBOR +0.005%), 2/27/2020 | 12,999,736 |
5,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 5,000,000 |
24,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.683% (1-month USLIBOR +0.000%), 2/13/2020 | 24,000,000 |
15,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.685% (Secured Overnight Financing Rate +0.105%), 2/3/2020 | 15,000,000 |
12,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.749% (1-month USLIBOR +0.050%), 2/9/2020 | 11,999,067 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.760% (1-month USLIBOR -0.020%), 2/3/2020 | 19,999,834 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.762% (1-month USLIBOR +0.070%), 2/8/2020 | 12,998,779 |
8,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.770% (3-month USLIBOR -0.130%), 3/4/2020 | 8,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 1.790% (Secured Overnight Financing Rate +0.210%), 2/3/2020 | 20,000,000 |
1,572,895,000 | 1 | Federal Home Loan Bank System Discount Notes, 1.471% - 2.400%, 2/4/2020 - 7/24/2020 | 1,569,936,354 |
125,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.590% (Secured Overnight Financing Rate +0.010%), 2/3/2020 | 124,997,865 |
375,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.600% (Secured Overnight Financing Rate +0.020%), 2/3/2020 | 374,990,361 |
33,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.615% (Secured Overnight Financing Rate +0.035%), 2/3/2020 | 33,000,104 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.602% (3-month USLIBOR -0.240%), 4/16/2020 | 25,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$117,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.610% (Secured Overnight Financing Rate +0.030%), 2/3/2020 | $116,997,492 |
75,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.611% - 1.619% (1-month USLIBOR -0.050%), 2/17/2020 - 2/27/2020 | 75,000,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.618% (1-month USLIBOR -0.040%), 2/18/2020 - 2/20/2020 | 40,000,000 |
22,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.620% (Secured Overnight Financing Rate +0.040%), 2/3/2020 | 22,500,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.623% (3-month USLIBOR -0.250%), 4/7/2020 | 40,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.632% (1-month USLIBOR -0.025%), 2/20/2020 | 20,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.640% (Secured Overnight Financing Rate +0.060%), 2/3/2020 | 20,000,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.643% (3-month USLIBOR -0.235%), 2/10/2020 | 40,000,000 |
60,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.645% (Secured Overnight Financing Rate +0.065%), 2/3/2020 | 59,999,987 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.655% (Secured Overnight Financing Rate +0.075%), 2/3/2020 | 40,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.656% (3-month USLIBOR -0.245%), 2/11/2020 | 25,000,000 |
5,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.665% (Secured Overnight Financing Rate +0.085%), 2/3/2020 | 4,993,484 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.668% (3-month USLIBOR -0.220%), 3/11/2020 | 25,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.669% (1-month USLIBOR +0.000%), 2/16/2020 | 25,000,000 |
30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.677% (1-month USLIBOR +0.020%), 2/19/2020 | 30,000,000 |
60,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.680% (Secured Overnight Financing Rate +0.100%), 2/3/2020 | 60,000,000 |
14,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.685% (Secured Overnight Financing Rate +0.105%), 2/3/2020 | 14,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.690% (Secured Overnight Financing Rate +0.110%), 2/3/2020 | 25,000,000 |
15,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.695% (Secured Overnight Financing Rate +0.115%), 2/3/2020 | 15,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.699% - 1.735% (3-month USLIBOR -0.200%), 3/18/2020 - 3/24/2020 | 25,000,000 |
15,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.700% (Secured Overnight Financing Rate +0.120%), 2/3/2020 | 15,000,000 |
50,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.710% (1-month USLIBOR +0.050%), 2/27/2020 | 50,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.710% (Secured Overnight Financing Rate +0.130%), 2/3/2020 | $30,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.714% (1-month USLIBOR -0.020%), 2/4/2020 | 25,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.750% (Secured Overnight Financing Rate +0.170%), 2/3/2020 | 20,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.775% (3-month USLIBOR -0.115%), 2/5/2020 | 25,000,000 |
30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 1.788% (3-month USLIBOR -0.120%), 2/28/2020 | 30,000,000 |
100,000,000 | Federal Home Loan Bank System, 1.690% - 4.125%, 3/13/2020 - 6/12/2020 | 100,114,256 | |
100,000,000 | 1 | Tennessee Valley Authority Discount Notes, 1.525%, 2/5/2020 - 2/12/2020 | 99,975,642 |
29,940,000 | Tennessee Valley Authority Notes, 2.250%, 3/15/2020 | 29,961,005 | |
TOTAL GOVERNMENT AGENCIES | 4,474,547,749 | ||
U.S. TREASURY—40.8% | |||
155,000,000 | United States Treasury Bill, 1.505%, 2/4/2020 | 154,980,560 | |
100,000,000 | United States Treasury Bill, 1.505%, 2/18/2020 | 99,928,930 | |
49,000,000 | United States Treasury Bill, 1.505%, 3/3/2020 | 48,936,497 | |
150,000,000 | United States Treasury Bill, 1.520%, 3/12/2020 | 149,746,667 | |
75,000,000 | United States Treasury Bill, 1.540%, 2/11/2020 | 74,967,917 | |
100,000,000 | United States Treasury Bill, 1.540%, 3/24/2020 | 99,777,555 | |
200,000,000 | United States Treasury Bill, 1.550%, 3/31/2020 | 199,517,778 | |
100,000,000 | United States Treasury Bill, 1.555%, 3/26/2020 | 99,766,750 | |
25,000,000 | United States Treasury Bill, 1.610%, 4/30/2020 | 24,900,493 | |
8,000,000 | United States Treasury Bill, 1.620%, 7/16/2020 | 7,940,240 | |
25,000,000 | United States Treasury Bill, 1.747%, 9/10/2020 | 24,730,594 | |
25,000,000 | United States Treasury Bill, 1.800%, 8/13/2020 | 24,757,500 | |
25,000,000 | United States Treasury Bill, 1.945%, 2/6/2020 | 24,993,247 | |
175,000,000 | United States Treasury Bills, 1.500% - 1.565%, 2/25/2020 | 174,819,583 | |
294,000,000 | United States Treasury Bills, 1.500% - 1.890%, 2/13/2020 | 293,847,685 | |
131,000,000 | United States Treasury Bills, 1.515% - 1.520%, 3/10/2020 | 130,790,345 | |
175,000,000 | United States Treasury Bills, 1.518% - 1.795%, 4/2/2020 | 174,538,264 | |
78,500,000 | United States Treasury Bills, 1.540% - 1.870%, 3/19/2020 | 78,330,382 | |
163,000,000 | United States Treasury Bills, 1.560% - 2.468%, 2/27/2020 | 162,791,489 | |
43,000,000 | United States Treasury Bills, 1.625% - 1.690%, 4/9/2020 | 42,865,804 | |
199,000,000 | 2 | United States Treasury Floating Rate Notes, 1.568% (91-day T-Bill +0.033%), 2/4/2020 | 198,984,155 |
95,000,000 | 2 | United States Treasury Floating Rate Notes, 1.578% (91-day T-Bill +0.043%), 2/4/2020 | 94,988,619 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$162,590,000 | 2 | United States Treasury Floating Rate Notes, 1.580% (91-day T-Bill +0.045%), 2/4/2020 | $162,516,616 |
120,000,000 | 2 | United States Treasury Floating Rate Notes, 1.650% (91-day T-Bill +0.115%), 2/4/2020 | 119,969,546 |
69,950,000 | 2 | United States Treasury Floating Rate Notes, 1.674% (91-day T-Bill +0.139%), 2/4/2020 | 69,945,229 |
40,000,000 | 2 | United States Treasury Floating Rate Notes, 1.689% (91-day T-Bill +0.154%), 2/4/2020 | 40,000,000 |
10,000,000 | 2 | United States Treasury Floating Rate Notes, 1.835% (91-day T-Bill +0.300%), 2/4/2020 | 10,000,000 |
16,938,000 | United States Treasury Note, 1.375%, 5/31/2020 | 16,924,435 | |
25,000,000 | United States Treasury Note, 1.625%, 6/30/2020 | 25,003,739 | |
5,000,000 | United States Treasury Note, 1.625%, 11/30/2020 | 4,998,168 | |
10,000,000 | United States Treasury Note, 1.750%, 11/15/2020 | 10,007,435 | |
5,000,000 | United States Treasury Note, 2.000%, 7/31/2020 | 5,008,648 | |
6,750,000 | United States Treasury Note, 2.375%, 4/30/2020 | 6,755,493 | |
15,000,000 | United States Treasury Note, 2.750%, 9/30/2020 | 15,107,685 | |
36,000,000 | United States Treasury Notes, 1.125% - 1.375%, 3/31/2020 | 35,948,300 | |
53,000,000 | United States Treasury Notes, 1.375% - 2.625%, 8/31/2020 | 53,215,209 | |
TOTAL U.S. TREASURY | 2,962,301,557 | ||
TOTAL INVESTMENT IN SECURITIES—102.5% (AT AMORTIZED COST)3 | 7,436,849,306 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.5)%4 | (183,611,339) | ||
TOTAL NET ASSETS—100% | $7,253,237,967 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.021 | 0.012 | 0.004 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.021 | 0.012 | 0.004 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.021) | (0.012) | (0.004) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.021) | (0.012) | (0.004) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.86% | 2.13% | 1.23% | 0.44% | 0.13% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses3 | 0.20%4 | 0.20% | 0.20% | 0.20% | 0.19% | 0.09% |
Net investment income | 1.68%4 | 2.11% | 1.21% | 0.43% | 0.13% | 0.01% |
Expense waiver/reimbursement5 | 0.09%4 | 0.09% | 0.09% | 0.09% | 0.10% | 0.20% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,739,883 | $3,019,468 | $2,739,607 | $3,074,463 | $2,861,313 | $2,672,599 |
1 | Represents less than $0.001. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.20% for the six months ended January 31, 2020 and 0.20%, 0.20%, 0.20%, 0.19% and 0.09% for the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively, after taking into account these expense reductions. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $7,436,849,306 | |
Cash | 683,831 | |
Receivable for shares sold | 17,697,482 | |
Income receivable | 6,092,716 | |
TOTAL ASSETS | 7,461,323,335 | |
Liabilities: | ||
Payable for investments purchased | $199,517,778 | |
Income distribution payable | 6,035,735 | |
Payable for shares redeemed | 1,480,841 | |
Payable for other service fees (Notes 2 and 4) | 681,105 | |
Payable for investment adviser fee (Note 4) | 22,625 | |
Payable for administrative fee (Note 4) | 16,208 | |
Payable for Directors'/Trustees' fees (Note 4) | 1,262 | |
Accrued expenses (Note 4) | 329,814 | |
TOTAL LIABILITIES | 208,085,368 | |
Net assets for 7,253,161,343 shares outstanding | $7,253,237,967 | |
Net Assets Consists of: | ||
Paid-in capital | $7,253,170,720 | |
Total distributable earnings | 67,247 | |
TOTAL NET ASSETS | $7,253,237,967 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$120,598,625 ÷ 120,597,513 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$3,739,883,116 ÷ 3,739,839,099 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$3,392,756,226 ÷ 3,392,724,731 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $60,507,348 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $6,405,629 | ||
Administrative fee (Note 4) | 2,523,623 | ||
Custodian fees | 95,042 | ||
Transfer agent fees (Note 2) | 102,959 | ||
Directors'/Trustees' fees (Note 4) | 19,931 | ||
Auditing fees | 12,046 | ||
Legal fees | 4,938 | ||
Other service fees (Notes 2 and 4) | 3,661,003 | ||
Portfolio accounting fees | 92,687 | ||
Share registration costs | 76,427 | ||
Printing and postage | 18,124 | ||
Miscellaneous (Note 4) | 36,679 | ||
TOTAL EXPENSES | 13,049,088 | ||
Waiver and Reduction: | |||
Waiver of investment adviser fee (Note 4) | $(2,766,175) | ||
Reduction of custodian fees (Note 5) | (3,725) | ||
TOTAL WAIVER AND REDUCTION | (2,769,900) | ||
Net expenses | 10,279,188 | ||
Net investment income | 50,228,160 | ||
Net realized gain on investments | 209,418 | ||
Change in net assets resulting from operations | $50,437,578 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $50,228,160 | $113,639,782 |
Net realized gain | 209,418 | 62,039 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 50,437,578 | 113,701,821 |
Distributions to Shareholders: | ||
Automated Shares | (1,097,301) | (3,133,168) |
Institutional Shares | (29,313,683) | (63,369,947) |
Service Shares | (20,015,437) | (47,189,849) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (50,426,421) | (113,692,964) |
Share Transactions: | ||
Proceeds from sale of shares | 10,744,951,530 | 16,160,158,776 |
Net asset value of shares issued to shareholders in payment of distributions declared | 11,826,343 | 21,394,447 |
Cost of shares redeemed | (9,404,599,772) | (15,847,785,551) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,352,178,101 | 333,767,672 |
Change in net assets | 1,352,189,258 | 333,776,529 |
Net Assets: | ||
Beginning of period | 5,901,048,709 | 5,567,272,180 |
End of period | $7,253,237,967 | $5,901,048,709 |
Transfer Agent Fees Incurred | |
Automated Shares | $60,446 |
Institutional Shares | 23,576 |
Service Shares | 18,937 |
TOTAL | $102,959 |
Other Service Fees Incurred | |
Automated Shares | $194,628 |
Service Shares | 3,466,375 |
TOTAL | $3,661,003 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 135,692,376 | $135,692,376 | 291,370,422 | $291,370,422 |
Shares issued to shareholders in payment of distributions declared | 994,942 | 994,942 | 2,918,617 | 2,918,617 |
Shares redeemed | (199,027,499) | (199,027,499) | (287,378,084) | (287,378,084) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (62,340,181) | $(62,340,181) | 6,910,955 | $6,910,955 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,691,096,052 | $6,691,096,052 | 9,345,628,188 | $9,345,628,188 |
Shares issued to shareholders in payment of distributions declared | 9,356,767 | 9,356,767 | 15,221,153 | 15,221,153 |
Shares redeemed | (5,980,044,000) | (5,980,044,000) | (9,080,993,980) | (9,080,993,980) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 720,408,819 | $720,408,819 | 279,855,361 | $279,855,361 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,918,163,102 | $3,918,163,102 | 6,523,160,166 | $6,523,160,166 |
Shares issued to shareholders in payment of distributions declared | 1,474,634 | 1,474,634 | 3,254,677 | 3,254,677 |
Shares redeemed | (3,225,528,272) | (3,225,528,273) | (6,479,413,487) | (6,479,413,487) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 694,109,464 | $694,109,463 | 47,001,356 | $47,001,356 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,352,178,102 | $1,352,178,101 | 333,767,672 | $333,767,672 |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | $1,000 | $1,008.60 | $1.01 |
Hypothetical (assuming a 5% return before expenses): | $1,000 | $1,024.13 | $1.02 |
1 | Expenses are equal to the Fund's Institutional Shares annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | MMPXX | Service | MMSXX | Capital | MMLXX |
Eagle | MMMXX |
Security Type | Percentage of Total Net Assets |
Commercial Paper | 37.8% |
Other Repurchase Agreements and Repurchase Agreements | 31.1% |
Variable Instruments | 17.4% |
Certificates of Deposit | 13.8% |
Other Assets and Liabilities—Net2 | (0.1)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 45.6%4 |
8-30 Days | 12.5% |
31-90 Days | 30.7% |
91-180 Days | 11.3% |
181 Days or more | 0.0% |
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. |
4 | Overnight securities comprised 32.4% of the Fund's portfolio. |
Principal Amount | Value | ||
CERTIFICATES OF DEPOSIT—13.8% | |||
Finance - Banking—13.8% | |||
$33,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 2.080% - 2.150%, 2/18/2020 - 3/27/2020 | $32,924,226 | |
20,000,000 | MUFG Bank Ltd., 1.860%, 7/8/2020 | 20,012,885 | |
25,000,000 | MUFG Bank Ltd., 1.910%, 4/14/2020 - 4/27/2020 | 25,012,313 | |
15,000,000 | Mizuho Bank Ltd., 2.000%, 3/4/2020 | 14,973,517 | |
30,000,000 | Sumitomo Mitsui Banking Corp., 1.750% - 1.760%, 5/7/2020 - 6/30/2020 | 29,931,108 | |
5,000,000 | Sumitomo Mitsui Banking Corp., 1.930%, 4/29/2020 | 5,003,109 | |
10,000,000 | Sumitomo Mitsui Trust Bank Ltd., 2.000%, 2/11/2020 | 10,000,000 | |
25,000,000 | Sumitomo Mitsui Trust Bank Ltd., 2.150%, 2/13/2020 | 25,000,000 | |
400,000 | Toronto Dominion Bank, 2.100%, 2/6/2020 | 400,000 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $163,225,361) | 163,257,158 | ||
1 | COMMERCIAL PAPER—37.8% | ||
Finance - Banking—9.4% | |||
5,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 5,002,293 | |
15,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 2.034%, 2/18/2020 | 14,985,692 | |
20,000,000 | BPCE SA, 1.959%, 3/26/2020 | 19,941,500 | |
25,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.631%—1.811%, 2/3/2020 - 5/7/2020 | 24,975,623 | |
17,000,000 | Malayan Banking Berhad, New York, (Wells Fargo Bank, N.A. LOC), 2.014%, 4/23/2020 | 16,933,566 | |
20,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.990%, 2/7/2020 | 19,993,400 | |
10,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.902%, 3/3/2020 | 9,983,725 | |
TOTAL | 111,815,799 | ||
Finance - Commercial—1.0% | |||
12,000,000 | Atlantic Asset Securitization LLC, 2.009%, 3/11/2020 | 11,974,000 | |
500,000 | CHARTA, LLC, 2.061%, 2/12/2020 | 499,688 | |
TOTAL | 12,473,688 | ||
Finance - Retail—11.9% | |||
45,500,000 | Chariot Funding LLC, 1.707% - 2.091%, 3/18/2020 - 4/28/2020 | 45,340,175 | |
20,500,000 | Old Line Funding, LLC, 1.918% - 2.061%, 2/13/2020 - 6/29/2020 | 20,357,160 | |
31,000,000 | Sheffield Receivables Company LLC, 1.812% - 2.034%, 2/19/2020 - 5/27/2020 | 30,895,313 | |
10,000,000 | Starbird Funding Corp., 1.707%, 5/1/2020 | 9,956,497 | |
10,000,000 | Thunder Bay Funding, LLC, 1.910%, 7/10/2020 | 9,929,339 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Retail—continued | |||
$25,000,000 | Thunder Bay Funding, LLC, 2.000%, 4/6/2020 | $24,924,833 | |
TOTAL | 141,403,317 | ||
Finance - Securities—9.4% | |||
35,000,000 | Anglesea Funding LLC, 1.909% - 2.095%, 2/3/2020 | 34,996,205 | |
20,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 1.620%, 2/6/2020 | 19,995,500 | |
23,000,000 | Great Bridge Capital Co., LLC, (Standard Chartered Bank COL), 2.036%, 2/14/2020 | 22,983,140 | |
33,000,000 | Ridgefield Funding Company, LLC Series A, 2.075% - 2.146%, 2/3/2020 - 2/7/2020 | 32,991,960 | |
TOTAL | 110,966,805 | ||
Insurance—2.1% | |||
25,000,000 | PRICOA Short Term Funding, LLC, 1.877%, 7/6/2020 | 24,814,762 | |
Sovereign—4.0% | |||
1,000,000 | Erste Abwicklungsanstalt, 2.051%, 2/12/2020 | 999,380 | |
46,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 2.008% - 2.091%, 3/1/2020 - 3/23/2020 | 45,888,755 | |
TOTAL | 46,888,135 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $448,287,022) | 448,362,506 | ||
2 | NOTES - VARIABLE—17.4% | ||
Aerospace/Auto—0.1% | |||
1,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.862% (1-month USLIBOR +0.170%), 2/10/2020 | 1,000,161 | |
Finance - Banking—17.3% | |||
1,000,000 | Bank of Montreal, 1.884% (1-month USLIBOR +0.170%), 2/7/2020 | 1,000,216 | |
500,000 | Bank of Montreal, 1.894% (1-month USLIBOR +0.160%), 2/6/2020 | 500,000 | |
10,000,000 | Bank of Montreal, 1.931% (3-month USLIBOR +0.100%), 5/12/2020 | 10,001,960 | |
5,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 5,002,867 | |
11,000,000 | Bank of Montreal, 2.081% (3-month USLIBOR +0.120%), 3/30/2020 | 11,006,382 | |
500,000 | Bank of Nova Scotia, Toronto, 1.828% (1-month USLIBOR +0.170%), 2/18/2020 | 500,106 | |
500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 500,210 | |
10,000,000 | Bank of Nova Scotia, Toronto, 1.910% (3-month USLIBOR +0.140%), 4/30/2020 | 10,007,320 | |
10,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 10,003,354 | |
15,000,000 | Bank of Nova Scotia, Toronto, 2.038% (3-month USLIBOR +0.130%), 2/6/2020 | 15,010,105 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$500,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.894% (1-month USLIBOR +0.240%), 2/20/2020 | $500,263 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.956% (3-month USLIBOR +0.150%), 4/23/2020 | 15,011,748 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.029% (3-month USLIBOR +0.130%), 2/13/2020 | 10,006,903 | |
6,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 3/17/2020 | 6,003,724 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (3-month USLIBOR +0.190%), 3/25/2020 | 15,015,173 | |
20,000,000 | Canadian Imperial Bank of Commerce, 1.964% (1-month USLIBOR +0.250%), 2/4/2020 | 20,017,548 | |
1,000,000 | National Australia Bank Ltd., Melbourne, 1.814% (1-month USLIBOR +0.160%), 2/19/2020 | 1,000,223 | |
12,000,000 | National Australia Bank Ltd., Melbourne, 1.918% (1-month USLIBOR +0.260%), 2/19/2020 | 12,007,955 | |
5,000,000 | Sumitomo Mitsui Banking Corp., 2.051% (1-month USLIBOR +0.270%), 2/3/2020 | 5,002,153 | |
1,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 1,000,401 | |
10,000,000 | Toronto Dominion Bank, 2.049% (3-month USLIBOR +0.140%), 2/13/2020 | 10,007,670 | |
5,000,000 | Toronto Dominion Bank, 2.050% (3-month USLIBOR +0.140%), 2/18/2020 | 5,003,900 | |
15,000,000 | Toronto Dominion Bank, 2.090% (3-month USLIBOR +0.190%), 4/6/2020 | 15,015,023 | |
10,000,000 | Toronto Dominion Bank, 2.137% (3-month USLIBOR +0.190%), 3/26/2020 | 10,010,248 | |
10,000,000 | Toronto Dominion Bank, 2.151% (3-month USLIBOR +0.190%), 3/30/2020 | 10,010,334 | |
300,000 | Westpac Banking Corp. Ltd., Sydney, 1.900% (Effective Fed Funds +0.300%), 2/3/2020 | 300,000 | |
5,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/9/2020 | 5,004,154 | |
TOTAL | 204,449,940 | ||
Finance - Securities—0.0% | |||
500,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 500,000 | |
TOTAL NOTES—VARIABLE (IDENTIFIED COST $205,800,000) | 205,950,101 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—13.1% | |||
Finance - Banking—13.1% | |||
$10,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/15/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,210,000 on 2/14/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $153,290,112 have been received as collateral and held with BNY Mellon as tri-party agent. | $10,000,000 | |
1,600,000 | Citigroup Global Markets, Inc., 2.08%, dated 1/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,006,933 on 2/3/2020, in which medium-term notes with a market value of $40,807,073 have been received as collateral and held with BNY Mellon as tri-party agent. | 1,600,000 | |
25,000,000 | Credit Agricole CIB Paris, 1.78%, dated 1/13/2020, interest in a $2,000,000,000 collateralized loan agreement will repurchase securities provided as collateral for $2,000,692,222 on 2/10/2020, in which corporate bonds, medium-term notes, sovereign debt and treasury notes with a market value of $2,040,302,600 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which corporate bonds and medium-term notes with a market value of $51,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
25,000,000 | ING Financial Markets LLC, 1.68%, dated 1/31/2020, interest in a $105,000,000 collateralized loan agreement will repurchase securities provided as collateral for $105,014,700 on 2/3/2020, in which corporate bonds, medium-term notes and sovereign debt with a market value of $107,114,994 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
25,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020, in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
24,000,000 | Societe Generale, Paris, 1.76%, dated 1/31/2020, interest in a $550,000,000 collateralized loan agreement will repurchase securities provided as collateral for $550,080,667 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $561,082,395 have been received as collateral and held with BNY Mellon as tri-party agent. | 24,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$20,000,000 | Wells Fargo Securities LLC, 1.74%, dated 1/28/2020, interest in a $20,000,000 collateralized loan agreement will repurchase securities provided as collateral for $20,006,767 on 2/4/2020, in which convertible bonds with a market value of $20,405,916 have been received as collateral and held with BNY Mellon as tri-party agent. | $20,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $155,600,000) | 155,600,000 | ||
REPURCHASE AGREEMENTS—18.0% | |||
Finance - Banking—18.0% | |||
75,000,000 | Interest in $525,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $525,070,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 12/20/2049 and the market value of those underlying securities was $538,729,437. | 75,000,000 | |
100,000,000 | Interest in $500,000,000 joint repurchase agreement 1.61%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $500,067,083 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/25/2052 and the market value of those underlying securities was $511,193,633. | 100,000,000 | |
33,411,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | 33,411,000 | |
4,900,000 | Interest in $250,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,033,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $255,034,001. | 4,900,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $213,311,000) | 213,311,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.1% (IDENTIFIED COST $1,186,223,383)3 | 1,186,480,765 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%4 | (855,633) | ||
TOTAL NET ASSETS—100% | $1,185,625,132 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Current rate and current maturity or next reset date shown for floating/variable rate notes. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $0.9998 | $0.9997 | $1.0001 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0097 | 0.0238 | 0.0157 | 0.0067 | 0.003 | 0.001 |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.0004) | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0098 | 0.0239 | 0.0153 | 0.0068 | 0.003 | 0.001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0097) | (0.0238) | (0.0157) | (0.0067) | (0.003) | (0.001) |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0097) | (0.0238) | (0.0157) | (0.0067) | (0.003) | (0.001) |
Net Asset Value, End of Period | $0.9999 | $0.9998 | $0.9997 | $1.0001 | $1.00 | $1.00 |
Total Return3 | 0.99% | 2.42% | 1.54% | 0.68% | 0.33% | 0.11% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.15%4 | 0.15% | 0.15% | 0.15% | 0.16% | 0.15% |
Net investment income | 1.83%4 | 2.39% | 1.47% | 0.43% | 0.36% | 0.11% |
Expense waiver/reimbursement5 | 0.20%4 | 1.02% | 0.81% | 0.18% | 0.14% | 0.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,179,742 | $66,410 | $34,986 | $59,661 | $7,243,840 | $4,055,957 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $0.9997 | $0.9997 | $1.0001 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0085 | 0.0213 | 0.0133 | 0.0043 | 0.001 | 0.0001 |
Net realized gain (loss) | 0.0001 | 0.00002 | (0.0005) | 0.00002 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0086 | 0.0213 | 0.0128 | 0.0043 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0085) | (0.0213) | (0.0132) | (0.0042) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0085) | (0.0213) | (0.0132) | (0.0042) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $0.9998 | $0.9997 | $0.9997 | $1.0001 | $1.00 | $1.00 |
Total Return3 | 0.86% | 2.15% | 1.28% | 0.43% | 0.11% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.40%4 | 0.40% | 0.40% | 0.40% | 0.37% | 0.25% |
Net investment income | 1.69%4 | 2.16% | 1.25% | 0.18% | 0.11% | 0.01% |
Expense waiver/reimbursement5 | 0.35%4 | 1.02% | 0.85% | 0.16% | 0.17% | 0.30% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $484 | $560 | $499 | $1,017 | $156,150 | $143,823 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $0.9998 | $0.9997 | $1.0001 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0092 | 0.0228 | 0.0147 | 0.0058 | 0.002 | 0.0001 |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.0004) | (0.0000)2 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0093 | 0.0229 | 0.0143 | 0.0058 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0092) | (0.0228) | (0.0147) | (0.0057) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0092) | (0.0228) | (0.0147) | (0.0057) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $0.9999 | $0.9998 | $0.9997 | $1.0001 | $1.00 | $1.00 |
Total Return3 | 0.94% | 2.32% | 1.44% | 0.58% | 0.23% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.25%4 | 0.25% | 0.25% | 0.25% | 0.26% | 0.25% |
Net investment income | 1.84%4 | 2.28% | 1.44% | 0.28% | 0.18% | 0.02% |
Expense waiver/reimbursement5 | 0.35%4 | 1.04% | 0.86% | 0.21% | 0.14% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $180 | $178 | $174 | $172 | $8,350 | $105,175 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $0.9998 | $0.9997 | $1.0001 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0088 | 0.0218 | 0.0137 | 0.0044 | 0.001 | 0.0001 |
Net realized gain (loss) | 0.00002 | 0.0001 | (0.0004) | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0088 | 0.0219 | 0.0133 | 0.0045 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0087) | (0.0218) | (0.0137) | (0.0044) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0087) | (0.0218) | (0.0137) | (0.0044) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $0.9999 | $0.9998 | $0.9997 | $1.0001 | $1.00 | $1.00 |
Total Return3 | 0.89% | 2.21% | 1.33% | 0.46% | 0.12% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.35%4 | 0.35% | 0.35% | 0.38% | 0.37% | 0.25% |
Net investment income | 1.74%4 | 2.18% | 1.32% | 0.43% | 0.11% | 0.01% |
Expense waiver/reimbursement5 | 0.35%4 | 1.04% | 0.85% | 0.34% | 0.17% | 0.30% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,219 | $5,216 | $6,275 | $7,418 | $12,520 | $15,889 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in repurchase agreements and other repurchase agreements | $368,911,000 | |
Investment in securities | 817,569,765 | |
Investment in securities, at value (identified cost $1,186,223,383) | $1,186,480,765 | |
Income receivable | 872,956 | |
TOTAL ASSETS | 1,187,353,721 | |
Liabilities: | ||
Payable for shares redeemed | $35,000 | |
Payable to bank | 14,033 | |
Income distribution payable | 1,509,640 | |
Capital gain distribution payable | 2,871 | |
Payable for administrative fees (Note 5) | 2,543 | |
Payable for Directors'/Trustees' fees (Note 5) | 165 | |
Payable for portfolio accounting fees | 92,703 | |
Payable for other service fees (Notes 2 and 5) | 1,093 | |
Accrued expenses (Note 5) | 70,541 | |
TOTAL LIABILITIES | 1,728,589 | |
Net assets for 1,185,705,268 shares outstanding | $1,185,625,132 | |
Net Assets Consist of: | ||
Paid-in capital | $1,185,364,343 | |
Total distributable earnings (loss) | 260,789 | |
TOTAL NET ASSETS | $1,185,625,132 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$1,179,742,409 ÷ 1,179,821,977 shares outstanding, no par value, unlimited shares authorized | $0.9999 | |
Service Shares: | ||
$483,758 ÷ 483,874 shares outstanding, no par value, unlimited shares authorized | $0.9998 | |
Capital Shares: | ||
$179,971 ÷ 179,985 shares outstanding, no par value, unlimited shares authorized | $0.9999 | |
Eagle Shares: | ||
$5,218,994 ÷ 5,219,432 shares outstanding, no par value, unlimited shares authorized | $0.9999 |
Investment Income: | |||
Interest | $7,469,470 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $751,521 | ||
Administrative fee (Note 5) | 295,881 | ||
Custodian fees | 16,409 | ||
Transfer agent fee | 81,922 | ||
Directors'/Trustees' fees (Note 5) | 1,018 | ||
Auditing fees | 10,758 | ||
Legal fees | 4,829 | ||
Portfolio accounting fees | 81,739 | ||
Other service fees (Notes 2 and 5) | 5,919 | ||
Share registration costs | 49,051 | ||
Printing and postage | 9,658 | ||
Miscellaneous (Note 5) | 27,162 | ||
TOTAL EXPENSES | 1,335,867 | ||
Waiver and Reimbursement (Note 5): | |||
Waiver of investment adviser fee | $(682,572) | ||
Reimbursement of other operating expenses | (65,325) | ||
TOTAL WAIVER AND REIMBURSEMENT | (747,897) | ||
Net expenses | 587,970 | ||
Net investment income | 6,881,500 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 6,355 | ||
Net change in unrealized appreciation of investments | 248,718 | ||
Net realized and unrealized gain (loss) on investments | 255,073 | ||
Change in net assets resulting from operations | $7,136,573 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $6,881,500 | $1,298,493 |
Net realized gain | 6,355 | 197 |
Net change in unrealized appreciation/depreciation | 248,718 | 5,459 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,136,573 | 1,304,149 |
Distributions to Shareholders: | ||
Institutional Shares | (6,833,478) | (1,148,690) |
Service Shares | (4,729) | (11,545) |
Capital Shares | (1,654) | (4,019) |
Eagle Shares | (44,643) | (134,589) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (6,884,504) | (1,298,843) |
Share Transactions: | ||
Proceeds from sale of shares | 1,270,852,254 | 142,345,567 |
Net asset value of shares issued to shareholders in payment of distributions declared | 563,608 | 1,035,586 |
Cost of shares redeemed | (158,407,452) | (112,956,617) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,113,008,410 | 30,424,536 |
Change in net assets | 1,113,260,479 | 30,429,842 |
Net Assets: | ||
Beginning of period | 72,364,653 | 41,934,811 |
End of period | $1,185,625,132 | $72,364,653 |
■ | 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 | |
Service Shares | $699 |
Capital Shares | 90 |
Eagle Shares | 5,130 |
TOTAL | $5,919 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,267,620,307 | $1,267,277,457 | 135,212,731 | $135,174,476 |
Shares issued to shareholders in payment of distributions declared | 518,566 | 518,460 | 901,344 | 901,079 |
Shares redeemed | (154,742,707) | (154,714,985) | (104,684,242) | (104,656,035) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,113,396,166 | $1,113,080,932 | 31,429,833 | $31,419,520 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,126,021 | $3,124,899 | 6,640,600 | $6,638,191 |
Shares issued to shareholders in payment of distributions declared | 169 | 169 | 419 | 419 |
Shares redeemed | (3,202,420) | (3,201,303) | (6,580,380) | (6,578,052) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (76,230) | $(76,235) | 60,639 | $60,558 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | — | $— |
Shares issued to shareholders in payment of distributions declared | 1,653 | 1,653 | 4,015 | 4,015 |
Shares redeemed | — | — | — | — |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 1,653 | $1,653 | 4,015 | $4,015 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Eagle Shares: | Shares | Amount | Shares | Amount |
Shares sold | 449,989 | $449,898 | 533,095 | $532,900 |
Shares issued to shareholders in payment of distributions declared | 43,335 | 43,326 | 130,111 | 130,073 |
Shares redeemed | (491,280) | (491,164) | (1,722,936) | (1,722,530) |
NET CHANGE RESULTING FROM EAGLE SHARE TRANSACTIONS | 2,044 | $2,060 | (1,059,730) | $(1,059,557) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,113,323,633 | $1,113,008,410 | 30,434,757 | $30,424,536 |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,009.90 | $0.76 |
Service Shares | $1,000 | $1,008.60 | $2.02 |
Capital Shares | $1,000 | $1,009.40 | $1.26 |
Eagle Shares | $1,000 | $1,008.90 | $1.772 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.40 | $0.76 |
Service Shares | $1,000 | $1,023.00 | $2.03 |
Capital Shares | $1,000 | $1,023.90 | $1.27 |
Eagle Shares | $1,000 | $1,023.30 | $1.782 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.15% |
Service Shares | 0.40% |
Capital Shares | 0.25% |
Eagle Shares | 0.35% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Eagle Shares current Fee Limit of 0.40% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.02 and $2.03, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919742
CUSIP 608919759
CUSIP 60934N211
Share Class | Ticker | Automated | PTAXX | R | PTRXX | Wealth | PCOXX |
Advisor | PCVXX | Service | PRCXX | Cash II | PCDXX | |
Cash Series | PTSXX | Capital | PCCXX | Trust | PTTXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Instruments | 26.6% |
Other Repurchase Agreements and Repurchase Agreements | 26.0% |
Bank Instruments | 24.3% |
Commercial Paper | 19.9% |
Asset-Backed Securities | 0.1% |
Corporate Note | 0.1% |
Cash Equivalents2 | 3.1% |
Other Assets and Liabilities—Net3 | (0.1)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 53.0%5 |
8 to 30 Days | 20.5% |
31 to 90 Days | 18.1% |
91 to 180 Days | 7.0% |
181 Days or more | 1.5% |
Other Assets and Liabilities—Net3 | (0.1)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper includes commercial paper with interest rates that are fixed or that reset periodically. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
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. |
5 | Overnight securities comprised 24.7% of the Fund's portfolio. |
Principal Amount or Shares | Value | ||
ASSET-BACKED SECURITIES—0.1% | |||
Finance - Automotive—0.0% | |||
$2,074,866 | Santander Drive Auto Receivables Trust 2019-3, Class A1, 2.208%, 8/17/2020 | $2,074,865 | |
Finance - Equipment—0.1% | |||
30,309,811 | HPEFS Equipment Trust 2019-1, Class A1, 2.150%, 10/9/2020 | 30,309,811 | |
TOTAL ASSET-BACKED SECURITIES | 32,384,676 | ||
CERTIFICATES OF DEPOSIT—16.8% | |||
Finance - Banking—16.8% | |||
50,000,000 | BNP Paribas Fortis SA/NV, 1.760%, 5/12/2020 | 49,754,348 | |
190,000,000 | Bank of Montreal, 2.690% - 2.700%, 3/9/2020 - 3/19/2020 | 190,000,000 | |
75,000,000 | Credit Suisse AG, 2.000%, 4/1/2020 | 75,000,000 | |
1,303,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.900% - 2.200%, 2/18/2020 - 4/6/2020 | 1,300,799,528 | |
230,000,000 | MUFG Bank Ltd., 1.850% - 2.090%, 2/12/2020 - 7/9/2020 | 229,936,814 | |
545,000,000 | MUFG Bank Ltd., 1.910% - 2.080%, 2/27/2020 - 4/27/2020 | 545,000,000 | |
635,000,000 | Mizuho Bank Ltd., 1.820% - 2.000%, 2/28/2020 - 4/14/2020 | 634,455,081 | |
80,000,000 | Mizuho Bank Ltd., 1.920%, 2/28/2020 | 80,000,000 | |
290,000,000 | Sumitomo Mitsui Banking Corp., 1.730% - 1.760%, 5/4/2020 - 6/30/2020 | 288,914,272 | |
445,000,000 | Sumitomo Mitsui Banking Corp., 1.930% - 2.010%, 2/11/2020 - 4/29/2020 | 445,000,000 | |
150,000,000 | Sumitomo Mitsui Banking Corp., 2.240% - 2.245%, 2/3/2020 - 2/5/2020 | 149,969,187 | |
810,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.600% - 2.000%, 2/5/2020 - 4/9/2020 | 810,000,000 | |
50,000,000 | Sumitomo Mitsui Trust Bank Ltd., 2.150%, 2/13/2020 | 50,000,000 | |
75,000,000 | Toronto Dominion Bank, 2.070%, 2/28/2020 | 75,000,000 | |
40,000,000 | Toronto Dominion Bank, 2.100%, 2/6/2020 | 40,000,000 | |
405,000,000 | Wells Fargo Bank International, 1.830% - 1.880%, 6/12/2020 - 8/11/2020 | 405,000,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 5,368,829,230 | ||
1 | COMMERCIAL PAPER—19.9% | ||
Finance - Banking—5.3% | |||
78,620,000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 1.693% - 1.707%, 2/24/2020 - 4/27/2020 | 78,449,785 | |
115,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 115,000,000 | |
100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.950%, 5/1/2020 | 100,000,000 |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.954% - 2.034%, 2/18/2020 - 3/5/2020 | $99,863,389 | |
130,000,000 | BPCE SA, 1.959%, 3/26/2020 | 129,619,750 | |
370,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.885% - 2.648%, 2/7/2020 - 10/19/2020 | 366,488,307 | |
200,000,000 | Credit Suisse AG, 1.919%, 4/2/2020 | 199,352,722 | |
126,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.631% - 1.821%, 2/3/2020 - 5/4/2020 | 125,737,698 | |
100,000,000 | MUFG Bank Ltd., 2.061%, 2/10/2020 | 99,949,000 | |
230,000,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.013% - 2.034%, 2/4/2020 - 2/12/2020 | 229,917,006 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.860% - 1.990%, 2/7/2020 - 4/15/2020 | 99,759,204 | |
25,000,000 | NRW.Bank, 2.020%, 3/3/2020 | 24,956,944 | |
5,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.902%, 3/3/2020 | 4,991,862 | |
TOTAL | 1,674,085,667 | ||
Finance - Commercial—2.9% | |||
105,500,000 | Atlantic Asset Securitization LLC, 1.872% - 2.009%, 3/11/2020 - 5/5/2020 | 105,136,917 | |
28,000,000 | CRC Funding, LLC, 2.041%, 2/13/2020 | 27,981,147 | |
80,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.730%, 5/29/2020 | 80,000,000 | |
125,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.800%, 5/22/2020 | 125,000,000 | |
150,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/15/2020 | 150,000,000 | |
175,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/18/2020 | 175,000,000 | |
30,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.860%, 5/6/2020 | 30,000,000 | |
240,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.993% - 2.014%, 2/7/2020 - 2/20/2020 | 239,848,111 | |
TOTAL | 932,966,175 | ||
Finance - Retail—3.3% | |||
50,000,000 | Barton Capital S.A., 1.704%, 3/27/2020 | 49,870,139 | |
175,000,000 | Chariot Funding LLC, 1.707% - 2.722%, 3/9/2020 - 4/28/2020 | 174,350,278 | |
70,000,000 | Old Line Funding, LLC, 1.827%, 7/20/2020 | 69,401,694 | |
60,000,000 | Old Line Funding, LLC, 1.900%, 7/8/2020 | 59,499,667 | |
74,500,000 | Old Line Funding, LLC, 1.918% - 2.061%, 2/13/2020 - 6/29/2020 | 74,161,984 | |
50,000,000 | Old Line Funding, LLC, 2.019%, 4/3/2020 | 49,827,778 |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Retail—continued | |||
$331,000,000 | Sheffield Receivables Company LLC, 1.812% - 2.034%, 2/6/2020 - 5/27/2020 | $330,083,575 | |
75,000,000 | Starbird Funding Corp., 1.600%, 2/3/2020 | 74,993,333 | |
31,000,000 | Thunder Bay Funding, LLC, 1.910%, 7/10/2020 | 30,736,844 | |
125,000,000 | Thunder Bay Funding, LLC, 2.071% - 2.073%, 2/25/2020 - 3/23/2020 | 124,752,292 | |
TOTAL | 1,037,677,584 | ||
Finance - Securities—4.3% | |||
343,250,000 | Anglesea Funding LLC, 1.807% - 2.095%, 2/3/2020 - 5/18/2020 | 342,471,947 | |
130,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 1.620%, 2/6/2020 | 129,970,750 | |
100,000,000 | Chesham Finance LLC Series VII, 1.621% - 1.909%, 2/6/2020 - 3/30/2020 | 99,835,694 | |
15,000,000 | Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC COL), 2.021%, 3/12/2020 | 14,966,667 | |
209,400,000 | Collateralized Commercial Paper FLEX Co., LLC, 1.898% - 2.092%, 2/10/2020 - 5/22/2020 | 208,504,594 | |
60,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 1.912%, 3/19/2020 | 59,851,167 | |
120,000,000 | Great Bridge Capital Co., LLC, 1.805% - 2.007%, 2/14/2020 - 3/17/2020 | 119,791,111 | |
151,000,000 | Longship Funding LLC, 1.590%, 2/3/2020 - 2/4/2020 | 150,980,037 | |
261,168,000 | Ridgefield Funding Company, LLC Series A, 1.903% - 2.146%, 2/7/2020 - 4/9/2020 | 260,635,639 | |
TOTAL | 1,387,007,606 | ||
Sovereign—4.1% | |||
50,000,000 | Caisse des Depots et Consignations (CDC), 2.030%, 3/12/2020 | 49,888,333 | |
325,000,000 | European Investment Bank, 1.896% - 1.958%, 5/26/2020 - 6/1/2020 | 322,987,868 | |
941,500,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.712% - 2.091%, 2/6/2020 - 4/5/2020 | 940,039,598 | |
TOTAL | 1,312,915,799 | ||
TOTAL COMMERCIAL PAPER | 6,344,652,831 | ||
CORPORATE NOTE—0.1% | |||
Finance - Banking—0.1% | |||
16,550,000 | Commonwealth Bank of Australia, 2.300%, 3/12/2020 | 16,543,532 | |
2 | NOTES - VARIABLE—26.6% | ||
Aerospace/Auto—0.2% | |||
70,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.795% (1-month USLIBOR +0.150%), 2/3/2020 | 70,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—22.9% | |||
$125,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.811% (3-month USLIBOR +0.150%), 2/26/2020 | $125,000,000 | |
50,000,000 | Bank of Montreal, 1.841% (1-month USLIBOR +0.180%), 2/27/2020 | 50,000,000 | |
50,000,000 | Bank of Montreal, 1.847% (1-month USLIBOR +0.170%), 2/14/2020 | 50,001,673 | |
49,000,000 | Bank of Montreal, 1.884% (1-month USLIBOR +0.170%), 2/7/2020 | 49,000,000 | |
149,500,000 | Bank of Montreal, 1.894% (1-month USLIBOR +0.160%), 2/6/2020 | 149,500,000 | |
200,000,000 | Bank of Montreal, 1.954% (1-month USLIBOR +0.300%), 2/21/2020 | 200,000,000 | |
200,000,000 | Bank of Montreal, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 200,000,000 | |
100,000,000 | Bank of Montreal, 1.970% (Effective Fed Funds +0.370%), 2/3/2020 | 100,000,000 | |
80,000,000 | Bank of Montreal, 1.974% (1-month USLIBOR +0.240%), 2/6/2020 | 80,000,000 | |
65,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 65,000,000 | |
100,000,000 | Bank of Montreal, 2.035% (3-month USLIBOR +0.130%), 2/18/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 2.045% (3-month USLIBOR +0.140%), 2/13/2020 | 100,000,000 | |
35,000,000 | Bank of Nova Scotia, Toronto, 1.820% (1-month USLIBOR +0.160%), 2/28/2020 | 35,000,000 | |
70,000,000 | Bank of Nova Scotia, Toronto, 1.824% (1-month USLIBOR +0.170%), 2/18/2020 | 70,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.828% (1-month USLIBOR +0.170%), 2/18/2020 | 50,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 125,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 125,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.890% (Effective Fed Funds +0.290%), 2/3/2020 | 50,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 1.909% (1-month USLIBOR +0.210%), 2/11/2020 | 25,000,000 | |
165,000,000 | Bank of Nova Scotia, Toronto, 1.910% (3-month USLIBOR +0.140%), 4/30/2020 | 165,000,000 | |
75,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 75,000,000 | |
10,000,000 | Bank of Nova Scotia, Toronto, 1.956% (3-month USLIBOR +0.150%), 4/23/2020 | 10,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.969% (3-month USLIBOR +0.150%), 4/1/2020 | 125,000,000 | |
150,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | 150,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$150,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | $150,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 2.034% (3-month USLIBOR +0.130%), 2/18/2020 | 100,000,000 | |
103,500,000 | Bank of Nova Scotia, Toronto, 2.048% (3-month USLIBOR +0.120%), 3/23/2020 | 103,500,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.830% (1-month USLIBOR +0.170%), 2/21/2020 | 50,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.831% (1-month USLIBOR +0.170%), 2/21/2020 | 40,000,000 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.851% (1-month USLIBOR +0.190%), 2/25/2020 | 30,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.856% (1-month USLIBOR +0.180%), 2/17/2020 | 40,000,000 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.864% (1-month USLIBOR +0.180%), 2/11/2020 | 10,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 65,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.884% (1-month USLIBOR +0.200%), 2/7/2020 | 60,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.894% (1-month USLIBOR +0.240%), 2/20/2020 | 40,000,000 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.904% (1-month USLIBOR +0.250%), 2/20/2020 | 15,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,000,000 | |
35,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.991% (1-month USLIBOR +0.210%), 2/3/2020 | 34,998,511 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.029% (3-month USLIBOR +0.130%), 2/13/2020 | 50,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 2/24/2020 | 50,000,000 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 3/17/2020 | 10,000,000 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (3-month USLIBOR +0.190%), 3/25/2020 | 30,000,000 | |
85,000,000 | Canadian Imperial Bank of Commerce, 1.854% (1-month USLIBOR +0.170%), 2/11/2020 | 85,000,000 | |
75,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 75,000,000 | |
105,000,000 | Canadian Imperial Bank of Commerce, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 105,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Canadian Imperial Bank of Commerce, 1.894% (1-month USLIBOR +0.180%), 2/7/2020 | $100,000,000 | |
20,000,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 20,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.400%), 2/3/2020 | 100,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,000,000 | |
165,000,000 | Canadian Imperial Bank of Commerce, 1.964% (1-month USLIBOR +0.250%), 2/4/2020 | 165,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 2.000% (Effective Fed Funds +0.350%), 2/3/2020 | 100,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 2.007% (3-month USLIBOR +0.120%), 3/4/2020 | 125,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 2.034% (3-month USLIBOR +0.140%), 2/5/2020 | 125,000,000 | |
6,865,000 | Capital Markets Access Co. LC, West Broad Holdings, LLC Series 2007, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 6,865,000 | |
7,000,000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 1.600%, 2/6/2020 | 7,000,000 | |
2,115,000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.680%, 2/6/2020 | 2,115,000 | |
4,265,000 | Guiding Light Church, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 4,265,000 | |
75,000,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.914% (1-month USLIBOR +0.200%), 2/7/2020 | 75,000,000 | |
3,000,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 3,000,000 | |
1,045,000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 1.760%, 2/6/2020 | 1,045,000 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.180%), 2/25/2020 | 100,000,000 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.039% (3-month USLIBOR +0.130%), 2/25/2020 | 100,000,000 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.044% (3-month USLIBOR +0.100%), 3/30/2020 | 100,000,000 | |
29,435,000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), 1.620%, 2/6/2020 | 29,435,000 | |
6,994,650 | Partisan Property, Inc., Series 2014, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 6,994,650 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.221% (1-month USLIBOR +0.480%), 2/13/2020 | 25,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$40,000,000 | Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.090% (1-month USLIBOR +0.350%), 4/14/2020 | $40,000,000 | |
100,000,000 | Royal Bank of Canada, 1.830% (Secured Overnight Financing Rate +0.250%), 2/3/2020 | 100,000,000 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,000,000 | |
25,000,000 | Royal Bank of Canada, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 25,000,000 | |
50,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 50,000,000 | |
50,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 50,000,000 | |
60,000,000 | Royal Bank of Canada, 1.894% (1-month USLIBOR +0.160%), 2/5/2020 | 60,000,000 | |
45,000,000 | Royal Bank of Canada, 1.900% (Secured Overnight Financing Rate +0.320%), 2/3/2020 | 45,000,000 | |
60,000,000 | Royal Bank of Canada, 1.910% (Effective Fed Funds +0.310%), 2/3/2020 | 60,000,000 | |
25,000,000 | Royal Bank of Canada, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 25,000,000 | |
10,000,000 | Royal Bank of Canada, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 10,000,000 | |
15,000,000 | SSAB AB (publ), Series 2015-A, (DNB Bank ASA LOC), 1.620%, 2/6/2020 | 15,000,000 | |
4,060,000 | Spira Millenium LLC, Series 2001, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | 4,060,000 | |
5,490,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 5,490,000 | |
150,000,000 | Sumitomo Mitsui Banking Corp., 1.781% (1-month USLIBOR +0.120%), 2/28/2020 | 150,000,000 | |
835,000 | Sun Valley, Inc., (Wells Fargo Bank, N.A. LOC), 1.710%, 2/7/2020 | 835,000 | |
100,000,000 | Toronto Dominion Bank, 1.854% (1-month USLIBOR +0.200%), 2/19/2020 | 100,000,000 | |
100,000,000 | Toronto Dominion Bank, 1.859% (1-month USLIBOR +0.200%), 2/24/2020 | 100,000,000 | |
59,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 59,000,000 | |
90,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 90,000,000 | |
150,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 150,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$125,000,000 | Toronto Dominion Bank, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | $125,000,000 | |
75,000,000 | Toronto Dominion Bank, 1.899% (1-month USLIBOR +0.240%), 2/24/2020 | 75,000,000 | |
20,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 20,000,000 | |
50,000,000 | Toronto Dominion Bank, 2.044% (3-month USLIBOR +0.150%), 2/7/2020 | 50,012,032 | |
100,000,000 | Toronto Dominion Bank, 2.049% (3-month USLIBOR +0.140%), 2/13/2020 | 100,000,000 | |
65,000,000 | Toronto Dominion Bank, 2.050% (3-month USLIBOR +0.140%), 2/18/2020 | 65,000,000 | |
200,000,000 | Toronto Dominion Bank, 2.090% (3-month USLIBOR +0.190%), 4/6/2020 | 200,000,000 | |
75,000,000 | Toronto Dominion Bank, 2.151% (3-month USLIBOR +0.190%), 3/30/2020 | 75,000,000 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.860% (Effective Fed Funds +0.280%), 2/3/2020 | 100,000,000 | |
75,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 75,000,000 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.880% (Effective Fed Funds +0.260%), 2/3/2020 | 100,000,000 | |
20,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.900% (Effective Fed Funds +0.300%), 2/3/2020 | 20,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/9/2020 | 150,000,000 | |
10,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.049% (3-month USLIBOR +0.150%), 3/18/2020 | 10,000,000 | |
TOTAL | 7,317,116,866 | ||
Finance - Commercial—0.1% | |||
30,000,000 | Atlantic Asset Securitization LLC, 1.818% (1-month USLIBOR +0.160%), 2/18/2020 | 29,997,574 | |
Finance - Retail—1.5% | |||
100,000,000 | Chariot Funding LLC, 1.971% (1-month USLIBOR +0.190%), 2/3/2020 | 100,000,000 | |
45,000,000 | Old Line Funding, LLC, 1.841% (1-month USLIBOR +0.180%), 2/26/2020 | 45,000,000 | |
100,000,000 | Old Line Funding, LLC, 1.850% (Effective Fed Funds +0.250%), 2/3/2020 | 100,000,000 | |
70,000,000 | Old Line Funding, LLC, 1.861% (1-month USLIBOR +0.200%), 2/25/2020 | 70,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Retail—continued | |||
$50,000,000 | Old Line Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | $50,000,000 | |
30,000,000 | Thunder Bay Funding, LLC, 1.861% (1-month USLIBOR +0.200%), 2/25/2020 | 30,000,000 | |
67,500,000 | Thunder Bay Funding, LLC, 1.940% (Effective Fed Funds +0.340%), 2/3/2020 | 67,500,000 | |
TOTAL | 462,500,000 | ||
Finance - Securities—1.5% | |||
50,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.910% (1-month USLIBOR +0.250%), 2/24/2020 | 50,000,000 | |
100,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.920% (1-month USLIBOR +0.250%), 2/17/2020 | 100,000,000 | |
70,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.934% (1-month USLIBOR +0.250%), 2/13/2020 | 70,000,000 | |
100,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.809% (1-month USLIBOR +0.160%), 2/25/2020 | 100,000,000 | |
100,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 100,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 40,000,000 | |
TOTAL | 460,000,000 | ||
Government Agency—0.4% | |||
4,925,000 | Andrew Long Irrevocable Family Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 4,925,000 | |
1,905,000 | CMR LLC, CMR LLC Project Series 2017, (FHLB of Indianapolis LOC), 1.680%, 2/6/2020 | 1,905,000 | |
7,210,000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (FHLB of Indianapolis LOC), 1.620%, 2/6/2020 | 7,210,000 | |
5,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.620%, 2/3/2020 | 5,000,000 | |
4,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.620%, 2/3/2020 | 4,000,000 | |
6,740,000 | Mason Harrison Ratliff Enterprises, LLC, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 6,740,000 | |
11,400,000 | NWD 2017 Family Trust No. 1, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 11,400,000 | |
35,960,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 35,960,000 | |
6,960,000 | Phenix City, AL Downtown Redevelopment Authority, Series 2013-A, (FHLB of New York LOC), 1.620%, 2/6/2020 | 6,960,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$21,000,000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | $21,000,000 | |
5,540,000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (FHLB of New York LOC), 1.760%, 2/6/2020 | 5,540,000 | |
7,600,000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (FHLB of Des Moines LOC), 1.620%, 2/6/2020 | 7,600,000 | |
11,260,000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (FHLB of Pittsburgh LOC), 1.620%, 2/6/2020 | 11,260,000 | |
7,680,000 | The J.G. Aguirre Master Trust, (FHLB of Atlanta LOC), 1.620%, 2/6/2020 | 7,680,000 | |
TOTAL | 137,180,000 | ||
TOTAL NOTES—VARIABLE | 8,476,794,440 | ||
TIME DEPOSITS—7.5% | |||
Finance - Banking—7.5% | |||
1,200,000,000 | ABN Amro Bank NV, 1.580%, 2/3/2020 - 2/5/2020 | 1,200,000,000 | |
200,000,000 | Australia & New Zealand Banking Group, Melbourne, 1.630%, 2/3/2020 | 200,000,000 | |
150,000,000 | Cooperatieve Rabobank UA, 1.570%, 2/3/2020 | 150,000,000 | |
150,000,000 | Credit Industriel et Commercial, 1.550%, 2/3/2020 | 150,000,000 | |
150,000,000 | DNB Bank ASA, 1.550%, 2/3/2020 | 150,000,000 | |
400,000,000 | Nordea Bank Abp, 1.560%, 2/3/2020 | 400,000,000 | |
150,000,000 | Northern Trust Co., Chicago, IL, 1.550%, 2/3/2020 | 150,000,000 | |
TOTAL TIME DEPOSITS | 2,400,000,000 | ||
OTHER REPURCHASE AGREEMENTS—11.7% | |||
Finance - Banking—11.7% | |||
$20,000,000 | BMO Capital Markets Corp., 1.73%, dated 1/31/2020, interest in a $20,000,000 collateralized loan agreement will repurchase securities provided as collateral for $20,002,883 on 2/3/2020, in which asset-backed securities and corporate bonds with a market value of $20,403,338 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
50,000,000 | BNP Paribas SA, 1.71%, dated 1/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,021,375 on 2/3/2020, in which asset-backed securities, medium-term notes and sovereign debt with a market value of $153,022,447 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 11/19/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,820,333 on 5/21/2020, in which medium-term notes and sovereign debt with a market value of $76,651,853 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 9/26/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,105,667 on 3/30/2020, in which medium-term notes and sovereign debt with a market value of $102,226,543 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
50,000,000 | Citigroup Global Markets, Inc., 2.19%, dated 11/19/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $146,623,033 on 5/21/2020, in which asset-backed securities, collateralized mortgage obligations and medium-term notes with a market value of $148,200,156 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
1,000,000,000 | Credit Agricole CIB Paris, 1.78%, dated 1/13/2020, interest in a $2,000,000,000 collateralized loan agreement will repurchase securities provided as collateral for $2,000,692,222 on 2/10/2020, in which corporate bonds, medium-term notes, sovereign debt and treasury notes with a market value of $2,040,302,600 have been received as collateral and held with BNY Mellon as tri-party agent. | 1,000,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 1.68%, dated 1/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,003,500 on 2/3/2020, in which assets-backed securities with a market value of $25,500,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
125,000,000 | J.P. Morgan Securities LLC, 1.78%, dated 1/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,395,556 on 2/18/2020, in which asset-backed securities, medium-term notes and municipal bonds with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
50,000,000 | J.P. Morgan Securities LLC, 2.25%, dated 12/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,143,750 on 6/18/2020, in which asset-backed securities and collateralized mortgage obligations with a market value of $102,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 1.70%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,167 on 2/3/2020, in which municipal bonds with a market value of $102,014,450 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | MUFG Securities Americas, Inc., 1.78%, dated 1/31/2020, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,044,500 on 2/3/2020, in which corporate bonds and exchange traded funds with a market value of $306,045,391 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$50,000,000 | Mizuho Securities USA, Inc., 1.77%, dated 1/21/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,034,417 on 2/4/2020 in which common stocks, exchange-traded funds and unit investment trust with a market value of $51,032,661 have been received as collateral and held with BNY Mellon as tri-party agent. | $50,000,000 | |
333,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020 in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. | 333,000,000 | |
244,000,000 | Mizuho Securities USA, Inc., 2.28%, dated 11/7/2019, interest in a $365,000,000 collateralized loan agreement will repurchase securities provided as collateral for $366,410,117 on 3/9/2020 in which asset-backed securities and corporate bonds with a market value of $372,913,055 have been received as collateral and held with BNY Mellon as tri-party agent. | 244,000,000 | |
250,000,000 | Pershing LLC, 1.78%, dated 11/21/2019, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,173,056 on 2/10/2020 in which asset-backed securities, commercial paper, common stocks, convertible bonds, corporate bonds, exchange-traded funds, medium-term notes and municipal bonds with a market value of $510,075,684 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
300,000,000 | Societe Generale, Paris, 1.69%, dated 1/31/2020, interest in a $700,000,000 collateralized loan agreement will repurchase securities provided as collateral for $700,098,583 on 2/3/2020, in which asset-backed securities, commercial paper, corporate bonds, medium-term notes and sovereign with a market value of $714,248,890 have been received as collateral and held with BNY Mellon as tri-party agent. | 300,000,000 | |
220,000,000 | Societe Generale, Paris, 1.76%, dated 1/31/2020, interest in a $550,000,000 collateralized loan agreement will repurchase securities provided as collateral for $550,080,667 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $561,082,395 have been received as collateral and held with BNY Mellon as tri-party agent. | 220,000,000 | |
50,000,000 | Societe Generale, Paris, 1.88%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,161,889 on 3/2/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $102,016,340 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Standard Chartered Bank, 1.71%, dated 1/31/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,028,500 on 2/3/2020, in which convertible bonds with a market value of $204,029,070 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
50,000,000 | Wells Fargo Securities LLC, 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which convertible bonds with a market value of $102,015,131 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 2.20%, dated 9/24/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,825,000 on 4/20/2020, in which convertible bonds with a market value of $153,122,103 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
85,000,000 | Wells Fargo Securities LLC, 2.23%, dated 1/16/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,473,875 on 4/15/2020, in which collateralized mortgage obligations with a market value of $86,796,671 have been received as collateral and held with BNY Mellon as tri-party agent. | 85,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,562,500 on 4/8/2020, in which asset-backed securities with a market value of $102,159,375 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,675,000 on 4/8/2020, in which convertible bonds with a market value of $122,591,300 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 3,722,000,000 | ||
REPURCHASE AGREEMENTS—14.3% | |||
Finance - Banking—14.3% | |||
250,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Citibank, N.A. will repurchase securities provided as collateral for $250,033,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/20/2063 and the market value of those underlying securities was $255,034,007. | 250,000,000 |
Principal Amount or Shares | Value | ||
REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,020,000,000. | $500,000,000 | |
465,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,200,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $1,543,116,413. | 465,000,000 | |
300,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $300,040,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/25/2049 and the market value of those underlying securities was $309,041,201. | 300,000,000 | |
740,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,083,160,911. | 740,000,000 | |
1,125,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | 1,125,000,000 | |
1,200,000,000 | Interest in $2,730,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,730,364,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $2,784,992,192. | 1,200,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 4,580,000,000 |
Principal Amount or Shares | Value | ||
INVESTMENT COMPANIES—3.1% | |||
1,000,000,000 | Federated Institutional Money Market Management, Institutional Shares, 1.75%3 | $999,713,000 | |
197,500 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71 %3 | 197,520 | |
TOTAL INVESTMENT COMPANIES | 999,910,520 | ||
TOTAL INVESTMENT IN SECURITIES-100.1% (AT AMORTIZED COST)4 | 31,941,115,229 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (44,967,246) | ||
TOTAL NET ASSETS—100% | $31,896,147,983 |
Federated Institutional Money Market Management, Institutional Shares | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | — | 26,997,500 | 26,997,500 |
Purchases/Additions | 1,000,000,000 | — | 1,000,000,000 |
Sales/Reductions | — | (26,800,000) | (26,800,000) |
Balance of Shares Held 1/31/2020 | 1,000,000,000 | 197,500 | 1,000,197,500 |
Value | $999,713,000 | $197,520 | $999,910,520 |
Change in Unrealized Appreciation/Depreciation | $— | $— | $— |
Net Realized Gain/(Loss) | $— | $2,680 | $2,680 |
Dividend Income | $6,108,344 | $89,678 | $6,198,022 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
IDB | —Industrial Development Bond |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.008 | 0.020 | 0.012 | 0.005 | 0.001 | 0.0002 |
Net realized gain | — | (0.000)2 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.020 | 0.012 | 0.005 | 0.001 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.008) | (0.020) | (0.012) | (0.005) | (0.001) | (0.000)2 |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | — |
TOTAL DISTRIBUTIONS | (0.008) | (0.020) | (0.012) | (0.005) | (0.001) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.78% | 2.03% | 1.22% | 0.45% | 0.05% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.54%5 | 0.54% | 0.51% | 0.51% | 0.48% | 0.30%5 |
Net investment income | 1.56%5 | 2.06% | 1.21% | 0.37% | 0.07% | 0.02%5 |
Expense waiver/reimbursement6 | 0.10%5 | 0.10% | 0.13% | 0.13% | 0.14% | 0.35%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,609,540 | $1,678,950 | $376,107 | $346,013 | $1,100,224 | $121,723 |
1 | Reflects operations for the period from June 2, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.014 | 0.006 | 0.0002 | 0.0002 | 0.0002 |
Net realized gain | — | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.014 | 0.006 | 0.0002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.014) | (0.006) | (0.000)2 | (0.000)2 | — |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | — | — |
TOTAL DISTRIBUTIONS | (0.005) | (0.014) | (0.006) | (0.000)2 | (0.000)2 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.48% | 1.42% | 0.58% | 0.04% | 0.01% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.14%5 | 1.13% | 1.15% | 0.82% | 0.56% | 0.31%5 |
Net investment income | 0.95%5 | 1.42% | 0.56% | 0.02% | 0.01% | 0.02%5 |
Expense waiver/reimbursement6 | 0.15%5 | 0.16% | 0.18% | 0.51% | 0.73% | 0.99%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $45,634 | $44,257 | $42,390 | $51,059 | $231,222 | $07 |
1 | Reflects operations for the period from June 2, 2015 (date of initial public investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.023 | 0.015 | 0.008 | 0.003 | 0.0001 |
Net realized gain | — | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.023 | 0.015 | 0.008 | 0.003 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.023) | (0.015) | (0.008) | (0.003) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.023) | (0.015) | (0.008) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.95% | 2.36% | 1.53% | 0.75% | 0.27% | 0.05% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.20%3 | 0.20% | 0.20% | 0.20% | 0.21% | 0.20% |
Net investment income | 1.88%3 | 2.36% | 1.56% | 0.71% | 0.26% | 0.05% |
Expense waiver/reimbursement4 | 0.10%3 | 0.10% | 0.13% | 0.13% | 0.10% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $21,076,751 | $16,862,096 | $5,770,600 | $2,868,583 | $6,447,093 | $10,562,802 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Period Ended 7/31/20191 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 |
Income From Investment Operations: | ||
Net investment income | 0.009 | 0.013 |
Net realized gain | — | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.013 |
Less Distributions: | ||
Distributions from net investment income | (0.009) | (0.013) |
Net Asset Value, End of Period | $1.00 | $1.00 |
Total Return2 | 0.95% | 1.31% |
Ratios to Average Net Assets: | ||
Net expenses | 0.20%3 | 0.20%3 |
Net investment income | 1.88%3 | 2.39%3 |
Expense waiver/reimbursement4 | 0.10%3 | 0.10%3 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $306,218 | $276,284 |
1 | Reflects operations for the period from January 18, 2019 (date of initial investment) to July 31, 2019. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.008 | 0.021 | 0.013 | 0.005 | 0.001 | 0.0001 |
Net realized gain | — | 0.0001 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.021 | 0.013 | 0.005 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.008) | (0.021) | (0.013) | (0.005) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.008) | (0.021) | (0.013) | (0.005) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.83% | 2.10% | 1.28% | 0.50% | 0.08% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.45%3 | 0.45% | 0.45% | 0.45% | 0.40% | 0.24% |
Net investment income | 1.63%3 | 2.09% | 1.31% | 0.47% | 0.08% | 0.01% |
Expense waiver/reimbursement4 | 0.10%3 | 0.10% | 0.13% | 0.13% | 0.16% | 0.30% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,438,611 | $2,757,262 | $1,799,914 | $1,215,338 | $2,044,619 | $1,959,603 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.006 | 0.016 | 0.008 | 0.002 | 0.0002 | 0.0002 |
Net realized gain | — | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.016 | 0.008 | 0.002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.006) | (0.016) | (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 | (0.006) | (0.016) | (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 | $1.00 |
Total Return3 | 0.60% | 1.65% | 0.83% | 0.16% | 0.01% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.90%5 | 0.90% | 0.90% | 0.79% | 0.54% | 0.30%5 |
Net investment income | 1.19%5 | 1.64% | 0.80% | 0.16% | 0.01% | 0.02%5 |
Expense waiver/reimbursement6 | 0.10%5 | 0.10% | 0.13% | 0.24% | 0.46% | 0.70%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,093,156 | $1,043,702 | $998,683 | $1,196,268 | $1,477,770 | $211,294 |
1 | Reflects operations for the period from June 2, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.015 | 0.007 | 0.001 | 0.0002 | 0.0002 |
Net realized gain | — | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.015 | 0.007 | 0.001 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.015) | (0.007) | (0.001) | (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 | (0.005) | (0.015) | (0.007) | (0.001) | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.53% | 1.51% | 0.72% | 0.08% | 0.01% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.04%5 | 1.03% | 1.00% | 0.70% | 0.51% | 0.30%5 |
Net investment income | 1.04%5 | 1.49% | 0.72% | 0.02% | 0.01% | 0.02%5 |
Expense waiver/reimbursement6 | 0.20%5 | 0.21% | 0.23% | 0.57% | 0.74% | 0.95%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $36,257 | $32,789 | $29,911 | $28,365 | $472,110 | $9,734 |
1 | Reflects operations for the period from June 2, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.022 | 0.013 | 0.007 | 0.002 | 0.0001 |
Net realized gain | — | 0.0001 | 0.001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.022 | 0.014 | 0.007 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.022) | (0.014) | (0.007) | (0.002) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.022) | (0.014) | (0.007) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.90% | 2.26% | 1.43% | 0.65% | 0.17% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.30%3 | 0.30% | 0.30% | 0.30% | 0.30% | 0.24% |
Net investment income | 1.79%3 | 2.25% | 1.46% | 0.45% | 0.17% | 0.01% |
Expense waiver/reimbursement4 | 0.10%3 | 0.10% | 0.13% | 0.12% | 0.10% | 0.15% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $637,550 | $670,114 | $398,852 | $203,594 | $1,570,124 | $2,139,131 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.007 | 0.018 | 0.010 | 0.003 | 0.0002 | 0.0002 |
Net realized gain | — | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.018 | 0.010 | 0.003 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.007) | (0.018) | (0.010) | (0.003) | (0.000)2 | — |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | — |
TOTAL DISTRIBUTIONS | (0.007) | (0.018) | (0.010) | (0.003) | (0.000)2 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.70% | 1.85% | 1.02% | 0.29% | 0.01% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.70%5 | 0.70% | 0.70% | 0.63% | 0.55% | 0.30%5 |
Net investment income | 1.38%5 | 1.90% | 1.03% | 0.15% | 0.01% | 0.02%5 |
Expense waiver/reimbursement6 | 0.10%5 | 0.10% | 0.13% | 0.20% | 0.26% | 0.50%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $3,652,430 | $3,502,863 | $19,829 | $13,188 | $83,706 | $1,249 |
1 | Reflects operations for the period from June 2, 2015 (date of initial investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Assets: | ||
Investment in repurchase agreements and other repurchase agreements | $8,302,000,000 | |
Investment in securities, including $999,910,520 of investment in affiliated holdings* | 23,639,115,229 | |
Investment in securities, at amortized cost and fair value | $31,941,115,229 | |
Cash | 886,095 | |
Income receivable | 33,247,615 | |
Income receivable from affiliated holdings | 1,494,343 | |
Receivable for shares sold | 92,454,083 | |
TOTAL ASSETS | 32,069,197,365 | |
Liabilities: | ||
Payable for investments purchased | $100,000,000 | |
Payable for shares redeemed | 65,657,501 | |
Income distribution payable | 2,214,412 | |
Capital gain distribution payable | 20,761 | |
Payable to adviser (Note 4) | 86,056 | |
Payable for administrative fees (Note 4) | 68,272 | |
Payable for Directors'/Trustees' fees (Note 4) | 1,091 | |
Payable for distribution services fee (Note 4) | 1,154,779 | |
Payable for other service fees (Note 2 and 4) | 2,125,688 | |
Accrued expenses (Note 4) | 1,720,822 | |
TOTAL LIABILITIES | 173,049,382 | |
Net assets for 31,896,176,862 shares outstanding | $31,896,147,983 | |
Net Assets Consist of: | ||
Paid-in capital | $31,896,168,046 | |
Total distributable earnings (loss) | (20,063) | |
TOTAL NET ASSETS | $31,896,147,983 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$1,609,539,830 ÷ 1,609,541,286 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Class R Shares: | ||
$45,633,621 ÷ 45,633,663 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Wealth Shares: | ||
$21,076,751,123 ÷ 21,076,770,197 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Advisor Shares: | ||
$306,218,465 ÷ 306,218,743 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$3,438,611,355 ÷ 3,438,614,474 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$1,093,156,288 ÷ 1,093,157,284 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$36,257,162 ÷ 36,257,195 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$637,550,454 ÷ 637,551,032 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$3,652,429,685 ÷ 3,652,432,988 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Interest | $306,296,178 | ||
Dividends received from affiliated holdings* | 6,198,022 | ||
TOTAL INCOME | 312,494,200 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $29,540,031 | ||
Administrative fee (Note 4) | 11,837,552 | ||
Custodian fees | 548,362 | ||
Transfer agent fee (Note 2) | 3,047,597 | ||
Directors'/Trustees' fees (Note 4) | 78,421 | ||
Auditing fees | 12,000 | ||
Legal fees | 4,829 | ||
Portfolio accounting fees | 143,544 | ||
Distribution services fee (Note 4) | 6,653,708 | ||
Other service fees (Notes 2 and 4) | 12,393,314 | ||
Share registration costs | 471,960 | ||
Printing and postage | 187,459 | ||
Miscellaneous (Note 4) | 66,532 | ||
TOTAL EXPENSES | 64,985,309 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 4) | $(14,335,438) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 4) | (30,011) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (14,365,449) | ||
Net expenses | 50,619,860 | ||
Net investment income | 261,874,340 | ||
Net realized gain on investments (including net realized gain of $2,680 on sales of investments in an affiliated holding*) | 9,100 | ||
Change in net assets resulting from operations | $261,883,440 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $261,874,340 | $395,305,201 |
Net realized gain | 9,100 | 16,367 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 261,883,440 | 395,321,568 |
Distributions to Shareholders: | ||
Automated Shares | (13,200,254) | (26,085,945) |
Class R Shares | (211,900) | (636,026) |
Wealth Shares | (182,030,704) | (255,912,055) |
Advisor Shares | (3,257,056) | (1,355,299) |
Service Shares | (25,731,211) | (47,210,636) |
Cash II Shares | (6,423,757) | (16,939,442) |
Cash Series Shares | (184,805) | (408,312) |
Capital Shares | (5,740,451) | (13,067,718) |
Trust Shares | (25,152,600) | (33,684,873) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (261,932,738) | (395,300,306) |
Share Transactions: | ||
Proceeds from sale of shares | 20,951,846,555 | 41,721,543,941 |
Net asset value of shares issued to shareholders in payment of distributions declared | 245,203,105 | 362,235,071 |
Cost of shares redeemed | (16,169,167,793) | (24,651,770,619) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 5,027,881,867 | 17,432,008,393 |
Change in net assets | 5,027,832,569 | 17,432,029,655 |
Net Assets: | ||
Beginning of period | 26,868,315,414 | 9,436,285,759 |
End of period | $31,896,147,983 | $26,868,315,414 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $832,640 | $— |
Class R Shares | 57,821 | — |
Wealth Shares | 1,107,335 | (100) |
Advisor Shares | 19,769 | — |
Service Shares | 180,577 | — |
Cash II Shares | 586,433 | (518) |
Cash Series Shares | 19,015 | (470) |
Capital Shares | 36,629 | — |
Trust Shares | 207,378 | (3) |
TOTAL | $3,047,597 | $(1,091) |
Other Service Fees Incurred | |
Automated Shares | $2,121,613 |
Class R Shares | 55,071 |
Service Shares | 3,956,364 |
Cash II Shares | 1,351,480 |
Cash Series Shares | 44,302 |
Capital Shares | 321,297 |
Trust Shares | 4,543,187 |
TOTAL | $12,393,314 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 817,475,536 | $817,475,536 | 2,586,946,546 | $2,586,976,145 |
Shares issued to shareholders in payment of distributions declared | 13,027,624 | 13,027,624 | 25,918,844 | 25,918,844 |
Shares redeemed | (899,910,520) | (899,910,520) | (1,310,023,803) | (1,310,023,803) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (69,407,360) | $(69,407,360) | 1,302,841,587 | $1,302,871,186 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,398,500 | $9,398,500 | 34,908,755 | $34,908,798 |
Shares issued to shareholders in payment of distributions declared | 210,890 | 210,890 | 629,102 | 629,102 |
Shares redeemed | (8,232,395) | (8,232,395) | (33,671,231) | (33,671,231) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 1,376,995 | $1,376,995 | 1,866,626 | $1,866,669 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 14,679,869,779 | $14,679,869,779 | 25,633,683,302 | $25,633,683,302 |
Shares issued to shareholders in payment of distributions declared | 167,033,602 | 167,033,602 | 226,374,442 | 226,374,442 |
Shares redeemed | (10,632,216,620) | (10,632,216,620) | (14,768,574,598) | (14,768,575,207) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 4,214,686,761 | $4,214,686,761 | 11,091,483,146 | $11,091,482,537 |
Six Months Ended 1/31/2020 | Period Ended 7/31/20191 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 416,542,058 | $416,542,058 | 371,071,208 | $371,071,208 |
Shares issued to shareholders in payment of distributions declared | 3,257,194 | 3,257,194 | 1,355,058 | 1,355,058 |
Shares redeemed | (389,864,778) | (389,864,778) | (96,141,997) | (96,171,899) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 29,934,474 | $29,934,474 | 276,284,269 | $276,254,367 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,666,172,857 | $2,666,172,857 | 6,557,740,411 | $6,557,743,267 |
Shares issued to shareholders in payment of distributions declared | 24,629,207 | 24,629,207 | 44,731,226 | 44,731,226 |
Shares redeemed | (2,009,447,066) | (2,009,447,067) | (5,645,126,628) | (5,645,126,628) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 681,354,998 | $681,354,997 | 957,345,009 | $957,347,865 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 930,075,403 | $930,075,403 | 1,771,628,327 | $1,771,630,422 |
Shares issued to shareholders in payment of distributions declared | 6,410,856 | 6,410,856 | 16,886,647 | 16,886,647 |
Shares redeemed | (887,029,843) | (887,029,843) | (1,743,497,551) | (1,743,497,551) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 49,456,416 | $49,456,416 | 45,017,423 | $45,019,518 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 30,306,657 | $30,306,657 | 75,300,630 | $75,300,712 |
Shares issued to shareholders in payment of distributions declared | 181,318 | 181,318 | 391,139 | 391,139 |
Shares redeemed | (27,019,376) | (27,019,376) | (72,814,401) | (72,814,401) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 3,468,599 | $3,468,599 | 2,877,368 | $2,877,450 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 327,782,911 | $327,782,911 | 916,067,161 | $916,067,441 |
Shares issued to shareholders in payment of distributions declared | 5,301,967 | 5,301,967 | 12,265,697 | 12,265,697 |
Shares redeemed | (365,646,868) | (365,646,868) | (657,071,466) | (657,071,466) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (32,561,990) | $(32,561,990) | 271,261,392 | $271,261,672 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,074,222,854 | $1,074,222,854 | 3,774,162,646 | $3,774,162,646 |
Shares issued to shareholders in payment of distributions declared | 25,150,447 | 25,150,447 | 33,682,916 | 33,682,916 |
Shares redeemed | (949,800,326) | (949,800,326) | (324,814,090) | (324,818,433) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 149,572,975 | $149,572,975 | 3,483,031,472 | $3,483,027,129 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 5,027,881,868 | $5,027,881,867 | 17,432,008,292 | $17,432,008,393 |
1 | Reflects operations for the period from January 18, 2019 to July 31, 2019. |
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 | |
Class R Shares | 0.50% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class R Shares | $111,997 | $(11,200) |
Cash II Shares | 1,892,199 | — |
Cash Series Shares | 106,325 | (17,720) |
Trust Shares | 4,543,187 | — |
TOTAL | $6,653,708 | $(28,920) |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,007.80 | $2.73 |
Class R Shares | $1,000 | $1,004.80 | $5.74 |
Wealth Shares | $1,000 | $1,009.50 | $1.01 |
Advisor Shares | $1,000 | $1,009.50 | $1.01 |
Service Shares | $1,000 | $1,008.30 | $2.27 |
Cash II Shares | $1,000 | $1,006.00 | $4.54 |
Cash Series Shares | $1,000 | $1,005.30 | $5.24 |
Capital Shares | $1,000 | $1,009.00 | $1.51 |
Trust Shares | $1,000 | $1,007.00 | $3.53 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.40 | $2.75 |
Class R Shares | $1,000 | $1,019.40 | $5.79 |
Wealth Shares | $1,000 | $1,024.10 | $1.02 |
Advisor Shares | $1,000 | $1,024.10 | $1.02 |
Service Shares | $1,000 | $1,022.90 | $2.29 |
Cash II Shares | $1,000 | $1,020.60 | $4.57 |
Cash Series Shares | $1,000 | $1,019.90 | $5.28 |
Capital Shares | $1,000 | $1,023.60 | $1.53 |
Trust Shares | $1,000 | $1,021.60 | $3.56 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.54% |
Class R Shares | 1.14% |
Wealth Shares | 0.20% |
Advisor Shares | 0.20% |
Service Shares | 0.45% |
Cash II Shares | 0.90% |
Cash Series Shares | 1.04% |
Capital Shares | 0.30% |
Trust Shares | 0.70% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919577
CUSIP 60934N625
CUSIP 608919429
CUSIP 60934N617
CUSIP 608919593
CUSIP 608919585
CUSIP 60934N591
CUSIP 608919619
Share Class | Ticker | Wealth | PCOXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Instruments | 26.6% |
Other Repurchase Agreements and Repurchase Agreements | 26.0% |
Bank Instruments | 24.3% |
Commercial Paper | 19.9% |
Asset-Backed Securities | 0.1% |
Corporate Note | 0.1% |
Cash Equivalents2 | 3.1% |
Other Assets and Liabilities—Net3 | (0.1)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 53.0%5 |
8 to 30 Days | 20.5% |
31 to 90 Days | 18.1% |
91 to 180 Days | 7.0% |
181 Days or more | 1.5% |
Other Assets and Liabilities—Net3 | (0.1)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper includes commercial paper with interest rates that are fixed or that reset periodically. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
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. |
5 | Overnight securities comprised 24.7% of the Fund's portfolio. |
Principal Amount or Shares | Value | ||
ASSET-BACKED SECURITIES—0.1% | |||
Finance - Automotive—0.0% | |||
$2,074,866 | Santander Drive Auto Receivables Trust 2019-3, Class A1, 2.208%, 8/17/2020 | $2,074,865 | |
Finance - Equipment—0.1% | |||
30,309,811 | HPEFS Equipment Trust 2019-1, Class A1, 2.150%, 10/9/2020 | 30,309,811 | |
TOTAL ASSET-BACKED SECURITIES | 32,384,676 | ||
CERTIFICATES OF DEPOSIT—16.8% | |||
Finance - Banking—16.8% | |||
50,000,000 | BNP Paribas Fortis SA/NV, 1.760%, 5/12/2020 | 49,754,348 | |
190,000,000 | Bank of Montreal, 2.690% - 2.700%, 3/9/2020 - 3/19/2020 | 190,000,000 | |
75,000,000 | Credit Suisse AG, 2.000%, 4/1/2020 | 75,000,000 | |
1,303,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.900% - 2.200%, 2/18/2020 - 4/6/2020 | 1,300,799,528 | |
230,000,000 | MUFG Bank Ltd., 1.850% - 2.090%, 2/12/2020 - 7/9/2020 | 229,936,814 | |
545,000,000 | MUFG Bank Ltd., 1.910% - 2.080%, 2/27/2020 - 4/27/2020 | 545,000,000 | |
635,000,000 | Mizuho Bank Ltd., 1.820% - 2.000%, 2/28/2020 - 4/14/2020 | 634,455,081 | |
80,000,000 | Mizuho Bank Ltd., 1.920%, 2/28/2020 | 80,000,000 | |
290,000,000 | Sumitomo Mitsui Banking Corp., 1.730% - 1.760%, 5/4/2020 - 6/30/2020 | 288,914,272 | |
445,000,000 | Sumitomo Mitsui Banking Corp., 1.930% - 2.010%, 2/11/2020 - 4/29/2020 | 445,000,000 | |
150,000,000 | Sumitomo Mitsui Banking Corp., 2.240% - 2.245%, 2/3/2020 - 2/5/2020 | 149,969,187 | |
810,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.600% - 2.000%, 2/5/2020 - 4/9/2020 | 810,000,000 | |
50,000,000 | Sumitomo Mitsui Trust Bank Ltd., 2.150%, 2/13/2020 | 50,000,000 | |
75,000,000 | Toronto Dominion Bank, 2.070%, 2/28/2020 | 75,000,000 | |
40,000,000 | Toronto Dominion Bank, 2.100%, 2/6/2020 | 40,000,000 | |
405,000,000 | Wells Fargo Bank International, 1.830% - 1.880%, 6/12/2020 - 8/11/2020 | 405,000,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 5,368,829,230 | ||
1 | COMMERCIAL PAPER—19.9% | ||
Finance - Banking—5.3% | |||
78,620,000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 1.693% - 1.707%, 2/24/2020 - 4/27/2020 | 78,449,785 | |
115,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 115,000,000 | |
100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.950%, 5/1/2020 | 100,000,000 |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.954% - 2.034%, 2/18/2020 - 3/5/2020 | $99,863,389 | |
130,000,000 | BPCE SA, 1.959%, 3/26/2020 | 129,619,750 | |
370,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.885% - 2.648%, 2/7/2020 - 10/19/2020 | 366,488,307 | |
200,000,000 | Credit Suisse AG, 1.919%, 4/2/2020 | 199,352,722 | |
126,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.631% - 1.821%, 2/3/2020 - 5/4/2020 | 125,737,698 | |
100,000,000 | MUFG Bank Ltd., 2.061%, 2/10/2020 | 99,949,000 | |
230,000,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.013% - 2.034%, 2/4/2020 - 2/12/2020 | 229,917,006 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.860% - 1.990%, 2/7/2020 - 4/15/2020 | 99,759,204 | |
25,000,000 | NRW.Bank, 2.020%, 3/3/2020 | 24,956,944 | |
5,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.902%, 3/3/2020 | 4,991,862 | |
TOTAL | 1,674,085,667 | ||
Finance - Commercial—2.9% | |||
105,500,000 | Atlantic Asset Securitization LLC, 1.872% - 2.009%, 3/11/2020 - 5/5/2020 | 105,136,917 | |
28,000,000 | CRC Funding, LLC, 2.041%, 2/13/2020 | 27,981,147 | |
80,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.730%, 5/29/2020 | 80,000,000 | |
125,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.800%, 5/22/2020 | 125,000,000 | |
150,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/15/2020 | 150,000,000 | |
175,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/18/2020 | 175,000,000 | |
30,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.860%, 5/6/2020 | 30,000,000 | |
240,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.993% - 2.014%, 2/7/2020 - 2/20/2020 | 239,848,111 | |
TOTAL | 932,966,175 | ||
Finance - Retail—3.3% | |||
50,000,000 | Barton Capital S.A., 1.704%, 3/27/2020 | 49,870,139 | |
175,000,000 | Chariot Funding LLC, 1.707% - 2.722%, 3/9/2020 - 4/28/2020 | 174,350,278 | |
70,000,000 | Old Line Funding, LLC, 1.827%, 7/20/2020 | 69,401,694 | |
60,000,000 | Old Line Funding, LLC, 1.900%, 7/8/2020 | 59,499,667 | |
74,500,000 | Old Line Funding, LLC, 1.918% - 2.061%, 2/13/2020 - 6/29/2020 | 74,161,984 | |
50,000,000 | Old Line Funding, LLC, 2.019%, 4/3/2020 | 49,827,778 |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Retail—continued | |||
$331,000,000 | Sheffield Receivables Company LLC, 1.812% - 2.034%, 2/6/2020 - 5/27/2020 | $330,083,575 | |
75,000,000 | Starbird Funding Corp., 1.600%, 2/3/2020 | 74,993,333 | |
31,000,000 | Thunder Bay Funding, LLC, 1.910%, 7/10/2020 | 30,736,844 | |
125,000,000 | Thunder Bay Funding, LLC, 2.071% - 2.073%, 2/25/2020 - 3/23/2020 | 124,752,292 | |
TOTAL | 1,037,677,584 | ||
Finance - Securities—4.3% | |||
343,250,000 | Anglesea Funding LLC, 1.807% - 2.095%, 2/3/2020 - 5/18/2020 | 342,471,947 | |
130,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 1.620%, 2/6/2020 | 129,970,750 | |
100,000,000 | Chesham Finance LLC Series VII, 1.621% - 1.909%, 2/6/2020 - 3/30/2020 | 99,835,694 | |
15,000,000 | Collateralized Commercial Paper Co. LLC, (J.P. Morgan Securities LLC COL), 2.021%, 3/12/2020 | 14,966,667 | |
209,400,000 | Collateralized Commercial Paper FLEX Co., LLC, 1.898% - 2.092%, 2/10/2020 - 5/22/2020 | 208,504,594 | |
60,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 1.912%, 3/19/2020 | 59,851,167 | |
120,000,000 | Great Bridge Capital Co., LLC, 1.805% - 2.007%, 2/14/2020 - 3/17/2020 | 119,791,111 | |
151,000,000 | Longship Funding LLC, 1.590%, 2/3/2020 - 2/4/2020 | 150,980,037 | |
261,168,000 | Ridgefield Funding Company, LLC Series A, 1.903% - 2.146%, 2/7/2020 - 4/9/2020 | 260,635,639 | |
TOTAL | 1,387,007,606 | ||
Sovereign—4.1% | |||
50,000,000 | Caisse des Depots et Consignations (CDC), 2.030%, 3/12/2020 | 49,888,333 | |
325,000,000 | European Investment Bank, 1.896% - 1.958%, 5/26/2020 - 6/1/2020 | 322,987,868 | |
941,500,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.712% - 2.091%, 2/6/2020 - 4/5/2020 | 940,039,598 | |
TOTAL | 1,312,915,799 | ||
TOTAL COMMERCIAL PAPER | 6,344,652,831 | ||
CORPORATE NOTE—0.1% | |||
Finance - Banking—0.1% | |||
16,550,000 | Commonwealth Bank of Australia, 2.300%, 3/12/2020 | 16,543,532 | |
2 | NOTES - VARIABLE—26.6% | ||
Aerospace/Auto—0.2% | |||
70,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.795% (1-month USLIBOR +0.150%), 2/3/2020 | 70,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—22.9% | |||
$125,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.811% (3-month USLIBOR +0.150%), 2/26/2020 | $125,000,000 | |
50,000,000 | Bank of Montreal, 1.841% (1-month USLIBOR +0.180%), 2/27/2020 | 50,000,000 | |
50,000,000 | Bank of Montreal, 1.847% (1-month USLIBOR +0.170%), 2/14/2020 | 50,001,673 | |
49,000,000 | Bank of Montreal, 1.884% (1-month USLIBOR +0.170%), 2/7/2020 | 49,000,000 | |
149,500,000 | Bank of Montreal, 1.894% (1-month USLIBOR +0.160%), 2/6/2020 | 149,500,000 | |
200,000,000 | Bank of Montreal, 1.954% (1-month USLIBOR +0.300%), 2/21/2020 | 200,000,000 | |
200,000,000 | Bank of Montreal, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 200,000,000 | |
100,000,000 | Bank of Montreal, 1.970% (Effective Fed Funds +0.370%), 2/3/2020 | 100,000,000 | |
80,000,000 | Bank of Montreal, 1.974% (1-month USLIBOR +0.240%), 2/6/2020 | 80,000,000 | |
65,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 65,000,000 | |
100,000,000 | Bank of Montreal, 2.035% (3-month USLIBOR +0.130%), 2/18/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 2.045% (3-month USLIBOR +0.140%), 2/13/2020 | 100,000,000 | |
35,000,000 | Bank of Nova Scotia, Toronto, 1.820% (1-month USLIBOR +0.160%), 2/28/2020 | 35,000,000 | |
70,000,000 | Bank of Nova Scotia, Toronto, 1.824% (1-month USLIBOR +0.170%), 2/18/2020 | 70,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.828% (1-month USLIBOR +0.170%), 2/18/2020 | 50,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 125,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 125,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.890% (Effective Fed Funds +0.290%), 2/3/2020 | 50,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 1.909% (1-month USLIBOR +0.210%), 2/11/2020 | 25,000,000 | |
165,000,000 | Bank of Nova Scotia, Toronto, 1.910% (3-month USLIBOR +0.140%), 4/30/2020 | 165,000,000 | |
75,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 75,000,000 | |
10,000,000 | Bank of Nova Scotia, Toronto, 1.956% (3-month USLIBOR +0.150%), 4/23/2020 | 10,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.969% (3-month USLIBOR +0.150%), 4/1/2020 | 125,000,000 | |
150,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | 150,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$150,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | $150,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 2.034% (3-month USLIBOR +0.130%), 2/18/2020 | 100,000,000 | |
103,500,000 | Bank of Nova Scotia, Toronto, 2.048% (3-month USLIBOR +0.120%), 3/23/2020 | 103,500,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.830% (1-month USLIBOR +0.170%), 2/21/2020 | 50,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.831% (1-month USLIBOR +0.170%), 2/21/2020 | 40,000,000 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.851% (1-month USLIBOR +0.190%), 2/25/2020 | 30,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.856% (1-month USLIBOR +0.180%), 2/17/2020 | 40,000,000 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.864% (1-month USLIBOR +0.180%), 2/11/2020 | 10,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 65,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.884% (1-month USLIBOR +0.200%), 2/7/2020 | 60,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.894% (1-month USLIBOR +0.240%), 2/20/2020 | 40,000,000 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.904% (1-month USLIBOR +0.250%), 2/20/2020 | 15,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,000,000 | |
35,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.991% (1-month USLIBOR +0.210%), 2/3/2020 | 34,998,511 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.029% (3-month USLIBOR +0.130%), 2/13/2020 | 50,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 2/24/2020 | 50,000,000 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 3/17/2020 | 10,000,000 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (3-month USLIBOR +0.190%), 3/25/2020 | 30,000,000 | |
85,000,000 | Canadian Imperial Bank of Commerce, 1.854% (1-month USLIBOR +0.170%), 2/11/2020 | 85,000,000 | |
75,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 75,000,000 | |
105,000,000 | Canadian Imperial Bank of Commerce, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 105,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Canadian Imperial Bank of Commerce, 1.894% (1-month USLIBOR +0.180%), 2/7/2020 | $100,000,000 | |
20,000,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 20,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.400%), 2/3/2020 | 100,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,000,000 | |
165,000,000 | Canadian Imperial Bank of Commerce, 1.964% (1-month USLIBOR +0.250%), 2/4/2020 | 165,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 2.000% (Effective Fed Funds +0.350%), 2/3/2020 | 100,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 2.007% (3-month USLIBOR +0.120%), 3/4/2020 | 125,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 2.034% (3-month USLIBOR +0.140%), 2/5/2020 | 125,000,000 | |
6,865,000 | Capital Markets Access Co. LC, West Broad Holdings, LLC Series 2007, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 6,865,000 | |
7,000,000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 1.600%, 2/6/2020 | 7,000,000 | |
2,115,000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.680%, 2/6/2020 | 2,115,000 | |
4,265,000 | Guiding Light Church, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 4,265,000 | |
75,000,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 1.914% (1-month USLIBOR +0.200%), 2/7/2020 | 75,000,000 | |
3,000,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 3,000,000 | |
1,045,000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 1.760%, 2/6/2020 | 1,045,000 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.180%), 2/25/2020 | 100,000,000 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.039% (3-month USLIBOR +0.130%), 2/25/2020 | 100,000,000 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.044% (3-month USLIBOR +0.100%), 3/30/2020 | 100,000,000 | |
29,435,000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), 1.620%, 2/6/2020 | 29,435,000 | |
6,994,650 | Partisan Property, Inc., Series 2014, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 6,994,650 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.221% (1-month USLIBOR +0.480%), 2/13/2020 | 25,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$40,000,000 | Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.090% (1-month USLIBOR +0.350%), 4/14/2020 | $40,000,000 | |
100,000,000 | Royal Bank of Canada, 1.830% (Secured Overnight Financing Rate +0.250%), 2/3/2020 | 100,000,000 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,000,000 | |
25,000,000 | Royal Bank of Canada, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 25,000,000 | |
50,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 50,000,000 | |
50,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 50,000,000 | |
60,000,000 | Royal Bank of Canada, 1.894% (1-month USLIBOR +0.160%), 2/5/2020 | 60,000,000 | |
45,000,000 | Royal Bank of Canada, 1.900% (Secured Overnight Financing Rate +0.320%), 2/3/2020 | 45,000,000 | |
60,000,000 | Royal Bank of Canada, 1.910% (Effective Fed Funds +0.310%), 2/3/2020 | 60,000,000 | |
25,000,000 | Royal Bank of Canada, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 25,000,000 | |
10,000,000 | Royal Bank of Canada, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 10,000,000 | |
15,000,000 | SSAB AB (publ), Series 2015-A, (DNB Bank ASA LOC), 1.620%, 2/6/2020 | 15,000,000 | |
4,060,000 | Spira Millenium LLC, Series 2001, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | 4,060,000 | |
5,490,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 5,490,000 | |
150,000,000 | Sumitomo Mitsui Banking Corp., 1.781% (1-month USLIBOR +0.120%), 2/28/2020 | 150,000,000 | |
835,000 | Sun Valley, Inc., (Wells Fargo Bank, N.A. LOC), 1.710%, 2/7/2020 | 835,000 | |
100,000,000 | Toronto Dominion Bank, 1.854% (1-month USLIBOR +0.200%), 2/19/2020 | 100,000,000 | |
100,000,000 | Toronto Dominion Bank, 1.859% (1-month USLIBOR +0.200%), 2/24/2020 | 100,000,000 | |
59,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 59,000,000 | |
90,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 90,000,000 | |
150,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 150,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$125,000,000 | Toronto Dominion Bank, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | $125,000,000 | |
75,000,000 | Toronto Dominion Bank, 1.899% (1-month USLIBOR +0.240%), 2/24/2020 | 75,000,000 | |
20,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 20,000,000 | |
50,000,000 | Toronto Dominion Bank, 2.044% (3-month USLIBOR +0.150%), 2/7/2020 | 50,012,032 | |
100,000,000 | Toronto Dominion Bank, 2.049% (3-month USLIBOR +0.140%), 2/13/2020 | 100,000,000 | |
65,000,000 | Toronto Dominion Bank, 2.050% (3-month USLIBOR +0.140%), 2/18/2020 | 65,000,000 | |
200,000,000 | Toronto Dominion Bank, 2.090% (3-month USLIBOR +0.190%), 4/6/2020 | 200,000,000 | |
75,000,000 | Toronto Dominion Bank, 2.151% (3-month USLIBOR +0.190%), 3/30/2020 | 75,000,000 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.860% (Effective Fed Funds +0.280%), 2/3/2020 | 100,000,000 | |
75,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 75,000,000 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.880% (Effective Fed Funds +0.260%), 2/3/2020 | 100,000,000 | |
20,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.900% (Effective Fed Funds +0.300%), 2/3/2020 | 20,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/9/2020 | 150,000,000 | |
10,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.049% (3-month USLIBOR +0.150%), 3/18/2020 | 10,000,000 | |
TOTAL | 7,317,116,866 | ||
Finance - Commercial—0.1% | |||
30,000,000 | Atlantic Asset Securitization LLC, 1.818% (1-month USLIBOR +0.160%), 2/18/2020 | 29,997,574 | |
Finance - Retail—1.5% | |||
100,000,000 | Chariot Funding LLC, 1.971% (1-month USLIBOR +0.190%), 2/3/2020 | 100,000,000 | |
45,000,000 | Old Line Funding, LLC, 1.841% (1-month USLIBOR +0.180%), 2/26/2020 | 45,000,000 | |
100,000,000 | Old Line Funding, LLC, 1.850% (Effective Fed Funds +0.250%), 2/3/2020 | 100,000,000 | |
70,000,000 | Old Line Funding, LLC, 1.861% (1-month USLIBOR +0.200%), 2/25/2020 | 70,000,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Retail—continued | |||
$50,000,000 | Old Line Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | $50,000,000 | |
30,000,000 | Thunder Bay Funding, LLC, 1.861% (1-month USLIBOR +0.200%), 2/25/2020 | 30,000,000 | |
67,500,000 | Thunder Bay Funding, LLC, 1.940% (Effective Fed Funds +0.340%), 2/3/2020 | 67,500,000 | |
TOTAL | 462,500,000 | ||
Finance - Securities—1.5% | |||
50,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.910% (1-month USLIBOR +0.250%), 2/24/2020 | 50,000,000 | |
100,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.920% (1-month USLIBOR +0.250%), 2/17/2020 | 100,000,000 | |
70,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.934% (1-month USLIBOR +0.250%), 2/13/2020 | 70,000,000 | |
100,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.809% (1-month USLIBOR +0.160%), 2/25/2020 | 100,000,000 | |
100,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 100,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 40,000,000 | |
TOTAL | 460,000,000 | ||
Government Agency—0.4% | |||
4,925,000 | Andrew Long Irrevocable Family Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 4,925,000 | |
1,905,000 | CMR LLC, CMR LLC Project Series 2017, (FHLB of Indianapolis LOC), 1.680%, 2/6/2020 | 1,905,000 | |
7,210,000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (FHLB of Indianapolis LOC), 1.620%, 2/6/2020 | 7,210,000 | |
5,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.620%, 2/3/2020 | 5,000,000 | |
4,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.620%, 2/3/2020 | 4,000,000 | |
6,740,000 | Mason Harrison Ratliff Enterprises, LLC, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 6,740,000 | |
11,400,000 | NWD 2017 Family Trust No. 1, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 11,400,000 | |
35,960,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 35,960,000 | |
6,960,000 | Phenix City, AL Downtown Redevelopment Authority, Series 2013-A, (FHLB of New York LOC), 1.620%, 2/6/2020 | 6,960,000 |
Principal Amount or Shares | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$21,000,000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | $21,000,000 | |
5,540,000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (FHLB of New York LOC), 1.760%, 2/6/2020 | 5,540,000 | |
7,600,000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (FHLB of Des Moines LOC), 1.620%, 2/6/2020 | 7,600,000 | |
11,260,000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (FHLB of Pittsburgh LOC), 1.620%, 2/6/2020 | 11,260,000 | |
7,680,000 | The J.G. Aguirre Master Trust, (FHLB of Atlanta LOC), 1.620%, 2/6/2020 | 7,680,000 | |
TOTAL | 137,180,000 | ||
TOTAL NOTES—VARIABLE | 8,476,794,440 | ||
TIME DEPOSITS—7.5% | |||
Finance - Banking—7.5% | |||
1,200,000,000 | ABN Amro Bank NV, 1.580%, 2/3/2020 - 2/5/2020 | 1,200,000,000 | |
200,000,000 | Australia & New Zealand Banking Group, Melbourne, 1.630%, 2/3/2020 | 200,000,000 | |
150,000,000 | Cooperatieve Rabobank UA, 1.570%, 2/3/2020 | 150,000,000 | |
150,000,000 | Credit Industriel et Commercial, 1.550%, 2/3/2020 | 150,000,000 | |
150,000,000 | DNB Bank ASA, 1.550%, 2/3/2020 | 150,000,000 | |
400,000,000 | Nordea Bank Abp, 1.560%, 2/3/2020 | 400,000,000 | |
150,000,000 | Northern Trust Co., Chicago, IL, 1.550%, 2/3/2020 | 150,000,000 | |
TOTAL TIME DEPOSITS | 2,400,000,000 | ||
OTHER REPURCHASE AGREEMENTS—11.7% | |||
Finance - Banking—11.7% | |||
$20,000,000 | BMO Capital Markets Corp., 1.73%, dated 1/31/2020, interest in a $20,000,000 collateralized loan agreement will repurchase securities provided as collateral for $20,002,883 on 2/3/2020, in which asset-backed securities and corporate bonds with a market value of $20,403,338 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
50,000,000 | BNP Paribas SA, 1.71%, dated 1/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,021,375 on 2/3/2020, in which asset-backed securities, medium-term notes and sovereign debt with a market value of $153,022,447 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 11/19/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,820,333 on 5/21/2020, in which medium-term notes and sovereign debt with a market value of $76,651,853 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 9/26/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,105,667 on 3/30/2020, in which medium-term notes and sovereign debt with a market value of $102,226,543 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
50,000,000 | Citigroup Global Markets, Inc., 2.19%, dated 11/19/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $146,623,033 on 5/21/2020, in which asset-backed securities, collateralized mortgage obligations and medium-term notes with a market value of $148,200,156 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
1,000,000,000 | Credit Agricole CIB Paris, 1.78%, dated 1/13/2020, interest in a $2,000,000,000 collateralized loan agreement will repurchase securities provided as collateral for $2,000,692,222 on 2/10/2020, in which corporate bonds, medium-term notes, sovereign debt and treasury notes with a market value of $2,040,302,600 have been received as collateral and held with BNY Mellon as tri-party agent. | 1,000,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 1.68%, dated 1/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,003,500 on 2/3/2020, in which assets-backed securities with a market value of $25,500,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
125,000,000 | J.P. Morgan Securities LLC, 1.78%, dated 1/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,395,556 on 2/18/2020, in which asset-backed securities, medium-term notes and municipal bonds with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
50,000,000 | J.P. Morgan Securities LLC, 2.25%, dated 12/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,143,750 on 6/18/2020, in which asset-backed securities and collateralized mortgage obligations with a market value of $102,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 1.70%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,167 on 2/3/2020, in which municipal bonds with a market value of $102,014,450 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | MUFG Securities Americas, Inc., 1.78%, dated 1/31/2020, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,044,500 on 2/3/2020, in which corporate bonds and exchange traded funds with a market value of $306,045,391 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$50,000,000 | Mizuho Securities USA, Inc., 1.77%, dated 1/21/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,034,417 on 2/4/2020 in which common stocks, exchange-traded funds and unit investment trust with a market value of $51,032,661 have been received as collateral and held with BNY Mellon as tri-party agent. | $50,000,000 | |
333,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020 in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. | 333,000,000 | |
244,000,000 | Mizuho Securities USA, Inc., 2.28%, dated 11/7/2019, interest in a $365,000,000 collateralized loan agreement will repurchase securities provided as collateral for $366,410,117 on 3/9/2020 in which asset-backed securities and corporate bonds with a market value of $372,913,055 have been received as collateral and held with BNY Mellon as tri-party agent. | 244,000,000 | |
250,000,000 | Pershing LLC, 1.78%, dated 11/21/2019, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,173,056 on 2/10/2020 in which asset-backed securities, commercial paper, common stocks, convertible bonds, corporate bonds, exchange-traded funds, medium-term notes and municipal bonds with a market value of $510,075,684 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
300,000,000 | Societe Generale, Paris, 1.69%, dated 1/31/2020, interest in a $700,000,000 collateralized loan agreement will repurchase securities provided as collateral for $700,098,583 on 2/3/2020, in which asset-backed securities, commercial paper, corporate bonds, medium-term notes and sovereign with a market value of $714,248,890 have been received as collateral and held with BNY Mellon as tri-party agent. | 300,000,000 | |
220,000,000 | Societe Generale, Paris, 1.76%, dated 1/31/2020, interest in a $550,000,000 collateralized loan agreement will repurchase securities provided as collateral for $550,080,667 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $561,082,395 have been received as collateral and held with BNY Mellon as tri-party agent. | 220,000,000 | |
50,000,000 | Societe Generale, Paris, 1.88%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,161,889 on 3/2/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $102,016,340 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Standard Chartered Bank, 1.71%, dated 1/31/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,028,500 on 2/3/2020, in which convertible bonds with a market value of $204,029,070 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
50,000,000 | Wells Fargo Securities LLC, 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which convertible bonds with a market value of $102,015,131 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 2.20%, dated 9/24/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,825,000 on 4/20/2020, in which convertible bonds with a market value of $153,122,103 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
85,000,000 | Wells Fargo Securities LLC, 2.23%, dated 1/16/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,473,875 on 4/15/2020, in which collateralized mortgage obligations with a market value of $86,796,671 have been received as collateral and held with BNY Mellon as tri-party agent. | 85,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,562,500 on 4/8/2020, in which asset-backed securities with a market value of $102,159,375 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,675,000 on 4/8/2020, in which convertible bonds with a market value of $122,591,300 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 3,722,000,000 | ||
REPURCHASE AGREEMENTS—14.3% | |||
Finance - Banking—14.3% | |||
250,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Citibank, N.A. will repurchase securities provided as collateral for $250,033,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 11/20/2063 and the market value of those underlying securities was $255,034,007. | 250,000,000 |
Principal Amount or Shares | Value | ||
REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,020,000,000. | $500,000,000 | |
465,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,200,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $1,543,116,413. | 465,000,000 | |
300,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $300,040,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/25/2049 and the market value of those underlying securities was $309,041,201. | 300,000,000 | |
740,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,083,160,911. | 740,000,000 | |
1,125,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | 1,125,000,000 | |
1,200,000,000 | Interest in $2,730,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,730,364,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $2,784,992,192. | 1,200,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 4,580,000,000 |
Principal Amount or Shares | Value | ||
INVESTMENT COMPANIES—3.1% | |||
1,000,000,000 | Federated Institutional Money Market Management, Institutional Shares, 1.75%3 | $999,713,000 | |
197,500 | Federated Institutional Prime Value Obligations Fund, Institutional Shares, 1.71 %3 | 197,520 | |
TOTAL INVESTMENT COMPANIES | 999,910,520 | ||
TOTAL INVESTMENT IN SECURITIES-100.1% (AT AMORTIZED COST)4 | 31,941,115,229 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.1)%5 | (44,967,246) | ||
TOTAL NET ASSETS—100% | $31,896,147,983 |
Federated Institutional Money Market Management, Institutional Shares | Federated Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | — | 26,997,500 | 26,997,500 |
Purchases/Additions | 1,000,000,000 | — | 1,000,000,000 |
Sales/Reductions | — | (26,800,000) | (26,800,000) |
Balance of Shares Held 1/31/2020 | 1,000,000,000 | 197,500 | 1,000,197,500 |
Value | $999,713,000 | $197,520 | $999,910,520 |
Change in Unrealized Appreciation/Depreciation | $— | $— | $— |
Net Realized Gain/(Loss) | $— | $2,680 | $2,680 |
Dividend Income | $6,108,344 | $89,678 | $6,198,022 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
IDB | —Industrial Development Bond |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.023 | 0.015 | 0.008 | 0.003 | 0.0001 |
Net realized gain | — | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.023 | 0.015 | 0.008 | 0.003 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.023) | (0.015) | (0.008) | (0.003) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.023) | (0.015) | (0.008) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.95% | 2.36% | 1.53% | 0.75% | 0.27% | 0.05% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.20%3 | 0.20% | 0.20% | 0.20% | 0.21% | 0.20% |
Net investment income | 1.88%3 | 2.36% | 1.56% | 0.71% | 0.26% | 0.05% |
Expense waiver/reimbursement4 | 0.10%3 | 0.10% | 0.13% | 0.13% | 0.10% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $21,076,751 | $16,862,096 | $5,770,600 | $2,868,583 | $6,447,093 | $10,562,802 |
1 | Represents less than $0.001. |
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 repurchase agreements and other repurchase agreements | $8,302,000,000 | |
Investment in securities, including $999,910,520 of investment in affiliated holdings* | 23,639,115,229 | |
Investment in securities, at amortized cost and fair value | $31,941,115,229 | |
Cash | 886,095 | |
Income receivable | 33,247,615 | |
Income receivable from affiliated holdings | 1,494,343 | |
Receivable for shares sold | 92,454,083 | |
TOTAL ASSETS | 32,069,197,365 | |
Liabilities: | ||
Payable for investments purchased | $100,000,000 | |
Payable for shares redeemed | 65,657,501 | |
Income distribution payable | 2,214,412 | |
Capital gain distribution payable | 20,761 | |
Payable to adviser (Note 4) | 86,056 | |
Payable for administrative fees (Note 4) | 68,272 | |
Payable for Directors'/Trustees' fees (Note 4) | 1,091 | |
Payable for distribution services fee (Note 4) | 1,154,779 | |
Payable for other service fees (Note 2 and 4) | 2,125,688 | |
Accrued expenses (Note 4) | 1,720,822 | |
TOTAL LIABILITIES | 173,049,382 | |
Net assets for 31,896,176,862 shares outstanding | $31,896,147,983 | |
Net Assets Consist of: | ||
Paid-in capital | $31,896,168,046 | |
Total distributable earnings (loss) | (20,063) | |
TOTAL NET ASSETS | $31,896,147,983 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$1,609,539,830 ÷ 1,609,541,286 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Class R Shares: | ||
$45,633,621 ÷ 45,633,663 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Wealth Shares: | ||
$21,076,751,123 ÷ 21,076,770,197 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Advisor Shares: | ||
$306,218,465 ÷ 306,218,743 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$3,438,611,355 ÷ 3,438,614,474 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$1,093,156,288 ÷ 1,093,157,284 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$36,257,162 ÷ 36,257,195 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$637,550,454 ÷ 637,551,032 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$3,652,429,685 ÷ 3,652,432,988 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Interest | $306,296,178 | ||
Dividends received from affiliated holdings* | 6,198,022 | ||
TOTAL INCOME | 312,494,200 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $29,540,031 | ||
Administrative fee (Note 4) | 11,837,552 | ||
Custodian fees | 548,362 | ||
Transfer agent fee (Note 2) | 3,047,597 | ||
Directors'/Trustees' fees (Note 4) | 78,421 | ||
Auditing fees | 12,000 | ||
Legal fees | 4,829 | ||
Portfolio accounting fees | 143,544 | ||
Distribution services fee (Note 4) | 6,653,708 | ||
Other service fees (Notes 2 and 4) | 12,393,314 | ||
Share registration costs | 471,960 | ||
Printing and postage | 187,459 | ||
Miscellaneous (Note 4) | 66,532 | ||
TOTAL EXPENSES | 64,985,309 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 4) | $(14,335,438) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 4) | (30,011) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (14,365,449) | ||
Net expenses | 50,619,860 | ||
Net investment income | 261,874,340 | ||
Net realized gain on investments (including net realized gain of $2,680 on sales of investments in an affiliated holding*) | 9,100 | ||
Change in net assets resulting from operations | $261,883,440 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $261,874,340 | $395,305,201 |
Net realized gain | 9,100 | 16,367 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 261,883,440 | 395,321,568 |
Distributions to Shareholders: | ||
Automated Shares | (13,200,254) | (26,085,945) |
Class R Shares | (211,900) | (636,026) |
Wealth Shares | (182,030,704) | (255,912,055) |
Advisor Shares | (3,257,056) | (1,355,299) |
Service Shares | (25,731,211) | (47,210,636) |
Cash II Shares | (6,423,757) | (16,939,442) |
Cash Series Shares | (184,805) | (408,312) |
Capital Shares | (5,740,451) | (13,067,718) |
Trust Shares | (25,152,600) | (33,684,873) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (261,932,738) | (395,300,306) |
Share Transactions: | ||
Proceeds from sale of shares | 20,951,846,555 | 41,721,543,941 |
Net asset value of shares issued to shareholders in payment of distributions declared | 245,203,105 | 362,235,071 |
Cost of shares redeemed | (16,169,167,793) | (24,651,770,619) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 5,027,881,867 | 17,432,008,393 |
Change in net assets | 5,027,832,569 | 17,432,029,655 |
Net Assets: | ||
Beginning of period | 26,868,315,414 | 9,436,285,759 |
End of period | $31,896,147,983 | $26,868,315,414 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $832,640 | $— |
Class R Shares | 57,821 | — |
Wealth Shares | 1,107,335 | (100) |
Advisor Shares | 19,769 | — |
Service Shares | 180,577 | — |
Cash II Shares | 586,433 | (518) |
Cash Series Shares | 19,015 | (470) |
Capital Shares | 36,629 | — |
Trust Shares | 207,378 | (3) |
TOTAL | $3,047,597 | $(1,091) |
Other Service Fees Incurred | |
Automated Shares | $2,121,613 |
Class R Shares | 55,071 |
Service Shares | 3,956,364 |
Cash II Shares | 1,351,480 |
Cash Series Shares | 44,302 |
Capital Shares | 321,297 |
Trust Shares | 4,543,187 |
TOTAL | $12,393,314 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 817,475,536 | $817,475,536 | 2,586,946,546 | $2,586,976,145 |
Shares issued to shareholders in payment of distributions declared | 13,027,624 | 13,027,624 | 25,918,844 | 25,918,844 |
Shares redeemed | (899,910,520) | (899,910,520) | (1,310,023,803) | (1,310,023,803) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (69,407,360) | $(69,407,360) | 1,302,841,587 | $1,302,871,186 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 9,398,500 | $9,398,500 | 34,908,755 | $34,908,798 |
Shares issued to shareholders in payment of distributions declared | 210,890 | 210,890 | 629,102 | 629,102 |
Shares redeemed | (8,232,395) | (8,232,395) | (33,671,231) | (33,671,231) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 1,376,995 | $1,376,995 | 1,866,626 | $1,866,669 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 14,679,869,779 | $14,679,869,779 | 25,633,683,302 | $25,633,683,302 |
Shares issued to shareholders in payment of distributions declared | 167,033,602 | 167,033,602 | 226,374,442 | 226,374,442 |
Shares redeemed | (10,632,216,620) | (10,632,216,620) | (14,768,574,598) | (14,768,575,207) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 4,214,686,761 | $4,214,686,761 | 11,091,483,146 | $11,091,482,537 |
Six Months Ended 1/31/2020 | Period Ended 7/31/20191 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 416,542,058 | $416,542,058 | 371,071,208 | $371,071,208 |
Shares issued to shareholders in payment of distributions declared | 3,257,194 | 3,257,194 | 1,355,058 | 1,355,058 |
Shares redeemed | (389,864,778) | (389,864,778) | (96,141,997) | (96,171,899) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 29,934,474 | $29,934,474 | 276,284,269 | $276,254,367 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,666,172,857 | $2,666,172,857 | 6,557,740,411 | $6,557,743,267 |
Shares issued to shareholders in payment of distributions declared | 24,629,207 | 24,629,207 | 44,731,226 | 44,731,226 |
Shares redeemed | (2,009,447,066) | (2,009,447,067) | (5,645,126,628) | (5,645,126,628) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 681,354,998 | $681,354,997 | 957,345,009 | $957,347,865 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 930,075,403 | $930,075,403 | 1,771,628,327 | $1,771,630,422 |
Shares issued to shareholders in payment of distributions declared | 6,410,856 | 6,410,856 | 16,886,647 | 16,886,647 |
Shares redeemed | (887,029,843) | (887,029,843) | (1,743,497,551) | (1,743,497,551) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 49,456,416 | $49,456,416 | 45,017,423 | $45,019,518 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 30,306,657 | $30,306,657 | 75,300,630 | $75,300,712 |
Shares issued to shareholders in payment of distributions declared | 181,318 | 181,318 | 391,139 | 391,139 |
Shares redeemed | (27,019,376) | (27,019,376) | (72,814,401) | (72,814,401) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 3,468,599 | $3,468,599 | 2,877,368 | $2,877,450 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 327,782,911 | $327,782,911 | 916,067,161 | $916,067,441 |
Shares issued to shareholders in payment of distributions declared | 5,301,967 | 5,301,967 | 12,265,697 | 12,265,697 |
Shares redeemed | (365,646,868) | (365,646,868) | (657,071,466) | (657,071,466) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (32,561,990) | $(32,561,990) | 271,261,392 | $271,261,672 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,074,222,854 | $1,074,222,854 | 3,774,162,646 | $3,774,162,646 |
Shares issued to shareholders in payment of distributions declared | 25,150,447 | 25,150,447 | 33,682,916 | 33,682,916 |
Shares redeemed | (949,800,326) | (949,800,326) | (324,814,090) | (324,818,433) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 149,572,975 | $149,572,975 | 3,483,031,472 | $3,483,027,129 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 5,027,881,868 | $5,027,881,867 | 17,432,008,292 | $17,432,008,393 |
1 | Reflects operations for the period from January 18, 2019 to July 31, 2019. |
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 | |
Class R Shares | 0.50% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class R Shares | $111,997 | $(11,200) |
Cash II Shares | 1,892,199 | — |
Cash Series Shares | 106,325 | (17,720) |
Trust Shares | 4,543,187 | — |
TOTAL | $6,653,708 | $(28,920) |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,009.50 | $1.01 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,024.10 | $1.02 |
1 | Expenses are equal to the Fund's Wealth Shares annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | POIXX | Service | PRSXX | Capital | POPXX |
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 36.1% |
Variable Rate Instruments | 27.8% |
Commercial Paper | 20.4% |
Bank Instruments | 15.7% |
Asset-Backed Securities | 0.3% |
Corporate Bond | 0.2% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days4 | 53.5% |
8-30 Days | 18.2% |
31-90 Days | 20.3% |
91-180 Days | 7.5% |
181 Days or more | 1.0% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
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. |
4 | Overnight securities comprised 28.4% of the Fund's portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITIES—0.3% | |||
Finance - Automotive—0.2% | |||
$25,880,547 | AmeriCredit Automobile Receivables Trust 2019-3, Class A1, 2.179%, 9/18/2020 | $25,885,844 | |
11,628,518 | World Omni Select Auto Trust 2019-A, Class A1, 2.121%, 10/15/2020 | 11,631,482 | |
TOTAL | 37,517,326 | ||
Finance - Equipment—0.1% | |||
15,907,066 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 | 15,907,512 | |
14,511,292 | CNH Equipment Trust 2019-B, Class A1, 2.565%, 6/12/2020 | 14,516,037 | |
TOTAL | 30,423,549 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $67,927,422) | 67,940,875 | ||
CERTIFICATES OF DEPOSIT—13.4% | |||
Finance - Banking—13.4% | |||
175,000,000 | Bank of Montreal, 2.690% - 2.700%, 3/9/2020 - 3/19/2020 | 175,222,902 | |
35,000,000 | Credit Suisse AG, 2.000%, 4/1/2020 | 35,016,876 | |
829,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 2.070% - 2.200%, 2/18/2020 - 4/6/2020 | 827,448,629 | |
320,000,000 | MUFG Bank Ltd., 1.850% - 2.080%, 2/14/2020 - 7/9/2020 | 320,133,388 | |
255,000,000 | MUFG Bank Ltd., 1.910% - 2.080%, 2/10/2020 - 5/7/2020 | 255,036,051 | |
625,000,000 | Mizuho Bank Ltd., 1.820% - 1.970%, 2/10/2020 - 4/14/2020 | 624,894,886 | |
50,000,000 | Mizuho Bank Ltd., 1.920%, 2/28/2020 | 50,000,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.730%, 5/4/2020 | 100,000,000 | |
480,000,000 | Sumitomo Mitsui Banking Corp., 1.930% - 2.010%, 2/11/2020 - 4/29/2020 | 480,174,009 | |
50,000,000 | Sumitomo Mitsui Banking Corp., 2.240%, 2/3/2020 | 49,993,848 | |
133,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.750% - 2.150%, 2/13/2020 - 5/29/2020 | 133,013,076 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.900% - 2.000%, 2/11/2020 - 3/26/2020 | 150,000,000 | |
99,600,000 | Toronto Dominion Bank, 2.100%, 2/6/2020 | 99,600,000 | |
200,000,000 | Wells Fargo Bank International, 1.860% - 1.950%, 6/2/2020 - 7/9/2020 | 200,034,858 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $3,499,854,758) | 3,500,568,523 | ||
1 | COMMERCIAL PAPER—20.4% | ||
Finance - Banking—4.8% | |||
110,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 110,050,454 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.950%, 5/1/2020 | $100,062,345 | |
79,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.620%, 2/4/2020 | 78,989,335 | |
125,000,000 | BPCE SA, 1.959%, 3/26/2020 | 124,634,375 | |
155,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.936% - 2.648%, 2/7/2020 - 10/9/2020 | 154,077,806 | |
100,000,000 | Credit Suisse AG, 1.919%, 4/2/2020 | 99,706,878 | |
190,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.811% - 1.912%, 3/20/2020 - 5/7/2020 | 189,370,122 | |
110,000,000 | MUFG Bank Ltd., 2.061%, 2/3/2020 - 2/10/2020 | 109,967,700 | |
95,266,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.033%, 2/4/2020 | 95,249,964 | |
46,500,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.860% - 1.980%, 2/20/2020 - 4/16/2020 | 46,421,036 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.893%, 3/30/2020 | 99,697,111 | |
50,000,000 | National Australia Bank Ltd., Melbourne, 2.670%, 3/19/2020 | 49,894,134 | |
TOTAL | 1,258,121,260 | ||
Finance - Commercial—1.8% | |||
50,000,000 | Atlantic Asset Securitization LLC, 1.871%, 5/5/2020 | 49,769,493 | |
5,000,000 | CRC Funding, LLC, 2.061%, 2/5/2020 | 4,998,867 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.730%, 5/29/2020 | 50,000,000 | |
100,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/18/2020 | 100,015,710 | |
30,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.860%, 5/6/2020 | 30,008,419 | |
40,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.900%, 5/5/2020 | 40,015,518 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.920%, 4/3/2020 | 50,018,392 | |
140,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.013%, 2/7/2020 | 139,953,334 | |
TOTAL | 464,779,733 | ||
Finance - Retail—4.8% | |||
50,000,000 | Barton Capital S.A., 1.704%, 3/27/2020 | 49,870,139 | |
149,000,000 | Chariot Funding LLC, 2.720% - 2.723%, 3/2/2020 - 3/9/2020 | 148,752,409 | |
30,000,000 | Old Line Funding, LLC, 1.867%, 7/13/2020 | 29,765,070 | |
64,000,000 | Old Line Funding, LLC, 1.900%, 7/8/2020 | 63,518,336 | |
101,000,000 | Old Line Funding, LLC, 1.918% - 2.061%, 2/13/2020 - 6/29/2020 | 100,650,291 | |
50,000,000 | Old Line Funding, LLC, 2.019%, 4/3/2020 | 49,858,075 | |
684,000,000 | Sheffield Receivables Company LLC, 1.812% - 2.034%, 2/19/2020 - 5/27/2020 | 681,653,491 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Retail—continued | |||
$90,000,000 | Starbird Funding Corp., 1.707%, 5/1/2020 | $89,608,472 | |
25,000,000 | Thunder Bay Funding, LLC, 2.000%, 4/6/2020 | 24,924,834 | |
TOTAL | 1,238,601,117 | ||
Finance - Securities—5.3% | |||
103,500,000 | Anglesea Funding LLC, 1.929% - 2.095%, 2/3/2020 - 2/13/2020 | 103,448,751 | |
100,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 1.620%, 2/6/2020 | 99,977,500 | |
100,000,000 | Chesham Finance LLC Series VII, 1.621% - 1.909%, 2/6/2020 - 3/30/2020 | 99,835,694 | |
95,000,000 | Collateralized Commercial Paper Co. LLC, 2.021% - 2.133%, 2/10/2020 - 3/12/2020 | 94,907,519 | |
407,750,000 | Collateralized Commercial Paper FLEX Co., LLC, 1.850% - 2.144%, 2/10/2020 - 8/7/2020 | 405,515,059 | |
235,000,000 | Collateralized Commercial Paper V Co. LLC, 1.850% - 1.913%, 3/23/2020 - 8/6/2020 | 234,301,262 | |
145,000,000 | Great Bridge Capital Co., LLC, 1.805% - 2.037%, 2/7/2020 - 3/17/2020 | 144,835,678 | |
188,000,000 | Ridgefield Funding Company, LLC Series A, 1.912% - 2.146%, 2/7/2020 - 3/19/2020 | 187,784,350 | |
TOTAL | 1,370,605,813 | ||
Insurance—0.3% | |||
75,000,000 | PRICOA Short Term Funding, LLC, 1.877%, 7/6/2020 | 74,444,285 | |
Sovereign—3.4% | |||
135,000,000 | Caisse des Depots et Consignations (CDC), 2.030%, 3/12/2020 | 134,698,501 | |
69,000,000 | Erste Abwicklungsanstalt, 2.051%, 2/12/2020 | 68,957,201 | |
100,000,000 | European Investment Bank, 1.958%, 6/1/2020 | 99,451,339 | |
595,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.708% - 2.091%, 2/28/2020 - 5/15/2020 | 593,665,859 | |
TOTAL | 896,772,900 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $5,302,199,325) | 5,303,325,108 | ||
CORPORATE BOND—0.2% | |||
Finance - Banking—0.2% | |||
44,488,000 | Westpac Banking Corp. Ltd., Sydney, Sr. Unsecd. Note, 2.150%, 3/6/2020 (IDENTIFIED COST $44,467,246) | 44,506,240 | |
2 | NOTES - VARIABLE—27.8% | ||
Aerospace/Auto—0.3% | |||
74,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.862% (1-month USLIBOR +0.170%), 2/10/2020 | 74,011,913 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—24.5% | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.811% (3-month USLIBOR +0.150%), 2/26/2020 | $100,000,000 | |
100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.834% (1-month USLIBOR +0.150%), 2/12/2020 | 100,000,000 | |
123,000,000 | Bank of Montreal, 1.931% (3-month USLIBOR +0.100%), 5/12/2020 | 123,024,103 | |
70,000,000 | Bank of Montreal, 1.941% (1-month USLIBOR +0.160%), 2/3/2020 | 70,018,941 | |
100,000,000 | Bank of Montreal, 1.970% (Effective Fed Funds +0.370%), 2/3/2020 | 100,100,463 | |
120,000,000 | Bank of Montreal, 1.974% (1-month USLIBOR +0.240%), 2/6/2020 | 120,085,476 | |
100,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 100,057,341 | |
100,000,000 | Bank of Montreal, 2.035% (3-month USLIBOR +0.130%), 2/18/2020 | 100,069,787 | |
100,000,000 | Bank of Montreal, 2.045% (3-month USLIBOR +0.140%), 2/13/2020 | 100,076,694 | |
50,000,000 | Bank of Montreal, 2.188% (3-month USLIBOR +0.340%), 4/14/2020 | 50,069,081 | |
180,000,000 | Bank of Nova Scotia, Toronto, 1.820% (1-month USLIBOR +0.160%), 2/28/2020 | 180,036,007 | |
149,500,000 | Bank of Nova Scotia, Toronto, 1.824% (1-month USLIBOR +0.170%), 2/18/2020 | 149,531,736 | |
74,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 74,530,132 | |
99,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 99,541,738 | |
200,000,000 | Bank of Nova Scotia, Toronto, 1.890% (Effective Fed Funds +0.290%), 2/3/2020 | 200,103,548 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.909% (1-month USLIBOR +0.210%), 2/11/2020 | 100,024,751 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.910% (3-month USLIBOR +0.140%), 4/30/2020 | 125,091,494 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 50,016,770 | |
40,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 40,013,416 | |
65,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 65,059,195 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,091,504 | |
55,000,000 | Bank of Nova Scotia, Toronto, 1.969% (3-month USLIBOR +0.150%), 4/1/2020 | 55,042,737 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | 50,060,761 | |
20,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.851% (1-month USLIBOR +0.190%), 2/25/2020 | 20,002,714 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.856% (1-month USLIBOR +0.180%), 2/17/2020 | 60,003,680 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.864% (1-month USLIBOR +0.180%), 2/11/2020 | $49,997,070 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 40,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.956% (3-month USLIBOR +0.150%), 4/23/2020 | 60,046,993 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.972% (3-month USLIBOR +0.100%), 3/30/2020 | 50,022,208 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,010,789 | |
35,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.991% (1-month USLIBOR +0.210%), 2/3/2020 | 35,008,574 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.017% (3-month USLIBOR +0.130%), 2/28/2020 | 65,042,251 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 3/17/2020 | 54,033,512 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (3-month USLIBOR +0.190%), 3/25/2020 | 30,030,346 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.854% (1-month USLIBOR +0.170%), 2/11/2020 | 100,046,172 | |
140,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 140,048,783 | |
75,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 75,028,165 | |
25,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 25,008,578 | |
20,000,000 | Canadian Imperial Bank of Commerce, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,005,180 | |
98,500,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 98,584,201 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,026,328 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,040,807 | |
250,000,000 | Canadian Imperial Bank of Commerce, 1.964% (1-month USLIBOR +0.250%), 2/4/2020 | 250,219,345 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.007% (3-month USLIBOR +0.120%), 3/4/2020 | 25,014,335 | |
150,000,000 | Canadian Imperial Bank of Commerce, 2.034% (3-month USLIBOR +0.140%), 2/5/2020 | 150,111,892 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 1.650%, 2/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.600%, 2/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 7,595,000 | |
14,920,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 14,920,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,780,000 | |
125,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.160%), 2/20/2020 | 125,028,150 | |
60,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.180%), 2/25/2020 | 60,021,472 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.040% (3-month USLIBOR +0.130%), 2/25/2020 | 100,137,827 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.045% (3-month USLIBOR +0.100%), 3/30/2020 | 100,000,000 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.221% (1-month USLIBOR +0.480%), 2/13/2020 | 25,023,462 | |
40,000,000 | Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.090% (1-month USLIBOR +0.350%), 2/14/2020 | 40,007,748 | |
4,960,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 1.750%, 2/6/2020 | 4,960,000 | |
45,000,000 | Royal Bank of Canada, 1.830% (Secured Overnight Financing Rate +0.250%), 2/3/2020 | 45,000,000 | |
48,600,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 48,614,981 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 50,015,413 | |
100,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,022,960 | |
20,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,006,087 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$20,000,000 | Royal Bank of Canada, 1.894% (1-month USLIBOR +0.160%), 2/5/2020 | $20,000,000 | |
50,000,000 | Royal Bank of Canada, 1.900% (Effective Fed Funds +0.350%), 2/3/2020 | 50,042,896 | |
50,000,000 | Royal Bank of Canada, 1.900% (Secured Overnight Financing Rate +0.320%), 2/3/2020 | 49,986,110 | |
40,000,000 | Royal Bank of Canada, 1.910% (Effective Fed Funds +0.310%), 2/3/2020 | 40,024,523 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 1.620%, 2/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 1.620%, 2/6/2020 | 20,000,000 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 720,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.910% (Secured Overnight Financing Rate +0.330%), 2/3/2020 | 100,046,251 | |
25,000,000 | Toronto Dominion Bank, 1.854% (1-month USLIBOR +0.200%), 2/19/2020 | 25,003,113 | |
50,000,000 | Toronto Dominion Bank, 1.859% (1-month USLIBOR +0.200%), 2/24/2020 | 50,006,916 | |
75,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 75,031,032 | |
100,000,000 | Toronto Dominion Bank, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,046,537 | |
35,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 35,024,005 | |
50,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,033,443 | |
75,000,000 | Toronto Dominion Bank, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 75,064,738 | |
40,000,000 | Toronto Dominion Bank, 2.049% (3-month USLIBOR +0.140%), 2/13/2020 | 40,030,679 | |
150,000,000 | Toronto Dominion Bank, 2.090% (3-month USLIBOR +0.190%), 4/6/2020 | 150,150,234 | |
75,000,000 | Toronto Dominion Bank, 2.151% (3-month USLIBOR +0.190%), 3/30/2020 | 75,077,505 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 5,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 150,000,000 | |
127,200,000 | Westpac Banking Corp. Ltd., Sydney, 1.900% (Effective Fed Funds +0.300%), 2/3/2020 | 127,200,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/4/2020 | $100,082,074 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/9/2020 | 130,107,992 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.038% (3-month USLIBOR +0.150%), 3/4/2020 | 100,082,066 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 1.630%, 2/6/2020 | 6,485,000 | |
TOTAL | 6,370,260,086 | ||
Finance - Commercial—0.2% | |||
45,000,000 | Atlantic Asset Securitization LLC, 1.818% (1-month USLIBOR +0.160%), 2/18/2020 | 44,996,362 | |
Finance - Retail—0.9% | |||
25,000,000 | Chariot Funding LLC, 1.971% (1-month USLIBOR +0.190%), 2/3/2020 | 25,004,624 | |
50,000,000 | Old Line Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,004,868 | |
75,000,000 | Old Line Funding, LLC, 1.964% (1-month USLIBOR +0.250%), 2/7/2020 | 75,070,033 | |
25,000,000 | Old Line Funding, LLC, 2.040% (3-month USLIBOR +0.130%), 11/19/2020 | 25,001,700 | |
67,500,000 | Thunder Bay Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 67,508,088 | |
TOTAL | 242,589,313 | ||
Finance - Securities—1.2% | |||
100,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.910% (1-month USLIBOR +0.250%), 2/24/2020 | 100,000,000 | |
37,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.934% (1-month USLIBOR +0.250%), 2/13/2020 | 37,000,000 | |
35,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.815% (1-month USLIBOR +0.160%), 3/2/2020 | 35,000,001 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,007,303 | |
43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 2.039% (3-month USLIBOR +0.130%), 2/12/2020 | 43,516,602 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 40,000,000 | |
24,500,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 24,500,000 | |
TOTAL | 330,023,906 | ||
Government Agency—0.7% | |||
9,015,000 | Austen Children's Gift Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 9,015,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 1.620%, 2/6/2020 | $5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 16,000,000 | |
5,780,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 1.620%, 2/6/2020 | 5,780,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 4,270,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 19,640,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 5,010,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 5,975,000 | |
TOTAL | 190,140,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $7,248,819,078) | 7,252,021,580 | ||
TIME DEPOSITS—2.3% | |||
Finance - Banking—2.3% | |||
300,000,000 | ABN Amro Bank NV, 1.580%, 2/3/2020 | 300,000,000 | |
300,000,000 | Australia & New Zealand Banking Group, Melbourne, 1.630%, 2/3/2020 | 300,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $600,000,000) | 600,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—15.9% | |||
Finance - Banking—15.9% | |||
$140,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/15/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,210,000 on 2/14/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $153,290,112 have been received as collateral and held with BNY Mellon as tri-party agent. | $140,000,000 | |
50,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $51,108,348 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
25,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,021,875 on 2/18/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $25,503,719 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
45,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $45,000,000 collateralized loan agreement will repurchase securities provided as collateral for $45,052,500 on 2/24/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $45,906,694 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
100,000,000 | BNP Paribas SA, 1.71%, dated 1/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,021,375 on 2/3/2020, in which asset-backed securities, medium term notes and sovereign with a market value of $153,022,447 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 2.08%, dated 1/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,006,933 on 2/3/2020, in which medium term notes securities with a market value of $40,807,073 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 11/19/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,819,329 on 5/21/2020, in which medium term notes and sovereign securities with a market value of $76,651,853 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$95,000,000 | Citigroup Global Markets, Inc., 2.19%, dated 11/19/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $146,621,092 on 5/21/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $148,200,156 have been received as collateral and held with BNY Mellon as tri-party agent. | $95,000,000 | |
975,000,000 | Credit Agricole CIB Paris, 1.78%, dated 1/13/2020, interest in a $2,000,000,000 collateralized loan agreement will repurchase securities provided as collateral for $2,000,692,222 on 2/10/2020, in which corporate bonds, medium term notes and sovereign with a market value of $2,040,302,600 have been received as collateral and held with BNY Mellon as tri-party agent. | 975,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which corporate bonds and medium term notes with a market value of $51,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
55,000,000 | HSBC Securities (USA), Inc., 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which corporate bonds with a market value of $102,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
55,000,000 | ING Financial Markets LLC, 1.68%, dated 1/31/2020, interest in a $105,000,000 collateralized loan agreement will repurchase securities provided as collateral for $105,014,700 on 2/3/2020, in which corporate bonds, medium-term notes and sovereign with a market value of $107,114,994 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
125,000,000 | J.P. Morgan Securities LLC, 1.78%, dated 1/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,395,556 on 2/18/2020, in which corporate bonds, medium-term notes and municipal bonds with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
50,000,000 | J.P. Morgan Securities LLC, 2.25%, dated 12/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,143,750 on 6/18/2020, in which asset-backed securities and collateralized mortgage obligations with a market value of $102,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 1.70%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,167 on 2/3/2020, in which municipal bonds with a market value of $102,014,450 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$150,000,000 | MUFG Securities Americas, Inc., 1.78%, dated 1/31/2020, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,044,500 on 2/3/2020, in which corporate bonds and exchange traded funds with a market value of $306,045,391 have been received as collateral and held with BNY Mellon as tri-party agent. | $150,000,000 | |
342,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020, in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. | 342,000,000 | |
100,000,000 | Mizuho Securities USA, Inc., 2.28%, dated 11/7/2019, interest in a $365,000,000 collateralized loan agreement will repurchase securities provided as collateral for $366,410,117 on 3/9/2020, in which asset-backed securities and corporate bonds with a market value of $372,913,055 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
250,000,000 | Pershing LLC., 1.78%, dated 11/21/2019, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,173,056 on 2/10/2020, in which asset-backed securities, certificate of deposit, commercial paper, common stocks, corporate bonds, exchange traded funds, medium-term notes and municipal bonds with a market value of $510,075,684 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
400,000,000 | Societe Generale, Paris, 1.69%, dated 1/31/2020, interest in a $700,000,000 collateralized loan agreement will repurchase securities provided as collateral for $700,098,583 on 2/3/2020, in which asset-backed securities, commercial paper, corporate bonds, medium-term notes, Sovereign and treasury notes with a market value of $714,248,890 have been received as collateral and held with BNY Mellon as tri-party agent. | 400,000,000 | |
306,000,000 | Societe Generale, Paris, 1.76%, dated 1/31/2020, interest in a $550,000,000 collateralized loan agreement will repurchase securities provided as collateral for $550,080,667 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $561,082,395 have been received as collateral and held with BNY Mellon as tri-party agent. | 306,000,000 | |
50,000,000 | Societe Generale, Paris, 1.88%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,161,889 on 3/2/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $102,016,340 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Standard Chartered Bank, 1.71%, dated 1/31/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,028,500 on 2/3/2020 in which government national mortgage association with a market value of $204,029,070 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 1.74%, dated 1/28/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,027,067 on 2/4/2020, in which convertible bonds with a market value of $81,623,664 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
50,000,000 | Wells Fargo Securities LLC, 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which convertible bonds with a market value of $102,015,131 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 2.20%, dated 9/24/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,825,000 on 4/20/2020, in which convertible bonds with a market value of $153,122,103 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 2.23%, dated 1/16/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,446,000 on 4/15/2020, in which collateralized mortgage obligations and corporate bonds with a market value of $81,690,984 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,562,500 on 4/8/2020, in which asset-backed securities with a market value of $102,159,375 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,675,000 on 4/8/2020, in which convertible bonds with a market value of $122,591,251 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $4,131,400,000) | 4,131,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—20.2% | |||
Finance - Banking—20.2% | |||
$150,000,000 | Interest in $350,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $350,046,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2050 and the market value of those underlying securities was $358,865,761. | $150,000,000 | |
1,000,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/20/2069 and the market value of those underlying securities was $1,022,932,706. | 1,000,000,000 | |
500,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,066,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2049 and the market value of those underlying securities was $510,068,001. | 500,000,000 | |
500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,020,000,000. | 500,000,000 | |
1,000,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,200,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $1,543,116,413. | 1,000,000,000 | |
1,000,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,083,160,911. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$297,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | $297,000,000 | |
575,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,076,188 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/25/2049 and the market value of those underlying securities was $587,080,309. | 575,000,000 | |
245,100,000 | Interest in $250,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,033,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $255,034,001. | 245,100,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $5,267,100,000) | 5,267,100,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $26,161,767,829)3 | 26,166,862,326 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%4 | (135,467,463) | ||
TOTAL NET ASSETS—100% | $26,031,394,863 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0098 | 0.0239 | 0.0156 | 0.0063 | 0.003 | 0.0001 |
Net realized and unrealized gain | — | 0.0001 | 0.00002 | 0.0011 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0098 | 0.0240 | 0.0156 | 0.0074 | 0.004 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0098) | (0.0239) | (0.0156) | (0.0063) | (0.003) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0098) | (0.0239) | (0.0156) | (0.0071) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.00 | $1.00 |
Total Return3 | 0.98% | 2.43% | 1.57% | 0.66% | 0.26% | 0.04% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.15%4 | 0.15% | 0.17% | 0.20% | 0.21% | 0.20% |
Net investment income | 1.93%4 | 2.41% | 1.62% | 0.40% | 0.26% | 0.04% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,877,363 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 | $30,806,315 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0003 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0085 | 0.0218 | 0.0134 | 0.0040 | 0.001 | 0.0001 |
Net realized and unrealized gain | — | 0.0002 | 0.00002 | 0.0012 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0085 | 0.0220 | 0.0134 | 0.0052 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0085) | (0.0218) | (0.0135) | (0.0040) | (0.001) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0009) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0085) | (0.0218) | (0.0135) | (0.0049) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.0004 | $1.0004 | $1.0002 | $1.0003 | $1.00 | $1.00 |
Total Return3 | 0.86% | 2.22% | 1.35% | 0.43% | 0.07% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.40%4 | 0.37% | 0.39% | 0.45% | 0.39% | 0.24% |
Net investment income | 1.68%4 | 2.21% | 1.33% | 0.13% | 0.07% | 0.01% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.15% | 0.30% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $142,370 | $93,979 | $47,817 | $37,873 | $1,841,641 | $2,881,460 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0002 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0096 | 0.0234 | 0.0151 | 0.0058 | 0.002 | 0.0001 |
Net realized and unrealized gain | — | 0.0002 | 0.00002 | 0.0010 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0096 | 0.0236 | 0.0151 | 0.0068 | 0.003 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0095) | (0.0234) | (0.0151) | (0.0058) | (0.002) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0095) | (0.0234) | (0.0151) | (0.0066) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.0005 | $1.0004 | $1.0002 | $1.0002 | $1.00 | $1.00 |
Total Return3 | 0.96% | 2.39% | 1.52% | 0.60% | 0.21% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.20%4 | 0.20% | 0.23% | 0.25% | 0.26% | 0.23% |
Net investment income | 1.89%4 | 2.31% | 1.52% | 0.34% | 0.22% | 0.01% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.08% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,663 | $14,374 | $25,206 | $14,549 | $526,605 | $637,721 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $9,398,500,000 | |
Investment in securities | 16,768,362,326 | |
Total investment in securities, at value (identified cost $26,161,767,829) | $26,166,862,326 | |
Cash | 870,305 | |
Income receivable | 31,305,003 | |
TOTAL ASSETS | 26,199,037,634 | |
Liabilities: | ||
Payable for investments purchased | 135,000,000 | |
Income distribution payable | 31,721,591 | |
Capital gain distribution payable | 46,596 | |
Payable for investment adviser fee (Note 5) | 47,840 | |
Payable for administrative fee (Note 5) | 55,818 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,868 | |
Accrued expenses (Note 5) | 769,058 | |
TOTAL LIABILITIES | 167,642,771 | |
Net assets for 26,019,803,970 shares outstanding | $26,031,394,863 | |
Net Assets Consist of: | ||
Paid-in capital | $26,026,320,491 | |
Total distributable earnings | 5,074,372 | |
TOTAL NET ASSETS | $26,031,394,863 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
$25,877,362,631 ÷ 25,865,834,074 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Service Shares: | ||
$142,369,543 ÷ 142,312,847 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Capital Shares: | ||
$11,662,689 ÷ 11,657,049 shares outstanding, no par value, unlimited shares authorized | $1.0005 |
Federated Institutional Prime Obligations Fund
Investment Income: | ||
Interest | $249,620,598 | |
Expenses: | ||
Investment adviser fee (Note 5) | $23,984,455 | |
Administrative fee (Note 5) | 9,447,640 | |
Custodian fees | 309,990 | |
Transfer agent fee | 124,090 | |
Directors'/Trustees' fees (Note 5) | 63,052 | |
Auditing fees | 12,624 | |
Legal fees | 4,829 | |
Portfolio accounting fees | 129,404 | |
Other service fees (Notes 2 and 5) | 168,706 | |
Share registration costs | 173,939 | |
Printing and postage | 12,451 | |
Miscellaneous (Note 5) | 48,118 | |
TOTAL EXPENSES | 34,479,298 | |
Waiver of investment adviser fee (Note 5) | (15,734,632) | |
Net expenses | 18,744,666 | |
Net investment income | 230,875,932 | |
Net change in unrealized appreciation of investments | 1,522,356 | |
Change in net assets resulting from operations | $232,398,288 |
Federated Institutional Prime Obligations Fund
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $230,875,932 | $372,519,522 |
Net realized gain | — | 55,250 |
Net change in unrealized appreciation | 1,522,356 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 232,398,288 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (229,648,757) | (370,570,446) |
Service Shares | (1,137,351) | (1,436,015) |
Capital Shares | (164,786) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (230,950,894) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 32,560,657,351 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 39,236,230 | 78,813,357 |
Cost of shares redeemed | (27,825,074,322) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,774,819,259 | 10,237,851,652 |
Change in net assets | 4,776,266,653 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $26,031,394,863 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
Federated Institutional Prime Obligations Fund
■ | 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 | |
Service Shares | $164,341 |
Capital Shares | 4,365 |
TOTAL | $168,706 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares:1 | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 32,199,064,909 | $32,210,638,874 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 38,027,809 | 38,041,771 | 76,894,192 | 76,916,497 |
Shares redeemed | (27,509,692,313) | (27,519,529,827) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 4,727,400,405 | $4,729,150,818 | 10,200,041,071 | $10,203,091,670 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 159,615,415 | $159,661,360 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,029,738 | 1,030,063 | 1,401,043 | 1,401,450 |
Shares redeemed | (112,277,421) | (112,310,143) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 48,367,732 | $48,381,280 | 46,138,848 | $46,149,459 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 190,287,106 | $190,357,117 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 164,334 | 164,396 | 487,051 | 487,169 |
Shares redeemed | (193,162,690) | (193,234,352) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (2,711,250) | $(2,712,839) | (10,833,164) | $(10,836,104) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares:2 | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,773,056,887 | $4,774,819,259 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,009.80 | $0.762 |
Service Shares | $1,000 | $1,008.60 | $2.023 |
Capital Shares | $1,000 | $1,009.60 | $1.014 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.38 | $0.762 |
Service Shares | $1,000 | $1,023.13 | $2.033 |
Capital Shares | $1,000 | $1,024.13 | $1.024 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.15% |
Service Shares | 0.40% |
Capital Shares | 0.20% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.27 and $2.29, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.25% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.26 and $1.27, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N708
CUSIP 608919767
Share Class | Ticker | Institutional | POIXX |
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 36.1% |
Variable Rate Instruments | 27.8% |
Commercial Paper | 20.4% |
Bank Instruments | 15.7% |
Asset-Backed Securities | 0.3% |
Corporate Bond | 0.2% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days4 | 53.5% |
8-30 Days | 18.2% |
31-90 Days | 20.3% |
91-180 Days | 7.5% |
181 Days or more | 1.0% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
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. |
4 | Overnight securities comprised 28.4% of the Fund's portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITIES—0.3% | |||
Finance - Automotive—0.2% | |||
$25,880,547 | AmeriCredit Automobile Receivables Trust 2019-3, Class A1, 2.179%, 9/18/2020 | $25,885,844 | |
11,628,518 | World Omni Select Auto Trust 2019-A, Class A1, 2.121%, 10/15/2020 | 11,631,482 | |
TOTAL | 37,517,326 | ||
Finance - Equipment—0.1% | |||
15,907,066 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 | 15,907,512 | |
14,511,292 | CNH Equipment Trust 2019-B, Class A1, 2.565%, 6/12/2020 | 14,516,037 | |
TOTAL | 30,423,549 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $67,927,422) | 67,940,875 | ||
CERTIFICATES OF DEPOSIT—13.4% | |||
Finance - Banking—13.4% | |||
175,000,000 | Bank of Montreal, 2.690% - 2.700%, 3/9/2020 - 3/19/2020 | 175,222,902 | |
35,000,000 | Credit Suisse AG, 2.000%, 4/1/2020 | 35,016,876 | |
829,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 2.070% - 2.200%, 2/18/2020 - 4/6/2020 | 827,448,629 | |
320,000,000 | MUFG Bank Ltd., 1.850% - 2.080%, 2/14/2020 - 7/9/2020 | 320,133,388 | |
255,000,000 | MUFG Bank Ltd., 1.910% - 2.080%, 2/10/2020 - 5/7/2020 | 255,036,051 | |
625,000,000 | Mizuho Bank Ltd., 1.820% - 1.970%, 2/10/2020 - 4/14/2020 | 624,894,886 | |
50,000,000 | Mizuho Bank Ltd., 1.920%, 2/28/2020 | 50,000,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.730%, 5/4/2020 | 100,000,000 | |
480,000,000 | Sumitomo Mitsui Banking Corp., 1.930% - 2.010%, 2/11/2020 - 4/29/2020 | 480,174,009 | |
50,000,000 | Sumitomo Mitsui Banking Corp., 2.240%, 2/3/2020 | 49,993,848 | |
133,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.750% - 2.150%, 2/13/2020 - 5/29/2020 | 133,013,076 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.900% - 2.000%, 2/11/2020 - 3/26/2020 | 150,000,000 | |
99,600,000 | Toronto Dominion Bank, 2.100%, 2/6/2020 | 99,600,000 | |
200,000,000 | Wells Fargo Bank International, 1.860% - 1.950%, 6/2/2020 - 7/9/2020 | 200,034,858 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $3,499,854,758) | 3,500,568,523 | ||
1 | COMMERCIAL PAPER—20.4% | ||
Finance - Banking—4.8% | |||
110,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 110,050,454 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.950%, 5/1/2020 | $100,062,345 | |
79,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.620%, 2/4/2020 | 78,989,335 | |
125,000,000 | BPCE SA, 1.959%, 3/26/2020 | 124,634,375 | |
155,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.936% - 2.648%, 2/7/2020 - 10/9/2020 | 154,077,806 | |
100,000,000 | Credit Suisse AG, 1.919%, 4/2/2020 | 99,706,878 | |
190,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.811% - 1.912%, 3/20/2020 - 5/7/2020 | 189,370,122 | |
110,000,000 | MUFG Bank Ltd., 2.061%, 2/3/2020 - 2/10/2020 | 109,967,700 | |
95,266,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.033%, 2/4/2020 | 95,249,964 | |
46,500,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.860% - 1.980%, 2/20/2020 - 4/16/2020 | 46,421,036 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.893%, 3/30/2020 | 99,697,111 | |
50,000,000 | National Australia Bank Ltd., Melbourne, 2.670%, 3/19/2020 | 49,894,134 | |
TOTAL | 1,258,121,260 | ||
Finance - Commercial—1.8% | |||
50,000,000 | Atlantic Asset Securitization LLC, 1.871%, 5/5/2020 | 49,769,493 | |
5,000,000 | CRC Funding, LLC, 2.061%, 2/5/2020 | 4,998,867 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.730%, 5/29/2020 | 50,000,000 | |
100,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/18/2020 | 100,015,710 | |
30,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.860%, 5/6/2020 | 30,008,419 | |
40,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.900%, 5/5/2020 | 40,015,518 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.920%, 4/3/2020 | 50,018,392 | |
140,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.013%, 2/7/2020 | 139,953,334 | |
TOTAL | 464,779,733 | ||
Finance - Retail—4.8% | |||
50,000,000 | Barton Capital S.A., 1.704%, 3/27/2020 | 49,870,139 | |
149,000,000 | Chariot Funding LLC, 2.720% - 2.723%, 3/2/2020 - 3/9/2020 | 148,752,409 | |
30,000,000 | Old Line Funding, LLC, 1.867%, 7/13/2020 | 29,765,070 | |
64,000,000 | Old Line Funding, LLC, 1.900%, 7/8/2020 | 63,518,336 | |
101,000,000 | Old Line Funding, LLC, 1.918% - 2.061%, 2/13/2020 - 6/29/2020 | 100,650,291 | |
50,000,000 | Old Line Funding, LLC, 2.019%, 4/3/2020 | 49,858,075 | |
684,000,000 | Sheffield Receivables Company LLC, 1.812% - 2.034%, 2/19/2020 - 5/27/2020 | 681,653,491 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Retail—continued | |||
$90,000,000 | Starbird Funding Corp., 1.707%, 5/1/2020 | $89,608,472 | |
25,000,000 | Thunder Bay Funding, LLC, 2.000%, 4/6/2020 | 24,924,834 | |
TOTAL | 1,238,601,117 | ||
Finance - Securities—5.3% | |||
103,500,000 | Anglesea Funding LLC, 1.929% - 2.095%, 2/3/2020 - 2/13/2020 | 103,448,751 | |
100,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 1.620%, 2/6/2020 | 99,977,500 | |
100,000,000 | Chesham Finance LLC Series VII, 1.621% - 1.909%, 2/6/2020 - 3/30/2020 | 99,835,694 | |
95,000,000 | Collateralized Commercial Paper Co. LLC, 2.021% - 2.133%, 2/10/2020 - 3/12/2020 | 94,907,519 | |
407,750,000 | Collateralized Commercial Paper FLEX Co., LLC, 1.850% - 2.144%, 2/10/2020 - 8/7/2020 | 405,515,059 | |
235,000,000 | Collateralized Commercial Paper V Co. LLC, 1.850% - 1.913%, 3/23/2020 - 8/6/2020 | 234,301,262 | |
145,000,000 | Great Bridge Capital Co., LLC, 1.805% - 2.037%, 2/7/2020 - 3/17/2020 | 144,835,678 | |
188,000,000 | Ridgefield Funding Company, LLC Series A, 1.912% - 2.146%, 2/7/2020 - 3/19/2020 | 187,784,350 | |
TOTAL | 1,370,605,813 | ||
Insurance—0.3% | |||
75,000,000 | PRICOA Short Term Funding, LLC, 1.877%, 7/6/2020 | 74,444,285 | |
Sovereign—3.4% | |||
135,000,000 | Caisse des Depots et Consignations (CDC), 2.030%, 3/12/2020 | 134,698,501 | |
69,000,000 | Erste Abwicklungsanstalt, 2.051%, 2/12/2020 | 68,957,201 | |
100,000,000 | European Investment Bank, 1.958%, 6/1/2020 | 99,451,339 | |
595,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.708% - 2.091%, 2/28/2020 - 5/15/2020 | 593,665,859 | |
TOTAL | 896,772,900 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $5,302,199,325) | 5,303,325,108 | ||
CORPORATE BOND—0.2% | |||
Finance - Banking—0.2% | |||
44,488,000 | Westpac Banking Corp. Ltd., Sydney, Sr. Unsecd. Note, 2.150%, 3/6/2020 (IDENTIFIED COST $44,467,246) | 44,506,240 | |
2 | NOTES - VARIABLE—27.8% | ||
Aerospace/Auto—0.3% | |||
74,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.862% (1-month USLIBOR +0.170%), 2/10/2020 | 74,011,913 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—24.5% | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.811% (3-month USLIBOR +0.150%), 2/26/2020 | $100,000,000 | |
100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.834% (1-month USLIBOR +0.150%), 2/12/2020 | 100,000,000 | |
123,000,000 | Bank of Montreal, 1.931% (3-month USLIBOR +0.100%), 5/12/2020 | 123,024,103 | |
70,000,000 | Bank of Montreal, 1.941% (1-month USLIBOR +0.160%), 2/3/2020 | 70,018,941 | |
100,000,000 | Bank of Montreal, 1.970% (Effective Fed Funds +0.370%), 2/3/2020 | 100,100,463 | |
120,000,000 | Bank of Montreal, 1.974% (1-month USLIBOR +0.240%), 2/6/2020 | 120,085,476 | |
100,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 100,057,341 | |
100,000,000 | Bank of Montreal, 2.035% (3-month USLIBOR +0.130%), 2/18/2020 | 100,069,787 | |
100,000,000 | Bank of Montreal, 2.045% (3-month USLIBOR +0.140%), 2/13/2020 | 100,076,694 | |
50,000,000 | Bank of Montreal, 2.188% (3-month USLIBOR +0.340%), 4/14/2020 | 50,069,081 | |
180,000,000 | Bank of Nova Scotia, Toronto, 1.820% (1-month USLIBOR +0.160%), 2/28/2020 | 180,036,007 | |
149,500,000 | Bank of Nova Scotia, Toronto, 1.824% (1-month USLIBOR +0.170%), 2/18/2020 | 149,531,736 | |
74,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 74,530,132 | |
99,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 99,541,738 | |
200,000,000 | Bank of Nova Scotia, Toronto, 1.890% (Effective Fed Funds +0.290%), 2/3/2020 | 200,103,548 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.909% (1-month USLIBOR +0.210%), 2/11/2020 | 100,024,751 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.910% (3-month USLIBOR +0.140%), 4/30/2020 | 125,091,494 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 50,016,770 | |
40,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 40,013,416 | |
65,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 65,059,195 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,091,504 | |
55,000,000 | Bank of Nova Scotia, Toronto, 1.969% (3-month USLIBOR +0.150%), 4/1/2020 | 55,042,737 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | 50,060,761 | |
20,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.851% (1-month USLIBOR +0.190%), 2/25/2020 | 20,002,714 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.856% (1-month USLIBOR +0.180%), 2/17/2020 | 60,003,680 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.864% (1-month USLIBOR +0.180%), 2/11/2020 | $49,997,070 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 40,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.956% (3-month USLIBOR +0.150%), 4/23/2020 | 60,046,993 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.972% (3-month USLIBOR +0.100%), 3/30/2020 | 50,022,208 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,010,789 | |
35,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.991% (1-month USLIBOR +0.210%), 2/3/2020 | 35,008,574 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.017% (3-month USLIBOR +0.130%), 2/28/2020 | 65,042,251 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 3/17/2020 | 54,033,512 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (3-month USLIBOR +0.190%), 3/25/2020 | 30,030,346 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.854% (1-month USLIBOR +0.170%), 2/11/2020 | 100,046,172 | |
140,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 140,048,783 | |
75,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 75,028,165 | |
25,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 25,008,578 | |
20,000,000 | Canadian Imperial Bank of Commerce, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,005,180 | |
98,500,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 98,584,201 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,026,328 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,040,807 | |
250,000,000 | Canadian Imperial Bank of Commerce, 1.964% (1-month USLIBOR +0.250%), 2/4/2020 | 250,219,345 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.007% (3-month USLIBOR +0.120%), 3/4/2020 | 25,014,335 | |
150,000,000 | Canadian Imperial Bank of Commerce, 2.034% (3-month USLIBOR +0.140%), 2/5/2020 | 150,111,892 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 1.650%, 2/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.600%, 2/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 7,595,000 | |
14,920,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 14,920,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,780,000 | |
125,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.160%), 2/20/2020 | 125,028,150 | |
60,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.180%), 2/25/2020 | 60,021,472 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.040% (3-month USLIBOR +0.130%), 2/25/2020 | 100,137,827 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.045% (3-month USLIBOR +0.100%), 3/30/2020 | 100,000,000 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.221% (1-month USLIBOR +0.480%), 2/13/2020 | 25,023,462 | |
40,000,000 | Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.090% (1-month USLIBOR +0.350%), 2/14/2020 | 40,007,748 | |
4,960,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 1.750%, 2/6/2020 | 4,960,000 | |
45,000,000 | Royal Bank of Canada, 1.830% (Secured Overnight Financing Rate +0.250%), 2/3/2020 | 45,000,000 | |
48,600,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 48,614,981 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 50,015,413 | |
100,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,022,960 | |
20,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,006,087 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$20,000,000 | Royal Bank of Canada, 1.894% (1-month USLIBOR +0.160%), 2/5/2020 | $20,000,000 | |
50,000,000 | Royal Bank of Canada, 1.900% (Effective Fed Funds +0.350%), 2/3/2020 | 50,042,896 | |
50,000,000 | Royal Bank of Canada, 1.900% (Secured Overnight Financing Rate +0.320%), 2/3/2020 | 49,986,110 | |
40,000,000 | Royal Bank of Canada, 1.910% (Effective Fed Funds +0.310%), 2/3/2020 | 40,024,523 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 1.620%, 2/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 1.620%, 2/6/2020 | 20,000,000 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 720,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.910% (Secured Overnight Financing Rate +0.330%), 2/3/2020 | 100,046,251 | |
25,000,000 | Toronto Dominion Bank, 1.854% (1-month USLIBOR +0.200%), 2/19/2020 | 25,003,113 | |
50,000,000 | Toronto Dominion Bank, 1.859% (1-month USLIBOR +0.200%), 2/24/2020 | 50,006,916 | |
75,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 75,031,032 | |
100,000,000 | Toronto Dominion Bank, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,046,537 | |
35,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 35,024,005 | |
50,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,033,443 | |
75,000,000 | Toronto Dominion Bank, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 75,064,738 | |
40,000,000 | Toronto Dominion Bank, 2.049% (3-month USLIBOR +0.140%), 2/13/2020 | 40,030,679 | |
150,000,000 | Toronto Dominion Bank, 2.090% (3-month USLIBOR +0.190%), 4/6/2020 | 150,150,234 | |
75,000,000 | Toronto Dominion Bank, 2.151% (3-month USLIBOR +0.190%), 3/30/2020 | 75,077,505 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 5,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 150,000,000 | |
127,200,000 | Westpac Banking Corp. Ltd., Sydney, 1.900% (Effective Fed Funds +0.300%), 2/3/2020 | 127,200,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/4/2020 | $100,082,074 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/9/2020 | 130,107,992 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.038% (3-month USLIBOR +0.150%), 3/4/2020 | 100,082,066 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 1.630%, 2/6/2020 | 6,485,000 | |
TOTAL | 6,370,260,086 | ||
Finance - Commercial—0.2% | |||
45,000,000 | Atlantic Asset Securitization LLC, 1.818% (1-month USLIBOR +0.160%), 2/18/2020 | 44,996,362 | |
Finance - Retail—0.9% | |||
25,000,000 | Chariot Funding LLC, 1.971% (1-month USLIBOR +0.190%), 2/3/2020 | 25,004,624 | |
50,000,000 | Old Line Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,004,868 | |
75,000,000 | Old Line Funding, LLC, 1.964% (1-month USLIBOR +0.250%), 2/7/2020 | 75,070,033 | |
25,000,000 | Old Line Funding, LLC, 2.040% (3-month USLIBOR +0.130%), 11/19/2020 | 25,001,700 | |
67,500,000 | Thunder Bay Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 67,508,088 | |
TOTAL | 242,589,313 | ||
Finance - Securities—1.2% | |||
100,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.910% (1-month USLIBOR +0.250%), 2/24/2020 | 100,000,000 | |
37,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.934% (1-month USLIBOR +0.250%), 2/13/2020 | 37,000,000 | |
35,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.815% (1-month USLIBOR +0.160%), 3/2/2020 | 35,000,001 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,007,303 | |
43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 2.039% (3-month USLIBOR +0.130%), 2/12/2020 | 43,516,602 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 40,000,000 | |
24,500,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 24,500,000 | |
TOTAL | 330,023,906 | ||
Government Agency—0.7% | |||
9,015,000 | Austen Children's Gift Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 9,015,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 1.620%, 2/6/2020 | $5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 16,000,000 | |
5,780,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 1.620%, 2/6/2020 | 5,780,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 4,270,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 19,640,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 5,010,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 5,975,000 | |
TOTAL | 190,140,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $7,248,819,078) | 7,252,021,580 | ||
TIME DEPOSITS—2.3% | |||
Finance - Banking—2.3% | |||
300,000,000 | ABN Amro Bank NV, 1.580%, 2/3/2020 | 300,000,000 | |
300,000,000 | Australia & New Zealand Banking Group, Melbourne, 1.630%, 2/3/2020 | 300,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $600,000,000) | 600,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—15.9% | |||
Finance - Banking—15.9% | |||
$140,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/15/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,210,000 on 2/14/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $153,290,112 have been received as collateral and held with BNY Mellon as tri-party agent. | $140,000,000 | |
50,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $51,108,348 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
25,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,021,875 on 2/18/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $25,503,719 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
45,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $45,000,000 collateralized loan agreement will repurchase securities provided as collateral for $45,052,500 on 2/24/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $45,906,694 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
100,000,000 | BNP Paribas SA, 1.71%, dated 1/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,021,375 on 2/3/2020, in which asset-backed securities, medium term notes and sovereign with a market value of $153,022,447 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 2.08%, dated 1/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,006,933 on 2/3/2020, in which medium term notes securities with a market value of $40,807,073 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 11/19/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,819,329 on 5/21/2020, in which medium term notes and sovereign securities with a market value of $76,651,853 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$95,000,000 | Citigroup Global Markets, Inc., 2.19%, dated 11/19/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $146,621,092 on 5/21/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $148,200,156 have been received as collateral and held with BNY Mellon as tri-party agent. | $95,000,000 | |
975,000,000 | Credit Agricole CIB Paris, 1.78%, dated 1/13/2020, interest in a $2,000,000,000 collateralized loan agreement will repurchase securities provided as collateral for $2,000,692,222 on 2/10/2020, in which corporate bonds, medium term notes and sovereign with a market value of $2,040,302,600 have been received as collateral and held with BNY Mellon as tri-party agent. | 975,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which corporate bonds and medium term notes with a market value of $51,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
55,000,000 | HSBC Securities (USA), Inc., 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which corporate bonds with a market value of $102,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
55,000,000 | ING Financial Markets LLC, 1.68%, dated 1/31/2020, interest in a $105,000,000 collateralized loan agreement will repurchase securities provided as collateral for $105,014,700 on 2/3/2020, in which corporate bonds, medium-term notes and sovereign with a market value of $107,114,994 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
125,000,000 | J.P. Morgan Securities LLC, 1.78%, dated 1/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,395,556 on 2/18/2020, in which corporate bonds, medium-term notes and municipal bonds with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
50,000,000 | J.P. Morgan Securities LLC, 2.25%, dated 12/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,143,750 on 6/18/2020, in which asset-backed securities and collateralized mortgage obligations with a market value of $102,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 1.70%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,167 on 2/3/2020, in which municipal bonds with a market value of $102,014,450 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$150,000,000 | MUFG Securities Americas, Inc., 1.78%, dated 1/31/2020, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,044,500 on 2/3/2020, in which corporate bonds and exchange traded funds with a market value of $306,045,391 have been received as collateral and held with BNY Mellon as tri-party agent. | $150,000,000 | |
342,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020, in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. | 342,000,000 | |
100,000,000 | Mizuho Securities USA, Inc., 2.28%, dated 11/7/2019, interest in a $365,000,000 collateralized loan agreement will repurchase securities provided as collateral for $366,410,117 on 3/9/2020, in which asset-backed securities and corporate bonds with a market value of $372,913,055 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
250,000,000 | Pershing LLC., 1.78%, dated 11/21/2019, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,173,056 on 2/10/2020, in which asset-backed securities, certificate of deposit, commercial paper, common stocks, corporate bonds, exchange traded funds, medium-term notes and municipal bonds with a market value of $510,075,684 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
400,000,000 | Societe Generale, Paris, 1.69%, dated 1/31/2020, interest in a $700,000,000 collateralized loan agreement will repurchase securities provided as collateral for $700,098,583 on 2/3/2020, in which asset-backed securities, commercial paper, corporate bonds, medium-term notes, Sovereign and treasury notes with a market value of $714,248,890 have been received as collateral and held with BNY Mellon as tri-party agent. | 400,000,000 | |
306,000,000 | Societe Generale, Paris, 1.76%, dated 1/31/2020, interest in a $550,000,000 collateralized loan agreement will repurchase securities provided as collateral for $550,080,667 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $561,082,395 have been received as collateral and held with BNY Mellon as tri-party agent. | 306,000,000 | |
50,000,000 | Societe Generale, Paris, 1.88%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,161,889 on 3/2/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $102,016,340 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Standard Chartered Bank, 1.71%, dated 1/31/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,028,500 on 2/3/2020 in which government national mortgage association with a market value of $204,029,070 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 1.74%, dated 1/28/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,027,067 on 2/4/2020, in which convertible bonds with a market value of $81,623,664 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
50,000,000 | Wells Fargo Securities LLC, 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which convertible bonds with a market value of $102,015,131 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 2.20%, dated 9/24/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,825,000 on 4/20/2020, in which convertible bonds with a market value of $153,122,103 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 2.23%, dated 1/16/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,446,000 on 4/15/2020, in which collateralized mortgage obligations and corporate bonds with a market value of $81,690,984 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,562,500 on 4/8/2020, in which asset-backed securities with a market value of $102,159,375 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,675,000 on 4/8/2020, in which convertible bonds with a market value of $122,591,251 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $4,131,400,000) | 4,131,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—20.2% | |||
Finance - Banking—20.2% | |||
$150,000,000 | Interest in $350,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $350,046,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2050 and the market value of those underlying securities was $358,865,761. | $150,000,000 | |
1,000,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/20/2069 and the market value of those underlying securities was $1,022,932,706. | 1,000,000,000 | |
500,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,066,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2049 and the market value of those underlying securities was $510,068,001. | 500,000,000 | |
500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,020,000,000. | 500,000,000 | |
1,000,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,200,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $1,543,116,413. | 1,000,000,000 | |
1,000,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,083,160,911. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$297,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | $297,000,000 | |
575,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,076,188 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/25/2049 and the market value of those underlying securities was $587,080,309. | 575,000,000 | |
245,100,000 | Interest in $250,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,033,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $255,034,001. | 245,100,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $5,267,100,000) | 5,267,100,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $26,161,767,829)3 | 26,166,862,326 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%4 | (135,467,463) | ||
TOTAL NET ASSETS—100% | $26,031,394,863 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0098 | 0.0239 | 0.0156 | 0.0063 | 0.003 | 0.0001 |
Net realized and unrealized gain | — | 0.0001 | 0.00002 | 0.0011 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0098 | 0.0240 | 0.0156 | 0.0074 | 0.004 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0098) | (0.0239) | (0.0156) | (0.0063) | (0.003) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0098) | (0.0239) | (0.0156) | (0.0071) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.00 | $1.00 |
Total Return3 | 0.98% | 2.43% | 1.57% | 0.66% | 0.26% | 0.04% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.15%4 | 0.15% | 0.17% | 0.20% | 0.21% | 0.20% |
Net investment income | 1.93%4 | 2.41% | 1.62% | 0.40% | 0.26% | 0.04% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,877,363 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 | $30,806,315 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $9,398,500,000 | |
Investment in securities | 16,768,362,326 | |
Total investment in securities, at value (identified cost $26,161,767,829) | $26,166,862,326 | |
Cash | 870,305 | |
Income receivable | 31,305,003 | |
TOTAL ASSETS | 26,199,037,634 | |
Liabilities: | ||
Payable for investments purchased | 135,000,000 | |
Income distribution payable | 31,721,591 | |
Capital gain distribution payable | 46,596 | |
Payable for investment adviser fee (Note 5) | 47,840 | |
Payable for administrative fee (Note 5) | 55,818 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,868 | |
Accrued expenses (Note 5) | 769,058 | |
TOTAL LIABILITIES | 167,642,771 | |
Net assets for 26,019,803,970 shares outstanding | $26,031,394,863 | |
Net Assets Consist of: | ||
Paid-in capital | $26,026,320,491 | |
Total distributable earnings | 5,074,372 | |
TOTAL NET ASSETS | $26,031,394,863 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
$25,877,362,631 ÷ 25,865,834,074 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Service Shares: | ||
$142,369,543 ÷ 142,312,847 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Capital Shares: | ||
$11,662,689 ÷ 11,657,049 shares outstanding, no par value, unlimited shares authorized | $1.0005 |
Federated Institutional Prime Obligations Fund
Investment Income: | ||
Interest | $249,620,598 | |
Expenses: | ||
Investment adviser fee (Note 5) | $23,984,455 | |
Administrative fee (Note 5) | 9,447,640 | |
Custodian fees | 309,990 | |
Transfer agent fee | 124,090 | |
Directors'/Trustees' fees (Note 5) | 63,052 | |
Auditing fees | 12,624 | |
Legal fees | 4,829 | |
Portfolio accounting fees | 129,404 | |
Other service fees (Notes 2 and 5) | 168,706 | |
Share registration costs | 173,939 | |
Printing and postage | 12,451 | |
Miscellaneous (Note 5) | 48,118 | |
TOTAL EXPENSES | 34,479,298 | |
Waiver of investment adviser fee (Note 5) | (15,734,632) | |
Net expenses | 18,744,666 | |
Net investment income | 230,875,932 | |
Net change in unrealized appreciation of investments | 1,522,356 | |
Change in net assets resulting from operations | $232,398,288 |
Federated Institutional Prime Obligations Fund
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $230,875,932 | $372,519,522 |
Net realized gain | — | 55,250 |
Net change in unrealized appreciation | 1,522,356 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 232,398,288 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (229,648,757) | (370,570,446) |
Service Shares | (1,137,351) | (1,436,015) |
Capital Shares | (164,786) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (230,950,894) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 32,560,657,351 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 39,236,230 | 78,813,357 |
Cost of shares redeemed | (27,825,074,322) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,774,819,259 | 10,237,851,652 |
Change in net assets | 4,776,266,653 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $26,031,394,863 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
■ | 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 | |
Service Shares | $164,341 |
Capital Shares | 4,365 |
TOTAL | $168,706 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares:1 | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 32,199,064,909 | $32,210,638,874 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 38,027,809 | 38,041,771 | 76,894,192 | 76,916,497 |
Shares redeemed | (27,509,692,313) | (27,519,529,827) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 4,727,400,405 | $4,729,150,818 | 10,200,041,071 | $10,203,091,670 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 159,615,415 | $159,661,360 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,029,738 | 1,030,063 | 1,401,043 | 1,401,450 |
Shares redeemed | (112,277,421) | (112,310,143) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 48,367,732 | $48,381,280 | 46,138,848 | $46,149,459 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 190,287,106 | $190,357,117 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 164,334 | 164,396 | 487,051 | 487,169 |
Shares redeemed | (193,162,690) | (193,234,352) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (2,711,250) | $(2,712,839) | (10,833,164) | $(10,836,104) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares:2 | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,773,056,887 | $4,774,819,259 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,009.80 | $0.762 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,024.38 | $0.762 |
1 | Expenses are equal to the Fund's Institutional Shares annualized net expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | PVOXX | Service | PVSXX | Capital | PVCXX |
Security Type | Percentage of Total Net Assets2 |
Other Repurchase Agreements and Repurchase Agreements | 36.2% |
Variable Rate Instruments | 27.8% |
Commercial Paper | 20.3% |
Bank Instruments | 15.7% |
Asset-Backed Securities | 0.3% |
Corporate Bond | 0.2% |
Other Assets and Liabilities—Net3 | (0.5)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | As of the date specified above, the Fund owned shares of an affiliated investment company. For purposes of this table, the affiliated investment company is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANY—99.7% | |||
17,804,947,700 | Federated Institutional Prime Obligations Fund, Institutional Shares, 1.71%1 (IDENTIFIED COST $17,809,808,236) | $17,812,069,679 | |
OTHER REPURCHASE AGREEMENT—0.2% | |||
Finance - Banking—0.2% | |||
$43,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020, in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. (IDENTIFIED COST $43,000,000) | 43,000,000 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $17,852,808,236)2 | 17,855,069,679 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%3 | 19,448,575 | ||
TOTAL NET ASSETS—100% | $17,874,518,254 |
Federated Institutional Prime Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2019 | 14,610,947,700 |
Purchases/Additions | 7,427,000,000 |
Sales/Reductions | (4,233,000,000) |
Balance of Shares Held 1/31/2020 | 17,804,947,700 |
Value | $17,812,069,679 |
Change in Unrealized Appreciation/Depreciation | $357,600 |
Net Realized Gain/(Loss) | $(252,200) |
Dividend Income | $156,966,692 |
1 | 7-day net yield. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Other Repurchase Agreement | $— | $43,000,000 | $— | $43,000,000 |
Investment Company | 17,812,069,679 | — | — | 17,812,069,679 |
TOTAL SECURITIES | $17,812,069,679 | $43,000,000 | $— | $17,855,069,679 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0098 | 0.0239 | 0.0156 | 0.0075 | 0.003 | 0.001 |
Net realized and unrealized gain (loss) | 0.00001 | 0.0001 | (0.0000)1 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0098 | 0.0240 | 0.0156 | 0.0077 | 0.003 | 0.001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0098) | (0.0239) | (0.0156) | (0.0075) | (0.003) | (0.001) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0098) | (0.0239) | (0.0156) | (0.0075) | (0.003) | (0.001) |
Net Asset Value, End of Period | $1.0003 | $1.0003 | $1.0002 | $1.0002 | $1.00 | $1.00 |
Total Return3 | 0.98% | 2.43% | 1.57% | 0.78% | 0.31% | 0.08% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.00%4,5 | — | 0.00%5 | 0.20% | 0.21% | 0.20% |
Net investment income | 1.93%4 | 2.41% | 1.59% | 0.77% | 0.31% | 0.08% |
Expense waiver/reimbursement6 | 0.29%4 | 0.29% | 0.29% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,835,719 | $13,599,422 | $6,992,551 | $4,454,446 | $4,639,018 | $5,914,296 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | Represents less than 0.01%. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0085 | 0.0214 | 0.0131 | 0.0050 | 0.001 | 0.0001 |
Net realized and unrealized gain (loss) | 0.00002 | 0.0001 | (0.0000)2 | 0.0002 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0085 | 0.0215 | 0.0131 | 0.0052 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0085) | (0.0214) | (0.0131) | (0.0050) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0085) | (0.0214) | (0.0131) | (0.0050) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.0003 | $1.0003 | $1.0002 | $1.0002 | $1.00 | $1.00 |
Total Return3 | 0.85% | 2.18% | 1.31% | 0.53% | 0.10% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.25%4 | 0.25% | 0.25% | 0.45% | 0.41% | 0.27% |
Net investment income | 1.65%4 | 2.20% | 1.26% | 0.34% | 0.09% | 0.01% |
Expense waiver/reimbursement5 | 0.29%4 | 0.29% | 0.29% | 0.09% | 0.13% | 0.27% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,013,146 | $1,055,438 | $186,643 | $129,412 | $1,229,801 | $1,413,002 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0092 | 0.0230 | 0.0146 | 0.0064 | 0.002 | 0.0001 |
Net realized and unrealized gain (loss) | 0.00002 | 0.00002 | (0.0000)2 | 0.0003 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0092 | 0.0230 | 0.0146 | 0.0067 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0092) | (0.0229) | (0.0146) | (0.0065) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0092) | (0.0229) | (0.0146) | (0.0065) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.0003 | $1.0003 | $1.0002 | $1.0002 | $1.00 | $1.00 |
Total Return3 | 0.93% | 2.33% | 1.47% | 0.68% | 0.21% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.10%4 | 0.10% | 0.10% | 0.30% | 0.31% | 0.27% |
Net investment income | 1.81%4 | 2.31% | 1.40% | 0.34% | 0.21% | 0.01% |
Expense waiver/reimbursement5 | 0.29%4 | 0.29% | 0.29% | 0.10% | 0.09% | 0.11% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,654 | $16,566 | $12,185 | $20,587 | $627,753 | $592,710 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value including $17,812,069,679 of investment in an affiliated holding* (identified cost $17,852,808,236) | $17,855,069,679 | |
Cash | 926,387 | |
Income receivable | 2,389 | |
Income receivable from an affiliated holding* | 25,694,961 | |
Receivable for shares sold | 69,545,931 | |
TOTAL ASSETS | 17,951,239,347 | |
Liabilities: | ||
Payable for shares redeemed | $60,930,400 | |
Income distribution payable | 14,863,662 | |
Capital gain distribution payable | 31,689 | |
Payable to adviser (Note 5) | 23,055 | |
Payable for administrative fees (Note 5) | 38,297 | |
Payable for Directors'/Trustees' fees (Note 5) | 392 | |
Payable for other service fees (Notes 2 and 5) | 386,663 | |
Accrued expenses (Note 5) | 446,935 | |
TOTAL LIABILITIES | 76,721,093 | |
Net assets for 17,869,001,599 shares outstanding | $17,874,518,254 | |
Net Assets Consist of: | ||
Paid-in capital | $17,872,498,459 | |
Total distributable earnings | 2,019,795 | |
TOTAL NET ASSETS | $17,874,518,254 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$15,835,718,517 ÷ 15,830,818,674 shares outstanding, no par value, unlimited shares authorized | $1.0003 | |
Service Shares: | ||
$2,013,145,683 ÷ 2,012,536,675 shares outstanding, no par value, unlimited shares authorized | $1.0003 | |
Capital Shares: | ||
$25,654,054 ÷ 25,646,250 shares outstanding, no par value, unlimited shares authorized | $1.0003 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Dividends received from an affiliated holding* | $156,966,692 | ||
Interest | 600,258 | ||
TOTAL INCOME | 157,566,950 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $16,355,092 | ||
Administrative fee (Note 5) | 6,441,560 | ||
Custodian fees | 227,219 | ||
Transfer agent fee | 84,308 | ||
Directors'/Trustees' fees (Note 5) | 42,952 | ||
Auditing fees | 12,624 | ||
Legal fees | 4,829 | ||
Portfolio accounting fees | 110,247 | ||
Other service fees (Notes 2 and 5) | 1,860,688 | ||
Share registration costs | 188,631 | ||
Printing and postage | 20,747 | ||
Miscellaneous (Note 5) | 49,847 | ||
TOTAL EXPENSES | 25,398,744 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(16,355,092) | ||
Reimbursement of other operating expenses (Note 5) | (7,182,964) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (23,538,056) | ||
Net expenses | 1,860,688 | ||
Net investment income | 155,706,262 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments in an affiliated holding* | (252,200) | ||
Net change in unrealized appreciation of investments in an affiliated holding* | 357,600 | ||
Net realized and unrealized gain on investments | 105,400 | ||
Change in net assets resulting from operations | $155,811,662 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $155,706,262 | $242,045,436 |
Net realized gain (loss) | (252,200) | 1,004,735 |
Net change in unrealized appreciation/depreciation | 357,600 | 615,529 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 155,811,662 | 243,665,700 |
Distributions to Shareholders: | ||
Institutional Shares | (143,355,706) | (227,746,997) |
Service Shares | (12,212,353) | (13,713,304) |
Capital Shares | (185,148) | (591,746) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (155,753,207) | (242,052,047) |
Share Transactions: | ||
Proceeds from sale of shares | 26,262,031,203 | 42,460,937,874 |
Net asset value of shares issued to shareholders in payment of distributions declared | 57,846,360 | 78,067,066 |
Cost of shares redeemed | (23,116,843,456) | (35,060,572,125) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 3,203,034,107 | 7,478,432,815 |
Change in net assets | 3,203,092,562 | 7,480,046,468 |
Net Assets: | ||
Beginning of period | 14,671,425,692 | 7,191,379,224 |
End of period | $17,874,518,254 | $14,671,425,692 |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the |
same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Service Shares | $1,850,449 |
Capital Shares | 10,239 |
TOTAL | $1,860,688 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,090,348,870 | $24,096,539,670 | 40,036,951,004 | $40,044,526,153 |
Shares issued to shareholders in payment of distributions declared | 45,494,239 | 45,506,358 | 64,134,982 | 64,147,966 |
Shares redeemed | (21,900,165,137) | (21,905,754,526) | (33,497,018,461) | (33,503,278,796) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,235,677,972 | $2,236,291,502 | 6,604,067,525 | $6,605,395,323 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,151,467,079 | $2,152,012,536 | 2,358,625,106 | $2,359,060,772 |
Shares issued to shareholders in payment of distributions declared | 12,151,614 | 12,154,860 | 13,325,579 | 13,328,378 |
Shares redeemed | (1,206,195,973) | (1,206,513,119) | (1,503,443,981) | (1,503,733,301) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 957,422,720 | $957,654,277 | 868,506,704 | $868,655,849 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,475,232 | $13,478,997 | 57,337,012 | $57,350,949 |
Shares issued to shareholders in payment of distributions declared | 185,092 | 185,142 | 590,617 | 590,722 |
Shares redeemed | (4,574,555) | (4,575,811) | (53,549,494) | (53,560,028) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 9,085,769 | $9,088,328 | 4,378,135 | $4,381,643 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 3,202,186,461 | $3,203,034,107 | 7,476,952,364 | $7,478,432,815 |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,009.80 | $0.002,3 |
Service Shares | $1,000 | $1,008.50 | $1.264 |
Capital Shares | $1,000 | $1,009.30 | $0.515 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,025.14 | $0.002,3 |
Service Shares | $1,000 | $1,023.88 | $1.274 |
Capital Shares | $1,000 | $1,024.63 | $0.515 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.00%6 |
Service Shares | 0.25% |
Capital Shares | 0.10% |
2 | Represents less than $0.01. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.27 and $2.29, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.30% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.52 and $1.53, respectively. |
6 | Represents less than 0.01%. |
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 36.1% |
Variable Rate Instruments | 27.8% |
Commercial Paper | 20.4% |
Bank Instruments | 15.7% |
Asset-Backed Securities | 0.3% |
Corporate Bond | 0.2% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days4 | 53.5% |
8-30 Days | 18.2% |
31-90 Days | 20.3% |
91-180 Days | 7.5% |
181 Days or more | 1.0% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
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. |
4 | Overnight securities comprised 28.4% of the Fund's portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITIES—0.3% | |||
Finance - Automotive—0.2% | |||
$25,880,547 | AmeriCredit Automobile Receivables Trust 2019-3, Class A1, 2.179%, 9/18/2020 | $25,885,844 | |
11,628,518 | World Omni Select Auto Trust 2019-A, Class A1, 2.121%, 10/15/2020 | 11,631,482 | |
TOTAL | 37,517,326 | ||
Finance - Equipment—0.1% | |||
15,907,066 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 | 15,907,512 | |
14,511,292 | CNH Equipment Trust 2019-B, Class A1, 2.565%, 6/12/2020 | 14,516,037 | |
TOTAL | 30,423,549 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $67,927,422) | 67,940,875 | ||
CERTIFICATES OF DEPOSIT—13.4% | |||
Finance - Banking—13.4% | |||
175,000,000 | Bank of Montreal, 2.690% - 2.700%, 3/9/2020 - 3/19/2020 | 175,222,902 | |
35,000,000 | Credit Suisse AG, 2.000%, 4/1/2020 | 35,016,876 | |
829,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 2.070% - 2.200%, 2/18/2020 - 4/6/2020 | 827,448,629 | |
320,000,000 | MUFG Bank Ltd., 1.850% - 2.080%, 2/14/2020 - 7/9/2020 | 320,133,388 | |
255,000,000 | MUFG Bank Ltd., 1.910% - 2.080%, 2/10/2020 - 5/7/2020 | 255,036,051 | |
625,000,000 | Mizuho Bank Ltd., 1.820% - 1.970%, 2/10/2020 - 4/14/2020 | 624,894,886 | |
50,000,000 | Mizuho Bank Ltd., 1.920%, 2/28/2020 | 50,000,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.730%, 5/4/2020 | 100,000,000 | |
480,000,000 | Sumitomo Mitsui Banking Corp., 1.930% - 2.010%, 2/11/2020 - 4/29/2020 | 480,174,009 | |
50,000,000 | Sumitomo Mitsui Banking Corp., 2.240%, 2/3/2020 | 49,993,848 | |
133,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.750% - 2.150%, 2/13/2020 - 5/29/2020 | 133,013,076 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.900% - 2.000%, 2/11/2020 - 3/26/2020 | 150,000,000 | |
99,600,000 | Toronto Dominion Bank, 2.100%, 2/6/2020 | 99,600,000 | |
200,000,000 | Wells Fargo Bank International, 1.860% - 1.950%, 6/2/2020 - 7/9/2020 | 200,034,858 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $3,499,854,758) | 3,500,568,523 | ||
1 | COMMERCIAL PAPER—20.4% | ||
Finance - Banking—4.8% | |||
110,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 110,050,454 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.950%, 5/1/2020 | $100,062,345 | |
79,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.620%, 2/4/2020 | 78,989,335 | |
125,000,000 | BPCE SA, 1.959%, 3/26/2020 | 124,634,375 | |
155,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.936% - 2.648%, 2/7/2020 - 10/9/2020 | 154,077,806 | |
100,000,000 | Credit Suisse AG, 1.919%, 4/2/2020 | 99,706,878 | |
190,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.811% - 1.912%, 3/20/2020 - 5/7/2020 | 189,370,122 | |
110,000,000 | MUFG Bank Ltd., 2.061%, 2/3/2020 - 2/10/2020 | 109,967,700 | |
95,266,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.033%, 2/4/2020 | 95,249,964 | |
46,500,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.860% - 1.980%, 2/20/2020 - 4/16/2020 | 46,421,036 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.893%, 3/30/2020 | 99,697,111 | |
50,000,000 | National Australia Bank Ltd., Melbourne, 2.670%, 3/19/2020 | 49,894,134 | |
TOTAL | 1,258,121,260 | ||
Finance - Commercial—1.8% | |||
50,000,000 | Atlantic Asset Securitization LLC, 1.871%, 5/5/2020 | 49,769,493 | |
5,000,000 | CRC Funding, LLC, 2.061%, 2/5/2020 | 4,998,867 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.730%, 5/29/2020 | 50,000,000 | |
100,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/18/2020 | 100,015,710 | |
30,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.860%, 5/6/2020 | 30,008,419 | |
40,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.900%, 5/5/2020 | 40,015,518 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.920%, 4/3/2020 | 50,018,392 | |
140,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.013%, 2/7/2020 | 139,953,334 | |
TOTAL | 464,779,733 | ||
Finance - Retail—4.8% | |||
50,000,000 | Barton Capital S.A., 1.704%, 3/27/2020 | 49,870,139 | |
149,000,000 | Chariot Funding LLC, 2.720% - 2.723%, 3/2/2020 - 3/9/2020 | 148,752,409 | |
30,000,000 | Old Line Funding, LLC, 1.867%, 7/13/2020 | 29,765,070 | |
64,000,000 | Old Line Funding, LLC, 1.900%, 7/8/2020 | 63,518,336 | |
101,000,000 | Old Line Funding, LLC, 1.918% - 2.061%, 2/13/2020 - 6/29/2020 | 100,650,291 | |
50,000,000 | Old Line Funding, LLC, 2.019%, 4/3/2020 | 49,858,075 | |
684,000,000 | Sheffield Receivables Company LLC, 1.812% - 2.034%, 2/19/2020 - 5/27/2020 | 681,653,491 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Retail—continued | |||
$90,000,000 | Starbird Funding Corp., 1.707%, 5/1/2020 | $89,608,472 | |
25,000,000 | Thunder Bay Funding, LLC, 2.000%, 4/6/2020 | 24,924,834 | |
TOTAL | 1,238,601,117 | ||
Finance - Securities—5.3% | |||
103,500,000 | Anglesea Funding LLC, 1.929% - 2.095%, 2/3/2020 - 2/13/2020 | 103,448,751 | |
100,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 1.620%, 2/6/2020 | 99,977,500 | |
100,000,000 | Chesham Finance LLC Series VII, 1.621% - 1.909%, 2/6/2020 - 3/30/2020 | 99,835,694 | |
95,000,000 | Collateralized Commercial Paper Co. LLC, 2.021% - 2.133%, 2/10/2020 - 3/12/2020 | 94,907,519 | |
407,750,000 | Collateralized Commercial Paper FLEX Co., LLC, 1.850% - 2.144%, 2/10/2020 - 8/7/2020 | 405,515,059 | |
235,000,000 | Collateralized Commercial Paper V Co. LLC, 1.850% - 1.913%, 3/23/2020 - 8/6/2020 | 234,301,262 | |
145,000,000 | Great Bridge Capital Co., LLC, 1.805% - 2.037%, 2/7/2020 - 3/17/2020 | 144,835,678 | |
188,000,000 | Ridgefield Funding Company, LLC Series A, 1.912% - 2.146%, 2/7/2020 - 3/19/2020 | 187,784,350 | |
TOTAL | 1,370,605,813 | ||
Insurance—0.3% | |||
75,000,000 | PRICOA Short Term Funding, LLC, 1.877%, 7/6/2020 | 74,444,285 | |
Sovereign—3.4% | |||
135,000,000 | Caisse des Depots et Consignations (CDC), 2.030%, 3/12/2020 | 134,698,501 | |
69,000,000 | Erste Abwicklungsanstalt, 2.051%, 2/12/2020 | 68,957,201 | |
100,000,000 | European Investment Bank, 1.958%, 6/1/2020 | 99,451,339 | |
595,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.708% - 2.091%, 2/28/2020 - 5/15/2020 | 593,665,859 | |
TOTAL | 896,772,900 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $5,302,199,325) | 5,303,325,108 | ||
CORPORATE BOND—0.2% | |||
Finance - Banking—0.2% | |||
44,488,000 | Westpac Banking Corp. Ltd., Sydney, Sr. Unsecd. Note, 2.150%, 3/6/2020 (IDENTIFIED COST $44,467,246) | 44,506,240 | |
2 | NOTES - VARIABLE—27.8% | ||
Aerospace/Auto—0.3% | |||
74,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.862% (1-month USLIBOR +0.170%), 2/10/2020 | 74,011,913 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—24.5% | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.811% (3-month USLIBOR +0.150%), 2/26/2020 | $100,000,000 | |
100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.834% (1-month USLIBOR +0.150%), 2/12/2020 | 100,000,000 | |
123,000,000 | Bank of Montreal, 1.931% (3-month USLIBOR +0.100%), 5/12/2020 | 123,024,103 | |
70,000,000 | Bank of Montreal, 1.941% (1-month USLIBOR +0.160%), 2/3/2020 | 70,018,941 | |
100,000,000 | Bank of Montreal, 1.970% (Effective Fed Funds +0.370%), 2/3/2020 | 100,100,463 | |
120,000,000 | Bank of Montreal, 1.974% (1-month USLIBOR +0.240%), 2/6/2020 | 120,085,476 | |
100,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 100,057,341 | |
100,000,000 | Bank of Montreal, 2.035% (3-month USLIBOR +0.130%), 2/18/2020 | 100,069,787 | |
100,000,000 | Bank of Montreal, 2.045% (3-month USLIBOR +0.140%), 2/13/2020 | 100,076,694 | |
50,000,000 | Bank of Montreal, 2.188% (3-month USLIBOR +0.340%), 4/14/2020 | 50,069,081 | |
180,000,000 | Bank of Nova Scotia, Toronto, 1.820% (1-month USLIBOR +0.160%), 2/28/2020 | 180,036,007 | |
149,500,000 | Bank of Nova Scotia, Toronto, 1.824% (1-month USLIBOR +0.170%), 2/18/2020 | 149,531,736 | |
74,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 74,530,132 | |
99,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 99,541,738 | |
200,000,000 | Bank of Nova Scotia, Toronto, 1.890% (Effective Fed Funds +0.290%), 2/3/2020 | 200,103,548 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.909% (1-month USLIBOR +0.210%), 2/11/2020 | 100,024,751 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.910% (3-month USLIBOR +0.140%), 4/30/2020 | 125,091,494 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 50,016,770 | |
40,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 40,013,416 | |
65,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 65,059,195 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,091,504 | |
55,000,000 | Bank of Nova Scotia, Toronto, 1.969% (3-month USLIBOR +0.150%), 4/1/2020 | 55,042,737 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | 50,060,761 | |
20,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.851% (1-month USLIBOR +0.190%), 2/25/2020 | 20,002,714 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.856% (1-month USLIBOR +0.180%), 2/17/2020 | 60,003,680 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.864% (1-month USLIBOR +0.180%), 2/11/2020 | $49,997,070 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 40,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.956% (3-month USLIBOR +0.150%), 4/23/2020 | 60,046,993 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.972% (3-month USLIBOR +0.100%), 3/30/2020 | 50,022,208 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,010,789 | |
35,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.991% (1-month USLIBOR +0.210%), 2/3/2020 | 35,008,574 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.017% (3-month USLIBOR +0.130%), 2/28/2020 | 65,042,251 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 3/17/2020 | 54,033,512 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (3-month USLIBOR +0.190%), 3/25/2020 | 30,030,346 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.854% (1-month USLIBOR +0.170%), 2/11/2020 | 100,046,172 | |
140,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 140,048,783 | |
75,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 75,028,165 | |
25,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 25,008,578 | |
20,000,000 | Canadian Imperial Bank of Commerce, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,005,180 | |
98,500,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 98,584,201 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,026,328 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,040,807 | |
250,000,000 | Canadian Imperial Bank of Commerce, 1.964% (1-month USLIBOR +0.250%), 2/4/2020 | 250,219,345 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.007% (3-month USLIBOR +0.120%), 3/4/2020 | 25,014,335 | |
150,000,000 | Canadian Imperial Bank of Commerce, 2.034% (3-month USLIBOR +0.140%), 2/5/2020 | 150,111,892 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 1.650%, 2/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.600%, 2/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 7,595,000 | |
14,920,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 14,920,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,780,000 | |
125,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.160%), 2/20/2020 | 125,028,150 | |
60,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.180%), 2/25/2020 | 60,021,472 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.040% (3-month USLIBOR +0.130%), 2/25/2020 | 100,137,827 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.045% (3-month USLIBOR +0.100%), 3/30/2020 | 100,000,000 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.221% (1-month USLIBOR +0.480%), 2/13/2020 | 25,023,462 | |
40,000,000 | Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.090% (1-month USLIBOR +0.350%), 2/14/2020 | 40,007,748 | |
4,960,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 1.750%, 2/6/2020 | 4,960,000 | |
45,000,000 | Royal Bank of Canada, 1.830% (Secured Overnight Financing Rate +0.250%), 2/3/2020 | 45,000,000 | |
48,600,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 48,614,981 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 50,015,413 | |
100,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,022,960 | |
20,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,006,087 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$20,000,000 | Royal Bank of Canada, 1.894% (1-month USLIBOR +0.160%), 2/5/2020 | $20,000,000 | |
50,000,000 | Royal Bank of Canada, 1.900% (Effective Fed Funds +0.350%), 2/3/2020 | 50,042,896 | |
50,000,000 | Royal Bank of Canada, 1.900% (Secured Overnight Financing Rate +0.320%), 2/3/2020 | 49,986,110 | |
40,000,000 | Royal Bank of Canada, 1.910% (Effective Fed Funds +0.310%), 2/3/2020 | 40,024,523 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 1.620%, 2/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 1.620%, 2/6/2020 | 20,000,000 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 720,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.910% (Secured Overnight Financing Rate +0.330%), 2/3/2020 | 100,046,251 | |
25,000,000 | Toronto Dominion Bank, 1.854% (1-month USLIBOR +0.200%), 2/19/2020 | 25,003,113 | |
50,000,000 | Toronto Dominion Bank, 1.859% (1-month USLIBOR +0.200%), 2/24/2020 | 50,006,916 | |
75,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 75,031,032 | |
100,000,000 | Toronto Dominion Bank, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,046,537 | |
35,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 35,024,005 | |
50,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,033,443 | |
75,000,000 | Toronto Dominion Bank, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 75,064,738 | |
40,000,000 | Toronto Dominion Bank, 2.049% (3-month USLIBOR +0.140%), 2/13/2020 | 40,030,679 | |
150,000,000 | Toronto Dominion Bank, 2.090% (3-month USLIBOR +0.190%), 4/6/2020 | 150,150,234 | |
75,000,000 | Toronto Dominion Bank, 2.151% (3-month USLIBOR +0.190%), 3/30/2020 | 75,077,505 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 5,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 150,000,000 | |
127,200,000 | Westpac Banking Corp. Ltd., Sydney, 1.900% (Effective Fed Funds +0.300%), 2/3/2020 | 127,200,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/4/2020 | $100,082,074 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/9/2020 | 130,107,992 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.038% (3-month USLIBOR +0.150%), 3/4/2020 | 100,082,066 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 1.630%, 2/6/2020 | 6,485,000 | |
TOTAL | 6,370,260,086 | ||
Finance - Commercial—0.2% | |||
45,000,000 | Atlantic Asset Securitization LLC, 1.818% (1-month USLIBOR +0.160%), 2/18/2020 | 44,996,362 | |
Finance - Retail—0.9% | |||
25,000,000 | Chariot Funding LLC, 1.971% (1-month USLIBOR +0.190%), 2/3/2020 | 25,004,624 | |
50,000,000 | Old Line Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,004,868 | |
75,000,000 | Old Line Funding, LLC, 1.964% (1-month USLIBOR +0.250%), 2/7/2020 | 75,070,033 | |
25,000,000 | Old Line Funding, LLC, 2.040% (3-month USLIBOR +0.130%), 11/19/2020 | 25,001,700 | |
67,500,000 | Thunder Bay Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 67,508,088 | |
TOTAL | 242,589,313 | ||
Finance - Securities—1.2% | |||
100,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.910% (1-month USLIBOR +0.250%), 2/24/2020 | 100,000,000 | |
37,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.934% (1-month USLIBOR +0.250%), 2/13/2020 | 37,000,000 | |
35,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.815% (1-month USLIBOR +0.160%), 3/2/2020 | 35,000,001 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,007,303 | |
43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 2.039% (3-month USLIBOR +0.130%), 2/12/2020 | 43,516,602 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 40,000,000 | |
24,500,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 24,500,000 | |
TOTAL | 330,023,906 | ||
Government Agency—0.7% | |||
9,015,000 | Austen Children's Gift Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 9,015,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 1.620%, 2/6/2020 | $5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 16,000,000 | |
5,780,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 1.620%, 2/6/2020 | 5,780,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 4,270,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 19,640,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 5,010,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 5,975,000 | |
TOTAL | 190,140,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $7,248,819,078) | 7,252,021,580 | ||
TIME DEPOSITS—2.3% | |||
Finance - Banking—2.3% | |||
300,000,000 | ABN Amro Bank NV, 1.580%, 2/3/2020 | 300,000,000 | |
300,000,000 | Australia & New Zealand Banking Group, Melbourne, 1.630%, 2/3/2020 | 300,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $600,000,000) | 600,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—15.9% | |||
Finance - Banking—15.9% | |||
$140,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/15/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,210,000 on 2/14/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $153,290,112 have been received as collateral and held with BNY Mellon as tri-party agent. | $140,000,000 | |
50,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $51,108,348 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
25,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,021,875 on 2/18/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $25,503,719 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
45,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $45,000,000 collateralized loan agreement will repurchase securities provided as collateral for $45,052,500 on 2/24/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $45,906,694 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
100,000,000 | BNP Paribas SA, 1.71%, dated 1/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,021,375 on 2/3/2020, in which asset-backed securities, medium term notes and sovereign with a market value of $153,022,447 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 2.08%, dated 1/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,006,933 on 2/3/2020, in which medium term notes securities with a market value of $40,807,073 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 11/19/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,819,329 on 5/21/2020, in which medium term notes and sovereign securities with a market value of $76,651,853 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$95,000,000 | Citigroup Global Markets, Inc., 2.19%, dated 11/19/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $146,621,092 on 5/21/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $148,200,156 have been received as collateral and held with BNY Mellon as tri-party agent. | $95,000,000 | |
975,000,000 | Credit Agricole CIB Paris, 1.78%, dated 1/13/2020, interest in a $2,000,000,000 collateralized loan agreement will repurchase securities provided as collateral for $2,000,692,222 on 2/10/2020, in which corporate bonds, medium term notes and sovereign with a market value of $2,040,302,600 have been received as collateral and held with BNY Mellon as tri-party agent. | 975,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which corporate bonds and medium term notes with a market value of $51,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
55,000,000 | HSBC Securities (USA), Inc., 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which corporate bonds with a market value of $102,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
55,000,000 | ING Financial Markets LLC, 1.68%, dated 1/31/2020, interest in a $105,000,000 collateralized loan agreement will repurchase securities provided as collateral for $105,014,700 on 2/3/2020, in which corporate bonds, medium-term notes and sovereign with a market value of $107,114,994 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
125,000,000 | J.P. Morgan Securities LLC, 1.78%, dated 1/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,395,556 on 2/18/2020, in which corporate bonds, medium-term notes and municipal bonds with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
50,000,000 | J.P. Morgan Securities LLC, 2.25%, dated 12/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,143,750 on 6/18/2020, in which asset-backed securities and collateralized mortgage obligations with a market value of $102,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 1.70%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,167 on 2/3/2020, in which municipal bonds with a market value of $102,014,450 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$150,000,000 | MUFG Securities Americas, Inc., 1.78%, dated 1/31/2020, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,044,500 on 2/3/2020, in which corporate bonds and exchange traded funds with a market value of $306,045,391 have been received as collateral and held with BNY Mellon as tri-party agent. | $150,000,000 | |
342,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020, in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. | 342,000,000 | |
100,000,000 | Mizuho Securities USA, Inc., 2.28%, dated 11/7/2019, interest in a $365,000,000 collateralized loan agreement will repurchase securities provided as collateral for $366,410,117 on 3/9/2020, in which asset-backed securities and corporate bonds with a market value of $372,913,055 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
250,000,000 | Pershing LLC., 1.78%, dated 11/21/2019, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,173,056 on 2/10/2020, in which asset-backed securities, certificate of deposit, commercial paper, common stocks, corporate bonds, exchange traded funds, medium-term notes and municipal bonds with a market value of $510,075,684 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
400,000,000 | Societe Generale, Paris, 1.69%, dated 1/31/2020, interest in a $700,000,000 collateralized loan agreement will repurchase securities provided as collateral for $700,098,583 on 2/3/2020, in which asset-backed securities, commercial paper, corporate bonds, medium-term notes, Sovereign and treasury notes with a market value of $714,248,890 have been received as collateral and held with BNY Mellon as tri-party agent. | 400,000,000 | |
306,000,000 | Societe Generale, Paris, 1.76%, dated 1/31/2020, interest in a $550,000,000 collateralized loan agreement will repurchase securities provided as collateral for $550,080,667 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $561,082,395 have been received as collateral and held with BNY Mellon as tri-party agent. | 306,000,000 | |
50,000,000 | Societe Generale, Paris, 1.88%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,161,889 on 3/2/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $102,016,340 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Standard Chartered Bank, 1.71%, dated 1/31/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,028,500 on 2/3/2020 in which government national mortgage association with a market value of $204,029,070 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 1.74%, dated 1/28/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,027,067 on 2/4/2020, in which convertible bonds with a market value of $81,623,664 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
50,000,000 | Wells Fargo Securities LLC, 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which convertible bonds with a market value of $102,015,131 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 2.20%, dated 9/24/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,825,000 on 4/20/2020, in which convertible bonds with a market value of $153,122,103 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 2.23%, dated 1/16/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,446,000 on 4/15/2020, in which collateralized mortgage obligations and corporate bonds with a market value of $81,690,984 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,562,500 on 4/8/2020, in which asset-backed securities with a market value of $102,159,375 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,675,000 on 4/8/2020, in which convertible bonds with a market value of $122,591,251 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $4,131,400,000) | 4,131,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—20.2% | |||
Finance - Banking—20.2% | |||
$150,000,000 | Interest in $350,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $350,046,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2050 and the market value of those underlying securities was $358,865,761. | $150,000,000 | |
1,000,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/20/2069 and the market value of those underlying securities was $1,022,932,706. | 1,000,000,000 | |
500,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,066,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2049 and the market value of those underlying securities was $510,068,001. | 500,000,000 | |
500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,020,000,000. | 500,000,000 | |
1,000,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,200,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $1,543,116,413. | 1,000,000,000 | |
1,000,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,083,160,911. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$297,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | $297,000,000 | |
575,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,076,188 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/25/2049 and the market value of those underlying securities was $587,080,309. | 575,000,000 | |
245,100,000 | Interest in $250,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,033,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $255,034,001. | 245,100,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $5,267,100,000) | 5,267,100,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $26,161,767,829)3 | 26,166,862,326 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%4 | (135,467,463) | ||
TOTAL NET ASSETS—100% | $26,031,394,863 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0098 | 0.0239 | 0.0156 | 0.0063 | 0.003 | 0.0001 |
Net realized and unrealized gain | — | 0.0001 | 0.00002 | 0.0011 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0098 | 0.0240 | 0.0156 | 0.0074 | 0.004 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0098) | (0.0239) | (0.0156) | (0.0063) | (0.003) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0098) | (0.0239) | (0.0156) | (0.0071) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.00 | $1.00 |
Total Return3 | 0.98% | 2.43% | 1.57% | 0.66% | 0.26% | 0.04% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.15%4 | 0.15% | 0.17% | 0.20% | 0.21% | 0.20% |
Net investment income | 1.93%4 | 2.41% | 1.62% | 0.40% | 0.26% | 0.04% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,877,363 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 | $30,806,315 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0003 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0085 | 0.0218 | 0.0134 | 0.0040 | 0.001 | 0.0001 |
Net realized and unrealized gain | — | 0.0002 | 0.00002 | 0.0012 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0085 | 0.0220 | 0.0134 | 0.0052 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0085) | (0.0218) | (0.0135) | (0.0040) | (0.001) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0009) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0085) | (0.0218) | (0.0135) | (0.0049) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.0004 | $1.0004 | $1.0002 | $1.0003 | $1.00 | $1.00 |
Total Return3 | 0.86% | 2.22% | 1.35% | 0.43% | 0.07% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.40%4 | 0.37% | 0.39% | 0.45% | 0.39% | 0.24% |
Net investment income | 1.68%4 | 2.21% | 1.33% | 0.13% | 0.07% | 0.01% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.15% | 0.30% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $142,370 | $93,979 | $47,817 | $37,873 | $1,841,641 | $2,881,460 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0002 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0096 | 0.0234 | 0.0151 | 0.0058 | 0.002 | 0.0001 |
Net realized and unrealized gain | — | 0.0002 | 0.00002 | 0.0010 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0096 | 0.0236 | 0.0151 | 0.0068 | 0.003 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0095) | (0.0234) | (0.0151) | (0.0058) | (0.002) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0095) | (0.0234) | (0.0151) | (0.0066) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.0005 | $1.0004 | $1.0002 | $1.0002 | $1.00 | $1.00 |
Total Return3 | 0.96% | 2.39% | 1.52% | 0.60% | 0.21% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.20%4 | 0.20% | 0.23% | 0.25% | 0.26% | 0.23% |
Net investment income | 1.89%4 | 2.31% | 1.52% | 0.34% | 0.22% | 0.01% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.08% | 0.10% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,663 | $14,374 | $25,206 | $14,549 | $526,605 | $637,721 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $9,398,500,000 | |
Investment in securities | 16,768,362,326 | |
Total investment in securities, at value (identified cost $26,161,767,829) | $26,166,862,326 | |
Cash | 870,305 | |
Income receivable | 31,305,003 | |
TOTAL ASSETS | 26,199,037,634 | |
Liabilities: | ||
Payable for investments purchased | 135,000,000 | |
Income distribution payable | 31,721,591 | |
Capital gain distribution payable | 46,596 | |
Payable for investment adviser fee (Note 5) | 47,840 | |
Payable for administrative fee (Note 5) | 55,818 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,868 | |
Accrued expenses (Note 5) | 769,058 | |
TOTAL LIABILITIES | 167,642,771 | |
Net assets for 26,019,803,970 shares outstanding | $26,031,394,863 | |
Net Assets Consist of: | ||
Paid-in capital | $26,026,320,491 | |
Total distributable earnings | 5,074,372 | |
TOTAL NET ASSETS | $26,031,394,863 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
$25,877,362,631 ÷ 25,865,834,074 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Service Shares: | ||
$142,369,543 ÷ 142,312,847 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Capital Shares: | ||
$11,662,689 ÷ 11,657,049 shares outstanding, no par value, unlimited shares authorized | $1.0005 |
Federated Institutional Prime Obligations Fund
Investment Income: | ||
Interest | $249,620,598 | |
Expenses: | ||
Investment adviser fee (Note 5) | $23,984,455 | |
Administrative fee (Note 5) | 9,447,640 | |
Custodian fees | 309,990 | |
Transfer agent fee | 124,090 | |
Directors'/Trustees' fees (Note 5) | 63,052 | |
Auditing fees | 12,624 | |
Legal fees | 4,829 | |
Portfolio accounting fees | 129,404 | |
Other service fees (Notes 2 and 5) | 168,706 | |
Share registration costs | 173,939 | |
Printing and postage | 12,451 | |
Miscellaneous (Note 5) | 48,118 | |
TOTAL EXPENSES | 34,479,298 | |
Waiver of investment adviser fee (Note 5) | (15,734,632) | |
Net expenses | 18,744,666 | |
Net investment income | 230,875,932 | |
Net change in unrealized appreciation of investments | 1,522,356 | |
Change in net assets resulting from operations | $232,398,288 |
Federated Institutional Prime Obligations Fund
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $230,875,932 | $372,519,522 |
Net realized gain | — | 55,250 |
Net change in unrealized appreciation | 1,522,356 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 232,398,288 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (229,648,757) | (370,570,446) |
Service Shares | (1,137,351) | (1,436,015) |
Capital Shares | (164,786) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (230,950,894) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 32,560,657,351 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 39,236,230 | 78,813,357 |
Cost of shares redeemed | (27,825,074,322) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,774,819,259 | 10,237,851,652 |
Change in net assets | 4,776,266,653 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $26,031,394,863 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
Federated Institutional Prime Obligations Fund
■ | 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 | |
Service Shares | $164,341 |
Capital Shares | 4,365 |
TOTAL | $168,706 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares:1 | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 32,199,064,909 | $32,210,638,874 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 38,027,809 | 38,041,771 | 76,894,192 | 76,916,497 |
Shares redeemed | (27,509,692,313) | (27,519,529,827) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 4,727,400,405 | $4,729,150,818 | 10,200,041,071 | $10,203,091,670 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 159,615,415 | $159,661,360 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,029,738 | 1,030,063 | 1,401,043 | 1,401,450 |
Shares redeemed | (112,277,421) | (112,310,143) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 48,367,732 | $48,381,280 | 46,138,848 | $46,149,459 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 190,287,106 | $190,357,117 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 164,334 | 164,396 | 487,051 | 487,169 |
Shares redeemed | (193,162,690) | (193,234,352) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (2,711,250) | $(2,712,839) | (10,833,164) | $(10,836,104) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares:2 | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,773,056,887 | $4,774,819,259 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,009.80 | $0.762 |
Service Shares | $1,000 | $1,008.60 | $2.023 |
Capital Shares | $1,000 | $1,009.60 | $1.014 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.38 | $0.762 |
Service Shares | $1,000 | $1,023.13 | $2.033 |
Capital Shares | $1,000 | $1,024.13 | $1.024 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.15% |
Service Shares | 0.40% |
Capital Shares | 0.20% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.27 and $2.29, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.25% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.26 and $1.27, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N575
CUSIP 60934N567
Share Class | Ticker | Institutional | PVOXX |
Security Type | Percentage of Total Net Assets2 |
Other Repurchase Agreements and Repurchase Agreements | 36.2% |
Variable Rate Instruments | 27.8% |
Commercial Paper | 20.3% |
Bank Instruments | 15.7% |
Asset-Backed Securities | 0.3% |
Corporate Bond | 0.2% |
Other Assets and Liabilities—Net3 | (0.5)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | As of the date specified above, the Fund owned shares of an affiliated investment company. For purposes of this table, the affiliated investment company is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amount | Value | ||
INVESTMENT COMPANY—99.7% | |||
17,804,947,700 | Federated Institutional Prime Obligations Fund, Institutional Shares, 1.71%1 (IDENTIFIED COST $17,809,808,236) | $17,812,069,679 | |
OTHER REPURCHASE AGREEMENT—0.2% | |||
Finance - Banking—0.2% | |||
$43,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020, in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. (IDENTIFIED COST $43,000,000) | 43,000,000 | |
TOTAL INVESTMENT IN SECURITIES—99.9% (IDENTIFIED COST $17,852,808,236)2 | 17,855,069,679 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%3 | 19,448,575 | ||
TOTAL NET ASSETS—100% | $17,874,518,254 |
Federated Institutional Prime Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2019 | 14,610,947,700 |
Purchases/Additions | 7,427,000,000 |
Sales/Reductions | (4,233,000,000) |
Balance of Shares Held 1/31/2020 | 17,804,947,700 |
Value | $17,812,069,679 |
Change in Unrealized Appreciation/Depreciation | $357,600 |
Net Realized Gain/(Loss) | $(252,200) |
Dividend Income | $156,966,692 |
1 | 7-day net yield. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Other Repurchase Agreement | $— | $43,000,000 | $— | $43,000,000 |
Investment Company | 17,812,069,679 | — | — | 17,812,069,679 |
TOTAL SECURITIES | $17,812,069,679 | $43,000,000 | $— | $17,855,069,679 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0098 | 0.0239 | 0.0156 | 0.0075 | 0.003 | 0.001 |
Net realized and unrealized gain (loss) | 0.00001 | 0.0001 | (0.0000)1 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0098 | 0.0240 | 0.0156 | 0.0077 | 0.003 | 0.001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0098) | (0.0239) | (0.0156) | (0.0075) | (0.003) | (0.001) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0098) | (0.0239) | (0.0156) | (0.0075) | (0.003) | (0.001) |
Net Asset Value, End of Period | $1.0003 | $1.0003 | $1.0002 | $1.0002 | $1.00 | $1.00 |
Total Return3 | 0.98% | 2.43% | 1.57% | 0.78% | 0.31% | 0.08% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.00%4,5 | — | 0.00%5 | 0.20% | 0.21% | 0.20% |
Net investment income | 1.93%4 | 2.41% | 1.59% | 0.77% | 0.31% | 0.08% |
Expense waiver/reimbursement6 | 0.29%4 | 0.29% | 0.29% | 0.09% | 0.09% | 0.09% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $15,835,719 | $13,599,422 | $6,992,551 | $4,454,446 | $4,639,018 | $5,914,296 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | Represents less than 0.01%. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at value including $17,812,069,679 of investment in an affiliated holding* (identified cost $17,852,808,236) | $17,855,069,679 | |
Cash | 926,387 | |
Income receivable | 2,389 | |
Income receivable from an affiliated holding* | 25,694,961 | |
Receivable for shares sold | 69,545,931 | |
TOTAL ASSETS | 17,951,239,347 | |
Liabilities: | ||
Payable for shares redeemed | $60,930,400 | |
Income distribution payable | 14,863,662 | |
Capital gain distribution payable | 31,689 | |
Payable to adviser (Note 5) | 23,055 | |
Payable for administrative fees (Note 5) | 38,297 | |
Payable for Directors'/Trustees' fees (Note 5) | 392 | |
Payable for other service fees (Notes 2 and 5) | 386,663 | |
Accrued expenses (Note 5) | 446,935 | |
TOTAL LIABILITIES | 76,721,093 | |
Net assets for 17,869,001,599 shares outstanding | $17,874,518,254 | |
Net Assets Consist of: | ||
Paid-in capital | $17,872,498,459 | |
Total distributable earnings | 2,019,795 | |
TOTAL NET ASSETS | $17,874,518,254 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$15,835,718,517 ÷ 15,830,818,674 shares outstanding, no par value, unlimited shares authorized | $1.0003 | |
Service Shares: | ||
$2,013,145,683 ÷ 2,012,536,675 shares outstanding, no par value, unlimited shares authorized | $1.0003 | |
Capital Shares: | ||
$25,654,054 ÷ 25,646,250 shares outstanding, no par value, unlimited shares authorized | $1.0003 |
* | See information listed after the Fund's Portfolio of Investments. |
Investment Income: | |||
Dividends received from an affiliated holding* | $156,966,692 | ||
Interest | 600,258 | ||
TOTAL INCOME | 157,566,950 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $16,355,092 | ||
Administrative fee (Note 5) | 6,441,560 | ||
Custodian fees | 227,219 | ||
Transfer agent fee | 84,308 | ||
Directors'/Trustees' fees (Note 5) | 42,952 | ||
Auditing fees | 12,624 | ||
Legal fees | 4,829 | ||
Portfolio accounting fees | 110,247 | ||
Other service fees (Notes 2 and 5) | 1,860,688 | ||
Share registration costs | 188,631 | ||
Printing and postage | 20,747 | ||
Miscellaneous (Note 5) | 49,847 | ||
TOTAL EXPENSES | 25,398,744 | ||
Waiver and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(16,355,092) | ||
Reimbursement of other operating expenses (Note 5) | (7,182,964) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (23,538,056) | ||
Net expenses | 1,860,688 | ||
Net investment income | 155,706,262 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments in an affiliated holding* | (252,200) | ||
Net change in unrealized appreciation of investments in an affiliated holding* | 357,600 | ||
Net realized and unrealized gain on investments | 105,400 | ||
Change in net assets resulting from operations | $155,811,662 |
* | See information listed after the Fund's Portfolio of Investments. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $155,706,262 | $242,045,436 |
Net realized gain (loss) | (252,200) | 1,004,735 |
Net change in unrealized appreciation/depreciation | 357,600 | 615,529 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 155,811,662 | 243,665,700 |
Distributions to Shareholders: | ||
Institutional Shares | (143,355,706) | (227,746,997) |
Service Shares | (12,212,353) | (13,713,304) |
Capital Shares | (185,148) | (591,746) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (155,753,207) | (242,052,047) |
Share Transactions: | ||
Proceeds from sale of shares | 26,262,031,203 | 42,460,937,874 |
Net asset value of shares issued to shareholders in payment of distributions declared | 57,846,360 | 78,067,066 |
Cost of shares redeemed | (23,116,843,456) | (35,060,572,125) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 3,203,034,107 | 7,478,432,815 |
Change in net assets | 3,203,092,562 | 7,480,046,468 |
Net Assets: | ||
Beginning of period | 14,671,425,692 | 7,191,379,224 |
End of period | $17,874,518,254 | $14,671,425,692 |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an |
accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Service Shares | $1,850,449 |
Capital Shares | 10,239 |
TOTAL | $1,860,688 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 24,090,348,870 | $24,096,539,670 | 40,036,951,004 | $40,044,526,153 |
Shares issued to shareholders in payment of distributions declared | 45,494,239 | 45,506,358 | 64,134,982 | 64,147,966 |
Shares redeemed | (21,900,165,137) | (21,905,754,526) | (33,497,018,461) | (33,503,278,796) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,235,677,972 | $2,236,291,502 | 6,604,067,525 | $6,605,395,323 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,151,467,079 | $2,152,012,536 | 2,358,625,106 | $2,359,060,772 |
Shares issued to shareholders in payment of distributions declared | 12,151,614 | 12,154,860 | 13,325,579 | 13,328,378 |
Shares redeemed | (1,206,195,973) | (1,206,513,119) | (1,503,443,981) | (1,503,733,301) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 957,422,720 | $957,654,277 | 868,506,704 | $868,655,849 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 13,475,232 | $13,478,997 | 57,337,012 | $57,350,949 |
Shares issued to shareholders in payment of distributions declared | 185,092 | 185,142 | 590,617 | 590,722 |
Shares redeemed | (4,574,555) | (4,575,811) | (53,549,494) | (53,560,028) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 9,085,769 | $9,088,328 | 4,378,135 | $4,381,643 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 3,202,186,461 | $3,203,034,107 | 7,476,952,364 | $7,478,432,815 |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,009.80 | $0.002,3 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,025.14 | $0.002,3 |
1 | Expenses are equal to the Fund's Institutional Shares annualized net expense ratio of 0.00%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). |
2 | Represents less than $0.01. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
Security Type | Percentage of Total Net Assets |
Other Repurchase Agreements and Repurchase Agreements | 36.1% |
Variable Rate Instruments | 27.8% |
Commercial Paper | 20.4% |
Bank Instruments | 15.7% |
Asset-Backed Securities | 0.3% |
Corporate Bond | 0.2% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days4 | 53.5% |
8-30 Days | 18.2% |
31-90 Days | 20.3% |
91-180 Days | 7.5% |
181 Days or more | 1.0% |
Other Assets and Liabilities—Net2 | (0.5)% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for more complete information regarding these security types. |
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. |
4 | Overnight securities comprised 28.4% of the Fund's portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITIES—0.3% | |||
Finance - Automotive—0.2% | |||
$25,880,547 | AmeriCredit Automobile Receivables Trust 2019-3, Class A1, 2.179%, 9/18/2020 | $25,885,844 | |
11,628,518 | World Omni Select Auto Trust 2019-A, Class A1, 2.121%, 10/15/2020 | 11,631,482 | |
TOTAL | 37,517,326 | ||
Finance - Equipment—0.1% | |||
15,907,066 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 | 15,907,512 | |
14,511,292 | CNH Equipment Trust 2019-B, Class A1, 2.565%, 6/12/2020 | 14,516,037 | |
TOTAL | 30,423,549 | ||
TOTAL ASSET-BACKED SECURITIES (IDENTIFIED COST $67,927,422) | 67,940,875 | ||
CERTIFICATES OF DEPOSIT—13.4% | |||
Finance - Banking—13.4% | |||
175,000,000 | Bank of Montreal, 2.690% - 2.700%, 3/9/2020 - 3/19/2020 | 175,222,902 | |
35,000,000 | Credit Suisse AG, 2.000%, 4/1/2020 | 35,016,876 | |
829,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 2.070% - 2.200%, 2/18/2020 - 4/6/2020 | 827,448,629 | |
320,000,000 | MUFG Bank Ltd., 1.850% - 2.080%, 2/14/2020 - 7/9/2020 | 320,133,388 | |
255,000,000 | MUFG Bank Ltd., 1.910% - 2.080%, 2/10/2020 - 5/7/2020 | 255,036,051 | |
625,000,000 | Mizuho Bank Ltd., 1.820% - 1.970%, 2/10/2020 - 4/14/2020 | 624,894,886 | |
50,000,000 | Mizuho Bank Ltd., 1.920%, 2/28/2020 | 50,000,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.730%, 5/4/2020 | 100,000,000 | |
480,000,000 | Sumitomo Mitsui Banking Corp., 1.930% - 2.010%, 2/11/2020 - 4/29/2020 | 480,174,009 | |
50,000,000 | Sumitomo Mitsui Banking Corp., 2.240%, 2/3/2020 | 49,993,848 | |
133,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.750% - 2.150%, 2/13/2020 - 5/29/2020 | 133,013,076 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 1.900% - 2.000%, 2/11/2020 - 3/26/2020 | 150,000,000 | |
99,600,000 | Toronto Dominion Bank, 2.100%, 2/6/2020 | 99,600,000 | |
200,000,000 | Wells Fargo Bank International, 1.860% - 1.950%, 6/2/2020 - 7/9/2020 | 200,034,858 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $3,499,854,758) | 3,500,568,523 | ||
1 | COMMERCIAL PAPER—20.4% | ||
Finance - Banking—4.8% | |||
110,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.930%, 4/1/2020 | 110,050,454 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.950%, 5/1/2020 | $100,062,345 | |
79,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 1.620%, 2/4/2020 | 78,989,335 | |
125,000,000 | BPCE SA, 1.959%, 3/26/2020 | 124,634,375 | |
155,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.936% - 2.648%, 2/7/2020 - 10/9/2020 | 154,077,806 | |
100,000,000 | Credit Suisse AG, 1.919%, 4/2/2020 | 99,706,878 | |
190,000,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 1.811% - 1.912%, 3/20/2020 - 5/7/2020 | 189,370,122 | |
110,000,000 | MUFG Bank Ltd., 2.061%, 2/3/2020 - 2/10/2020 | 109,967,700 | |
95,266,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 2.033%, 2/4/2020 | 95,249,964 | |
46,500,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.860% - 1.980%, 2/20/2020 - 4/16/2020 | 46,421,036 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 1.893%, 3/30/2020 | 99,697,111 | |
50,000,000 | National Australia Bank Ltd., Melbourne, 2.670%, 3/19/2020 | 49,894,134 | |
TOTAL | 1,258,121,260 | ||
Finance - Commercial—1.8% | |||
50,000,000 | Atlantic Asset Securitization LLC, 1.871%, 5/5/2020 | 49,769,493 | |
5,000,000 | CRC Funding, LLC, 2.061%, 2/5/2020 | 4,998,867 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.730%, 5/29/2020 | 50,000,000 | |
100,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.830%, 5/18/2020 | 100,015,710 | |
30,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.860%, 5/6/2020 | 30,008,419 | |
40,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.900%, 5/5/2020 | 40,015,518 | |
50,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 1.920%, 4/3/2020 | 50,018,392 | |
140,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 2.013%, 2/7/2020 | 139,953,334 | |
TOTAL | 464,779,733 | ||
Finance - Retail—4.8% | |||
50,000,000 | Barton Capital S.A., 1.704%, 3/27/2020 | 49,870,139 | |
149,000,000 | Chariot Funding LLC, 2.720% - 2.723%, 3/2/2020 - 3/9/2020 | 148,752,409 | |
30,000,000 | Old Line Funding, LLC, 1.867%, 7/13/2020 | 29,765,070 | |
64,000,000 | Old Line Funding, LLC, 1.900%, 7/8/2020 | 63,518,336 | |
101,000,000 | Old Line Funding, LLC, 1.918% - 2.061%, 2/13/2020 - 6/29/2020 | 100,650,291 | |
50,000,000 | Old Line Funding, LLC, 2.019%, 4/3/2020 | 49,858,075 | |
684,000,000 | Sheffield Receivables Company LLC, 1.812% - 2.034%, 2/19/2020 - 5/27/2020 | 681,653,491 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Retail—continued | |||
$90,000,000 | Starbird Funding Corp., 1.707%, 5/1/2020 | $89,608,472 | |
25,000,000 | Thunder Bay Funding, LLC, 2.000%, 4/6/2020 | 24,924,834 | |
TOTAL | 1,238,601,117 | ||
Finance - Securities—5.3% | |||
103,500,000 | Anglesea Funding LLC, 1.929% - 2.095%, 2/3/2020 - 2/13/2020 | 103,448,751 | |
100,000,000 | Chesham Finance LLC Series III, (Societe Generale, Paris COL), 1.620%, 2/6/2020 | 99,977,500 | |
100,000,000 | Chesham Finance LLC Series VII, 1.621% - 1.909%, 2/6/2020 - 3/30/2020 | 99,835,694 | |
95,000,000 | Collateralized Commercial Paper Co. LLC, 2.021% - 2.133%, 2/10/2020 - 3/12/2020 | 94,907,519 | |
407,750,000 | Collateralized Commercial Paper FLEX Co., LLC, 1.850% - 2.144%, 2/10/2020 - 8/7/2020 | 405,515,059 | |
235,000,000 | Collateralized Commercial Paper V Co. LLC, 1.850% - 1.913%, 3/23/2020 - 8/6/2020 | 234,301,262 | |
145,000,000 | Great Bridge Capital Co., LLC, 1.805% - 2.037%, 2/7/2020 - 3/17/2020 | 144,835,678 | |
188,000,000 | Ridgefield Funding Company, LLC Series A, 1.912% - 2.146%, 2/7/2020 - 3/19/2020 | 187,784,350 | |
TOTAL | 1,370,605,813 | ||
Insurance—0.3% | |||
75,000,000 | PRICOA Short Term Funding, LLC, 1.877%, 7/6/2020 | 74,444,285 | |
Sovereign—3.4% | |||
135,000,000 | Caisse des Depots et Consignations (CDC), 2.030%, 3/12/2020 | 134,698,501 | |
69,000,000 | Erste Abwicklungsanstalt, 2.051%, 2/12/2020 | 68,957,201 | |
100,000,000 | European Investment Bank, 1.958%, 6/1/2020 | 99,451,339 | |
595,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 1.708% - 2.091%, 2/28/2020 - 5/15/2020 | 593,665,859 | |
TOTAL | 896,772,900 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $5,302,199,325) | 5,303,325,108 | ||
CORPORATE BOND—0.2% | |||
Finance - Banking—0.2% | |||
44,488,000 | Westpac Banking Corp. Ltd., Sydney, Sr. Unsecd. Note, 2.150%, 3/6/2020 (IDENTIFIED COST $44,467,246) | 44,506,240 | |
2 | NOTES - VARIABLE—27.8% | ||
Aerospace/Auto—0.3% | |||
74,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.862% (1-month USLIBOR +0.170%), 2/10/2020 | 74,011,913 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—24.5% | |||
$100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.811% (3-month USLIBOR +0.150%), 2/26/2020 | $100,000,000 | |
100,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 1.834% (1-month USLIBOR +0.150%), 2/12/2020 | 100,000,000 | |
123,000,000 | Bank of Montreal, 1.931% (3-month USLIBOR +0.100%), 5/12/2020 | 123,024,103 | |
70,000,000 | Bank of Montreal, 1.941% (1-month USLIBOR +0.160%), 2/3/2020 | 70,018,941 | |
100,000,000 | Bank of Montreal, 1.970% (Effective Fed Funds +0.370%), 2/3/2020 | 100,100,463 | |
120,000,000 | Bank of Montreal, 1.974% (1-month USLIBOR +0.240%), 2/6/2020 | 120,085,476 | |
100,000,000 | Bank of Montreal, 2.020% (3-month USLIBOR +0.120%), 3/4/2020 | 100,057,341 | |
100,000,000 | Bank of Montreal, 2.035% (3-month USLIBOR +0.130%), 2/18/2020 | 100,069,787 | |
100,000,000 | Bank of Montreal, 2.045% (3-month USLIBOR +0.140%), 2/13/2020 | 100,076,694 | |
50,000,000 | Bank of Montreal, 2.188% (3-month USLIBOR +0.340%), 4/14/2020 | 50,069,081 | |
180,000,000 | Bank of Nova Scotia, Toronto, 1.820% (1-month USLIBOR +0.160%), 2/28/2020 | 180,036,007 | |
149,500,000 | Bank of Nova Scotia, Toronto, 1.824% (1-month USLIBOR +0.170%), 2/18/2020 | 149,531,736 | |
74,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 74,530,132 | |
99,500,000 | Bank of Nova Scotia, Toronto, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 99,541,738 | |
200,000,000 | Bank of Nova Scotia, Toronto, 1.890% (Effective Fed Funds +0.290%), 2/3/2020 | 200,103,548 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.909% (1-month USLIBOR +0.210%), 2/11/2020 | 100,024,751 | |
125,000,000 | Bank of Nova Scotia, Toronto, 1.910% (3-month USLIBOR +0.140%), 4/30/2020 | 125,091,494 | |
50,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 50,016,770 | |
40,000,000 | Bank of Nova Scotia, Toronto, 1.912% (1-month USLIBOR +0.220%), 2/10/2020 | 40,013,416 | |
65,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 65,059,195 | |
100,000,000 | Bank of Nova Scotia, Toronto, 1.960% (Effective Fed Funds +0.360%), 2/3/2020 | 100,091,504 | |
55,000,000 | Bank of Nova Scotia, Toronto, 1.969% (3-month USLIBOR +0.150%), 4/1/2020 | 55,042,737 | |
50,000,000 | Bank of Nova Scotia, Toronto, 2.000% (Effective Fed Funds +0.400%), 2/3/2020 | 50,060,761 | |
20,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.851% (1-month USLIBOR +0.190%), 2/25/2020 | 20,002,714 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.856% (1-month USLIBOR +0.180%), 2/17/2020 | 60,003,680 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.864% (1-month USLIBOR +0.180%), 2/11/2020 | $49,997,070 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.877% (1-month USLIBOR +0.200%), 2/10/2020 | 40,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.956% (3-month USLIBOR +0.150%), 4/23/2020 | 60,046,993 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.972% (3-month USLIBOR +0.100%), 3/30/2020 | 50,022,208 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,010,789 | |
35,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 1.991% (1-month USLIBOR +0.210%), 2/3/2020 | 35,008,574 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.017% (3-month USLIBOR +0.130%), 2/28/2020 | 65,042,251 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.030% (3-month USLIBOR +0.130%), 3/17/2020 | 54,033,512 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 2.125% (3-month USLIBOR +0.190%), 3/25/2020 | 30,030,346 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.854% (1-month USLIBOR +0.170%), 2/11/2020 | 100,046,172 | |
140,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 140,048,783 | |
75,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 75,028,165 | |
25,000,000 | Canadian Imperial Bank of Commerce, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 25,008,578 | |
20,000,000 | Canadian Imperial Bank of Commerce, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,005,180 | |
98,500,000 | Canadian Imperial Bank of Commerce, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 98,584,201 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,026,328 | |
100,000,000 | Canadian Imperial Bank of Commerce, 1.961% (1-month USLIBOR +0.180%), 2/3/2020 | 100,040,807 | |
250,000,000 | Canadian Imperial Bank of Commerce, 1.964% (1-month USLIBOR +0.250%), 2/4/2020 | 250,219,345 | |
25,000,000 | Canadian Imperial Bank of Commerce, 2.007% (3-month USLIBOR +0.120%), 3/4/2020 | 25,014,335 | |
150,000,000 | Canadian Imperial Bank of Commerce, 2.034% (3-month USLIBOR +0.140%), 2/5/2020 | 150,111,892 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 1.650%, 2/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 1.600%, 2/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 1.640%, 2/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 7,595,000 | |
14,920,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 14,920,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 1.620%, 2/6/2020 | 9,780,000 | |
125,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.160%), 2/20/2020 | 125,028,150 | |
60,000,000 | National Australia Bank Ltd., Melbourne, 1.841% (1-month USLIBOR +0.180%), 2/25/2020 | 60,021,472 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.040% (3-month USLIBOR +0.130%), 2/25/2020 | 100,137,827 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 2.045% (3-month USLIBOR +0.100%), 3/30/2020 | 100,000,000 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 2.221% (1-month USLIBOR +0.480%), 2/13/2020 | 25,023,462 | |
40,000,000 | Pepper I-Prime 2019-1 Trust, Class A1U1, (GTD by National Australia Bank Ltd., Melbourne), 2.090% (1-month USLIBOR +0.350%), 2/14/2020 | 40,007,748 | |
4,960,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 1.750%, 2/6/2020 | 4,960,000 | |
45,000,000 | Royal Bank of Canada, 1.830% (Secured Overnight Financing Rate +0.250%), 2/3/2020 | 45,000,000 | |
48,600,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 48,614,981 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.860% (Effective Fed Funds +0.260%), 2/3/2020 | 50,017,137 | |
50,000,000 | Royal Bank of Canada, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 50,015,413 | |
100,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,022,960 | |
20,000,000 | Royal Bank of Canada, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 20,006,087 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$20,000,000 | Royal Bank of Canada, 1.894% (1-month USLIBOR +0.160%), 2/5/2020 | $20,000,000 | |
50,000,000 | Royal Bank of Canada, 1.900% (Effective Fed Funds +0.350%), 2/3/2020 | 50,042,896 | |
50,000,000 | Royal Bank of Canada, 1.900% (Secured Overnight Financing Rate +0.320%), 2/3/2020 | 49,986,110 | |
40,000,000 | Royal Bank of Canada, 1.910% (Effective Fed Funds +0.310%), 2/3/2020 | 40,024,523 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 1.620%, 2/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 1.620%, 2/6/2020 | 20,000,000 | |
18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 1.650%, 2/6/2020 | 18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 1.700%, 2/6/2020 | 720,000 | |
100,000,000 | Sumitomo Mitsui Banking Corp., 1.910% (Secured Overnight Financing Rate +0.330%), 2/3/2020 | 100,046,251 | |
25,000,000 | Toronto Dominion Bank, 1.854% (1-month USLIBOR +0.200%), 2/19/2020 | 25,003,113 | |
50,000,000 | Toronto Dominion Bank, 1.859% (1-month USLIBOR +0.200%), 2/24/2020 | 50,006,916 | |
75,000,000 | Toronto Dominion Bank, 1.870% (Effective Fed Funds +0.270%), 2/3/2020 | 75,031,032 | |
100,000,000 | Toronto Dominion Bank, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 100,046,537 | |
35,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 35,024,005 | |
50,000,000 | Toronto Dominion Bank, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,033,443 | |
75,000,000 | Toronto Dominion Bank, 1.950% (Effective Fed Funds +0.350%), 2/3/2020 | 75,064,738 | |
40,000,000 | Toronto Dominion Bank, 2.049% (3-month USLIBOR +0.140%), 2/13/2020 | 40,030,679 | |
150,000,000 | Toronto Dominion Bank, 2.090% (3-month USLIBOR +0.190%), 4/6/2020 | 150,150,234 | |
75,000,000 | Toronto Dominion Bank, 2.151% (3-month USLIBOR +0.190%), 3/30/2020 | 75,077,505 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 1.650%, 2/5/2020 | 5,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 1.880% (Effective Fed Funds +0.280%), 2/3/2020 | 150,000,000 | |
127,200,000 | Westpac Banking Corp. Ltd., Sydney, 1.900% (Effective Fed Funds +0.300%), 2/3/2020 | 127,200,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/4/2020 | $100,082,074 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.037% (3-month USLIBOR +0.150%), 3/9/2020 | 130,107,992 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 2.038% (3-month USLIBOR +0.150%), 3/4/2020 | 100,082,066 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 1.630%, 2/6/2020 | 6,485,000 | |
TOTAL | 6,370,260,086 | ||
Finance - Commercial—0.2% | |||
45,000,000 | Atlantic Asset Securitization LLC, 1.818% (1-month USLIBOR +0.160%), 2/18/2020 | 44,996,362 | |
Finance - Retail—0.9% | |||
25,000,000 | Chariot Funding LLC, 1.971% (1-month USLIBOR +0.190%), 2/3/2020 | 25,004,624 | |
50,000,000 | Old Line Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 50,004,868 | |
75,000,000 | Old Line Funding, LLC, 1.964% (1-month USLIBOR +0.250%), 2/7/2020 | 75,070,033 | |
25,000,000 | Old Line Funding, LLC, 2.040% (3-month USLIBOR +0.130%), 11/19/2020 | 25,001,700 | |
67,500,000 | Thunder Bay Funding, LLC, 1.920% (Effective Fed Funds +0.320%), 2/3/2020 | 67,508,088 | |
TOTAL | 242,589,313 | ||
Finance - Securities—1.2% | |||
100,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.910% (1-month USLIBOR +0.250%), 2/24/2020 | 100,000,000 | |
37,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.934% (1-month USLIBOR +0.250%), 2/13/2020 | 37,000,000 | |
35,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.815% (1-month USLIBOR +0.160%), 3/2/2020 | 35,000,001 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 1.981% (1-month USLIBOR +0.200%), 2/3/2020 | 50,007,303 | |
43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 2.039% (3-month USLIBOR +0.130%), 2/12/2020 | 43,516,602 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 40,000,000 | |
24,500,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 2.037% (3-month USLIBOR +0.120%), 2/26/2020 | 24,500,000 | |
TOTAL | 330,023,906 | ||
Government Agency—0.7% | |||
9,015,000 | Austen Children's Gift Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 9,015,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 1.620%, 2/6/2020 | $5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 1.763%, 2/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 16,000,000 | |
5,780,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 1.620%, 2/6/2020 | 5,780,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 4,270,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 1.620%, 2/6/2020 | 19,640,000 | |
5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 1.600%, 2/5/2020 | 5,010,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 1.620%, 2/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 1.600%, 2/6/2020 | 5,975,000 | |
TOTAL | 190,140,000 | ||
TOTAL NOTES - VARIABLE (IDENTIFIED COST $7,248,819,078) | 7,252,021,580 | ||
TIME DEPOSITS—2.3% | |||
Finance - Banking—2.3% | |||
300,000,000 | ABN Amro Bank NV, 1.580%, 2/3/2020 | 300,000,000 | |
300,000,000 | Australia & New Zealand Banking Group, Melbourne, 1.630%, 2/3/2020 | 300,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $600,000,000) | 600,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—15.9% | |||
Finance - Banking—15.9% | |||
$140,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/15/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,210,000 on 2/14/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $153,290,112 have been received as collateral and held with BNY Mellon as tri-party agent. | $140,000,000 | |
50,000,000 | BMO Capital Markets Corp., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $51,108,348 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
25,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,021,875 on 2/18/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $25,503,719 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
45,000,000 | BMO Capital Markets Corp., 1.75%, dated 1/31/2020, interest in a $45,000,000 collateralized loan agreement will repurchase securities provided as collateral for $45,052,500 on 2/24/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium term notes with a market value of $45,906,694 have been received as collateral and held with BNY Mellon as tri-party agent. | 45,000,000 | |
100,000,000 | BNP Paribas SA, 1.71%, dated 1/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,021,375 on 2/3/2020, in which asset-backed securities, medium term notes and sovereign with a market value of $153,022,447 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 2.08%, dated 1/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,006,933 on 2/3/2020, in which medium term notes securities with a market value of $40,807,073 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 2.14%, dated 11/19/2019, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,819,329 on 5/21/2020, in which medium term notes and sovereign securities with a market value of $76,651,853 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$95,000,000 | Citigroup Global Markets, Inc., 2.19%, dated 11/19/2019, interest in a $145,000,000 collateralized loan agreement will repurchase securities provided as collateral for $146,621,092 on 5/21/2020, in which asset-backed securities, collateralized mortgage obligations and medium term notes with a market value of $148,200,156 have been received as collateral and held with BNY Mellon as tri-party agent. | $95,000,000 | |
975,000,000 | Credit Agricole CIB Paris, 1.78%, dated 1/13/2020, interest in a $2,000,000,000 collateralized loan agreement will repurchase securities provided as collateral for $2,000,692,222 on 2/10/2020, in which corporate bonds, medium term notes and sovereign with a market value of $2,040,302,600 have been received as collateral and held with BNY Mellon as tri-party agent. | 975,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 1.68%, dated 1/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,007,000 on 2/3/2020, in which corporate bonds and medium term notes with a market value of $51,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
55,000,000 | HSBC Securities (USA), Inc., 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which corporate bonds with a market value of $102,000,001 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
55,000,000 | ING Financial Markets LLC, 1.68%, dated 1/31/2020, interest in a $105,000,000 collateralized loan agreement will repurchase securities provided as collateral for $105,014,700 on 2/3/2020, in which corporate bonds, medium-term notes and sovereign with a market value of $107,114,994 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
125,000,000 | J.P. Morgan Securities LLC, 1.78%, dated 1/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,395,556 on 2/18/2020, in which corporate bonds, medium-term notes and municipal bonds with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
50,000,000 | J.P. Morgan Securities LLC, 2.25%, dated 12/18/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $101,143,750 on 6/18/2020, in which asset-backed securities and collateralized mortgage obligations with a market value of $102,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 1.70%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,167 on 2/3/2020, in which municipal bonds with a market value of $102,014,450 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$150,000,000 | MUFG Securities Americas, Inc., 1.78%, dated 1/31/2020, interest in a $300,000,000 collateralized loan agreement will repurchase securities provided as collateral for $300,044,500 on 2/3/2020, in which corporate bonds and exchange traded funds with a market value of $306,045,391 have been received as collateral and held with BNY Mellon as tri-party agent. | $150,000,000 | |
342,000,000 | Mizuho Securities USA, Inc., 2.00%, dated 1/31/2020, interest in a $750,000,000 collateralized loan agreement will repurchase securities provided as collateral for $750,125,000 on 2/3/2020, in which corporate bonds and municipal bonds with a market value of $765,127,501 have been received as collateral and held with BNY Mellon as tri-party agent. | 342,000,000 | |
100,000,000 | Mizuho Securities USA, Inc., 2.28%, dated 11/7/2019, interest in a $365,000,000 collateralized loan agreement will repurchase securities provided as collateral for $366,410,117 on 3/9/2020, in which asset-backed securities and corporate bonds with a market value of $372,913,055 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
250,000,000 | Pershing LLC., 1.78%, dated 11/21/2019, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,173,056 on 2/10/2020, in which asset-backed securities, certificate of deposit, commercial paper, common stocks, corporate bonds, exchange traded funds, medium-term notes and municipal bonds with a market value of $510,075,684 have been received as collateral and held with BNY Mellon as tri-party agent. | 250,000,000 | |
400,000,000 | Societe Generale, Paris, 1.69%, dated 1/31/2020, interest in a $700,000,000 collateralized loan agreement will repurchase securities provided as collateral for $700,098,583 on 2/3/2020, in which asset-backed securities, commercial paper, corporate bonds, medium-term notes, Sovereign and treasury notes with a market value of $714,248,890 have been received as collateral and held with BNY Mellon as tri-party agent. | 400,000,000 | |
306,000,000 | Societe Generale, Paris, 1.76%, dated 1/31/2020, interest in a $550,000,000 collateralized loan agreement will repurchase securities provided as collateral for $550,080,667 on 2/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $561,082,395 have been received as collateral and held with BNY Mellon as tri-party agent. | 306,000,000 | |
50,000,000 | Societe Generale, Paris, 1.88%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,161,889 on 3/2/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $102,016,340 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Standard Chartered Bank, 1.71%, dated 1/31/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,028,500 on 2/3/2020 in which government national mortgage association with a market value of $204,029,070 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 1.74%, dated 1/28/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,027,067 on 2/4/2020, in which convertible bonds with a market value of $81,623,664 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
50,000,000 | Wells Fargo Securities LLC, 1.78%, dated 1/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,014,833 on 2/3/2020, in which convertible bonds with a market value of $102,015,131 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 2.20%, dated 9/24/2019, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,825,000 on 4/20/2020, in which convertible bonds with a market value of $153,122,103 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
80,000,000 | Wells Fargo Securities LLC, 2.23%, dated 1/16/2020, interest in a $80,000,000 collateralized loan agreement will repurchase securities provided as collateral for $80,446,000 on 4/15/2020, in which collateralized mortgage obligations and corporate bonds with a market value of $81,690,984 have been received as collateral and held with BNY Mellon as tri-party agent. | 80,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,562,500 on 4/8/2020, in which asset-backed securities with a market value of $102,159,375 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 2.25%, dated 12/10/2019, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,675,000 on 4/8/2020, in which convertible bonds with a market value of $122,591,251 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $4,131,400,000) | 4,131,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—20.2% | |||
Finance - Banking—20.2% | |||
$150,000,000 | Interest in $350,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $350,046,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/1/2050 and the market value of those underlying securities was $358,865,761. | $150,000,000 | |
1,000,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/20/2069 and the market value of those underlying securities was $1,022,932,706. | 1,000,000,000 | |
500,000,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $500,066,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2049 and the market value of those underlying securities was $510,068,001. | 500,000,000 | |
500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $1,000,133,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $1,020,000,000. | 500,000,000 | |
1,000,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,200,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $1,543,116,413. | 1,000,000,000 | |
1,000,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,083,160,911. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$297,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,400,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/1/2049 and the market value of those underlying securities was $3,073,593,901. | $297,000,000 | |
575,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,076,188 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 11/25/2049 and the market value of those underlying securities was $587,080,309. | 575,000,000 | |
245,100,000 | Interest in $250,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $250,033,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/1/2050 and the market value of those underlying securities was $255,034,001. | 245,100,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $5,267,100,000) | 5,267,100,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.5% (IDENTIFIED COST $26,161,767,829)3 | 26,166,862,326 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.5)%4 | (135,467,463) | ||
TOTAL NET ASSETS—100% | $26,031,394,863 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.0098 | 0.0239 | 0.0156 | 0.0063 | 0.003 | 0.0001 |
Net realized and unrealized gain | — | 0.0001 | 0.00002 | 0.0011 | 0.001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0098 | 0.0240 | 0.0156 | 0.0074 | 0.004 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0098) | (0.0239) | (0.0156) | (0.0063) | (0.003) | (0.000)1 |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) | — |
TOTAL DISTRIBUTIONS | (0.0098) | (0.0239) | (0.0156) | (0.0071) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.0004 | $1.0004 | $1.0003 | $1.0003 | $1.00 | $1.00 |
Total Return3 | 0.98% | 2.43% | 1.57% | 0.66% | 0.26% | 0.04% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.15%4 | 0.15% | 0.17% | 0.20% | 0.21% | 0.20% |
Net investment income | 1.93%4 | 2.41% | 1.62% | 0.40% | 0.26% | 0.04% |
Expense waiver/reimbursement5 | 0.13%4 | 0.13% | 0.12% | 0.10% | 0.08% | 0.08% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $25,877,363 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 | $30,806,315 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $9,398,500,000 | |
Investment in securities | 16,768,362,326 | |
Total investment in securities, at value (identified cost $26,161,767,829) | $26,166,862,326 | |
Cash | 870,305 | |
Income receivable | 31,305,003 | |
TOTAL ASSETS | 26,199,037,634 | |
Liabilities: | ||
Payable for investments purchased | 135,000,000 | |
Income distribution payable | 31,721,591 | |
Capital gain distribution payable | 46,596 | |
Payable for investment adviser fee (Note 5) | 47,840 | |
Payable for administrative fee (Note 5) | 55,818 | |
Payable for Directors'/Trustees' fees (Note 5) | 1,868 | |
Accrued expenses (Note 5) | 769,058 | |
TOTAL LIABILITIES | 167,642,771 | |
Net assets for 26,019,803,970 shares outstanding | $26,031,394,863 | |
Net Assets Consist of: | ||
Paid-in capital | $26,026,320,491 | |
Total distributable earnings | 5,074,372 | |
TOTAL NET ASSETS | $26,031,394,863 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Institutional Shares: | ||
$25,877,362,631 ÷ 25,865,834,074 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Service Shares: | ||
$142,369,543 ÷ 142,312,847 shares outstanding, no par value, unlimited shares authorized | $1.0004 | |
Capital Shares: | ||
$11,662,689 ÷ 11,657,049 shares outstanding, no par value, unlimited shares authorized | $1.0005 |
Federated Institutional Prime Obligations Fund
Investment Income: | ||
Interest | $249,620,598 | |
Expenses: | ||
Investment adviser fee (Note 5) | $23,984,455 | |
Administrative fee (Note 5) | 9,447,640 | |
Custodian fees | 309,990 | |
Transfer agent fee | 124,090 | |
Directors'/Trustees' fees (Note 5) | 63,052 | |
Auditing fees | 12,624 | |
Legal fees | 4,829 | |
Portfolio accounting fees | 129,404 | |
Other service fees (Notes 2 and 5) | 168,706 | |
Share registration costs | 173,939 | |
Printing and postage | 12,451 | |
Miscellaneous (Note 5) | 48,118 | |
TOTAL EXPENSES | 34,479,298 | |
Waiver of investment adviser fee (Note 5) | (15,734,632) | |
Net expenses | 18,744,666 | |
Net investment income | 230,875,932 | |
Net change in unrealized appreciation of investments | 1,522,356 | |
Change in net assets resulting from operations | $232,398,288 |
Federated Institutional Prime Obligations Fund
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $230,875,932 | $372,519,522 |
Net realized gain | — | 55,250 |
Net change in unrealized appreciation | 1,522,356 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 232,398,288 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (229,648,757) | (370,570,446) |
Service Shares | (1,137,351) | (1,436,015) |
Capital Shares | (164,786) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (230,950,894) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 32,560,657,351 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 39,236,230 | 78,813,357 |
Cost of shares redeemed | (27,825,074,322) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 4,774,819,259 | 10,237,851,652 |
Change in net assets | 4,776,266,653 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $26,031,394,863 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
Federated Institutional Prime Obligations Fund
■ | 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 | |
Service Shares | $164,341 |
Capital Shares | 4,365 |
TOTAL | $168,706 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares:1 | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 32,199,064,909 | $32,210,638,874 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 38,027,809 | 38,041,771 | 76,894,192 | 76,916,497 |
Shares redeemed | (27,509,692,313) | (27,519,529,827) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 4,727,400,405 | $4,729,150,818 | 10,200,041,071 | $10,203,091,670 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 159,615,415 | $159,661,360 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,029,738 | 1,030,063 | 1,401,043 | 1,401,450 |
Shares redeemed | (112,277,421) | (112,310,143) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 48,367,732 | $48,381,280 | 46,138,848 | $46,149,459 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 190,287,106 | $190,357,117 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 164,334 | 164,396 | 487,051 | 487,169 |
Shares redeemed | (193,162,690) | (193,234,352) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (2,711,250) | $(2,712,839) | (10,833,164) | $(10,836,104) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares:2 | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 4,773,056,887 | $4,774,819,259 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
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 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,009.80 | $0.762 |
Service Shares | $1,000 | $1,008.60 | $2.023 |
Capital Shares | $1,000 | $1,009.60 | $1.014 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.38 | $0.762 |
Service Shares | $1,000 | $1,023.13 | $2.033 |
Capital Shares | $1,000 | $1,024.13 | $1.024 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.15% |
Service Shares | 0.40% |
Capital Shares | 0.20% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.01 and $1.02, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.27 and $2.29, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund's Capital Shares current Fee Limit of 0.25% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 184/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.26 and $1.27, respectively. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Automated | TOAXX | Institutional | TOIXX | Service | TOSXX |
Capital | TOCXX | Trust | TOTXX |
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 54.1% |
U.S. Treasury Securities | 43.4% |
Other Assets and Liabilities—Net2 | 2.5% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 75.7% |
8-30 Days | 3.3% |
31-90 Days | 7.7% |
91-180 Days | 3.7% |
181 Days or more | 7.1% |
Other Assets and Liabilities—Net2 | 2.5% |
TOTAL | 100.0% |
1 | See the Fund's Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
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 | ||
REPURCHASE AGREEMENTS—54.1% | |||
$475,000,000 | Interest in $500,000,000 joint repurchase agreement 1.56%, dated 1/7/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $501,343,333 on 3/9/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,596,771. | $475,000,000 | |
950,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.58%, dated 1/10/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,003,993,889 on 4/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $1,020,940,112. | 950,000,000 | |
150,000,000 | Interest in $150,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $150,019,750 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $153,020,181. | 150,000,000 | |
400,000,000 | Interest in $400,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $400,052,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $408,053,740. | 400,000,000 | |
480,000,000 | Interest in $500,000,000 joint repurchase agreement 1.60%, dated 1/29/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $502,022,222 on 4/30/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $510,090,690. | 480,000,000 | |
475,000,000 | Interest in $500,000,000 joint repurchase agreement 1.62%, dated 12/2/2019 under which BNP Paribas Securities Corp. will repurchase securities provided as collateral for $501,417,500 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $511,445,898. | 475,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$50,596,000 | Interest in $50,596,000 joint repurchase agreement 1.52%, dated 1/31/2020 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $50,602,409 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 2/15/2041 and the market value of those underlying securities was $51,614,460. | $50,596,000 | |
75,000,000 | Interest in $75,000,000 joint repurchase agreement 1.57%, dated 1/31/2020 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $75,009,813 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/31/2025 and the market value of those underlying securities was $76,510,081. | 75,000,000 | |
475,000,000 | Interest in $500,000,000 joint repurchase agreement 1.56%, dated 1/15/2020 under which Bank of Montreal will repurchase securities provided as collateral for $500,650,000 on 2/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $510,419,940. | 475,000,000 | |
225,000,000 | Interest in $250,000,000 joint repurchase agreement 1.56%, dated 1/17/2020 under which Bank of Montreal will repurchase securities provided as collateral for $250,422,500 on 2/25/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $255,187,859. | 225,000,000 | |
375,000,000 | Interest in $400,000,000 joint repurchase agreement 1.58%, dated 1/24/2020 under which Bank of Montreal will repurchase securities provided as collateral for $401,509,778 on 4/22/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2049 and the market value of those underlying securities was $408,125,355. | 375,000,000 | |
140,000,000 | Interest in $150,000,000 joint repurchase agreement 1.61%, dated 12/2/2019 under which Bank of Montreal will repurchase securities provided as collateral for $150,805,000 on 3/31/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $153,431,116. | 140,000,000 | |
225,000,000 | Interest in $250,000,000 joint repurchase agreement 1.62%, dated 11/22/2019 under which Bank of Montreal will repurchase securities provided as collateral for $251,428,750 on 3/31/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $255,803,263. | 225,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$461,000,000 | Interest in $1,900,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $1,900,250,167 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $1,938,255,241. | $461,000,000 | |
50,000,000 | Interest in $50,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $50,006,583 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 11/15/2028 and the market value of those underlying securities was $51,006,761. | 50,000,000 | |
450,000,000 | Interest in $500,000,000 joint repurchase agreement 1.54%, dated 1/6/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $500,663,056 on 2/6/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 7/15/2028 and the market value of those underlying securities was $512,436,937. | 450,000,000 | |
250,000,000 | Interest in $250,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Citibank, N.A. will repurchase securities provided as collateral for $250,032,917 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $255,033,632. | 250,000,000 | |
300,000,000 | Interest in $300,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $300,039,500 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2046 and the market value of those underlying securities was $306,040,347. | 300,000,000 | |
465,000,000 | Interest in $500,000,000 joint repurchase agreement 1.58%, dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,153,611 on 2/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2039 and the market value of those underlying securities was $510,067,610. | 465,000,000 | |
1,000,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,000,131,667 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2026 and the market value of those underlying securities was $1,020,134,355. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$400,000,000 | Interest in $1,600,000,000 joint repurchase agreement 1.70%, dated 11/8/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,606,800,000 on 2/6/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $1,636,331,253. | $400,000,000 | |
100,000,000 | Interest in $400,000,000 joint repurchase agreement 1.70%, dated 11/19/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $401,643,333 on 2/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 5/15/2023 and the market value of those underlying securities was $409,464,319. | 100,000,000 | |
1,500,000,000 | Interest in $3,475,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Credit Agricole CIB Paris will repurchase securities provided as collateral for $3,475,463,333 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $3,535,404,003. | 1,500,000,000 | |
2,200,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which Fixed Income Clearing Corporation repurchase securities provided as collateral for $2,200,291,500 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $2,238,959,402. | 2,200,000,000 | |
1,000,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.59%, dated 1/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,000,132,500 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $1,025,490,624. | 1,000,000,000 | |
500,000,000 | Interest in $500,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Goldman Sachs & Co. will repurchase securities provided as collateral for $500,065,833 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $510,067,203. | 500,000,000 | |
400,000,000 | Repurchase agreement 1.57%, dated 1/31/2020 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $400,052,333 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $408,857,726. | 400,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$165,000,000 | Interest in $165,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which ING Financial Markets LLC will repurchase securities provided as collateral for $165,021,725 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2048 and the market value of those underlying securities was $168,322,166. | $165,000,000 | |
1,000,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.63%, dated 11/15/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $3,016,164,167 on 3/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2046 and the market value of those underlying securities was $3,060,000,025. | 1,000,000,000 | |
200,000,062 | Repurchase agreement 1.58%, dated 1/31/2020 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $200,026,395 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $203,965,428. | 200,000,062 | |
2,000,000,000 | Repurchase agreement 1.58%, dated 1/31/2020 under which National Australia Bank Ltd., Melbourne will repurchase securities provided as collateral for $2,000,263,333 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2027 and the market value of those underlying securities was $2,040,611,752. | 2,000,000,000 | |
750,000,000 | Interest in $2,000,000,000 joint repurchase agreement 1.55%, dated 1/3/2020 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,002,755,556 on 2/4/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $2,042,722,836. | 750,000,000 | |
325,000,000 | Interest in $325,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $325,042,792 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $331,543,710. | 325,000,000 | |
706,437,375 | Repurchase agreement 1.60%, dated 1/31/2020 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $706,531,567 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $720,348,429. | 706,437,375 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$112,795,000 | Repurchase agreement 1.60%, dated 1/31/2020 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $112,810,039 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2029 and the market value of those underlying securities was $114,913,816. | $112,795,000 | |
1,900,000,000 | Interest in $2,000,000,000 joint repurchase agreement 1.62%, dated 12/10/2019 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $2,004,950,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2049 and the market value of those underlying securities was $2,045,049,053. | 1,900,000,000 | |
750,000,000 | Interest in $750,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Standard Chartered Bank will repurchase securities provided as collateral for $750,098,750 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $765,100,798. | 750,000,000 | |
37,303,250 | Repurchase agreement 1.60%, dated 1/31/2020 under which United of Omaha Life Insurance Co. will repurchase securities provided as collateral for $37,308,224 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $38,049,095. | 37,303,250 | |
800,000,000 | Interest in $2,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $2,000,263,333 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2049 and the market value of those underlying securities was $2,040,268,659. | 800,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 22,318,131,687 | ||
U.S. TREASURIES—43.4% | |||
10,000,000 | 1 | United States Treasury Bills, 1.530%, 3/12/2020 | 9,983,311 |
501,000,000 | 1 | United States Treasury Bills, 1.537% - 2.470%, 2/27/2020 | 500,260,002 |
333,400,000 | 1 | United States Treasury Bills, 1.580%, 5/28/2020 | 331,687,991 |
360,000,000 | 1 | United States Treasury Bills, 1.600%, 4/23/2020 | 358,688,000 |
140,000,000 | 1 | United States Treasury Bills, 1.610%, 4/30/2020 | 139,442,761 |
150,000,000 | 1 | United States Treasury Bills, 1.620%, 4/16/2020 | 149,493,750 |
100,000,000 | 1 | United States Treasury Bills, 1.620%, 7/16/2020 | 99,253,000 |
430,000,000 | 1 | United States Treasury Bills, 1.625% - 1.690%, 4/9/2020 | 428,664,178 |
175,000,000 | 1 | United States Treasury Bills, 1.740%, 9/10/2020 | 173,122,250 |
250,000,000 | 1 | United States Treasury Bills, 1.800%, 8/13/2020 | 247,575,000 |
Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$470,000,000 | 1 | United States Treasury Bills, 1.845% - 1.870%, 3/19/2020 | $468,858,749 |
480,000,000 | 1 | United States Treasury Bills, 1.885% - 1.900%, 2/13/2020 | 479,697,317 |
307,000,000 | 1 | United States Treasury Bills, 1.945% - 1.950%, 2/6/2020 | 306,917,001 |
1,897,500,000 | 2 | United States Treasury Floating Rate Notes, 1.568% (91-day T-Bill +0.033%), 2/4/2020 | 1,897,466,574 |
1,451,100,000 | 2 | United States Treasury Floating Rate Notes, 1.578% (91-day T-Bill +0.043%), 2/4/2020 | 1,450,936,016 |
1,052,500,000 | 2 | United States Treasury Floating Rate Notes, 1.580% (91-day T-Bill +0.045%), 2/4/2020 | 1,051,972,780 |
1,953,000,000 | 2 | United States Treasury Floating Rate Notes, 1.650% (91-day T-Bill +0.115%), 2/4/2020 | 1,952,511,490 |
395,000,000 | 2 | United States Treasury Floating Rate Notes, 1.674% (91-day T-Bill +0.139%), 2/4/2020 | 394,992,822 |
325,000,000 | 2 | United States Treasury Floating Rate Notes, 1.689% (91-day T-Bill +0.154%), 2/4/2020 | 325,000,000 |
606,000,000 | 2 | United States Treasury Floating Rate Notes, 1.755% (91-day T-Bill +0.220%), 2/4/2020 | 605,730,105 |
990,500,000 | 2 | United States Treasury Floating Rate Notes, 1.835% (91-day T-Bill +0.300%), 2/4/2020 | 991,165,559 |
442,500,000 | United States Treasury Notes, 1.125% - 1.375%, 3/31/2020 | 441,834,112 | |
1,181,750,000 | United States Treasury Notes, 1.125% - 2.375%, 4/30/2020 | 1,181,097,851 | |
212,000,000 | United States Treasury Notes, 1.250%, 2/29/2020 | 211,859,569 | |
644,000,000 | United States Treasury Notes, 1.375% - 2.625%, 8/31/2020 | 647,019,303 | |
220,000,000 | United States Treasury Notes, 1.375% - 2.875%, 10/31/2020 | 221,088,271 | |
410,500,000 | United States Treasury Notes, 1.375%, 5/31/2020 | 409,719,428 | |
7,000,000 | United States Treasury Notes, 1.500%, 4/15/2020 | 6,992,601 | |
50,000,000 | United States Treasury Notes, 1.500%, 7/15/2020 | 49,968,329 | |
213,000,000 | United States Treasury Notes, 1.625% - 2.500%, 6/30/2020 | 213,548,935 | |
224,000,000 | United States Treasury Notes, 1.625% - 2.750%, 11/30/2020 | 225,721,411 | |
509,000,000 | United States Treasury Notes, 1.750% - 2.625%, 11/15/2020 | 510,919,676 | |
317,000,000 | United States Treasury Notes, 2.625%, 7/31/2020 | 318,403,093 | |
577,000,000 | United States Treasury Notes, 2.750%, 9/30/2020 | 580,938,878 | |
413,250,000 | United States Treasury Notes, 3.500%, 5/15/2020 | 415,174,760 | |
80,000,000 | United States Treasury Notes, 3.625%, 2/15/2020 | 80,044,965 | |
TOTAL U.S. TREASURIES | 17,877,749,838 | ||
TOTAL INVESTMENT IN SECURITIES-97.5% (AT AMORTIZED COST)3 | 40,195,881,525 | ||
OTHER ASSETS AND LIABILITIES - NET—2.5%4 | 1,030,116,037 | ||
TOTAL NET ASSETS—100% | $41,225,997,562 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | ||||
2019 | 2018 | 2017 | 2016 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.007 | 0.019 | 0.010 | 0.002 | 0.0001 |
Net realized gain | — | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.019 | 0.010 | 0.002 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.007) | (0.019) | (0.010) | (0.002) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.007) | (0.019) | (0.010) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.71% | 1.88% | 1.03% | 0.17% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.50%3 | 0.48% | 0.42% | 0.46% | 0.28% |
Net investment income | 1.42%3 | 1.87% | 1.02% | 0.16% | 0.01% |
Expense waiver/reimbursement4 | 0.09%3 | 0.11% | 0.10% | 0.15% | 0.36% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,656,254 | $2,138,942 | $2,059,409 | $1,435,990 | $2,196,515 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.009 | 0.022 | 0.013 | 0.004 | 0.001 | 0.0001 |
Net realized gain (loss) | — | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.022 | 0.013 | 0.004 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.009) | (0.022) | (0.013) | (0.004) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.022) | (0.013) | (0.004) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.86% | 2.18% | 1.25% | 0.44% | 0.11% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.19%3 | 0.18% | 0.19% | 0.20% | 0.18% | 0.07% |
Net investment income | 1.71%3 | 2.17% | 1.24% | 0.43% | 0.11% | 0.01% |
Expense waiver/reimbursement4 | 0.09%3 | 0.11% | 0.10% | 0.08% | 0.11% | 0.21% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $31,730,596 | $33,350,766 | $25,992,845 | $24,203,284 | $23,141,953 | $22,161,341 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.007 | 0.019 | 0.010 | 0.002 | 0.0001 | 0.0001 |
Net realized gain | — | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.019 | 0.010 | 0.002 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.007) | (0.019) | (0.010) | (0.002) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.007) | (0.019) | (0.010) | (0.002) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.74% | 1.93% | 1.00% | 0.21% | 0.01% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.44%3 | 0.43% | 0.44% | 0.43% | 0.27% | 0.07% |
Net investment income | 1.45%3 | 1.92% | 0.96% | 0.22% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.09%3 | 0.11% | 0.10% | 0.10% | 0.27% | 0.46% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $5,229,969 | $4,672,058 | $3,584,885 | $5,208,323 | $3,864,431 | $3,749,474 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.008 | 0.021 | 0.012 | 0.003 | 0.0001 | 0.0001 |
Net realized gain (loss) | — | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.021 | 0.012 | 0.003 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.008) | (0.021) | (0.012) | (0.003) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.008) | (0.021) | (0.012) | (0.003) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.81% | 2.08% | 1.15% | 0.34% | 0.05% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.29%3 | 0.28% | 0.29% | 0.30% | 0.24% | 0.07% |
Net investment income | 1.60%3 | 2.07% | 1.12% | 0.35% | 0.05% | 0.01% |
Expense waiver/reimbursement4 | 0.09%3 | 0.11% | 0.10% | 0.08% | 0.15% | 0.31% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,382,057 | $1,250,599 | $1,114,276 | $1,857,588 | $802,172 | $798,750 |
1 | Represents less than $0.001. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.006 | 0.017 | 0.008 | 0.001 | 0.0001 | 0.0001 |
Net realized gain (loss) | — | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.017 | 0.008 | 0.001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.006) | (0.017) | (0.008) | (0.001) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.006) | (0.017) | (0.008) | (0.001) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.61% | 1.67% | 0.75% | 0.08% | 0.01% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.69%3 | 0.68% | 0.69% | 0.57% | 0.27% | 0.07% |
Net investment income | 1.19%3 | 1.67% | 0.77% | 0.09% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.09%3 | 0.11% | 0.10% | 0.22% | 0.51% | 0.71% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $1,227,122 | $860,830 | $512,289 | $909,570 | $642,129 | $630,384 |
1 | Represents less than $0.001. |
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 repurchase agreements | $22,318,131,687 | |
Investment in securities | 17,877,749,838 | |
Investment in securities, at amortized cost and fair value | $40,195,881,525 | |
Cash | 1,000,672,365 | |
Income receivable | 47,369,079 | |
Receivable for shares sold | 63,408,798 | |
TOTAL ASSETS | 41,307,331,767 | |
Liabilities: | ||
Payable for shares redeemed | $47,596,979 | |
Income distribution payable | 29,978,664 | |
Capital gain distribution payable | 10,239 | |
Payable for investment adviser fee (Note 4) | 110,612 | |
Payable for administrative fees (Note 4) | 88,348 | |
Payable for Directors'/Trustees' fees (Note 4) | 2,774 | |
Payable for distribution services fee (Note 4) | 259,727 | |
Payable for other service fees (Note 4) | 1,702,649 | |
Accrued expenses (Note 4) | 1,584,213 | |
TOTAL LIABILITIES | 81,334,205 | |
Net assets for 41,226,034,425 shares outstanding | $41,225,997,562 | |
Net Assets Consist of: | ||
Paid-in capital | $41,226,197,801 | |
Total distributable earnings (loss) | (200,239) | |
TOTAL NET ASSETS | $41,225,997,562 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Automated Shares: | ||
$1,656,254,294 ÷ 1,656,255,775 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$31,730,595,690 ÷ 31,730,624,066 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$5,229,968,539 ÷ 5,229,973,215 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$1,382,056,842 ÷ 1,382,058,076 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$1,227,122,197 ÷ 1,227,123,293 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $418,394,514 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $43,986,791 | ||
Administrative fee (Note 4) | 17,327,918 | ||
Custodian fees | 836,981 | ||
Transfer agent fee (Note 2) | 1,088,235 | ||
Directors'/Trustees' fees (Note 4) | 127,314 | ||
Auditing fees | 12,624 | ||
Legal fees | 5,583 | ||
Portfolio accounting fees | 121,723 | ||
Distribution services fee (Note 4) | 1,408,881 | ||
Other service fees (Notes 2 and 4) | 10,773,539 | ||
Share registration costs | 196,241 | ||
Printing and postage | 98,226 | ||
Miscellaneous (Note 4) | 106,914 | ||
TOTAL EXPENSES | 76,090,970 | ||
Waiver and Reimbursement: | |||
Waiver of investment adviser fee (Note 4) | $(20,753,653) | ||
Reimbursement of other operating expenses (Notes 2 and 4) | (7) | ||
TOTAL WAIVER AND REIMBURSEMENT | (20,753,660) | ||
Net expenses | 55,337,310 | ||
Net investment income | 363,057,204 | ||
Net realized loss on investments | (2,800) | ||
Change in net assets resulting from operations | $363,054,404 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $363,057,204 | $788,678,479 |
Net realized gain (loss) | (2,800) | 8,675 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 363,054,404 | 788,687,154 |
Distributions to Shareholders: | ||
Automated Shares | (13,619,908) | (40,804,074) |
Institutional Shares | (293,376,789) | (632,084,254) |
Service Shares | (38,493,849) | (81,714,700) |
Capital Shares | (11,076,535) | (24,546,725) |
Trust Shares | (6,694,322) | (9,666,515) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (363,261,403) | (788,816,268) |
Share Transactions: | ||
Proceeds from sale of shares | 125,131,538,430 | 281,119,584,422 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Treasury Plus Money Market Fund | 310,115,826 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 143,963,360 | 301,149,970 |
Cost of shares redeemed | (126,632,606,437) | (272,411,116,009) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (1,046,988,821) | 9,009,618,383 |
Change in net assets | (1,047,195,820) | 9,009,489,269 |
Net Assets: | ||
Beginning of period | 42,273,193,382 | 33,263,704,113 |
End of period | $41,225,997,562 | $42,273,193,382 |
Shares of the Fund Issued | Acquired Fund's Net Assets Received | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
310,115,826 | $310,115,826 | $45,100,232,014 | $45,410,347,840 |
Net investment income | $365,115,208 |
Net realized and unrealized gain on investments | 3,899 |
Net increase in net assets resulting from operations | $365,119,107 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $919,771 | $– |
Institutional Shares | 137,052 | – |
Service Shares | 21,287 | (2) |
Capital Shares | 5,571 | – |
Trust Shares | 4,554 | (5) |
TOTAL | $1,088,235 | $(7) |
Other Service Fees Incurred | |
Automated Shares | $2,050,000 |
Service Shares | 6,623,458 |
Capital Shares | 691,200 |
Trust Shares | 1,408,881 |
TOTAL | $10,773,539 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,436,881,184 | $1,436,885,874 | 4,167,109,353 | $4,167,109,353 |
Shares issued to shareholders in payment of distributions declared | 12,881,414 | 12,881,415 | 39,964,481 | 39,964,481 |
Shares redeemed | (1,932,439,891) | (1,932,439,891) | (4,127,531,647) | (4,127,531,647) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (482,677,293) | $(482,672,602) | 79,542,187 | $79,542,187 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 108,445,257,755 | $108,445,257,755 | 255,255,336,119 | $255,255,336,119 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 309,932,776 | 309,932,776 | – | – |
Shares issued to shareholders in payment of distributions declared | 103,910,424 | 103,910,424 | 216,137,448 | 216,137,448 |
Shares redeemed | (110,479,110,124) | (110,479,111,993) | (248,113,453,703) | (248,113,453,703) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | (1,620,009,169) | $(1,620,011,038) | 7,358,019,864 | $7,358,019,864 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 10,688,305,225 | $10,688,305,225 | 15,479,859,002 | $15,479,859,002 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 10 | 10 | – | – |
Shares issued to shareholders in payment of distributions declared | 16,490,050 | 16,490,050 | 29,470,223 | 29,470,223 |
Shares redeemed | (10,146,861,279) | (10,146,872,332) | (14,422,142,610) | (14,422,142,610) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 557,934,006 | $557,922,953 | 1,087,186,615 | $1,087,186,615 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,858,367,840 | $2,858,373,146 | 4,229,607,483 | $4,229,607,483 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 183,040 | 183,040 | – | – |
Shares issued to shareholders in payment of distributions declared | 6,422,919 | 6,422,919 | 11,183,268 | 11,183,268 |
Shares redeemed | (2,733,509,455) | (2,733,509,455) | (4,104,463,154) | (4,104,463,154) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 131,464,344 | $131,469,650 | 136,327,597 | $136,327,597 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,702,711,231 | $1,702,716,430 | 1,987,672,465 | $1,987,672,465 |
Shares issued to shareholders in payment of distributions declared | 4,258,552 | 4,258,552 | 4,394,550 | 4,394,550 |
Shares redeemed | (1,340,672,766) | (1,340,672,766) | (1,643,524,895) | (1,643,524,895) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 366,297,017 | $366,302,216 | 348,542,120 | $348,542,120 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (1,046,991,095) | $(1,046,988,821) | 9,009,618,383 | $9,009,618,383 |
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 | |
Trust Shares | $1,408,881 |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,007.10 | $2.52 |
Institutional Shares | $1,000 | $1,008.60 | $0.96 |
Service Shares | $1,000 | $1,007.40 | $2.22 |
Capital Shares | $1,000 | $1,008.10 | $1.46 |
Trust Shares | $1,000 | $1,006.10 | $3.48 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.60 | $2.54 |
Institutional Shares | $1,000 | $1,024.20 | $0.97 |
Service Shares | $1,000 | $1,022.90 | $2.24 |
Capital Shares | $1,000 | $1,023.70 | $1.48 |
Trust Shares | $1,000 | $1,021.70 | $3.51 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Automated Shares | 0.50% |
Institutional Shares | 0.19% |
Service Shares | 0.44% |
Capital Shares | 0.29% |
Trust Shares | 0.69% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N500
CUSIP 60934N872
CUSIP 60934N823
CUSIP 60934N120
Share Class | Ticker | Institutional | TTOXX | Cash II | TTIXX | Cash Series | TCSXX |
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 65.3% |
U.S. Treasury Securities | 34.6% |
Other Assets and Liabilities—Net2 | 0.1% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 81.7% |
8 to 30 Days | 2.6% |
31 to 90 Days | 6.2% |
91 to 180 Days | 2.9% |
181 Days or more | 6.5% |
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 the types of securities in which the Fund invests. |
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 | ||
REPURCHASE AGREEMENTS—65.3% | |||
$25,000,000 | Interest in $500,000,000 joint repurchase agreement 1.56%, dated 1/7/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $501,343,333 on 3/9/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $510,596,771. | $25,000,000 | |
50,000,000 | Interest in $1,000,000,000 joint repurchase agreement 1.58%, dated 1/10/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,003,993,889 on 4/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $1,020,940,112. | 50,000,000 | |
20,000,000 | Interest in $500,000,000 joint repurchase agreement 1.60%, dated 1/29/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $502,022,222 on 4/30/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2044 and the market value of those underlying securities was $510,090,690. | 20,000,000 | |
25,000,000 | Interest in $500,000,000 joint repurchase agreement 1.62%, dated 12/2/2019 under which BNP Paribas S.A. will repurchase securities provided as collateral for $501,417,500 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $511,445,898. | 25,000,000 | |
25,000,000 | Interest in $500,000,000 joint repurchase agreement 1.56%, dated 1/15/2020 under which Bank of Montreal will repurchase securities provided as collateral for $500,650,000 on 2/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $510,419,940. | 25,000,000 | |
25,000,000 | Interest in $250,000,000 joint repurchase agreement 1.56%, dated 1/17/2020 under which Bank of Montreal will repurchase securities provided as collateral for $250,422,500 on 2/25/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $255,187,859. | 25,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$25,000,000 | Interest in $400,000,000 joint repurchase agreement 1.58%, dated 1/24/2020 under which Bank of Montreal will repurchase securities provided as collateral for $401,509,778 on 4/22/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2049 and the market value of those underlying securities was $408,125,355. | $25,000,000 | |
10,000,000 | Interest in $150,000,000 joint repurchase agreement 1.61%, dated 12/2/2019 under which Bank of Montreal will repurchase securities provided as collateral for $150,805,000 on 3/31/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2047 and the market value of those underlying securities was $153,431,116. | 10,000,000 | |
25,000,000 | Interest in $250,000,000 joint repurchase agreement 1.62%, dated 11/22/2019 under which Bank of Montreal will repurchase securities provided as collateral for $251,428,750 on 3/31/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $255,803,263. | 25,000,000 | |
296,000,000 | Interest in $1,900,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $1,900,250,167 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $1,938,255,241. | 296,000,000 | |
50,000,000 | Interest in $500,000,000 joint repurchase agreement 1.54%, dated 1/6/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $500,663,056 on 2/6/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 7/15/2028 and the market value of those underlying securities was $512,436,937. | 50,000,000 | |
200,000,000 | Interest in $1,500,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $1,500,197,500 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2026 and the market value of those underlying securities was $1,529,998,409. | 200,000,000 | |
35,000,000 | Interest in $500,000,000 joint repurchase agreement 1.58%, dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,153,611 on 2/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2039 and the market value of those underlying securities was $510,067,610. | 35,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$50,000,000 | Interest in $1,600,000,000 joint repurchase agreement 1.70%, dated 11/8/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,606,800,000 on 2/6/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2047 and the market value of those underlying securities was $1,636,331,253. | $50,000,000 | |
10,000,000 | Interest in $400,000,000 joint repurchase agreement 1.70%, dated 11/19/2019 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $401,643,333 on 2/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with maturing on 5/15/2023 and the market value of those underlying securities was $409,464,319. | 10,000,000 | |
350,000,000 | Interest in $3,475,000,000 joint repurchase agreement 1.60%, dated 1/31/2020 under which Credit Agricole CIB, Paris will repurchase securities provided as collateral for $3,475,463,333 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $3,535,404,003. | 350,000,000 | |
300,000,000 | Repurchase agreement 1.59%, dated 1/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $300,039,750 on 2/3/2020. The securities provided as collateral at the end of the period held with JPMorgan Chase as tri-party agent, were U.S. Treasury securities with various maturities to 5/31/2025 and the market value of those underlying securities was $306,089,217. | 300,000,000 | |
350,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.58%, dated 1/31/2020 under which ING Financial Markets LLC will repurchase securities provided as collateral for $3,000,395,000 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 8/15/2028 and the market value of those underlying securities was $3,061,749,445. | 350,000,000 | |
50,000,000 | Interest in $3,000,000,000 joint repurchase agreement 1.63%, dated 11/15/2019 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $3,016,164,167 on 3/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2046 and the market value of those underlying securities was $3,060,000,025. | 50,000,000 | |
50,000,000 | Interest in $2,000,000,000 joint repurchase agreement 1.55%, dated 1/3/2020 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $2,002,755,556 on 2/4/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2048 and the market value of those underlying securities was $2,042,722,836. | 50,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$100,000,000 | Interest in $2,000,000,000 joint repurchase agreement 1.62%, dated 12/10/2019 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $2,004,950,000 on 2/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2049 and the market value of those underlying securities was $2,045,049,053. | $100,000,000 | |
100,000,000 | Repurchase agreement 1.65%, dated 1/31/2020 under which Symmetry Master Fund (Guaranteed by Barclays Bank PLC) will repurchase securities provided as collateral for $100,013,750 on 2/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 9/15/2022 and the market value of those underlying securities was $102,000,443. | 100,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 2,171,000,000 | ||
U.S. TREASURIES—34.6% | |||
22,000,000 | 1 | United States Treasury Bills, 1.580%, 5/28/2020 | 21,887,030 |
23,300,000 | 1 | United States Treasury Bills, 1.600%, 4/23/2020 | 23,215,085 |
10,000,000 | 1 | United States Treasury Bills, 1.610%, 4/30/2020 | 9,960,197 |
9,000,000 | 1 | United States Treasury Bills, 1.620%, 4/16/2020 | 8,969,625 |
6,000,000 | 1 | United States Treasury Bills, 1.620%, 7/16/2020 | 5,955,180 |
27,000,000 | 1 | United States Treasury Bills, 1.625%—1.690%, 4/9/2020 | 26,916,020 |
12,000,000 | 1 | United States Treasury Bills, 1.740%, 9/10/2020 | 11,871,240 |
15,000,000 | 1 | United States Treasury Bills, 1.800%, 8/13/2020 | 14,854,500 |
28,000,000 | 1 | United States Treasury Bills, 1.840%—2.470%, 2/27/2020 | 27,959,151 |
35,000,000 | 1 | United States Treasury Bills, 1.845%—1.870%, 3/19/2020 | 34,915,041 |
30,000,000 | 1 | United States Treasury Bills, 1.890%, 2/13/2020 | 29,981,100 |
18,000,000 | 1 | United States Treasury Bills, 1.945%—1.950%, 2/6/2020 | 17,995,134 |
134,500,000 | 2 | United States Treasury Floating Rate Notes, 1.568% (91-day T-Bill +0.033%), 2/4/2020 | 134,493,219 |
88,150,000 | 2 | United States Treasury Floating Rate Notes, 1.578% (91-day T-Bill +0.043%), 2/4/2020 | 88,137,078 |
52,090,000 | 2 | United States Treasury Floating Rate Notes, 1.580% (91-day T-Bill +0.045%), 2/4/2020 | 52,062,510 |
104,500,000 | 2 | United States Treasury Floating Rate Notes, 1.650% (91-day T-Bill +0.115%), 2/4/2020 | 104,470,504 |
21,000,000 | 2 | United States Treasury Floating Rate Notes, 1.674% (91-day T-Bill +0.139%), 2/4/2020 | 20,999,619 |
26,000,000 | 2 | United States Treasury Floating Rate Notes, 1.689% (91-day T-Bill +0.154%), 2/4/2020 | 26,000,000 |
44,000,000 | 2 | United States Treasury Floating Rate Notes, 1.755% (91-day T-Bill +0.220%), 2/4/2020 | 43,980,771 |
68,500,000 | 2 | United States Treasury Floating Rate Notes, 1.835% (91-day T-Bill +0.300%), 2/4/2020 | 68,551,229 |
Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$24,500,000 | United States Treasury Notes, 1.125%—1.375%, 3/31/2020 | $24,463,433 | |
71,100,000 | United States Treasury Notes, 1.125%—2.375%, 4/30/2020 | 71,019,877 | |
13,000,000 | United States Treasury Notes, 1.250%, 2/29/2020 | 12,991,389 | |
45,500,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 45,710,245 | |
17,000,000 | United States Treasury Notes, 1.375%—2.875%, 10/31/2020 | 17,075,174 | |
28,250,000 | United States Treasury Notes, 1.375%, 5/31/2020 | 28,198,453 | |
8,000,000 | United States Treasury Notes, 1.500%, 4/15/2020 | 7,991,543 | |
15,000,000 | United States Treasury Notes, 1.625%—2.500%, 6/30/2020 | 15,040,351 | |
22,000,000 | United States Treasury Notes, 1.625%—2.750%, 11/30/2020 | 22,183,702 | |
34,925,000 | United States Treasury Notes, 1.750%—2.625%, 11/15/2020 | 35,079,495 | |
25,000,000 | United States Treasury Notes, 2.625%, 7/31/2020 | 25,110,337 | |
43,000,000 | United States Treasury Notes, 2.750%, 9/30/2020 | 43,294,305 | |
24,250,000 | United States Treasury Notes, 3.500%, 5/15/2020 | 24,363,963 | |
5,000,000 | United States Treasury Notes, 3.625%, 2/15/2020 | 5,002,810 | |
TOTAL U.S. TREASURIES | 1,150,699,310 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)3 | 3,321,699,310 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%4 | 2,980,346 | ||
TOTAL NET ASSETS—100% | $3,324,679,656 |
1 | Discount rate(s) at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.008 | 0.021 | 0.012 | 0.004 | 0.001 | — |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | (0.000)2 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.021 | 0.012 | 0.004 | 0.001 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.008) | (0.021) | (0.012) | (0.004) | (0.001) | — |
Distributions from net realized gain | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.008) | (0.021) | (0.012) | (0.004) | (0.001) | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.85% | 2.16% | 1.25% | 0.44% | 0.11% | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.20%5 | 0.20% | 0.20% | 0.20% | 0.18% | 0.08% |
Net investment income | 1.66%5 | 2.18% | 1.23% | 0.47% | 0.12% | 0.00% |
Expense waiver/reimbursement6 | 0.10%5 | 0.11% | 0.13% | 0.13% | 0.17% | 0.53% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $2,040,695 | $1,344,393 | $360,889 | $288,652 | $167,690 | $115,211 |
1 | On June 2, 2015, the Fund's shares were re-designated as Institutional Shares. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.014 | 0.005 | 0.0002 | 0.003 | — |
Net realized gain (loss) | 0.0002 | 0.0002 | 0.0002 | 0.0002 | (0.003) | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.014 | 0.005 | 0.0002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.014) | (0.005) | (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 | (0.005) | (0.014) | (0.005) | (0.000)2 | (0.000)2 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.50% | 1.45% | 0.54% | 0.02% | 0.000%4 | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.90%5 | 0.90% | 0.90% | 0.62% | 0.38% | 0.13%5 |
Net investment income | 0.99%5 | 1.44% | 0.53% | 0.02% | 0.00%4 | 0.00%5 |
Expense waiver/reimbursement6 | 0.10%5 | 0.11% | 0.13% | 0.41% | 0.65% | 1.10%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $631,786 | $591,844 | $635,165 | $751,234 | $617,216 | $584 |
1 | Reflects operations for the period from June 2, 2015 (date of initial public investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Six Months Ended (unaudited) 1/31/2020 | Year Ended July 31, | Period Ended 7/31/20151 | ||||
2019 | 2018 | 2017 | 2016 | |||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.004 | 0.013 | 0.004 | 0.0002 | 0.0002 | — |
Net realized gain | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.013 | 0.004 | 0.0002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.004) | (0.013) | (0.004) | (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 | (0.004) | (0.013) | (0.004) | (0.000)2 | (0.000)2 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.44% | 1.31% | 0.40% | 0.00%4 | 0.00%4 | 0.00%4 |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.03%5 | 1.04% | 1.05% | 0.64% | 0.32% | 0.13%5 |
Net investment income | 0.86%5 | 1.32% | 0.30% | 0.00%4 | 0.00%4 | 0.00%5 |
Expense waiver/reimbursement6 | 0.20%5 | 0.21% | 0.23% | 0.64% | 0.97% | 1.36%5 |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $652,199 | $496,252 | $341,124 | $660,717 | $666,074 | $154,125 |
1 | Reflects operations for the period from June 2, 2015 (date of initial public investment) to July 31, 2015. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Represents less than 0.01%. |
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. |
Assets: | ||
Investment in repurchase agreements | $2,171,000,000 | |
Investment in securities | 1,150,699,310 | |
Investment in securities, at amortized cost and fair value | $3,321,699,310 | |
Cash | 782,727 | |
Income receivable | 3,211,645 | |
Receivable for shares sold | 4,946,337 | |
TOTAL ASSETS | 3,330,640,019 | |
Liabilities: | ||
Payable for shares redeemed | 4,017,634 | |
Income distribution payable | 953,847 | |
Capital gain distribution payable | 673 | |
Payable for investment adviser fee (Note 4) | 9,403 | |
Payable for administrative fees (Note 4) | 7,124 | |
Payable for Directors'/Trustees' fees (Note 4) | 270 | |
Payable for distribution services fee (Note 4) | 444,532 | |
Payable for other service fees (Notes 2 and 4) | 257,643 | |
Accrued expenses (Note 4) | 269,237 | |
TOTAL LIABILITIES | 5,960,363 | |
Net assets for 3,324,677,077 shares outstanding | $3,324,679,656 | |
Net Assets Consist of: | ||
Paid-in capital | $3,324,677,106 | |
Total distributable earnings | 2,550 | |
TOTAL NET ASSETS | $3,324,679,656 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$2,040,694,648 ÷ 2,040,693,066 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$631,786,316 ÷ 631,785,825 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$652,198,692 ÷ 652,198,186 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $28,115,173 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $2,995,745 | ||
Administrative fee (Note 4) | 1,179,962 | ||
Custodian fees | 55,378 | ||
Transfer agent fee (Note 2) | 544,549 | ||
Directors'/Trustees' fees (Note 4) | 7,560 | ||
Auditing fees | 10,758 | ||
Legal fees | 5,080 | ||
Portfolio accounting fees | 102,645 | ||
Distribution services fee (Note 4) | 2,901,233 | ||
Other service fees (Notes 2 and 4) | 1,535,201 | ||
Share registration costs | 116,719 | ||
Printing and postage | 20,124 | ||
Miscellaneous (Note 4) | 28,537 | ||
TOTAL EXPENSES | 9,503,491 | ||
Waivers: | |||
Waiver of investment adviser fee (Note 4) | $(1,470,989) | ||
Waiver of other operating expenses (Note 4) | (300,547) | ||
TOTAL WAIVERS | (1,771,536) | ||
Net expenses | 7,731,955 | ||
Net investment income | 20,383,218 | ||
Net realized loss on investments | (81) | ||
Change in net assets resulting from operations | $20,383,137 |
Six Months Ended (unaudited) 1/31/2020 | Year Ended 7/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $20,383,218 | $30,467,657 |
Net realized gain (loss) | (81) | 673 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 20,383,137 | 30,468,330 |
Distributions to Shareholders: | ||
Institutional Shares | (14,706,977) | (15,458,216) |
Cash II Shares | (3,102,095) | (8,722,922) |
Cash Series Shares | (2,578,312) | (6,279,423) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (20,387,384) | (30,460,561) |
Share Transactions: | ||
Proceeds from sale of shares | 3,923,501,523 | 5,582,353,472 |
Net asset value of shares issued to shareholders in payment of distributions declared | 14,386,315 | 19,965,332 |
Cost of shares redeemed | (3,045,693,269) | (4,507,015,472) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 892,194,569 | 1,095,303,332 |
Change in net assets | 892,190,322 | 1,095,311,101 |
Net Assets: | ||
Beginning of period | 2,432,489,334 | 1,337,178,233 |
End of period | $3,324,679,656 | $2,432,489,334 |
Transfer Agent Fees Incurred | |
Institutional Shares | $10,364 |
Cash II Shares | 306,361 |
Cash Series Shares | 227,824 |
TOTAL | $544,549 |
Other Service Fees Incurred | |
Cash II Shares | $783,833 |
Cash Series Shares | 751,368 |
TOTAL | $1,535,201 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,393,992,277 | $2,393,992,277 | 2,980,811,990 | $2,980,811,990 |
Shares issued to shareholders in payment of distributions declared | 8,766,403 | 8,766,403 | 5,281,091 | 5,281,091 |
Shares redeemed | (1,706,455,324) | (1,706,455,324) | (2,002,592,842) | (2,002,592,842) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 696,303,356 | $696,303,356 | 983,500,239 | $983,500,239 |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 330,156,115 | $330,156,115 | 861,257,848 | $861,257,848 |
Shares issued to shareholders in payment of distributions declared | 3,067,537 | 3,067,537 | 8,536,185 | 8,536,185 |
Shares redeemed | (293,280,223) | (293,280,223) | (913,117,076) | (913,117,076) |
NET CHANGE RESULTING FROM CLASS II SHARE TRANSACTIONS | 39,943,429 | $39,943,429 | (43,323,043) | $(43,323,043) |
Six Months Ended 1/31/2020 | Year Ended 7/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,199,353,131 | $1,199,353,131 | 1,740,283,634 | $1,740,283,634 |
Shares issued to shareholders in payment of distributions declared | 2,552,375 | 2,552,375 | 6,148,056 | 6,148,056 |
Shares redeemed | (1,045,957,722) | (1,045,957,722) | (1,591,305,554) | (1,591,305,554) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 155,947,784 | $155,947,784 | 155,126,136 | $155,126,136 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 892,194,569 | $892,194,569 | 1,095,303,332 | $1,095,303,332 |
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 | 0.35% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $1,097,952 | $– |
Cash Series Shares | 1,803,281 | (300,547) |
TOTAL | $2,901,233 | $(300,547) |
Beginning Account Value 8/1/2019 | Ending Account Value 1/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,008.50 | $1.01 |
Cash II Shares | $1,000 | $1,005.00 | $4.54 |
Cash Series Shares | $1,000 | $1,004.40 | $5.19 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.10 | $1.02 |
Cash II Shares | $1,000 | $1,020.60 | $4.57 |
Cash Series Shares | $1,000 | $1,020.00 | $5.23 |
1 | Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.20% |
Cash II Shares | 0.90% |
Cash Series Shares | 1.03% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919551
CUSIP 608919569
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
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
DateMarch 23, 2020
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
DateMarch 23, 2020
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateMarch 23, 2020