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)
Federated Hermes Money Market Obligations Trust
(formerly, 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:10/31/20
Date of Reporting Period:Six months ended 04/30/20
Item 1. | Reports to Stockholders |
Share Class | Ticker | Wealth | CAIXX | Service | CACXX | Cash II | CALXX |
Cash Series | CCSXX | Capital | CCCXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 56.4% |
Commercial Paper | 39.9% |
Municipal Notes | 5.7% |
Other Assets and Liabilities—Net2 | (2.0)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 55.9% |
8-30 Days | 15.7% |
31-90 Days | 20.6% |
91-180 Days | 8.8% |
181 Days or more | 1.0% |
Other Assets and Liabilities—Net2 | (2.0)% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—102.0% | ||
California—102.0% | |||
$1,295,000 | ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | $1,295,000 | |
2,800,000 | Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 2,800,000 | |
670,000 | Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 670,000 | |
3,700,000 | Alameda County, CA IDA Recovery Zone Facility (Reis Newark LLC), (Series 2010A) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.250%, 5/7/2020 | 3,700,000 | |
7,000,000 | Alameda County, CA Joint Powers Authority (Alameda County, CA), (Series A), CP, (FHLB of San Francisco LOC), 1.000%, Mandatory Tender 5/5/2020 | 7,000,000 | |
9,960,000 | Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.390%, 5/7/2020 | 9,960,000 | |
1,600,000 | Antelope Valley, CA CCD, Tender Option Bond Trust Receipts (Series 2020-XF0894) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.220%, 5/7/2020 | 1,600,000 | |
3,365,000 | Banning, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2440) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 3,365,000 | |
9,000,000 | Bay Area Toll Authority, CA, Tender Option Bond Trust Receipts (Series 2017-ZM0542) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 9,000,000 | |
4,000,000 | Beaumont, CA Public Improvement Authority, Tender Option Bond Trust Certificates (Series 2018-ZF2715) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 4,000,000 | |
3,320,000 | Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 3,320,000 | |
34,195,000 | California Educational Facilities Authority (California Institute of Technology), (2006 Series A) Weekly VRDNs, 0.170%, 5/7/2020 | 34,195,000 | |
17,790,000 | California Educational Facilities Authority (California Institute of Technology), (2006 Series B) Weekly VRDNs, 0.180%, 5/7/2020 | 17,790,000 | |
5,295,000 | California Enterprise Development Authority (Alvarado Street Bakery), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.330%, 5/7/2020 | 5,295,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,395,000 | California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 0.270%, 5/7/2020 | $5,395,000 | |
6,575,000 | California Enterprise Development Authority (Ramar International Corporation), (Series 2008A) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 6,575,000 | |
21,700,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.270%, 5/7/2020 | 21,700,000 | |
52,245,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.340%, 5/7/2020 | 52,245,000 | |
21,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 1.000%, Mandatory Tender 8/4/2020 | 21,000,000 | |
25,400,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.899%, Mandatory Tender 5/13/2020 | 25,400,422 | |
2,500,000 | California Health Facilities Financing Authority (Kaiser Permanente), RBC Muni Products (Series G-44) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.370%, Optional Tender 5/1/2020 | 2,500,000 | |
15,025,000 | California Health Facilities Financing Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2018-XF0608) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | 15,025,000 | |
4,180,000 | California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 4,180,000 | |
2,295,000 | California Health Facilities Financing Authority (Providence St. Joseph Health), Tender Option Bond Trust Receipts (Series 2018-XM0696) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 2,295,000 | |
9,175,000 | California Health Facilities Financing Authority (Stanford Hospital & Clinics), (2008 Series B-2) TOBs, 0.920%, Mandatory Tender 7/6/2020 | 9,175,000 | |
13,315,000 | California Health Facilities Financing Authority (Stanford Hospital & Clinics), (Series 2008 B-1) Weekly VRDNs, 0.200%, 5/6/2020 | 13,315,000 | |
5,000,000 | California Health Facilities Financing Authority (Stanford Hospital & Clinics), 2008 Series B-2 Subseries 2), CP, 0.650%, Mandatory Tender 8/14/2020 | 5,000,000 | |
1,500,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (2019-XM0770) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.300%, 5/7/2020 | 1,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$6,000,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (Series 2018-XF0622) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.320%, 5/7/2020 | $6,000,000 | |
2,390,000 | California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 0.260%, 5/7/2020 | 2,390,000 | |
9,350,000 | California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs, (FHLB of San Francisco LOC), 4.750%, 5/1/2020 | 9,350,000 | |
2,550,000 | California PCFA (Big Bear Disposal, Inc.), (Series 2010) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.250%, 5/6/2020 | 2,550,000 | |
5,000,000 | California Public Finance Authority (Sharp HealthCare), (Series 2017C) Daily VRDNs, (Barclays Bank PLC LOC), 0.150%, 5/1/2020 | 5,000,000 | |
9,228,000 | California State Department of Water Resources, (Series 1), CP, 1.100%, Mandatory Tender 5/21/2020 | 9,228,000 | |
1,734,000 | California State Department of Water Resources, (Series 1), CP, 1.300%, Mandatory Tender 5/14/2020 | 1,734,000 | |
10,047,000 | California State Department of Water Resources, (Series 2), CP, 1.300%, Mandatory Tender 5/14/2020 | 10,047,000 | |
19,000,000 | California State Department of Water Resources, (Series 2), CP, 1.300%, Mandatory Tender 5/21/2020 | 19,000,000 | |
5,000,000 | California State Department of Water Resources, (Series 2), CP, 1.500%, Mandatory Tender 5/19/2020 | 5,000,000 | |
1,320,000 | California State Public Works Board (California State), (2019 Series C), 5.000%, 11/1/2020 | 1,345,791 | |
2,235,000 | California State University (The Trustees of), Tender Option Bond Trust Receipts (Series 2018-ZF0673) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 2,235,000 | |
2,000,000 | California State, (Series 2011A-2), CP, (Royal Bank of Canada LOC), 1.150%, Mandatory Tender 6/23/2020 | 2,000,000 | |
4,896,000 | California State, (Series 2011A-2), CP, (Royal Bank of Canada LOC), 1.250%, Mandatory Tender 5/14/2020 | 4,896,000 | |
3,770,000 | California State, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 0.820%, Mandatory Tender 7/14/2020 | 3,770,000 | |
10,000,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 0.500%, Mandatory Tender 7/15/2020 | 10,000,000 | |
10,000,000 | California State, 2.000%, 3/1/2021 | 10,113,452 | |
2,000,000 | California State, RBC Muni Products, Inc., Trust Floater Certificates (Series G-1) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 2,000,000 | |
4,000,000 | California State, RBC Muni Products, Inc., Trust Floater Certificates (Series G-2) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 4,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$1,875,000 | California State, Tender Option Bond Trust Certificates (Series 2020-XX1123) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.220%, 5/7/2020 | $1,875,000 | |
2,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0924) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | 2,220,000 | |
2,000,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0933) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 2,000,000 | |
1,360,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0935) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 1,360,000 | |
2,225,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0848) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 2,225,000 | |
3,185,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0849) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 3,185,000 | |
3,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-ZF0932) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 3,220,000 | |
2,135,000 | California Statewide Communities Development Authority (Cruzio Holding Company, LLC), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 2,135,000 | |
5,045,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 1.250%, Mandatory Tender 9/10/2020 | 5,045,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 1.400%, Mandatory Tender 8/6/2020 | 20,000,000 | |
7,455,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 1.250%, Mandatory Tender 9/10/2020 | 7,455,000 | |
12,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.500%, Mandatory Tender 10/7/2020 | 12,000,000 | |
27,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.100%, Mandatory Tender 5/14/2020 | 27,000,000 | |
$10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.200%, Mandatory Tender 5/5/2020 | 10,000,000 | |
13,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.920%, Mandatory Tender 7/8/2020 | 13,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 1.100%, Mandatory Tender 8/12/2020 | $10,000,000 | |
17,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.930%, Mandatory Tender 7/9/2020 | 17,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.050%, Mandatory Tender 5/12/2020 | 10,000,000 | |
45,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.070%, Mandatory Tender 6/11/2020 | 45,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 1.100%, Mandatory Tender 9/3/2020 | 15,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.950%, Mandatory Tender 7/8/2020 | 15,000,000 | |
6,310,000 | California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 6,310,000 | |
2,275,000 | California Statewide Communities Development Authority (Penny Lane Centers), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.100%, 5/7/2020 | 2,275,000 | |
5,600,000 | California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 Series B: Mountain View Apartments) Weekly VRDNs, (FHLMC LOC), 0.300%, 5/7/2020 | 5,600,000 | |
25,300,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series AA: Uptown Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), 0.320%, 5/7/2020 | 25,300,000 | |
31,225,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.290%, 5/7/2020 | 31,225,000 | |
3,955,000 | California Statewide Communities Development Authority, (Series 2010A: Gas Supply Variable Rate Revenue Bonds) TOBs, (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), 0.320%, Optional Tender 5/1/2020 | 3,955,000 | |
25,025,000 | California Statewide Communities Development Authority, (Series 2010B: Gas Supply Variable Rate Revenue Bonds) TOBs, (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), 0.320%, Optional Tender 5/1/2020 | 25,025,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$7,500,000 | Central Basin Municipal Water District, CA, Tender Option Bond Trust Certificates (2016-XG0038) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.390%, 5/7/2020 | $7,500,000 | |
3,600,000 | Central, CA Union High School District, Tender Option Bond Trust Receipts (Series 2019-XF0759) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.270%, 5/7/2020 | 3,600,000 | |
3,040,000 | Central, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0758) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.270%, 5/7/2020 | 3,040,000 | |
2,000,000 | Chino Valley, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0922) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | 2,000,000 | |
3,945,000 | Chino Valley, CA USD, Tender Option Bond Trust Receipts (Series 2020-XM0836) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 3,945,000 | |
7,900,000 | Coast CCD, CA, (Series 2018 G-7) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 7,900,000 | |
8,000,000 | Compton, CA USD, Tender Option Bond Trust Receipts (2019-XM0764) Weekly VRDNs, (Build America Mutual Assurance INS)/(Royal Bank of Canada LIQ), 0.270%, 5/7/2020 | 8,000,000 | |
4,000,000 | Corona-Norco, CA USD, RBC Muni Products (Series G-64) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 4,000,000 | |
4,655,000 | Davis Joint USD, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.270%, 5/7/2020 | 4,655,000 | |
10,000,000 | East Bay Municipal Utility District, CA Water System, (Series A-2), CP, (Bank of America N.A. LIQ), 1.000%, Mandatory Tender 5/5/2020 | 10,000,000 | |
2,105,000 | Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs, (Bank of America N.A. LIQ), 0.260%, 5/7/2020 | 2,105,000 | |
2,000,000 | Escondido, CA, RBC Muni Products (Series G-77) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 2,000,000 | |
13,710,000 | Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.330%, 5/7/2020 | 13,710,000 | |
4,875,000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.270%, 5/7/2020 | 4,875,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$3,425,000 | Fremont, CA Union High School District, Tender Option Bond Trust Receipts (Series 2018-XF0647) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | $3,425,000 | |
2,000,000 | Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (Series 2018-XG0188) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.230%, 5/7/2020 | 2,000,000 | |
22,060,000 | Hayward, CA USD, Tender Option Bond Trust Receipts (2017-XF0545) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.260%, 5/7/2020 | 22,060,000 | |
1,100,000 | Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 1,100,000 | |
1,600,000 | Hillsborough, CA Water and Sewer Systems, (Series 2000B) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 1,600,000 | |
2,300,000 | Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 2,300,000 | |
4,475,000 | Hillsborough, CA Water and Sewer Systems, (Series 2006A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 4,475,000 | |
1,170,000 | Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.290%, 5/7/2020 | 1,170,000 | |
3,435,000 | Lake Tahoe, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0773) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 3,435,000 | |
1,930,000 | Long Beach, CA Harbor Department (Port of Long Beach), (Sereies A), 5.000%, 12/15/2020 | 1,981,347 | |
14,000,000 | Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), CP, (Bank of the West, San Francisco, CA LOC), 2.750%, Mandatory Tender 5/20/2020 | 14,000,000 | |
5,950,000 | Los Angeles County, CA Capital Asset Leasing Corporation, (Series C), CP, (Wells Fargo Bank, N.A. LOC), 1.200%, Mandatory Tender 5/4/2020 | 5,950,000 | |
2,250,000 | Los Angeles County, CA Facilities, Inc. (Los Angeles County, CA), Tender Option Bond Trust Receipts (2019-XM0750) Weekly VRDNs, (Bank of America N.A. LIQ), 0.300%, 5/7/2020 | 2,250,000 | |
7,500,000 | Los Angeles County, CA Sanitation Districts Financing Authority (Los Angeles County, CA Sanitation District No. 20), Tender Option Bond Trust Certificates (2019-XM0761) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 7,500,000 | |
6,000,000 | Los Angeles County, CA TRANs, 5.000%, 6/30/2020 | 6,036,523 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$3,225,000 | Los Angeles County, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0183) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | $3,225,000 | |
3,000,000 | Los Angeles, CA Department of Water & Power (Water Works/System), Tender Option Bond Trust Receipts (Series 2017-XG0121) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 3,000,000 | |
2,885,000 | Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-XM0703) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | 2,885,000 | |
4,985,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.260%, 5/7/2020 | 4,985,000 | |
6,670,000 | Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.360%, 5/7/2020 | 6,670,000 | |
15,815,000 | Modesto, CA Public Financing Authority (Modesto, CA), Lease Revenue Refunding Bonds (Series 2008) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.150%, 5/7/2020 | 15,815,000 | |
2,500,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 1.100%, Mandatory Tender 5/12/2020 | 2,500,000 | |
2,500,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 1.100%, Mandatory Tender 8/14/2020 | 2,500,000 | |
4,845,000 | New Haven, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0893) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.230%, 5/7/2020 | 4,845,000 | |
2,490,000 | Norwalk-La Mirada, CA USD, Tender Option Bond Trust Receipts (Series 2020-XM0810) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.230%, 5/7/2020 | 2,490,000 | |
15,000,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.220%, 5/7/2020 | 15,000,000 | |
4,000,000 | Oakland, CA, Tender Option Bond Receipts (Series 2020-XF0898) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.220%, 5/7/2020 | 4,000,000 | |
2,505,000 | Oxnard, CA School District, (Series 2018 G-8) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 2,505,000 | |
1,190,000 | Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.270%, 5/7/2020 | 1,190,000 | |
17,690,000 | Pomona, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2446) Daily VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 0.200%, 5/1/2020 | 17,690,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$7,500,000 | Riverside County, CA Public Financing Authority (Riverside County, CA), Tender Option Bond Trust Receipt (2017-ZF0538) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.320%, 5/7/2020 | $7,500,000 | |
5,600,000 | Riverside, CA Electric System, (Series 2011A) Weekly VRDNs, (Bank of America N.A. LOC), 0.170%, 5/6/2020 | 5,600,000 | |
2,000,000 | Sacramento, CA Area Flood Control Agency Consolidated Capital Assessment District No. 2, RBC Muni Products (Series G-118) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.370%, Optional Tender 10/1/2020 | 2,000,000 | |
1,000,000 | San Bernardino, CA CCD, RBC Muni Products (Series G-78) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 1,000,000 | |
2,033,000 | San Bernardino, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0786) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.270%, 5/7/2020 | 2,033,000 | |
3,450,000 | San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.250%, 5/7/2020 | 3,450,000 | |
2,060,000 | San Diego County, CA Regional Transportation Commission, (Series 2008C) Weekly VRDNs, (Bank of America N.A. LIQ), 0.100%, 5/7/2020 | 2,060,000 | |
7,500,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.880%, Mandatory Tender 6/4/2020 | 7,500,000 | |
10,500,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.900%, Mandatory Tender 6/4/2020 | 10,500,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.130%, Mandatory Tender 5/13/2020 | 15,000,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.200%, Mandatory Tender 7/6/2020 | 15,000,000 | |
2,000,000 | San Diego County, CA Water Authority, Extendible Commercial Paper Notes (Series 1), CPX, 0.600%, Mandatory Tender 6/1/2020 | 2,000,000 | |
6,425,000 | San Diego, CA Public Facilities Authority (San Diego, CA), (Series A), CP, (Wells Fargo Bank, N.A. LOC), 0.700%, Mandatory Tender 9/1/2020 | 6,425,000 | |
4,510,000 | San Diego, CA Public Facilities Authority (San Diego, CA), (Series A), CP, (Wells Fargo Bank, N.A. LOC), 1.070%, Mandatory Tender 6/11/2020 | 4,510,000 | |
3,000,000 | San Diego, CA USD, RBC Muni Products (Series 2018-G51) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 3,000,000 | |
7,000,000 | San Diego, CA Water Utility Fund, (Series 2016B), 5.000%, 8/1/2020 | 7,071,903 | |
3,000,000 | San Diego, CA Water Utility Fund, (Series A), CP, (Bank of the West, San Francisco, CA LOC), 0.890%, Mandatory Tender 5/12/2020 | 3,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,724,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 0.920%, Mandatory Tender 7/15/2020 | $5,724,000 | |
10,000,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 1.500%, Mandatory Tender 5/12/2020 | 10,000,000 | |
27,005,000 | San Francisco, CA Public Utilities Commission (Wastewater Enterprise), (Series A-2), CP, (Bank of America N.A. LOC), 1.900%, Mandatory Tender 5/7/2020 | 27,005,000 | |
3,330,000 | San Francisco, CA Public Utilities Commission (Water Enterprise), Tender Option Bond Trust Receipts (Series 2018-XF0607) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | 3,330,000 | |
2,230,000 | San Mateo County, CA CCD, Tender Option Bond Trust Cetificates (Series 2018-XM0712) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.300%, 5/7/2020 | 2,230,000 | |
889,000 | Santa Barbara, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0791) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.270%, 5/7/2020 | 889,000 | |
2,985,000 | Santa Clara County, CA, (Series 2018-XF0646) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 2,985,000 | |
13,580,000 | Santa Clara Valley, CA Transportation Authority (2000 Measure A Sales Tax), (2008 Series B) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.180%, 5/7/2020 | 13,580,000 | |
1,960,000 | Santa Clara Valley, CA Water District, (Series A), CP, (MUFG Bank Ltd. LOC), 1.000%, Mandatory Tender 5/7/2020 | 1,960,000 | |
5,166,000 | Savanna, CA Elementary School District, Tender Option Bond Trust Receipts (Series 2019-XF0789) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 5,166,000 | |
3,000,000 | Sonoma County, CA Junior College District, (Series 2018 G-6) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 3,000,000 | |
2,410,000 | Southwestern CCD, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0250) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.300%, 5/7/2020 | 2,410,000 | |
4,750,000 | Sweetwater, CA Union High School District, RBC Muni Products, Inc. Trust (Series G-95) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 4,750,000 | |
8,490,000 | Twin Rivers, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2442) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 8,490,000 | |
4,405,000 | University of California (The Regents of), (2013 Series AL-2) Daily VRDNs, 0.100%, 5/1/2020 | 4,405,000 | |
12,000,000 | University of California (The Regents of), (Series A), CP, 0.500%, Mandatory Tender 7/23/2020 | 12,000,000 | |
9,000,000 | University of California (The Regents of), (Series A), CP, 1.050%, Mandatory Tender 5/5/2020 | 9,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$4,600,000 | University of California (The Regents of), (Series A), CP, 1.080%, Mandatory Tender 5/1/2020 | $4,600,000 | |
4,000,000 | University of California (The Regents of), (Series A), CP, 1.090%, Mandatory Tender 5/12/2020 | 4,000,000 | |
2,000,000 | University of California (The Regents of), (Series A), CP, 1.100%, Mandatory Tender 5/12/2020 | 2,000,000 | |
8,620,000 | University of California (The Regents of), (Series A), CP, 1.120%, Mandatory Tender 5/13/2020 | 8,620,000 | |
10,000,000 | University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2670) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.310%, 5/7/2020 | 10,000,000 | |
2,675,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | 2,675,000 | |
1,500,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2018-ZM0660) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 1,500,000 | |
2,220,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2020-XF0921) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 2,220,000 | |
5,630,000 | Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2065 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 5,630,000 | |
5,685,000 | Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2066 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 5,685,000 | |
5,000,000 | Ventura County, CA TRANs, 5.000%, 7/1/2020 | 5,031,283 | |
29,960,000 | Victorville, CA Joint Powers Financing Authority (Victorville, CA), (Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA LOC), 0.250%, 5/7/2020 | 29,960,000 | |
8,675,000 | Visalia, CA USD, Floater Certificates (Series 2018-ZM0657) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 8,675,000 | |
2,500,000 | West Basin, CA Municipal Water District, CP, (Bank of the West, San Francisco, CA LOC), 1.030%, Mandatory Tender 5/6/2020 | 2,500,000 | |
13,585,000 | Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.270%, 5/7/2020 | 13,585,000 | |
21,860,000 | Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital Obligated Group), Golden Blue 3a-7 (Series 2018-030) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.340%, 5/7/2020 | 21,860,000 | |
3,350,000 | Yosemite, CA CCD, RBC Muni Products (Series 2018-G50) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 3,350,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,087,000 | Yosemite, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0772) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | $5,087,000 | |
TOTAL INVESTMENT IN SECURITIES—102.0% (AT AMORTIZED COST)2 | 1,322,329,721 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.0)%3 | (26,185,045) | ||
TOTAL NET ASSETS—100% | $1,296,144,676 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CCD | —Community College District |
CP | —Commercial Paper |
FHLB | —Federal Home Loan Bank |
FHLMC | —Federal Home Loan Mortgage Corporation |
GTD | —Guaranteed |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
PCFA | —Pollution Control Finance Authority |
TOBs | —Tender Option Bonds |
TRANs | —Tax and Revenue Anticipation Notes |
USD | —Unified School District |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.011 | 0.006 | 0.005 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (0.011) | (0.006) | (0.005) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.50% | 1.28% | 1.10% | 0.56% | 0.49% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.28%4 | 0.28% | 0.28% | 0.28% | 0.18%3 | 0.08% |
Net investment income | 0.97%4 | 1.25% | 1.10% | 0.58% | 0.12% | 0.01% |
Expense waiver/reimbursement5 | 0.13%4 | 0.14% | 0.19% | 0.29% | 0.39% | 0.51% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $734,127 | $678,115 | $372,325 | $156,974 | $54,046 | $147,528 |
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 for the year ended October 31, 2016 was 0.18% 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 the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.004 | 0.010 | 0.008 | 0.003 | 0.001 | 0.0001 |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.010 | 0.008 | 0.003 | 0.004 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.004) | (0.010) | (0.008) | (0.003) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.004) | (0.010) | (0.008) | (0.003) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.38% | 1.03% | 0.85% | 0.31% | 0.37% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.53%4 | 0.53% | 0.53% | 0.53% | 0.31%3 | 0.08% |
Net investment income | 0.73%4 | 1.02% | 0.82% | 0.30% | 0.05% | 0.01% |
Expense waiver/reimbursement5 | 0.21%4 | 0.21% | 0.27% | 0.38% | 0.55% | 0.78% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $157,259 | $146,624 | $140,179 | $150,916 | $163,198 | $259,239 |
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 for the year ended October 31, 2016 was 0.31% 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 the net investment income ratios shown above. |
Six months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.003 | 0.009 | 0.007 | 0.002 | 0.0001 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.003 | 0.009 | 0.007 | 0.002 | 0.003 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.003) | (0.009) | (0.007) | (0.002) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.003) | (0.009) | (0.007) | (0.002) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.30% | 0.88% | 0.70% | 0.16% | 0.34% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.68%4 | 0.68% | 0.68% | 0.68% | 0.20%3 | 0.08% |
Net investment income | 0.61%4 | 0.87% | 0.68% | 0.16% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.28%4 | 0.28% | 0.34% | 0.42% | 0.90% | 1.00% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $270,987 | $207,071 | $15,140 | $8,242 | $6,170 | $114,582 |
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 for the year ended October 31, 2016 was 0.20% 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 the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.002 | 0.006 | 0.003 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain (loss) | (0.001) | (0.001) | 0.0001 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.001 | 0.005 | 0.003 | 0.0001 | 0.003 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.001) | (0.005) | (0.003) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.001) | (0.005) | (0.003) | (0.000)1 | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.15% | 0.53% | 0.35% | 0.01% | 0.32% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.98%4 | 1.03% | 1.03% | 0.83% | 0.33%3 | 0.08% |
Net investment income | 0.36%4 | 0.56% | 0.32% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.36%4 | 0.34% | 0.40% | 0.70% | 1.18% | 1.40% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $32,801 | $21,190 | $38,713 | $51,752 | $55,103 | $108,116 |
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 for the year ended October 31, 2016 was 0.33% 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 the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.004 | 0.012 | 0.010 | 0.005 | 0.001 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | (0.000)1 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.012 | 0.010 | 0.005 | 0.004 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.004) | (0.012) | (0.010) | (0.005) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.004) | (0.012) | (0.010) | (0.005) | (0.004) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.45% | 1.18% | 1.00% | 0.46% | 0.43% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.38%4 | 0.38% | 0.38% | 0.38% | 0.24%3 | 0.08% |
Net investment income | 0.89%4 | 1.18% | 0.99% | 0.49% | 0.07% | 0.01% |
Expense waiver/reimbursement5 | 0.23%4 | 0.24% | 0.29% | 0.36% | 0.52% | 0.65% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $100,971 | $113,238 | $130,769 | $89,382 | $29,806 | $142,057 |
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 for the year ended October 31, 2016 was 0.24% 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 the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $1,322,329,721 | |
Cash | 421,731 | |
Income receivable | 3,689,593 | |
Receivable for shares sold | 2,415,890 | |
TOTAL ASSETS | 1,328,856,935 | |
Liabilities: | ||
Payable for investments purchased | $32,280,141 | |
Payable for shares redeemed | 167,080 | |
Capital gain distribution payable | 56,907 | |
Payable for investment adviser fee (Note 4) | 6,001 | |
Payable for administrative fees (Note 4) | 2,770 | |
Payable for distribution services fee (Note 4) | 48,337 | |
Payable for other service fees (Note 4) | 98,820 | |
Accrued expenses (Note 4) | 52,203 | |
TOTAL LIABILITIES | 32,712,259 | |
Net assets for 1,296,118,751 shares outstanding | $1,296,144,676 | |
Net Assets Consist of: | ||
Paid-in capital | $1,296,118,716 | |
Total distributable earnings (loss) | 25,960 | |
TOTAL NET ASSETS | $1,296,144,676 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$734,127,435 ÷ 734,112,730 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$157,258,771 ÷ 157,255,661 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$270,986,966 ÷ 270,981,536 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$32,800,866 ÷ 32,800,209 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$100,970,638 ÷ 100,968,615 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $7,962,705 | ||
Dividends | 3,456 | ||
TOTAL INCOME | 7,966,161 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $1,888,008 | ||
Administrative fee (Note 4) | 494,784 | ||
Custodian fees | 20,647 | ||
Transfer agent fee (Note 2) | 255,586 | ||
Directors’/Trustees’ fees (Note 4) | 3,290 | ||
Auditing fees | 10,989 | ||
Legal fees | 11,499 | ||
Portfolio accounting fees | 100,229 | ||
Distribution services fee (Note 4) | 308,673 | ||
Other service fees (Notes 2 and 4) | 555,447 | ||
Share registration costs | 51,133 | ||
Printing and postage | 17,387 | ||
Miscellaneous (Note 4) | 5,621 | ||
TOTAL EXPENSES | 3,723,293 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 4) | $(821,299) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 4) | (324,191) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (1,145,490) | ||
Net expenses | 2,577,803 | ||
Net investment income | 5,388,358 | ||
Net realized gain on investments | 4,946 | ||
Change in net assets resulting from operations | $5,393,304 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,388,358 | $11,567,723 |
Net realized gain | 4,946 | 145,600 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,393,304 | 11,713,323 |
Distributions to Shareholders: | ||
Wealth Shares | (3,707,094) | (6,640,086) |
Service Shares | (547,061) | (1,426,554) |
Cash II Shares | (721,321) | (1,781,234) |
Cash Series Shares | (49,547) | (180,824) |
Capital Shares | (495,266) | (1,539,217) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (5,520,289) | (11,567,915) |
Share Transactions: | ||
Proceeds from sale of shares | 1,204,852,160 | 2,159,241,595 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,139,123 | 10,844,983 |
Cost of shares redeemed | (1,079,956,841) | (1,701,119,445) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 130,034,442 | 468,967,133 |
Change in net assets | 129,907,457 | 469,112,541 |
Net Assets: | ||
Beginning of period | 1,166,237,219 | 697,124,678 |
End of period | $1,296,144,676 | $1,166,237,219 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Wealth Shares | $18,754 | $(12,397) |
Service Shares | 60,748 | (59,490) |
Cash II Shares | 110,422 | (108,472) |
Cash Series Shares | 10,437 | (10,212) |
Capital Shares | 55,225 | (54,302) |
TOTAL | $255,586 | $(244,873) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $181,465 | $— | $— |
Cash II Shares | $286,613 | $(18) | $(1,461) |
Cash Series Shares | $33,077 | $(1,629) | $(5,657) |
Capital Shares | $54,292 | $— | $— |
TOTAL | $555,447 | $(1,647) | $(7,118) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 694,755,796 | $694,755,796 | 1,141,963,195 | $1,141,963,195 |
Shares issued to shareholders in payment of distributions declared | 3,433,608 | 3,433,608 | 6,228,549 | 6,228,549 |
Shares redeemed | (642,102,467) | (642,102,467) | (842,486,518) | (842,486,518) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 56,086,937 | $56,086,937 | 305,705,226 | $305,705,226 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 156,184,997 | $156,184,997 | 287,493,797 | $287,493,797 |
Shares issued to shareholders in payment of distributions declared | 454,766 | 454,766 | 1,136,043 | 1,136,043 |
Shares redeemed | (145,988,876) | (145,988,876) | (282,202,706) | (282,202,706) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 10,650,887 | $10,650,887 | 6,427,134 | $6,427,134 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 192,509,966 | $192,509,966 | 428,844,355 | $428,844,355 |
Shares issued to shareholders in payment of distributions declared | 720,969 | 720,969 | 1,779,068 | 1,779,068 |
Shares redeemed | (129,293,393) | (129,293,393) | (238,718,930) | (238,718,930) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 63,937,542 | $63,937,542 | 191,904,493 | $191,904,493 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 69,713,452 | $69,713,452 | 58,735,459 | $58,735,459 |
Shares issued to shareholders in payment of distributions declared | 49,293 | 49,293 | 176,116 | 176,116 |
Shares redeemed | (58,149,440) | (58,149,440) | (76,436,872) | (76,436,872) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 11,613,305 | $11,613,305 | (17,525,297) | $(17,525,297) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 91,687,949 | $91,687,949 | 242,204,789 | $242,204,789 |
Shares issued to shareholders in payment of distributions declared | 480,487 | 480,487 | 1,525,207 | 1,525,207 |
Shares redeemed | (104,422,665) | (104,422,665) | (261,274,419) | (261,274,419) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (12,254,229) | $(12,254,229) | (17,544,423) | $(17,544,423) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 130,034,442 | $130,034,442 | 468,967,133 | $468,967,133 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Cash II Shares | 0.20% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $229,291 | $(57,321) |
Cash Series Shares | 79,382 | (13,232) |
TOTAL | $308,673 | $(70,553) |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,005.00 | $1.40 |
Service Shares | $1,000 | $1,003.80 | $2.64 |
Cash II Shares | $1,000 | $1,003.00 | $3.39 |
Cash Series Shares | $1,000 | $1,001.50 | $4.88 |
Capital Shares | $1,000 | $1,004.50 | $1.89 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.50 | $1.41 |
Service Shares | $1,000 | $1,022.20 | $2.66 |
Cash II Shares | $1,000 | $1,021.50 | $3.42 |
Cash Series Shares | $1,000 | $1,020.00 | $4.92 |
Capital Shares | $1,000 | $1,023.00 | $1.91 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.28% |
Service Shares | 0.53% |
Cash II Shares | 0.68% |
Cash Series Shares | 0.98% |
Capital Shares | 0.38% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N351
CUSIP 60934N179
CUSIP 608919403
CUSIP 608919502
Share Class | Ticker | Wealth | CAIXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 56.4% |
Commercial Paper | 39.9% |
Municipal Notes | 5.7% |
Other Assets and Liabilities—Net2 | (2.0)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 55.9% |
8-30 Days | 15.7% |
31-90 Days | 20.6% |
91-180 Days | 8.8% |
181 Days or more | 1.0% |
Other Assets and Liabilities—Net2 | (2.0)% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—102.0% | ||
California—102.0% | |||
$1,295,000 | ABAG Finance Authority for Non-Profit Corporations, CA (Ecology Action of Santa Cruz), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | $1,295,000 | |
2,800,000 | Alameda County, CA IDA (Santini Foods, Inc.), (Series 2010A) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 2,800,000 | |
670,000 | Alameda County, CA IDA Recovery Zone Facility (Dale Hardware, Inc.), (Series 2010) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 670,000 | |
3,700,000 | Alameda County, CA IDA Recovery Zone Facility (Reis Newark LLC), (Series 2010A) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.250%, 5/7/2020 | 3,700,000 | |
7,000,000 | Alameda County, CA Joint Powers Authority (Alameda County, CA), (Series A), CP, (FHLB of San Francisco LOC), 1.000%, Mandatory Tender 5/5/2020 | 7,000,000 | |
9,960,000 | Alvord, CA USD, Tender Option Bond Trust Certificates (2016-XG0089) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.390%, 5/7/2020 | 9,960,000 | |
1,600,000 | Antelope Valley, CA CCD, Tender Option Bond Trust Receipts (Series 2020-XF0894) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.220%, 5/7/2020 | 1,600,000 | |
3,365,000 | Banning, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2440) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 3,365,000 | |
9,000,000 | Bay Area Toll Authority, CA, Tender Option Bond Trust Receipts (Series 2017-ZM0542) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 9,000,000 | |
4,000,000 | Beaumont, CA Public Improvement Authority, Tender Option Bond Trust Certificates (Series 2018-ZF2715) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 4,000,000 | |
3,320,000 | Calexico, CA USD, Tender Option Bond Trust Certificates (2017-XG0118) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 3,320,000 | |
34,195,000 | California Educational Facilities Authority (California Institute of Technology), (2006 Series A) Weekly VRDNs, 0.170%, 5/7/2020 | 34,195,000 | |
17,790,000 | California Educational Facilities Authority (California Institute of Technology), (2006 Series B) Weekly VRDNs, 0.180%, 5/7/2020 | 17,790,000 | |
5,295,000 | California Enterprise Development Authority (Alvarado Street Bakery), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.330%, 5/7/2020 | 5,295,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,395,000 | California Enterprise Development Authority (Humane Society Silicon Valley), (Series 2008) Weekly VRDNs, (FHLB of San Francisco LOC), 0.270%, 5/7/2020 | $5,395,000 | |
6,575,000 | California Enterprise Development Authority (Ramar International Corporation), (Series 2008A) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 6,575,000 | |
21,700,000 | California Enterprise Development Authority (Regional Properties, Inc.), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (FHLB of San Francisco LOC), 0.270%, 5/7/2020 | 21,700,000 | |
52,245,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), Golden Blue (Series 2017-004) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.340%, 5/7/2020 | 52,245,000 | |
21,000,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006D), CP, 1.000%, Mandatory Tender 8/4/2020 | 21,000,000 | |
25,400,000 | California Health Facilities Financing Authority (Kaiser Permanente), (Series 2006E), CP, 0.899%, Mandatory Tender 5/13/2020 | 25,400,422 | |
2,500,000 | California Health Facilities Financing Authority (Kaiser Permanente), RBC Muni Products (Series G-44) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.370%, Optional Tender 5/1/2020 | 2,500,000 | |
15,025,000 | California Health Facilities Financing Authority (Kaiser Permanente), Tender Option Bond Trust Receipts (Series 2018-XF0608) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | 15,025,000 | |
4,180,000 | California Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford), Tender Option Bond Trust Receipts (2016-XF0451) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 4,180,000 | |
2,295,000 | California Health Facilities Financing Authority (Providence St. Joseph Health), Tender Option Bond Trust Receipts (Series 2018-XM0696) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 2,295,000 | |
9,175,000 | California Health Facilities Financing Authority (Stanford Hospital & Clinics), (2008 Series B-2) TOBs, 0.920%, Mandatory Tender 7/6/2020 | 9,175,000 | |
13,315,000 | California Health Facilities Financing Authority (Stanford Hospital & Clinics), (Series 2008 B-1) Weekly VRDNs, 0.200%, 5/6/2020 | 13,315,000 | |
5,000,000 | California Health Facilities Financing Authority (Stanford Hospital & Clinics), 2008 Series B-2 Subseries 2), CP, 0.650%, Mandatory Tender 8/14/2020 | 5,000,000 | |
1,500,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (2019-XM0770) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.300%, 5/7/2020 | 1,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$6,000,000 | California Health Facilities Financing Authority (Sutter Health), Tender Option Bond Trust Receipts (Series 2018-XF0622) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.320%, 5/7/2020 | $6,000,000 | |
2,390,000 | California Infrastructure & Economic Development Bank (Los Angeles Society for the Prevention of Cruelty to Animals), (Series 2002A) Weekly VRDNs, (Bank of New York Mellon, N.A. LOC), 0.260%, 5/7/2020 | 2,390,000 | |
9,350,000 | California Infrastructure & Economic Development Bank (St. Margaret of Scotland Episcopal School), (Series 2008) Monthly VRDNs, (FHLB of San Francisco LOC), 4.750%, 5/1/2020 | 9,350,000 | |
2,550,000 | California PCFA (Big Bear Disposal, Inc.), (Series 2010) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.250%, 5/6/2020 | 2,550,000 | |
5,000,000 | California Public Finance Authority (Sharp HealthCare), (Series 2017C) Daily VRDNs, (Barclays Bank PLC LOC), 0.150%, 5/1/2020 | 5,000,000 | |
9,228,000 | California State Department of Water Resources, (Series 1), CP, 1.100%, Mandatory Tender 5/21/2020 | 9,228,000 | |
1,734,000 | California State Department of Water Resources, (Series 1), CP, 1.300%, Mandatory Tender 5/14/2020 | 1,734,000 | |
10,047,000 | California State Department of Water Resources, (Series 2), CP, 1.300%, Mandatory Tender 5/14/2020 | 10,047,000 | |
19,000,000 | California State Department of Water Resources, (Series 2), CP, 1.300%, Mandatory Tender 5/21/2020 | 19,000,000 | |
5,000,000 | California State Department of Water Resources, (Series 2), CP, 1.500%, Mandatory Tender 5/19/2020 | 5,000,000 | |
1,320,000 | California State Public Works Board (California State), (2019 Series C), 5.000%, 11/1/2020 | 1,345,791 | |
2,235,000 | California State University (The Trustees of), Tender Option Bond Trust Receipts (Series 2018-ZF0673) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 2,235,000 | |
2,000,000 | California State, (Series 2011A-2), CP, (Royal Bank of Canada LOC), 1.150%, Mandatory Tender 6/23/2020 | 2,000,000 | |
4,896,000 | California State, (Series 2011A-2), CP, (Royal Bank of Canada LOC), 1.250%, Mandatory Tender 5/14/2020 | 4,896,000 | |
3,770,000 | California State, (Series A-1), CP, (Wells Fargo Bank, N.A. LOC), 0.820%, Mandatory Tender 7/14/2020 | 3,770,000 | |
10,000,000 | California State, (Series A-4), CP, (Toronto Dominion Bank LOC), 0.500%, Mandatory Tender 7/15/2020 | 10,000,000 | |
10,000,000 | California State, 2.000%, 3/1/2021 | 10,113,452 | |
2,000,000 | California State, RBC Muni Products, Inc., Trust Floater Certificates (Series G-1) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 2,000,000 | |
4,000,000 | California State, RBC Muni Products, Inc., Trust Floater Certificates (Series G-2) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 4,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$1,875,000 | California State, Tender Option Bond Trust Certificates (Series 2020-XX1123) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.220%, 5/7/2020 | $1,875,000 | |
2,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0924) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | 2,220,000 | |
2,000,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0933) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 2,000,000 | |
1,360,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XF0935) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 1,360,000 | |
2,225,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0848) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 2,225,000 | |
3,185,000 | California State, Tender Option Bond Trust Receipts (Series 2020-XM0849) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 3,185,000 | |
3,220,000 | California State, Tender Option Bond Trust Receipts (Series 2020-ZF0932) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 3,220,000 | |
2,135,000 | California Statewide Communities Development Authority (Cruzio Holding Company, LLC), (Series 2010: Recovery Zone Facility) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 2,135,000 | |
5,045,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 1.250%, Mandatory Tender 9/10/2020 | 5,045,000 | |
20,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004E), CP, 1.400%, Mandatory Tender 8/6/2020 | 20,000,000 | |
7,455,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004I), CP, 1.250%, Mandatory Tender 9/10/2020 | 7,455,000 | |
12,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 0.500%, Mandatory Tender 10/7/2020 | 12,000,000 | |
27,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.100%, Mandatory Tender 5/14/2020 | 27,000,000 | |
$10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2004K), CP, 1.200%, Mandatory Tender 5/5/2020 | 10,000,000 | |
13,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 0.920%, Mandatory Tender 7/8/2020 | 13,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008B), CP, 1.100%, Mandatory Tender 8/12/2020 | $10,000,000 | |
17,500,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 0.930%, Mandatory Tender 7/9/2020 | 17,500,000 | |
10,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2008C), CP, 1.050%, Mandatory Tender 5/12/2020 | 10,000,000 | |
45,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-1), CP, 1.070%, Mandatory Tender 6/11/2020 | 45,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009B-4), CP, 1.100%, Mandatory Tender 9/3/2020 | 15,000,000 | |
15,000,000 | California Statewide Communities Development Authority (Kaiser Permanente), (Series 2009D), CP, 0.950%, Mandatory Tender 7/8/2020 | 15,000,000 | |
6,310,000 | California Statewide Communities Development Authority (Pacific Collegiate Foundation), (Series 2016) Weekly VRDNs, (Comerica Bank LOC), 0.250%, 5/7/2020 | 6,310,000 | |
2,275,000 | California Statewide Communities Development Authority (Penny Lane Centers), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.100%, 5/7/2020 | 2,275,000 | |
5,600,000 | California Statewide Communities Development Authority MFH (Beaumont CA Leased Housing Associates I, LP), (2010 Series B: Mountain View Apartments) Weekly VRDNs, (FHLMC LOC), 0.300%, 5/7/2020 | 5,600,000 | |
25,300,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series AA: Uptown Newport Apartments) Weekly VRDNs, (Comerica Bank LOC), 0.320%, 5/7/2020 | 25,300,000 | |
31,225,000 | California Statewide Communities Development Authority MFH (Uptown Newport Building Owner, LP), (2017 Series BB: Uptown Newport Apartments) Weekly VRDNs, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.290%, 5/7/2020 | 31,225,000 | |
3,955,000 | California Statewide Communities Development Authority, (Series 2010A: Gas Supply Variable Rate Revenue Bonds) TOBs, (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), 0.320%, Optional Tender 5/1/2020 | 3,955,000 | |
25,025,000 | California Statewide Communities Development Authority, (Series 2010B: Gas Supply Variable Rate Revenue Bonds) TOBs, (GTD by Royal Bank of Canada)/(Royal Bank of Canada LIQ), 0.320%, Optional Tender 5/1/2020 | 25,025,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$7,500,000 | Central Basin Municipal Water District, CA, Tender Option Bond Trust Certificates (2016-XG0038) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.390%, 5/7/2020 | $7,500,000 | |
3,600,000 | Central, CA Union High School District, Tender Option Bond Trust Receipts (Series 2019-XF0759) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.270%, 5/7/2020 | 3,600,000 | |
3,040,000 | Central, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0758) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.270%, 5/7/2020 | 3,040,000 | |
2,000,000 | Chino Valley, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0922) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | 2,000,000 | |
3,945,000 | Chino Valley, CA USD, Tender Option Bond Trust Receipts (Series 2020-XM0836) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 3,945,000 | |
7,900,000 | Coast CCD, CA, (Series 2018 G-7) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 7,900,000 | |
8,000,000 | Compton, CA USD, Tender Option Bond Trust Receipts (2019-XM0764) Weekly VRDNs, (Build America Mutual Assurance INS)/(Royal Bank of Canada LIQ), 0.270%, 5/7/2020 | 8,000,000 | |
4,000,000 | Corona-Norco, CA USD, RBC Muni Products (Series G-64) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 4,000,000 | |
4,655,000 | Davis Joint USD, CA, Tender Option Bond Trust Certificates (Series 2019-XM0730) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.270%, 5/7/2020 | 4,655,000 | |
10,000,000 | East Bay Municipal Utility District, CA Water System, (Series A-2), CP, (Bank of America N.A. LIQ), 1.000%, Mandatory Tender 5/5/2020 | 10,000,000 | |
2,105,000 | Elk Grove, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0127) Weekly VRDNs, (Bank of America N.A. LIQ), 0.260%, 5/7/2020 | 2,105,000 | |
2,000,000 | Escondido, CA, RBC Muni Products (Series G-77) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 2,000,000 | |
13,710,000 | Folsom Cordova, CA USD (School Facilities Improvement District No. 3), Tender Option Bond Trust Certificates (Series 2019-XM0744) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.330%, 5/7/2020 | 13,710,000 | |
4,875,000 | Foothill/Eastern Transportation Corridor Agency, CA, Tender Option Bond Trust Certificates (2019-XL011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.270%, 5/7/2020 | 4,875,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$3,425,000 | Fremont, CA Union High School District, Tender Option Bond Trust Receipts (Series 2018-XF0647) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | $3,425,000 | |
2,000,000 | Grossmont-Cuyamaca, CA CCD, Tender Option Bond Trust Receipts (Series 2018-XG0188) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.230%, 5/7/2020 | 2,000,000 | |
22,060,000 | Hayward, CA USD, Tender Option Bond Trust Receipts (2017-XF0545) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Bank of America N.A. LIQ), 0.260%, 5/7/2020 | 22,060,000 | |
1,100,000 | Hillsborough, CA Water and Sewer Systems, (Series 2000A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 1,100,000 | |
1,600,000 | Hillsborough, CA Water and Sewer Systems, (Series 2000B) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 1,600,000 | |
2,300,000 | Hillsborough, CA Water and Sewer Systems, (Series 2003A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 2,300,000 | |
4,475,000 | Hillsborough, CA Water and Sewer Systems, (Series 2006A) Weekly VRDNs, (Bank of the West, San Francisco, CA LIQ), 0.100%, 5/7/2020 | 4,475,000 | |
1,170,000 | Hollister, CA Redevelopment Agency (San Benito County Community Services Development Corp.), (Series 2004) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.290%, 5/7/2020 | 1,170,000 | |
3,435,000 | Lake Tahoe, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0773) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 3,435,000 | |
1,930,000 | Long Beach, CA Harbor Department (Port of Long Beach), (Sereies A), 5.000%, 12/15/2020 | 1,981,347 | |
14,000,000 | Los Angeles County, CA Capital Asset Leasing Corporation, (Series A), CP, (Bank of the West, San Francisco, CA LOC), 2.750%, Mandatory Tender 5/20/2020 | 14,000,000 | |
5,950,000 | Los Angeles County, CA Capital Asset Leasing Corporation, (Series C), CP, (Wells Fargo Bank, N.A. LOC), 1.200%, Mandatory Tender 5/4/2020 | 5,950,000 | |
2,250,000 | Los Angeles County, CA Facilities, Inc. (Los Angeles County, CA), Tender Option Bond Trust Receipts (2019-XM0750) Weekly VRDNs, (Bank of America N.A. LIQ), 0.300%, 5/7/2020 | 2,250,000 | |
7,500,000 | Los Angeles County, CA Sanitation Districts Financing Authority (Los Angeles County, CA Sanitation District No. 20), Tender Option Bond Trust Certificates (2019-XM0761) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 7,500,000 | |
6,000,000 | Los Angeles County, CA TRANs, 5.000%, 6/30/2020 | 6,036,523 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$3,225,000 | Los Angeles County, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0183) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | $3,225,000 | |
3,000,000 | Los Angeles, CA Department of Water & Power (Water Works/System), Tender Option Bond Trust Receipts (Series 2017-XG0121) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 3,000,000 | |
2,885,000 | Los Angeles, CA USD, Tender Option Bond Trust Receipts (Series 2018-XM0703) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | 2,885,000 | |
4,985,000 | Lucia Mar, CA USD, Tender Option Bond Trust Receipts (Series 2018-XG0181) Weekly VRDNs, (Bank of America N.A. LIQ), 0.260%, 5/7/2020 | 4,985,000 | |
6,670,000 | Manteca, CA USD, Tender Option Bond Trust Certificates (2015-ZM0093) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.360%, 5/7/2020 | 6,670,000 | |
15,815,000 | Modesto, CA Public Financing Authority (Modesto, CA), Lease Revenue Refunding Bonds (Series 2008) Weekly VRDNs, (Bank of the West, San Francisco, CA LOC), 0.150%, 5/7/2020 | 15,815,000 | |
2,500,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 1.100%, Mandatory Tender 5/12/2020 | 2,500,000 | |
2,500,000 | Municipal Improvement Corporation of Los Angeles, CA, (Series A-3), CP, (U.S. Bank, N.A. LOC), 1.100%, Mandatory Tender 8/14/2020 | 2,500,000 | |
4,845,000 | New Haven, CA USD, Tender Option Bond Trust Receipts (Series 2020-XF0893) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.230%, 5/7/2020 | 4,845,000 | |
2,490,000 | Norwalk-La Mirada, CA USD, Tender Option Bond Trust Receipts (Series 2020-XM0810) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.230%, 5/7/2020 | 2,490,000 | |
15,000,000 | Nuveen California AMT-Free Quality Municipal Income Fund, (Series 6) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ), 0.220%, 5/7/2020 | 15,000,000 | |
4,000,000 | Oakland, CA, Tender Option Bond Receipts (Series 2020-XF0898) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.220%, 5/7/2020 | 4,000,000 | |
2,505,000 | Oxnard, CA School District, (Series 2018 G-8) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 2,505,000 | |
1,190,000 | Pittsburg, CA USD, Tender Option Bond Trust Receipts (Series 2017-XF0578) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.270%, 5/7/2020 | 1,190,000 | |
17,690,000 | Pomona, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2446) Daily VRDNs, (Build America Mutual Assurance INS)/(Citibank N.A., New York LIQ), 0.200%, 5/1/2020 | 17,690,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$7,500,000 | Riverside County, CA Public Financing Authority (Riverside County, CA), Tender Option Bond Trust Receipt (2017-ZF0538) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.320%, 5/7/2020 | $7,500,000 | |
5,600,000 | Riverside, CA Electric System, (Series 2011A) Weekly VRDNs, (Bank of America N.A. LOC), 0.170%, 5/6/2020 | 5,600,000 | |
2,000,000 | Sacramento, CA Area Flood Control Agency Consolidated Capital Assessment District No. 2, RBC Muni Products (Series G-118) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.370%, Optional Tender 10/1/2020 | 2,000,000 | |
1,000,000 | San Bernardino, CA CCD, RBC Muni Products (Series G-78) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 1,000,000 | |
2,033,000 | San Bernardino, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0786) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.270%, 5/7/2020 | 2,033,000 | |
3,450,000 | San Diego County, CA (Museum of Contemporary Art San Diego), (Series 2004) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.250%, 5/7/2020 | 3,450,000 | |
2,060,000 | San Diego County, CA Regional Transportation Commission, (Series 2008C) Weekly VRDNs, (Bank of America N.A. LIQ), 0.100%, 5/7/2020 | 2,060,000 | |
7,500,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.880%, Mandatory Tender 6/4/2020 | 7,500,000 | |
10,500,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 0.900%, Mandatory Tender 6/4/2020 | 10,500,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.130%, Mandatory Tender 5/13/2020 | 15,000,000 | |
15,000,000 | San Diego County, CA Water Authority, Commercial Paper Notes (Series 10), CP, 1.200%, Mandatory Tender 7/6/2020 | 15,000,000 | |
2,000,000 | San Diego County, CA Water Authority, Extendible Commercial Paper Notes (Series 1), CPX, 0.600%, Mandatory Tender 6/1/2020 | 2,000,000 | |
6,425,000 | San Diego, CA Public Facilities Authority (San Diego, CA), (Series A), CP, (Wells Fargo Bank, N.A. LOC), 0.700%, Mandatory Tender 9/1/2020 | 6,425,000 | |
4,510,000 | San Diego, CA Public Facilities Authority (San Diego, CA), (Series A), CP, (Wells Fargo Bank, N.A. LOC), 1.070%, Mandatory Tender 6/11/2020 | 4,510,000 | |
3,000,000 | San Diego, CA USD, RBC Muni Products (Series 2018-G51) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 3,000,000 | |
7,000,000 | San Diego, CA Water Utility Fund, (Series 2016B), 5.000%, 8/1/2020 | 7,071,903 | |
3,000,000 | San Diego, CA Water Utility Fund, (Series A), CP, (Bank of the West, San Francisco, CA LOC), 0.890%, Mandatory Tender 5/12/2020 | 3,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,724,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 0.920%, Mandatory Tender 7/15/2020 | $5,724,000 | |
10,000,000 | San Diego, CA Water Utility Fund, (Series B), CP, (Bank of America N.A. LOC), 1.500%, Mandatory Tender 5/12/2020 | 10,000,000 | |
27,005,000 | San Francisco, CA Public Utilities Commission (Wastewater Enterprise), (Series A-2), CP, (Bank of America N.A. LOC), 1.900%, Mandatory Tender 5/7/2020 | 27,005,000 | |
3,330,000 | San Francisco, CA Public Utilities Commission (Water Enterprise), Tender Option Bond Trust Receipts (Series 2018-XF0607) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | 3,330,000 | |
2,230,000 | San Mateo County, CA CCD, Tender Option Bond Trust Cetificates (Series 2018-XM0712) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.300%, 5/7/2020 | 2,230,000 | |
889,000 | Santa Barbara, CA USD, Tender Option Bond Trust Receipts (Series 2019-XF0791) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.270%, 5/7/2020 | 889,000 | |
2,985,000 | Santa Clara County, CA, (Series 2018-XF0646) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 2,985,000 | |
13,580,000 | Santa Clara Valley, CA Transportation Authority (2000 Measure A Sales Tax), (2008 Series B) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.180%, 5/7/2020 | 13,580,000 | |
1,960,000 | Santa Clara Valley, CA Water District, (Series A), CP, (MUFG Bank Ltd. LOC), 1.000%, Mandatory Tender 5/7/2020 | 1,960,000 | |
5,166,000 | Savanna, CA Elementary School District, Tender Option Bond Trust Receipts (Series 2019-XF0789) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 5,166,000 | |
3,000,000 | Sonoma County, CA Junior College District, (Series 2018 G-6) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 3,000,000 | |
2,410,000 | Southwestern CCD, CA, Tender Option Bond Trust Receipts (Series 2015-ZF0250) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.300%, 5/7/2020 | 2,410,000 | |
4,750,000 | Sweetwater, CA Union High School District, RBC Muni Products, Inc. Trust (Series G-95) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 4,750,000 | |
8,490,000 | Twin Rivers, CA USD, Tender Option Bond Trust Certificates (Series 2017-XF2442) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 8,490,000 | |
4,405,000 | University of California (The Regents of), (2013 Series AL-2) Daily VRDNs, 0.100%, 5/1/2020 | 4,405,000 | |
12,000,000 | University of California (The Regents of), (Series A), CP, 0.500%, Mandatory Tender 7/23/2020 | 12,000,000 | |
9,000,000 | University of California (The Regents of), (Series A), CP, 1.050%, Mandatory Tender 5/5/2020 | 9,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$4,600,000 | University of California (The Regents of), (Series A), CP, 1.080%, Mandatory Tender 5/1/2020 | $4,600,000 | |
4,000,000 | University of California (The Regents of), (Series A), CP, 1.090%, Mandatory Tender 5/12/2020 | 4,000,000 | |
2,000,000 | University of California (The Regents of), (Series A), CP, 1.100%, Mandatory Tender 5/12/2020 | 2,000,000 | |
8,620,000 | University of California (The Regents of), (Series A), CP, 1.120%, Mandatory Tender 5/13/2020 | 8,620,000 | |
10,000,000 | University of California (The Regents of), Tender Option Bond Trust Certificates (Series 2018-ZF2670) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.310%, 5/7/2020 | 10,000,000 | |
2,675,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (2016-XF0524) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.220%, 5/7/2020 | 2,675,000 | |
1,500,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2018-ZM0660) Weekly VRDNs, (Bank of America N.A. LIQ), 0.250%, 5/7/2020 | 1,500,000 | |
2,220,000 | University of California (The Regents of), Tender Option Bond Trust Receipts (Series 2020-XF0921) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.220%, 5/7/2020 | 2,220,000 | |
5,630,000 | Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2065 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 5,630,000 | |
5,685,000 | Ventura County, CA Public Financing Authority (Ventura County, CA), Series 2015-ZF2066 Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 5,685,000 | |
5,000,000 | Ventura County, CA TRANs, 5.000%, 7/1/2020 | 5,031,283 | |
29,960,000 | Victorville, CA Joint Powers Financing Authority (Victorville, CA), (Series 2007A: Cogeneration Facility) Weekly VRDNs, (BNP Paribas SA LOC), 0.250%, 5/7/2020 | 29,960,000 | |
8,675,000 | Visalia, CA USD, Floater Certificates (Series 2018-ZM0657) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 8,675,000 | |
2,500,000 | West Basin, CA Municipal Water District, CP, (Bank of the West, San Francisco, CA LOC), 1.030%, Mandatory Tender 5/6/2020 | 2,500,000 | |
13,585,000 | Western Placer, CA USD, Tender Option Bond Trust Receipts (Series 2017-XG0152) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.270%, 5/7/2020 | 13,585,000 | |
21,860,000 | Whittier, CA Health Facility Revenue Bonds (Presbyterian Intercommunity Hospital Obligated Group), Golden Blue 3a-7 (Series 2018-030) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.340%, 5/7/2020 | 21,860,000 | |
3,350,000 | Yosemite, CA CCD, RBC Muni Products (Series 2018-G50) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.230%, 5/7/2020 | 3,350,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
California—continued | |||
$5,087,000 | Yosemite, CA CCD, Tender Option Bond Trust Receipts (Series 2019-XF0772) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.240%, 5/7/2020 | $5,087,000 | |
TOTAL INVESTMENT IN SECURITIES—102.0% (AT AMORTIZED COST)2 | 1,322,329,721 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.0)%3 | (26,185,045) | ||
TOTAL NET ASSETS—100% | $1,296,144,676 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CCD | —Community College District |
CP | —Commercial Paper |
FHLB | —Federal Home Loan Bank |
FHLMC | —Federal Home Loan Mortgage Corporation |
GTD | —Guaranteed |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
PCFA | —Pollution Control Finance Authority |
TOBs | —Tender Option Bonds |
TRANs | —Tax and Revenue Anticipation Notes |
USD | —Unified School District |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.003 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.011 | 0.006 | 0.005 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.003) | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (0.011) | (0.006) | (0.005) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.50% | 1.28% | 1.10% | 0.56% | 0.49% | 0.02% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.28%4 | 0.28% | 0.28% | 0.28% | 0.18%3 | 0.08% |
Net investment income | 0.97%4 | 1.25% | 1.10% | 0.58% | 0.12% | 0.01% |
Expense waiver/reimbursement5 | 0.13%4 | 0.14% | 0.19% | 0.29% | 0.39% | 0.51% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $734,127 | $678,115 | $372,325 | $156,974 | $54,046 | $147,528 |
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 for the year ended October 31, 2016 was 0.18% 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 the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $1,322,329,721 | |
Cash | 421,731 | |
Income receivable | 3,689,593 | |
Receivable for shares sold | 2,415,890 | |
TOTAL ASSETS | 1,328,856,935 | |
Liabilities: | ||
Payable for investments purchased | $32,280,141 | |
Payable for shares redeemed | 167,080 | |
Capital gain distribution payable | 56,907 | |
Payable for investment adviser fee (Note 4) | 6,001 | |
Payable for administrative fees (Note 4) | 2,770 | |
Payable for distribution services fee (Note 4) | 48,337 | |
Payable for other service fees (Note 4) | 98,820 | |
Accrued expenses (Note 4) | 52,203 | |
TOTAL LIABILITIES | 32,712,259 | |
Net assets for 1,296,118,751 shares outstanding | $1,296,144,676 | |
Net Assets Consist of: | ||
Paid-in capital | $1,296,118,716 | |
Total distributable earnings (loss) | 25,960 | |
TOTAL NET ASSETS | $1,296,144,676 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$734,127,435 ÷ 734,112,730 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$157,258,771 ÷ 157,255,661 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$270,986,966 ÷ 270,981,536 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$32,800,866 ÷ 32,800,209 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$100,970,638 ÷ 100,968,615 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $7,962,705 | ||
Dividends | 3,456 | ||
TOTAL INCOME | 7,966,161 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $1,888,008 | ||
Administrative fee (Note 4) | 494,784 | ||
Custodian fees | 20,647 | ||
Transfer agent fee (Note 2) | 255,586 | ||
Directors’/Trustees’ fees (Note 4) | 3,290 | ||
Auditing fees | 10,989 | ||
Legal fees | 11,499 | ||
Portfolio accounting fees | 100,229 | ||
Distribution services fee (Note 4) | 308,673 | ||
Other service fees (Notes 2 and 4) | 555,447 | ||
Share registration costs | 51,133 | ||
Printing and postage | 17,387 | ||
Miscellaneous (Note 4) | 5,621 | ||
TOTAL EXPENSES | 3,723,293 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 4) | $(821,299) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 4) | (324,191) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (1,145,490) | ||
Net expenses | 2,577,803 | ||
Net investment income | 5,388,358 | ||
Net realized gain on investments | 4,946 | ||
Change in net assets resulting from operations | $5,393,304 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $5,388,358 | $11,567,723 |
Net realized gain | 4,946 | 145,600 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 5,393,304 | 11,713,323 |
Distributions to Shareholders: | ||
Wealth Shares | (3,707,094) | (6,640,086) |
Service Shares | (547,061) | (1,426,554) |
Cash II Shares | (721,321) | (1,781,234) |
Cash Series Shares | (49,547) | (180,824) |
Capital Shares | (495,266) | (1,539,217) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (5,520,289) | (11,567,915) |
Share Transactions: | ||
Proceeds from sale of shares | 1,204,852,160 | 2,159,241,595 |
Net asset value of shares issued to shareholders in payment of distributions declared | 5,139,123 | 10,844,983 |
Cost of shares redeemed | (1,079,956,841) | (1,701,119,445) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 130,034,442 | 468,967,133 |
Change in net assets | 129,907,457 | 469,112,541 |
Net Assets: | ||
Beginning of period | 1,166,237,219 | 697,124,678 |
End of period | $1,296,144,676 | $1,166,237,219 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Wealth Shares | $18,754 | $(12,397) |
Service Shares | 60,748 | (59,490) |
Cash II Shares | 110,422 | (108,472) |
Cash Series Shares | 10,437 | (10,212) |
Capital Shares | 55,225 | (54,302) |
TOTAL | $255,586 | $(244,873) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $181,465 | $— | $— |
Cash II Shares | $286,613 | $(18) | $(1,461) |
Cash Series Shares | $33,077 | $(1,629) | $(5,657) |
Capital Shares | $54,292 | $— | $— |
TOTAL | $555,447 | $(1,647) | $(7,118) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 694,755,796 | $694,755,796 | 1,141,963,195 | $1,141,963,195 |
Shares issued to shareholders in payment of distributions declared | 3,433,608 | 3,433,608 | 6,228,549 | 6,228,549 |
Shares redeemed | (642,102,467) | (642,102,467) | (842,486,518) | (842,486,518) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 56,086,937 | $56,086,937 | 305,705,226 | $305,705,226 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 156,184,997 | $156,184,997 | 287,493,797 | $287,493,797 |
Shares issued to shareholders in payment of distributions declared | 454,766 | 454,766 | 1,136,043 | 1,136,043 |
Shares redeemed | (145,988,876) | (145,988,876) | (282,202,706) | (282,202,706) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 10,650,887 | $10,650,887 | 6,427,134 | $6,427,134 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 192,509,966 | $192,509,966 | 428,844,355 | $428,844,355 |
Shares issued to shareholders in payment of distributions declared | 720,969 | 720,969 | 1,779,068 | 1,779,068 |
Shares redeemed | (129,293,393) | (129,293,393) | (238,718,930) | (238,718,930) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 63,937,542 | $63,937,542 | 191,904,493 | $191,904,493 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 69,713,452 | $69,713,452 | 58,735,459 | $58,735,459 |
Shares issued to shareholders in payment of distributions declared | 49,293 | 49,293 | 176,116 | 176,116 |
Shares redeemed | (58,149,440) | (58,149,440) | (76,436,872) | (76,436,872) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 11,613,305 | $11,613,305 | (17,525,297) | $(17,525,297) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 91,687,949 | $91,687,949 | 242,204,789 | $242,204,789 |
Shares issued to shareholders in payment of distributions declared | 480,487 | 480,487 | 1,525,207 | 1,525,207 |
Shares redeemed | (104,422,665) | (104,422,665) | (261,274,419) | (261,274,419) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (12,254,229) | $(12,254,229) | (17,544,423) | $(17,544,423) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 130,034,442 | $130,034,442 | 468,967,133 | $468,967,133 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Cash II Shares | 0.20% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $229,291 | $(57,321) |
Cash Series Shares | 79,382 | (13,232) |
TOTAL | $308,673 | $(70,553) |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,005.00 | $1.40 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,023.50 | $1.41 |
1 | Expenses are equal to the Fund’s annualized net expense ratio of 0.28%, multiplied by the average account value over the period, multiplied by 182/365 (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 | FFTXX | Premier | FTFXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 98.5% |
Commercial Paper | 1.2% |
Other Assets and Liabilities—Net2 | 0.3% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 99.7% |
8-30 Days | 0.0% |
31-90 Days | 0.0% |
91-180 Days | 0.0% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2 | 0.3% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.7% | ||
Alabama—3.3% | |||
$5,300,000 | Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A: Turtle Lake) Weekly VRDNs, (FNMA LOC), 0.300%, 5/7/2020 | $5,300,000 | |
8,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 0.300%, 5/7/2020 | 8,000,000 | |
15,940,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-A: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of America N.A. LOC), 0.250%, 5/7/2020 | 15,940,000 | |
8,750,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-B: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Societe Generale, Paris LOC), 0.300%, 5/7/2020 | 8,750,000 | |
5,250,000 | Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (FHLB of Dallas LOC), 0.300%, 5/7/2020 | 5,250,000 | |
9,795,000 | Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (FHLB of Atlanta LOC), 0.700%, 5/7/2020 | 9,795,000 | |
TOTAL | 53,035,000 | ||
Arizona—1.5% | |||
4,000,000 | Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 0.320%, 5/7/2020 | 4,000,000 | |
21,000,000 | Yavapai County, AZ IDA—Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement Project) Weekly VRDNs, (Citibank N.A., New York LOC), 0.250%, 5/7/2020 | 21,000,000 | |
TOTAL | 25,000,000 | ||
Connecticut—1.0% | |||
6,335,000 | Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.250%, 5/7/2020 | 6,335,000 | |
3,800,000 | Connecticut State HEFA (Westminster School), (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.300%, 5/7/2020 | 3,800,000 | |
2,900,000 | Connecticut State HFA, (Subseries C-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.250%, 5/7/2020 | 2,900,000 | |
4,050,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 4,050,000 | |
TOTAL | 17,085,000 | ||
Florida—16.7% | |||
3,810,000 | Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs, (TD Bank, N.A. LOC), 0.310%, 5/7/2020 | 3,810,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Florida—continued | |||
$20,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.200%, 5/6/2020 | $20,000,000 | |
30,030,000 | JEA, FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.200%, 5/1/2020 | 30,030,000 | |
15,625,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.390%, 5/6/2020 | 15,625,000 | |
2,525,000 | JEA, FL Electric System, (Series Three 2008C-1: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/7/2020 | 2,525,000 | |
20,000,000 | JEA, FL Electric System, (Series Three 2008C-2: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/7/2020 | 20,000,000 | |
8,345,000 | JEA, FL Water & Sewer System, (2008 Series A-2: Subordinate Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 8,345,000 | |
8,770,000 | JEA, FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 0.280%, 5/6/2020 | 8,770,000 | |
19,000,000 | JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/6/2020 | 19,000,000 | |
20,000,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000 F-2), CP, (U.S. Bank, N.A. LIQ), 0.350%, Mandatory Tender 5/4/2020 | 20,000,000 | |
12,200,000 | Manatee County, FL (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs, 0.180%, 5/1/2020 | 12,200,000 | |
20,000,000 | Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.240%, 5/1/2020 | 20,000,000 | |
44,365,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.230%, 5/1/2020 | 44,365,000 | |
10,000,000 | Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.260%, 5/7/2020 | 10,000,000 | |
18,830,000 | Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010B) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.260%, 5/7/2020 | 18,830,000 | |
17,055,000 | West Palm Beach, FL, Utility System Variable Rate Revenue Bonds (Series 2008C) Weekly VRDNs, (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.280%, 5/6/2020 | 17,055,000 | |
TOTAL | 270,555,000 | ||
Georgia—1.5% | |||
2,885,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (PNC Bank, N.A. LIQ), 0.200%, 5/7/2020 | 2,885,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$5,680,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2009B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/6/2020 | $5,680,000 | |
15,890,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005C-1) Weekly VRDNs, 0.230%, 5/7/2020 | 15,890,000 | |
TOTAL | 24,455,000 | ||
Illinois—5.3% | |||
14,550,000 | Illinois Development Finance Authority (Chicago Horticultural Society), (Series 1999) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.250%, 5/6/2020 | 14,550,000 | |
66,005,000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/6/2020 | 66,005,000 | |
2,350,000 | Illinois Finance Authority (Carle Foundation), (Series 2009E) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/7/2020 | 2,350,000 | |
3,950,000 | Morton Grove Village, IL (Illinois Holocaust Museum and Education Center), (Series 2006) Weekly VRDNs, (Bank of America N.A. LOC), 0.230%, 5/7/2020 | 3,950,000 | |
TOTAL | 86,855,000 | ||
Indiana—1.0% | |||
2,825,000 | Indiana State Finance Authority Hospital Revenue (Indiana University Health Obligated Group), (Series 2011D) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.260%, 5/6/2020 | 2,825,000 | |
5,415,000 | Indianapolis, IN MFH (Washington Pointe, LP), (Series 2009A) Weekly VRDNs, (FNMA LOC), 0.210%, 5/1/2020 | 5,415,000 | |
8,460,000 | Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.330%, 5/7/2020 | 8,460,000 | |
TOTAL | 16,700,000 | ||
Iowa—7.3% | |||
48,015,000 | Iowa Finance Authority (Archer-Daniels-Midland Co.), (Series 2012) Weekly VRDNs, 0.230%, 5/6/2020 | 48,015,000 | |
6,500,000 | Iowa Finance Authority (Archer-Daniels-Midland Co.), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, 0.280%, 5/6/2020 | 6,500,000 | |
27,100,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 0.260%, 5/7/2020 | 27,100,000 | |
36,500,000 | Iowa Finance Authority (HF Chlor-Alkali, LLC), (Series 2012) Weekly VRDNs, (GTD by Cargill, Inc.), 0.270%, 5/7/2020 | 36,500,000 | |
650,000 | Iowa Finance Authority (Trinity Healthcare Credit Group), (Series 2000D) Weekly VRDNs, 0.250%, 5/7/2020 | 650,000 | |
TOTAL | 118,765,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Louisiana—6.3% | |||
$20,000,000 | Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs, (GTD by BASF SE), 1.650%, 5/6/2020 | $20,000,000 | |
12,000,000 | Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (FHLB of Dallas LOC), 0.310%, 5/6/2020 | 12,000,000 | |
3,235,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.310%, 5/6/2020 | 3,235,000 | |
3,350,000 | Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.310%, 5/6/2020 | 3,350,000 | |
63,400,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2009A) Weekly VRDNs, 0.220%, 5/6/2020 | 63,400,000 | |
TOTAL | 101,985,000 | ||
Maryland—0.1% | |||
595,000 | Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs, (Bank of America N.A. LOC), 0.370%, 5/7/2020 | 595,000 | |
1,050,000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corporation), (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | 1,050,000 | |
TOTAL | 1,645,000 | ||
Massachusetts—1.0% | |||
10,700,000 | Massachusetts HEFA (Massachusetts Institute of Technology), (Series J-2) Weekly VRDNs, 0.230%, 5/7/2020 | 10,700,000 | |
5,525,000 | Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/7/2020 | 5,525,000 | |
TOTAL | 16,225,000 | ||
Michigan—3.6% | |||
4,430,000 | Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs, (FHLB of Chicago LOC), 0.250%, 5/7/2020 | 4,430,000 | |
16,200,000 | Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.300%, 5/7/2020 | 16,200,000 | |
12,015,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/7/2020 | 12,015,000 | |
25,115,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/7/2020 | 25,115,000 | |
TOTAL | 57,760,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Minnesota—0.3% | |||
$4,650,000 | St. Louis Park, MN (Parkshore Senior Campus, LLC), (Series 2004) Weekly VRDNs, (FHLMC LOC), 0.300%, 5/7/2020 | $4,650,000 | |
Mississippi—3.6% | |||
13,570,000 | Mississippi Development Bank (Harrison County, MS), (Series 2010B: Coliseum and Convention Center Bonds) Weekly VRDNs, (Bank of America N.A. LOC), 0.290%, 5/7/2020 | 13,570,000 | |
44,650,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.350%, 5/7/2020 | 44,650,000 | |
TOTAL | 58,220,000 | ||
Missouri—0.8% | |||
12,930,000 | Missouri State HEFA (Ascension Health Alliance Senior Credit Group), (Series 2008 C-5) Weekly VRDNs, 0.210%, 5/6/2020 | 12,930,000 | |
Multi-State—9.1% | |||
24,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.300%, 5/7/2020 | 24,000,000 | |
41,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 5) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.320%, 5/7/2020 | 41,000,000 | |
6,000,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.290%, 5/7/2020 | 6,000,000 | |
9,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.270%, 5/7/2020 | 9,000,000 | |
47,100,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.300%, 5/7/2020 | 47,100,000 | |
20,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 5-1000) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ)/(Sumitomo Mitsui Banking Corp. LOC), 0.320%, 5/7/2020 | 20,000,000 | |
TOTAL | 147,100,000 | ||
Nebraska—0.1% | |||
1,400,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.270%, 5/7/2020 | 1,400,000 | |
New York—14.2% | |||
10,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2005D-2) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.180%, 5/1/2020 | 10,000,000 | |
2,200,000 | New York City, NY Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.180%, 5/1/2020 | 2,200,000 | |
3,950,000 | New York City, NY Municipal Water Finance Authority Daily VRDNs, (State Street Bank and Trust Co. LIQ), 0.150%, 5/1/2020 | 3,950,000 | |
8,380,000 | New York City, NY Municipal Water Finance Authority, (Series 2013AA-2) Weekly VRDNs, (MUFG Bank Ltd. LIQ), 0.250%, 5/7/2020 | 8,380,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$12,430,000 | New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.150%, 5/1/2020 | $12,430,000 | |
24,165,000 | New York City, NY Municipal Water Finance Authority, (Series 2015 BB-4) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 24,165,000 | |
17,670,000 | New York City, NY Municipal Water Finance Authority, (Series 2017-BB) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 0.150%, 5/1/2020 | 17,670,000 | |
2,385,000 | New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 2,385,000 | |
7,285,000 | New York City, NY Transitional Finance Authority, (Subseries F-5) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.250%, 5/6/2020 | 7,285,000 | |
6,500,000 | New York City, NY Transitional Finance Authority, Fiscal 2003 (Series A-4) Daily VRDNs, (TD Bank, N.A. LIQ), 0.150%, 5/1/2020 | 6,500,000 | |
1,660,000 | New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 0.280%, 5/7/2020 | 1,660,000 | |
6,070,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subseries C-4) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 6,070,000 | |
3,910,000 | New York City, NY, (Fiscal 2006 Series I-3) Daily VRDNs, (Bank of America N.A. LOC), 0.160%, 5/1/2020 | 3,910,000 | |
17,735,000 | New York City, NY, (Fiscal 2008 Subseries J-6) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.160%, 5/1/2020 | 17,735,000 | |
26,800,000 | New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.250%, 5/7/2020 | 26,800,000 | |
4,770,000 | New York City, NY, (Fiscal 2014 Series I, Subseries I-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.160%, 5/1/2020 | 4,770,000 | |
8,830,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.190%, 5/1/2020 | 8,830,000 | |
16,300,000 | New York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 16,300,000 | |
40,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.290%, 5/7/2020 | 40,000,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.290%, 5/7/2020 | 10,000,000 | |
TOTAL | 231,040,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
North Carolina—2.2% | |||
$4,430,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | $4,430,000 | |
14,500,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2018G) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.160%, 5/1/2020 | 14,500,000 | |
1,785,000 | North Carolina Capital Facilities Finance Agency (Salem Academy and College), (Series 2005) Weekly VRDNs, (Truist Bank LOC), 0.270%, 5/7/2020 | 1,785,000 | |
15,000,000 | Raleigh, NC (Raleigh, NC Combined Enterprise System), (Series 2008A) Weekly VRDNs, (Bank of America N.A. LIQ), 0.220%, 5/6/2020 | 15,000,000 | |
TOTAL | 35,715,000 | ||
Ohio—1.3% | |||
35,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), (Series 2017C) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.210%, 5/7/2020 | 35,000 | |
9,025,000 | Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs, (BMO Harris Bank, N.A. LOC), 0.160%, 5/1/2020 | 9,025,000 | |
3,100,000 | Hamilton County, OH Hospital Facilities Authority (The Elizabeth Gamble Deaconess Home Association), (Series 2002A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.230%, 5/7/2020 | 3,100,000 | |
1,210,000 | Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.230%, 5/7/2020 | 1,210,000 | |
8,005,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series D-2) Weekly VRDNs, 0.230%, 5/6/2020 | 8,005,000 | |
TOTAL | 21,375,000 | ||
Oregon—0.3% | |||
5,000,000 | Oregon State Facilities Authority (PeaceHealth), (2018 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | 5,000,000 | |
Pennsylvania—6.9% | |||
2,200,000 | Beaver County, PA IDA (Concordia Lutheran Obligated Group), (Series 2018A) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | 2,200,000 | |
7,430,000 | Butler County, PA General Authority (Iroquois School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.240%, 5/7/2020 | 7,430,000 | |
12,700,000 | Butler County, PA General Authority (South Park School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.240%, 5/7/2020 | 12,700,000 | |
1,800,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | 1,800,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$200,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | $200,000 | |
600,000 | Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.230%, 5/7/2020 | 600,000 | |
11,965,000 | Mercer County, PA, (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.240%, 5/7/2020 | 11,965,000 | |
4,400,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 0.250%, 5/7/2020 | 4,400,000 | |
32,655,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.230%, 5/7/2020 | 32,655,000 | |
37,390,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.160%, 5/1/2020 | 37,390,000 | |
TOTAL | 111,340,000 | ||
Tennessee—1.9% | |||
5,100,000 | Blount County, TN Public Building Authority (Bradley County, TN), (Series E-6-A) Weekly VRDNs, (Truist Bank LOC), 0.290%, 5/6/2020 | 5,100,000 | |
16,235,000 | Sevier County, TN Public Building Authority (Sevier County, TN), Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/6/2020 | 16,235,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.290%, 5/7/2020 | 8,305,000 | |
550,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.150%, 5/1/2020 | 550,000 | |
TOTAL | 30,190,000 | ||
Texas—2.7% | |||
11,185,000 | Austin, TX Hotel Occupancy Tax, Subordinate Lien Variable Rate Revenue Refunding Bonds (Series 2008-B) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.290%, 5/7/2020 | 11,185,000 | |
2,800,000 | Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs, (FHLMC LOC), 0.310%, 5/7/2020 | 2,800,000 | |
14,600,000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-2) Daily VRDNs, 0.160%, 5/1/2020 | 14,600,000 | |
1,050,000 | Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-1) Daily VRDNs, 0.160%, 5/1/2020 | 1,050,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$13,900,000 | Harris County, TX Hospital District, Senior Lien Refunding Revenue Bonds (Series 2010) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/7/2020 | $13,900,000 | |
TOTAL | 43,535,000 | ||
Utah—3.2% | |||
32,000,000 | Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 0.280%, 5/6/2020 | 32,000,000 | |
4,095,000 | Murray City, Utah Hospital Revenue (IHC Health Services, Inc.), (Series 2005A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.160%, 5/1/2020 | 4,095,000 | |
2,000,000 | St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.320%, 5/7/2020 | 2,000,000 | |
12,640,000 | Utah County, UT (IHC Health Services, Inc.), (Series 2002C) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.200%, 5/7/2020 | 12,640,000 | |
2,000,000 | Weber County, UT (IHC Health Services, Inc.), (Series 2000C) Daily VRDNs, (Bank of New York Mellon, N.A. LIQ), 0.160%, 5/1/2020 | 2,000,000 | |
TOTAL | 52,735,000 | ||
Virginia—0.9% | |||
5,950,000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), 0.180%, 5/1/2020 | 5,950,000 | |
2,500,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003D) Weekly VRDNs, 0.210%, 5/6/2020 | 2,500,000 | |
5,560,000 | Roanoke, VA EDA (Carilion Health System Obligated Group), (Series C) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 5/7/2020 | 5,560,000 | |
TOTAL | 14,010,000 | ||
Washington—1.5% | |||
24,550,000 | Washington State Health Care Facilities Authority (Providence St. Joseph Health), (Series 2012D) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.250%, 5/7/2020 | 24,550,000 | |
West Virginia—1.7% | |||
5,140,000 | Cabell County, WV (Provident Group-Marshall Properties, LLC), (Series 2010A) Weekly VRDNs, (Bank of America N.A. LOC), 0.290%, 5/7/2020 | 5,140,000 | |
22,600,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.290%, 5/7/2020 | 22,600,000 | |
TOTAL | 27,740,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Wisconsin—0.4% | |||
$6,945,000 | Wisconsin Public Finance Authority (RPD Holdings, LLC and HGI Wisconsin, LLC), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, (AgriBank FCB LOC), 0.300%, 5/7/2020 | $6,945,000 | |
TOTAL INVESTMENT IN SECURITIES—99.7% (AT AMORTIZED COST)2 | 1,618,540,000 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%3 | 4,296,228 | ||
TOTAL NET ASSETS—100% | $1,622,836,228 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CDA | —Community Development Authority |
CP | —Commercial Paper |
EDA | —Economic Development Authority |
EDC | —Economic Development Commission |
EDRB | —Economic Development Revenue Bond |
FHLB | —Federal Home Loan Bank |
FHLMC | —Federal Home Loan Mortgage Corporation |
FNMA | —Federal National Mortgage Association |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDRB | —Industrial Development Revenue Bond |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
PCRB | —Pollution Control Revenue Bond |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | Period Ended 10/31/20161 | |||
2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | |||||
Net investment income | 0.0059 | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0059 | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
Less Distributions: | |||||
Distributions from net investment income | (0.0059) | (0.0137) | (0.0114) | (0.0059) | (0.0020) |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return2 | 0.60% | 1.38% | 1.15% | 0.59% | 0.20% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.20%3 | 0.20% | 0.20% | 0.20% | 0.20%3 |
Net investment income | 1.15%3 | 1.36% | 1.17% | 0.59% | 0.54%3 |
Expense waiver/reimbursement4 | 0.16%3 | 0.16% | 0.18% | 0.20% | 0.22%3 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $973,599 | $855,998 | $594,047 | $301,268 | $231,159 |
1 | Reflects operations for the period from February 26, 2016 (date of initial public investment) to October 31, 2016. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | ||||||
Net investment income | 0.0062 | 0.0142 | 0.0119 | 0.0064 | 0.0020 | — |
Net realized gain/(loss) | — | — | — | — | (0.0000)1 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0062 | 0.0142 | 0.0119 | 0.0064 | 0.0020 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.0062) | (0.0142) | (0.0119) | (0.0064) | (0.0020) | — |
Distributions from net realized gain | — | — | — | — | (0.0000)1 | — |
TOTAL DISTRIBUTIONS | (0.0062) | (0.0142) | (0.0119) | (0.0064) | (0.0020) | — |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return3 | 0.62% | 1.43% | 1.20% | 0.64% | 0.25% | 0.00% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.15%4 | 0.15% | 0.15% | 0.15% | 0.14% | 0.12% |
Net investment income | 1.24%4 | 1.42% | 1.21% | 0.65% | 0.26% | 0.00% |
Expense waiver/reimbursement5 | 0.16%4 | 0.16% | 0.18% | 0.20% | 0.36% | 0.61% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $649,237 | $515,446 | $420,808 | $254,460 | $155,223 | $59,784 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. 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 identified cost and fair value | $1,618,540,000 | |
Cash | 325,728 | |
Income receivable | 1,408,681 | |
Receivable for investments sold | 15,663,818 | |
Receivable for shares sold | 778,445 | |
TOTAL ASSETS | 1,636,716,672 | |
Liabilities: | ||
Payable for shares redeemed | $13,359,377 | |
Income distribution payable | 458,873 | |
Payable for investment adviser fee (Note 5) | 2,022 | |
Payable for administrative fees (Note 5) | 3,502 | |
Payable for other service fees (Note 2) | 40,202 | |
Accrued expenses (Note 5) | 16,468 | |
TOTAL LIABILITIES | 13,880,444 | |
Net assets for 1,622,817,091 shares outstanding | $1,622,836,228 | |
Net Assets Consist of: | ||
Paid-in capital | $1,622,817,091 | |
Total distributable earnings (loss) | 19,137 | |
TOTAL NET ASSETS | $1,622,836,228 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$973,598,741 ÷ 973,592,698 shares outstanding, no par value, unlimited shares authorized | $1.0000 | |
Premier Shares: | ||
$649,237,487 ÷ 649,224,393 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Investment Income: | |||
Interest | $10,104,357 | ||
Dividends | 26,405 | ||
TOTAL INCOME | 10,130,762 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,478,337 | ||
Administrative fee (Note 5) | 580,820 | ||
Custodian fees | 25,862 | ||
Transfer agent fee | 29,066 | ||
Directors’/Trustees’ fees (Note 5) | 3,766 | ||
Auditing fees | 10,145 | ||
Legal fees | 3,903 | ||
Portfolio accounting fees | 97,827 | ||
Other service fees (Note 2) | 215,156 | ||
Share registration costs | 43,639 | ||
Printing and postage | 9,742 | ||
Miscellaneous (Note 5) | 19,997 | ||
TOTAL EXPENSES | 2,518,260 | ||
Waiver of investment adviser fee (Note 5) | $(1,158,131) | ||
Net expenses | 1,360,129 | ||
Net investment income | 8,770,633 | ||
Change in net assets resulting from operations | $8,770,633 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $8,770,633 | $16,671,954 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,770,633 | 16,671,954 |
Distributions to Shareholders: | ||
Institutional Shares | (4,938,749) | (9,572,444) |
Premier Shares | (3,815,397) | (7,103,992) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (8,754,146) | (16,676,436) |
Share Transactions: | ||
Proceeds from sale of shares | 3,286,430,268 | 3,381,084,951 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,781,832 | 8,199,101 |
Cost of shares redeemed | (3,038,836,423) | (3,032,691,453) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 251,375,677 | 356,592,599 |
Change in net assets | 251,392,164 | 356,588,117 |
Net Assets: | ||
Beginning of period | 1,371,444,064 | 1,014,855,947 |
End of period | $1,622,836,228 | $1,371,444,064 |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each |
time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Institutional Shares | $215,156 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,147,221,447 | $1,147,221,447 | 1,456,449,182 | $1,456,449,182 |
Shares issued to shareholders in payment of distributions declared | 1,414,322 | 1,414,322 | 3,655,957 | 3,655,957 |
Shares redeemed | (1,031,043,078) | (1,031,043,078) | (1,198,149,322) | (1,198,149,322) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 117,592,691 | $117,592,691 | 261,955,817 | $261,955,817 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,139,208,821 | $2,139,208,821 | 1,924,635,769 | $1,924,635,769 |
Shares issued to shareholders in payment of distributions declared | 2,367,510 | 2,367,510 | 4,543,144 | 4,543,144 |
Shares redeemed | (2,007,793,345) | (2,007,793,345) | (1,834,542,131) | (1,834,542,131) |
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | 133,782,986 | $133,782,986 | 94,636,782 | $94,636,782 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 251,375,677 | $251,375,677 | 356,592,599 | $356,592,599 |
Short-Term | Long-Term | Total |
$36 | $— | $36 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,006.00 | $1.00 |
Premier Shares | $1,000 | $1,006.20 | $0.75 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.90 | $1.01 |
Premier Shares | $1,000 | $1,024.10 | $0.75 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Institutional Shares | 0.20% |
Premier Shares | 0.15% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N666
Share Class | Ticker | Institutional | FFTXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 98.5% |
Commercial Paper | 1.2% |
Other Assets and Liabilities—Net2 | 0.3% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 99.7% |
8-30 Days | 0.0% |
31-90 Days | 0.0% |
91-180 Days | 0.0% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2 | 0.3% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.7% | ||
Alabama—3.3% | |||
$5,300,000 | Alabama HFA MFH (Double Lake Ventures LLC), (2000 Series A: Turtle Lake) Weekly VRDNs, (FNMA LOC), 0.300%, 5/7/2020 | $5,300,000 | |
8,000,000 | Mobile County, AL IDA Gulf Opportunity Zone (SSAB Alabama, Inc.), (Series 2011) Weekly VRDNs, (Nordea Bank Abp LOC), 0.300%, 5/7/2020 | 8,000,000 | |
15,940,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-A: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Bank of America N.A. LOC), 0.250%, 5/7/2020 | 15,940,000 | |
8,750,000 | Mobile, AL Downtown Redevelopment Authority (Austal USA, LLC), (Series 2011-B: Gulf Opportunity Zone Bonds) Weekly VRDNs, (Societe Generale, Paris LOC), 0.300%, 5/7/2020 | 8,750,000 | |
5,250,000 | Mobile, AL IDB (HighProv, LLC), (Series 2006) Weekly VRDNs, (FHLB of Dallas LOC), 0.300%, 5/7/2020 | 5,250,000 | |
9,795,000 | Tuscaloosa County, AL Port Authority (Tuscaloosa Riverfront Development, LLC), (Series 2007: Gulf Opportunity Zone Bonds) Weekly VRDNs, (FHLB of Atlanta LOC), 0.700%, 5/7/2020 | 9,795,000 | |
TOTAL | 53,035,000 | ||
Arizona—1.5% | |||
4,000,000 | Maricopa County, AZ, IDA Solid Waste Disposal (DC Paloma 2 LLC), (Series 2009) Weekly VRDNs, (CoBank, ACB LOC), 0.320%, 5/7/2020 | 4,000,000 | |
21,000,000 | Yavapai County, AZ IDA—Recovery Zone Facility (Skanon Investments, Inc.), (Series 2010: Drake Cement Project) Weekly VRDNs, (Citibank N.A., New York LOC), 0.250%, 5/7/2020 | 21,000,000 | |
TOTAL | 25,000,000 | ||
Connecticut—1.0% | |||
6,335,000 | Connecticut State Health & Educational Facilities (CIL Community Resources, Inc.), (Series A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.250%, 5/7/2020 | 6,335,000 | |
3,800,000 | Connecticut State HEFA (Westminster School), (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.300%, 5/7/2020 | 3,800,000 | |
2,900,000 | Connecticut State HFA, (Subseries C-3) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.250%, 5/7/2020 | 2,900,000 | |
4,050,000 | Shelton, CT Housing Authority (Crosby Commons), (Series 1998) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 4,050,000 | |
TOTAL | 17,085,000 | ||
Florida—16.7% | |||
3,810,000 | Coconut Creek, FL (Junior Achievement of South Florida, Inc.), (Series 2007) Weekly VRDNs, (TD Bank, N.A. LOC), 0.310%, 5/7/2020 | 3,810,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Florida—continued | |||
$20,000,000 | Florida HFA (Woodlands Apartments), (Series 1985-SS) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.200%, 5/6/2020 | $20,000,000 | |
30,030,000 | JEA, FL Electric System, (Series 2008 D) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.200%, 5/1/2020 | 30,030,000 | |
15,625,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.390%, 5/6/2020 | 15,625,000 | |
2,525,000 | JEA, FL Electric System, (Series Three 2008C-1: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/7/2020 | 2,525,000 | |
20,000,000 | JEA, FL Electric System, (Series Three 2008C-2: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/7/2020 | 20,000,000 | |
8,345,000 | JEA, FL Water & Sewer System, (2008 Series A-2: Subordinate Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 8,345,000 | |
8,770,000 | JEA, FL Water & Sewer System, (2008 Series B-1: Subordinate Revenue Bonds) Weekly VRDNs, (State Street Bank and Trust Co. LIQ), 0.280%, 5/6/2020 | 8,770,000 | |
19,000,000 | JEA, FL Water & Sewer System, (2008 Series B: Senior Revenue Bonds) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.350%, 5/6/2020 | 19,000,000 | |
20,000,000 | Jacksonville, FL EDC (JEA, FL Electric System), (Series 2000 F-2), CP, (U.S. Bank, N.A. LIQ), 0.350%, Mandatory Tender 5/4/2020 | 20,000,000 | |
12,200,000 | Manatee County, FL (Florida Power & Light Co.), Pollution Control Revenue Refunding Bonds (Series 1994) Daily VRDNs, 0.180%, 5/1/2020 | 12,200,000 | |
20,000,000 | Martin County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.240%, 5/1/2020 | 20,000,000 | |
44,365,000 | St. Lucie County, FL PCRB (Florida Power & Light Co.), (Series 2000) Daily VRDNs, 0.230%, 5/1/2020 | 44,365,000 | |
10,000,000 | Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010A) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.260%, 5/7/2020 | 10,000,000 | |
18,830,000 | Sunshine State Governmental Finance Commission, FL (Miami-Dade County, FL), (Series 2010B) Weekly VRDNs, (MUFG Union Bank, N.A. LOC), 0.260%, 5/7/2020 | 18,830,000 | |
17,055,000 | West Palm Beach, FL, Utility System Variable Rate Revenue Bonds (Series 2008C) Weekly VRDNs, (Assured Guaranty Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.280%, 5/6/2020 | 17,055,000 | |
TOTAL | 270,555,000 | ||
Georgia—1.5% | |||
2,885,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), (Series 2019D) Weekly VRDNs, (PNC Bank, N.A. LIQ), 0.200%, 5/7/2020 | 2,885,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$5,680,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2009B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/6/2020 | $5,680,000 | |
15,890,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005C-1) Weekly VRDNs, 0.230%, 5/7/2020 | 15,890,000 | |
TOTAL | 24,455,000 | ||
Illinois—5.3% | |||
14,550,000 | Illinois Development Finance Authority (Chicago Horticultural Society), (Series 1999) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.250%, 5/6/2020 | 14,550,000 | |
66,005,000 | Illinois Finance Authority (Advocate Aurora Health), (Series 2008C-1) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/6/2020 | 66,005,000 | |
2,350,000 | Illinois Finance Authority (Carle Foundation), (Series 2009E) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/7/2020 | 2,350,000 | |
3,950,000 | Morton Grove Village, IL (Illinois Holocaust Museum and Education Center), (Series 2006) Weekly VRDNs, (Bank of America N.A. LOC), 0.230%, 5/7/2020 | 3,950,000 | |
TOTAL | 86,855,000 | ||
Indiana—1.0% | |||
2,825,000 | Indiana State Finance Authority Hospital Revenue (Indiana University Health Obligated Group), (Series 2011D) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.260%, 5/6/2020 | 2,825,000 | |
5,415,000 | Indianapolis, IN MFH (Washington Pointe, LP), (Series 2009A) Weekly VRDNs, (FNMA LOC), 0.210%, 5/1/2020 | 5,415,000 | |
8,460,000 | Valparaiso, IN EDRB (Pines Village Retirement Community, Inc.), (Series 2008) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.330%, 5/7/2020 | 8,460,000 | |
TOTAL | 16,700,000 | ||
Iowa—7.3% | |||
48,015,000 | Iowa Finance Authority (Archer-Daniels-Midland Co.), (Series 2012) Weekly VRDNs, 0.230%, 5/6/2020 | 48,015,000 | |
6,500,000 | Iowa Finance Authority (Archer-Daniels-Midland Co.), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, 0.280%, 5/6/2020 | 6,500,000 | |
27,100,000 | Iowa Finance Authority (Cargill, Inc.), Midwestern Disaster Area Economic Development (Series 2011A) Weekly VRDNs, 0.260%, 5/7/2020 | 27,100,000 | |
36,500,000 | Iowa Finance Authority (HF Chlor-Alkali, LLC), (Series 2012) Weekly VRDNs, (GTD by Cargill, Inc.), 0.270%, 5/7/2020 | 36,500,000 | |
650,000 | Iowa Finance Authority (Trinity Healthcare Credit Group), (Series 2000D) Weekly VRDNs, 0.250%, 5/7/2020 | 650,000 | |
TOTAL | 118,765,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Louisiana—6.3% | |||
$20,000,000 | Ascension Parish, LA IDB (BASF Corp.), (Series 2009) Weekly VRDNs, (GTD by BASF SE), 1.650%, 5/6/2020 | $20,000,000 | |
12,000,000 | Louisiana Local Government Environmental Facilities CDA (Isidore Newman School), (Series 2002) Weekly VRDNs, (FHLB of Dallas LOC), 0.310%, 5/6/2020 | 12,000,000 | |
3,235,000 | Louisiana Local Government Environmental Facilities CDA (The Academy of the Sacred Heart of New Orleans), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.310%, 5/6/2020 | 3,235,000 | |
3,350,000 | Louisiana Local Government Environmental Facilities CDA (The Christ Episcopal Church in Covington), (Series 2004) Weekly VRDNs, (FHLB of Dallas LOC), 0.310%, 5/6/2020 | 3,350,000 | |
63,400,000 | Louisiana Public Facilities Authority (Air Products & Chemicals, Inc.), (Series 2009A) Weekly VRDNs, 0.220%, 5/6/2020 | 63,400,000 | |
TOTAL | 101,985,000 | ||
Maryland—0.1% | |||
595,000 | Maryland State Economic Development Corp. (Maryland Academy of Sciences), (Series 2003: Maryland Science Center) Weekly VRDNs, (Bank of America N.A. LOC), 0.370%, 5/7/2020 | 595,000 | |
1,050,000 | Maryland State Health & Higher Educational Facilities Authority (University of Maryland Medical System Corporation), (Series 2008D) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | 1,050,000 | |
TOTAL | 1,645,000 | ||
Massachusetts—1.0% | |||
10,700,000 | Massachusetts HEFA (Massachusetts Institute of Technology), (Series J-2) Weekly VRDNs, 0.230%, 5/7/2020 | 10,700,000 | |
5,525,000 | Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/7/2020 | 5,525,000 | |
TOTAL | 16,225,000 | ||
Michigan—3.6% | |||
4,430,000 | Lenawee County, MI EDC (Siena Heights University), (Series 2009) Weekly VRDNs, (FHLB of Chicago LOC), 0.250%, 5/7/2020 | 4,430,000 | |
16,200,000 | Michigan Strategic Fund (Kroger Co.), (Series 2010) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.300%, 5/7/2020 | 16,200,000 | |
12,015,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2002) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/7/2020 | 12,015,000 | |
25,115,000 | St. Joseph, MI Hospital Finance Authority (Lakeland Hospitals at Niles & St. Joseph Obligated Group), (Series 2006) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.330%, 5/7/2020 | 25,115,000 | |
TOTAL | 57,760,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Minnesota—0.3% | |||
$4,650,000 | St. Louis Park, MN (Parkshore Senior Campus, LLC), (Series 2004) Weekly VRDNs, (FHLMC LOC), 0.300%, 5/7/2020 | $4,650,000 | |
Mississippi—3.6% | |||
13,570,000 | Mississippi Development Bank (Harrison County, MS), (Series 2010B: Coliseum and Convention Center Bonds) Weekly VRDNs, (Bank of America N.A. LOC), 0.290%, 5/7/2020 | 13,570,000 | |
44,650,000 | Perry County, MS (Georgia-Pacific LLC), (Series 2002) Weekly VRDNs, 0.350%, 5/7/2020 | 44,650,000 | |
TOTAL | 58,220,000 | ||
Missouri—0.8% | |||
12,930,000 | Missouri State HEFA (Ascension Health Alliance Senior Credit Group), (Series 2008 C-5) Weekly VRDNs, 0.210%, 5/6/2020 | 12,930,000 | |
Multi-State—9.1% | |||
24,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 4) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.300%, 5/7/2020 | 24,000,000 | |
41,000,000 | Nuveen AMT-Free Municipal Credit Income Fund, (Series 5) Weekly VRDPs, (Societe Generale, Paris LIQ), 0.320%, 5/7/2020 | 41,000,000 | |
6,000,000 | Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, (Series 2) Weekly VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.290%, 5/7/2020 | 6,000,000 | |
9,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 3) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.270%, 5/7/2020 | 9,000,000 | |
47,100,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 4) Weekly VRDPs, (Barclays Bank PLC LIQ), 0.300%, 5/7/2020 | 47,100,000 | |
20,000,000 | Nuveen Enhanced AMT-Free Quality Municipal Income Fund, (Series 5-1000) Weekly VRDPs, (Sumitomo Mitsui Banking Corp. LIQ)/(Sumitomo Mitsui Banking Corp. LOC), 0.320%, 5/7/2020 | 20,000,000 | |
TOTAL | 147,100,000 | ||
Nebraska—0.1% | |||
1,400,000 | Washington County, NE (Cargill, Inc.), (Series 2010) Weekly VRDNs, 0.270%, 5/7/2020 | 1,400,000 | |
New York—14.2% | |||
10,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2005D-2) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.180%, 5/1/2020 | 10,000,000 | |
2,200,000 | New York City, NY Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.180%, 5/1/2020 | 2,200,000 | |
3,950,000 | New York City, NY Municipal Water Finance Authority Daily VRDNs, (State Street Bank and Trust Co. LIQ), 0.150%, 5/1/2020 | 3,950,000 | |
8,380,000 | New York City, NY Municipal Water Finance Authority, (Series 2013AA-2) Weekly VRDNs, (MUFG Bank Ltd. LIQ), 0.250%, 5/7/2020 | 8,380,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$12,430,000 | New York City, NY Municipal Water Finance Authority, (Series 2014AA-8) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.150%, 5/1/2020 | $12,430,000 | |
24,165,000 | New York City, NY Municipal Water Finance Authority, (Series 2015 BB-4) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 24,165,000 | |
17,670,000 | New York City, NY Municipal Water Finance Authority, (Series 2017-BB) Daily VRDNs, (State Street Bank and Trust Co. LIQ), 0.150%, 5/1/2020 | 17,670,000 | |
2,385,000 | New York City, NY Transitional Finance Authority, (Series 2014B-3) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 2,385,000 | |
7,285,000 | New York City, NY Transitional Finance Authority, (Subseries F-5) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.250%, 5/6/2020 | 7,285,000 | |
6,500,000 | New York City, NY Transitional Finance Authority, Fiscal 2003 (Series A-4) Daily VRDNs, (TD Bank, N.A. LIQ), 0.150%, 5/1/2020 | 6,500,000 | |
1,660,000 | New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 0.280%, 5/7/2020 | 1,660,000 | |
6,070,000 | New York City, NY Transitional Finance Authority, Future Tax Secured Subseries C-4) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 6,070,000 | |
3,910,000 | New York City, NY, (Fiscal 2006 Series I-3) Daily VRDNs, (Bank of America N.A. LOC), 0.160%, 5/1/2020 | 3,910,000 | |
17,735,000 | New York City, NY, (Fiscal 2008 Subseries J-6) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.160%, 5/1/2020 | 17,735,000 | |
26,800,000 | New York City, NY, (Fiscal 2010 Series G Subseries G-4) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.250%, 5/7/2020 | 26,800,000 | |
4,770,000 | New York City, NY, (Fiscal 2014 Series I, Subseries I-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.160%, 5/1/2020 | 4,770,000 | |
8,830,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.190%, 5/1/2020 | 8,830,000 | |
16,300,000 | New York City, NY, 2015 Series F (Subseries F-5) Daily VRDNs, (Barclays Bank PLC LIQ), 0.180%, 5/1/2020 | 16,300,000 | |
40,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.290%, 5/7/2020 | 40,000,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 2) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.290%, 5/7/2020 | 10,000,000 | |
TOTAL | 231,040,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
North Carolina—2.2% | |||
$4,430,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2007E) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | $4,430,000 | |
14,500,000 | Charlotte-Mecklenburg Hospital Authority, NC (Atrium Health (previously Carolinas HealthCare) System), (Series 2018G) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.160%, 5/1/2020 | 14,500,000 | |
1,785,000 | North Carolina Capital Facilities Finance Agency (Salem Academy and College), (Series 2005) Weekly VRDNs, (Truist Bank LOC), 0.270%, 5/7/2020 | 1,785,000 | |
15,000,000 | Raleigh, NC (Raleigh, NC Combined Enterprise System), (Series 2008A) Weekly VRDNs, (Bank of America N.A. LIQ), 0.220%, 5/6/2020 | 15,000,000 | |
TOTAL | 35,715,000 | ||
Ohio—1.3% | |||
35,000 | Akron, Bath & Copley, OH Joint Township Hospital District (Summa Health System), (Series 2017C) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.210%, 5/7/2020 | 35,000 | |
9,025,000 | Allen County, OH (Bon Secours Mercy Health), (Series 2010C) Daily VRDNs, (BMO Harris Bank, N.A. LOC), 0.160%, 5/1/2020 | 9,025,000 | |
3,100,000 | Hamilton County, OH Hospital Facilities Authority (The Elizabeth Gamble Deaconess Home Association), (Series 2002A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.230%, 5/7/2020 | 3,100,000 | |
1,210,000 | Lorain County, OH Port Authority (St. Ignatius High School), (Series 2008) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.230%, 5/7/2020 | 1,210,000 | |
8,005,000 | Ohio State Higher Educational Facility Commission (Cleveland Clinic), (Series D-2) Weekly VRDNs, 0.230%, 5/6/2020 | 8,005,000 | |
TOTAL | 21,375,000 | ||
Oregon—0.3% | |||
5,000,000 | Oregon State Facilities Authority (PeaceHealth), (2018 Series B) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | 5,000,000 | |
Pennsylvania—6.9% | |||
2,200,000 | Beaver County, PA IDA (Concordia Lutheran Obligated Group), (Series 2018A) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | 2,200,000 | |
7,430,000 | Butler County, PA General Authority (Iroquois School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.240%, 5/7/2020 | 7,430,000 | |
12,700,000 | Butler County, PA General Authority (South Park School District), (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.240%, 5/7/2020 | 12,700,000 | |
1,800,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | 1,800,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$200,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | $200,000 | |
600,000 | Lancaster, PA IDA (Willow Valley Retirement Communities), (Series A of 2009) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.230%, 5/7/2020 | 600,000 | |
11,965,000 | Mercer County, PA, (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.240%, 5/7/2020 | 11,965,000 | |
4,400,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 0.250%, 5/7/2020 | 4,400,000 | |
32,655,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.230%, 5/7/2020 | 32,655,000 | |
37,390,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019E) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.160%, 5/1/2020 | 37,390,000 | |
TOTAL | 111,340,000 | ||
Tennessee—1.9% | |||
5,100,000 | Blount County, TN Public Building Authority (Bradley County, TN), (Series E-6-A) Weekly VRDNs, (Truist Bank LOC), 0.290%, 5/6/2020 | 5,100,000 | |
16,235,000 | Sevier County, TN Public Building Authority (Sevier County, TN), Local Government Public Improvement Bonds (Series VII-B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/6/2020 | 16,235,000 | |
8,305,000 | Sevier County, TN Public Building Authority, (Series V-B-1) Weekly VRDNs, (Truist Bank LOC), 0.290%, 5/7/2020 | 8,305,000 | |
550,000 | Shelby County, TN Health Education & Housing Facilities Board (Methodist Le Bonheur Healthcare), (Series 2008B) Daily VRDNs, (Assured Guaranty Municipal Corp. INS)/(U.S. Bank, N.A. LIQ), 0.150%, 5/1/2020 | 550,000 | |
TOTAL | 30,190,000 | ||
Texas—2.7% | |||
11,185,000 | Austin, TX Hotel Occupancy Tax, Subordinate Lien Variable Rate Revenue Refunding Bonds (Series 2008-B) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.290%, 5/7/2020 | 11,185,000 | |
2,800,000 | Bexar County, TX Housing Finance Corp. (Summit Hills Apartments), (Series 2005A) Weekly VRDNs, (FHLMC LOC), 0.310%, 5/7/2020 | 2,800,000 | |
14,600,000 | Harris County, TX Education Facilities Finance Corp. (Methodist Hospital, Harris County, TX), (Series 2008C-2) Daily VRDNs, 0.160%, 5/1/2020 | 14,600,000 | |
1,050,000 | Harris County, TX HFDC (Methodist Hospital, Harris County, TX), (Subseries 2008A-1) Daily VRDNs, 0.160%, 5/1/2020 | 1,050,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Texas—continued | |||
$13,900,000 | Harris County, TX Hospital District, Senior Lien Refunding Revenue Bonds (Series 2010) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.250%, 5/7/2020 | $13,900,000 | |
TOTAL | 43,535,000 | ||
Utah—3.2% | |||
32,000,000 | Emery County, UT (Pacificorp), PCRB (Series 1994) Weekly VRDNs, 0.280%, 5/6/2020 | 32,000,000 | |
4,095,000 | Murray City, Utah Hospital Revenue (IHC Health Services, Inc.), (Series 2005A) Daily VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.160%, 5/1/2020 | 4,095,000 | |
2,000,000 | St. George, UT IDRB (Apogee Enterprises, Inc.), (Series 2010) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.320%, 5/7/2020 | 2,000,000 | |
12,640,000 | Utah County, UT (IHC Health Services, Inc.), (Series 2002C) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.200%, 5/7/2020 | 12,640,000 | |
2,000,000 | Weber County, UT (IHC Health Services, Inc.), (Series 2000C) Daily VRDNs, (Bank of New York Mellon, N.A. LIQ), 0.160%, 5/1/2020 | 2,000,000 | |
TOTAL | 52,735,000 | ||
Virginia—0.9% | |||
5,950,000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), 0.180%, 5/1/2020 | 5,950,000 | |
2,500,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003D) Weekly VRDNs, 0.210%, 5/6/2020 | 2,500,000 | |
5,560,000 | Roanoke, VA EDA (Carilion Health System Obligated Group), (Series C) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 5/7/2020 | 5,560,000 | |
TOTAL | 14,010,000 | ||
Washington—1.5% | |||
24,550,000 | Washington State Health Care Facilities Authority (Providence St. Joseph Health), (Series 2012D) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.250%, 5/7/2020 | 24,550,000 | |
West Virginia—1.7% | |||
5,140,000 | Cabell County, WV (Provident Group-Marshall Properties, LLC), (Series 2010A) Weekly VRDNs, (Bank of America N.A. LOC), 0.290%, 5/7/2020 | 5,140,000 | |
22,600,000 | West Virginia State Hospital Finance Authority (Cabell Huntington Hospital), (Series 2008A) Weekly VRDNs, (Truist Bank LOC), 0.290%, 5/7/2020 | 22,600,000 | |
TOTAL | 27,740,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Wisconsin—0.4% | |||
$6,945,000 | Wisconsin Public Finance Authority (RPD Holdings, LLC and HGI Wisconsin, LLC), Midwestern Disaster Area Revenue Bonds (Series 2011) Weekly VRDNs, (AgriBank FCB LOC), 0.300%, 5/7/2020 | $6,945,000 | |
TOTAL INVESTMENT IN SECURITIES—99.7% (AT AMORTIZED COST)2 | 1,618,540,000 | ||
OTHER ASSETS AND LIABILITIES - NET—0.3%3 | 4,296,228 | ||
TOTAL NET ASSETS—100% | $1,622,836,228 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CDA | —Community Development Authority |
CP | —Commercial Paper |
EDA | —Economic Development Authority |
EDC | —Economic Development Commission |
EDRB | —Economic Development Revenue Bond |
FHLB | —Federal Home Loan Bank |
FHLMC | —Federal Home Loan Mortgage Corporation |
FNMA | —Federal National Mortgage Association |
GTD | —Guaranteed |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
HFDC | —Health Facility Development Corporation |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
IDRB | —Industrial Development Revenue Bond |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
PCRB | —Pollution Control Revenue Bond |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | Period Ended 10/31/20161 | |||
2019 | 2018 | 2017 | |||
Net Asset Value, Beginning of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Income From Investment Operations: | |||||
Net investment income | 0.0059 | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0059 | 0.0137 | 0.0114 | 0.0059 | 0.0020 |
Less Distributions: | |||||
Distributions from net investment income | (0.0059) | (0.0137) | (0.0114) | (0.0059) | (0.0020) |
Net Asset Value, End of Period | $1.0000 | $1.0000 | $1.0000 | $1.0000 | $1.0000 |
Total Return2 | 0.60% | 1.38% | 1.15% | 0.59% | 0.20% |
Ratios to Average Net Assets: | |||||
Net expenses | 0.20%3 | 0.20% | 0.20% | 0.20% | 0.20%3 |
Net investment income | 1.15%3 | 1.36% | 1.17% | 0.59% | 0.54%3 |
Expense waiver/reimbursement4 | 0.16%3 | 0.16% | 0.18% | 0.20% | 0.22%3 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $973,599 | $855,998 | $594,047 | $301,268 | $231,159 |
1 | Reflects operations for the period from February 26, 2016 (date of initial public investment) to October 31, 2016. |
2 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
3 | Computed on an annualized basis. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at identified cost and fair value | $1,618,540,000 | |
Cash | 325,728 | |
Income receivable | 1,408,681 | |
Receivable for investments sold | 15,663,818 | |
Receivable for shares sold | 778,445 | |
TOTAL ASSETS | 1,636,716,672 | |
Liabilities: | ||
Payable for shares redeemed | $13,359,377 | |
Income distribution payable | 458,873 | |
Payable for investment adviser fee (Note 5) | 2,022 | |
Payable for administrative fees (Note 5) | 3,502 | |
Payable for other service fees (Note 2) | 40,202 | |
Accrued expenses (Note 5) | 16,468 | |
TOTAL LIABILITIES | 13,880,444 | |
Net assets for 1,622,817,091 shares outstanding | $1,622,836,228 | |
Net Assets Consist of: | ||
Paid-in capital | $1,622,817,091 | |
Total distributable earnings (loss) | 19,137 | |
TOTAL NET ASSETS | $1,622,836,228 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$973,598,741 ÷ 973,592,698 shares outstanding, no par value, unlimited shares authorized | $1.0000 | |
Premier Shares: | ||
$649,237,487 ÷ 649,224,393 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Investment Income: | |||
Interest | $10,104,357 | ||
Dividends | 26,405 | ||
TOTAL INCOME | 10,130,762 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $1,478,337 | ||
Administrative fee (Note 5) | 580,820 | ||
Custodian fees | 25,862 | ||
Transfer agent fee | 29,066 | ||
Directors’/Trustees’ fees (Note 5) | 3,766 | ||
Auditing fees | 10,145 | ||
Legal fees | 3,903 | ||
Portfolio accounting fees | 97,827 | ||
Other service fees (Note 2) | 215,156 | ||
Share registration costs | 43,639 | ||
Printing and postage | 9,742 | ||
Miscellaneous (Note 5) | 19,997 | ||
TOTAL EXPENSES | 2,518,260 | ||
Waiver of investment adviser fee (Note 5) | $(1,158,131) | ||
Net expenses | 1,360,129 | ||
Net investment income | 8,770,633 | ||
Change in net assets resulting from operations | $8,770,633 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $8,770,633 | $16,671,954 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 8,770,633 | 16,671,954 |
Distributions to Shareholders: | ||
Institutional Shares | (4,938,749) | (9,572,444) |
Premier Shares | (3,815,397) | (7,103,992) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (8,754,146) | (16,676,436) |
Share Transactions: | ||
Proceeds from sale of shares | 3,286,430,268 | 3,381,084,951 |
Net asset value of shares issued to shareholders in payment of distributions declared | 3,781,832 | 8,199,101 |
Cost of shares redeemed | (3,038,836,423) | (3,032,691,453) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 251,375,677 | 356,592,599 |
Change in net assets | 251,392,164 | 356,588,117 |
Net Assets: | ||
Beginning of period | 1,371,444,064 | 1,014,855,947 |
End of period | $1,622,836,228 | $1,371,444,064 |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only |
use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | |
Institutional Shares | $215,156 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,147,221,447 | $1,147,221,447 | 1,456,449,182 | $1,456,449,182 |
Shares issued to shareholders in payment of distributions declared | 1,414,322 | 1,414,322 | 3,655,957 | 3,655,957 |
Shares redeemed | (1,031,043,078) | (1,031,043,078) | (1,198,149,322) | (1,198,149,322) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 117,592,691 | $117,592,691 | 261,955,817 | $261,955,817 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,139,208,821 | $2,139,208,821 | 1,924,635,769 | $1,924,635,769 |
Shares issued to shareholders in payment of distributions declared | 2,367,510 | 2,367,510 | 4,543,144 | 4,543,144 |
Shares redeemed | (2,007,793,345) | (2,007,793,345) | (1,834,542,131) | (1,834,542,131) |
NET CHANGE RESULTING FROM PREMIER SHARE TRANSACTIONS | 133,782,986 | $133,782,986 | 94,636,782 | $94,636,782 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 251,375,677 | $251,375,677 | 356,592,599 | $356,592,599 |
Short-Term | Long-Term | Total |
$36 | $— | $36 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | $1,000 | $1,006.00 | $1.00 |
Hypothetical (assuming a 5% return before expenses): | $1,000 | $1,023.90 | $1.01 |
1 | Expenses are equal to the Fund’s annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
TickerGAMXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 85.7% |
Municipal Notes | 13.9% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 85.7% |
8-30 Days | 0.0% |
31-90 Days | 13.9% |
91-180 Days | 0.0% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
Georgia—99.6% | |||
$2,540,000 | Appling County, GA Development Authority (Georgia Power Co.), (First Series 2011) Daily VRDNs, 0.340%, 5/1/2020 | $2,540,000 | |
1,000,000 | Atlanta, GA Airport Facilities Revenue (Atlanta, GA Airport General Revenue), Tender Option Bond Receipts (Series 2019-XF0815) Weekly VRDNs, (Bank of America N.A. LIQ), 0.330%, 5/7/2020 | 1,000,000 | |
2,335,000 | Atlanta, GA Water & Wastewater, Tender Option Bond Trust Receipts (2015-XF0234) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.260%, 5/7/2020 | 2,335,000 | |
9,750,000 | Atlanta, GA, Urban Residential Finance Authority (Columbia at Sylvan Hills Apartments), (Series 2006) Weekly VRDNs, (FNMA LOC), 0.380%, 5/7/2020 | 9,750,000 | |
2,250,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), Tender Option Bond Trust Certificates (Series 2020-XX1122) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.250%, 5/7/2020 | 2,250,000 | |
780,000 | Brookhaven Development Authority, GA (Children’s Healthcare of Atlanta, Inc.), Tender Option Bond Trust Receipts (Series 2019-XG0224) Weekly VRDNs, (Bank of America N.A. LIQ), 0.300%, 5/7/2020 | 780,000 | |
5,400,000 | Bulloch County, GA Development Authority (Apogee Enterprises, Inc.), (Series 1999) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.410%, 5/7/2020 | 5,400,000 | |
1,500,000 | Burke County, GA Development Authority (Georgia Power Co.), (Third Series 2012) Daily VRDNs, 0.350%, 5/1/2020 | 1,500,000 | |
3,160,000 | Cherokee County, GA Development Authority (Goodwill of North Georgia, Inc.), (Series 2008) Weekly VRDNs, (Truist Bank LOC), 0.280%, 5/6/2020 | 3,160,000 | |
8,315,000 | Columbus, GA Development Authority (Avalon Apartments LP), (Series 2008) Weekly VRDNs, (FNMA LOC), 0.380%, 5/7/2020 | 8,315,000 | |
10,000,000 | Columbus, GA Development Authority (Lumpkin Park Partners, Ltd.), (Series 2008) Weekly VRDNs, (FHLMC LOC), 0.380%, 5/7/2020 | 10,000,000 | |
3,425,000 | Dalton-Whitfield County, GA Joint Development Authority (Hamilton Health Care System Obligated Group), CDI Net Liquidity (2018-ZM0577) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 3,425,000 | |
540,000 | Fitzgerald & Ben Hill County, GA Development Authority (Agri-Products, Inc.), (Series 2007) Weekly VRDNs, (U.S. Bank, N.A. LOC), 0.360%, 5/7/2020 | 540,000 | |
5,300,000 | Fulton County, GA, Solar Eclipse (Series 2017-0007) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.250%, 5/7/2020 | 5,300,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$1,450,000 | Georgia State HFA, Tender Option Bond Trust Receipts (2020-ZF0783) Weekly VRDNs, (Toronto Dominion Bank LIQ), 0.270%, 5/7/2020 | $1,450,000 | |
3,370,000 | Georgia State HFA, Tender Option Bond Trust Receipts (Series 2018-ZF0653) Weekly VRDNs, (Bank of America N.A. LIQ), 0.290%, 5/7/2020 | 3,370,000 | |
5,000,000 | Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Refunding Bonds (Series 2017B), 5.000%, 6/1/2020 | 5,017,871 | |
1,340,000 | Gordon County, GA Development Authority (Pine Hall Brick Co., Inc.), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.370%, 5/7/2020 | 1,340,000 | |
1,245,000 | Heard County, GA Development Authority (Oglethorpe Power Corp.), (Series 2009A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/6/2020 | 1,245,000 | |
4,280,000 | Main Street Natural Gas, Inc., GA, (Series 2010 A1) TOBs, (Royal Bank of Canada LOC), 0.340%, Optional Tender 6/1/2020 | 4,280,000 | |
2,500,000 | Main Street Natural Gas, Inc., GA, (Series 2010 A2) TOBs, (Royal Bank of Canada LOC), 0.340%, Optional Tender 6/1/2020 | 2,500,000 | |
3,300,000 | Monroe County, GA Development Authority (Florida Power & Light Co.), (Series 2019) Daily VRDNs, 0.320%, 5/1/2020 | 3,300,000 | |
6,150,000 | Monroe County, GA Development Authority (Gulf Power Co.), (Series 2019) Daily VRDNs, 0.340%, 5/1/2020 | 6,150,000 | |
560,000 | Monroe County, GA Development Authority Pollution Control (Georgia Power Co.), (First Series 1997) Daily VRDNs, 0.340%, 5/1/2020 | 560,000 | |
2,375,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2009B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.260%, 5/6/2020 | 2,375,000 | |
2,000,000 | Monroe County, GA Development Authority Pollution Control (Oglethorpe Power Corp.), (Series 2010A) Weekly VRDNs, (Truist Bank LOC), 0.350%, 5/6/2020 | 2,000,000 | |
2,500,000 | Paulding County, GA Hospital Authority (Wellstar Health System, Inc.), (Series 2012B) Weekly VRDNs, (Bank of America N.A. LOC), 0.250%, 5/7/2020 | 2,500,000 | |
5,055,000 | Paulding County, GA, Solar Eclipse (Series 2017-0060) TOBs, (U.S. Bank, N.A. LIQ), 0.420%, Optional Tender 6/4/2020 | 5,055,000 | |
225,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005B-2) Weekly VRDNs, 0.200%, 5/7/2020 | 225,000 | |
1,250,000 | Private Colleges & Universities Facilities of GA (Emory University), (Series 2005B-3) Weekly VRDNs, 0.170%, 5/7/2020 | 1,250,000 | |
6,710,000 | Richmond County, GA Development Authority (Stonegate Club Apartments LLC), (Series 2002) Weekly VRDNs, (FNMA LOC), 0.340%, 5/7/2020 | 6,710,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Georgia—continued | |||
$1,000,000 | Roswell, GA Housing Authority (Belcourt Ltd.), MFH Refunding Revenue Bonds (Series 1988A) Weekly VRDNs, (Northern Trust Co., Chicago, IL LOC), 0.200%, 5/6/2020 | $1,000,000 | |
2,305,000 | Savannah, GA EDA (Calvary Day School), (Series 2006) Weekly VRDNs, (Truist Bank LOC), 0.280%, 5/6/2020 | 2,305,000 | |
2,450,000 | Savannah, GA EDA (Home Depot, Inc.), (Series 1995A) Weekly VRDNs, 0.650%, 5/6/2020 | 2,450,000 | |
6,355,000 | Savannah, GA EDA (Home Depot, Inc.), (Series B) Weekly VRDNs, (Truist Bank LOC), 0.300%, 5/6/2020 | 6,355,000 | |
2,655,000 | Wayne County, GA, IDA (Sierra International Machinery LLC), (Series 2011) Weekly VRDNs, (Truist Bank LOC), 0.320%, 5/7/2020 | 2,655,000 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)2 | 120,387,871 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 514,902 | ||
TOTAL NET ASSETS—100% | $120,902,773 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
EDA | —Economic Development Authority |
FHLMC | —Federal Home Loan Mortgage Corporation |
FNMA | —Federal National Mortgage Association |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
MFH | —Multi-Family Housing |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Net realized gain (loss) | (0.000)1 | 0.0001 | — | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.005) | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.49% | 1.11% | 0.88% | 0.35% | 0.11% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.52%3 | 0.53% | 0.53% | 0.53% | 0.32%4 | 0.12% |
Net investment income | 0.91%3 | 1.11% | 0.87% | 0.35% | 0.05% | 0.01% |
Expense waiver/reimbursement5 | 0.34%3 | 0.30% | 0.34% | 0.44% | 0.64% | 0.79% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $120,903 | $141,535 | $175,860 | $156,551 | $98,313 | $168,721 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $120,387,871 | |
Cash | 275,726 | |
Income receivable | 286,947 | |
Receivable for shares sold | 387,937 | |
TOTAL ASSETS | 121,338,481 | |
Liabilities: | ||
Payable for shares redeemed | $405,294 | |
Payable to adviser (Note 4) | 1,083 | |
Payable for administrative fee (Note 4) | 259 | |
Payable for other service fees (Note 2) | 24,751 | |
Accrued expenses (Note 4) | 4,321 | |
TOTAL LIABILITIES | 435,708 | |
Net assets for 120,901,535 shares outstanding | $120,902,773 | |
Net Assets Consist of: | ||
Paid-in capital | $120,901,536 | |
Total distributable earnings | 1,237 | |
TOTAL NET ASSETS | $120,902,773 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$120,902,773 ÷ 120,901,535 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $996,341 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $208,573 | ||
Administrative fee (Note 4) | 54,775 | ||
Custodian fees | 2,643 | ||
Transfer agent fees | 72,106 | ||
Directors’/Trustees’ fees (Note 4) | 567 | ||
Auditing fees | 10,145 | ||
Legal fees | 4,854 | ||
Portfolio accounting fees | 33,692 | ||
Other service fees (Note 2) | 173,811 | ||
Share registration costs | 28,241 | ||
Printing and postage | 12,006 | ||
Miscellaneous (Note 4) | 2,852 | ||
TOTAL EXPENSES | 604,265 | ||
Waiver and Reimbursements (Note 4): | |||
Waiver of investment adviser fee | $(208,573) | ||
Reimbursements of other operating expenses | (30,774) | ||
TOTAL WAIVER AND REIMBURSEMENTS | (239,347) | ||
Net expenses | 364,918 | ||
Net investment income | 631,423 | ||
Net realized loss on investments | (33) | ||
Change in net assets resulting from operations | $631,390 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $631,423 | $1,905,582 |
Net realized gain (loss) | (33) | 389 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 631,390 | 1,905,971 |
Distributions to Shareholders | (631,301) | (1,905,227) |
Share Transactions: | ||
Proceeds from sale of shares | 196,934,634 | 375,262,428 |
Net asset value of shares issued to shareholders in payment of distributions declared | 628,688 | 1,872,636 |
Cost of shares redeemed | (218,195,442) | (411,460,593) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (20,632,120) | (34,325,529) |
Change in net assets | (20,632,031) | (34,324,785) |
Net Assets: | ||
Beginning of period | 141,534,804 | 175,859,589 |
End of period | $120,902,773 | $141,534,804 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |
Shares sold | 196,934,633 | 375,262,428 |
Shares issued to shareholders in payment of distributions declared | 628,688 | 1,872,636 |
Shares redeemed | (218,195,442) | (411,460,593) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | (20,632,121) | (34,325,529) |
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 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,004.90 | $2.59 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,022.30 | $2.61 |
1 | Expenses are equal to the Fund’s annualized net expense ratio of 0.52%, multiplied by the average account value over the period, multiplied by 182/366 (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 | Wealth | MAWXX | Service | MMCXX | Cash Series | FMCXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 73.8% |
Commercial Paper | 16.1% |
Municipal Notes | 9.9% |
Other Assets and Liabilities—Net2 | 0.2% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 77.0% |
8-30 Days | 8.7% |
31-90 Days | 10.2% |
91-180 Days | 2.2% |
181 Days or more | 1.7% |
Other Assets and Liabilities—Net2 | 0.2% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.8% | ||
Massachusetts—99.8% | |||
$1,000,000 | Athol-Royalston, MA Regional School District BANs, 2.500%, 7/30/2020 | $1,002,964 | |
1,500,000 | Boston, MA Water & Sewer Commission, Tax-Exempt Commercial Paper Bond Anticipation Notes (Series A), CP, (State Street Bank and Trust Co. LOC), 1.040%, Mandatory Tender 5/6/2020 | 1,500,000 | |
1,870,000 | Commonwealth of Massachusetts, (Series 2000A) Weekly VRDNs, (Citibank N.A., New York LIQ), 0.230%, 5/7/2020 | 1,870,000 | |
1,945,000 | Massachusetts Bay Transportation Authority General Transportation System, (2000 Series A-1) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.170%, 5/6/2020 | 1,945,000 | |
350,000 | Massachusetts Bay Transportation Authority General Transportation System, (Series A), CP, (Toronto Dominion Bank LIQ), 0.600%, Mandatory Tender 5/13/2020 | 350,000 | |
1,500,000 | Massachusetts Bay Transportation Authority Sales Tax Revenue, Clipper Tax-Exempt Certificates Trust (Series 2009-47) TOBs, (State Street Bank and Trust Co. LIQ), 0.370%, Optional Tender 5/14/2020 | 1,500,000 | |
1,870,000 | Massachusetts Department of Transportation, (Series A-1) Weekly VRDNs, (Citibank N.A., New York LOC), 0.190%, 5/6/2020 | 1,870,000 | |
300,000 | Massachusetts Development Finance Agency (Boston University), (Series U-6C) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | 300,000 | |
1,955,000 | Massachusetts Development Finance Agency (Boston University), (Series U-6E) Daily VRDNs, (TD Bank, N.A. LOC), 0.150%, 5/1/2020 | 1,955,000 | |
1,900,000 | Massachusetts Development Finance Agency (Clark University), (Series 2008) Weekly VRDNs, (TD Bank, N.A. LOC), 0.180%, 5/6/2020 | 1,900,000 | |
1,900,000 | Massachusetts Development Finance Agency (Mass General Brigham), Tender Option Bond Trust Receipts (2016-XM0137) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 1,900,000 | |
3,367,000 | Massachusetts Development Finance Agency, (Issue 4), CP, (FHLB of Boston LOC), 0.830%, Mandatory Tender 7/8/2020 | 3,367,000 | |
2,300,000 | Massachusetts HEFA (Baystate Medical Center), (Series J-2) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.150%, 5/1/2020 | 2,300,000 | |
200,000 | Massachusetts HEFA (Harvard University), (Series R) Daily VRDNs, 0.050%, 5/1/2020 | 200,000 | |
150,000 | Massachusetts HEFA (Harvard University), (Series Y) Weekly VRDNs, 0.220%, 5/7/2020 | 150,000 | |
1,275,000 | Massachusetts HEFA (Massachusetts Institute of Technology), (Series J-2) Weekly VRDNs, 0.230%, 5/7/2020 | 1,275,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Massachusetts—continued | |||
$2,100,000 | Massachusetts IFA (New England Power Co.), (Series 1992B), CP, 1.150%, Mandatory Tender 5/29/2020 | $2,100,000 | |
700,000 | Massachusetts School Building Authority, Tender Option Bond Trust Certificates (2016-XX1008) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.250%, 5/7/2020 | 700,000 | |
475,000 | Massachusetts State Development Finance Agency (Marine Biological Laboratory), (Series 2006) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.230%, 5/7/2020 | 475,000 | |
5,555,000 | Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007A) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.350%, 5/6/2020 | 5,555,000 | |
2,185,000 | Massachusetts State Development Finance Agency (Tabor Academy), (Series 2007B) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.350%, 5/6/2020 | 2,185,000 | |
500,000 | Massachusetts State Development Finance Agency (Tufts University), (Series 2018 R) Daily VRDNs, (U.S. Bank, N.A. LIQ), 0.170%, 5/1/2020 | 500,000 | |
400,000 | Massachusetts State Health & Educational Facility (Amherst College), (Series 2005 J-2) Daily VRDNs, 0.090%, 5/1/2020 | 400,000 | |
795,000 | Massachusetts State Health & Educational Facility (Massachusetts Institute of Technology), Tender Option Bond Trust Receipts (2016-XM0232) Weekly VRDNs, (Bank of America N.A. LIQ), 0.270%, 5/7/2020 | 795,000 | |
1,600,000 | Massachusetts State Health & Educational Facility (Tufts University), (Series 2008 N-2) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.150%, 5/1/2020 | 1,600,000 | |
3,700,000 | Massachusetts State Housing Finance Agency Housing Revenue (Princeton Westford), (2015 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/7/2020 | 3,700,000 | |
1,900,000 | Massachusetts Water Resources Authority, Tender Option Bond Trust Certificates (2016-XX1002) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.250%, 5/7/2020 | 1,900,000 | |
1,255,387 | Randolph, MA BANs, 2.500%, 6/12/2020 | 1,256,619 | |
750,000 | Rowley, MA BANs, 1.750%, 12/18/2020 | 752,498 | |
TOTAL INVESTMENT IN SECURITIES—99.8% (AT AMORTIZED COST)2 | 45,304,081 | ||
OTHER ASSETS AND LIABILITIES - NET—0.2%3 | 112,150 | ||
TOTAL NET ASSETS—100% | $45,416,231 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
BANs | —Bond Anticipation Notes |
CP | —Commercial Paper |
FHLB | —Federal Home Loan Bank |
HEFA | —Health and Education Facilities Authority |
IFA | —Industrial Finance Authority |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | Period Ended 10/31/20181 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||
Net investment income | 0.002 | 0.0132 | 0.010 |
Net realized gain | 0.004 | 0.0003 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.013 | 0.010 |
Less Distributions: | |||
Distributions from net investment income | (0.005) | (0.013) | (0.010) |
Distributions from net realized gain | (0.001) | — | (0.000)3 |
TOTAL DISTRIBUTIONS | (0.006) | (0.013) | (0.010) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 |
Total Return4 | 0.56% | 1.29% | 1.02% |
Ratios to Average Net Assets: | |||
Net expenses | 0.36%5 | 0.36% | 0.36%5 |
Net investment income | 0.52%5 | 1.34% | 1.16%5 |
Expense waiver/reimbursement6 | 0.00%5,7 | 0.43% | 0.45%5 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $08 | $08 | $732 |
1 | Reflects operations for the period from November 6, 2017 (date of initial investment) to October 31, 2018. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Computed on an annualized basis. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
7 | Represents less than 0.01%. |
8 | Represents less than $1,000. |
Period Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.004 | 0.0101 | 0.008 | 0.002 | 0.0002 | 0.0002 |
Net realized gain | 0.001 | 0.0002 | — | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.010 | 0.008 | 0.002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.004) | (0.010) | (0.008) | (0.002) | (0.000)2 | (0.000)2 |
Distributions from net realized gain | (0.001) | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.005) | (0.010) | (0.008) | (0.002) | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.45% | 1.05% | 0.78% | 0.25% | 0.07% | 0.05% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.58%4 | 0.60% | 0.61% | 0.61% | 0.32%5 | 0.12% |
Net investment income | 0.81%4 | 1.04% | 0.72% | 0.20% | 0.03% | 0.01% |
Expense waiver/reimbursement6 | 0.71%4 | 0.48% | 0.39% | 0.37% | 0.57% | 0.74% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $28,054 | $17,107 | $19,628 | $50,886 | $71,785 | $115,844 |
1 | Per share numbers have been calculated using the average shares method. |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.32% after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.002 | 0.0061 | 0.004 | 0.0002 | 0.0002 | 0.0002 |
Net realized gain | 0.001 | 0.0002 | — | 0.0002 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.003 | 0.006 | 0.004 | 0.0002 | 0.0002 | 0.0002 |
Less Distributions: | ||||||
Distributions from net investment income | (0.002) | (0.006) | (0.004) | (0.000)2 | (0.000)2 | (0.000)2 |
Distributions from net realized gain | (0.001) | — | (0.000)2 | (0.000)2 | (0.000)2 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.003) | (0.006) | (0.004) | (0.000)2 | (0.000)2 | (0.000)2 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.26% | 0.62% | 0.37% | 0.05% | 0.04% | 0.05% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.96%4 | 1.02% | 1.02% | 0.81% | 0.35%5 | 0.12% |
Net investment income | 0.36%4 | 0.64% | 0.36% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement6 | 0.96%4 | 0.65% | 0.60% | 0.77% | 1.14% | 1.35% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $17,363 | $20,125 | $48,133 | $42,818 | $60,767 | $80,123 |
1 | Per share numbers have been calculated using the average shares method. |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.35% after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $45,304,081 | |
Cash | 750,551 | |
Income receivable | 94,135 | |
Receivable for shares sold | 40,782 | |
TOTAL ASSETS | 46,189,549 | |
Liabilities: | ||
Payable for investments purchased | $752,498 | |
Payable for shares redeemed | 441 | |
Income distribution payable | 1,083 | |
Capital gain distribution payable | 1,730 | |
Payable to adviser (Note 4) | 715 | |
Payable for administrative fees (Note 4) | 97 | |
Payable for distribution services fee (Note 4) | 3,842 | |
Payable for other service fees (Notes 2 and 4) | 5,393 | |
Accrued expenses (Note 4) | 7,519 | |
TOTAL LIABILITIES | 773,318 | |
Net assets for 45,407,053 shares outstanding | $45,416,231 | |
Net Assets Consist of: | ||
Paid-in capital | $45,407,265 | |
Total distributable earnings (loss) | 8,966 | |
TOTAL NET ASSETS | $45,416,231 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$100 ÷ 100 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$28,053,500 ÷ 28,047,834 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$17,362,631 ÷ 17,359,119 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $243,191 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $53,624 | ||
Administrative fee (Note 4) | 14,204 | ||
Custodian fees | 1,353 | ||
Transfer agent fee | 13,964 | ||
Directors’/Trustees’ fees (Note 4) | 281 | ||
Auditing fees | 10,145 | ||
Legal fees | 4,475 | ||
Portfolio accounting fees | 42,929 | ||
Distribution services fee (Note 4) | 51,497 | ||
Other service fees (Notes 2 and 4) | 43,545 | ||
Share registration costs | 35,646 | ||
Printing and postage | 10,274 | ||
Miscellaneous (Note 4) | 3,375 | ||
TOTAL EXPENSES | 285,312 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 4) | $(53,624) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 4) | (94,784) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (148,408) | ||
Net expenses | 136,904 | ||
Net investment income | 106,287 | ||
Net realized gain on investments | 8,710 | ||
Change in net assets resulting from operations | $114,997 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $106,287 | $456,287 |
Net realized gain | 8,710 | 16,687 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 114,997 | 472,974 |
Distributions to Shareholders: | ||
Wealth Shares | —1 | (4,252) |
Service Shares | (83,057) | (200,193) |
Cash Series Shares | (40,099) | (251,635) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (123,156) | (456,080) |
Share Transactions: | ||
Proceeds from sale of shares | 51,563,459 | 168,315,304 |
Net asset value of shares issued to shareholders in payment of distributions declared | 105,395 | 417,629 |
Cost of shares redeemed | (43,476,905) | (200,010,997) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 8,191,949 | (31,278,064) |
Change in net assets | 8,183,790 | (31,261,170) |
Net Assets: | ||
Beginning of period | 37,232,441 | 68,493,611 |
End of period | $45,416,231 | $37,232,441 |
1 | Represents less than $1. |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $22,088 | $— | $(1,811) |
Cash Series Shares | $21,457 | $(165) | $(3,380) |
TOTAL | $43,545 | $(165) | $(5,191) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 589,044 | $589,044 |
Shares redeemed | — | — | (1,321,210) | (1,321,210) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | — | $— | (732,166) | $(732,166) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 20,033,123 | $20,033,123 | 49,789,838 | $49,789,838 |
Shares issued to shareholders in payment of distributions declared | 65,536 | 65,536 | 167,194 | 167,194 |
Shares redeemed | (9,149,735) | (9,149,735) | (52,486,251) | (52,486,251) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 10,948,924 | $10,948,924 | (2,529,219) | $(2,529,219) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 31,530,336 | $31,530,336 | 117,936,422 | $117,936,422 |
Shares issued to shareholders in payment of distributions declared | 39,859 | 39,859 | 250,435 | 250,435 |
Shares redeemed | (34,327,170) | (34,327,170) | (146,203,536) | (146,203,536) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (2,756,975) | $(2,756,975) | (28,016,679) | $(28,016,679) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 8,191,949 | $8,191,949 | (31,278,064) | $(31,278,064) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash Series Shares | $51,497 | $(18,008) |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,005.60 | $1.80 |
Service Shares | $1,000 | $1,004.50 | $2.89 |
Cash Series Shares | $1,000 | $1,002.60 | $4.78 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.07 | $1.81 |
Service Shares | $1,000 | $1,021.98 | $2.92 |
Cash Series Shares | $1,000 | $1,020.09 | $4.82 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.36% |
Service Shares | 0.58% |
Cash Series Shares | 0.96% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N518
CUSIP 608919882
Share Class | Ticker | Wealth | NISXX | Service | FNTXX | Cash II | NYCXX |
Cash Series | FNCXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 66.6% |
Municipal Notes | 30.9% |
Commercial Paper | 2.1% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 64.6% |
8-30 Days | 6.0% |
31-90 Days | 19.8% |
91-180 Days | 5.8% |
181 Days or more | 3.4% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
New York—99.6% | |||
$285,000 | Albany, NY IDA (Albany Local Development Corp.), (Series 2002: Corning Preserve/Hudson Riverfront) Weekly VRDNs, (KeyBank, N.A. LOC), 0.450%, 5/7/2020 | $285,000 | |
4,200,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 4,200,000 | |
3,000,000 | Argyle, NY CSD, (Series 2019) BANs, 2.250%, 6/5/2020 | 3,001,607 | |
5,109,500 | Batavia Town, NY BANs, 1.500%, 3/11/2021 | 5,126,866 | |
9,750,000 | Batavia, NY City School District, (Series 2019A) BANs, 2.000%, 6/16/2020 | 9,759,243 | |
10,000,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.260%, 5/7/2020 | 10,000,000 | |
2,075,000 | Belfast, NY CSD BANs, 1.750%, 6/26/2020 | 2,075,720 | |
3,779,013 | Bradford, NY CSD BANs, 2.000%, 6/26/2020 | 3,781,980 | |
3,750,000 | Canadice, NY BANs, 2.000%, 7/17/2020 | 3,750,000 | |
2,000,000 | Carthage, NY CSD BANs, 1.500%, 6/29/2020 | 2,000,507 | |
3,000,000 | Clayton, NY BANs, 1.500%, 9/9/2020 | 3,001,055 | |
1,995,000 | Columbia County, NY IDA (Columbia Memorial Hospital), (Series 2008A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.280%, 5/7/2020 | 1,995,000 | |
3,595,743 | Corning, NY (Town of) BANs, 1.750%, 8/12/2020 | 3,598,429 | |
3,395,770 | East Fishkill, NY, (Series 2019B) BANs, 1.500%, 7/23/2020 | 3,397,679 | |
2,000,000 | East Rochester, NY Union Free School District BANs, 2.000%, 6/26/2020 | 2,002,031 | |
1,525,000 | Elba, NY BANs, 1.250%, 3/17/2021 | 1,528,298 | |
3,785,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.280%, 5/7/2020 | 3,785,000 | |
3,840,000 | Fort Edward Union Free School District, NY BANs, 2.000%, 6/19/2020 | 3,841,871 | |
7,175,000 | Glens Falls, NY BANs, 2.000%, 6/5/2020 | 7,175,000 | |
1,200,000 | Heuvelton, NY CSD BANs, 1.500%, 6/25/2020 | 1,200,249 | |
4,800,000 | Honeoye Falls Lima, NY CSD, (Series A) BANs, 2.000%, 7/15/2020 | 4,806,698 | |
4,500,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Certificates (Series 2020-XF2859) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.370%, 5/7/2020 | 4,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$5,030,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Receipts (Series 2019-ZM0737) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.300%, 5/7/2020 | $5,030,000 | |
5,000,000 | Ithaca City, NY School District BANs, 1.500%, 7/17/2020 | 5,003,465 | |
5,831,500 | Kingston, NY BANs, 1.250%, 3/19/2021 | 5,859,589 | |
1,872,086 | Lloyd, NY BANs, 1.500%, 2/12/2021 | 1,876,428 | |
1,055,939 | Malone, NY CSD BANs, 2.000%, 8/14/2020 | 1,057,429 | |
5,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), 0.320%, 5/7/2020 | 5,000,000 | |
18,445,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.370%, Optional Tender 5/14/2020 | 18,445,000 | |
16,685,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XF0917) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/7/2020 | 16,685,000 | |
16,670,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0826) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/7/2020 | 16,670,000 | |
3,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/7/2020 | 3,000,000 | |
2,763,571 | Middletown, NY, (2019 Series B) BANs, 1.750%, 10/22/2020 | 2,768,748 | |
3,440,000 | Monroe County, NY IDA (Continuing Developmental Services, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.400%, 5/7/2020 | 3,440,000 | |
3,400,000 | Montauk, NY Union Free School District TANs, 2.000%, 6/25/2020 | 3,403,546 | |
25,000,000 | Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008A) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.180%, 5/6/2020 | 25,000,000 | |
3,725,000 | Nassau County, NY, RBC Muni Products (Series 2018 G-5) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.260%, 5/7/2020 | 3,725,000 | |
8,960,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2815) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.280%, 5/7/2020 | 8,960,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$8,700,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2816) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | $8,700,000 | |
1,407,680 | New Paltz, NY BANs, 1.500%, 9/17/2020 | 1,408,626 | |
1,150,000 | New York City Capital Resource Corp. (Cobble Hill Health Center, Inc.), Loan Enhanced Assistance Program (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/7/2020 | 1,150,000 | |
685,000 | New York City Capital Resource Corp. (Cobble Hill Health Center, Inc.), Loan Enhanced Assistance Program (Series 2008B-3) Weekly VRDNs, (Bank of America N.A. LOC), 0.260%, 5/7/2020 | 685,000 | |
10,000,000 | New York City Housing Development Corp. (8 Spruce Street Residential LLC), BAML 3a-7 CE (Series 2019-BAML5009) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.290%, 5/7/2020 | 10,000,000 | |
4,800,000 | New York City Housing Development Corp., Sustainable Neighborhood Bonds (2017 Series G-3) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.210%, 5/7/2020 | 4,800,000 | |
3,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2786) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 3,000,000 | |
4,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2787) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 4,000,000 | |
15,970,000 | New York City Trust For Cultural Resources (Metropolitan Museum of Art), (Series 2006 A-2) Weekly VRDNs, 0.260%, 5/7/2020 | 15,970,000 | |
4,500,000 | New York City, NY Health and Hospitals Corp., Health System Bonds (Series 2008C) Weekly VRDNs, (TD Bank, N.A. LOC), 0.210%, 5/6/2020 | 4,500,000 | |
2,000,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2000 Series C) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 0.210%, 5/6/2020 | 2,000,000 | |
990,000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.250%, 5/7/2020 | 990,000 | |
7,250,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.180%, 5/1/2020 | 7,250,000 | |
10,750,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.160%, 5/1/2020 | 10,750,000 | |
10,000,000 | New York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.180%, 5/1/2020 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$5,850,000 | New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 0.280%, 5/7/2020 | $5,850,000 | |
475,000 | New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.280%, 5/7/2020 | 475,000 | |
12,950,000 | New York City, NY, (Fiscal 2008 Subseries J-6) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.160%, 5/1/2020 | 12,950,000 | |
20,000,000 | New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.250%, 5/7/2020 | 20,000,000 | |
4,185,000 | New York City, NY, (Fiscal 2017 Series A Subseries A-5) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.160%, 5/1/2020 | 4,185,000 | |
5,800,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.190%, 5/1/2020 | 5,800,000 | |
1,880,000 | New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 0.240%, 5/7/2020 | 1,880,000 | |
370,000 | New York State Dormitory Authority (St. John’s University), (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 5/7/2020 | 370,000 | |
5,600,000 | New York State Dormitory Authority State Personal Income Tax Revenue, Tender Option Bond Trust Receipts (Series 2018-XG0218) Weekly VRDNs, (Bank of America N.A. LIQ), 0.270%, 5/7/2020 | 5,600,000 | |
1,100,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-3) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.230%, 5/6/2020 | 1,100,000 | |
5,920,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 0.170%, 5/6/2020 | 5,920,000 | |
1,150,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 0.190%, 5/6/2020 | 1,150,000 | |
6,925,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 0.220%, 5/6/2020 | 6,925,000 | |
2,980,000 | New York State HFA (8 East 102nd Street Housing), (Series 2010A) Weekly VRDNs, (TD Bank, N.A. LOC), 0.210%, 5/6/2020 | 2,980,000 | |
1,950,000 | New York State HFA (Dock Street Rental LLC), (Series 2013A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.250%, 5/6/2020 | 1,950,000 | |
605,000 | New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.160%, 5/1/2020 | 605,000 | |
6,990,000 | New York State HFA, (2010 Series A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.240%, 5/6/2020 | 6,990,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$2,950,000 | New York State HFA, Tender Option Bond Trust Certificates (Series 2019-ZF2800) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.260%, 5/7/2020 | $2,950,000 | |
5,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.250%, 5/7/2020 | 5,500,000 | |
3,800,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), State Facilities and Equipment (Series 2004A3-A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.190%, 5/7/2020 | 3,800,000 | |
3,245,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), State Facilities and Equipment (Series 2004A3-D) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.190%, 5/7/2020 | 3,245,000 | |
7,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2018-XM0636) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 7,500,000 | |
5,650,000 | North Colonie, NY CSD BANs, 2.250%, 7/17/2020 | 5,651,321 | |
14,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.290%, 5/7/2020 | 14,500,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.260%, 5/7/2020 | 10,000,000 | |
4,640,000 | Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 4,640,000 | |
7,720,000 | Ontario County, NY Industrial Development Agency (Friends of the Finger Lakes Performing Arts Center, Inc.), (Series 2005A) Monthly VRDNs, (Citizens Bank, N.A., Providence LOC), 5.110%, 5/1/2020 | 7,720,000 | |
3,619,836 | Oppenheim-Ephratah-St. Johnsville, NY CSD BANs, 1.500%, 6/19/2020 | 3,620,941 | |
1,500,000 | Orange County, NY IDA (Tuxedo Park School), (Series 2002) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 1,500,000 | |
1,859,000 | Owego-Apalachin, NY CSD BANs, 1.750%, 8/21/2020 | 1,861,071 | |
2,000,000 | Philipstown, NY BANs, 1.500%, 1/22/2021 | 2,003,586 | |
11,135,000 | Port Authority of New York and New Jersey, (Series B), CP, 1.200%, Mandatory Tender 7/8/2020 | 11,135,000 | |
1,100,000 | Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 1,100,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$1,535,000 | Rensselaer County, NY IDA (WMHT Educational Telecommunications), Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | $1,535,000 | |
1,772,764 | Rhinebeck, NY BANs, 1.500%, 1/29/2021 | 1,776,278 | |
1,600,000 | Rome, NY, (2019 Series A) BANs, 2.000%, 5/29/2020 | 1,600,000 | |
6,480,000 | Salina, NY BANs, 2.250%, 6/13/2020 | 6,484,384 | |
3,755,000 | Schoharie County, NY BANs, 2.000%, 6/19/2020 | 3,758,984 | |
10,000,000 | South Lewis, NY CSD BANs, 1.750%, 7/31/2020 | 10,019,806 | |
3,160,039 | Stony Point, NY, (Series 2019A) BANs, 1.500%, 8/20/2020 | 3,161,927 | |
610,000 | Suffolk County, NY IDA (Guide Dog Foundation, Inc.) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/7/2020 | 610,000 | |
2,000,000 | Tuckahoe, NY Union Free School District BANs, 2.000%, 6/5/2020 | 2,000,600 | |
4,895,000 | Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.350%, 5/7/2020 | 4,895,000 | |
1,255,050 | Wappingers, NY CSD BANs, 2.000%, 7/15/2020 | 1,256,112 | |
4,538,873 | Waverly, NY BANs, 1.500%, 9/1/2020 | 4,539,206 | |
2,100,000 | Waverly, NY CSD BANs, 1.750%, 6/30/2020 | 2,100,953 | |
3,041,440 | West Genesee, NY CSD BANs, 2.000%, 7/3/2020 | 3,044,987 | |
4,300,000 | Westchester County, NY TANs, 1.500%, 5/27/2020 | 4,300,116 | |
4,155,000 | Wilson, NY CSD BANs, 2.000%, 7/8/2020 | 4,160,615 | |
4,766,000 | Windham, NY BANs, 2.375%, 5/20/2020 | 4,767,275 | |
7,250,000 | Yonkers, NY IDA (Consumers Union of United States, Inc.), (Series 2005) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.220%, 5/6/2020 | 7,250,000 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)2 | 534,658,226 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 2,069,623 | ||
TOTAL NET ASSETS—100% | $536,727,849 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
CP | —Commercial Paper |
CSD | —Central School District |
FNMA | —Federal National Mortgage Association |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TANs | —Tax Anticipation Notes |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.54% | 1.33% | 1.08% | 0.56% | 0.16% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.32%3 | 0.32% | 0.32% | 0.32% | 0.22%4 | 0.12% |
Net investment income | 1.04%3 | 1.31% | 1.10% | 0.58% | 0.10% | 0.01% |
Expense waiver/reimbursement5 | 0.17%3 | 0.17% | 0.25% | 0.34% | 0.40% | 0.48% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $260,246 | $326,684 | $211,511 | $111,061 | $70,496 | $215,975 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.004 | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.011 | 0.009 | 0.003 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.004) | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.004) | (0.011) | (0.009) | (0.003) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.43% | 1.11% | 0.86% | 0.34% | 0.06% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.54%3 | 0.54% | 0.54% | 0.54% | 0.30%4 | 0.12% |
Net investment income | 0.85%3 | 1.09% | 0.82% | 0.35% | 0.02% | 0.01% |
Expense waiver/reimbursement5 | 0.45%3 | 0.45% | 0.55% | 0.62% | 0.79% | 0.96% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $235,323 | $219,665 | $28,662 | $64,510 | $35,692 | $194,225 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.30% after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.003 | 0.009 | 0.006 | 0.001 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.003 | 0.009 | 0.006 | 0.001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.003) | (0.009) | (0.006) | (0.001) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.003) | (0.009) | (0.006) | (0.001) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.32% | 0.87% | 0.63% | 0.13% | 0.02% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.77%3 | 0.77% | 0.77% | 0.76% | 0.29%4 | 0.12% |
Net investment income | 0.64%3 | 0.87% | 0.62% | 0.13% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.23%3 | 0.22% | 0.32% | 0.41% | 0.81% | 0.98% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,490 | $9,952 | $9,535 | $10,982 | $8,457 | $65,870 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.29% after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.002 | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.002 | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.002) | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.002) | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.20% | 0.62% | 0.38% | 0.01% | 0.02% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.99%3 | 1.02% | 1.02% | 0.86% | 0.36%4 | 0.12% |
Net investment income | 0.40%3 | 0.63% | 0.33% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.35%3 | 0.32% | 0.42% | 0.65% | 1.11% | 1.33% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $29,669 | $25,450 | $35,414 | $141,388 | $172,288 | $285,077 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $534,658,226 | |
Cash | 484,522 | |
Income receivable | 2,055,523 | |
Receivable for shares sold | 2,787,266 | |
TOTAL ASSETS | 539,985,537 | |
Liabilities: | ||
Payable for investments purchased | $3,100,340 | |
Payable for shares redeemed | 42,690 | |
Capital gain distribution payable | 13,002 | |
Payable for investment adviser fee (Note 4) | 2,172 | |
Payable for administrative fees (Note 4) | 1,143 | |
Payable for distribution services fee (Note 4) | 20,985 | |
Payable for other service fees (Note 4) | 51,600 | |
Accrued expenses (Note 4) | 25,756 | |
TOTAL LIABILITIES | 3,257,688 | |
Net assets for 536,709,693 shares outstanding | $536,727,849 | |
Net Assets Consist of: | ||
Paid-in capital | $536,709,693 | |
Total distributable earnings (loss) | 18,156 | |
TOTAL NET ASSETS | $536,727,849 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$260,245,897 ÷ 260,237,049 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$235,322,503 ÷ 235,314,595 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$11,490,201 ÷ 11,489,810 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$29,669,248 ÷ 29,668,239 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $3,989,755 | ||
Dividends | 8,548 | ||
TOTAL INCOME | 3,998,303 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $870,376 | ||
Administrative fee (Note 4) | 228,159 | ||
Custodian fees | 10,304 | ||
Transfer agent fee | 159,205 | ||
Directors’/Trustees’ fees (Note 4) | 1,738 | ||
Auditing fees | 10,989 | ||
Legal fees | 6,007 | ||
Portfolio accounting fees | 79,779 | ||
Distribution services fee (Note 4) | 381,590 | ||
Other service fees (Notes 2 and 4) | 332,888 | ||
Share registration costs | 41,120 | ||
Printing and postage | 12,098 | ||
Miscellaneous (Note 4) | 4,294 | ||
TOTAL EXPENSES | 2,138,547 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 4) | $(481,453) | ||
Waivers/reimbursement of other operating expenses (Notes 2 and 4) | (346,257) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (827,710) | ||
Net expenses | 1,310,837 | ||
Net investment income | 2,687,466 | ||
Net realized gain on investments | 11 | ||
Change in net assets resulting from operations | $2,687,477 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,687,466 | $5,990,875 |
Net realized gain | 11 | 40,695 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,687,477 | 6,031,570 |
Distributions to Shareholders: | ||
Wealth Shares | (1,643,405) | (3,653,828) |
Service Shares | (976,548) | (2,023,356) |
Cash II Shares | (39,386) | (91,932) |
Cash Series Shares | (55,994) | (219,584) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,715,333) | (5,988,700) |
Share Transactions: | ||
Proceeds from sale of shares | 445,745,947 | 998,159,264 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,522,531 | 5,636,656 |
Cost of shares redeemed | (493,263,577) | (707,209,918) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (44,995,099) | 296,586,002 |
Change in net assets | (45,022,955) | 296,628,872 |
Net Assets: | ||
Beginning of period | 581,750,804 | 285,121,932 |
End of period | $536,727,849 | $581,750,804 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $283,073 | $(79,179) | $— |
Cash II Shares | $15,109 | $— | $(519) |
Cash Series Shares | $34,706 | $(169) | $(4,666) |
TOTAL | $332,888 | $(79,348) | $(5,185) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 191,685,354 | $191,685,354 | 506,187,750 | $506,187,750 |
Shares issued to shareholders in payment of distributions declared | 1,473,429 | 1,473,429 | 3,407,502 | 3,407,502 |
Shares redeemed | (259,579,980) | (259,579,980) | (394,445,382) | (394,445,382) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (66,421,197) | $(66,421,197) | 115,149,870 | $115,149,870 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 202,897,593 | $202,897,593 | 443,173,878 | $443,173,878 |
Shares issued to shareholders in payment of distributions declared | 955,430 | 955,430 | 1,922,304 | 1,922,304 |
Shares redeemed | (188,185,889) | (188,185,889) | (254,110,633) | (254,110,633) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 15,667,134 | $15,667,134 | 190,985,549 | $190,985,549 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,691,233 | $8,691,233 | 12,141,971 | $12,141,971 |
Shares issued to shareholders in payment of distributions declared | 39,182 | 39,182 | 90,573 | 90,573 |
Shares redeemed | (7,191,563) | (7,191,563) | (11,816,363) | (11,816,363) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 1,538,852 | $1,538,852 | 416,181 | $416,181 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 42,471,767 | $42,471,767 | 36,655,665 | $36,655,665 |
Shares issued to shareholders in payment of distributions declared | 54,490 | 54,490 | 216,277 | 216,277 |
Shares redeemed | (38,306,145) | (38,306,145) | (46,837,540) | (46,837,540) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 4,220,112 | $4,220,112 | (9,965,598) | $(9,965,598) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (44,995,099) | $(44,995,099) | 296,586,002 | $296,586,002 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Service Shares | 0.25% |
Cash II Shares | 0.25% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Service Shares | $283,188 | $(237,878) |
Cash II Shares | 15,109 | (3,022) |
Cash Series Shares | 83,293 | (20,824) |
TOTAL | $381,590 | $(261,724) |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,005.40 | $1.60 |
Service Shares | $1,000 | $1,004.30 | $2.69 |
Cash II Shares | $1,000 | $1,003.20 | $3.84 |
Cash Series Shares | $1,000 | $1,002.00 | $4.93 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,023.30 | $1.61 |
Service Shares | $1,000 | $1,022.20 | $2.72 |
Cash II Shares | $1,000 | $1,021.00 | $3.87 |
Cash Series Shares | $1,000 | $1019.90 | $4.97 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.32% |
Service Shares | 0.54% |
Cash II Shares | 0.77% |
Cash Series Shares | 0.99% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N294
CUSIP 60934N310
CUSIP 608919866
Share Class | Ticker | Wealth | NISXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 66.6% |
Municipal Notes | 30.9% |
Commercial Paper | 2.1% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 64.6% |
8-30 Days | 6.0% |
31-90 Days | 19.8% |
91-180 Days | 5.8% |
181 Days or more | 3.4% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
New York—99.6% | |||
$285,000 | Albany, NY IDA (Albany Local Development Corp.), (Series 2002: Corning Preserve/Hudson Riverfront) Weekly VRDNs, (KeyBank, N.A. LOC), 0.450%, 5/7/2020 | $285,000 | |
4,200,000 | Albany, NY IDA (Renaissance Corporation of Albany), (Series 2004) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 4,200,000 | |
3,000,000 | Argyle, NY CSD, (Series 2019) BANs, 2.250%, 6/5/2020 | 3,001,607 | |
5,109,500 | Batavia Town, NY BANs, 1.500%, 3/11/2021 | 5,126,866 | |
9,750,000 | Batavia, NY City School District, (Series 2019A) BANs, 2.000%, 6/16/2020 | 9,759,243 | |
10,000,000 | Battery Park, NY City Authority, RBC Muni Products (Series 2019-E-137) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.260%, 5/7/2020 | 10,000,000 | |
2,075,000 | Belfast, NY CSD BANs, 1.750%, 6/26/2020 | 2,075,720 | |
3,779,013 | Bradford, NY CSD BANs, 2.000%, 6/26/2020 | 3,781,980 | |
3,750,000 | Canadice, NY BANs, 2.000%, 7/17/2020 | 3,750,000 | |
2,000,000 | Carthage, NY CSD BANs, 1.500%, 6/29/2020 | 2,000,507 | |
3,000,000 | Clayton, NY BANs, 1.500%, 9/9/2020 | 3,001,055 | |
1,995,000 | Columbia County, NY IDA (Columbia Memorial Hospital), (Series 2008A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.280%, 5/7/2020 | 1,995,000 | |
3,595,743 | Corning, NY (Town of) BANs, 1.750%, 8/12/2020 | 3,598,429 | |
3,395,770 | East Fishkill, NY, (Series 2019B) BANs, 1.500%, 7/23/2020 | 3,397,679 | |
2,000,000 | East Rochester, NY Union Free School District BANs, 2.000%, 6/26/2020 | 2,002,031 | |
1,525,000 | Elba, NY BANs, 1.250%, 3/17/2021 | 1,528,298 | |
3,785,000 | Erie County, NY IDA (Our Lady of Victory Renaissance Corporation), (Series 2007A) Weekly VRDNs, (HSBC Bank USA, N.A. LOC), 0.280%, 5/7/2020 | 3,785,000 | |
3,840,000 | Fort Edward Union Free School District, NY BANs, 2.000%, 6/19/2020 | 3,841,871 | |
7,175,000 | Glens Falls, NY BANs, 2.000%, 6/5/2020 | 7,175,000 | |
1,200,000 | Heuvelton, NY CSD BANs, 1.500%, 6/25/2020 | 1,200,249 | |
4,800,000 | Honeoye Falls Lima, NY CSD, (Series A) BANs, 2.000%, 7/15/2020 | 4,806,698 | |
4,500,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Certificates (Series 2020-XF2859) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.370%, 5/7/2020 | 4,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$5,030,000 | Hudson Yards Infrastructure Corp. NY, Tender Option Bond Trust Receipts (Series 2019-ZM0737) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.300%, 5/7/2020 | $5,030,000 | |
5,000,000 | Ithaca City, NY School District BANs, 1.500%, 7/17/2020 | 5,003,465 | |
5,831,500 | Kingston, NY BANs, 1.250%, 3/19/2021 | 5,859,589 | |
1,872,086 | Lloyd, NY BANs, 1.500%, 2/12/2021 | 1,876,428 | |
1,055,939 | Malone, NY CSD BANs, 2.000%, 8/14/2020 | 1,057,429 | |
5,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), (Series 2012A-2) Weekly VRDNs, (Bank of Montreal LOC), 0.320%, 5/7/2020 | 5,000,000 | |
18,445,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Clipper Tax-Exempt Certificates Trust (Series 2009-71) TOBs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.370%, Optional Tender 5/14/2020 | 18,445,000 | |
16,685,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XF0917) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/7/2020 | 16,685,000 | |
16,670,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0826) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/7/2020 | 16,670,000 | |
3,000,000 | Metropolitan Transportation Authority, NY (MTA Transportation Revenue), Tender Option Bond Trust Receipts (Series 2020-XM0835) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(JPMorgan Chase Bank, N.A. LIQ), 0.320%, 5/7/2020 | 3,000,000 | |
2,763,571 | Middletown, NY, (2019 Series B) BANs, 1.750%, 10/22/2020 | 2,768,748 | |
3,440,000 | Monroe County, NY IDA (Continuing Developmental Services, Inc.), (Series 2007) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.400%, 5/7/2020 | 3,440,000 | |
3,400,000 | Montauk, NY Union Free School District TANs, 2.000%, 6/25/2020 | 3,403,546 | |
25,000,000 | Nassau County, NY Interim Finance Authority, Senior Sales Tax Secured Bonds (Series 2008A) Weekly VRDNs, (TD Bank, N.A. LIQ), 0.180%, 5/6/2020 | 25,000,000 | |
3,725,000 | Nassau County, NY, RBC Muni Products (Series 2018 G-5) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.260%, 5/7/2020 | 3,725,000 | |
8,960,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2815) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Barclays Bank PLC LIQ), 0.280%, 5/7/2020 | 8,960,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$8,700,000 | Nassau County, NY, Tender Option Bond Trust Certificates (Series 2019-XF2816) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | $8,700,000 | |
1,407,680 | New Paltz, NY BANs, 1.500%, 9/17/2020 | 1,408,626 | |
1,150,000 | New York City Capital Resource Corp. (Cobble Hill Health Center, Inc.), Loan Enhanced Assistance Program (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/7/2020 | 1,150,000 | |
685,000 | New York City Capital Resource Corp. (Cobble Hill Health Center, Inc.), Loan Enhanced Assistance Program (Series 2008B-3) Weekly VRDNs, (Bank of America N.A. LOC), 0.260%, 5/7/2020 | 685,000 | |
10,000,000 | New York City Housing Development Corp. (8 Spruce Street Residential LLC), BAML 3a-7 CE (Series 2019-BAML5009) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.290%, 5/7/2020 | 10,000,000 | |
4,800,000 | New York City Housing Development Corp., Sustainable Neighborhood Bonds (2017 Series G-3) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.210%, 5/7/2020 | 4,800,000 | |
3,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2786) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 3,000,000 | |
4,000,000 | New York City Housing Development Corp., Tender Option Bond Trust Certificates (Series 2019-ZF2787) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 4,000,000 | |
15,970,000 | New York City Trust For Cultural Resources (Metropolitan Museum of Art), (Series 2006 A-2) Weekly VRDNs, 0.260%, 5/7/2020 | 15,970,000 | |
4,500,000 | New York City, NY Health and Hospitals Corp., Health System Bonds (Series 2008C) Weekly VRDNs, (TD Bank, N.A. LOC), 0.210%, 5/6/2020 | 4,500,000 | |
2,000,000 | New York City, NY Municipal Water Finance Authority, (Fiscal 2000 Series C) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 0.210%, 5/6/2020 | 2,000,000 | |
990,000 | New York City, NY Municipal Water Finance Authority, (Series 2010CC) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.250%, 5/7/2020 | 990,000 | |
7,250,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2009 Series BB-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.180%, 5/1/2020 | 7,250,000 | |
10,750,000 | New York City, NY Municipal Water Finance Authority, Second General Resolution (Fiscal 2011 Series FF-2) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.160%, 5/1/2020 | 10,750,000 | |
10,000,000 | New York City, NY Transitional Finance Authority, (Series 2015A-3) Daily VRDNs, (Mizuho Bank Ltd. LIQ), 0.180%, 5/1/2020 | 10,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$5,850,000 | New York City, NY Transitional Finance Authority, Fiscal 2018 (Subseries C-6) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LIQ), 0.280%, 5/7/2020 | $5,850,000 | |
475,000 | New York City, NY, (Fiscal 2006 Series F-3) Weekly VRDNs, (Sumitomo Mitsui Banking Corp. LOC), 0.280%, 5/7/2020 | 475,000 | |
12,950,000 | New York City, NY, (Fiscal 2008 Subseries J-6) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.160%, 5/1/2020 | 12,950,000 | |
20,000,000 | New York City, NY, (Fiscal 2012 Series A-4) Weekly VRDNs, (MUFG Bank Ltd. LOC), 0.250%, 5/7/2020 | 20,000,000 | |
4,185,000 | New York City, NY, (Fiscal 2017 Series A Subseries A-5) Daily VRDNs, (Landesbank Hessen-Thuringen LIQ), 0.160%, 5/1/2020 | 4,185,000 | |
5,800,000 | New York City, NY, (Subseries A-7) Daily VRDNs, (Bank of the West, San Francisco, CA LOC), 0.190%, 5/1/2020 | 5,800,000 | |
1,880,000 | New York State Dormitory Authority (Blythedale Children’s Hospital), (Series 2009) Weekly VRDNs, (TD Bank, N.A. LOC), 0.240%, 5/7/2020 | 1,880,000 | |
370,000 | New York State Dormitory Authority (St. John’s University), (Series 2008B-1) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 5/7/2020 | 370,000 | |
5,600,000 | New York State Dormitory Authority State Personal Income Tax Revenue, Tender Option Bond Trust Receipts (Series 2018-XG0218) Weekly VRDNs, (Bank of America N.A. LIQ), 0.270%, 5/7/2020 | 5,600,000 | |
1,100,000 | New York State Energy Research & Development Authority (Consolidated Edison Co.), (Series 2005A-3) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.230%, 5/6/2020 | 1,100,000 | |
5,920,000 | New York State HFA (100 Maiden Lane), (2004 Series A) Weekly VRDNs, (FNMA LOC), 0.170%, 5/6/2020 | 5,920,000 | |
1,150,000 | New York State HFA (326 Riverdale Owners LLC), (Series 2008A: 330 Riverdale Avenue Apartments) Weekly VRDNs, (Bank of America N.A. LOC), 0.190%, 5/6/2020 | 1,150,000 | |
6,925,000 | New York State HFA (600 West 42nd Street), (2009 Series A) Weekly VRDNs, (FNMA LOC), 0.220%, 5/6/2020 | 6,925,000 | |
2,980,000 | New York State HFA (8 East 102nd Street Housing), (Series 2010A) Weekly VRDNs, (TD Bank, N.A. LOC), 0.210%, 5/6/2020 | 2,980,000 | |
1,950,000 | New York State HFA (Dock Street Rental LLC), (Series 2013A) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.250%, 5/6/2020 | 1,950,000 | |
605,000 | New York State HFA (Midtown West B LLC), (Series 2009B: 505 West 37th Street Housing) Daily VRDNs, (Landesbank Hessen-Thuringen LOC), 0.160%, 5/1/2020 | 605,000 | |
6,990,000 | New York State HFA, (2010 Series A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.240%, 5/6/2020 | 6,990,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$2,950,000 | New York State HFA, Tender Option Bond Trust Certificates (Series 2019-ZF2800) Weekly VRDNs, (Barclays Bank PLC LIQ), 0.260%, 5/7/2020 | $2,950,000 | |
5,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Clipper Tax-Exempt Certificates Trust (Series 2009-35) Weekly VRDNs, (State Street Bank and Trust Co. LIQ)/(State Street Bank and Trust Co. LOC), 0.250%, 5/7/2020 | 5,500,000 | |
3,800,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), State Facilities and Equipment (Series 2004A3-A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.190%, 5/7/2020 | 3,800,000 | |
3,245,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), State Facilities and Equipment (Series 2004A3-D) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.190%, 5/7/2020 | 3,245,000 | |
7,500,000 | New York State Urban Development Corp. (New York State Personal Income Tax Revenue Bond Fund), Tender Option Bond Trust Receipts (Series 2018-XM0636) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 7,500,000 | |
5,650,000 | North Colonie, NY CSD BANs, 2.250%, 7/17/2020 | 5,651,321 | |
14,500,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 1) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.290%, 5/7/2020 | 14,500,000 | |
10,000,000 | Nuveen New York AMT-Free Quality Municipal Income Fund, (Series 5) Weekly VRDPs, (TD Bank, N.A. LIQ), 0.260%, 5/7/2020 | 10,000,000 | |
4,640,000 | Onondaga County, NY IDA (Syracuse Research Corp.), (Series 2007) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 4,640,000 | |
7,720,000 | Ontario County, NY Industrial Development Agency (Friends of the Finger Lakes Performing Arts Center, Inc.), (Series 2005A) Monthly VRDNs, (Citizens Bank, N.A., Providence LOC), 5.110%, 5/1/2020 | 7,720,000 | |
3,619,836 | Oppenheim-Ephratah-St. Johnsville, NY CSD BANs, 1.500%, 6/19/2020 | 3,620,941 | |
1,500,000 | Orange County, NY IDA (Tuxedo Park School), (Series 2002) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 1,500,000 | |
1,859,000 | Owego-Apalachin, NY CSD BANs, 1.750%, 8/21/2020 | 1,861,071 | |
2,000,000 | Philipstown, NY BANs, 1.500%, 1/22/2021 | 2,003,586 | |
11,135,000 | Port Authority of New York and New Jersey, (Series B), CP, 1.200%, Mandatory Tender 7/8/2020 | 11,135,000 | |
1,100,000 | Port Authority of New York and New Jersey, Tender Option Bond Trust Certificates (2015-ZM0099) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 1,100,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
New York—continued | |||
$1,535,000 | Rensselaer County, NY IDA (WMHT Educational Telecommunications), Civic Facility Revenue Bonds (Series 2003A) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | $1,535,000 | |
1,772,764 | Rhinebeck, NY BANs, 1.500%, 1/29/2021 | 1,776,278 | |
1,600,000 | Rome, NY, (2019 Series A) BANs, 2.000%, 5/29/2020 | 1,600,000 | |
6,480,000 | Salina, NY BANs, 2.250%, 6/13/2020 | 6,484,384 | |
3,755,000 | Schoharie County, NY BANs, 2.000%, 6/19/2020 | 3,758,984 | |
10,000,000 | South Lewis, NY CSD BANs, 1.750%, 7/31/2020 | 10,019,806 | |
3,160,039 | Stony Point, NY, (Series 2019A) BANs, 1.500%, 8/20/2020 | 3,161,927 | |
610,000 | Suffolk County, NY IDA (Guide Dog Foundation, Inc.) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.270%, 5/7/2020 | 610,000 | |
2,000,000 | Tuckahoe, NY Union Free School District BANs, 2.000%, 6/5/2020 | 2,000,600 | |
4,895,000 | Utica, NY Industrial Development Agency Civic Facility (Munson-Williams-Proctor Arts Institute), (Series 2006) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.350%, 5/7/2020 | 4,895,000 | |
1,255,050 | Wappingers, NY CSD BANs, 2.000%, 7/15/2020 | 1,256,112 | |
4,538,873 | Waverly, NY BANs, 1.500%, 9/1/2020 | 4,539,206 | |
2,100,000 | Waverly, NY CSD BANs, 1.750%, 6/30/2020 | 2,100,953 | |
3,041,440 | West Genesee, NY CSD BANs, 2.000%, 7/3/2020 | 3,044,987 | |
4,300,000 | Westchester County, NY TANs, 1.500%, 5/27/2020 | 4,300,116 | |
4,155,000 | Wilson, NY CSD BANs, 2.000%, 7/8/2020 | 4,160,615 | |
4,766,000 | Windham, NY BANs, 2.375%, 5/20/2020 | 4,767,275 | |
7,250,000 | Yonkers, NY IDA (Consumers Union of United States, Inc.), (Series 2005) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.220%, 5/6/2020 | 7,250,000 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)2 | 534,658,226 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 2,069,623 | ||
TOTAL NET ASSETS—100% | $536,727,849 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
AMT | —Alternative Minimum Tax |
BANs | —Bond Anticipation Notes |
CP | —Commercial Paper |
CSD | —Central School District |
FNMA | —Federal National Mortgage Association |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TANs | —Tax Anticipation Notes |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.011 | 0.006 | 0.002 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (0.011) | (0.006) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.54% | 1.33% | 1.08% | 0.56% | 0.16% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.32%3 | 0.32% | 0.32% | 0.32% | 0.22%4 | 0.12% |
Net investment income | 1.04%3 | 1.31% | 1.10% | 0.58% | 0.10% | 0.01% |
Expense waiver/reimbursement5 | 0.17%3 | 0.17% | 0.25% | 0.34% | 0.40% | 0.48% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $260,246 | $326,684 | $211,511 | $111,061 | $70,496 | $215,975 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.22% after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $534,658,226 | |
Cash | 484,522 | |
Income receivable | 2,055,523 | |
Receivable for shares sold | 2,787,266 | |
TOTAL ASSETS | 539,985,537 | |
Liabilities: | ||
Payable for investments purchased | $3,100,340 | |
Payable for shares redeemed | 42,690 | |
Capital gain distribution payable | 13,002 | |
Payable for investment adviser fee (Note 4) | 2,172 | |
Payable for administrative fees (Note 4) | 1,143 | |
Payable for distribution services fee (Note 4) | 20,985 | |
Payable for other service fees (Note 4) | 51,600 | |
Accrued expenses (Note 4) | 25,756 | |
TOTAL LIABILITIES | 3,257,688 | |
Net assets for 536,709,693 shares outstanding | $536,727,849 | |
Net Assets Consist of: | ||
Paid-in capital | $536,709,693 | |
Total distributable earnings (loss) | 18,156 | |
TOTAL NET ASSETS | $536,727,849 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$260,245,897 ÷ 260,237,049 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$235,322,503 ÷ 235,314,595 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$11,490,201 ÷ 11,489,810 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$29,669,248 ÷ 29,668,239 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $3,989,755 | ||
Dividends | 8,548 | ||
TOTAL INCOME | 3,998,303 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $870,376 | ||
Administrative fee (Note 4) | 228,159 | ||
Custodian fees | 10,304 | ||
Transfer agent fee | 159,205 | ||
Directors’/Trustees’ fees (Note 4) | 1,738 | ||
Auditing fees | 10,989 | ||
Legal fees | 6,007 | ||
Portfolio accounting fees | 79,779 | ||
Distribution services fee (Note 4) | 381,590 | ||
Other service fees (Notes 2 and 4) | 332,888 | ||
Share registration costs | 41,120 | ||
Printing and postage | 12,098 | ||
Miscellaneous (Note 4) | 4,294 | ||
TOTAL EXPENSES | 2,138,547 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 4) | $(481,453) | ||
Waivers/reimbursement of other operating expenses (Notes 2 and 4) | (346,257) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (827,710) | ||
Net expenses | 1,310,837 | ||
Net investment income | 2,687,466 | ||
Net realized gain on investments | 11 | ||
Change in net assets resulting from operations | $2,687,477 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $2,687,466 | $5,990,875 |
Net realized gain | 11 | 40,695 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 2,687,477 | 6,031,570 |
Distributions to Shareholders: | ||
Wealth Shares | (1,643,405) | (3,653,828) |
Service Shares | (976,548) | (2,023,356) |
Cash II Shares | (39,386) | (91,932) |
Cash Series Shares | (55,994) | (219,584) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (2,715,333) | (5,988,700) |
Share Transactions: | ||
Proceeds from sale of shares | 445,745,947 | 998,159,264 |
Net asset value of shares issued to shareholders in payment of distributions declared | 2,522,531 | 5,636,656 |
Cost of shares redeemed | (493,263,577) | (707,209,918) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (44,995,099) | 296,586,002 |
Change in net assets | (45,022,955) | 296,628,872 |
Net Assets: | ||
Beginning of period | 581,750,804 | 285,121,932 |
End of period | $536,727,849 | $581,750,804 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $283,073 | $(79,179) | $— |
Cash II Shares | $15,109 | $— | $(519) |
Cash Series Shares | $34,706 | $(169) | $(4,666) |
TOTAL | $332,888 | $(79,348) | $(5,185) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 191,685,354 | $191,685,354 | 506,187,750 | $506,187,750 |
Shares issued to shareholders in payment of distributions declared | 1,473,429 | 1,473,429 | 3,407,502 | 3,407,502 |
Shares redeemed | (259,579,980) | (259,579,980) | (394,445,382) | (394,445,382) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | (66,421,197) | $(66,421,197) | 115,149,870 | $115,149,870 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 202,897,593 | $202,897,593 | 443,173,878 | $443,173,878 |
Shares issued to shareholders in payment of distributions declared | 955,430 | 955,430 | 1,922,304 | 1,922,304 |
Shares redeemed | (188,185,889) | (188,185,889) | (254,110,633) | (254,110,633) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 15,667,134 | $15,667,134 | 190,985,549 | $190,985,549 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,691,233 | $8,691,233 | 12,141,971 | $12,141,971 |
Shares issued to shareholders in payment of distributions declared | 39,182 | 39,182 | 90,573 | 90,573 |
Shares redeemed | (7,191,563) | (7,191,563) | (11,816,363) | (11,816,363) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 1,538,852 | $1,538,852 | 416,181 | $416,181 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 42,471,767 | $42,471,767 | 36,655,665 | $36,655,665 |
Shares issued to shareholders in payment of distributions declared | 54,490 | 54,490 | 216,277 | 216,277 |
Shares redeemed | (38,306,145) | (38,306,145) | (46,837,540) | (46,837,540) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 4,220,112 | $4,220,112 | (9,965,598) | $(9,965,598) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (44,995,099) | $(44,995,099) | 296,586,002 | $296,586,002 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Service Shares | 0.25% |
Cash II Shares | 0.25% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Service Shares | $283,188 | $(237,878) |
Cash II Shares | 15,109 | (3,022) |
Cash Series Shares | 83,293 | (20,824) |
TOTAL | $381,590 | $(261,724) |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,005.40 | $1.60 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,023.30 | $1.61 |
1 | Expenses are equal to the Fund’s annualized net expense ratio of 0.32%, multiplied by the average account value over the period, multiplied by 182/366 (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 | Wealth | PAMXX | Service | FPAXX | Cash Series | PACXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 88.5% |
Municipal Notes | 11.1% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 80.5% |
8-30 Days | 0.0% |
31-90 Days | 18.7% |
91-180 Days | 0.4% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2 | 0.4% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—99.6% | ||
Pennsylvania—99.6% | |||
$3,300,000 | Allegheny County, PA HDA (Dialysis Clinic, Inc.), (Series 1997) Weekly VRDNs, (Fifth Third Bank, Ohio LOC), 0.340%, 5/7/2020 | $3,300,000 | |
1,500,000 | Allegheny County, PA HDA (UPMC Health System), Tender Option Bond Trust Receipts (Series 2019-XM0758) Weekly VRDNs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.380%, 5/7/2020 | 1,500,000 | |
2,500,000 | Allegheny County, PA IDA (Carnegie Museums of Pittsburgh), (Series of 2002) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.280%, 5/7/2020 | 2,500,000 | |
3,000,000 | Beaver County, PA IDA (BASF Corp.), (Series 1997) Weekly VRDNs, (GTD by BASF SE), 1.650%, 5/6/2020 | 3,000,000 | |
75,000 | Beaver County, PA IDA (Concordia Lutheran Obligated Group), (Series 2018A) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | 75,000 | |
3,000,000 | Blackrock MuniYield Pennsylvania Quality Fund, (663 Series W-7 VRDP Shares) Weekly VRDPs, (Toronto Dominion Bank LIQ), 0.330%, 5/7/2020 | 3,000,000 | |
700,000 | Butler County, PA Hospital Authority (Concordia Lutheran Obligated Group), (Series A of 2012) Weekly VRDNs, (BMO Harris Bank, N.A. LOC), 0.240%, 5/7/2020 | 700,000 | |
2,555,000 | Chester County, PA HEFA (Tel Hai Obligated Group Project), (Series of 2009) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.340%, 5/7/2020 | 2,555,000 | |
2,205,000 | East Hempfield Township, PA IDA (BGT Realty), (Series of 2005) Weekly VRDNs, (Fulton Bank, N.A. LOC), 0.820%, 5/7/2020 | 2,205,000 | |
1,300,000 | Lancaster County, PA Hospital Authority (Masonic Villages), (Series D of 2008) Daily VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.200%, 5/1/2020 | 1,300,000 | |
1,425,000 | Lancaster, PA IDA (John F. Martin & Sons, Inc.), (Series A of 2007) Weekly VRDNs, (Fulton Bank, N.A. LOC), 0.720%, 5/7/2020 | 1,425,000 | |
620,000 | Lehigh County, PA General Purpose Authority (Phoebe-DeVitt Homes Obligated Group), (Series B of 1998) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.320%, 5/7/2020 | 620,000 | |
5,415,000 | Lehigh County, PA General Purpose Authority (St. Luke’s University Health Network), Golden Blue 3a-7 (Series 2019-003) VRENs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.370%, 5/7/2020 | 5,415,000 | |
2,700,000 | Mercer County, PA, (Series 2011) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.240%, 5/7/2020 | 2,700,000 | |
1,500,000 | Montgomery County, PA IDA (Lonza, Inc.), (Series 2000) Weekly VRDNs, (Landesbank Hessen-Thuringen LOC), 0.340%, 5/7/2020 | 1,500,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$290,000 | North Hills, PA School District, 4.000%, 10/15/2020 | $293,401 | |
1,245,000 | Northampton County, PA IDA (Binney & Smith, Inc.), (Series 1997A) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.400%, 5/6/2020 | 1,245,000 | |
175,000 | Northampton County, PA IDA (Binney & Smith, Inc.), (Series 1997B) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.450%, 5/6/2020 | 175,000 | |
1,665,000 | Pennsylvania Economic Development Financing Authority (UPMC Health System), Tender Option Bond Trust Receipts (2015-ZM0088) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.370%, 5/7/2020 | 1,665,000 | |
2,470,000 | Pennsylvania HFA (Foxwood Manor Apartments), (Series 2008-O) Weekly VRDNs, (FHLMC LOC), 0.250%, 5/7/2020 | 2,470,000 | |
2,310,000 | Pennsylvania HFA, (Series 2006-93B) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.230%, 5/6/2020 | 2,310,000 | |
500,000 | Pennsylvania State Higher Education Facilities Authority (University of Pennsylvania Health System), (2008 Series A) Weekly VRDNs, (Bank of America N.A. LOC), 0.240%, 5/6/2020 | 500,000 | |
3,500,000 | Pennsylvania State Turnpike Commission, RBC Muni Products (Series G-43) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.420%, Optional Tender 6/1/2020 | 3,500,000 | |
2,400,000 | Pennsylvania State University, (Series B of 2009) TOBs, 1.580%, Mandatory Tender 6/1/2020 | 2,400,000 | |
1,000,000 | Pennsylvania State University, Tender Option Bond Trust Receipts (Series 2020-XM0827) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 1,000,000 | |
3,000,000 | Philadelphia, PA Airport System, Tender Option Bond Trust Receipts (Series 2018-XG0159) Weekly VRDNs, (Bank of America N.A. LIQ)/(Bank of America N.A. LOC), 0.330%, 5/7/2020 | 3,000,000 | |
400,000 | Philadelphia, PA Gas Works, (8th Series D) Weekly VRDNs, (Royal Bank of Canada LOC), 0.250%, 5/7/2020 | 400,000 | |
205,000 | Philadelphia, PA Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia), (Series 2005A) Daily VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.160%, 5/1/2020 | 205,000 | |
2,665,000 | Philadelphia, PA School District, Tender Option Bond Trust Receipts (Series 2020-XF0881) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Toronto Dominion Bank LIQ), 0.270%, 5/7/2020 | 2,665,000 | |
800,000 | Philadelphia, PA, (Series 2009B) Weekly VRDNs, (Barclays Bank PLC LOC), 0.200%, 5/7/2020 | 800,000 | |
2,000,000 | Pittsburgh & Allegheny County, PA Sports & Exhibition Authority, (Series A of 2007) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(PNC Bank, N.A. LIQ), 0.230%, 5/7/2020 | 2,000,000 | |
1,200,000 | Southcentral PA, General Authority (Wellspan Health Obligated Group), (Series 2019C) Weekly VRDNs, (Bank of America N.A. LIQ), 0.260%, 5/7/2020 | 1,200,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Pennsylvania—continued | |||
$930,000 | State Public School Building Authority, PA (Community College of Allegheny County, PA), (Series 2019A), 3.000%, 7/15/2020 | $933,065 | |
280,000 | State Public School Building Authority, PA (Community College of Allegheny County, PA), (Series 2019B), 3.000%, 7/15/2020 | 280,923 | |
3,000,000 | State Public School Building Authority, PA (Philadelphia, PA School District), Tender Option Bond Trust Certificates (2016-XG0085) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Credit Suisse AG LIQ), 0.410%, 5/7/2020 | 3,000,000 | |
3,000,000 | Washington County, PA Hospital Authority (Monongahela Valley Hospital), (Series 2018C) Weekly VRDNs, (Citizens Bank, N.A., Providence LOC), 0.280%, 5/7/2020 | 3,000,000 | |
1,915,000 | Washington County, PA Hospital Authority (Washington Hospital, PA), (Series 2007B) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.220%, 5/7/2020 | 1,915,000 | |
TOTAL INVESTMENT IN SECURITIES—99.6% (AT AMORTIZED COST)2 | 66,752,389 | ||
OTHER ASSETS AND LIABILITIES - NET—0.4%3 | 294,193 | ||
TOTAL NET ASSETS—100% | $67,046,582 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
FHLMC | —Federal Home Loan Mortgage Corporation |
GTD | —Guaranteed |
HDA | —Hospital Development Authority |
HEFA | —Health and Education Facilities Authority |
HFA | —Housing Finance Authority |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
VRENs | —Variable Rate Extendible Notes |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.005 | 0.012 | 0.010 | 0.004 | 0.001 | 0.0001 |
Net realized gain | 0.0001 | — | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.012 | 0.010 | 0.004 | 0.001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.005) | (0.012) | (0.009) | (0.004) | (0.001) | (0.000)1 |
Distributions from net realized gain | — | — | (0.001) | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.012) | (0.010) | (0.004) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.48% | 1.17% | 0.99% | 0.38% | 0.13% | 0.03% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.47%3 | 0.47% | 0.47% | 0.47% | 0.31%4 | 0.13% |
Net investment income | 0.98%3 | 1.17% | 0.92% | 0.41% | 0.06% | 0.01% |
Expense waiver/reimbursement5 | 0.28%3 | 0.21% | 0.24% | 0.30% | 0.34% | 0.49% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $40,969 | $31,834 | $29,650 | $28,371 | $10,015 | $44,264 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.004 | 0.010 | 0.008 | 0.002 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | — | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.010 | 0.008 | 0.002 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.004) | (0.010) | (0.007) | (0.002) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | — | (0.001) | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.004) | (0.010) | (0.008) | (0.002) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.39% | 0.97% | 0.78% | 0.18% | 0.09% | 0.03% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.66%3 | 0.67% | 0.67% | 0.67% | 0.31%4 | 0.13% |
Net investment income | 0.75%3 | 0.97% | 0.71% | 0.14% | 0.02% | 0.01% |
Expense waiver/reimbursement5 | 0.34%3 | 0.26% | 0.29% | 0.35% | 0.59% | 0.74% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $11,206 | $13,346 | $15,589 | $12,442 | $30,951 | $103,462 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.31% after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.002 | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | — | — | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.002 | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.002) | (0.006) | (0.003) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | — | — | (0.001) | — | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.002) | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.22% | 0.58% | 0.40% | 0.01% | 0.06% | 0.03% |
Ratios to Average Net Assets: | ||||||
Net expenses | 1.01%3 | 1.06% | 1.05% | 0.84% | 0.36%4 | 0.13% |
Net investment income | 0.42%3 | 0.59% | 0.32% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.40%3 | 0.26% | 0.31% | 0.58% | 0.94% | 1.14% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $14,871 | $19,120 | $37,606 | $45,288 | $51,604 | $83,856 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.36% after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $66,752,389 | |
Cash | 187,672 | |
Income receivable | 151,300 | |
Prepaid expenses | 577 | |
TOTAL ASSETS | 67,091,938 | |
Liabilities: | ||
Payable for shares redeemed | $17,610 | |
Payable for investment adviser fee (Note 4) | 99 | |
Payable for administrative fee (Note 4) | 144 | |
Income distribution payable | 21,763 | |
Payable for distribution services fee (Note 4) | 3,626 | |
Payable for other service fees (Note 2 and Note 4) | 2,114 | |
TOTAL LIABILITIES | 45,356 | |
Net assets for 67,046,629 shares outstanding | $67,046,582 | |
Net Assets Consist of: | ||
Paid-in capital | $67,046,561 | |
Total distributable earnings (loss) | 21 | |
TOTAL NET ASSETS | $67,046,582 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Wealth Shares: | ||
$40,969,288 ÷ 40,969,317 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$11,206,088 ÷ 11,206,096 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$14,871,206 ÷ 14,871,216 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $486,560 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $101,277 | ||
Administrative fee (Note 4) | 26,648 | ||
Custodian fees | 1,515 | ||
Transfer agent fee | 14,658 | ||
Directors’/Trustees’ fees (Note 4) | 367 | ||
Auditing fees | 10,145 | ||
Legal fees | 4,634 | ||
Portfolio accounting fees | 42,537 | ||
Distribution services fee (Note 4) | 33,842 | ||
Other service fees (Notes 2 and 4) | 37,956 | ||
Share registration costs | 37,267 | ||
Printing and postage | 11,359 | ||
Miscellaneous (Note 4) | 3,625 | ||
TOTAL EXPENSES | 325,830 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 4) | $(93,521) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 4) | (14,152) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (107,673) | ||
Net expenses | 218,157 | ||
Net investment income | 268,403 | ||
Change in net assets resulting from operations | $268,403 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $268,403 | $757,675 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 268,403 | 757,675 |
Distributions to Shareholders: | ||
Wealth Shares | (182,909) | (429,859) |
Service Shares | (50,867) | (148,627) |
Cash Series Shares | (35,434) | (179,062) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (269,210) | (757,548) |
Share Transactions: | ||
Proceeds from sale of shares | 77,434,952 | 229,584,337 |
Net asset value of shares issued to shareholders in payment of distributions declared | 62,287 | 262,253 |
Cost of shares redeemed | (74,750,535) | (248,390,927) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,746,704 | (18,544,337) |
Change in net assets | 2,745,897 | (18,544,210) |
Net Assets: | ||
Beginning of period | 64,300,685 | 82,844,895 |
End of period | $67,046,582 | $64,300,685 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $16,805 | $(3,260) | $(749) |
Cash Series Shares | $21,151 | $(926) | $(3,202) |
TOTAL | $37,956 | $(4,186) | $(3,951) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 38,596,576 | $38,596,576 | 87,005,288 | $87,005,288 |
Shares issued to shareholders in payment of distributions declared | 4,541 | 4,541 | 12,801 | 12,801 |
Shares redeemed | (29,465,550) | (29,465,550) | (84,833,856) | (84,833,856) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 9,135,567 | $9,135,567 | 2,184,233 | $2,184,233 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 14,885,304 | $14,885,304 | 46,479,238 | $46,479,238 |
Shares issued to shareholders in payment of distributions declared | 22,506 | 22,506 | 72,200 | 72,200 |
Shares redeemed | (17,047,713) | (17,047,713) | (48,794,752) | (48,794,752) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (2,139,903) | $(2,139,903) | (2,243,314) | $(2,243,314) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 23,953,072 | $23,953,072 | 96,099,811 | $96,099,811 |
Shares issued to shareholders in payment of distributions declared | 35,240 | 35,240 | 177,252 | 177,252 |
Shares redeemed | (28,237,272) | (28,237,272) | (114,762,319) | (114,762,319) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | (4,248,960) | $(4,248,960) | (18,485,256) | $(18,485,256) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,746,704 | $2,746,704 | (18,544,337) | $(18,544,337) |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash Series Shares | $33,842 | $(5,802) |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Wealth Shares | $1,000 | $1,004.80 | $2.34 |
Service Shares | $1,000 | $1,003.90 | $3.29 |
Cash Series Shares | $1,000 | $1,002.20 | $5.03 |
Hypothetical (assuming a 5% return before expenses): | |||
Wealth Shares | $1,000 | $1,022.50 | $2.36 |
Service Shares | $1,000 | $1,021.60 | $3.32 |
Cash Series Shares | $1,000 | $1,019.80 | $5.07 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Wealth Shares | 0.47% |
Service Shares | 0.66% |
Cash Series Shares | 1.01% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N542
CUSIP 60934N526
Share Class | Ticker | Service | VACXX | Cash Series | VCSXX |
Security Type | Percentage of Total Net Assets |
Variable Rate Demand Instruments | 89.3% |
Municipal Notes | 6.1% |
Commercial Paper | 4.9% |
Other Assets and Liabilities—Net2 | (0.3)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 89.5% |
8-30 Days | 0.0% |
31-90 Days | 7.3% |
91-180 Days | 3.5% |
181 Days or more | 0.0% |
Other Assets and Liabilities—Net2 | (0.3)% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—100.3% | ||
Virginia—100.3% | |||
$ 1,500,000 | Albemarle County, VA Economic Development Authority (Sentara Health Systems Obligation Group), (Series 2018B) Daily VRDNs, (TD Bank, N.A. LIQ), 0.180%, 5/1/2020 | $1,500,000 | |
4,780,000 | Alexandria, VA, Solar Eclipse (2017-0044) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.270%, 5/7/2020 | 4,780,000 | |
7,250,000 | Arlington County, VA IDA (Gates of Ballston Apartments), (Series 2005) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.300%, 5/6/2020 | 7,250,000 | |
16,150,000 | Arlington County, VA IDA (Westover Apartments, LP), (Series 2011A) Weekly VRDNs, (FHLMC LOC), 0.300%, 5/7/2020 | 16,150,000 | |
150,000 | Bedford County, VA IDA (David R. Snowman and Carol J. Snowman), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 0.320%, 5/6/2020 | 150,000 | |
8,500,000 | Blackrock Virginia Municipal Bond Trust, (Series W-7) Weekly VRDPs, (Citibank N.A., New York LIQ), 0.370%, 5/7/2020 | 8,500,000 | |
8,000,000 | Botetourt County, VA IDA (Altec Industries, Inc.), (Series 2001) Weekly VRDNs, (Bank of America N.A. LOC), 0.420%, 5/7/2020 | 8,000,000 | |
2,060,000 | Emporia, VA Industrial Development Board (Toll VA III LP), (Series 1999) Weekly VRDNs, (Truist Bank LOC), 0.340%, 5/7/2020 | 2,060,000 | |
9,210,000 | Fairfax County, VA EDA (Mount Vernon Ladies’ Association of the Union), (Series 2007) Weekly VRDNs, (Truist Bank LOC), 0.270%, 5/6/2020 | 9,210,000 | |
3,220,000 | Fairfax County, VA EDA (Young Men’s Christian Association of Metropolitan Washington), (Series 2001) Weekly VRDNs, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.350%, 5/1/2020 | 3,220,000 | |
9,440,000 | Fairfax County, VA IDA (Inova Health System), (Series 2018C) Weekly VRDNs, 0.250%, 5/7/2020 | 9,440,000 | |
4,500,000 | Hampton Roads, VA Sanitation District, (Series 2016B) Weekly VRDNs, 0.210%, 5/7/2020 | 4,500,000 | |
5,535,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZF2619) Weekly VRDNs, (Wells Fargo Bank, N.A. LIQ), 0.250%, 5/7/2020 | 5,535,000 | |
3,615,000 | Hampton Roads, VA Transportation Accountability Commission, (Series 2018-ZM0629) Weekly VRDNs, (Morgan Stanley Bank, N.A. LIQ), 0.320%, 5/7/2020 | 3,615,000 | |
845,000 | Henrico County, VA EDA (JAS-LCS LLC), (Series 2001) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.450%, 5/7/2020 | 845,000 | |
4,040,000 | King George County IDA, VA (Garnet of Virginia, Inc.), (Series 1996) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LOC), 0.280%, 5/7/2020 | 4,040,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Virginia—continued | |||
$1,500,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003C) Weekly VRDNs, 0.210%, 5/6/2020 | $1,500,000 | |
1,830,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003D) Weekly VRDNs, 0.210%, 5/6/2020 | 1,830,000 | |
2,900,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003E) Weekly VRDNs, 0.250%, 5/6/2020 | 2,900,000 | |
2,325,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2003F) Weekly VRDNs, 0.250%, 5/6/2020 | 2,325,000 | |
1,175,000 | Loudoun County, VA IDA (Howard Hughes Medical Institute), (Series 2013A) Weekly VRDNs, 0.200%, 5/6/2020 | 1,175,000 | |
5,205,000 | Loudoun County, VA, Solar Eclipse (Series 2017-0038) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.270%, 5/7/2020 | 5,205,000 | |
5,475,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), (Series 2017C) Weekly VRDNs, (Truist Bank LOC), 0.240%, 5/7/2020 | 5,475,000 | |
2,520,000 | Lynchburg, VA Economic Development Authority (Centra Health Obligated Group), Series 2017-XG0147 Weekly VRDNs, (Barclays Bank PLC LIQ)/(Barclays Bank PLC LOC), 0.260%, 5/7/2020 | 2,520,000 | |
6,210,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0795) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 6,210,000 | |
2,535,000 | Metropolitan Washington, DC Airports Authority (Dulles Metrorail and Capital Improvement Project), Tender Option Bond Trust Certificates (Series 2019-ZM0796) Weekly VRDNs, (Assured Guaranty Municipal Corp. INS)/(Morgan Stanley Bank, N.A. LIQ), 0.340%, 5/7/2020 | 2,535,000 | |
6,300,000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2016A) Weekly VRDNs, 0.230%, 5/6/2020 | 6,300,000 | |
2,000,000 | Norfolk, VA EDA (Sentara Health Systems Obligation Group), (Series 2016B) Weekly VRDNs, 0.230%, 5/6/2020 | 2,000,000 | |
2,035,000 | Salem, VA IDA (Oak Park Apartments, L.P.), (Series 2008) Weekly VRDNs, (FNMA LOC), 0.160%, 5/7/2020 | 2,035,000 | |
350,000 | Stafford County, VA and Staunton, VA IDA, Series 2008 A-1, CP, (Bank of America N.A. LOC), 1.500%, Mandatory Tender 5/1/2020 | 350,000 | |
8,670,000 | Suffolk, VA EDA (Sentara Health Systems Obligation Group), Eagles (Series 2017-0005) Weekly VRDNs, (Citibank N.A., New York LIQ), 0.250%, 5/7/2020 | 8,670,000 | |
4,600,000 | Suffolk, VA, Solar Eclipse Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.250%, 5/7/2020 | 4,600,000 | |
2,000,000 | University of Virginia (The Rectors and Visitors of), Solar Eclipse (Series 2017-0017) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.270%, 5/7/2020 | 2,000,000 |
Principal Amount | Value | ||
1 | SHORT-TERM MUNICIPALS—continued | ||
Virginia—continued | |||
$3,520,000 | Virginia College Building Authority (University of Richmond), (Series 2004) Weekly VRDNs, (U.S. Bank, N.A. LIQ), 0.170%, 5/6/2020 | $3,520,000 | |
9,000,000 | Virginia Commonwealth University, (Series A), CP, 0.400%, Mandatory Tender 6/8/2020 | 9,000,000 | |
2,555,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipt (Series 2020-XF0926) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.370%, 5/7/2020 | 2,555,000 | |
4,500,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipt (Series 2020-ZF0927) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.370%, 5/7/2020 | 4,500,000 | |
3,145,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipt (Series 2020-ZF0928) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.370%, 5/7/2020 | 3,145,000 | |
2,055,000 | Virginia Small Business Financing Authority (Bon Secours Mercy Health), Tender Option Bond Trust Receipts (Series 2020-ZF0916) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.370%, 5/7/2020 | 2,055,000 | |
5,000,000 | Virginia Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008A) Weekly VRDNs, (PNC Bank, N.A. LOC), 0.190%, 5/7/2020 | 5,000,000 | |
2,675,000 | Virginia Small Business Financing Authority (Carilion Health System Obligated Group), (Series 2008B) Weekly VRDNs, (Wells Fargo Bank, N.A. LOC), 0.200%, 5/7/2020 | 2,675,000 | |
1,900,000 | Virginia Small Business Financing Authority (Sentara Health Systems Obligation Group), Tender Option Bond Trust Receipts (2016-ZF0360) Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.260%, 5/7/2020 | 1,900,000 | |
6,640,000 | Virginia State Public Building Authority Public Facilities (Virginia State), RBC Muni Products (Series G-40) TOBs, (Royal Bank of Canada LIQ)/(Royal Bank of Canada LOC), 0.420%, Optional Tender 8/3/2020 | 6,640,000 | |
5,000,000 | Wise County, VA IDA (Virginia Electric & Power Co.), (Series 2010A) TOBs, 1.875%, Mandatory Tender 6/1/2020 | 5,002,228 | |
TOTAL INVESTMENT IN SECURITIES—100.3% (AT AMORTIZED COST)2 | 192,417,228 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.3)%3 | (658,122) | ||
TOTAL NET ASSETS—100% | $191,759,106 |
1 | Current rate and current maturity or next reset date shown for floating rate notes and variable rate notes/demand instruments. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
CP | —Commercial Paper |
EDA | —Economic Development Authority |
FHLMC | —Federal Home Loan Mortgage Corporation |
FNMA | —Federal National Mortgage Association |
IDA | —Industrial Development Authority |
INS | —Insured |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TOBs | —Tender Option Bonds |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.004 | 0.010 | 0.007 | 0.002 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.010 | 0.007 | 0.003 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.004) | (0.010) | (0.007) | (0.002) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.001) | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.004) | (0.010) | (0.007) | (0.003) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.41% | 0.98% | 0.75% | 0.25% | 0.06% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.65%3 | 0.66% | 0.66% | 0.66% | 0.33%4 | 0.09% |
Net investment income | 0.76%3 | 0.95% | 0.73% | 0.17% | 0.03% | 0.01% |
Expense waiver/reimbursement5 | 0.21%3 | 0.17% | 0.23% | 0.29% | 0.57% | 0.79% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $145,735 | $147,979 | $110,541 | $108,573 | $118,843 | $165,877 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016 was 0.33% after taking into account this expense reductions. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Six Months Ended (unaudited) 4/30/2020 | Year Ended October 31, | |||||
2019 | 2018 | 2017 | 2016 | 2015 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | ||||||
Net investment income | 0.002 | 0.006 | 0.004 | 0.0001 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.002 | 0.006 | 0.004 | 0.001 | 0.0001 | 0.0001 |
Less Distributions: | ||||||
Distributions from net investment income | (0.002) | (0.006) | (0.004) | (0.000)1 | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.001) | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.002) | (0.006) | (0.004) | (0.001) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.24% | 0.58% | 0.36% | 0.09% | 0.03% | 0.01% |
Ratios to Average Net Assets: | ||||||
Net expenses | 0.99%3 | 1.05% | 1.05% | 0.81% | 0.35%4 | 0.09% |
Net investment income | 0.44%3 | 0.58% | 0.33% | 0.01% | 0.01% | 0.01% |
Expense waiver/reimbursement5 | 0.47%3 | 0.39% | 0.45% | 0.73% | 1.15% | 1.39% |
Supplemental Data: | ||||||
Net assets, end of period (000 omitted) | $46,025 | $44,511 | $61,479 | $87,565 | $96,705 | $109,464 |
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 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio for the year ended October 31, 2016, was 0.35% after taking into account this expense reduction. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $192,417,228 | |
Cash | 182,261 | |
Income receivable | 375,715 | |
Receivable for shares sold | 140,581 | |
TOTAL ASSETS | 193,115,785 | |
Liabilities: | ||
Payable for shares redeemed | $1,310,392 | |
Payable for investment adviser fee (Note 4) | 6,967 | |
Payable for administrative fees (Note 4) | 413 | |
Payable for distribution services fee (Note 4) | 9,952 | |
Payable for other service fees (Note 4) | 21,003 | |
Accrued expenses (Note 4) | 7,952 | |
TOTAL LIABILITIES | 1,356,679 | |
Net assets for 191,751,253 shares outstanding | $191,759,106 | |
Net Assets Consist of: | ||
Paid-in capital | $191,750,819 | |
Total distributable earnings (loss) | 8,287 | |
TOTAL NET ASSETS | $191,759,106 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Service Shares: | ||
$145,734,580 ÷ 145,728,601 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$46,024,526 ÷ 46,022,652 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $1,315,098 | ||
Expenses: | |||
Investment adviser fee (Note 4) | $278,586 | ||
Administrative fee (Note 4) | 73,069 | ||
Custodian fees | 3,378 | ||
Transfer agent fee | 102,105 | ||
Directors’/Trustees’ fees (Note 4) | 684 | ||
Auditing fees | 10,145 | ||
Legal fees | 5,328 | ||
Portfolio accounting fees | 43,663 | ||
Distribution services fee (Note 4) | 131,835 | ||
Other service fees (Notes 2 and 4) | 232,155 | ||
Share registration costs | 30,451 | ||
Printing and postage | 12,469 | ||
Miscellaneous (Note 4) | 3,242 | ||
TOTAL EXPENSES | 927,110 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 4) | $(90,727) | ||
Waivers/reimbursement of other operating expenses (Notes 2 and 4) | (160,955) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (251,682) | ||
Net expenses | 675,428 | ||
Net investment income | 639,670 | ||
Net realized gain on investments | 7,125 | ||
Change in net assets resulting from operations | $646,795 |
Six Months Ended (unaudited) 4/30/2020 | Year Ended 10/31/2019 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $639,670 | $1,527,879 |
Net realized gain | 7,125 | 25,777 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 646,795 | 1,553,656 |
Distributions to Shareholders: | ||
Service Shares | (562,074) | (1,216,885) |
Cash Series Shares | (103,419) | (318,077) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (665,493) | (1,534,962) |
Share Transactions: | ||
Proceeds from sale of shares | 181,745,087 | 402,531,412 |
Net asset value of shares issued to shareholders in payment of distributions declared | 664,738 | 1,533,483 |
Cost of shares redeemed | (183,122,459) | (383,613,092) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (712,634) | 20,451,803 |
Change in net assets | (731,332) | 20,470,497 |
Net Assets: | ||
Beginning of period | 192,490,438 | 172,019,941 |
End of period | $191,759,106 | $192,490,438 |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $177,224 | $(66,531) | $(11,664) |
Cash Series Shares | $54,931 | $(3,713) | $(9,668) |
TOTAL | $232,155 | $(70,244) | $(21,332) |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 128,563,125 | $128,563,125 | 286,850,366 | $286,850,366 |
Shares issued to shareholders in payment of distributions declared | 561,790 | 561,790 | 1,215,802 | 1,215,802 |
Shares redeemed | (131,355,387) | (131,355,387) | (250,642,841) | (250,642,841) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (2,230,472) | $(2,230,472) | 37,423,327 | $37,423,327 |
Six Months Ended 4/30/2020 | Year Ended 10/31/2019 | |||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 53,181,962 | $53,181,962 | 115,681,046 | $115,681,046 |
Shares issued to shareholders in payment of distributions declared | 102,948 | 102,948 | 317,681 | 317,681 |
Shares redeemed | (51,767,072) | (51,767,072) | (132,970,251) | (132,970,251) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 1,517,838 | $1,517,838 | (16,971,524) | $(16,971,524) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | (712,634) | $(712,634) | 20,451,803 | $20,451,803 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash Series Shares | $131,835 | $(69,379) |
Beginning Account Value 11/1/2019 | Ending Account Value 4/30/2020 | Expenses Paid During Period1 | |
Actual: | |||
Service Shares | $1,000 | $1,004.10 | $3.24 |
Cash Series Shares | $1,000 | $1,002.40 | $4.93 |
Hypothetical (assuming a 5% return before expenses): | |||
Service Shares | $1,000 | $1,021.63 | $3.27 |
Cash Series Shares | $1,000 | $1,019.94 | $4.97 |
1 | Expenses are equal to the Fund’s annualized net expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). The annualized net expense ratios are as follows: |
Service Shares | 0.65% |
Cash Series Shares | 0.99% |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919825
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
DateJune 22, 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
DateJune 22, 2020
By/S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
DateJune 22, 2020