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
_______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, Pennsylvania 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 07/31/20
Date of Reporting Period: 07/31/20
Item 1. | Reports to Stockholders |
Ticker FRFXX |
Donahue
Security Type | Percentage of Total Net Assets |
Commercial Paper | 39.6% |
Variable Rate Instruments | 22.7% |
Other Repurchase Agreements and Repurchase Agreements | 18.8% |
Bank Instruments | 18.3% |
Asset-Backed Securities | 0.0%2 |
Investment Company | 0.6% |
Other Assets and Liabilities—Net3 | 0.0%2 |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 43.2%5 |
8-30 Days | 8.4% |
31-90 Days | 29.1% |
91-180 Days | 16.4% |
181 Days or more | 2.9% |
Other Assets and Liabilities—Net3 | 0.0%2 |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | Represents less than 0.1%. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
5 | Overnight securities comprised 18.9% of the Fund’s portfolio. |
Principal Amount or Shares | Value | ||
ASSET-BACKED SECURITIES—0.0% | |||
Finance - Equipment—0.0% | |||
$818,352 | BCC Funding XVI LLC (Equipment Contract Backed Notes, Series 2019-1), Class A1, 2.300%, 10/20/2020 (IDENTIFIED COST $818,352) | $818,352 | |
CERTIFICATES OF DEPOSIT—18.3% | |||
Banking—18.3% | |||
10,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | 10,000,000 | |
100,000,000 | Landesbank Baden-Wurttemberg, 0.130%, 8/7/2020 | 100,000,000 | |
145,000,000 | Mizuho Bank Ltd., 0.240%—0.270%, 10/13/2020 - 11/20/2020 | 145,002,153 | |
70,000,000 | MUFG Bank Ltd., 0.290%, 1/27/2021 - 1/28/2021 | 70,000,000 | |
194,100,000 | Sumitomo Mitsui Banking Corp., 0.300%—0.330%, 9/1/2020 - 1/29/2021 | 194,099,141 | |
205,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.300%, 10/9/2020 | 205,000,000 | |
65,000,000 | Toronto Dominion Bank, 0.450%—0.500%, 5/13/2021 - 6/16/2021 | 65,000,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 789,101,294 | ||
1 | COMMERCIAL PAPER—39.6% | ||
Aerospace / Auto—1.5% | |||
50,000,000 | Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.735%, 10/26/2020 | 49,794,556 | |
15,000,000 | Toyota Finance Australia Ltd., (Toyota Motor Corp. Support Agreement), 0.380%, 12/16/2020 | 14,978,308 | |
TOTAL | 64,772,864 | ||
Banking—20.2% | |||
131,132,000 | Albion Capital LLC, (MUFG Bank Ltd. LIQ), 0.320%, 8/17/2020 - 9/15/2020 | 131,100,461 | |
25,000,000 | Alpine Securitization LLC, (Credit Suisse AG LIQ), 0.330%, 11/12/2020 | 24,976,396 | |
50,000,000 | Antalis S.A., (Societe Generale, Paris LIQ), 0.320%, 8/13/2020 | 49,994,667 | |
30,000,000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 1.389%, 10/5/2020 | 29,925,250 | |
70,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.410%, 12/4/2020 | 69,900,347 | |
190,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.300%—1.761%, 8/3/2020 - 12/3/2020 | 189,935,836 | |
1,700,000 | Great Bridge Capital Co., LLC, (Standard Chartered Bank COL), 0.270%, 9/21/2020 | 1,699,350 | |
24,500,000 | HSBC USA, Inc., 0.511%—0.521%, 9/9/2020 - 9/10/2020 | 24,485,958 |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Banking—continued | |||
$111,300,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 0.300%—0.381%, 11/2/2020 - 2/2/2021 | $111,171,902 | |
20,000,000 | Mizuho Bank Ltd., 0.250%, 10/20/2020 | 19,988,889 | |
10,000,000 | MUFG Bank Ltd., 1.085%, 10/13/2020 | 9,978,100 | |
20,000,000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), 0.350%, 12/2/2020 | 19,976,083 | |
110,000,000 | Societe Generale, Paris, 0.371%—0.431%, 11/19/2020 - 12/1/2020 | 109,858,472 | |
20,000,000 | Sumitomo Mitsui Banking Corp., 0.280%, 10/8/2020 | 19,989,422 | |
59,000,000 | Versailles Commercial Paper LLC, (Natixis LIQ), 0.300%—1.356%, 8/11/2020 - 10/9/2020 | 58,971,075 | |
TOTAL | 871,952,208 | ||
Chemicals—2.5% | |||
94,445,000 | BASF SE, 0.350%—0.430%, 9/1/2020 - 9/28/2020 | 94,392,507 | |
15,000,000 | DuPont de Nemours, Inc., 0.370%—0.380%, 8/24/2020 - 8/27/2020 | 14,996,236 | |
TOTAL | 109,388,743 | ||
Electric Power—1.4% | |||
61,000,000 | Duke Energy Corp., 0.240%—0.280%, 8/3/2020 - 9/18/2020 | 60,990,425 | |
Finance - Commercial—5.0% | |||
217,250,000 | Atlantic Asset Securitization LLC, 0.250%—1.033%, 8/4/2020 - 11/5/2020 | 217,146,429 | |
Finance - Retail—5.1% | |||
130,000,000 | Barton Capital S.A., 0.280%—0.361%, 9/17/2020 - 1/25/2021 | 129,914,958 | |
20,000,000 | Old Line Funding, LLC, 1.005%, 10/26/2020 | 19,952,222 | |
60,000,000 | Sheffield Receivables Company LLC, 0.300%—1.225%, 8/13/2020 - 10/23/2020 | 59,972,750 | |
10,000,000 | Starbird Funding Corp., 1.053%, 8/17/2020 | 9,995,334 | |
TOTAL | 219,835,264 | ||
Food & Beverage—0.7% | |||
29,000,000 | Mondelez International, Inc., 0.701%—0.942%, 8/7/2020 | 28,996,417 | |
Mining—0.3% | |||
12,000,000 | Nutrien Ltd., 0.350%, 9/1/2020 | 11,996,383 | |
Oil & Oil Finance—0.5% | |||
20,000,000 | BP Capital Markets PLC, (Guaranteed by BP PLC), 1.136%—1.664%, 8/14/2020 - 8/31/2020 | 19,982,169 |
Principal Amount or Shares | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Sovereign—2.4% | |||
$103,000,000 | European Investment Bank, 1.394%—1.445%, 11/20/2020 - 11/23/2020 | $102,547,932 | |
TOTAL COMMERCIAL PAPER | 1,707,608,834 | ||
2 | NOTES-VARIABLE—22.7% | ||
Banking—20.5% | |||
14,000,000 | Bank of Montreal, 0.426% (3-month USLIBOR +0.120%), 9/28/2020 | 14,000,000 | |
20,000,000 | Bank of Montreal, 0.450% (3-month USLIBOR +0.120%), 9/4/2020 | 20,000,000 | |
25,000,000 | Bank of Montreal, 0.470% (Effective Fed Funds +0.370%), 8/3/2020 | 25,000,000 | |
40,000,000 | Bank of Montreal, 0.479% (1-month USLIBOR +0.300%), 8/21/2020 | 40,000,000 | |
25,000,000 | Bank of Montreal, 0.510% (3-month USLIBOR +0.130%), 8/17/2020 | 25,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 0.388% (1-month USLIBOR +0.210%), 8/11/2020 | 25,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 0.425% (3-month USLIBOR +0.120%), 9/23/2020 | 25,000,000 | |
40,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 40,000,000 | |
10,000,000 | Bank of Nova Scotia, Toronto, 0.630% (3-month USLIBOR +0.130%), 8/6/2020 | 10,000,000 | |
30,000,000 | Bank of Nova Scotia, Toronto, 0.686% (3-month USLIBOR +0.130%), 8/4/2020 | 30,000,000 | |
15,000,000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 0.486% (3-month USLIBOR +0.190%), 9/25/2020 | 15,000,000 | |
10,000,000 | Bedford Row Funding Corp., (Royal Bank of Canada GTD), 0.563% (3-month USLIBOR +0.130%), 8/13/2020 | 10,000,000 | |
34,140,000 | BlackRock MuniHoldings Quality Fund, Inc., VMTP Preferred Shares (Series T0019) Daily VRDPs, (JPMorgan Chase Bank, N.A. LIQ), 0.390%, 8/3/2020 | 34,140,000 | |
9,200,000 | Bragg 2019 Family Trust No. 1, Series 2019, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 9,200,000 | |
40,000,000 | Canadian Imperial Bank of Commerce, 0.413% (1-month USLIBOR +0.250%), 8/4/2020 | 40,000,000 | |
20,000,000 | Canadian Imperial Bank of Commerce, 0.680% (3-month USLIBOR +0.140%), 8/5/2020 | 20,000,000 | |
35,080,000 | Carol Allen Family Liquidity Trust, (Comerica Bank LOC), 0.220%, 8/6/2020 | 35,080,000 | |
16,025,000 | Catholic Health Initiatives, Taxable Municipal Funding Trust (Series 2019-007) VRDNs, (Barclays Bank plc LOC), 0.560%, 8/6/2020 | 16,025,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE��continued | ||
Banking—continued | |||
$2,615,000 | Colorado Health Facilities Authority, Series 2016B, (UMB Bank, N.A. LOC), 0.530%, 8/6/2020 | $2,615,000 | |
25,000,000 | Connecticut State, Golden Blue (Series 2017-016) Weekly VRDNs, (Barclays Bank plc LIQ)/(Barclays Bank plc LOC), 0.200%, 8/6/2020 | 25,000,000 | |
10,265,000 | Connecticut Water Co., Series 2004, (Citizens Bank, N.A., Providence LOC), 0.450%, 8/5/2020 | 10,265,000 | |
6,750,000 | CT 2019 Irrevocable Trust, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 6,750,000 | |
7,090,000 | EG Irrevocable Life Insurance Trust, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 7,090,000 | |
9,590,000 | Eric and Lizzie Bommer Insurance Trust, (BOKF, N.A. LOC), 0.280%, 8/6/2020 | 9,590,000 | |
8,845,000 | Foster/Schweihofer Real Estate Holding Co., LLC, (Comerica Bank LOC), 0.300%, 8/6/2020 | 8,845,000 | |
2,930,000 | Gannett Fleming, Inc., Series 2001, (Manufacturers & Traders Trust Co., Buffalo, NY LOC), 0.510%, 8/7/2020 | 2,930,000 | |
14,215,000 | Gerald J. Rubin Special Trust No. 1, (Goldman Sachs Bank USA LOC), 0.220%, 8/6/2020 | 14,215,000 | |
5,355,000 | GM Enterprises of Oregon, Inc., Series 2017, (Bank of the West, San Francisco, CA LOC), 0.220%, 8/6/2020 | 5,355,000 | |
2,195,000 | IRT Funding Trust / VAP Master Trust II, Taxable Muni Funding Trust (Series 2019-008) VRDNs, (Barclays Bank plc LOC), 0.560%, 8/6/2020 | 2,195,000 | |
23,445,000 | J.R. Adventures Insurance Trust, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 23,445,000 | |
3,405,000 | Moran Enterprises, Inc., Series 2015, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 3,405,000 | |
32,700,000 | New Jersey EDA, Taxable Muni Funding Trust (Series 2019-014) VRDNs, (Barclays Bank plc LOC), 0.560%, 8/6/2020 | 32,700,000 | |
11,255,000 | NLS 2015 Irrevocable Trust, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 11,255,000 | |
9,280,000 | Opler 2013 Irrevocable Trust, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 9,280,000 | |
30,565,000 | RBS Insurance Trust, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 30,565,000 | |
10,000,000 | Royal Bank of Canada, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 10,000,000 | |
9,470,000 | Sendra Family Irrevocable Trust, Series 2015, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 9,470,000 | |
13,875,000 | Steel Dust Recycling, LLC, Series 2016, (Comerica Bank LOC), 0.220%, 8/6/2020 | 13,875,000 | |
6,145,000 | Taxable Municipal Funding Trust 2020-001, Barclays Taxable Muni Funding Trust (Series 2020-001) VRDNs, (Barclays Bank plc LOC), 0.560%, 8/6/2020 | 6,145,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Banking—continued | |||
$12,500,000 | Taxable Municipal Funding Trust 2020-008, (Series 2020-008) VRDNs, (Barclays Bank plc LOC), 0.560%, 8/6/2020 | $12,500,000 | |
11,935,000 | The Gregory P. Berry Trust, Series 2017, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 11,935,000 | |
6,460,000 | The Harry M. Rubin 2014 Insurance Trust, Series 2014, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/5/2020 | 6,460,000 | |
5,825,000 | The Jacob Rosenstein Irrevocable Life Insurance Trust, (Bank of America N.A. LOC), 0.250%, 8/5/2020 | 5,825,000 | |
8,820,000 | The Jay Deitz 2015 Irrevocable Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 8,820,000 | |
9,825,000 | The KVR Insurance Trust, Series 2014, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 9,825,000 | |
9,240,000 | The Murray D. Berry Trust, Series 2017, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 9,240,000 | |
9,550,000 | The Ray L. Berry Trust, Series 2017, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 9,550,000 | |
5,565,000 | The Raymon Lee Ince Irrevocable Trust, Series 2013, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 5,565,000 | |
6,680,000 | The Rieber Life Insurance Trust, Series 2016, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 6,680,000 | |
35,000,000 | Toronto Dominion Bank, 0.420% (Effective Fed Funds +0.320%), 8/3/2020 | 35,000,000 | |
25,000,000 | Toronto Dominion Bank, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 25,000,000 | |
30,000,000 | Toronto Dominion Bank, 0.544% (3-month USLIBOR +0.300%), 10/27/2020 | 30,000,000 | |
7,305,000 | Tuttle Insurance Trust No. 2, Series 2015, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 7,305,000 | |
8,240,000 | Wingo Family Master Trust, (BOKF, N.A. LOC), 0.250%, 8/6/2020 | 8,240,000 | |
13,000,000 | Yavapai County, AZ IDA—Recovery Zone Facility (Drake Cement LLC), Taxble (Series 2015) Weekly VRDNs, (Bank of Nova Scotia, Toronto LOC), 0.300%, 8/6/2020 | 13,000,000 | |
TOTAL | 883,380,000 | ||
Electric Power—0.7% | |||
32,000,000 | West Jefferson, AL IDB PCRB (Alabama Power Co.), (Series 1998) Weekly VRDNs, 0.240%, 8/6/2020 | 32,000,000 | |
Government Agency—0.4% | |||
3,935,000 | Jerry P. Himmel Irrevocable Trust No. 1, (Federal Home Loan Bank of Dallas LOC), 0.240%, 8/6/2020 | 3,935,000 | |
7,660,000 | Millbrook, AL Redevelopment Authority, RAM Millbrook Hospitality LLC Project, Series 2017, (Federal Home Loan Bank of New York LOC), 0.230%, 8/6/2020 | 7,660,000 |
Principal Amount or Shares | Value | ||
2 | NOTES-VARIABLE—continued | ||
Government Agency—continued | |||
$6,060,000 | Roberts Insurance Trusts, LLC, (Federal Home Loan Bank of Des Moines LOC), 0.220%, 8/6/2020 | $6,060,000 | |
TOTAL | 17,655,000 | ||
Metals—1.1% | |||
45,000,000 | St. James Parish, LA (Nucor Steel Louisiana LLC), (Series 2010A-1) Weekly VRDNs, (Nucor Corp. GTD), 0.330%, 8/5/2020 | 45,000,000 | |
TOTAL NOTES-VARIABLE | 978,035,000 | ||
OTHER REPURCHASE AGREEMENTS—7.2% | |||
50,000,000 | Repurchase agreement, 0.699% dated 5/21/2020 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $50,174,750 on 11/17/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were corporate bonds and sovereign debt securities with various maturities to 10/12/2110 and the market value of those underlying securities was $51,038,291. | 50,000,000 | |
70,000,000 | Repurchase agreement, 0.749% dated 5/21/2020 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $70,262,150 on 11/17/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were asset-backed securities, collateralized mortgage-backed obligations and medium-term notes with various maturities to 3/25/2057 and the market value of those underlying securities was $71,456,451. | 70,000,000 | |
50,000,000 | Repurchase agreement, 0.190% dated 7/31/2020 under which HSBC Securities (USA), Inc. will repurchase the securities provided as collateral for $50,000,792 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were corporate bonds, medium-term notes and sovereign debt securities with various maturities to 7/15/2097 and the market value of those underlying securities was $51,000,000. | 50,000,000 | |
5,000,000 | Interest in $25,000,000 joint repurchase agreement, 0.500% dated 7/31/2020 under which Mizuho Securities USA, Inc. will repurchase the securities provided as collateral for $25,001,042 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S treasury with various maturities to 4/30/2026 and the market value of those underlying securities was $25,501,067. | 5,000,000 | |
10,000,000 | Interest in $30,000,000 joint repurchase agreement, 0.830% dated 5/8/2020 under which Mizuho Securities USA, Inc. will repurchase the securities provided as collateral for $30,082,308 on 9/4/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were corporate bonds with various maturities to 3/1/2031 and the market value of those underlying securities was $30,640,920. | 10,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
$100,000,000 | Repurchase agreement, 0.290% dated 7/31/2020 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $100,002,417 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S government agency with various maturities to 7/23/2021 and the market value of those underlying securities was $102,002,806. | $100,000,000 | |
25,000,000 | Repurchase agreement, 0.670% dated 7/14/2020 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $25,040,479 on 10/9/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were convertible bonds with various maturities to 7/15/2025 and the market value of those underlying securities was $25,509,492. | 25,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 310,000,000 | ||
REPURCHASE AGREEMENTS—11.6% | |||
450,000,000 | Interest in $1,250,000,000 joint repurchase agreement, 0.080% dated 7/31/2020 under which Barclays Bank PLC will repurchase the securities provided as collateral for $1,250,008,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S treasury with various maturities to 11/15/2049 and the market value of those underlying securities was $1,275,008,543. | 450,000,000 | |
50,000,000 | Interest in $200,000,000 joint repurchase agreement, 0.100% dated 7/31/2020 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,001,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S government agency with various maturities to 2/25/2036 and the market value of those underlying securities was $205,664,838. | 50,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 500,000,000 | ||
INVESTMENT COMPANY—0.6% | |||
26,997,500 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.21%3 | 27,000,100 | |
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)4 | 4,312,563,580 | ||
OTHER ASSETS AND LIABILITIES—0.0%5 | 184,099 | ||
TOTAL NET ASSETS—100% | $4,312,747,679 |
Federated Hermes Tax-Free Obligations Fund | Federated Hermes Institutional Prime Value Obligations Fund Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | — | 26,997,500 | 26,997,500 |
Purchases/Additions | 105,000,000 | — | 105,000,000 |
Sales/Reductions | (105,000,000) | — | (105,000,000) |
Balance of Shares Held 7/31/2020 | — | 26,997,500 | 26,997,500 |
Value | $— | $27,000,100 | $27,000,100 |
Change in Unrealized Appreciation/(Depreciation) | $— | $— | $— |
Net Realized Gain/(Loss) | $— | $— | $— |
Dividend Income | $— | $368,654 | $368,654 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | 7-day net yield. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
EDA | —Economic Development Authority |
GTD | —Guaranteed |
IDA | —Industrial Development Authority |
IDB | —Industrial Development Bond |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
PCRB | —Pollution Control Revenue Bonds |
VMTP | —Variable Rate Municipal Term Preferred |
VRDNs | —Variable Rate Demand Notes |
VRDPs | —Variable Rate Demand Preferreds |
Year Ended July 31, | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations: | |||||
Net investment income | 0.007 | 0.016 | 0.007 | 0.001 | — |
Net realized gain (loss) | 0.0001 | 0.0001 | 0.0001 | — | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.016 | 0.007 | 0.001 | 0.0001 |
Less Distributions: | |||||
Distributions from net income | (0.007) | (0.016) | (0.007) | (0.001) | — |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | — | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.007) | (0.016) | (0.007) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.68% | 1.58% | 0.75% | 0.10% | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4,5 | 0.94% | 1.02% | 1.02% | 0.92% | 0.52% |
Net investment income | 0.65% | 1.58% | 0.70% | 0.08% | 0.00% |
Expense waiver/reimbursement6 | 0.28% | 0.19% | 0.19% | 0.30% | 0.72% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,312,748 | $4,030,191 | $4,220,884 | $6,951,890 | $11,562,657 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for expenses offset arrangements. The net expense ratio was 0.94%, 1.02%, 1.02%, 0.92%, and 0.52% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account these expense reductions. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in securities, at value including $27,000,100 of investment in an affiliated holding* | $3,502,563,580 | |
Investments in other repurchase agreements and repurchase agreements | 810,000,000 | |
Investment in securities, at value (amortized cost and fair value $4,312,563,580) | $4,312,563,580 | |
Cash | 358,918 | |
Income receivable | 1,025,938 | |
Receivable for shares sold | 1,157 | |
Income receivable from affiliated holding | 5,834 | |
TOTAL ASSETS | 4,313,955,427 | |
Liabilities: | ||
Payable for distribution services fee (Note 5) | 520,550 | |
Payable for transfer agent fee | 346,982 | |
Payable for portfolio accounting fees | 77,340 | |
Payable for share registration costs | 73,396 | |
Payable for custodian fees | 60,106 | |
Payable for other service fees (Notes 2 and 5) | 49,959 | |
Payable for investment adviser fee (Note 5) | 11,247 | |
Payable for administrative fee (Note 5) | 9,580 | |
Payable for shares redeemed | 9,438 | |
Payable for Directors’/Trustees’ fees (Note 5) | 2,112 | |
Accrued expenses (Note 5) | 47,038 | |
TOTAL LIABILITIES | 1,207,748 | |
Net assets for 4,312,769,078 shares outstanding | $4,312,747,679 | |
Net Assets Consists of: | ||
Paid-in capital | $4,312,756,523 | |
Total distributable earnings (loss) | (8,844) | |
TOTAL NET ASSETS | $4,312,747,679 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$4,312,747,679 ÷ 4,312,769,078 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |||
Interest | $65,870,110 | ||
Dividends received from an affiliated holding* | 368,654 | ||
TOTAL INCOME | 66,238,764 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $8,309,605 | ||
Administrative fee (Note 5) | 3,261,264 | ||
Custodian fees | 158,940 | ||
Transfer agent fees | 4,170,663 | ||
Directors’/Trustees’ fees (Note 5) | 22,615 | ||
Auditing fees | 23,600 | ||
Legal fees | 7,747 | ||
Distribution services fee (Note 5) | 22,851,413 | ||
Other service fees (Note 2) | 10,386,002 | ||
Portfolio accounting fees | 179,819 | ||
Share registration costs | 886,749 | ||
Printing and postage | 338,259 | ||
Miscellaneous (Note 5) | 37,896 | ||
TOTAL EXPENSES | 50,634,572 | ||
Waivers, Reimbursement and Reduction: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(3,954,774) | ||
Waiver of other operating expenses (Note 5) | (7,500,408) | ||
Reduction of custodian fees (Note 6) | (17,103) | ||
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION | (11,472,285) | ||
Net expenses | 39,162,287 | ||
Net investment income | 27,076,477 | ||
Net realized gain on investments | 12,213 | ||
Change in net assets resulting from operations | $27,088,690 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $27,076,477 | $68,079,790 |
Net realized gain | 12,213 | 18,019 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 27,088,690 | 68,097,809 |
Distributions to Shareholders: | ||
Distribution to shareholders | (27,113,973) | (68,124,598) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (27,113,973) | (68,124,598) |
Share Transactions: | ||
Proceeds from sale of shares | 1,976,943,371 | 2,014,908,074 |
Net asset value of shares issued to shareholders in payment of distributions declared | 26,473,971 | 66,550,811 |
Cost of shares redeemed | (1,720,835,686) | (2,272,124,378) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 282,581,656 | (190,665,493) |
Change in net assets | 282,556,373 | (190,692,282) |
Net Assets: | ||
Beginning of period | 4,030,191,306 | 4,220,883,588 |
End of period | $4,312,747,679 | $4,030,191,306 |
Year Ended July 31 | 2020 | 2019 |
Shares sold | 1,976,943,371 | 2,014,908,074 |
Shares issued to shareholders in payment of distributions declared | 26,473,971 | 66,550,811 |
Shares redeemed | (1,720,835,686) | (2,272,124,378) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | 282,581,656 | (190,665,493) |
2020 | 2019 | |
Ordinary Income1 | $27,113,973 | $68,124,598 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Capital Loss Deferrals | $(8,844) |
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 |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,001.30 | $4.332 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,020.54 | $4.372 |
1 | Expenses are equal to the Fund’s annualized net expense ratio of 0.87%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.08 and $5.12, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | A | GRAXX | B | GRBXX | C | GRCXX |
F | GRGXX | P | GRFXX |
Donahue
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 40.6% |
U.S. Treasury Securities | 31.1% |
U.S. Government Agency Securities | 28.5% |
Other Assets and Liabilities—Net2 | (0.2)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 62.8% |
8-30 Days | 8.4% |
31-90 Days | 16.2% |
91-180 Days | 10.0% |
181 Days or more | 2.8% |
Other Assets and Liabilities—Net2 | (0.2)% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—28.5% | |||
$35,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.164% (1-month USLIBOR +0.000%), 8/4/2020 | $34,999,919 |
40,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 40,000,000 |
20,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.176% (1-month USLIBOR +0.005%), 8/27/2020 | 19,999,840 |
37,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.178% (1-month USLIBOR +0.000%), 8/13/2020 | 37,000,000 |
15,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 15,000,000 |
25,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.205% (Secured Overnight Financing Rate +0.105%), 8/3/2020 | 25,000,000 |
21,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.220% (Secured Overnight Financing Rate +0.120%), 8/3/2020 | 21,000,000 |
14,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.225% (Effective Fed Funds +0.125%), 8/3/2020 | 13,999,586 |
20,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.245% (Secured Overnight Financing Rate +0.145%), 8/3/2020 | 20,000,000 |
37,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.280% (Secured Overnight Financing Rate +0.180%), 8/3/2020 | 37,000,000 |
34,700,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.310% (Secured Overnight Financing Rate +0.210%), 8/3/2020 | 34,700,000 |
55,000,000 | 1 | Federal Farm Credit System Floating Rate Notes, 0.400% (Secured Overnight Financing Rate +0.300%), 8/3/2020 | 55,000,000 |
452,500,000 | 2 | Federal Home Loan Bank System Discount Notes, 0.135%—0.520%, 8/7/2020 - 4/1/2021 | 451,900,640 |
35,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.097%—0.108% (3-month USLIBOR -0.200%), 9/18/2020 - 9/24/2020 | 35,000,000 |
112,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.120% (Secured Overnight Financing Rate +0.020%), 8/3/2020 | 112,000,000 |
75,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.122%—0.137% (1-month USLIBOR -0.050%), 8/20/2020 - 8/27/2020 | 75,000,000 |
114,600,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.124%—0.147% (1-month USLIBOR -0.040%), 8/4/2020 - 8/20/2020 | 114,600,000 |
18,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.125% (Secured Overnight Financing Rate +0.025%), 8/3/2020 | 18,000,000 |
85,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.130% (Secured Overnight Financing Rate +0.030%), 8/3/2020 | 85,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$30,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.135% (Secured Overnight Financing Rate +0.035%), 8/3/2020 | $30,000,000 |
25,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.145% (Secured Overnight Financing Rate +0.045%), 8/3/2020 | 25,000,000 |
36,700,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.146% (1-month USLIBOR -0.030%), 8/17/2020 | 36,700,000 |
100,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.160% (Secured Overnight Financing Rate +0.060%), 8/3/2020 | 100,000,000 |
20,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.165% (Secured Overnight Financing Rate +0.065%), 8/3/2020 | 20,000,000 |
95,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 95,000,000 |
35,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.176% (1-month USLIBOR +0.000%), 8/16/2020 | 35,000,000 |
138,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 138,000,000 |
32,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.185% (Secured Overnight Financing Rate +0.085%), 8/3/2020 | 32,000,000 |
81,300,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 81,300,000 |
20,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.205% (Secured Overnight Financing Rate +0.105%), 8/3/2020 | 20,000,000 |
50,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.206% (1-month USLIBOR +0.020%), 8/19/2020 | 50,000,000 |
45,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.212% (3-month USLIBOR -0.235%), 8/10/2020 | 45,000,000 |
42,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.215% (Secured Overnight Financing Rate +0.115%), 8/3/2020 | 42,000,000 |
33,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.220% (1-month USLIBOR +0.040%), 8/17/2020 | 33,000,000 |
80,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.220% (Secured Overnight Financing Rate +0.120%), 8/3/2020 | 80,000,000 |
44,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.230% (Secured Overnight Financing Rate +0.130%), 8/3/2020 | 44,000,000 |
20,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.235% (Secured Overnight Financing Rate +0.135%), 8/3/2020 | 20,000,000 |
39,650,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.250% (Secured Overnight Financing Rate +0.150%), 8/3/2020 | 39,650,000 |
35,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.270% (Secured Overnight Financing Rate +0.170%), 8/3/2020 | 35,000,000 |
120,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.330% (Secured Overnight Financing Rate +0.230%), 8/3/2020 | 120,000,000 |
35,000,000 | 1 | Federal Home Loan Bank System Floating Rate Notes, 0.425% (3-month USLIBOR -0.115%), 8/5/2020 | 35,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$85,700,000 | Federal Home Loan Bank System, 0.130%—0.150%, 1/22/2021 - 4/27/2021 | $85,695,822 | |
50,000,000 | 1 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.130% (Secured Overnight Financing Rate +0.030%), 8/3/2020 | 50,000,000 |
60,000,000 | 1 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.160% (Secured Overnight Financing Rate +0.060%), 8/3/2020 | 60,000,000 |
21,300,000 | 1 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.090%), 8/4/2020 | 21,300,000 |
13,250,000 | 1 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 13,250,000 |
55,000,000 | 1 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.370% (Secured Overnight Financing Rate +0.270%), 8/3/2020 | 55,000,000 |
13,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.140% (Secured Overnight Financing Rate +0.040%), 8/3/2020 | 13,000,000 |
25,500,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 25,500,000 |
32,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 32,000,000 |
26,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.270% (Secured Overnight Financing Rate +0.170%), 8/3/2020 | 26,000,000 |
25,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.290% (Secured Overnight Financing Rate +0.190%), 8/3/2020 | 24,995,394 |
26,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 26,000,000 |
20,800,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.320% (Secured Overnight Financing Rate +0.220%), 8/3/2020 | 20,800,000 |
30,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.330% (Secured Overnight Financing Rate +0.230%), 8/3/2020 | 30,000,000 |
53,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.370% (Secured Overnight Financing Rate +0.270%), 8/3/2020 | 53,000,000 |
39,500,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.390% (Secured Overnight Financing Rate +0.290%), 8/3/2020 | 39,500,000 |
36,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.410% (Secured Overnight Financing Rate +0.310%), 8/3/2020 | 36,000,000 |
50,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 50,000,000 |
28,000,000 | 1 | Federal National Mortgage Association Floating Rate Notes, 0.490% (Secured Overnight Financing Rate +0.390%), 8/3/2020 | 28,000,000 |
TOTAL GOVERNMENT AGENCIES | 3,091,891,201 | ||
U.S. TREASURY—31.1% | |||
57,000,000 | 2 | United States Treasury Bill, 0.130%, 12/29/2020 | 56,969,125 |
35,000,000 | 2 | United States Treasury Bill, 0.130%, 8/20/2020 | 34,997,599 |
130,000,000 | 2 | United States Treasury Bill, 0.135%, 8/18/2020 | 129,991,712 |
100,000,000 | 2 | United States Treasury Bill, 0.140%, 9/1/2020 | 99,987,944 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$70,000,000 | 2 | United States Treasury Bill, 0.140%, 9/17/2020 | $69,987,205 |
44,700,000 | 2 | United States Treasury Bill, 0.147%, 10/13/2020 | 44,686,630 |
110,000,000 | 2 | United States Treasury Bill, 0.150%, 10/27/2020 | 109,960,125 |
125,000,000 | 2 | United States Treasury Bill, 0.150%, 11/19/2020 | 124,942,709 |
195,000,000 | 2 | United States Treasury Bill, 0.150%, 9/3/2020 | 194,973,187 |
200,000,000 | 2 | United States Treasury Bill, 0.155%, 11/12/2020 | 199,911,306 |
70,000,000 | 2 | United States Treasury Bill, 0.160%, 11/27/2020 | 69,963,289 |
40,000,000 | 2 | United States Treasury Bill, 0.165%, 10/1/2020 | 39,988,817 |
185,000,000 | 2 | United States Treasury Bill, 0.170%, 9/22/2020 | 184,954,572 |
77,000,000 | 2 | United States Treasury Bill, 0.180%, 9/29/2020 | 76,977,285 |
75,000,000 | 2 | United States Treasury Bill, 0.185%, 11/24/2020 | 74,955,677 |
77,000,000 | 2 | United States Treasury Bill, 0.185%, 12/10/2020 | 76,948,164 |
135,000,000 | 2 | United States Treasury Bill, 0.290%, 10/15/2020 | 134,918,438 |
68,000,000 | 2 | United States Treasury Bill, 1.440%, 8/27/2020 | 67,929,280 |
200,000,000 | 2 | United States Treasury Bills, 0.125%—1.800%, 8/13/2020 | 199,974,917 |
144,500,000 | 2 | United States Treasury Bills, 0.145%—1.740%, 9/10/2020 | 144,397,856 |
249,000,000 | 2 | United States Treasury Bills, 0.165%—0.250%, 9/15/2020 | 248,943,331 |
106,250,000 | 1 | United States Treasury Floating Rate Notes, 0.150% (91-day T-Bill +0.045%), 8/4/2020 | 106,239,077 |
207,300,000 | 1 | United States Treasury Floating Rate Notes, 0.220% (91-day T-Bill +0.115%), 8/4/2020 | 207,260,909 |
50,000,000 | 1 | United States Treasury Floating Rate Notes, 0.244% (91-day T-Bill +0.139%), 8/4/2020 | 49,999,456 |
11,500,000 | 1 | United States Treasury Floating Rate Notes, 0.259% (91-day T-Bill +0.154%), 8/4/2020 | 11,500,000 |
28,000,000 | 1 | United States Treasury Floating Rate Notes, 0.405% (91-day T-Bill +0.300%), 8/4/2020 | 28,011,129 |
19,000,000 | United States Treasury Note, 1.375%, 1/31/2021 | 19,086,690 | |
29,000,000 | United States Treasury Note, 1.625%, 10/15/2020 | 29,000,929 | |
15,000,000 | United States Treasury Note, 2.000%, 1/15/2021 | 15,111,147 | |
34,800,000 | United States Treasury Note, 2.250%, 2/15/2021 | 35,059,051 | |
35,000,000 | United States Treasury Note, 2.375%, 3/15/2021 | 35,418,977 | |
37,000,000 | United States Treasury Note, 2.375%, 4/15/2021 | 37,524,768 | |
30,000,000 | United States Treasury Note, 2.500%, 12/31/2020 | 30,110,124 | |
77,000,000 | United States Treasury Note, 2.625%, 11/15/2020 | 77,208,385 | |
30,000,000 | United States Treasury Note, 2.750%, 9/30/2020 | 30,053,519 | |
54,200,000 | United States Treasury Note, 2.875%, 10/31/2020 | 54,491,618 | |
31,800,000 | United States Treasury Notes, 1.125%—2.500%, 2/28/2021 | 31,938,390 | |
79,000,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 79,054,334 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$115,000,000 | United States Treasury Notes, 2.000%—2.750%, 11/30/2020 | $115,425,146 | |
TOTAL U.S. TREASURY | 3,378,852,817 | ||
REPURCHASE AGREEMENTS—40.6% | |||
200,000,000 | Repurchase agreement, 0.100% dated 7/31/2020 under which ABN Amro Bank N.V. will repurchase the securities provided as collateral for $200,001,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 4/1/2050 and the market value of those underlying securities was $204,563,052. | 200,000,000 | |
633,000,000 | Interest in $1,250,000,000 joint repurchase agreement, 0.080% dated 7/31/2020 under which Barclays Bank PLC will repurchase the securities provided as collateral for $1,250,008,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 11/15/2049 and the market value of those underlying securities was $1,275,008,543. | 633,000,000 | |
45,000,000 | Repurchase agreement, 0.080% dated 7/31/2020 under which Barclays Capital, Inc. will repurchase the securities provided as collateral for $45,000,300 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 5/15/2040 and the market value of those underlying securities was $45,900,334. | 45,000,000 | |
150,000,000 | Interest in $200,000,000 joint repurchase agreement, 0.100% dated 7/31/2020 under which BMO Harris Bank, N.A. will repurchase the securities provided as collateral for $200,001,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 2/25/2036 and the market value of those underlying securities was $205,664,838. | 150,000,000 | |
49,800,000 | Interest in $450,000,000 joint repurchase agreement, 0.080% dated 7/31/2020 under which BNP Paribas SA will repurchase the securities provided as collateral for $450,003,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 2/15/2048 and the market value of those underlying securities was $459,003,101. | 49,800,000 | |
81,275,000 | Interest in $83,000,000 joint repurchase agreement, 0.100% dated 7/31/2020 under which BNP Paribas SA will repurchase the securities provided as collateral for $83,000,692 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 7/31/2022 and the market value of those underlying securities was $84,660,765. | 81,275,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$500,000,000 | Repurchase agreement, 0.100% dated 3/4/2020 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $500,220,833 on 8/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 4/15/2022 and the market value of those underlying securities was $510,004,753. | $500,000,000 | |
85,000,000 | Repurchase agreement, 0.150% dated 7/13/2020 under which Citigroup Global Markets, Inc. will repurchase the securities provided as collateral for $85,010,979 on 8/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 2/15/2024 and the market value of those underlying securities was $86,707,634. | 85,000,000 | |
1,000,000,000 | Repurchase agreement, 0.080% dated 7/31/2020 under which Fixed Income Clearing Corporation will repurchase the securities provided as collateral for $1,000,006,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 5/15/2038 and the market value of those underlying securities was $1,020,000,019. | 1,000,000,000 | |
50,000,000 | Repurchase agreement, 0.090% dated 7/31/2020 under which HSBC Securities (USA), Inc. will repurchase the securities provided as collateral for $50,000,375 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 1/1/2050 and the market value of those underlying securities was $51,000,000. | 50,000,000 | |
50,000,000 | Repurchase agreement, 0.200% dated 7/13/2020 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $50,016,667 on 9/11/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 8/15/2026 and the market value of those underlying securities was $51,269,484. | 50,000,000 | |
100,000,000 | Repurchase agreement, 0.200% dated 7/16/2020 under which Lloyds Bank Corporate Markets PLC will repurchase the securities provided as collateral for $100,033,333 on 9/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 5/15/2021 and the market value of those underlying securities was $102,016,280. | 100,000,000 | |
300,000,000 | Repurchase agreement, 0.070% dated 7/31/2020 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $300,001,750 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 2/15/2037 and the market value of those underlying securities was $306,001,845. | 300,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$421,481,000 | Interest in $1,775,000,000 joint repurchase agreement, 0.100% dated 7/31/2020 under which Merrill Lynch, Pierce, Fenner & Smith, Inc. will repurchase the securities provided as collateral for $1,775,014,792 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 10/20/2069 and the market value of those underlying securities was $1,825,752,259. | $421,481,000 | |
200,000,000 | Repurchase agreement, 0.100% dated 7/31/2020 under which Natixis Financial Products LLC will repurchase the securities provided as collateral for $200,001,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency and U.S. Treasury Securities with various maturities to 9/15/2065 and the market value of those underlying securities was $205,491,763. | 200,000,000 | |
500,000,000 | Repurchase agreement, 0.100% dated 7/31/2020 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $500,004,167 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Government Agency Securities with various maturities to 1/25/2051 and the market value of those underlying securities was $510,145,356. | 500,000,000 | |
50,000,000 | Repurchase agreement, 0.100% dated 7/31/2020 under which Wells Fargo Securities LLC will repurchase the securities provided as collateral for $50,000,417 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon, tri-party agent, were U.S. Treasury Securities with various maturities to 2/15/2046 and the market value of those underlying securities was $51,000,428. | 50,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 4,415,556,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.2% (AT AMORTIZED COST)3 | 10,886,300,018 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.2)%4 | (18,046,237) | ||
TOTAL NET ASSETS—100% | $10,868,253,781 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. |
2 | Discount rate at time of purchase. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.015 | 0.006 | 0.0001 | — |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.015 | 0.006 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.015) | (0.006) | (0.000)1 | — |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.006) | (0.015) | (0.006) | (0.000)1 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.61% | 1.47% | 0.56% | 0.02% | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4,5 | 0.64% | 0.87% | 0.87% | 0.65% | 0.40% |
Net investment income | 0.54% | 1.48% | 0.54% | 0.02% | 0.00% |
Expense waiver/reimbursement6 | 0.41% | 0.14% | 0.15% | 0.37% | 0.62% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $150,878 | $103,120 | $73,428 | $87,623 | $89,786 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.64%, 0.87% 0.87%, 0.65% and 0.40% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.004 | 0.011 | 0.002 | 0.0001 | — |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.011 | 0.002 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.004) | (0.011) | (0.002) | — | — |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.004) | (0.011) | (0.002) | (0.000)1 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.36% | 1.07% | 0.23% | 0.00%3 | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4,5 | 0.95% | 1.27% | 1.19% | 0.65% | 0.40% |
Net investment income | 0.40% | 1.07% | 0.20% | 0.00% | 0.00% |
Expense waiver/reimbursement6 | 0.43% | 0.11% | 0.17% | 0.74% | 0.99% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,139 | $1,682 | $2,024 | $3,252 | $5,892 |
1 | Represents less than $0.001. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.95%, 1.27%, 1.19%, 0.65% and 0.40% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.004 | 0.011 | 0.002 | 0.0001 | — |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.004 | 0.011 | 0.002 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.004) | (0.011) | (0.002) | — | — |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.004) | (0.011) | (0.002) | (0.000)1 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.38% | 1.08% | 0.23% | 0.00%3 | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4,5 | 0.69% | 1.26% | 1.20% | 0.68% | 0.40% |
Net investment income | 0.22% | 1.09% | 0.19% | 0.00% | 0.00% |
Expense waiver/reimbursement6 | 0.65% | 0.08% | 0.16% | 0.69% | 0.97% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $8,299 | $4,505 | $6,007 | $9,963 | $10,783 |
1 | Represents less than $0.001. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.69%, 1.26%, 1.20%, 0.68% and 0.40% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.015 | 0.006 | 0.0001 | — |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.015 | 0.006 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.015) | (0.006) | (0.000)1 | — |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.006) | (0.015) | (0.006) | (0.000)1 | — |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.61% | 1.47% | 0.56% | 0.02% | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4,5 | 0.62% | 0.87% | 0.87% | 0.62% | 0.40% |
Net investment income | 0.53% | 1.49% | 0.54% | 0.02% | 0.00% |
Expense waiver/reimbursement6 | 0.42% | 0.16% | 0.16% | 0.42% | 0.63% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,743 | $1,556 | $1,071 | $1,524 | $3,066 |
1 | Represents less than $0.001. |
2 | Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratio is 0.62%, 0.87%, 0.87%, 0.62% and 0.40% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.005 | 0.013 | 0.004 | 0.0001 | — |
Net realized gain (loss) | 0.0001 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.004 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.005) | (0.013) | (0.004) | (0.000)1 | — |
Distributions from net realized gain | — | — | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (0.004) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.52% | 1.32% | 0.41% | 0.00%3 | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4,5 | 0.72% | 1.02% | 1.02% | 0.66% | 0.31% |
Net investment income | 0.47% | 1.31% | 0.40% | 0.00% | 0.00% |
Expense waiver/reimbursement6 | 0.48% | 0.18% | 0.18% | 0.54% | 0.89% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $10,706,195 | $8,069,420 | $8,626,983 | $10,580,501 | $12,639,013 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.72%, 1.02%, 1.02%, 0.66%, and 0.31% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account this expense reduction. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in securities | $6,470,744,018 | |
Investments in repurchase agreements | 4,415,556,000 | |
Investment in securities, at amortized cost and fair value | $10,886,300,018 | |
Cash | 433,369 | |
Income receivable | 4,457,988 | |
Receivable for shares sold | 375,654 | |
TOTAL ASSETS | 10,891,567,029 | |
Liabilities: | ||
Payable for investments purchased | 21,300,000 | |
Payable for shares redeemed | 272,868 | |
Payable for transfer agent fee (Note 2) | 988,370 | |
Payable for investment adviser fee (Note 5) | 33,333 | |
Payable for administrative fee (Note 5) | 23,579 | |
Payable for distribution services fee (Note 5) | 3,523 | |
Payable for other service fees (Notes 2 and 5) | 3,237 | |
Accrued expenses (Note 5) | 688,338 | |
TOTAL LIABILITIES | 23,313,248 | |
Net assets for 10,868,232,502 shares outstanding | $10,868,253,781 | |
Net Assets Consists of: | ||
Paid-in capital | $10,868,231,373 | |
Total distributable earnings | 22,408 | |
TOTAL NET ASSETS | $10,868,253,781 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Class A Shares: | ||
$150,877,688 ÷ 150,877,372 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share | $1.00 | |
Class B Shares: | ||
$1,139,355 ÷ 1,139,354 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (94.50/100 of $1.00)1 | $0.95 | |
Class C Shares: | ||
$8,299,415 ÷ 8,299,399 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (99.00/100 of $1.00)1 | $0.99 | |
Class F Shares: | ||
$1,742,641 ÷ 1,742,637 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share (99.00/100 of $1.00)1 | $0.99 | |
Class P Shares: | ||
$10,706,194,682 ÷ 10,706,173,740 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Offering price per share | $1.00 | |
Redemption proceeds per share | $1.00 |
1 | Under certain limited conditions, a “Contingent Deferred Sales Charge” of up to 5.50% for Class B Shares and up to 1.00% for Class C Shares and Class F Shares may be imposed. See “Sales Charge When You Redeem” in the Prospectus. |
Investment Income: | |||
Interest | $115,873,035 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $19,428,714 | ||
Administrative fee (Note 5) | 7,621,944 | ||
Custodian fees | 310,396 | ||
Transfer agent fees (Notes 2 and 5) | 9,821,394 | ||
Directors’/Trustees’ fees (Note 5) | 49,685 | ||
Auditing fees | 23,601 | ||
Legal fees | 6,333 | ||
Distribution services fee (Note 5) | 53,317,827 | ||
Other service fees (Notes 2 and 5) | 24,175,788 | ||
Portfolio accounting fees | 193,412 | ||
Share registration costs | 1,463,415 | ||
Printing and postage | 690,881 | ||
Miscellaneous (Note 5) | 39,677 | ||
TOTAL EXPENSES | 117,143,067 | ||
Waivers, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(8,216,664) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (38,659,609) | ||
Reduction of custodian fees (Note 6) | (18,997) | ||
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION | (46,895,270) | ||
Net expenses | 70,247,797 | ||
Net investment income | 45,625,238 | ||
Net realized gain on investments | 24,216 | ||
Change in net assets resulting from operations | $45,649,454 |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $45,625,238 | $111,505,383 |
Net realized gain | 24,216 | 1,273 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 45,649,454 | 111,506,656 |
Distributions to Shareholders: | ||
Class A Shares | (694,231) | (1,225,911) |
Class B Shares | (5,236) | (19,427) |
Class C Shares | (17,672) | (61,738) |
Class F Shares | (9,320) | (21,180) |
Class P Shares | (44,898,751) | (110,177,119) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (45,625,210) | (111,505,375) |
Share Transactions: | ||
Proceeds from sale of shares | 8,572,744,710 | 4,999,250,917 |
Net asset value of shares issued to shareholders in payment of distributions declared | 44,341,265 | 107,950,039 |
Cost of shares redeemed | (5,929,139,320) | (5,636,431,194) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,687,946,655 | (529,230,238) |
Change in net assets | 2,687,970,899 | (529,228,957) |
Net Assets: | ||
Beginning of period | 8,180,282,882 | 8,709,511,839 |
End of period | $10,868,253,781 | $8,180,282,882 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees Waived by Unaffiliated Third Parties | |
Class A Shares | $51,489 | $(46,790) | $— |
Class B Shares | 935 | (264) | (29) |
Class C Shares | 2,069 | — | (22) |
Class F Shares | 526 | (457) | — |
Class P Shares | 9,766,375 | — | (1,357,910) |
TOTAL | $9,821,394 | $(47,511) | $(1,357,961) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees waived by Unaffiliated Third Parties | |
Class A Shares | $317,515 | $(21,733) | $(116,186) |
Class B Shares | 3,281 | (1,142) | — |
Class C Shares | 19,669 | — | (13,699) |
Class F Shares | 4,375 | (359) | (1,671) |
Class P Shares | 23,830,948 | — | (11,305,785) |
TOTAL | $24,175,788 | $(23,234) | $(11,437,341) |
Year Ended July 31 | 2020 | 2019 | ||
Class A Shares: | Shares | Amount | Shares | Amount |
Shares sold | 151,172,174 | $151,172,174 | 87,539,814 | $87,539,814 |
Shares issued to shareholders in payment of distributions declared | 678,625 | 678,625 | 1,189,029 | 1,189,029 |
Shares redeemed | (104,093,265) | (104,093,265) | (59,036,572) | (59,036,572) |
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS | 47,757,534 | $47,757,534 | 29,692,271 | $29,692,271 |
Year Ended July 31 | 2020 | 2019 | ||
Class B Shares: | Shares | Amount | Shares | Amount |
Shares sold | 938,157 | $938,157 | 1,427,392 | $1,427,392 |
Shares issued to shareholders in payment of distributions declared | 5,210 | 5,210 | 19,279 | 19,279 |
Shares redeemed | (1,486,180) | (1,486,180) | (1,788,110) | (1,788,110) |
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS | (542,813) | $(542,813) | (341,439) | $(341,439) |
Year Ended July 31 | 2020 | 2019 | ||
Class C Shares: | Shares | Amount | Shares | Amount |
Shares sold | 20,152,713 | $20,152,713 | 6,157,984 | $6,157,984 |
Shares issued to shareholders in payment of distributions declared | 17,553 | 17,553 | 60,979 | 60,979 |
Shares redeemed | (16,375,485) | (16,375,485) | (7,721,436) | (7,721,436) |
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS | 3,794,781 | $3,794,781 | (1,502,473) | $(1,502,473) |
Year Ended July 31 | 2020 | 2019 | ||
Class F Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,304,633 | $1,304,633 | 1,692,635 | $1,692,635 |
Shares issued to shareholders in payment of distributions declared | 5,873 | 5,873 | 14,641 | 14,641 |
Shares redeemed | (1,123,997) | (1,123,997) | (1,221,892) | (1,221,892) |
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS | 186,509 | $186,509 | 485,384 | $485,384 |
Year Ended July 31 | 2020 | 2019 | ||
Class P Shares: | Shares | Amount | Shares | Amount |
Shares sold | 8,399,177,033 | $8,399,177,033 | 4,902,433,092 | $4,902,433,092 |
Shares issued to shareholders in payment of distributions declared | 43,634,004 | 43,634,004 | 106,666,111 | 106,666,111 |
Shares redeemed | (5,806,060,393) | (5,806,060,393) | (5,566,663,184) | (5,566,663,184) |
NET CHANGE RESULTING FROM CLASS P SHARE TRANSACTIONS | 2,636,750,644 | $2,636,750,644 | (557,563,981) | $(557,563,981) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,687,946,655 | $2,687,946,655 | (529,230,238) | $(529,230,238) |
2020 | 2019 | |
Ordinary income | $45,625,210 | $111,505,375 |
Ordinary income1 | $22,408 |
1 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Share Class Name | Percentage of Average Daily Net Assets of Class |
Class A Shares | 0.45% |
Class B Shares | 0.75% |
Class C Shares | 0.75% |
Class F Shares | 0.45% |
Class P Shares | 0.55% |
Distribution Service Fees Incurred | Distribution Services Fees Waived | |
Class A Shares | $ 574,833 | $(230,929) |
Class B Shares | 9,843 | (3,106) |
Class C Shares | 59,007 | (30,484) |
Class F Shares | 7,899 | (3,311) |
Class P Shares | 52,666,245 | (25,525,732) |
TOTAL | $53,317,827 | $(25,793,562) |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Class A Shares | $1,000.00 | $1,000.90 | $2.192 |
Class B Shares | $1,000.00 | $1,000.40 | $2.743 |
Class C Shares | $1,000.00 | $1,000.40 | $2.194 |
Class F Shares | $1,000.00 | $1,000.90 | $2.095 |
Class P Shares | $1,000.00 | $1,000.70 | $2.396 |
Hypothetical (assuming a 5% return before expenses): | |||
Class A Shares | $1,000.00 | $1,022.68 | $2.212 |
Class B Shares | $1,000.00 | $1,022.13 | $2.773 |
Class C Shares | $1,000.00 | $1,022.68 | $2.214 |
Class F Shares | $1,000.00 | $1,022.77 | $2.115 |
Class P Shares | $1,000.00 | $1,022.48 | $2.416 |
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: |
Class A Shares | 0.44% |
Class B Shares | 0.55% |
Class C Shares | 0.44% |
Class F Shares | 0.42% |
Class P Shares | 0.48% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class A Shares current Fee Limit of 0.87% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.33 and $4.37, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class B Shares current Fee Limit of 1.27% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $6.32 and $6.37, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class C Shares current Fee Limit of 1.27% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $6.32 and $6.37, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class F Shares current Fee Limit of 0.87% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.33 and $4.37, respectively. |
6 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class P Shares current Fee Limit of 1.02% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.07 and $5.12, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: December 2009 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since December 2009. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919536
CUSIP 608919528
CUSIP 608919510
CUSIP 608919205
Shares | Ticker | Select | GRTXX | Institutional | GOIXX |
Service | GOSXX | Administrative | GOEXX | |
Cash II | GFYXX | Cash Series | GFSXX | |
Capital | GOCXX | Trust | GORXX | |
Premier | GOFXX | Advisor | GOVXX |
Donahue
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 36.3% |
U.S. Treasury Securities | 31.8% |
U.S. Government Agency Securities | 28.9% |
Other Assets and Liabilities—Net2 | 3.0% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 58.7% |
8-30 Days | 9.0% |
31-90 Days | 15.5% |
91-180 Days | 10.7% |
181 Days or more | 3.1% |
Other Assets and Liabilities—Net2 | 3.0% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—28.9% | |||
$203,000,000 | 1 | Federal Farm Credit System Discount Notes, 0.150%—0.440%, 2/24/2021 - 4/27/2021 | $202,628,025 |
114,100,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.164% (1-month USLIBOR +0.000%), 8/4/2020 | 114,099,736 |
80,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.165% (Secured Overnight Financing Rate +0.065%), 8/3/2020 | 80,000,000 |
343,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.172%—0.178% (1-month USLIBOR +0.000%), 8/13/2020 - 8/25/2020 | 342,999,625 |
508,200,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 508,200,000 |
163,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.176% (1-month USLIBOR +0.005%), 8/27/2020 | 162,998,698 |
97,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 97,000,000 |
373,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.192% (1-month USLIBOR +0.020%), 8/28/2020 | 373,000,000 |
161,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.192%—0.203% (1-month USLIBOR +0.025%), 8/13/2020 - 8/30/2020 | 160,997,208 |
104,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.200% (3-month USLIBOR -0.130%), 9/4/2020 | 104,000,000 |
100,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 100,000,000 |
128,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.225% (Effective Fed Funds +0.125%), 8/3/2020 | 127,996,216 |
209,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.233%—0.238% (1-month USLIBOR +0.050%), 8/9/2020 - 8/10/2020 | 208,996,022 |
162,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.235% (1-month USLIBOR +0.070%), 8/8/2020 | 161,992,884 |
395,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.280% (Secured Overnight Financing Rate +0.180%), 8/3/2020 | 395,000,000 |
714,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.400% (Secured Overnight Financing Rate +0.300%), 8/3/2020 | 714,000,000 |
7,529,350,000 | 1 | Federal Home Loan Bank System Discount Notes, 0.135%—1.330%, 8/3/2020 - 4/1/2021 | 7,519,998,304 |
250,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.086% (3-month USLIBOR -0.185%), 10/20/2020 | 249,999,118 |
447,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.097%—0.108% (3-month USLIBOR -0.200%), 9/18/2020 - 9/24/2020 | 447,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$1,184,250,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.120% (Secured Overnight Financing Rate +0.020%), 8/3/2020 | $1,184,250,000 |
883,250,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.122%—0.137% (1-month USLIBOR -0.050%), 8/20/2020 - 8/27/2020 | 883,250,000 |
1,433,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.124%—0.147% (1-month USLIBOR -0.040%), 8/4/2020 - 8/20/2020 | 1,433,000,000 |
212,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.125% (Secured Overnight Financing Rate +0.025%), 8/3/2020 | 212,500,000 |
1,408,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.130% (Secured Overnight Financing Rate +0.030%), 8/3/2020 | 1,408,498,924 |
412,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.135% (Secured Overnight Financing Rate +0.035%), 8/3/2020 | 412,000,000 |
177,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.140% (Secured Overnight Financing Rate +0.040%), 8/3/2020 | 176,999,446 |
242,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.145% (Secured Overnight Financing Rate +0.045%), 8/3/2020 | 242,000,000 |
925,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.147%—0.149% (1-month USLIBOR -0.030%), 8/17/2020 - 8/24/2020 | 925,000,000 |
470,600,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.150% (Secured Overnight Financing Rate +0.050%), 8/3/2020 | 470,600,000 |
400,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.155% (Secured Overnight Financing Rate +0.055%), 8/3/2020 | 400,000,000 |
260,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.165% (Secured Overnight Financing Rate +0.065%), 8/3/2020 | 260,000,000 |
925,750,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 925,750,000 |
453,700,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.176% (1-month USLIBOR +0.000%), 8/16/2020 | 453,700,000 |
1,230,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 1,230,001,969 |
435,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.185% (Secured Overnight Financing Rate +0.085%), 8/3/2020 | 434,996,713 |
913,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 913,000,000 |
450,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.205% (Secured Overnight Financing Rate +0.105%), 8/3/2020 | 450,000,000 |
349,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.206% (1-month USLIBOR +0.020%), 8/19/2020 | 349,500,000 |
447,750,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.215% (Secured Overnight Financing Rate +0.115%), 8/3/2020 | 447,750,000 |
405,800,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.220% (1-month USLIBOR +0.040%), 8/17/2020 | 405,800,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$1,048,400,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.220% (Secured Overnight Financing Rate +0.120%), 8/3/2020 | $1,048,399,982 |
548,200,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.230% (Secured Overnight Financing Rate +0.130%), 8/3/2020 | 548,200,000 |
200,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.235% (Secured Overnight Financing Rate +0.135%), 8/3/2020 | 200,000,000 |
476,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.250% (Secured Overnight Financing Rate +0.150%), 8/3/2020 | 476,000,000 |
344,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.270% (Secured Overnight Financing Rate +0.170%), 8/3/2020 | 344,022,927 |
1,262,400,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.330% (Secured Overnight Financing Rate +0.230%), 8/3/2020 | 1,262,400,000 |
423,600,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.425% (3-month USLIBOR -0.115%), 8/5/2020 | 423,600,000 |
672,000,000 | Federal Home Loan Bank System, 0.130%—0.190%, 1/22/2021 - 3/29/2021 | 671,962,129 | |
672,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.130% (Secured Overnight Financing Rate +0.030%), 8/3/2020 | 672,000,000 |
565,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.160% (Secured Overnight Financing Rate +0.060%), 8/3/2020 | 565,000,000 |
304,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.090%), 8/4/2020 | 304,000,000 |
144,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.250% (Secured Overnight Financing Rate +0.150%), 8/3/2020 | 143,930,438 |
156,000,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 156,000,000 |
853,500,000 | 2 | Federal Home Loan Mortgage Corp. Floating Rate Notes, 0.370% (Secured Overnight Financing Rate +0.270%), 8/3/2020 | 853,500,000 |
27,747,000 | Federal Home Loan Mortgage Corp. Notes, 2.375%, 2/16/2021 | 28,080,801 | |
264,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.140% (Secured Overnight Financing Rate +0.040%), 8/3/2020 | 264,000,000 |
230,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 230,000,000 |
361,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 361,000,000 |
302,250,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.270% (Secured Overnight Financing Rate +0.170%), 8/3/2020 | 302,250,000 |
518,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.280% (Secured Overnight Financing Rate +0.180%), 8/3/2020 | 518,000,000 |
330,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.290% (Secured Overnight Financing Rate +0.190%), 8/3/2020 | 329,939,196 |
333,800,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 333,800,000 |
820,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.320% (Secured Overnight Financing Rate +0.220%), 8/3/2020 | 820,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$59,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.330% (Secured Overnight Financing Rate +0.230%), 8/3/2020 | $59,000,000 |
657,300,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.370% (Secured Overnight Financing Rate +0.270%), 8/3/2020 | 657,300,000 |
200,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.390% (Secured Overnight Financing Rate +0.290%), 8/3/2020 | 200,000,000 |
455,500,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.410% (Secured Overnight Financing Rate +0.310%), 8/3/2020 | 455,500,000 |
641,050,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 641,050,000 |
311,000,000 | 2 | Federal National Mortgage Association Floating Rate Notes, 0.490% (Secured Overnight Financing Rate +0.390%), 8/3/2020 | 311,000,000 |
269,162,900 | 2 | Housing and Urban Development Floating Rate Notes, 0.496% (3-month USLIBOR +0.200%), 8/1/2020 | 269,162,900 |
TOTAL GOVERNMENT AGENCIES | 39,138,601,261 | ||
U.S. TREASURIES—31.8% | |||
2,666,600,000 | 1 | United States Treasury Bills, 0.125%—1.800%, 8/13/2020 | 2,666,302,632 |
495,000,000 | 1 | United States Treasury Bills, 0.130%, 8/20/2020 | 494,966,038 |
695,000,000 | 1 | United States Treasury Bills, 0.130%, 12/29/2020 | 694,623,542 |
1,650,000,000 | 1 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,649,894,812 |
936,000,000 | 1 | United States Treasury Bills, 0.140%, 9/1/2020 | 935,887,160 |
410,000,000 | 1 | United States Treasury Bills, 0.140%, 9/17/2020 | 409,925,061 |
2,706,200,000 | 1 | United States Treasury Bills, 0.145%—0.150%, 9/3/2020 | 2,705,830,186 |
2,198,000,000 | 1 | United States Treasury Bills, 0.145%—1.740%, 9/10/2020 | 2,196,747,361 |
1,589,000,000 | 1 | United States Treasury Bills, 0.150%, 10/27/2020 | 1,588,423,988 |
1,515,000,000 | 1 | United States Treasury Bills, 0.150%, 11/19/2020 | 1,514,305,628 |
2,980,000,000 | 1 | United States Treasury Bills, 0.155%, 11/12/2020 | 2,978,678,455 |
967,000,000 | 1 | United States Treasury Bills, 0.160%, 11/27/2020 | 966,492,864 |
3,207,000,000 | 1 | United States Treasury Bills, 0.165%—0.250%, 9/15/2020 | 3,206,269,281 |
600,000,000 | 1 | United States Treasury Bills, 0.165%, 10/1/2020 | 599,832,250 |
2,629,000,000 | 1 | United States Treasury Bills, 0.170%, 9/22/2020 | 2,628,354,434 |
1,093,000,000 | 1 | United States Treasury Bills, 0.180%, 9/29/2020 | 1,092,677,565 |
1,234,000,000 | 1 | United States Treasury Bills, 0.185%, 11/24/2020 | 1,233,270,740 |
1,138,000,000 | 1 | United States Treasury Bills, 0.185%, 12/10/2020 | 1,137,233,903 |
1,917,000,000 | 1 | United States Treasury Bills, 0.290%, 10/15/2020 | 1,915,841,813 |
840,750,000 | 1 | United States Treasury Bills, 1.440%, 8/27/2020 | 839,875,620 |
1,069,300,000 | 2 | United States Treasury Floating Rate Notes, 0.150% (91-day T-Bill +0.045%), 8/4/2020 | 1,069,130,202 |
125,800,000 | 2 | United States Treasury Floating Rate Notes, 0.259% (91-day T-Bill +0.154%), 8/4/2020 | 125,800,000 |
Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$1,905,000,000 | 2 | United States Treasury Floating Rate Notes, 0.220% (91-day T-Bill +0.115%), 8/4/2020 | $1,904,626,808 |
703,500,000 | 2 | United States Treasury Floating Rate Notes, 0.244% (91-day T-Bill +0.139%), 8/4/2020 | 703,460,828 |
374,000,000 | 2 | United States Treasury Floating Rate Notes, 0.405% (91-day T-Bill +0.300%), 8/4/2020 | 374,374,973 |
414,250,000 | United States Treasury Notes, 1.125%—2.500%, 2/28/2021 | 416,447,924 | |
311,731,000 | United States Treasury Notes, 1.250%—2.250%, 3/31/2021 | 314,801,035 | |
220,000,000 | United States Treasury Notes, 1.375%—2.500%, 1/31/2021 | 222,185,969 | |
840,250,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 840,722,566 | |
860,550,000 | United States Treasury Notes, 1.375%—2.750%, 9/30/2020 | 861,845,149 | |
918,600,000 | United States Treasury Notes, 1.375%—2.875%, 10/31/2020 | 922,585,456 | |
890,300,000 | United States Treasury Notes, 1.625%—2.750%, 11/30/2020 | 893,122,911 | |
1,068,800,000 | United States Treasury Notes, 1.750%—2.625%, 11/15/2020 | 1,071,077,793 | |
142,000,000 | United States Treasury Notes, 1.875%, 12/15/2020 | 142,246,327 | |
216,350,000 | United States Treasury Notes, 2.000%, 1/15/2021 | 217,953,107 | |
402,500,000 | United States Treasury Notes, 2.250%, 2/15/2021 | 405,484,260 | |
8,500,000 | United States Treasury Notes, 2.375%, 3/15/2021 | 8,601,752 | |
667,200,000 | United States Treasury Notes, 2.375%, 4/15/2021 | 676,547,394 | |
417,500,000 | United States Treasury Notes, 2.500%, 12/31/2020 | 419,057,185 | |
TOTAL U.S. TREASURIES | 43,045,504,972 | ||
REPURCHASE AGREEMENTS—36.3% | |||
475,000,000 | Interest in $750,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which ABN Amro Bank N.V., Netherlands will repurchase securities provided as collateral for $750,006,250 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 1/20/2070 and the market value of those underlying securities was $766,224,172. | 475,000,000 | |
3,500,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Australia & New Zealand Banking Group, Melbourne, will repurchase securities provided as collateral for $3,500,029,167 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 8/15/2049 and the market value of those underlying securities was $3,570,003,693. | 3,500,000,000 | |
150,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $150,001,250 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/25/2050 and the market value of those underlying securities was $154,501,288. | 150,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$800,000,000 | Interest in $1,000,000,000 joint repurchase agreement 0.16%, dated 6/4/2020 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $1,000,266,667 on 8/4/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 6/20/2070 and the market value of those underlying securities was $1,022,311,182. | $800,000,000 | |
400,000,000 | Interest in $500,000,000 joint repurchase agreement 0.17%, dated 6/4/2020 under which BMO Capital Markets Corp. will repurchase securities provided as collateral for $500,212,500 on 9/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 5/20/2070 and the market value of those underlying securities was $510,381,351. | 400,000,000 | |
959,000,000 | Interest in $3,430,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $3,430,022,867 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,498,623,349. | 959,000,000 | |
100,000,000 | Repurchase agreement 0.09%, dated 7/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $100,000,750 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 8/15/2044 and the market value of those underlying securities was $102,000,767. | 100,000,000 | |
1,737,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $1,737,014,475 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 7/31/2022 and the market value of those underlying securities was $1,771,754,789. | 1,737,000,000 | |
3,000,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 4/20/2050 and the market value of those underlying securities was $3,060,025,529. | 3,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$1,000,000,000 | Interest in $2,000,000,000 joint repurchase agreement 0.12%, dated 7/23/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $2,000,213,333 on 8/24/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $2,040,074,803. | $1,000,000,000 | |
400,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $400,003,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2056 and the market value of those underlying securities was $409,170,137. | 400,000,000 | |
1,957,478,000 | Interest in $2,150,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Bank of America, N.A. will repurchase securities provided as collateral for $2,150,017,917 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities maturing on 7/20/2049 and the market value of those underlying securities was $2,193,018,276. | 1,957,478,000 | |
1,000,000,000 | Repurchase agreement 0.07%, dated 7/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $1,000,005,833 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2039 and the market value of those underlying securities was $1,019,887,487. | 1,000,000,000 | |
1,100,000,000 | Interest in $1,200,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $1,200,010,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/20/2050 and the market value of those underlying securities was $1,224,010,200. | 1,100,000,000 | |
275,000,000 | Interest in $375,000,000 joint repurchase agreement 0.13%, dated 6/29/2020 under which Bank of Montreal will repurchase securities provided as collateral for $375,050,104 on 8/5/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $382,548,428. | 275,000,000 | |
250,000,000 | Interest in $500,000,000 joint repurchase agreement 0.13%, dated 6/30/2020 under which Bank of Montreal will repurchase securities provided as collateral for $500,081,250 on 8/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2028 and the market value of those underlying securities was $510,062,672. | 250,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$350,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $350,002,917 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 1/20/2065 and the market value of those underlying securities was $359,944,140. | $350,000,000 | |
700,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $700,005,833 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Government Agency securities with various maturities to 7/1/2050 and the market value of those underlying securities was $714,417,871. | 700,000,000 | |
200,000,000 | Interest in $250,000,000 joint repurchase agreement 0.20%, dated 4/21/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $250,247,222 on 10/16/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/20/2069 and the market value of those underlying securities was $255,415,204. | 200,000,000 | |
1,250,000,000 | Interest in $1,750,000,000 joint repurchase agreement 0.10%, dated 3/4/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,750,034,028 on 8/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 5/25/2042 and the market value of those underlying securities was $1,785,027,087. | 1,250,000,000 | |
1,140,000,000 | Interest in $1,415,000,000 joint repurchase agreement 0.15%, dated 7/13/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $1,415,182,771 on 8/13/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 6/30/2025 and the market value of those underlying securities was $1,443,426,373. | 1,140,000,000 | |
2,000,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $2,000,013,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $2,040,013,600. | 2,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$700,000,000 | Interest in $1,500,000,000 joint repurchase agreement 0.13%, dated 7/17/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,500,167,917 on 8/20/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2042 and the market value of those underlying securities was $1,530,077,356. | $700,000,000 | |
2,185,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Credit Agricole CIB Paris will repurchase securities provided as collateral for $2,185,014,567 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $2,228,714,885. | 2,185,000,000 | |
500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 0.12%, dated 7/23/2020 under which Credit Agricole CIB Paris will repurchase securities provided as collateral for $1,000,103,333 on 8/24/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 12/31/2026 and the market value of those underlying securities was $1,020,040,846. | 500,000,000 | |
500,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Fixed Income Clearing Corporation will repurchase securities provided as collateral for $500,004,167 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 4/15/2021 and the market value of those underlying securities was $510,110,582. | 500,000,000 | |
1,500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,500,010,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2048 and the market value of those underlying securities was $1,530,000,018. | 1,500,000,000 | |
3,200,000,441 | Repurchase agreement 0.10%, dated 7/31/2020 under which Fixed Income Clearing Corporation will repurchase securities provided as collateral for $3,200,027,108 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $3,267,140,019. | 3,200,000,441 | |
1,000,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $1,000,006,667 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $1,021,214,339. | 1,000,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$75,000,000 | Repurchase agreement 0.09%, dated 7/31/2020 under which HSBC Securities (USA), Inc. will repurchase securities provided as collateral for $75,000,563 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2050 and the market value of those underlying securities was $76,500,000. | $75,000,000 | |
2,650,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which ING Financial Markets LLC will repurchase securities provided as collateral for $3,000,020,000 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $3,063,781,223. | 2,650,000,000 | |
2,500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $2,500,016,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 4/15/2025 and the market value of those underlying securities was $2,550,000,017. | 2,500,000,000 | |
1,500,000,000 | Interest in $2,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $2,000,038,889 on 8/7/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/31/2025 and the market value of those underlying securities was $2,040,000,051. | 1,500,000,000 | |
450,000,043 | Repurchase agreement 0.08%, dated 7/31/2020 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $450,003,043 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2040 and the market value of those underlying securities was $459,013,565. | 450,000,043 | |
75,571,000 | Interest in $315,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Mizuho Securities USA, Inc. will repurchase securities provided as collateral for $315,002,625 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 7/20/2050 and the market value of those underlying securities was $321,302,678. | 75,571,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$1,430,000,000 | Interest in $1,500,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which MUFG Securities Americas, Inc. will repurchase securities provided as collateral for $1,500,012,500 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2050 and the market value of those underlying securities was $1,540,978,492. | $1,430,000,000 | |
175,000,000 | Interest in $250,000,000 joint repurchase agreement 0.14%, dated 7/23/2020 under which MUFG Securities Americas, Inc. will repurchase securities provided as collateral for $250,058,333 on 9/22/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2050 and the market value of those underlying securities was $256,838,710. | 175,000,000 | |
1,300,000,000 | Interest in $3,300,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $3,300,022,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,366,022,443. | 1,300,000,000 | |
250,000,000 | Interest in $1,500,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Nomura Securities International, Inc. will repurchase securities provided as collateral for $1,500,012,500 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 9/20/2068 and the market value of those underlying securities was $1,530,000,000. | 250,000,000 | |
132,000,000 | Interest in $300,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Pershing LLC will repurchase securities provided as collateral for $300,002,500 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 8/1/2050 and the market value of those underlying securities was $306,302,558. | 132,000,000 | |
404,728,001 | Repurchase agreement 0.11%, dated 7/31/2020 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $404,731,711 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Government Agency securities with various maturities to 10/1/2048 and the market value of those underlying securities was $412,911,261. | 404,728,001 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$143,515,500 | Repurchase agreement 0.10%, dated 7/31/2020 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $143,516,696 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2030 and the market value of those underlying securities was $146,731,541. | $143,515,500 | |
450,000,000 | Interest in $3,450,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $3,450,028,750 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 7/20/2050 and the market value of those underlying securities was $3,520,084,403. | 450,000,000 | |
1,000,000,000 | Interest in $2,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which Standard Chartered Bank will repurchase securities provided as collateral for $2,000,013,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $2,040,013,654. | 1,000,000,000 | |
1,000,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which State Street Bank and Trust Co., Boston will repurchase securities provided as collateral for $1,000,008,333 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Government Agency securities with various maturities to 2/1/2050 and the market value of those underlying securities was $1,020,978,083. | 1,000,000,000 | |
1,200,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp. will repurchase securities provided as collateral for $3,000,020,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,062,824,333. | 1,200,000,000 | |
1,947,328,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp. will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | 1,947,328,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$50,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $50,000,417 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $51,000,431. | $50,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 49,061,620,985 | ||
TOTAL INVESTMENT IN SECURITIES—97.0% (AT AMORTIZED COST)3 | 131,245,727,218 | ||
OTHER ASSETS AND LIABILITIES - NET—3.0%4 | 4,043,119,595 | ||
TOTAL NET ASSETS—100% | $135,288,846,813 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Year Ended July 31, | Period Ended 7/31/20162 | ||||
2020 | 2019 | 2018 | 2017 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.012 | 0.012 | 0.003 | 0.001 | 0.0003 |
Net realized gain (loss) | (0.001) | (0.000)3 | 0.0003 | 0.0003 | 0.0003 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.012 | 0.003 | 0.001 | 0.0003 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.012) | (0.003) | (0.001) | (0.000)3 |
Distributions from net realized gain | (0.000)3 | — | (0.000)3 | (0.000)3 | — |
TOTAL DISTRIBUTIONS | (0.011) | (0.012) | (0.003) | (0.001) | (0.000)3 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return4 | 1.12% | 1.23% | 0.31% | 0.01% | 0.00%5 |
Ratios to Average Net Assets: | |||||
Net expenses6 | 0.17% | 1.15% | 1.11% | 0.68% | 0.42%7 |
Net investment income | 0.74% | 1.21% | 0.24% | 0.01% | 0.01%7 |
Expense waiver/reimbursement8 | 0.14% | 0.13% | 0.17% | 0.58% | 0.85%7 |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $7,328,261 | $3,307 | $2,365 | $5,259 | $11 |
1 | Effective August 1, 2019, the Class R Shares were re-designated as Select Shares. |
2 | Reflects operations for the period from February 1, 2016 (date of initial investment) to July 31, 2016. |
3 | Represents less than $0.001. |
4 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
5 | Represents less than 0.01%. |
6 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
7 | Computed on an annualized basis. |
8 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.021 | 0.013 | 0.001 | 0.001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.021 | 0.013 | 0.001 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.021) | (0.013) | (0.001) | (0.001) |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.021) | (0.013) | (0.001) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.09% | 2.17% | 1.26% | 0.47% | 0.13% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.19% | 0.19% | 0.19% | 0.18% | 0.19% |
Net investment income | 0.97% | 2.15% | 1.24% | 0.47% | 0.13% |
Expense waiver/reimbursement4 | 0.15% | 0.14% | 0.15% | 0.16% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $29,928,127 | $23,667,498 | $23,308,693 | $26,390,917 | $23,378,298 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.009 | 0.019 | 0.010 | 0.001 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.019 | 0.010 | 0.0011 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.009) | (0.019) | (0.010) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.019) | (0.010) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.91% | 1.94% | 1.03% | 0.23% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.38% | 0.42% | 0.41% | 0.42% | 0.30% |
Net investment income | 0.83% | 1.93% | 1.02% | 0.23% | 0.01% |
Expense waiver/reimbursement4 | 0.17% | 0.13% | 0.13% | 0.15% | 0.27% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $12,300,069 | $10,249,258 | $7,828,028 | $8,078,425 | $7,620,524 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31, | Period Ended 7/31/20181 | ||
2020 | 2019 | ||
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||
Net investment income | 0.009 | 0.019 | 0.009 |
Net realized gain | (0.000)2 | (0.000)2 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.019 | 0.009 |
Less Distributions: | |||
Distributions from net investment income | (0.009) | (0.019) | (0.009) |
Distributions from net realized gain | (0.000)2 | — | — |
TOTAL DISTRIBUTIONS | (0.009) | (0.019) | (0.009) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.88% | 1.90% | 0.91% |
Ratios to Average Net Assets: | |||
Net expenses4 | 0.41% | 0.45% | 0.45%5 |
Net investment income | 0.89% | 1.97% | 1.23%5 |
Expense waiver/reimbursement6 | 0.18% | 0.13% | 0.15%5 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $253,981 | $176,438 | $12,413 |
1 | Reflects operations for the period from September 28, 2017 (date of initial investment) to July 31, 2018. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
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. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.015 | 0.006 | 0.0001 | 0.0001,2 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.015 | 0.006 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.015) | (0.006) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.006) | (0.015) | (0.006) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return3 | 0.63% | 1.51% | 0.60% | 0.03% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.64% | 0.84% | 0.84% | 0.60% | 0.39% |
Net investment income | 0.61% | 1.51% | 0.60% | 0.03% | 0.01% |
Expense waiver/reimbursement5 | 0.34% | 0.13% | 0.13% | 0.38% | 0.58% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $599,710 | $534,565 | $494,899 | $474,014 | $610,317 |
1 | Represents less than $0.001. |
2 | Per share numbers have been calculated using the average shares method. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.005 | 0.013 | 0.004 | 0.0001 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.004 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.005) | (0.013) | (0.004) | (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 | (0.005) | (0.013) | (0.004) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.54% | 1.35% | 0.39% | 0.01% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.71% | 1.00% | 1.05% | 0.59% | 0.32% |
Net investment income | 0.48% | 1.35% | 0.31% | 0.01% | 0.01% |
Expense waiver/reimbursement4 | 0.47% | 0.18% | 0.18% | 0.64% | 0.92% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $349,935 | $259,284 | $96,724 | $203,670 | $350,278 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.010 | 0.020 | 0.011 | 0.001 | 0.001 |
Net realized gain (loss) | (0.000)1 | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.020 | 0.011 | 0.001 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.010) | (0.020) | (0.011) | (0.001) | (0.001) |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.010) | (0.020) | (0.011) | (0.001) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.99% | 2.05% | 1.14% | 0.36% | 0.06% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.30% | 0.30% | 0.30% | 0.29% | 0.25% |
Net investment income | 0.94% | 2.04% | 1.15% | 0.38% | 0.06% |
Expense waiver/reimbursement4 | 0.14% | 0.13% | 0.13% | 0.14% | 0.18% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,454,165 | $3,399,696 | $3,078,850 | $2,568,978 | $995,373 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.007 | 0.017 | 0.008 | 0.0001 | 0.0001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.017 | 0.008 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.007) | (0.017) | (0.008) | (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 | (0.007) | (0.017) | (0.008) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.73% | 1.67% | 0.76% | 0.09% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.54% | 0.69% | 0.68% | 0.56% | 0.30% |
Net investment income | 0.66% | 1.71% | 0.74% | 0.09% | 0.01% |
Expense waiver/reimbursement4 | 0.29% | 0.13% | 0.13% | 0.25% | 0.54% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,303,066 | $2,472,153 | $597,348 | $1,255,471 | $1,080,216 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.022 | 0.013 | 0.001 | 0.002 |
Net realized gain (loss) | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.022 | 0.013 | 0.001 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.022) | (0.013) | (0.001) | (0.002) |
Distributions from net realized gain | (0.000)1 | — | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.022) | (0.013) | (0.001) | (0.002) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.14% | 2.21% | 1.29% | 0.51% | 0.16% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.15% | 0.15% | 0.15% | 0.14% | 0.16% |
Net investment income | 0.96% | 2.20% | 1.28% | 0.52% | 0.20% |
Expense waiver/reimbursement4 | 0.14% | 0.13% | 0.13% | 0.14% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $76,682,858 | $42,873,211 | $29,053,580 | $27,271,620 | $11,385,203 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended 7/31/2020 | Period Ended 7/31/20191 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 |
Income From Investment Operations: | ||
Net investment income | 0.011 | 0.012 |
Net realized gain (loss) | 0.0002 | (0.000)2 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.012 |
Less Distributions: | ||
Distributions from net investment income | (0.011) | (0.012) |
Distributions from net realized gain | (0.000)2 | — |
TOTAL DISTRIBUTIONS | (0.011) | (0.012) |
Net Asset Value, End of Period | $1.00 | $1.00 |
Total Return3 | 1.14% | 1.24% |
Ratios to Average Net Assets: | ||
Net expenses4 | 0.15% | 0.15%5 |
Net investment income | 0.81% | 2.29%5 |
Expense waiver/reimbursement6 | 0.14% | 0.13%5 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $1,088,675 | $355,712 |
1 | Reflects operations for the period from January 18, 2019 (date of initial investment) to July 31, 2019. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
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. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in repurchase agreements | $49,061,620,985 | |
Investment in securities | 82,184,106,233 | |
Investment in securities, at amortized cost | $131,245,727,218 | |
Cash | 4,325,204,832 | |
Income receivable | 54,913,589 | |
Receivable for shares sold | 73,780,860 | |
TOTAL ASSETS | 135,699,626,499 | |
Liabilities: | ||
Payable for investments purchased | $317,838,480 | |
Payable for shares redeemed | 75,157,895 | |
Income distribution payable | 5,640,444 | |
Payable for Directors’/Trustees’ fees (Note 5) | 222 | |
Payable for investment adviser fee (Note 5) | 243,903 | |
Payable for administrative fees (Note 5) | 287,948 | |
Payable for distribution services fee (Note 5) | 172,808 | |
Payable for other service fees (Notes 2 and 5) | 2,836,467 | |
Accrued expenses (Note 5) | 8,601,519 | |
TOTAL LIABILITIES | 410,779,686 | |
Net assets for 135,287,932,938 shares outstanding | $135,288,846,813 | |
Net Assets Consist of: | ||
Paid-in capital | $135,287,951,613 | |
Total distributable earnings (loss) | 895,200 | |
TOTAL NET ASSETS | $135,288,846,813 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Select Shares: | ||
$7,328,260,681 ÷ 7,328,211,135 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$29,928,127,323 ÷ 29,927,925,276 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$12,300,069,186 ÷ 12,299,986,147 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Administrative Shares: | ||
$253,980,869 ÷ 253,979,153 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$599,709,700 ÷ 599,705,648 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$349,935,254 ÷ 349,932,885 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$3,454,164,990 ÷ 3,454,141,634 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$3,303,065,770 ÷ 3,303,043,444 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Premier Shares: | ||
$76,682,857,925 ÷ 76,682,339,899 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Advisor Shares: | ||
$1,088,675,115 ÷ 1,088,667,717 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $1,327,882,220 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $233,023,063 | ||
Administrative fee (Note 5) | 91,369,019 | ||
Custodian fees | 3,502,131 | ||
Transfer agent fee (Note 2) | 4,622,308 | ||
Directors’/Trustees’ fees (Note 5) | 542,585 | ||
Auditing fees | 25,109 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 341,565 | ||
Distribution services fee (Note 5) | 11,947,471 | ||
Other service fees (Notes 2 and 5) | 62,335,682 | ||
Share registration costs | 7,103,142 | ||
Printing and postage | 695,058 | ||
Miscellaneous (Note 5) | 401,233 | ||
TOTAL EXPENSES | 415,916,077 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(157,352,748) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (14,895,106) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (172,247,854) | ||
Net expenses | 243,668,223 | ||
Net investment income | 1,084,213,997 | ||
Net realized gain on investments | 1,437,883 | ||
Change in net assets resulting from operations | $1,085,651,880 |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $1,084,213,997 | $1,555,200,876 |
Net realized gain (loss) | 1,437,883 | (703,869) |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,085,651,880 | 1,554,497,007 |
Distributions to Shareholders: | ||
Select Shares | (37,993,083) | (51,239) |
Institutional Shares | (286,535,688) | (503,416,091) |
Service Shares | (107,207,632) | (180,538,168) |
Administrative Shares | (2,629,456) | (1,402,399) |
Cash II Shares | (3,376,746) | (7,780,479) |
Cash Series Shares | (1,444,914) | (2,844,512) |
Capital Shares | (32,682,492) | (66,418,120) |
Trust Shares | (19,803,749) | (29,367,328) |
Premier Shares | (586,013,108) | (762,192,726) |
Advisor Shares | (6,389,301) | (1,275,830) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (1,084,076,169) | (1,555,286,892) |
Share Transactions: | ||
Proceeds from sale of shares | 766,198,188,250 | 529,508,082,280 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Government Money Market Fund | 9,483,150,229 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 415,005,995 | 574,052,333 |
Cost of shares redeemed | (724,800,195,421) | (510,563,122,455) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 51,296,149,053 | 19,519,012,158 |
Change in net assets | 51,297,724,764 | 19,518,222,273 |
Net Assets: | ||
Beginning of period | 83,991,122,049 | 64,472,899,776 |
End of period | $135,288,846,813 | $83,991,122,049 |
Shares of the Fund Issued | Acquired Fund’s Net Assets Received | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
9,483,150,229 | $9,483,150,229 | $105,367,217,265 | $114,850,367,494 |
Net investment income | $1,147,838,495 |
Net realized gain on investments | 1,511,016 |
Net increase in net assets resulting from operations | $1,149,349,511 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Select Shares | $34,560 | $— |
Institutional Shares | 207,564 | — |
Service Shares | 2,039,896 | — |
Administrative Shares | 2,132 | — |
Cash II Shares | 506,691 | (1,635) |
Cash Series Shares | 115,030 | — |
Capital Shares | 24,754 | — |
Trust Shares | 1,258,682 | (29,470) |
Premier Shares | 427,615 | (828) |
Advisor Shares | 5,384 | — |
TOTAL | $4,622,308 | $(31,933) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Select Shares | $913,039 | $— | $— |
Institutional Shares | $14,308,985 | $(2,554,306) | $— |
Service Shares | $32,160,294 | $(578,306) | $(4,606,306) |
Administrative Shares | $147,815 | $(1,295) | $(41,298) |
Cash II Shares | $1,395,184 | $(2,240) | $(547,130) |
Cash Series Shares | $749,610 | $(935) | $(332,597) |
Capital Shares | $5,209,537 | $(29,602) | $(293,265) |
Trust Shares | $7,451,218 | $(18,283) | $(2,956,192) |
TOTAL | $62,335,682 | $(3,184,967) | $(8,776,788) |
Year Ended July 31 | 2020 | 2019 | ||
Select Shares1: | Shares | Amount | Shares | Amount |
Shares sold | 8,626,409,532 | $8,626,417,143 | 4,818,821 | $4,818,821 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 6,795,016,726 | 6,795,016,726 | — | — |
Shares issued to shareholders in payment of distributions declared | 2,565,980 | 2,565,980 | 50,800 | 50,800 |
Shares redeemed | (8,099,088,264) | (8,099,088,264) | (3,927,475) | (3,927,475) |
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS | 7,324,903,974 | $7,324,911,585 | 942,146 | $942,146 |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 211,827,888,435 | $211,827,933,531 | 166,014,377,662 | $166,014,377,662 |
Shares issued to shareholders in payment of distributions declared | 100,763,565 | 100,763,565 | 149,805,547 | 149,805,547 |
Shares redeemed | (205,668,413,479) | (205,668,413,479) | (165,805,145,488) | (165,805,145,488) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 6,260,238,521 | $6,260,283,617 | 359,037,721 | $359,037,721 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 36,354,238,413 | $36,354,238,413 | 31,772,505,345 | $31,772,505,345 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 2,688,133,493 | 2,688,133,493 | — | — |
Shares issued to shareholders in payment of distributions declared | 39,433,902 | 39,433,902 | 70,803,625 | 70,803,625 |
Shares redeemed | (37,031,159,296) | (37,031,201,151) | (29,421,983,010) | (29,421,983,010) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 2,050,646,512 | $2,050,604,657 | 2,421,325,960 | $2,421,325,960 |
Year Ended July 31 | 2020 | 2019 | ||
Administrative Shares: | Shares | Amount | Shares | Amount |
Shares sold | 444,342,022 | $444,342,022 | 324,810,429 | $324,810,429 |
Shares issued to shareholders in payment of distributions declared | — | — | — | — |
Shares redeemed | (366,802,489) | (366,806,281) | (160,783,863) | (160,783,863) |
NET CHANGE RESULTING FROM ADMINISTRATIVE SHARE TRANSACTIONS | 77,539,533 | $77,535,741 | 164,026,566 | $164,026,566 |
Year Ended July 31 | 2020 | 2019 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,277,635,750 | $1,277,635,750 | 1,166,455,788 | $1,166,455,788 |
Shares issued to shareholders in payment of distributions declared | 3,320,412 | 3,320,412 | 7,720,043 | 7,720,043 |
Shares redeemed | (1,215,819,655) | (1,215,819,814) | (1,134,504,643) | (1,134,504,643) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 65,136,507 | $65,136,348 | 39,671,188 | $39,671,188 |
Year Ended July 31 | 2020 | 2019 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,071,520,153 | $2,071,521,083 | 1,544,423,795 | $1,544,423,795 |
Shares issued to shareholders in payment of distributions declared | 1,437,519 | 1,437,519 | 2,832,618 | 2,832,618 |
Shares redeemed | (1,982,310,542) | (1,982,310,542) | (1,384,694,728) | (1,384,694,728) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 90,647,130 | $90,648,060 | 162,561,685 | $162,561,685 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 12,562,484,759 | $12,562,484,759 | 10,819,267,037 | $10,819,267,037 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 10 | 10 | — | — |
Shares issued to shareholders in payment of distributions declared | 19,279,895 | 19,279,895 | 40,865,415 | 40,865,415 |
Shares redeemed | (12,527,346,143) | (12,527,354,552) | (10,539,253,111) | (10,539,253,111) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 54,418,521 | $54,410,112 | 320,879,341 | $320,879,341 |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,695,640,892 | $5,695,640,892 | 4,261,502,788 | $4,261,502,788 |
Shares issued to shareholders in payment of distributions declared | 17,088,583 | 17,088,583 | 23,495,358 | 23,495,358 |
Shares redeemed | (4,881,858,835) | (4,881,869,051) | (2,410,171,983) | (2,410,171,983) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 830,870,640 | $830,860,424 | 1,874,826,163 | $1,874,826,163 |
Year Ended July 31 | 2020 | 2019 | ||
Premier Shares: | Shares | Amount | Shares | Amount |
Shares sold | 484,873,784,518 | $484,873,836,931 | 313,157,554,587 | $313,157,554,587 |
Shares issued to shareholders in payment of distributions declared | 224,762,856 | 224,762,856 | 277,203,121 | 277,203,121 |
Shares redeemed | (451,289,759,835) | (451,289,759,835) | (299,614,731,341) | (299,614,731,341) |
NET CHANGE RESULTING FROM PREMIER SHARES TRANSACTIONS | 33,808,787,539 | $33,808,839,952 | 13,820,026,367 | $13,820,026,367 |
Year Ended July 31 | 2020 | 20192 | ||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,464,137,726 | $2,464,137,726 | 442,366,028 | $442,366,028 |
Shares issued to shareholders in payment of distributions declared | 6,353,283 | 6,353,283 | 1,275,806 | 1,275,806 |
Shares redeemed | (1,737,538,313) | (1,737,572,452) | (87,926,813) | (87,926,813) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 732,952,696 | $732,918,557 | 355,715,021 | $355,715,021 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 51,296,141,573 | $51,296,149,053 | 19,519,012,158 | $19,519,012,158 |
1 | Effective August 1, 2019, the Class R Shares were re-designated as Select Shares. |
2 | Reflects operations for the period from January 18, 2019 to July 31, 2019. |
2020 | 2019 | |
Ordinary income1 | $1,084,076,169 | $1,555,286,892 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $895,200 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Administrative Shares | 0.25% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Administrative Shares | $743,713 | $(88,676) |
Cash II Shares | 1,953,367 | (576,810) |
Cash Series Shares | 1,799,065 | (667,426) |
Trust Shares | 7,451,326 | (1,568,506) |
TOTAL | $11,947,471 | $(2,901,418) |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Select Shares | $1,000 | $1,002.40 | $0.85 |
Institutional Shares | $1,000 | $1,002.30 | $0.95 |
Service Shares | $1,000 | $1,001.50 | $1.742 |
Administrative Shares | $1,000 | $1,001.50 | $1.793 |
Cash II Shares | $1,000 | $1,000.90 | $2.294 |
Cash Series Shares | $1,000 | $1,000.70 | $2.345 |
Capital Shares | $1,000 | $1,001.80 | $1.44 |
Trust Shares | $1,000 | $1,001.10 | $2.096 |
Premier Shares | $1,000 | $1,002.50 | $0.75 |
Advisor Shares | $1,000 | $1,002.50 | $0.75 |
Hypothetical (assuming a 5% return before expenses): | |||
Select Shares | $1,000 | $1,024.00 | $0.86 |
Institutional Shares | $1,000 | $1,024.00 | $0.96 |
Service Shares | $1,000 | $1,023.10 | $1.762 |
Administrative Shares | $1,000 | $1,023.10 | $1.813 |
Cash II Shares | $1,000 | $1,022.60 | $2.314 |
Cash Series Shares | $1,000 | $1,022.50 | $2.365 |
Capital Shares | $1,000 | $1,023.40 | $1.46 |
Trust Shares | $1,000 | $1,022.80 | $2.116 |
Premier Shares | $1,000 | $1,024.10 | $0.75 |
Advisor 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: |
Select Shares | 0.17% |
Institutional Shares | 0.19% |
Service Shares | 0.35% |
Administrative Shares | 0.36% |
Cash II Shares | 0.46% |
Cash Series Shares | 0.47% |
Capital Shares | 0.29% |
Trust Shares | 0.42% |
Premier Shares | 0.15% |
Advisor Shares | 0.15% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.24 and $2.26, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Administrative Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.24 and $2.26, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.85% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.23 and $4.27, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.05% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.22 and $5.28, respectively. |
6 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Trust Shares current Fee Limit of 0.70% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.48 and $3.52, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: January 1994 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N104
CUSIP 60934N807
CUSIP 608919395
CUSIP 608919676
CUSIP 608919684
CUSIP 608919809
CUSIP 60934N153
CUSIP 608919718
CUSIP 608919437
Share Class | Ticker | Institutional | GOTXX |
Donahue
Security Type | Percentage of Total Net Assets |
U.S. Treasury Securities | 56.1% |
U.S. Government Agency Securities | 46.5% |
Other Assets and Liabilities—Net2 | (2.6)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 40.4% |
8-30 Days | 25.3% |
31-90 Days | 26.0% |
91-180 Days | 6.4% |
181 Days or more | 4.5% |
Other Assets and Liabilities—Net2 | (2.6)% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—46.5% | |||
$377,000,000 | 1 | Federal Farm Credit System Discount Notes, 0.150%—1.600%, 8/26/2020 - 7/2/2021 | $376,074,217 |
40,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.148% (1-month USLIBOR -0.025%), 8/28/2020 | 40,011,036 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.160% (Secured Overnight Financing Rate +0.060%), 8/3/2020 | 20,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.165% (Secured Overnight Financing Rate +0.065%), 8/3/2020 | 20,000,000 |
27,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 26,999,483 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.176% (1-month USLIBOR +0.005%), 8/27/2020 | 12,999,896 |
24,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.178% (1-month USLIBOR +0.000%), 8/13/2020 | 24,000,000 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 50,000,000 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.196% (1-month USLIBOR +0.010%), 8/19/2020 | 25,000,180 |
5,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 5,000,000 |
8,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.200% (3-month USLIBOR -0.130%), 9/4/2020 | 8,000,000 |
15,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.205% (Secured Overnight Financing Rate +0.105%), 8/3/2020 | 15,000,000 |
150,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.210% (Secured Overnight Financing Rate +0.110%), 8/3/2020 | 150,000,000 |
89,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.230% (Secured Overnight Financing Rate +0.130%), 8/3/2020 | 89,000,000 |
12,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.232% (1-month USLIBOR +0.050%), 8/9/2020 | 11,999,669 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.235% (1-month USLIBOR +0.070%), 8/8/2020 | 12,999,429 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.245% (Secured Overnight Financing Rate +0.145%), 8/3/2020 | 25,000,000 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.280% (Secured Overnight Financing Rate +0.180%), 8/3/2020 | 50,000,000 |
40,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 40,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.310% (Secured Overnight Financing Rate +0.210%), 8/3/2020 | 20,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$125,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.340% (Secured Overnight Financing Rate +0.240%), 8/3/2020 | $124,988,204 |
40,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.400% (Secured Overnight Financing Rate +0.300%), 8/3/2020 | 40,000,000 |
432,800,000 | 1 | Federal Home Loan Bank System Discount Notes, 0.099%—1.330%, 8/7/2020 - 4/1/2021 | 432,642,107 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.097%—0.108% (3-month USLIBOR -0.200%), 9/18/2020 - 9/24/2020 | 25,000,000 |
350,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.120% (Secured Overnight Financing Rate +0.020%), 8/3/2020 | 349,990,683 |
60,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.122%—0.137% (1-month USLIBOR -0.050%), 8/20/2020 - 8/27/2020 | 60,000,000 |
14,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.125% (Secured Overnight Financing Rate +0.025%), 8/3/2020 | 14,000,000 |
162,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.130% (Secured Overnight Financing Rate +0.030%), 8/3/2020 | 161,999,752 |
165,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.135% (Secured Overnight Financing Rate +0.035%), 8/3/2020 | 165,000,000 |
22,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.140% (Secured Overnight Financing Rate +0.040%), 8/3/2020 | 22,500,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.147% (1-month USLIBOR -0.040%), 8/18/2020 - 8/20/2020 | 40,000,000 |
38,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.155% (Secured Overnight Financing Rate +0.055%), 8/3/2020 | 38,486,209 |
10,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 10,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.176% (1-month USLIBOR +0.000%), 8/16/2020 | 25,000,000 |
150,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 150,001,712 |
119,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.185% (Secured Overnight Financing Rate +0.085%), 8/3/2020 | 118,996,035 |
180,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 180,000,000 |
24,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.205% (Secured Overnight Financing Rate +0.105%), 8/3/2020 | 24,000,000 |
30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.206% (1-month USLIBOR +0.020%), 8/19/2020 | 30,000,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.212% (3-month USLIBOR -0.235%), 8/10/2020 | 40,000,000 |
15,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.215% (Secured Overnight Financing Rate +0.115%), 8/3/2020 | 15,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$65,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.220% (Secured Overnight Financing Rate +0.120%), 8/3/2020 | $65,000,000 |
52,450,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.230% (Secured Overnight Financing Rate +0.130%), 8/3/2020 | 52,446,688 |
10,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.235% (Secured Overnight Financing Rate +0.135%), 8/3/2020 | 10,000,000 |
10,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.250% (Secured Overnight Financing Rate +0.150%), 8/3/2020 | 10,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.270% (Secured Overnight Financing Rate +0.170%), 8/3/2020 | 20,000,000 |
80,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.330% (Secured Overnight Financing Rate +0.230%), 8/3/2020 | 80,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.425% (3-month USLIBOR -0.115%), 8/5/2020 | 25,000,000 |
120,000,000 | Federal Home Loan Bank System, 0.120%—0.180%, 10/28/2020 - 4/27/2021 | 119,993,810 | |
TOTAL GOVERNMENT AGENCIES | 3,472,129,110 | ||
U.S. TREASURY—56.1% | |||
100,000,000 | United States Treasury Bill, 0.095%, 9/8/2020 | 99,989,972 | |
200,000,000 | United States Treasury Bill, 0.095%, 9/29/2020 | 199,970,444 | |
29,000,000 | United States Treasury Bill, 0.108%, 10/22/2020 | 28,992,866 | |
25,000,000 | United States Treasury Bill, 0.115%, 8/11/2020 | 24,999,201 | |
35,000,000 | United States Treasury Bill, 0.147%, 10/13/2020 | 34,989,532 | |
50,000,000 | United States Treasury Bill, 0.150%, 10/8/2020 | 49,985,833 | |
75,000,000 | United States Treasury Bill, 0.150%, 11/19/2020 | 74,965,625 | |
125,000,000 | United States Treasury Bill, 0.155%, 11/12/2020 | 124,944,566 | |
50,000,000 | United States Treasury Bill, 0.160%, 11/27/2020 | 49,973,778 | |
69,000,000 | United States Treasury Bill, 0.165%, 9/24/2020 | 68,982,923 | |
50,000,000 | United States Treasury Bill, 0.185%, 11/24/2020 | 49,970,451 | |
225,000,000 | United States Treasury Bills, 0.085%—0.140%, 8/25/2020 | 224,979,916 | |
402,000,000 | United States Treasury Bills, 0.090%—0.135%, 8/18/2020 | 401,975,478 | |
252,000,000 | United States Treasury Bills, 0.097%—0.150%, 9/3/2020 | 251,969,710 | |
225,000,000 | United States Treasury Bills, 0.100%—0.170%, 9/22/2020 | 224,959,916 | |
150,000,000 | United States Treasury Bills, 0.110%—0.165%, 9/15/2020 | 149,972,500 | |
481,000,000 | United States Treasury Bills, 0.115%—0.145%, 8/4/2020 | 480,995,378 | |
244,000,000 | United States Treasury Bills, 0.121%—0.130%, 8/20/2020 | 243,984,262 | |
250,000,000 | United States Treasury Bills, 0.125%—1.800%, 8/13/2020 | 249,975,458 | |
125,000,000 | United States Treasury Bills, 0.130%—1.440%, 8/27/2020 | 124,964,611 | |
150,000,000 | United States Treasury Bills, 0.140%—0.175%, 9/17/2020 | 149,968,014 | |
60,000,000 | United States Treasury Bills, 0.140%—0.150%, 10/27/2020 | 59,978,492 | |
130,000,000 | United States Treasury Bills, 0.145%—0.165%, 10/1/2020 | 129,966,874 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$125,000,000 | United States Treasury Bills, 0.145%—0.290%, 10/15/2020 | $124,947,135 | |
175,000,000 | United States Treasury Bills, 0.170%—1.748%, 9/10/2020 | 174,916,736 | |
122,000,000 | 2 | United States Treasury Floating Rate Notes, 0.150% (91-day T-Bill +0.045%), 8/4/2020 | 121,975,920 |
80,000,000 | 2 | United States Treasury Floating Rate Notes, 0.220% (91-day T-Bill +0.115%), 8/4/2020 | 79,988,322 |
9,950,000 | 2 | United States Treasury Floating Rate Notes, 0.244% (91-day T-Bill +0.139%), 8/4/2020 | 9,946,506 |
10,000,000 | 2 | United States Treasury Floating Rate Notes, 0.405% (91-day T-Bill +0.300%), 8/4/2020 | 10,000,000 |
10,000,000 | United States Treasury Note, 1.750%, 11/15/2020 | 10,002,736 | |
11,000,000 | United States Treasury Note, 2.000%, 1/15/2021 | 11,081,508 | |
6,000,000 | United States Treasury Note, 2.250%, 2/15/2021 | 6,028,171 | |
6,000,000 | United States Treasury Note, 2.250%, 3/31/2021 | 6,070,297 | |
25,000,000 | United States Treasury Note, 2.375%, 4/15/2021 | 25,354,573 | |
15,000,000 | United States Treasury Note, 2.750%, 9/30/2020 | 15,026,699 | |
10,000,000 | United States Treasury Note, 2.875%, 10/31/2020 | 10,065,520 | |
11,000,000 | United States Treasury Notes, 1.125%—2.500%, 2/28/2021 | 11,035,840 | |
68,000,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 68,050,830 | |
10,000,000 | United States Treasury Notes, 1.625%—2.750%, 11/30/2020 | 10,029,429 | |
TOTAL U.S. TREASURY | 4,195,976,022 | ||
TOTAL INVESTMENT IN SECURITIES—102.6% (AT AMORTIZED COST)3 | 7,668,105,132 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.6)%4 | (196,608,505) | ||
TOTAL NET ASSETS—100% | $7,471,496,627 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.021 | 0.012 | 0.004 | 0.002 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.021 | 0.012 | 0.004 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.021) | (0.012) | (0.004) | (0.002) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.021) | (0.012) | (0.004) | (0.002) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.10% | 2.13% | 1.23% | 0.44% | 0.13% |
Ratios to Average Net Assets: | |||||
Net expenses3,4 | 0.20% | 0.20% | 0.20% | 0.20% | 0.19% |
Net investment income | 0.95% | 2.11% | 1.21% | 0.43% | 0.13% |
Expense waiver/reimbursement5 | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,366,142 | $3,019,468 | $2,739,607 | $3,074,463 | $2,861,313 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.20%, 0.20%, 0.20%, 0.20% and 0.19% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $7,668,105,132 | |
Cash | 2,332,890 | |
Income receivable | 1,935,998 | |
Receivable for shares sold | 298,403 | |
TOTAL ASSETS | 7,672,672,423 | |
Liabilities: | ||
Payable for investments purchased | $199,970,444 | |
Payable for shares redeemed | 387,722 | |
Income distribution payable | 165,152 | |
Payable for other service fees (Notes 2 and 5) | 155,042 | |
Payable for investment adviser fee (Note 5) | 21,482 | |
Payable for administrative fee (Note 5) | 16,281 | |
Payable for Directors’/Trustees’ fees (Note 5) | 2,738 | |
Accrued expenses (Note 5) | 456,935 | |
TOTAL LIABILITIES | 201,175,796 | |
Net assets for 7,471,224,105 shares outstanding | $7,471,496,627 | |
Net Assets Consists of: | ||
Paid-in capital | $7,471,233,482 | |
Total distributable earnings | 263,145 | |
TOTAL NET ASSETS | $7,471,496,627 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$154,560,797 ÷ 154,555,377 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$4,366,141,501 ÷ 4,365,977,753 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$2,950,794,329 ÷ 2,950,690,975 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $85,807,454 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $14,213,771 | ||
Administrative fee (Note 5) | 5,575,870 | ||
Custodian fees | 213,622 | ||
Transfer agent fees (Note 2) | 177,876 | ||
Directors’/Trustees’ fees (Note 5) | 39,825 | ||
Auditing fees | 23,960 | ||
Legal fees | 7,743 | ||
Other service fees (Notes 2 and 5) | 7,548,076 | ||
Portfolio accounting fees | 185,911 | ||
Share registration costs | 382,716 | ||
Printing and postage | 37,689 | ||
Miscellaneous (Notes 5) | 84,163 | ||
TOTAL EXPENSES | 28,491,222 | ||
Waivers, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(6,276,812) | ||
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (1,317,770) | ||
Reduction of custodian fees (Note 6) | (13,837) | ||
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION | (7,608,419) | ||
Net expenses | 20,882,803 | ||
Net investment income | 64,924,651 | ||
Net realized gain on investments | 402,347 | ||
Change in net assets resulting from operations | $65,326,998 |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $64,924,651 | $113,639,782 |
Net realized gain | 402,347 | 62,039 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 65,326,998 | 113,701,821 |
Distributions to Shareholders: | ||
Automated Shares | (1,274,075) | (3,133,168) |
Institutional Shares | (39,051,506) | (63,369,947) |
Service Shares | (24,794,362) | (47,189,849) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (65,119,943) | (113,692,964) |
Share Transactions: | ||
Proceeds from sale of shares | 23,251,616,621 | 16,160,158,776 |
Net asset value of shares issued to shareholders in payment of distributions declared | 15,619,988 | 21,394,447 |
Cost of shares redeemed | (21,696,995,746) | (15,847,785,551) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,570,240,863 | 333,767,672 |
Change in net assets | 1,570,447,918 | 333,776,529 |
Net Assets: | ||
Beginning of period | 5,901,048,709 | 5,567,272,180 |
End of period | $7,471,496,627 | $5,901,048,709 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees waived by Unaffiliated Third Parties | |
Automated Shares | $105,971 | $— | $(144) |
Institutional Shares | 41,445 | (14) | — |
Service Shares | 30,460 | — | — |
TOTAL | $177,876 | $(14) | $(144) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees waived by Unaffiliated Third Parties | |
Automated Shares | $376,231 | $(12,893) | $(74,283) |
Service Shares | 7,171,845 | (94,785) | (1,135,651) |
TOTAL | $7,548,076 | $(107,678) | $(1,209,934) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 267,957,829 | $267,957,829 | 291,370,422 | $291,370,422 |
Shares issued to shareholders in payment of distributions declared | 1,158,084 | 1,158,084 | 2,918,617 | 2,918,617 |
Shares redeemed | (297,498,230) | (297,498,230) | (287,378,084) | (287,378,084) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (28,382,317) | $(28,382,317) | 6,910,955 | $6,910,955 |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 15,927,428,623 | $15,927,428,623 | 9,345,628,188 | $9,345,628,188 |
Shares issued to shareholders in payment of distributions declared | 12,644,697 | 12,644,697 | 15,221,153 | 15,221,153 |
Shares redeemed | (14,593,525,847) | (14,593,525,847) | (9,080,993,980) | (9,080,993,980) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,346,547,473 | $1,346,547,473 | 279,855,361 | $279,855,361 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,056,230,169 | $7,056,230,169 | 6,523,160,166 | $6,523,160,166 |
Shares issued to shareholders in payment of distributions declared | 1,817,207 | 1,817,207 | 3,254,677 | 3,254,677 |
Shares redeemed | (6,805,971,668) | (6,805,971,669) | (6,479,413,487) | (6,479,413,487) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 252,075,708 | $252,075,707 | 47,001,356 | $47,001,356 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,570,240,864 | $1,570,240,863 | 333,767,672 | $333,767,672 |
2020 | 2019 | |
Ordinary Income1 | $65,119,943 | $113,692,964 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $259,950 |
Undistributed long-term capital gains | $3,195 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | $1,000 | $1,002.40 | $1.00 |
Hypothetical (assuming a 5% return before expenses): | $1,000 | $1,023.87 | $1.01 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Automated | GOAXX | Institutional | GOTXX | Service | GTSXX |
Donahue
Security Type | Percentage of Total Net Assets |
U.S. Treasury Securities | 56.1% |
U.S. Government Agency Securities | 46.5% |
Other Assets and Liabilities—Net2 | (2.6)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 40.4% |
8-30 Days | 25.3% |
31-90 Days | 26.0% |
91-180 Days | 6.4% |
181 Days or more | 4.5% |
Other Assets and Liabilities—Net2 | (2.6)% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—46.5% | |||
$377,000,000 | 1 | Federal Farm Credit System Discount Notes, 0.150%—1.600%, 8/26/2020 - 7/2/2021 | $376,074,217 |
40,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.148% (1-month USLIBOR -0.025%), 8/28/2020 | 40,011,036 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.160% (Secured Overnight Financing Rate +0.060%), 8/3/2020 | 20,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.165% (Secured Overnight Financing Rate +0.065%), 8/3/2020 | 20,000,000 |
27,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 26,999,483 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.176% (1-month USLIBOR +0.005%), 8/27/2020 | 12,999,896 |
24,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.178% (1-month USLIBOR +0.000%), 8/13/2020 | 24,000,000 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 50,000,000 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.196% (1-month USLIBOR +0.010%), 8/19/2020 | 25,000,180 |
5,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 5,000,000 |
8,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.200% (3-month USLIBOR -0.130%), 9/4/2020 | 8,000,000 |
15,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.205% (Secured Overnight Financing Rate +0.105%), 8/3/2020 | 15,000,000 |
150,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.210% (Secured Overnight Financing Rate +0.110%), 8/3/2020 | 150,000,000 |
89,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.230% (Secured Overnight Financing Rate +0.130%), 8/3/2020 | 89,000,000 |
12,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.232% (1-month USLIBOR +0.050%), 8/9/2020 | 11,999,669 |
13,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.235% (1-month USLIBOR +0.070%), 8/8/2020 | 12,999,429 |
25,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.245% (Secured Overnight Financing Rate +0.145%), 8/3/2020 | 25,000,000 |
50,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.280% (Secured Overnight Financing Rate +0.180%), 8/3/2020 | 50,000,000 |
40,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 40,000,000 |
20,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.310% (Secured Overnight Financing Rate +0.210%), 8/3/2020 | 20,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$125,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.340% (Secured Overnight Financing Rate +0.240%), 8/3/2020 | $124,988,204 |
40,000,000 | 2 | Federal Farm Credit System Floating Rate Notes, 0.400% (Secured Overnight Financing Rate +0.300%), 8/3/2020 | 40,000,000 |
432,800,000 | 1 | Federal Home Loan Bank System Discount Notes, 0.099%—1.330%, 8/7/2020 - 4/1/2021 | 432,642,107 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.097%—0.108% (3-month USLIBOR -0.200%), 9/18/2020 - 9/24/2020 | 25,000,000 |
350,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.120% (Secured Overnight Financing Rate +0.020%), 8/3/2020 | 349,990,683 |
60,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.122%—0.137% (1-month USLIBOR -0.050%), 8/20/2020 - 8/27/2020 | 60,000,000 |
14,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.125% (Secured Overnight Financing Rate +0.025%), 8/3/2020 | 14,000,000 |
162,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.130% (Secured Overnight Financing Rate +0.030%), 8/3/2020 | 161,999,752 |
165,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.135% (Secured Overnight Financing Rate +0.035%), 8/3/2020 | 165,000,000 |
22,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.140% (Secured Overnight Financing Rate +0.040%), 8/3/2020 | 22,500,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.147% (1-month USLIBOR -0.040%), 8/18/2020 - 8/20/2020 | 40,000,000 |
38,500,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.155% (Secured Overnight Financing Rate +0.055%), 8/3/2020 | 38,486,209 |
10,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.175% (Secured Overnight Financing Rate +0.075%), 8/3/2020 | 10,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.176% (1-month USLIBOR +0.000%), 8/16/2020 | 25,000,000 |
150,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.180% (Secured Overnight Financing Rate +0.080%), 8/3/2020 | 150,001,712 |
119,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.185% (Secured Overnight Financing Rate +0.085%), 8/3/2020 | 118,996,035 |
180,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.200% (Secured Overnight Financing Rate +0.100%), 8/3/2020 | 180,000,000 |
24,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.205% (Secured Overnight Financing Rate +0.105%), 8/3/2020 | 24,000,000 |
30,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.206% (1-month USLIBOR +0.020%), 8/19/2020 | 30,000,000 |
40,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.212% (3-month USLIBOR -0.235%), 8/10/2020 | 40,000,000 |
15,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.215% (Secured Overnight Financing Rate +0.115%), 8/3/2020 | 15,000,000 |
Principal Amount | Value | ||
GOVERNMENT AGENCIES—continued | |||
$65,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.220% (Secured Overnight Financing Rate +0.120%), 8/3/2020 | $65,000,000 |
52,450,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.230% (Secured Overnight Financing Rate +0.130%), 8/3/2020 | 52,446,688 |
10,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.235% (Secured Overnight Financing Rate +0.135%), 8/3/2020 | 10,000,000 |
10,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.250% (Secured Overnight Financing Rate +0.150%), 8/3/2020 | 10,000,000 |
20,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.270% (Secured Overnight Financing Rate +0.170%), 8/3/2020 | 20,000,000 |
80,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.330% (Secured Overnight Financing Rate +0.230%), 8/3/2020 | 80,000,000 |
25,000,000 | 2 | Federal Home Loan Bank System Floating Rate Notes, 0.425% (3-month USLIBOR -0.115%), 8/5/2020 | 25,000,000 |
120,000,000 | Federal Home Loan Bank System, 0.120%—0.180%, 10/28/2020 - 4/27/2021 | 119,993,810 | |
TOTAL GOVERNMENT AGENCIES | 3,472,129,110 | ||
U.S. TREASURY—56.1% | |||
100,000,000 | United States Treasury Bill, 0.095%, 9/8/2020 | 99,989,972 | |
200,000,000 | United States Treasury Bill, 0.095%, 9/29/2020 | 199,970,444 | |
29,000,000 | United States Treasury Bill, 0.108%, 10/22/2020 | 28,992,866 | |
25,000,000 | United States Treasury Bill, 0.115%, 8/11/2020 | 24,999,201 | |
35,000,000 | United States Treasury Bill, 0.147%, 10/13/2020 | 34,989,532 | |
50,000,000 | United States Treasury Bill, 0.150%, 10/8/2020 | 49,985,833 | |
75,000,000 | United States Treasury Bill, 0.150%, 11/19/2020 | 74,965,625 | |
125,000,000 | United States Treasury Bill, 0.155%, 11/12/2020 | 124,944,566 | |
50,000,000 | United States Treasury Bill, 0.160%, 11/27/2020 | 49,973,778 | |
69,000,000 | United States Treasury Bill, 0.165%, 9/24/2020 | 68,982,923 | |
50,000,000 | United States Treasury Bill, 0.185%, 11/24/2020 | 49,970,451 | |
225,000,000 | United States Treasury Bills, 0.085%—0.140%, 8/25/2020 | 224,979,916 | |
402,000,000 | United States Treasury Bills, 0.090%—0.135%, 8/18/2020 | 401,975,478 | |
252,000,000 | United States Treasury Bills, 0.097%—0.150%, 9/3/2020 | 251,969,710 | |
225,000,000 | United States Treasury Bills, 0.100%—0.170%, 9/22/2020 | 224,959,916 | |
150,000,000 | United States Treasury Bills, 0.110%—0.165%, 9/15/2020 | 149,972,500 | |
481,000,000 | United States Treasury Bills, 0.115%—0.145%, 8/4/2020 | 480,995,378 | |
244,000,000 | United States Treasury Bills, 0.121%—0.130%, 8/20/2020 | 243,984,262 | |
250,000,000 | United States Treasury Bills, 0.125%—1.800%, 8/13/2020 | 249,975,458 | |
125,000,000 | United States Treasury Bills, 0.130%—1.440%, 8/27/2020 | 124,964,611 | |
150,000,000 | United States Treasury Bills, 0.140%—0.175%, 9/17/2020 | 149,968,014 | |
60,000,000 | United States Treasury Bills, 0.140%—0.150%, 10/27/2020 | 59,978,492 | |
130,000,000 | United States Treasury Bills, 0.145%—0.165%, 10/1/2020 | 129,966,874 |
Principal Amount | Value | ||
U.S. TREASURY—continued | |||
$125,000,000 | United States Treasury Bills, 0.145%—0.290%, 10/15/2020 | $124,947,135 | |
175,000,000 | United States Treasury Bills, 0.170%—1.748%, 9/10/2020 | 174,916,736 | |
122,000,000 | 2 | United States Treasury Floating Rate Notes, 0.150% (91-day T-Bill +0.045%), 8/4/2020 | 121,975,920 |
80,000,000 | 2 | United States Treasury Floating Rate Notes, 0.220% (91-day T-Bill +0.115%), 8/4/2020 | 79,988,322 |
9,950,000 | 2 | United States Treasury Floating Rate Notes, 0.244% (91-day T-Bill +0.139%), 8/4/2020 | 9,946,506 |
10,000,000 | 2 | United States Treasury Floating Rate Notes, 0.405% (91-day T-Bill +0.300%), 8/4/2020 | 10,000,000 |
10,000,000 | United States Treasury Note, 1.750%, 11/15/2020 | 10,002,736 | |
11,000,000 | United States Treasury Note, 2.000%, 1/15/2021 | 11,081,508 | |
6,000,000 | United States Treasury Note, 2.250%, 2/15/2021 | 6,028,171 | |
6,000,000 | United States Treasury Note, 2.250%, 3/31/2021 | 6,070,297 | |
25,000,000 | United States Treasury Note, 2.375%, 4/15/2021 | 25,354,573 | |
15,000,000 | United States Treasury Note, 2.750%, 9/30/2020 | 15,026,699 | |
10,000,000 | United States Treasury Note, 2.875%, 10/31/2020 | 10,065,520 | |
11,000,000 | United States Treasury Notes, 1.125%—2.500%, 2/28/2021 | 11,035,840 | |
68,000,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 68,050,830 | |
10,000,000 | United States Treasury Notes, 1.625%—2.750%, 11/30/2020 | 10,029,429 | |
TOTAL U.S. TREASURY | 4,195,976,022 | ||
TOTAL INVESTMENT IN SECURITIES—102.6% (AT AMORTIZED COST)3 | 7,668,105,132 | ||
OTHER ASSETS AND LIABILITIES - NET—(2.6)%4 | (196,608,505) | ||
TOTAL NET ASSETS—100% | $7,471,496,627 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
LIBOR | —London Interbank Offered Rate |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.008 | 0.018 | 0.009 | 0.001 | 0.001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.018 | 0.009 | 0.001 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.008) | (0.018) | (0.009) | (0.001) | (0.001) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.008) | (0.018) | (0.009) | (0.001) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.83% | 1.81% | 0.93% | 0.14% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3,4 | 0.47% | 0.52% | 0.51% | 0.50% | 0.37% |
Net investment income | 0.84% | 1.79% | 0.93% | 0.14% | 0.01% |
Expense waiver/reimbursement5 | 0.15% | 0.09% | 0.09% | 0.11% | 0.24% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $154,561 | $182,939 | $176,028 | $177,555 | $190,937 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.47%, 0.52%, 0.51%, 0.50% and 0.37% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.021 | 0.012 | 0.004 | 0.002 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.021 | 0.012 | 0.004 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.021) | (0.012) | (0.004) | (0.002) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.021) | (0.012) | (0.004) | (0.002) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.10% | 2.13% | 1.23% | 0.44% | 0.13% |
Ratios to Average Net Assets: | |||||
Net expenses3,4 | 0.20% | 0.20% | 0.20% | 0.20% | 0.19% |
Net investment income | 0.95% | 2.11% | 1.21% | 0.43% | 0.13% |
Expense waiver/reimbursement5 | 0.09% | 0.09% | 0.09% | 0.09% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,366,142 | $3,019,468 | $2,739,607 | $3,074,463 | $2,861,313 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.20%, 0.20%, 0.20%, 0.20% and 0.19% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.009 | 0.019 | 0.010 | 0.002 | 0.001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.019 | 0.010 | 0.002 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.009) | (0.019) | (0.010) | (0.002) | (0.001) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.019) | (0.010) | (0.002) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.89% | 1.88% | 0.98% | 0.19% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3,4 | 0.41% | 0.45% | 0.45% | 0.45% | 0.30% |
Net investment income | 0.86% | 1.86% | 0.96% | 0.20% | 0.01% |
Expense waiver/reimbursement5 | 0.13% | 0.09% | 0.09% | 0.09% | 0.24% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,950,794 | $2,698,641 | $2,651,637 | $3,010,073 | $2,693,327 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | The net expense ratio is calculated without reduction for expense offset arrangements. The net expense ratios are 0.41%, 0.45%, 0.45%, 0.45% and 0.30% for the years ended July 31, 2020, 2019, 2018, 2017 and 2016, respectively, after taking into account these expense reductions. |
5 | This expense decrease is reflected in both the net expense and net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in securities, at amortized cost and fair value | $7,668,105,132 | |
Cash | 2,332,890 | |
Income receivable | 1,935,998 | |
Receivable for shares sold | 298,403 | |
TOTAL ASSETS | 7,672,672,423 | |
Liabilities: | ||
Payable for investments purchased | $199,970,444 | |
Payable for shares redeemed | 387,722 | |
Income distribution payable | 165,152 | |
Payable for other service fees (Notes 2 and 5) | 155,042 | |
Payable for investment adviser fee (Note 5) | 21,482 | |
Payable for administrative fee (Note 5) | 16,281 | |
Payable for Directors’/Trustees’ fees (Note 5) | 2,738 | |
Accrued expenses (Note 5) | 456,935 | |
TOTAL LIABILITIES | 201,175,796 | |
Net assets for 7,471,224,105 shares outstanding | $7,471,496,627 | |
Net Assets Consists of: | ||
Paid-in capital | $7,471,233,482 | |
Total distributable earnings | 263,145 | |
TOTAL NET ASSETS | $7,471,496,627 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
Automated Shares: | ||
$154,560,797 ÷ 154,555,377 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$4,366,141,501 ÷ 4,365,977,753 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$2,950,794,329 ÷ 2,950,690,975 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $85,807,454 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $14,213,771 | ||
Administrative fee (Note 5) | 5,575,870 | ||
Custodian fees | 213,622 | ||
Transfer agent fees (Note 2) | 177,876 | ||
Directors’/Trustees’ fees (Note 5) | 39,825 | ||
Auditing fees | 23,960 | ||
Legal fees | 7,743 | ||
Other service fees (Notes 2 and 5) | 7,548,076 | ||
Portfolio accounting fees | 185,911 | ||
Share registration costs | 382,716 | ||
Printing and postage | 37,689 | ||
Miscellaneous (Notes 5) | 84,163 | ||
TOTAL EXPENSES | 28,491,222 | ||
Waivers, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(6,276,812) | ||
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (1,317,770) | ||
Reduction of custodian fees (Note 6) | (13,837) | ||
TOTAL WAIVERS, REIMBURSEMENT AND REDUCTION | (7,608,419) | ||
Net expenses | 20,882,803 | ||
Net investment income | 64,924,651 | ||
Net realized gain on investments | 402,347 | ||
Change in net assets resulting from operations | $65,326,998 |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $64,924,651 | $113,639,782 |
Net realized gain | 402,347 | 62,039 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 65,326,998 | 113,701,821 |
Distributions to Shareholders: | ||
Automated Shares | (1,274,075) | (3,133,168) |
Institutional Shares | (39,051,506) | (63,369,947) |
Service Shares | (24,794,362) | (47,189,849) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (65,119,943) | (113,692,964) |
Share Transactions: | ||
Proceeds from sale of shares | 23,251,616,621 | 16,160,158,776 |
Net asset value of shares issued to shareholders in payment of distributions declared | 15,619,988 | 21,394,447 |
Cost of shares redeemed | (21,696,995,746) | (15,847,785,551) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,570,240,863 | 333,767,672 |
Change in net assets | 1,570,447,918 | 333,776,529 |
Net Assets: | ||
Beginning of period | 5,901,048,709 | 5,567,272,180 |
End of period | $7,471,496,627 | $5,901,048,709 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | Transfer Agent Fees waived by Unaffiliated Third Parties | |
Automated Shares | $105,971 | $— | $(144) |
Institutional Shares | 41,445 | (14) | — |
Service Shares | 30,460 | — | — |
TOTAL | $177,876 | $(14) | $(144) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees waived by Unaffiliated Third Parties | |
Automated Shares | $376,231 | $(12,893) | $(74,283) |
Service Shares | 7,171,845 | (94,785) | (1,135,651) |
TOTAL | $7,548,076 | $(107,678) | $(1,209,934) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 267,957,829 | $267,957,829 | 291,370,422 | $291,370,422 |
Shares issued to shareholders in payment of distributions declared | 1,158,084 | 1,158,084 | 2,918,617 | 2,918,617 |
Shares redeemed | (297,498,230) | (297,498,230) | (287,378,084) | (287,378,084) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (28,382,317) | $(28,382,317) | 6,910,955 | $6,910,955 |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 15,927,428,623 | $15,927,428,623 | 9,345,628,188 | $9,345,628,188 |
Shares issued to shareholders in payment of distributions declared | 12,644,697 | 12,644,697 | 15,221,153 | 15,221,153 |
Shares redeemed | (14,593,525,847) | (14,593,525,847) | (9,080,993,980) | (9,080,993,980) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,346,547,473 | $1,346,547,473 | 279,855,361 | $279,855,361 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 7,056,230,169 | $7,056,230,169 | 6,523,160,166 | $6,523,160,166 |
Shares issued to shareholders in payment of distributions declared | 1,817,207 | 1,817,207 | 3,254,677 | 3,254,677 |
Shares redeemed | (6,805,971,668) | (6,805,971,669) | (6,479,413,487) | (6,479,413,487) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 252,075,708 | $252,075,707 | 47,001,356 | $47,001,356 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,570,240,864 | $1,570,240,863 | 333,767,672 | $333,767,672 |
2020 | 2019 | |
Ordinary Income1 | $65,119,943 | $113,692,964 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $259,950 |
Undistributed long-term capital gains | $3,195 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,001.40 | $1.992 |
Institutional Shares | $1,000 | $1,002.40 | $1.00 |
Service Shares | $1,000 | $1,001.60 | $1.843 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.87 | $2.012 |
Institutional Shares | $1,000 | $1,023.87 | $1.01 |
Service Shares | $1,000 | $1,023.02 | $1.863 |
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: |
Automated Shares | 0.40% |
Institutional Shares | 0.20% |
Service Shares | 0.37% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Automated Shares current Fee Limit of 0.55% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.74 and $2.77, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 183/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.24 and $2.26, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N856
CUSIP 60934N849
Share Class | Ticker | Institutional | MMPXX | Service | MMSXX | Capital | MMLXX |
Eagle | MMMXX |
Donahue
Security Type | Percentage of Total Net Assets |
Commercial Paper | 53.8% |
Other Repurchase Agreements and Repurchase Agreements | 17.8% |
Variable Instruments | 15.2% |
Certificates of Deposit | 8.8% |
Time Deposit | 4.4% |
Other Assets and Liabilities—Net2 | (0.0)% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 43.6%4 |
8-30 Days | 15.5% |
31-90 Days | 30.8% |
91-180 Days | 9.7% |
181 Days or more | 0.4% |
Other Assets and Liabilities—Net2 | (0.0)% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of these investments. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
4 | Overnight securities comprised 22.5% of the Fund's portfolio. |
Principal Amount | Value | ||
CERTIFICATES OF DEPOSIT—8.8% | |||
Finance - Banking—8.8% | |||
$15,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | $15,000,075 | |
5,000,000 | Canadian Imperial Bank of Commerce, 0.600%, 5/3/2021 | 5,012,493 | |
55,000,000 | Mizuho Bank Ltd., .200%—.220%, 8/3/2020 - 8/18/2020 | 55,000,000 | |
25,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.220%, 8/17/2020 | 25,000,000 | |
20,000,000 | Svenska Handelsbanken, Stockholm, 1.280%, 8/3/2020 | 20,001,990 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $120,000,000) | 120,014,558 | ||
1 | COMMERCIAL PAPER—53.8% | ||
Aerospace/Auto—3.3% | |||
10,000,000 | Toyota Finance Australia Ltd., (Toyota Motor Corp. Support Agreement), 0.380%, 12/16/2020 | 9,989,803 | |
35,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.511%—1.735%, 10/27/2020 - 10/29/2020 | 34,982,100 | |
TOTAL | 44,971,903 | ||
Finance - Banking—8.4% | |||
25,000,000 | DNB Bank ASA, 0.190%, 10/27/2020 | 24,989,733 | |
10,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 0.240%, 8/13/2020 | 9,999,200 | |
2,200,000 | Malayan Banking Berhad, New York, (Wells Fargo Bank, N.A. LOC), 0.400%, 12/14/2020 | 2,198,246 | |
25,000,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 0.160%, 9/2/2020 | 24,996,444 | |
32,000,000 | Nordea Bank Abp, 0.190%—0.250%, 9/15/2020 - 10/27/2020 | 31,987,206 | |
20,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.200%, 8/4/2020 | 19,999,667 | |
TOTAL | 114,170,496 | ||
Finance - Commercial—7.3% | |||
10,000,000 | CHARTA, LLC, 0.370%, 11/3/2020 | 9,994,379 | |
25,000,000 | CRC Funding, LLC, 0.200%, 11/4/2020 | 24,986,533 | |
65,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.200%—0.230%, 8/18/2020 - 9/22/2020 | 64,988,367 | |
TOTAL | 99,969,279 | ||
Finance - Retail—10.8% | |||
65,000,000 | Chariot Funding LLC, 0.230%—0.350%, 8/7/2020 - 11/19/2020 | 64,973,176 | |
32,000,000 | Old Line Funding, LLC, 1.076%—1.593%, 8/5/2020 - 10/20/2020 | 31,991,344 | |
50,000,000 | Sheffield Receivables Company LLC, 0.300%—1.356%, 8/7/2020 - 10/23/2020 | 49,992,822 | |
TOTAL | 146,957,342 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Securities—7.8% | |||
$15,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 1.103%, 8/14/2020 | $14,999,183 | |
15,000,000 | Collateralized Commercial Paper V Co. LLC, (J.P. Morgan Securities LLC COL), 0.300%, 1/20/2021 | 14,978,880 | |
10,500,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 1.033%, 8/20/2020 | 10,499,131 | |
65,000,000 | Ridgefield Funding Company, LLC Series A, 0.120%—0.130%, 8/3/2020 - 8/6/2020 | 64,998,964 | |
TOTAL | 105,476,158 | ||
Pharmaceuticals and Health Care—1.1% | |||
15,000,000 | Pfizer, Inc., 1.247%, 9/8/2020 | 14,998,180 | |
Sovereign—15.1% | |||
50,000,000 | Caisse des Depots et Consignations (CDC), 0.250%—0.275%, 9/16/2020 - 10/19/2020 | 49,987,416 | |
15,000,000 | Erste Abwicklungsanstalt, 0.240%, 9/21/2020 | 14,994,900 | |
15,000,000 | European Investment Bank, 1.394%—1.445%, 11/20/2020 - 11/23/2020 | 14,994,775 | |
65,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 0.250%—0.280%, 8/16/2020 - 10/29/2020 | 64,981,011 | |
60,000,000 | Nederlandse Waterschapsbank NV, 0.120%—0.190%, 8/6/2020 - 11/5/2020 | 59,994,155 | |
TOTAL | 204,952,257 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $731,196,159) | 731,495,615 | ||
2 | NOTES - VARIABLE—15.2% | ||
Finance - Banking—15.2% | |||
11,000,000 | Bank of Montreal, 0.426% (3-month USLIBOR +0.120%), 9/28/2020 | 11,000,000 | |
5,000,000 | Bank of Montreal, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 5,001,679 | |
10,000,000 | Bank of Montreal, 0.535% (3-month USLIBOR +0.100%), 8/12/2020 | 10,001,564 | |
10,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | 10,001,583 | |
10,000,000 | Bank of Nova Scotia, Toronto, 0.408% (3-month USLIBOR +0.140%), 10/30/2020 | 10,003,864 | |
15,000,000 | Bank of Nova Scotia, Toronto, 0.631% (3-month USLIBOR +0.130%), 8/6/2020 | 15,005,363 | |
5,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.300% (Effective Fed Funds +0.200%), 8/3/2020 | 5,002,008 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.405% (3-month USLIBOR +0.150%), 10/23/2020 | 15,005,663 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$6,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.429% (3-month USLIBOR +0.130%), 9/17/2020 | $6,000,000 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.487% (3-month USLIBOR +0.190%), 9/25/2020 | 15,000,000 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.563% (3-month USLIBOR +0.130%), 8/13/2020 | 10,003,572 | |
15,000,000 | Canadian Imperial Bank of Commerce, 0.380% (Secured Overnight Financing Rate +0.280%), 8/3/2020 | 15,005,570 | |
20,000,000 | Canadian Imperial Bank of Commerce, 0.414% (1-month USLIBOR +0.250%), 8/4/2020 | 20,015,438 | |
10,000,000 | Toronto Dominion Bank, 0.474% (3-month USLIBOR +0.190%), 9/28/2020 | 10,000,000 | |
15,000,000 | Toronto Dominion Bank, 0.494% (3-month USLIBOR +0.190%), 10/5/2020 | 15,005,421 | |
10,000,000 | Toronto Dominion Bank, 0.498% (3-month USLIBOR +0.190%), 9/30/2020 | 10,003,797 | |
5,000,000 | Toronto Dominion Bank, 0.526% (3-month USLIBOR +0.140%), 8/17/2020 | 5,002,021 | |
5,000,000 | Toronto Dominion Bank, 0.545% (3-month USLIBOR +0.300%), 10/27/2020 | 5,009,520 | |
10,000,000 | Toronto Dominion Bank, 0.573% (3-month USLIBOR +0.140%), 8/13/2020 | 10,003,847 | |
5,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.468% (3-month USLIBOR +0.150%), 9/8/2020 | 5,002,602 | |
TOTAL NOTES—VARIABLE (IDENTIFIED COST $207,000,000) | 207,073,512 | ||
TIME DEPOSIT—4.4% | |||
Finance - Banking—4.4% | |||
60,000,000 | ABN Amro Bank NV, 0.130%, 8/3/2020 (IDENTIFIED COST $60,000,000) | 60,000,000 | |
OTHER REPURCHASE AGREEMENTS—8.2% | |||
Finance - Banking—8.2% | |||
20,000,000 | BMO Capital Markets Corp., 0.25%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,001,563 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $76,597,716 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
1,600,000 | Citigroup Global Markets, Inc., 0.59%, dated 7/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,001,967 on 8/3/2020, in which medium-term notes, treasury bonds and treasury notes with a market value of $40,802,006 have been received as collateral and held with BNY Mellon as tri-party agent. | 1,600,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$25,000,000 | ING Financial Markets LLC, 0.24%, dated 7/31/2020, interest in a $50,000,000 collateralized loan agreement will repurchase securities provided as collateral for $50,001,000 on 8/3/2020, in which corporate bonds and medium-term notes with a market value of $51,001,021 have been received as collateral and held with BNY Mellon as tri-party agent. | $25,000,000 | |
25,000,000 | J.P. Morgan Securities LLC 0.34%, dated 7/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,089,722 on 8/24/2020, in which corporate bonds and medium-term notes with a market value of $255,000,000 have been received as collateral and held with JPMorgan Chase as tri-party agent. | 25,000,000 | |
15,000,000 | J.P. Morgan Securities LLC, 0.27%, dated 7/28/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,010,500 on 8/4/2020, in which corporate bonds and medium-term notes with a market value of $204,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 15,000,000 | |
10,000,000 | Mizuho Securities USA, Inc., 0.50%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,125 on 8/3/2020, in which treasury notes with a market value of $76,503,274 have been received as collateral and held with BNY Mellon as tri-party agent. | 10,000,000 | |
15,000,000 | Societe Generale, Paris, 0.30%, dated 7/31/2020, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,016,250 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt with a market value of $663,016,939 have been received as collateral and held with BNY Mellon as tri-party agent. | 15,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $111,600,000) | 111,600,000 | ||
REPURCHASE AGREEMENTS—9.6% | |||
Finance - Banking—9.6% | |||
50,000,000 | Interest in $1,500,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Mitsubishi UFJ Securities (USA), Inc. will repurchase securities provided as collateral for $1,500,012,500 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/1/2050 and the market value of those underlying securities was $1,540,978,492. | 50,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$79,862,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | $79,862,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $129,862,000) | 129,862,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $1,359,658,159)3 | 1,360,045,685 | ||
OTHER ASSETS AND LIABILITIES - NET—(0.0)%4 | (468,767) | ||
TOTAL NET ASSETS—100% | $1,359,576,918 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $0.9998 | $0.9997 | $1.0001 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0141 | 0.0238 | 0.0157 | 0.0067 | 0.003 |
Net realized and unrealized gain (loss) | 0.0002 | 0.0001 | (0.0004) | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0143 | 0.0239 | 0.0153 | 0.0068 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.0141) | (0.0238) | (0.0157) | (0.0067) | (0.003) |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0141) | (0.0238) | (0.0157) | (0.0067) | (0.003) |
Net Asset Value, End of Period | $1.0000 | $0.9998 | $0.9997 | $1.0001 | $1.00 |
Total Return3 | 1.44% | 2.42% | 1.54% | 0.68% | 0.33% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.15% | 0.15% | 0.15% | 0.15% | 0.16% |
Net investment income | 1.20% | 2.39% | 1.47% | 0.43% | 0.36% |
Expense waiver/reimbursement5 | 0.21% | 1.02% | 0.81% | 0.18% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,353,697 | $66,410 | $34,986 | $59,661 | $7,243,840 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $0.9997 | $0.9997 | $1.0001 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0115 | 0.0213 | 0.0133 | 0.0043 | 0.001 |
Net realized and unrealized gain (loss) | 0.0003 | 0.00001 | (0.0005) | 0.00001 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0118 | 0.0213 | 0.0128 | 0.0043 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.0116) | (0.0213) | (0.0132) | (0.0042) | (0.001) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0116) | (0.0213) | (0.0132) | (0.0042) | (0.001) |
Net Asset Value, End of Period | $0.9999 | $0.9997 | $0.9997 | $1.0001 | $1.00 |
Total Return3 | 1.18% | 2.15% | 1.28% | 0.43% | 0.11% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.40% | 0.40% | 0.40% | 0.40% | 0.37% |
Net investment income | 0.98% | 2.16% | 1.25% | 0.18% | 0.11% |
Expense waiver/reimbursement5 | 0.27% | 1.02% | 0.85% | 0.16% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $781 | $560 | $499 | $1,017 | $156,150 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $0.9998 | $0.9997 | $1.0001 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0131 | 0.0228 | 0.0147 | 0.0058 | 0.002 |
Net realized and unrealized gain (loss) | 0.0002 | 0.0001 | (0.0004) | (0.0000)1 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0133 | 0.0229 | 0.0143 | 0.0058 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.0131) | (0.0228) | (0.0147) | (0.0057) | (0.002) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0131) | (0.0228) | (0.0147) | (0.0057) | (0.002) |
Net Asset Value, End of Period | $1.0000 | $0.9998 | $0.9997 | $1.0001 | $1.00 |
Total Return3 | 1.33% | 2.32% | 1.44% | 0.58% | 0.23% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.25% | 0.25% | 0.25% | 0.25% | 0.26% |
Net investment income | 1.31% | 2.28% | 1.44% | 0.28% | 0.18% |
Expense waiver/reimbursement5 | 0.28% | 1.04% | 0.86% | 0.21% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $181 | $178 | $174 | $172 | $8,350 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $0.9998 | $0.9997 | $1.0001 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0122 | 0.0218 | 0.0137 | 0.0044 | 0.001 |
Net realized and unrealized gain (loss) | 0.0001 | 0.0001 | (0.0004) | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0123 | 0.0219 | 0.0133 | 0.0045 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.0121) | (0.0218) | (0.0137) | (0.0044) | (0.001) |
Distributions from net realized gain | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.0000)2 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.0121) | (0.0218) | (0.0137) | (0.0044) | (0.001) |
Net Asset Value, End of Period | $1.0000 | $0.9998 | $0.9997 | $1.0001 | $1.00 |
Total Return3 | 1.23% | 2.21% | 1.33% | 0.46% | 0.12% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.35% | 0.35% | 0.35% | 0.38% | 0.37% |
Net investment income | 1.21% | 2.18% | 1.32% | 0.43% | 0.11% |
Expense waiver/reimbursement5 | 0.29% | 1.04% | 0.85% | 0.34% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $4,918 | $5,216 | $6,275 | $7,418 | $12,520 |
1 | Represents less than $0.001. |
2 | Represents less than $0.0001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in repurchase agreements and other repurchase agreements | $241,462,000 | |
Investment in securities | 1,118,583,685 | |
Investment in securities, at value (identified cost $1,359,658,159) | $1,360,045,685 | |
Income receivable | 242,466 | |
TOTAL ASSETS | 1,360,288,151 | |
Liabilities: | ||
Payable for shares redeemed | 35,000 | |
Income distribution payable | 258,829 | |
Payable for investment adviser fee (Note 5) | 2,728 | |
Payable for administrative fee (Note 5) | 2,894 | |
Payable for custodian fees | 30,050 | |
Payable for transfer agent fees | 28,254 | |
Payable for portfolio accounting fees | 137,801 | |
Payable for share registration costs | 185,679 | |
Accrued expenses (Note 5) | 29,998 | |
TOTAL LIABILITIES | 711,233 | |
Net assets for 1,359,524,938 shares outstanding | $1,359,576,918 | |
Net Assets Consist of: | ||
Paid-in capital | $1,359,185,619 | |
Total distributable earnings (loss) | 391,299 | |
TOTAL NET ASSETS | $1,359,576,918 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$1,353,697,358 ÷ 1,353,645,510 shares outstanding, no par value, unlimited shares authorized | $1.0000 | |
Service Shares: | ||
$781,213 ÷ 781,261 shares outstanding, no par value, unlimited shares authorized | $0.9999 | |
Capital Shares: | ||
$180,680 ÷ 180,674 shares outstanding, no par value, unlimited shares authorized | $1.0000 | |
Eagle Shares: | ||
$4,917,667 ÷ 4,917,493 shares outstanding, no par value, unlimited shares authorized | $1.0000 |
Investment Income: | |||
Interest | $13,580,964 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $2,004,295 | ||
Administrative fee (Note 5) | 786,034 | ||
Custodian fees | 64,777 | ||
Transfer agent fees | 168,493 | ||
Directors’/Trustees’ fees (Note 5) | 3,564 | ||
Auditing fees | 21,400 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 267,642 | ||
Other service fees (Notes 2 and 5) | 12,182 | ||
Share registration costs | 282,818 | ||
Printing and postage | 18,840 | ||
Miscellaneous (Note 5) | 54,946 | ||
TOTAL EXPENSES | 3,692,702 | ||
Waivers and Reimbursement (Note 5): | |||
Waiver of investment adviser fee | $(1,935,221) | ||
Waiver/reimbursement of other operating expenses | (192,977) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (2,128,198) | ||
Net expenses | 1,564,504 | ||
Net investment income | 12,016,460 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain on investments | 6,355 | ||
Net change in unrealized appreciation of investments | 378,862 | ||
Net realized and unrealized gain (loss) on investments | 385,217 | ||
Change in net assets resulting from operations | $12,401,677 |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $12,016,460 | $1,298,493 |
Net realized gain | 6,355 | 197 |
Net change in unrealized appreciation/depreciation | 378,862 | 5,459 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 12,401,677 | 1,304,149 |
Distributions to Shareholders: | ||
Institutional Shares | (11,947,993) | (1,148,690) |
Service Shares | (7,006) | (11,545) |
Capital Shares | (2,342) | (4,019) |
Eagle Shares | (61,757) | (134,589) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (12,019,098) | (1,298,843) |
Share Transactions: | ||
Proceeds from sale of shares | 2,983,313,898 | 142,345,567 |
Net asset value of shares issued to shareholders in payment of distributions declared | 1,094,942 | 1,035,586 |
Cost of shares redeemed | (1,697,579,154) | (112,956,617) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,286,829,686 | 30,424,536 |
Change in net assets | 1,287,212,265 | 30,429,842 |
Net Assets: | ||
Beginning of period | 72,364,653 | 41,934,811 |
End of period | $1,359,576,918 | $72,364,653 |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each |
time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $1,784 | $(3) |
Capital Shares | 179 | — |
Eagle Shares | 10,219 | — |
TOTAL | $12,182 | $(3) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,976,223,560 | $2,976,145,999 | 135,212,731 | $135,174,476 |
Shares issued to shareholders in payment of distributions declared | 1,032,305 | 1,032,261 | 901,344 | 901,079 |
Shares redeemed | (1,690,036,166) | (1,690,272,234) | (104,684,242) | (104,656,035) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 1,287,219,699 | $1,286,906,026 | 31,429,833 | $31,419,520 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,641,289 | $6,639,763 | 6,640,600 | $6,638,191 |
Shares issued to shareholders in payment of distributions declared | 230 | 230 | 419 | 419 |
Shares redeemed | (6,420,362) | (6,418,747) | (6,580,380) | (6,578,052) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 221,157 | $221,246 | 60,639 | $60,558 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | — | $— |
Shares issued to shareholders in payment of distributions declared | 2,342 | 2,342 | 4,015 | 4,015 |
Shares redeemed | — | — | — | — |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 2,342 | $2,342 | 4,015 | $4,015 |
Year Ended July 31 | 2020 | 2019 | ||
Eagle Shares: | Shares | Amount | Shares | Amount |
Shares sold | 528,231 | $528,136 | 533,095 | $532,900 |
Shares issued to shareholders in payment of distributions declared | 60,119 | 60,109 | 130,111 | 130,073 |
Shares redeemed | (888,245) | (888,173) | (1,722,936) | (1,722,530) |
NET CHANGE RESULTING FROM EAGLE SHARE TRANSACTIONS | (299,895) | $(299,928) | (1,059,730) | $(1,059,557) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,287,143,303 | $1,286,829,686 | 30,434,757 | $30,424,536 |
2020 | 2019 | |
Ordinary income1 | $12,019,098 | $1,298,843 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $3,773 |
Net unrealized appreciation | $387,526 |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,004.40 | $0.75 |
Service Shares | $1,000 | $1,003.20 | $1.99 |
Capital Shares | $1,000 | $1,003.90 | $1.25 |
Eagle Shares | $1,000 | $1,003.40 | $1.742 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.10 | $0.75 |
Service Shares | $1,000 | $1,022.90 | $2.01 |
Capital Shares | $1,000 | $1,023.60 | $1.26 |
Eagle Shares | $1,000 | $1,023.10 | $1.762 |
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 | 0.15% |
Service Shares | 0.40% |
Capital Shares | 0.25% |
Eagle Shares | 0.35% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Eagle Shares current Fee Limit of 0.40% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.99 and $2.01, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 | Principal Occupations: Deborah A. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919742
CUSIP 608919759
CUSIP 60934N211
Share Class | Ticker | Wealth | PCOXX |
Donahue
Security Type | Percentage of Total Net Assets |
Commercial Paper | 35.1% |
Variable Rate Instruments | 16.5% |
Bank Instruments | 16.4% |
U.S. Treasury Securities | 13.7% |
Other Repurchase Agreements and Repurchase Agreements | 12.9% |
Asset-Backed Security | 0.1% |
Municipal Bond | 0.1% |
Cash Equivalents2 | 5.1% |
Other Assets and Liabilities—Net3 | 0.1% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 33.2%5 |
8 to 30 Days | 22.5% |
31 to 90 Days | 32.0% |
91 to 180 Days | 9.8% |
181 Days or more | 2.4% |
Other Assets and Liabilities—Net3 | 0.1% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper includes commercial paper with interest rates that are fixed or that reset periodically. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
5 | Overnight securities comprised 11.8% of the Fund's portfolio. |
Principal Amount or Shares | Value | ||
ASSET-BACKED SECURITY—0.1% | |||
Finance - Banking—0.1% | |||
$25,000,000 | 1 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 0.665% (1-month USLIBOR +0.480%), 8/13/2020 | $25,000,000 |
CERTIFICATES OF DEPOSIT—12.5% | |||
Finance - Banking—12.5% | |||
340,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | 340,000,000 | |
590,000,000 | Canadian Imperial Bank of Commerce, 0.430%—0.900%, 1/21/2021 - 5/28/2021 | 590,000,000 | |
150,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 0.240%, 8/17/2020 - 9/10/2020 | 149,999,444 | |
100,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.675%, 8/21/2020 | 99,907,726 | |
1,115,000,000 | Mizuho Bank Ltd., 0.220%, 8/3/2020 - 8/28/2020 | 1,115,000,000 | |
150,000,000 | Royal Bank of Canada, 0.970%—1.350%, 10/2/2020 - 5/24/2021 | 150,000,000 | |
525,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.170%—0.220%, 8/17/2020 - 9/29/2020 | 525,000,000 | |
180,000,000 | Svenska Handelsbanken, Stockholm, 1.280%, 8/3/2020 | 180,000,000 | |
273,000,000 | Toronto Dominion Bank, 0.450%—1.250%, 1/8/2021 - 6/18/2021 | 273,000,000 | |
215,000,000 | Wells Fargo Bank International, 1.830%—1.860%, 8/3/2020 - 8/11/2020 | 215,000,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 3,637,907,170 | ||
2 | COMMERCIAL PAPER—35.1% | ||
Aerospace/Auto—0.2% | |||
50,000,000 | Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 0.350%, 9/14/2020 | 49,978,611 | |
Finance - Banking—5.7% | |||
145,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.240%—1.390%, 10/5/2020 - 11/10/2020 | 144,775,083 | |
250,000,000 | DNB Bank ASA, 0.190%, 10/27/2020 | 249,885,208 | |
203,100,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 0.200%—0.240%, 8/10/2020 - 8/25/2020 | 203,081,865 | |
23,550,000 | NRW.Bank, 0.230%, 9/22/2020 | 23,542,176 | |
447,500,000 | Nationwide Building Society, 0.190%—0.205%, 8/6/2020 - 8/24/2020 | 447,467,809 | |
80,000,000 | Nordea Bank Abp, 0.190%, 10/27/2020 | 79,963,267 | |
200,000,000 | Nordea Bank Abp, 0.255%, 9/17/2020 | 199,933,417 | |
70,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.200%, 8/4/2020 | 69,998,833 |
Principal Amount or Shares | Value | ||
2 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$240,000,000 | Toronto Dominion Bank, 0.230%—0.654%, 9/8/2020 - 4/30/2021 | $239,521,583 | |
TOTAL | 1,658,169,241 | ||
Finance - Commercial—3.9% | |||
74,410,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 0.180%—0.220%, 8/25/2020 - 9/21/2020 | 74,396,279 | |
370,500,000 | CAFCO, LLC, 0.225%—0.240%, 8/12/2020 - 10/13/2020 | 370,396,050 | |
50,000,000 | CHARTA, LLC, 1.257%, 10/7/2020 | 49,883,681 | |
160,000,000 | CRC Funding, LLC, 0.250%—0.371%, 10/1/2020 - 11/3/2020 | 159,888,822 | |
495,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.190%—0.250%, 8/14/2020 - 9/22/2020 | 494,902,243 | |
TOTAL | 1,149,467,075 | ||
Finance - Retail—8.7% | |||
71,650,000 | Barton Capital S.A., 0.170%, 8/28/2020 | 71,640,865 | |
815,000,000 | Chariot Funding LLC, 0.220%—0.552%, 8/7/2020 - 12/2/2020 | 814,434,597 | |
100,000,000 | Fairway Finance Co. LLC, 0.305%—1.359%, 10/2/2020 - 11/18/2020 | 99,837,576 | |
515,108,000 | Old Line Funding, LLC, 0.260%—1.407%, 8/3/2020 - 11/10/2020 | 514,708,175 | |
789,000,000 | Sheffield Receivables Company LLC, 0.250%—0.401%, 9/10/2020 - 11/23/2020 | 788,447,415 | |
185,000,000 | Thunder Bay Funding, LLC, 0.270%—1.157%, 8/6/2020 - 11/5/2020 | 184,862,051 | |
85,000,000 | Thunder Bay Funding, LLC, 0.360%, 2/24/2021 | 84,824,050 | |
TOTAL | 2,558,754,729 | ||
Finance - Securities—4.9% | |||
70,000,000 | 1 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.421% (1-month USLIBOR +0.250%), 8/3/2020 | 70,000,000 |
100,000,000 | 1 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.422% (1-month USLIBOR +0.250%), 8/27/2020 | 100,000,000 |
120,000,000 | Anglesea Funding LLC, 0.381%—0.391%, 12/1/2020 - 1/4/2021 | 119,820,275 | |
42,000,000 | Chesham Finance LLC Series VII, 0.260%, 9/29/2020 - 9/30/2020 | 41,981,923 | |
385,000,000 | Collateralized Commercial Paper FLEX Co., LLC, 0.311%—0.351%, 11/16/2020 - 2/2/2021 | 384,477,063 | |
210,000,000 | Collateralized Commercial Paper V Co. LLC, 0.351%—0.834%, 10/5/2020 - 12/4/2020 | 209,703,118 | |
100,000,000 | Longship Funding LLC, (Nordea Bank Abp COL), 0.210%, 8/10/2020 | 99,994,750 |
Principal Amount or Shares | Value | ||
2 | COMMERCIAL PAPER—continued | ||
Finance - Securities—continued | |||
$423,000,000 | Ridgefield Funding Company, LLC Series A, 0.120%—0.200%, 8/6/2020 - 9/4/2020 | $422,976,600 | |
TOTAL | 1,448,953,729 | ||
Insurance—0.1% | |||
20,000,000 | PRICOA Short Term Funding, LLC, 0.451%, 2/1/2021 | 19,954,000 | |
Oil & Oil Finance—0.3% | |||
75,000,000 | Chevron Corp., 0.904%, 8/31/2020 | 74,943,750 | |
Sovereign—11.3% | |||
300,000,000 | BNG Bank N.V., 1.379%, 8/31/2020 | 299,657,500 | |
922,000,000 | Caisse des Depots et Consignations (CDC), 0.250%—0.300%, 9/8/2020 - 11/16/2020 | 921,543,230 | |
150,000,000 | Erste Abwicklungsanstalt, 0.230%—0.240%, 9/21/2020 - 10/6/2020 | 149,940,833 | |
177,000,000 | European Investment Bank, 1.394%—1.445%, 11/20/2020 - 11/23/2020 | 176,222,593 | |
50,000,000 | FMS Wertmanagement AoR, 0.230%, 11/9/2020 | 49,968,056 | |
1,441,900,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 0.240%—0.320%, 8/16/2020 - 10/29/2020 | 1,441,294,009 | |
265,000,000 | Nederlandse Waterschapsbank NV, 0.190%, 11/2/2020 - 11/5/2020 | 264,868,900 | |
TOTAL | 3,303,495,121 | ||
TOTAL COMMERCIAL PAPER | 10,263,716,256 | ||
1 | NOTES - VARIABLE—16.5% | ||
Finance - Banking—15.5% | |||
100,000,000 | Bank of Montreal, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 100,000,000 | |
80,000,000 | Bank of Montreal, 0.404% (1-month USLIBOR +0.240%), 8/6/2020 | 80,000,000 | |
65,000,000 | Bank of Montreal, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 65,000,000 | |
100,000,000 | Bank of Montreal, 0.470% (Effective Fed Funds +0.370%), 8/3/2020 | 100,000,000 | |
200,000,000 | Bank of Montreal, 0.480% (1-month USLIBOR +0.300%), 8/21/2020 | 200,000,000 | |
100,000,000 | Bank of Montreal, 0.516% (3-month USLIBOR +0.130%), 8/17/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 0.574% (3-month USLIBOR +0.140%), 8/13/2020 | 100,000,000 | |
75,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | 75,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 0.388% (1-month USLIBOR +0.210%), 8/11/2020 | 25,000,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$10,000,000 | Bank of Nova Scotia, Toronto, 0.406% (3-month USLIBOR +0.150%), 10/23/2020 | $10,000,000 | |
165,000,000 | Bank of Nova Scotia, Toronto, 0.408% (3-month USLIBOR +0.140%), 10/30/2020 | 165,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 0.421% (3-month USLIBOR +0.150%), 10/21/2020 | 125,000,000 | |
103,500,000 | Bank of Nova Scotia, Toronto, 0.425% (3-month USLIBOR +0.120%), 9/23/2020 | 103,500,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
150,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 150,000,000 | |
150,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 150,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.516% (3-month USLIBOR +0.130%), 8/18/2020 | 100,000,000 | |
90,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.300% (Effective Fed Funds +0.200%), 8/3/2020 | 90,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.350% (1-month USLIBOR +0.170%), 8/21/2020 | 40,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.350% (1-month USLIBOR +0.170%), 8/21/2020 | 50,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.363% (1-month USLIBOR +0.200%), 8/7/2020 | 60,000,000 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.429% (3-month USLIBOR +0.130%), 9/17/2020 | 10,000,000 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.437% (1-month USLIBOR +0.250%), 8/20/2020 | 15,000,000 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.487% (3-month USLIBOR +0.190%), 9/25/2020 | 30,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.489% (3-month USLIBOR +0.130%), 8/24/2020 | 50,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.563% (3-month USLIBOR +0.130%), 8/13/2020 | 50,000,000 | |
130,000,000 | Canadian Imperial Bank of Commerce, 0.310% (Effective Fed Funds +0.210%), 8/3/2020 | 130,000,000 | |
35,000,000 | Canadian Imperial Bank of Commerce, 0.380% (Secured Overnight Financing Rate +0.280%), 8/3/2020 | 35,000,000 | |
165,000,000 | Canadian Imperial Bank of Commerce, 0.414% (1-month USLIBOR +0.250%), 8/4/2020 | 165,000,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$20,000,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | $20,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 100,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 125,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 100,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 0.681% (3-month USLIBOR +0.140%), 8/5/2020 | 125,000,000 | |
7,000,000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 0.450%, 8/6/2020 | 7,000,000 | |
2,115,000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 2,115,000 | |
35,000,000 | J.P. Morgan Securities LLC, 0.386% (3-month USLIBOR +0.080%), 9/29/2020 | 34,986,983 | |
17,000,000 | Michigan State Housing Development Authority, (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 8/5/2020 | 17,000,000 | |
3,000,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 3,000,000 | |
825,000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 0.360%, 8/6/2020 | 825,000 | |
200,000,000 | National Australia Bank Ltd., Melbourne, 0.405% (3-month USLIBOR +0.090%), 9/11/2020 | 199,930,040 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 0.490% (3-month USLIBOR +0.130%), 8/25/2020 | 100,000,000 | |
29,435,000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), 0.220%, 8/6/2020 | 29,435,000 | |
6,836,300 | Partisan Property, Inc., Series 2014, (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 6,836,300 | |
100,000,000 | Royal Bank of Canada, 0.350% (Secured Overnight Financing Rate +0.250%), 8/3/2020 | 100,000,000 | |
45,000,000 | Royal Bank of Canada, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 45,000,000 | |
207,500,000 | Royal Bank of Canada, 0.650% (Secured Overnight Financing Rate +0.550%), 8/3/2020 | 207,500,000 | |
15,000,000 | SSAB AB (publ), Series 2015-A, (DNB Bank ASA LOC), 0.220%, 8/6/2020 | 15,000,000 | |
3,385,000 | Spira Millenium LLC, Series 2001, (Bank of America N.A. LOC), 0.240%, 8/6/2020 | 3,385,000 | |
5,490,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.550%, 8/6/2020 | 5,490,000 | |
835,000 | Sun Valley, Inc., (Wells Fargo Bank, N.A. LOC), 0.250%, 8/7/2020 | 835,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$35,225,000 | Texas State, Veterans Bonds, Series 2019 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.280%, 8/5/2020 | $35,225,000 | |
200,000,000 | Toronto Dominion Bank, 0.494% (3-month USLIBOR +0.190%), 10/5/2020 | 200,000,000 | |
75,000,000 | Toronto Dominion Bank, 0.498% (3-month USLIBOR +0.190%), 9/30/2020 | 75,000,000 | |
65,000,000 | Toronto Dominion Bank, 0.526% (3-month USLIBOR +0.140%), 8/17/2020 | 65,000,000 | |
100,000,000 | Toronto Dominion Bank, 0.573% (3-month USLIBOR +0.140%), 8/13/2020 | 100,000,000 | |
50,000,000 | Toronto Dominion Bank, 0.624% (3-month USLIBOR +0.150%), 8/7/2020 | 50,000,384 | |
18,290,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 8/6/2020 | 18,290,000 | |
10,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.458% (3-month USLIBOR +0.150%), 9/18/2020 | 10,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.468% (3-month USLIBOR +0.150%), 9/8/2020 | 150,000,000 | |
TOTAL | 4,525,353,707 | ||
Finance - Securities—0.5% | |||
100,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.388% (1-month USLIBOR +0.200%), 8/10/2020 | 100,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 40,000,000 | |
TOTAL | 140,000,000 | ||
Government Agency—0.5% | |||
4,925,000 | Andrew Long Irrevocable Family Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 4,925,000 | |
2,100,000 | BWF Forge TL Properties Owner LLC, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 2,100,000 | |
1,905,000 | CMR LLC, CMR LLC Project Series 2017, (FHLB of Indianapolis LOC), 0.320%, 8/6/2020 | 1,905,000 | |
6,825,000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (FHLB of Indianapolis LOC), 0.220%, 8/6/2020 | 6,825,000 | |
8,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 8,000,000 | |
4,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 4,000,000 | |
6,740,000 | Mason Harrison Ratliff Enterprises, LLC, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 6,740,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$11,400,000 | NWD 2017 Family Trust No. 1, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | $11,400,000 | |
35,960,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 35,960,000 | |
6,960,000 | Phenix City, AL Downtown Redevelopment Authority, Series 2013-A, (FHLB of New York LOC), 0.220%, 8/6/2020 | 6,960,000 | |
5,540,000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (FHLB of New York LOC), 0.230%, 8/6/2020 | 5,540,000 | |
21,000,000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 21,000,000 | |
13,150,000 | Rohnert Park 668, L.P., (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 13,150,000 | |
7,600,000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 7,600,000 | |
11,260,000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (FHLB of Pittsburgh LOC), 0.220%, 8/6/2020 | 11,260,000 | |
7,680,000 | The J.G. Aguirre Master Trust, (FHLB of Atlanta LOC), 0.220%, 8/6/2020 | 7,680,000 | |
TOTAL | 155,045,000 | ||
TOTAL NOTES - VARIABLE | 4,820,398,707 | ||
MUNICIPAL BOND—0.1% | |||
Municipal—0.1% | |||
21,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 22,133,638 | |
U.S. TREASURY—13.7% | |||
2 | U.S. Treasury Bills—13.7% | ||
200,000,000 | United States Treasury Bills, 0.130%, 11/3/2020 | 199,932,111 | |
400,000,000 | United States Treasury Bills, 0.130%, 9/3/2020 | 399,952,333 | |
1,600,000,000 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,599,898,000 | |
800,000,000 | United States Treasury Bills, 0.140%, 10/27/2020 | 799,722,449 | |
500,000,000 | United States Treasury Bills, 0.150%, 8/11/2020 | 499,979,167 | |
500,000,000 | United States Treasury Bills, 0.175%, 9/17/2020 | 499,885,764 | |
TOTAL U.S. TREASURY | 3,999,369,824 | ||
TIME DEPOSITS—3.9% | |||
Finance - Banking—3.9% | |||
200,000,000 | ABN Amro Bank NV, 0.120%, 8/4/2020 | 200,000,000 | |
650,000,000 | Cooperatieve Rabobank UA, 0.080%, 8/3/2020 | 650,000,000 | |
150,000,000 | DNB Bank ASA, 0.050%, 8/3/2020 | 150,000,000 | |
150,000,000 | Nordea Bank Abp, 0.070%, 8/3/2020 | 150,000,000 | |
TOTAL TIME DEPOSITS | 1,150,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—9.3% | |||
Finance - Banking—9.3% | |||
$100,000,000 | BMO Capital Markets Corp., 0.22%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,019,556 on 8/24/2020, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $102,006,857 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
55,000,000 | BMO Capital Markets Corp., 0.25%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,001,563 on 8/3/2020, in which asset-backed securities, corporate bonds, collateralized mortgage obligations and medium-term notes with a market value of $76,597,716 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
20,000,000 | BMO Capital Markets Corp., 0.30%, dated 7/31/2020, interest in a $20,000,000 collateralized loan agreement will repurchase securities provided as collateral for $20,000,500 on 8/3/2020, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $20,401,068 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
125,000,000 | Merrill Lynch, Pierce, Fenner and Smith., 0.71%, dated 6/16/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,433,889 on 10/30/2020, in which American depositary receipts, corporate bonds and unit investment trusts with a market value of $255,165,825 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
60,000,000 | Citigroup Global Markets, Inc., 0.70%, dated 5/21/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,297,500 on 11/17/2020, in which collateralized mortgage obligations, sovereign debt securities and medium-term notes with a market value of $86,765,362 have been received as collateral and held with BNY Mellon as tri-party agent. | 60,000,000 | |
70,000,000 | Citigroup Global Markets, Inc., 0.75%, dated 5/21/2020, interest in a $165,000,000 collateralized loan agreement will repurchase securities provided as collateral for $165,618,750 on 11/17/2020, in which medium-term notes and sovereign debt securities with a market value of $168,433,062 have been received as collateral and held with BNY Mellon as tri-party agent. | 70,000,000 | |
200,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/13/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,049,944 on 8/13/2020, in which sovereign debt securities with a market value of $204,034,992 have been received as collateral and held with BNY Mellon as tri-party agent. | 200,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$75,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/22/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,039,875 on 8/24/2020, in which corporate bonds, medium-term notes, sovereign debt securities and U.S. treasury notes with a market value of $153,014,791 have been received as collateral and held with BNY Mellon as tri-party agent. | $75,000,000 | |
50,000,000 | Credit Suisse Securities (USA) LLC, 0.60%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,150,000 on 10/21/2020, in which asset-backed securities, corporate bonds, collateralized mortgage obligations, medium-term notes and municipal bonds with a market value of $102,018,735 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 0.19%, dated 7/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,000,396 on 8/3/2020, in which asset-backed securities with a market value of $25,500,007 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
185,000,000 | J.P. Morgan Securities LLC, 0.27%, dated 7/28/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,010,500 on 8/4/2020, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $204,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 185,000,000 | |
150,000,000 | J.P. Morgan Securities LLC, 0.34%, dated 7/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,089,722 on 8/24/2020, in which corporate bonds and medium-term notes with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 0.21%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,750 on 8/3/2020, in which corporate bonds and municipal bonds with a market value of $102,002,232 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
20,000,000 | Mizuho Securities USA, Inc., 0.50%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,125 on 8/3/2020, in which U.S. treasury notes with a market value of $76,503,274 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$200,000,000 | Mizuho Securities USA, Inc., 0.83%, dated 5/8/2020, interest in a $335,000,000 collateralized loan agreement will repurchase securities provided as collateral for $335,919,110 on 9/4/2020, in which corporate bonds and municipal bonds with a market value of $341,904,830 have been received as collateral and held with BNY Mellon as tri-party agent. | $200,000,000 | |
100,000,000 | Pershing LLC, 0.34%, dated 6/5/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,013,222 on 8/10/2020, in which asset-backed securities, commercial paper, common stocks, convertible bonds, corporate bonds, exchange-traded funds, medium-term notes and municipal bonds with a market value of $204,005,788 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
300,000,000 | Societe Generale, Paris, 0.20%, dated 7/31/2020, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,008,333 on 8/3/2020, in which asset-backed securities, corporate bonds, medium-term notes, U.S. treasury notes and sovereign debt securities with a market value of $510,008,500 have been received as collateral and held with BNY Mellon as tri-party agent. | 300,000,000 | |
320,000,000 | Societe Generale, Paris, 0.30%, dated 7/31/2020, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,016,250 on 8/3/2020, in which asset-backed securities, corporate bonds, collateralized mortgage obligations, medium-term notes and sovereign debt securities with a market value of $663,016,939 have been received as collateral and held with BNY Mellon as tri-party agent. | 320,000,000 | |
100,000,000 | Standard Chartered Bank, 0.18%, dated 7/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,002,250 on 8/3/2020, in which U.S. treasury notes with a market value of $153,002,295 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.66%, dated 5/20/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,000 on 10/16/2020, in which convertible bonds with a market value of $153,039,270 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 0.66%, dated 6/1/2020, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,198,000 on 10/27/2020, in which convertible bonds with a market value of $122,411,221 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Wells Fargo Securities LLC, 0.67%, dated 6/8/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,167,500 on 10/6/2020, in which convertible bonds with a market value of $102,049,357 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.67%, dated 7/14/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,875 on 10/9/2020, in which convertible bonds with a market value of $153,056,951 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 2,725,000,000 | ||
REPURCHASE AGREEMENTS—3.6% | |||
Finance - Banking—3.6% | |||
250,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Citibank, N.A. will repurchase securities provided as collateral for $250,002,083 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 9/15/2065 and the market value of those underlying securities was $255,002,152. | 250,000,000 | |
300,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $300,002,500 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/20/2068 and the market value of those underlying securities was $308,742,468. | 300,000,000 | |
500,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | 500,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 1,050,000,000 | ||
INVESTMENT COMPANIES—5.1% | |||
1,000,000,000 | Federated Hermes Institutional Money Market Management, Institutional Shares, 0.24%3 | 999,713,000 |
Principal Amount or Shares | Value | ||
INVESTMENT COMPANIES—continued | |||
500,267,549 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.21%3 | $500,267,520 | |
TOTAL INVESTMENT COMPANIES | 1,499,980,520 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)4 | 29,193,506,115 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 40,375,176 | ||
TOTAL NET ASSETS—100% | $29,233,881,291 |
Federated Hermes Institutional Money Market Management, Institutional Shares | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | — | 26,997,500 | 26,997,500 |
Purchases/Additions | 1,000,000,000 | 600,070,049 | 1,600,070,049 |
Sales/Reductions | — | (126,800,000) | (126,800,000) |
Balance of Shares Held 7/31/2020 | 1,000,000,000 | 500,267,549 | 1,500,267,549 |
Value | $999,713,000 | $500,267,520 | $1,499,980,520 |
Change in Unrealized Appreciation/Depreciation | $— | $— | $— |
Net Realized Gain/(Loss) | $— | $27,680 | $27,680 |
Dividend Income | $10,420,517 | $1,044,831 | $11,465,348 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
IDB | —Industrial Development Bond |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.013 | 0.023 | 0.015 | 0.008 | 0.003 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.023 | 0.015 | 0.008 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.013) | (0.023) | (0.015) | (0.008) | (0.003) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.013) | (0.023) | (0.015) | (0.008) | (0.003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.33% | 2.36% | 1.53% | 0.75% | 0.27% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.20% | 0.20% | 0.20% | 0.21% |
Net investment income | 1.33% | 2.36% | 1.56% | 0.71% | 0.26% |
Expense waiver/reimbursement4 | 0.10% | 0.10% | 0.13% | 0.13% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $18,814,127 | $16,862,096 | $5,770,600 | $2,868,583 | $6,447,093 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in repurchase agreements and other repurchase agreements | $3,775,000,000 | |
Investment in securities, including $1,499,980,520 of investment in affiliated holdings* | 25,418,506,115 | |
Investment in securities, at amortized cost and fair value | $29,193,506,115 | |
Cash | 53,992,671 | |
Income receivable | 8,725,203 | |
Income receivable from affiliated holdings | 363,343 | |
Receivable for investments sold | 20,198,400 | |
Receivable for shares sold | 38,603,213 | |
TOTAL ASSETS | 29,315,388,945 | |
Liabilities: | ||
Payable for shares redeemed | $77,929,388 | |
Income distribution payable | 224,665 | |
Payable for investment adviser fee (Note 5) | 69,644 | |
Payable for administrative fees (Note 5) | 62,299 | |
Payable for distribution services fee (Note 5) | 659,170 | |
Payable for other service fees (Notes 2 and 5) | 846,187 | |
Accrued expenses (Note 5) | 1,716,301 | |
TOTAL LIABILITIES | 81,507,654 | |
Net assets for 29,233,843,930 shares outstanding | $29,233,881,291 | |
Net Assets Consist of: | ||
Paid-in capital | $29,233,835,114 | |
Total distributable earnings (loss) | 46,177 | |
TOTAL NET ASSETS | $29,233,881,291 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Automated Shares: | ||
$1,603,414,493 ÷ 1,603,412,447 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Class R Shares: | ||
$48,615,378 ÷ 48,615,315 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Wealth Shares: | ||
$18,814,126,604 ÷ 18,814,102,580 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Advisor Shares: | ||
$376,277,963 ÷ 376,277,484 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$3,016,272,746 ÷ 3,016,268,859 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$1,125,250,515 ÷ 1,125,249,079 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$33,264,541 ÷ 33,264,498 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$548,707,577 ÷ 548,706,876 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$3,667,951,474 ÷ 3,667,946,792 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |||
Interest | $445,852,897 | ||
Dividends received from an affiliated holding* | 11,465,348 | ||
TOTAL INCOME | 457,318,245 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $58,635,892 | ||
Administrative fee (Note 5) | 23,512,398 | ||
Custodian fees | 1,134,481 | ||
Transfer agent fee (Note 2) | 6,215,950 | ||
Directors’/Trustees’ fees (Note 5) | 151,899 | ||
Auditing fees | 23,960 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 291,073 | ||
Distribution services fee (Note 5) | 13,407,996 | ||
Other service fees (Notes 2 and 5) | 25,047,443 | ||
Share registration costs | 1,135,427 | ||
Printing and postage | 427,425 | ||
Miscellaneous (Note 5) | 183,769 | ||
TOTAL EXPENSES | 130,175,424 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(29,258,216) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (3,178,958) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (32,437,174) | ||
Net expenses | 97,738,250 | ||
Net investment income | 359,579,995 | ||
Net realized gain on investments (including net realized gain of $27,680 on sales of investments in an affiliated holding*) | 52,710 | ||
Change in net assets resulting from operations | $359,632,705 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $359,579,995 | $395,305,201 |
Net realized gain | 52,710 | 16,367 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 359,632,705 | 395,321,568 |
Distributions to Shareholders: | ||
Automated Shares | (16,843,929) | (26,085,945) |
Class R Shares | (248,645) | (636,026) |
Wealth Shares | (256,180,113) | (255,912,055) |
Advisor Shares | (4,429,409) | (1,355,299) |
Service Shares | (34,575,442) | (47,210,636) |
Cash II Shares | (7,711,336) | (16,939,442) |
Cash Series Shares | (217,406) | (408,312) |
Capital Shares | (7,930,540) | (13,067,718) |
Trust Shares | (31,478,943) | (33,684,873) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (359,615,763) | (395,300,306) |
Share Transactions: | ||
Proceeds from sale of shares | 41,712,534,158 | 41,721,543,941 |
Net asset value of shares issued to shareholders in payment of distributions declared | 335,636,444 | 362,235,071 |
Cost of shares redeemed | (39,682,621,667) | (24,651,770,619) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,365,548,935 | 17,432,008,393 |
Change in net assets | 2,365,565,877 | 17,432,029,655 |
Net Assets: | ||
Beginning of period | 26,868,315,414 | 9,436,285,759 |
End of period | $29,233,881,291 | $26,868,315,414 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $1,648,523 | $— |
Class R Shares | 116,098 | (2,232) |
Wealth Shares | 2,277,897 | (222) |
Advisor Shares | 39,962 | — |
Service Shares | 386,005 | — |
Cash II Shares | 1,192,025 | (8,029) |
Cash Series Shares | 39,944 | (2,399) |
Capital Shares | 78,418 | — |
Trust Shares | 437,078 | (5) |
TOTAL | $6,215,950 | $(12,887) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $4,184,327 | $— | $(231,976) |
Class R Shares | $113,137 | $(6,715) | $(31,827) |
Service Shares | $8,117,308 | $(7,610) | $(171,184) |
Cash II Shares | $2,704,708 | $(9,351) | $(607,814) |
Cash Series Shares | $86,575 | $(313) | $(24,650) |
Capital Shares | $658,749 | $— | $— |
Trust Shares | $9,182,639 | $(62,719) | $(1,324,986) |
TOTAL | $25,047,443 | $(86,708) | $(2,392,437) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,758,276,041 | $1,758,276,041 | 2,586,946,546 | $2,586,976,145 |
Shares issued to shareholders in payment of distributions declared | 16,647,845 | 16,647,845 | 25,918,844 | 25,918,844 |
Shares redeemed | (1,850,460,085) | (1,850,460,085) | (1,310,023,803) | (1,310,023,803) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (75,536,199) | $(75,536,199) | 1,302,841,587 | $1,302,871,186 |
Year Ended July 31 | 2020 | 2019 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 27,445,309 | $27,445,309 | 34,908,755 | $34,908,798 |
Shares issued to shareholders in payment of distributions declared | 247,196 | 247,196 | 629,102 | 629,102 |
Shares redeemed | (23,333,858) | (23,333,858) | (33,671,231) | (33,671,231) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 4,358,647 | $4,358,647 | 1,866,626 | $1,866,669 |
Year Ended July 31 | 2020 | 2019 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 28,640,379,005 | $28,640,379,005 | 25,633,683,302 | $25,633,683,302 |
Shares issued to shareholders in payment of distributions declared | 234,495,334 | 234,495,334 | 226,374,442 | 226,374,442 |
Shares redeemed | (26,922,855,195) | (26,922,855,195) | (14,768,574,598) | (14,768,575,207) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 1,952,019,144 | $1,952,019,144 | 11,091,483,146 | $11,091,482,537 |
Year Ended 7/31/2020 | Period Ended 7/31/20191 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 884,263,886 | $884,263,886 | 371,071,208 | $371,071,208 |
Shares issued to shareholders in payment of distributions declared | 4,429,608 | 4,429,608 | 1,355,058 | 1,355,058 |
Shares redeemed | (788,700,279) | (788,700,279) | (96,141,997) | (96,171,899) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 99,993,215 | $99,993,215 | 276,284,269 | $276,254,367 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,238,090,768 | $5,238,090,768 | 6,557,740,411 | $6,557,743,267 |
Shares issued to shareholders in payment of distributions declared | 33,107,271 | 33,107,271 | 44,731,226 | 44,731,226 |
Shares redeemed | (5,012,188,657) | (5,012,188,657) | (5,645,126,628) | (5,645,126,628) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 259,009,382 | $259,009,382 | 957,345,009 | $957,347,865 |
Year Ended July 31 | 2020 | 2019 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,804,367,389 | $1,804,367,389 | 1,771,628,327 | $1,771,630,422 |
Shares issued to shareholders in payment of distributions declared | 7,694,480 | 7,694,480 | 16,886,647 | 16,886,647 |
Shares redeemed | (1,730,513,658) | (1,730,513,658) | (1,743,497,551) | (1,743,497,551) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 81,548,211 | $81,548,211 | 45,017,423 | $45,019,518 |
Year Ended July 31 | 2020 | 2019 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 53,724,382 | $53,724,382 | 75,300,630 | $75,300,712 |
Shares issued to shareholders in payment of distributions declared | 213,355 | 213,355 | 391,139 | 391,139 |
Shares redeemed | (53,461,835) | (53,461,835) | (72,814,401) | (72,814,401) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 475,902 | $475,902 | 2,877,368 | $2,877,450 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 719,368,195 | $719,368,195 | 916,067,161 | $916,067,441 |
Shares issued to shareholders in payment of distributions declared | 7,340,811 | 7,340,811 | 12,265,697 | 12,265,697 |
Shares redeemed | (848,115,152) | (848,115,152) | (657,071,466) | (657,071,466) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (121,406,146) | $(121,406,146) | 271,261,392 | $271,261,672 |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,586,619,183 | $2,586,619,183 | 3,774,162,646 | $3,774,162,646 |
Shares issued to shareholders in payment of distributions declared | 31,460,544 | 31,460,544 | 33,682,916 | 33,682,916 |
Shares redeemed | (2,452,992,948) | (2,452,992,948) | (324,814,090) | (324,818,433) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 165,086,779 | $165,086,779 | 3,483,031,472 | $3,483,027,129 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,365,548,935 | $2,365,548,935 | 17,432,008,292 | $17,432,008,393 |
1 | Reflects operations for the period from January 18, 2019 to July 31, 2019. |
2020 | 2019 | |
Ordinary income1 | $359,613,083 | $395,300,306 |
Long-term capital gains | $2,680 | $— |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $46,177 |
2 | For tax purposes, short-term capital gain distributions are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class R Shares | 0.50% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class R Shares | $230,382 | $(62,444) |
Cash II Shares | 3,787,183 | (354,651) |
Cash Series Shares | 207,792 | (56,616) |
Trust Shares | 9,182,639 | (213,215) |
TOTAL | $13,407,996 | $(686,926) |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,003.80 | $1.00 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,023.90 | $1.01 |
1 | Expenses are equal to the Fund’s Wealth Shares annualized net expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Automated | PTAXX | R | PTRXX | Wealth | PCOXX |
Advisor | PCVXX | Service | PRCXX | Cash II | PCDXX | |
Cash Series | PTSXX | Capital | PCCXX | Trust | PTTXX |
Donahue
Security Type | Percentage of Total Net Assets |
Commercial Paper | 35.1% |
Variable Rate Instruments | 16.5% |
Bank Instruments | 16.4% |
U.S. Treasury Securities | 13.7% |
Other Repurchase Agreements and Repurchase Agreements | 12.9% |
Asset-Backed Security | 0.1% |
Municipal Bond | 0.1% |
Cash Equivalents2 | 5.1% |
Other Assets and Liabilities—Net3 | 0.1% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 33.2%5 |
8 to 30 Days | 22.5% |
31 to 90 Days | 32.0% |
91 to 180 Days | 9.8% |
181 Days or more | 2.4% |
Other Assets and Liabilities—Net3 | 0.1% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. With respect to this table, Commercial Paper includes commercial paper with interest rates that are fixed or that reset periodically. |
2 | Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
5 | Overnight securities comprised 11.8% of the Fund's portfolio. |
Principal Amount or Shares | Value | ||
ASSET-BACKED SECURITY—0.1% | |||
Finance - Banking—0.1% | |||
$25,000,000 | 1 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 0.665% (1-month USLIBOR +0.480%), 8/13/2020 | $25,000,000 |
CERTIFICATES OF DEPOSIT—12.5% | |||
Finance - Banking—12.5% | |||
340,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | 340,000,000 | |
590,000,000 | Canadian Imperial Bank of Commerce, 0.430%—0.900%, 1/21/2021 - 5/28/2021 | 590,000,000 | |
150,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 0.240%, 8/17/2020 - 9/10/2020 | 149,999,444 | |
100,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.675%, 8/21/2020 | 99,907,726 | |
1,115,000,000 | Mizuho Bank Ltd., 0.220%, 8/3/2020 - 8/28/2020 | 1,115,000,000 | |
150,000,000 | Royal Bank of Canada, 0.970%—1.350%, 10/2/2020 - 5/24/2021 | 150,000,000 | |
525,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.170%—0.220%, 8/17/2020 - 9/29/2020 | 525,000,000 | |
180,000,000 | Svenska Handelsbanken, Stockholm, 1.280%, 8/3/2020 | 180,000,000 | |
273,000,000 | Toronto Dominion Bank, 0.450%—1.250%, 1/8/2021 - 6/18/2021 | 273,000,000 | |
215,000,000 | Wells Fargo Bank International, 1.830%—1.860%, 8/3/2020 - 8/11/2020 | 215,000,000 | |
TOTAL CERTIFICATES OF DEPOSIT | 3,637,907,170 | ||
2 | COMMERCIAL PAPER—35.1% | ||
Aerospace/Auto—0.2% | |||
50,000,000 | Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 0.350%, 9/14/2020 | 49,978,611 | |
Finance - Banking—5.7% | |||
145,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.240%—1.390%, 10/5/2020 - 11/10/2020 | 144,775,083 | |
250,000,000 | DNB Bank ASA, 0.190%, 10/27/2020 | 249,885,208 | |
203,100,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 0.200%—0.240%, 8/10/2020 - 8/25/2020 | 203,081,865 | |
23,550,000 | NRW.Bank, 0.230%, 9/22/2020 | 23,542,176 | |
447,500,000 | Nationwide Building Society, 0.190%—0.205%, 8/6/2020 - 8/24/2020 | 447,467,809 | |
80,000,000 | Nordea Bank Abp, 0.190%, 10/27/2020 | 79,963,267 | |
200,000,000 | Nordea Bank Abp, 0.255%, 9/17/2020 | 199,933,417 | |
70,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.200%, 8/4/2020 | 69,998,833 |
Principal Amount or Shares | Value | ||
2 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$240,000,000 | Toronto Dominion Bank, 0.230%—0.654%, 9/8/2020 - 4/30/2021 | $239,521,583 | |
TOTAL | 1,658,169,241 | ||
Finance - Commercial—3.9% | |||
74,410,000 | Bennington Stark Capital Co., LLC, (Societe Generale, Paris LIQ), 0.180%—0.220%, 8/25/2020 - 9/21/2020 | 74,396,279 | |
370,500,000 | CAFCO, LLC, 0.225%—0.240%, 8/12/2020 - 10/13/2020 | 370,396,050 | |
50,000,000 | CHARTA, LLC, 1.257%, 10/7/2020 | 49,883,681 | |
160,000,000 | CRC Funding, LLC, 0.250%—0.371%, 10/1/2020 - 11/3/2020 | 159,888,822 | |
495,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.190%—0.250%, 8/14/2020 - 9/22/2020 | 494,902,243 | |
TOTAL | 1,149,467,075 | ||
Finance - Retail—8.7% | |||
71,650,000 | Barton Capital S.A., 0.170%, 8/28/2020 | 71,640,865 | |
815,000,000 | Chariot Funding LLC, 0.220%—0.552%, 8/7/2020 - 12/2/2020 | 814,434,597 | |
100,000,000 | Fairway Finance Co. LLC, 0.305%—1.359%, 10/2/2020 - 11/18/2020 | 99,837,576 | |
515,108,000 | Old Line Funding, LLC, 0.260%—1.407%, 8/3/2020 - 11/10/2020 | 514,708,175 | |
789,000,000 | Sheffield Receivables Company LLC, 0.250%—0.401%, 9/10/2020 - 11/23/2020 | 788,447,415 | |
185,000,000 | Thunder Bay Funding, LLC, 0.270%—1.157%, 8/6/2020 - 11/5/2020 | 184,862,051 | |
85,000,000 | Thunder Bay Funding, LLC, 0.360%, 2/24/2021 | 84,824,050 | |
TOTAL | 2,558,754,729 | ||
Finance - Securities—4.9% | |||
70,000,000 | 1 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.421% (1-month USLIBOR +0.250%), 8/3/2020 | 70,000,000 |
100,000,000 | 1 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.422% (1-month USLIBOR +0.250%), 8/27/2020 | 100,000,000 |
120,000,000 | Anglesea Funding LLC, 0.381%—0.391%, 12/1/2020 - 1/4/2021 | 119,820,275 | |
42,000,000 | Chesham Finance LLC Series VII, 0.260%, 9/29/2020 - 9/30/2020 | 41,981,923 | |
385,000,000 | Collateralized Commercial Paper FLEX Co., LLC, 0.311%—0.351%, 11/16/2020 - 2/2/2021 | 384,477,063 | |
210,000,000 | Collateralized Commercial Paper V Co. LLC, 0.351%—0.834%, 10/5/2020 - 12/4/2020 | 209,703,118 | |
100,000,000 | Longship Funding LLC, (Nordea Bank Abp COL), 0.210%, 8/10/2020 | 99,994,750 |
Principal Amount or Shares | Value | ||
2 | COMMERCIAL PAPER—continued | ||
Finance - Securities—continued | |||
$423,000,000 | Ridgefield Funding Company, LLC Series A, 0.120%—0.200%, 8/6/2020 - 9/4/2020 | $422,976,600 | |
TOTAL | 1,448,953,729 | ||
Insurance—0.1% | |||
20,000,000 | PRICOA Short Term Funding, LLC, 0.451%, 2/1/2021 | 19,954,000 | |
Oil & Oil Finance—0.3% | |||
75,000,000 | Chevron Corp., 0.904%, 8/31/2020 | 74,943,750 | |
Sovereign—11.3% | |||
300,000,000 | BNG Bank N.V., 1.379%, 8/31/2020 | 299,657,500 | |
922,000,000 | Caisse des Depots et Consignations (CDC), 0.250%—0.300%, 9/8/2020 - 11/16/2020 | 921,543,230 | |
150,000,000 | Erste Abwicklungsanstalt, 0.230%—0.240%, 9/21/2020 - 10/6/2020 | 149,940,833 | |
177,000,000 | European Investment Bank, 1.394%—1.445%, 11/20/2020 - 11/23/2020 | 176,222,593 | |
50,000,000 | FMS Wertmanagement AoR, 0.230%, 11/9/2020 | 49,968,056 | |
1,441,900,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 0.240%—0.320%, 8/16/2020 - 10/29/2020 | 1,441,294,009 | |
265,000,000 | Nederlandse Waterschapsbank NV, 0.190%, 11/2/2020 - 11/5/2020 | 264,868,900 | |
TOTAL | 3,303,495,121 | ||
TOTAL COMMERCIAL PAPER | 10,263,716,256 | ||
1 | NOTES - VARIABLE—16.5% | ||
Finance - Banking—15.5% | |||
100,000,000 | Bank of Montreal, 0.300% (Secured Overnight Financing Rate +0.200%), 8/3/2020 | 100,000,000 | |
80,000,000 | Bank of Montreal, 0.404% (1-month USLIBOR +0.240%), 8/6/2020 | 80,000,000 | |
65,000,000 | Bank of Montreal, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 65,000,000 | |
100,000,000 | Bank of Montreal, 0.470% (Effective Fed Funds +0.370%), 8/3/2020 | 100,000,000 | |
200,000,000 | Bank of Montreal, 0.480% (1-month USLIBOR +0.300%), 8/21/2020 | 200,000,000 | |
100,000,000 | Bank of Montreal, 0.516% (3-month USLIBOR +0.130%), 8/17/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 0.574% (3-month USLIBOR +0.140%), 8/13/2020 | 100,000,000 | |
75,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | 75,000,000 | |
25,000,000 | Bank of Nova Scotia, Toronto, 0.388% (1-month USLIBOR +0.210%), 8/11/2020 | 25,000,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$10,000,000 | Bank of Nova Scotia, Toronto, 0.406% (3-month USLIBOR +0.150%), 10/23/2020 | $10,000,000 | |
165,000,000 | Bank of Nova Scotia, Toronto, 0.408% (3-month USLIBOR +0.140%), 10/30/2020 | 165,000,000 | |
125,000,000 | Bank of Nova Scotia, Toronto, 0.421% (3-month USLIBOR +0.150%), 10/21/2020 | 125,000,000 | |
103,500,000 | Bank of Nova Scotia, Toronto, 0.425% (3-month USLIBOR +0.120%), 9/23/2020 | 103,500,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
150,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 150,000,000 | |
150,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 150,000,000 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.516% (3-month USLIBOR +0.130%), 8/18/2020 | 100,000,000 | |
90,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.300% (Effective Fed Funds +0.200%), 8/3/2020 | 90,000,000 | |
40,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.350% (1-month USLIBOR +0.170%), 8/21/2020 | 40,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.350% (1-month USLIBOR +0.170%), 8/21/2020 | 50,000,000 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.363% (1-month USLIBOR +0.200%), 8/7/2020 | 60,000,000 | |
10,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.429% (3-month USLIBOR +0.130%), 9/17/2020 | 10,000,000 | |
15,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.437% (1-month USLIBOR +0.250%), 8/20/2020 | 15,000,000 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.487% (3-month USLIBOR +0.190%), 9/25/2020 | 30,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.489% (3-month USLIBOR +0.130%), 8/24/2020 | 50,000,000 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.563% (3-month USLIBOR +0.130%), 8/13/2020 | 50,000,000 | |
130,000,000 | Canadian Imperial Bank of Commerce, 0.310% (Effective Fed Funds +0.210%), 8/3/2020 | 130,000,000 | |
35,000,000 | Canadian Imperial Bank of Commerce, 0.380% (Secured Overnight Financing Rate +0.280%), 8/3/2020 | 35,000,000 | |
165,000,000 | Canadian Imperial Bank of Commerce, 0.414% (1-month USLIBOR +0.250%), 8/4/2020 | 165,000,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$20,000,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | $20,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 100,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 125,000,000 | |
100,000,000 | Canadian Imperial Bank of Commerce, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 100,000,000 | |
125,000,000 | Canadian Imperial Bank of Commerce, 0.681% (3-month USLIBOR +0.140%), 8/5/2020 | 125,000,000 | |
7,000,000 | Fiore Capital LLC, (Wells Fargo Bank, N.A. LOC), 0.450%, 8/6/2020 | 7,000,000 | |
2,115,000 | Gadsden, AL Airport Authority, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 2,115,000 | |
35,000,000 | J.P. Morgan Securities LLC, 0.386% (3-month USLIBOR +0.080%), 9/29/2020 | 34,986,983 | |
17,000,000 | Michigan State Housing Development Authority, (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 8/5/2020 | 17,000,000 | |
3,000,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 3,000,000 | |
825,000 | Montgomery, AL IDB, (Wells Fargo Bank, N.A. LOC), 0.360%, 8/6/2020 | 825,000 | |
200,000,000 | National Australia Bank Ltd., Melbourne, 0.405% (3-month USLIBOR +0.090%), 9/11/2020 | 199,930,040 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 0.490% (3-month USLIBOR +0.130%), 8/25/2020 | 100,000,000 | |
29,435,000 | Panel Rey S.A., Series 2016, (Citibank N.A., New York LOC), 0.220%, 8/6/2020 | 29,435,000 | |
6,836,300 | Partisan Property, Inc., Series 2014, (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 6,836,300 | |
100,000,000 | Royal Bank of Canada, 0.350% (Secured Overnight Financing Rate +0.250%), 8/3/2020 | 100,000,000 | |
45,000,000 | Royal Bank of Canada, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 45,000,000 | |
207,500,000 | Royal Bank of Canada, 0.650% (Secured Overnight Financing Rate +0.550%), 8/3/2020 | 207,500,000 | |
15,000,000 | SSAB AB (publ), Series 2015-A, (DNB Bank ASA LOC), 0.220%, 8/6/2020 | 15,000,000 | |
3,385,000 | Spira Millenium LLC, Series 2001, (Bank of America N.A. LOC), 0.240%, 8/6/2020 | 3,385,000 | |
5,490,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.550%, 8/6/2020 | 5,490,000 | |
835,000 | Sun Valley, Inc., (Wells Fargo Bank, N.A. LOC), 0.250%, 8/7/2020 | 835,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$35,225,000 | Texas State, Veterans Bonds, Series 2019 Weekly VRDNs, (JPMorgan Chase Bank, N.A. LIQ), 0.280%, 8/5/2020 | $35,225,000 | |
200,000,000 | Toronto Dominion Bank, 0.494% (3-month USLIBOR +0.190%), 10/5/2020 | 200,000,000 | |
75,000,000 | Toronto Dominion Bank, 0.498% (3-month USLIBOR +0.190%), 9/30/2020 | 75,000,000 | |
65,000,000 | Toronto Dominion Bank, 0.526% (3-month USLIBOR +0.140%), 8/17/2020 | 65,000,000 | |
100,000,000 | Toronto Dominion Bank, 0.573% (3-month USLIBOR +0.140%), 8/13/2020 | 100,000,000 | |
50,000,000 | Toronto Dominion Bank, 0.624% (3-month USLIBOR +0.150%), 8/7/2020 | 50,000,384 | |
18,290,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 8/6/2020 | 18,290,000 | |
10,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.458% (3-month USLIBOR +0.150%), 9/18/2020 | 10,000,000 | |
150,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.468% (3-month USLIBOR +0.150%), 9/8/2020 | 150,000,000 | |
TOTAL | 4,525,353,707 | ||
Finance - Securities—0.5% | |||
100,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.388% (1-month USLIBOR +0.200%), 8/10/2020 | 100,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 40,000,000 | |
TOTAL | 140,000,000 | ||
Government Agency—0.5% | |||
4,925,000 | Andrew Long Irrevocable Family Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 4,925,000 | |
2,100,000 | BWF Forge TL Properties Owner LLC, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 2,100,000 | |
1,905,000 | CMR LLC, CMR LLC Project Series 2017, (FHLB of Indianapolis LOC), 0.320%, 8/6/2020 | 1,905,000 | |
6,825,000 | Dennis Wesley Company, Inc., The Dennis Wesley Company, Inc. Project, (FHLB of Indianapolis LOC), 0.220%, 8/6/2020 | 6,825,000 | |
8,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 8,000,000 | |
4,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 4,000,000 | |
6,740,000 | Mason Harrison Ratliff Enterprises, LLC, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 6,740,000 |
Principal Amount or Shares | Value | ||
1 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$11,400,000 | NWD 2017 Family Trust No. 1, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | $11,400,000 | |
35,960,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 35,960,000 | |
6,960,000 | Phenix City, AL Downtown Redevelopment Authority, Series 2013-A, (FHLB of New York LOC), 0.220%, 8/6/2020 | 6,960,000 | |
5,540,000 | Public Finance Authority, Series 2015-A Ram Eufaula Hospitality, LLC, (FHLB of New York LOC), 0.230%, 8/6/2020 | 5,540,000 | |
21,000,000 | Pittsburg Fox Creek Associates L.P., Series 2011-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 21,000,000 | |
13,150,000 | Rohnert Park 668, L.P., (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 13,150,000 | |
7,600,000 | Sandy Jacobs Irrevocable Insurance Trust, Series 2019, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 7,600,000 | |
11,260,000 | Shawn R. Trapuzzano Irrevocable Insurance Trust, (FHLB of Pittsburgh LOC), 0.220%, 8/6/2020 | 11,260,000 | |
7,680,000 | The J.G. Aguirre Master Trust, (FHLB of Atlanta LOC), 0.220%, 8/6/2020 | 7,680,000 | |
TOTAL | 155,045,000 | ||
TOTAL NOTES - VARIABLE | 4,820,398,707 | ||
MUNICIPAL BOND—0.1% | |||
Municipal—0.1% | |||
21,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 22,133,638 | |
U.S. TREASURY—13.7% | |||
2 | U.S. Treasury Bills—13.7% | ||
200,000,000 | United States Treasury Bills, 0.130%, 11/3/2020 | 199,932,111 | |
400,000,000 | United States Treasury Bills, 0.130%, 9/3/2020 | 399,952,333 | |
1,600,000,000 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,599,898,000 | |
800,000,000 | United States Treasury Bills, 0.140%, 10/27/2020 | 799,722,449 | |
500,000,000 | United States Treasury Bills, 0.150%, 8/11/2020 | 499,979,167 | |
500,000,000 | United States Treasury Bills, 0.175%, 9/17/2020 | 499,885,764 | |
TOTAL U.S. TREASURY | 3,999,369,824 | ||
TIME DEPOSITS—3.9% | |||
Finance - Banking—3.9% | |||
200,000,000 | ABN Amro Bank NV, 0.120%, 8/4/2020 | 200,000,000 | |
650,000,000 | Cooperatieve Rabobank UA, 0.080%, 8/3/2020 | 650,000,000 | |
150,000,000 | DNB Bank ASA, 0.050%, 8/3/2020 | 150,000,000 | |
150,000,000 | Nordea Bank Abp, 0.070%, 8/3/2020 | 150,000,000 | |
TOTAL TIME DEPOSITS | 1,150,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—9.3% | |||
Finance - Banking—9.3% | |||
$100,000,000 | BMO Capital Markets Corp., 0.22%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,019,556 on 8/24/2020, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $102,006,857 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
55,000,000 | BMO Capital Markets Corp., 0.25%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,001,563 on 8/3/2020, in which asset-backed securities, corporate bonds, collateralized mortgage obligations and medium-term notes with a market value of $76,597,716 have been received as collateral and held with BNY Mellon as tri-party agent. | 55,000,000 | |
20,000,000 | BMO Capital Markets Corp., 0.30%, dated 7/31/2020, interest in a $20,000,000 collateralized loan agreement will repurchase securities provided as collateral for $20,000,500 on 8/3/2020, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $20,401,068 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
125,000,000 | Merrill Lynch, Pierce, Fenner and Smith., 0.71%, dated 6/16/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,433,889 on 10/30/2020, in which American depositary receipts, corporate bonds and unit investment trusts with a market value of $255,165,825 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
60,000,000 | Citigroup Global Markets, Inc., 0.70%, dated 5/21/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,297,500 on 11/17/2020, in which collateralized mortgage obligations, sovereign debt securities and medium-term notes with a market value of $86,765,362 have been received as collateral and held with BNY Mellon as tri-party agent. | 60,000,000 | |
70,000,000 | Citigroup Global Markets, Inc., 0.75%, dated 5/21/2020, interest in a $165,000,000 collateralized loan agreement will repurchase securities provided as collateral for $165,618,750 on 11/17/2020, in which medium-term notes and sovereign debt securities with a market value of $168,433,062 have been received as collateral and held with BNY Mellon as tri-party agent. | 70,000,000 | |
200,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/13/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,049,944 on 8/13/2020, in which sovereign debt securities with a market value of $204,034,992 have been received as collateral and held with BNY Mellon as tri-party agent. | 200,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$75,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/22/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,039,875 on 8/24/2020, in which corporate bonds, medium-term notes, sovereign debt securities and U.S. treasury notes with a market value of $153,014,791 have been received as collateral and held with BNY Mellon as tri-party agent. | $75,000,000 | |
50,000,000 | Credit Suisse Securities (USA) LLC, 0.60%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,150,000 on 10/21/2020, in which asset-backed securities, corporate bonds, collateralized mortgage obligations, medium-term notes and municipal bonds with a market value of $102,018,735 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
25,000,000 | HSBC Securities (USA), Inc., 0.19%, dated 7/31/2020, interest in a $25,000,000 collateralized loan agreement will repurchase securities provided as collateral for $25,000,396 on 8/3/2020, in which asset-backed securities with a market value of $25,500,007 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
185,000,000 | J.P. Morgan Securities LLC, 0.27%, dated 7/28/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,010,500 on 8/4/2020, in which asset-backed securities, corporate bonds and medium-term notes with a market value of $204,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 185,000,000 | |
150,000,000 | J.P. Morgan Securities LLC, 0.34%, dated 7/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,089,722 on 8/24/2020, in which corporate bonds and medium-term notes with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 0.21%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,750 on 8/3/2020, in which corporate bonds and municipal bonds with a market value of $102,002,232 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
20,000,000 | Mizuho Securities USA, Inc., 0.50%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,125 on 8/3/2020, in which U.S. treasury notes with a market value of $76,503,274 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$200,000,000 | Mizuho Securities USA, Inc., 0.83%, dated 5/8/2020, interest in a $335,000,000 collateralized loan agreement will repurchase securities provided as collateral for $335,919,110 on 9/4/2020, in which corporate bonds and municipal bonds with a market value of $341,904,830 have been received as collateral and held with BNY Mellon as tri-party agent. | $200,000,000 | |
100,000,000 | Pershing LLC, 0.34%, dated 6/5/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,013,222 on 8/10/2020, in which asset-backed securities, commercial paper, common stocks, convertible bonds, corporate bonds, exchange-traded funds, medium-term notes and municipal bonds with a market value of $204,005,788 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
300,000,000 | Societe Generale, Paris, 0.20%, dated 7/31/2020, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,008,333 on 8/3/2020, in which asset-backed securities, corporate bonds, medium-term notes, U.S. treasury notes and sovereign debt securities with a market value of $510,008,500 have been received as collateral and held with BNY Mellon as tri-party agent. | 300,000,000 | |
320,000,000 | Societe Generale, Paris, 0.30%, dated 7/31/2020, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,016,250 on 8/3/2020, in which asset-backed securities, corporate bonds, collateralized mortgage obligations, medium-term notes and sovereign debt securities with a market value of $663,016,939 have been received as collateral and held with BNY Mellon as tri-party agent. | 320,000,000 | |
100,000,000 | Standard Chartered Bank, 0.18%, dated 7/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,002,250 on 8/3/2020, in which U.S. treasury notes with a market value of $153,002,295 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.66%, dated 5/20/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,000 on 10/16/2020, in which convertible bonds with a market value of $153,039,270 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 0.66%, dated 6/1/2020, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,198,000 on 10/27/2020, in which convertible bonds with a market value of $122,411,221 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 |
Principal Amount or Shares | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$100,000,000 | Wells Fargo Securities LLC, 0.67%, dated 6/8/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,167,500 on 10/6/2020, in which convertible bonds with a market value of $102,049,357 have been received as collateral and held with BNY Mellon as tri-party agent. | $100,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.67%, dated 7/14/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,875 on 10/9/2020, in which convertible bonds with a market value of $153,056,951 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS | 2,725,000,000 | ||
REPURCHASE AGREEMENTS—3.6% | |||
Finance - Banking—3.6% | |||
250,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Citibank, N.A. will repurchase securities provided as collateral for $250,002,083 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 9/15/2065 and the market value of those underlying securities was $255,002,152. | 250,000,000 | |
300,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which RBC Capital Markets, LLC will repurchase securities provided as collateral for $300,002,500 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/20/2068 and the market value of those underlying securities was $308,742,468. | 300,000,000 | |
500,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | 500,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 1,050,000,000 | ||
INVESTMENT COMPANIES—5.1% | |||
1,000,000,000 | Federated Hermes Institutional Money Market Management, Institutional Shares, 0.24%3 | 999,713,000 |
Principal Amount or Shares | Value | ||
INVESTMENT COMPANIES—continued | |||
500,267,549 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 0.21%3 | $500,267,520 | |
TOTAL INVESTMENT COMPANIES | 1,499,980,520 | ||
TOTAL INVESTMENT IN SECURITIES—99.9% (AT AMORTIZED COST)4 | 29,193,506,115 | ||
OTHER ASSETS AND LIABILITIES - NET—0.1%5 | 40,375,176 | ||
TOTAL NET ASSETS—100% | $29,233,881,291 |
Federated Hermes Institutional Money Market Management, Institutional Shares | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | Total of Affiliated Transactions | |
Balance of Shares Held 7/31/2019 | — | 26,997,500 | 26,997,500 |
Purchases/Additions | 1,000,000,000 | 600,070,049 | 1,600,070,049 |
Sales/Reductions | — | (126,800,000) | (126,800,000) |
Balance of Shares Held 7/31/2020 | 1,000,000,000 | 500,267,549 | 1,500,267,549 |
Value | $999,713,000 | $500,267,520 | $1,499,980,520 |
Change in Unrealized Appreciation/Depreciation | $— | $— | $— |
Net Realized Gain/(Loss) | $— | $27,680 | $27,680 |
Dividend Income | $10,420,517 | $1,044,831 | $11,465,348 |
1 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
2 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
3 | 7-day net yield. |
4 | Also represents cost of investments for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
IDB | —Industrial Development Bond |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
VRDNs | —Variable Rate Demand Notes |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.010 | 0.020 | 0.012 | 0.005 | 0.001 |
Net realized gain (loss) | 0.0001 | (0.000)1 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.020 | 0.012 | 0.005 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.010) | (0.020) | (0.012) | (0.005) | (0.001) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.010) | (0.020) | (0.012) | (0.005) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.01% | 2.03% | 1.22% | 0.45% | 0.05% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.53% | 0.54% | 0.51% | 0.51% | 0.48% |
Net investment income | 1.01% | 2.06% | 1.21% | 0.37% | 0.07% |
Expense waiver/reimbursement4 | 0.11% | 0.10% | 0.13% | 0.13% | 0.14% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,603,414 | $1,678,950 | $376,107 | $346,013 | $1,100,224 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.014 | 0.006 | 0.0001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.014 | 0.006 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.014) | (0.006) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | — |
TOTAL DISTRIBUTIONS | (0.006) | (0.014) | (0.006) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.56% | 1.42% | 0.58% | 0.04% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.97% | 1.13% | 1.15% | 0.82% | 0.56% |
Net investment income | 0.54% | 1.42% | 0.56% | 0.02% | 0.01% |
Expense waiver/reimbursement4 | 0.32% | 0.16% | 0.18% | 0.51% | 0.73% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $48,615 | $44,257 | $42,390 | $51,059 | $231,222 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.013 | 0.023 | 0.015 | 0.008 | 0.003 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.023 | 0.015 | 0.008 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.013) | (0.023) | (0.015) | (0.008) | (0.003) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.013) | (0.023) | (0.015) | (0.008) | (0.003) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.33% | 2.36% | 1.53% | 0.75% | 0.27% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.20% | 0.20% | 0.20% | 0.21% |
Net investment income | 1.33% | 2.36% | 1.56% | 0.71% | 0.26% |
Expense waiver/reimbursement4 | 0.10% | 0.10% | 0.13% | 0.13% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $18,814,127 | $16,862,096 | $5,770,600 | $2,868,583 | $6,447,093 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended 7/31/2020 | Period Ended 7/31/20191 | |
Net Asset Value, Beginning of Period | $1.00 | $1.00 |
Income From Investment Operations: | ||
Net investment income | 0.013 | 0.013 |
Net realized gain | 0.0002 | — |
TOTAL FROM INVESTMENT OPERATIONS | 0.013 | 0.013 |
Less Distributions: | ||
Distributions from net investment income | (0.013) | (0.013) |
Distributions from net realized gain | (0.000)2 | — |
TOTAL DISTRIBUTIONS | (0.013) | (0.013) |
Net Asset Value, End of Period | $1.00 | $1.00 |
Total Return3 | 1.33% | 1.31% |
Ratios to Average Net Assets: | ||
Net expenses5 | 0.20% | 0.20%4 |
Net investment income | 1.32% | 2.39%4 |
Expense waiver/reimbursement6 | 0.10% | 0.10%4 |
Supplemental Data: | ||
Net assets, end of period (000 omitted) | $376,278 | $276,284 |
1 | Reflects operations for the period from January 18, 2019 (date of initial investment) to July 31, 2019. |
2 | Represents less than $0.001. |
3 | Based on net asset value. Total returns for periods of less than one year are not annualized. |
4 | Computed on an annualized basis. |
5 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.021 | 0.013 | 0.005 | 0.001 |
Net realized gain | 0.0001 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.021 | 0.013 | 0.005 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.021) | (0.013) | (0.005) | (0.001) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.021) | (0.013) | (0.005) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.09% | 2.10% | 1.28% | 0.50% | 0.08% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.45% | 0.45% | 0.45% | 0.45% | 0.40% |
Net investment income | 1.06% | 2.09% | 1.31% | 0.47% | 0.08% |
Expense waiver/reimbursement4 | 0.10% | 0.10% | 0.13% | 0.13% | 0.16% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,016,273 | $2,757,262 | $1,799,914 | $1,215,338 | $2,044,619 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.007 | 0.016 | 0.008 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.016 | 0.008 | 0.002 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.007) | (0.016) | (0.008) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.007) | (0.016) | (0.008) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.72% | 1.65% | 0.83% | 0.16% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.81% | 0.90% | 0.90% | 0.79% | 0.54% |
Net investment income | 0.71% | 1.64% | 0.80% | 0.16% | 0.01% |
Expense waiver/reimbursement4 | 0.19% | 0.10% | 0.13% | 0.24% | 0.46% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,125,251 | $1,043,702 | $998,683 | $1,196,268 | $1,477,770 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.015 | 0.007 | 0.001 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.015 | 0.007 | 0.001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.015) | (0.007) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.006) | (0.015) | (0.007) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.62% | 1.51% | 0.72% | 0.08% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.92% | 1.03% | 1.00% | 0.70% | 0.51% |
Net investment income | 0.63% | 1.49% | 0.72% | 0.02% | 0.01% |
Expense waiver/reimbursement4 | 0.34% | 0.21% | 0.23% | 0.57% | 0.74% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $33,265 | $32,789 | $29,911 | $28,365 | $472,110 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.012 | 0.022 | 0.013 | 0.007 | 0.002 |
Net realized gain | 0.0001 | 0.0001 | 0.001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.012 | 0.022 | 0.014 | 0.007 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.012) | (0.022) | (0.014) | (0.007) | (0.002) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.012) | (0.022) | (0.014) | (0.007) | (0.002) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.23% | 2.26% | 1.43% | 0.65% | 0.17% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
Net investment income | 1.20% | 2.25% | 1.46% | 0.45% | 0.17% |
Expense waiver/reimbursement4 | 0.10% | 0.10% | 0.13% | 0.12% | 0.10% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $548,708 | $670,114 | $398,852 | $203,594 | $1,570,124 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.009 | 0.018 | 0.010 | 0.003 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.018 | 0.010 | 0.003 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.009) | (0.018) | (0.010) | (0.003) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.018) | (0.010) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.87% | 1.85% | 1.02% | 0.29% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.66% | 0.70% | 0.70% | 0.63% | 0.55% |
Net investment income | 0.86% | 1.90% | 1.03% | 0.15% | 0.01% |
Expense waiver/reimbursement4 | 0.14% | 0.10% | 0.13% | 0.20% | 0.26% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $3,667,951 | $3,502,863 | $19,829 | $13,188 | $83,706 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in repurchase agreements and other repurchase agreements | $3,775,000,000 | |
Investment in securities, including $1,499,980,520 of investment in affiliated holdings* | 25,418,506,115 | |
Investment in securities, at amortized cost and fair value | $29,193,506,115 | |
Cash | 53,992,671 | |
Income receivable | 8,725,203 | |
Income receivable from affiliated holdings | 363,343 | |
Receivable for investments sold | 20,198,400 | |
Receivable for shares sold | 38,603,213 | |
TOTAL ASSETS | 29,315,388,945 | |
Liabilities: | ||
Payable for shares redeemed | $77,929,388 | |
Income distribution payable | 224,665 | |
Payable for investment adviser fee (Note 5) | 69,644 | |
Payable for administrative fees (Note 5) | 62,299 | |
Payable for distribution services fee (Note 5) | 659,170 | |
Payable for other service fees (Notes 2 and 5) | 846,187 | |
Accrued expenses (Note 5) | 1,716,301 | |
TOTAL LIABILITIES | 81,507,654 | |
Net assets for 29,233,843,930 shares outstanding | $29,233,881,291 | |
Net Assets Consist of: | ||
Paid-in capital | $29,233,835,114 | |
Total distributable earnings (loss) | 46,177 | |
TOTAL NET ASSETS | $29,233,881,291 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Automated Shares: | ||
$1,603,414,493 ÷ 1,603,412,447 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Class R Shares: | ||
$48,615,378 ÷ 48,615,315 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Wealth Shares: | ||
$18,814,126,604 ÷ 18,814,102,580 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Advisor Shares: | ||
$376,277,963 ÷ 376,277,484 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$3,016,272,746 ÷ 3,016,268,859 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$1,125,250,515 ÷ 1,125,249,079 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$33,264,541 ÷ 33,264,498 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$548,707,577 ÷ 548,706,876 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$3,667,951,474 ÷ 3,667,946,792 shares outstanding, no par value, unlimited shares authorized | $1.00 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |||
Interest | $445,852,897 | ||
Dividends received from an affiliated holding* | 11,465,348 | ||
TOTAL INCOME | 457,318,245 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $58,635,892 | ||
Administrative fee (Note 5) | 23,512,398 | ||
Custodian fees | 1,134,481 | ||
Transfer agent fee (Note 2) | 6,215,950 | ||
Directors’/Trustees’ fees (Note 5) | 151,899 | ||
Auditing fees | 23,960 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 291,073 | ||
Distribution services fee (Note 5) | 13,407,996 | ||
Other service fees (Notes 2 and 5) | 25,047,443 | ||
Share registration costs | 1,135,427 | ||
Printing and postage | 427,425 | ||
Miscellaneous (Note 5) | 183,769 | ||
TOTAL EXPENSES | 130,175,424 | ||
Waivers and Reimbursements: | |||
Waiver/reimbursement of investment adviser fee (Note 5) | $(29,258,216) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (3,178,958) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (32,437,174) | ||
Net expenses | 97,738,250 | ||
Net investment income | 359,579,995 | ||
Net realized gain on investments (including net realized gain of $27,680 on sales of investments in an affiliated holding*) | 52,710 | ||
Change in net assets resulting from operations | $359,632,705 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $359,579,995 | $395,305,201 |
Net realized gain | 52,710 | 16,367 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 359,632,705 | 395,321,568 |
Distributions to Shareholders: | ||
Automated Shares | (16,843,929) | (26,085,945) |
Class R Shares | (248,645) | (636,026) |
Wealth Shares | (256,180,113) | (255,912,055) |
Advisor Shares | (4,429,409) | (1,355,299) |
Service Shares | (34,575,442) | (47,210,636) |
Cash II Shares | (7,711,336) | (16,939,442) |
Cash Series Shares | (217,406) | (408,312) |
Capital Shares | (7,930,540) | (13,067,718) |
Trust Shares | (31,478,943) | (33,684,873) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (359,615,763) | (395,300,306) |
Share Transactions: | ||
Proceeds from sale of shares | 41,712,534,158 | 41,721,543,941 |
Net asset value of shares issued to shareholders in payment of distributions declared | 335,636,444 | 362,235,071 |
Cost of shares redeemed | (39,682,621,667) | (24,651,770,619) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,365,548,935 | 17,432,008,393 |
Change in net assets | 2,365,565,877 | 17,432,029,655 |
Net Assets: | ||
Beginning of period | 26,868,315,414 | 9,436,285,759 |
End of period | $29,233,881,291 | $26,868,315,414 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $1,648,523 | $— |
Class R Shares | 116,098 | (2,232) |
Wealth Shares | 2,277,897 | (222) |
Advisor Shares | 39,962 | — |
Service Shares | 386,005 | — |
Cash II Shares | 1,192,025 | (8,029) |
Cash Series Shares | 39,944 | (2,399) |
Capital Shares | 78,418 | — |
Trust Shares | 437,078 | (5) |
TOTAL | $6,215,950 | $(12,887) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $4,184,327 | $— | $(231,976) |
Class R Shares | $113,137 | $(6,715) | $(31,827) |
Service Shares | $8,117,308 | $(7,610) | $(171,184) |
Cash II Shares | $2,704,708 | $(9,351) | $(607,814) |
Cash Series Shares | $86,575 | $(313) | $(24,650) |
Capital Shares | $658,749 | $— | $— |
Trust Shares | $9,182,639 | $(62,719) | $(1,324,986) |
TOTAL | $25,047,443 | $(86,708) | $(2,392,437) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,758,276,041 | $1,758,276,041 | 2,586,946,546 | $2,586,976,145 |
Shares issued to shareholders in payment of distributions declared | 16,647,845 | 16,647,845 | 25,918,844 | 25,918,844 |
Shares redeemed | (1,850,460,085) | (1,850,460,085) | (1,310,023,803) | (1,310,023,803) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (75,536,199) | $(75,536,199) | 1,302,841,587 | $1,302,871,186 |
Year Ended July 31 | 2020 | 2019 | ||
Class R Shares: | Shares | Amount | Shares | Amount |
Shares sold | 27,445,309 | $27,445,309 | 34,908,755 | $34,908,798 |
Shares issued to shareholders in payment of distributions declared | 247,196 | 247,196 | 629,102 | 629,102 |
Shares redeemed | (23,333,858) | (23,333,858) | (33,671,231) | (33,671,231) |
NET CHANGE RESULTING FROM CLASS R SHARE TRANSACTIONS | 4,358,647 | $4,358,647 | 1,866,626 | $1,866,669 |
Year Ended July 31 | 2020 | 2019 | ||
Wealth Shares: | Shares | Amount | Shares | Amount |
Shares sold | 28,640,379,005 | $28,640,379,005 | 25,633,683,302 | $25,633,683,302 |
Shares issued to shareholders in payment of distributions declared | 234,495,334 | 234,495,334 | 226,374,442 | 226,374,442 |
Shares redeemed | (26,922,855,195) | (26,922,855,195) | (14,768,574,598) | (14,768,575,207) |
NET CHANGE RESULTING FROM WEALTH SHARE TRANSACTIONS | 1,952,019,144 | $1,952,019,144 | 11,091,483,146 | $11,091,482,537 |
Year Ended 7/31/2020 | Period Ended 7/31/20191 | |||
Advisor Shares: | Shares | Amount | Shares | Amount |
Shares sold | 884,263,886 | $884,263,886 | 371,071,208 | $371,071,208 |
Shares issued to shareholders in payment of distributions declared | 4,429,608 | 4,429,608 | 1,355,058 | 1,355,058 |
Shares redeemed | (788,700,279) | (788,700,279) | (96,141,997) | (96,171,899) |
NET CHANGE RESULTING FROM ADVISOR SHARE TRANSACTIONS | 99,993,215 | $99,993,215 | 276,284,269 | $276,254,367 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 5,238,090,768 | $5,238,090,768 | 6,557,740,411 | $6,557,743,267 |
Shares issued to shareholders in payment of distributions declared | 33,107,271 | 33,107,271 | 44,731,226 | 44,731,226 |
Shares redeemed | (5,012,188,657) | (5,012,188,657) | (5,645,126,628) | (5,645,126,628) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 259,009,382 | $259,009,382 | 957,345,009 | $957,347,865 |
Year Ended July 31 | 2020 | 2019 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 1,804,367,389 | $1,804,367,389 | 1,771,628,327 | $1,771,630,422 |
Shares issued to shareholders in payment of distributions declared | 7,694,480 | 7,694,480 | 16,886,647 | 16,886,647 |
Shares redeemed | (1,730,513,658) | (1,730,513,658) | (1,743,497,551) | (1,743,497,551) |
NET CHANGE RESULTING FROM CASH II SHARE TRANSACTIONS | 81,548,211 | $81,548,211 | 45,017,423 | $45,019,518 |
Year Ended July 31 | 2020 | 2019 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 53,724,382 | $53,724,382 | 75,300,630 | $75,300,712 |
Shares issued to shareholders in payment of distributions declared | 213,355 | 213,355 | 391,139 | 391,139 |
Shares redeemed | (53,461,835) | (53,461,835) | (72,814,401) | (72,814,401) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 475,902 | $475,902 | 2,877,368 | $2,877,450 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 719,368,195 | $719,368,195 | 916,067,161 | $916,067,441 |
Shares issued to shareholders in payment of distributions declared | 7,340,811 | 7,340,811 | 12,265,697 | 12,265,697 |
Shares redeemed | (848,115,152) | (848,115,152) | (657,071,466) | (657,071,466) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | (121,406,146) | $(121,406,146) | 271,261,392 | $271,261,672 |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,586,619,183 | $2,586,619,183 | 3,774,162,646 | $3,774,162,646 |
Shares issued to shareholders in payment of distributions declared | 31,460,544 | 31,460,544 | 33,682,916 | 33,682,916 |
Shares redeemed | (2,452,992,948) | (2,452,992,948) | (324,814,090) | (324,818,433) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 165,086,779 | $165,086,779 | 3,483,031,472 | $3,483,027,129 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,365,548,935 | $2,365,548,935 | 17,432,008,292 | $17,432,008,393 |
1 | Reflects operations for the period from January 18, 2019 to July 31, 2019. |
2020 | 2019 | |
Ordinary income1 | $359,613,083 | $395,300,306 |
Long-term capital gains | $2,680 | $— |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $46,177 |
2 | For tax purposes, short-term capital gain distributions are considered ordinary income in determining distributable earnings. |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Class R Shares | 0.50% |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Trust Shares | 0.25% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Class R Shares | $230,382 | $(62,444) |
Cash II Shares | 3,787,183 | (354,651) |
Cash Series Shares | 207,792 | (56,616) |
Trust Shares | 9,182,639 | (213,215) |
TOTAL | $13,407,996 | $(686,926) |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,002.20 | $2.54 |
Class R Shares | $1,000 | $1,000.80 | $3.932 |
Wealth Shares | $1,000 | $1,003.80 | $1.00 |
Advisor Shares | $1,000 | $1,003.80 | $1.00 |
Service Shares | $1,000 | $1,002.60 | $2.19 |
Cash II Shares | $1,000 | $1,001.20 | $3.583 |
Cash Series Shares | $1,000 | $1,000.90 | $3.834 |
Capital Shares | $1,000 | $1,003.30 | $1.49 |
Trust Shares | $1,000 | $1,001.70 | $3.045 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,022.30 | $2.56 |
Class R Shares | $1,000 | $1,020.90 | $3.972 |
Wealth Shares | $1,000 | $1,023.90 | $1.01 |
Advisor Shares | $1,000 | $1,023.90 | $1.01 |
Service Shares | $1,000 | $1,022.70 | $2.21 |
Cash II Shares | $1,000 | $1,021.30 | $3.623 |
Cash Series Shares | $1,000 | $1,021.00 | $3.874 |
Capital Shares | $1,000 | $1,023.40 | $1.51 |
Trust Shares | $1,000 | $1,021.80 | $3.075 |
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: |
Automated Shares | 0.51% |
Class R Shares | 0.79% |
Wealth Shares | 0.20% |
Advisor Shares | 0.20% |
Service Shares | 0.44% |
Cash II Shares | 0.72% |
Cash Series Shares | 0.77% |
Capital Shares | 0.30% |
Trust Shares | 0.61% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Class R Shares current Fee Limit of 1.15% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.72 and $5.77, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.90% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.48 and $4.52, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.05% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.22 and $5.27, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Trust Shares current Fee Limit of 0.70% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.48 and $3.52, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919577
CUSIP 60934N625
CUSIP 608919429
CUSIP 60934N617
CUSIP 608919593
CUSIP 608919585
CUSIP 60934N591
CUSIP 608919619
Share Class | Ticker | Institutional | POIXX |
Donahue
Security Type | Percentage of Total Net Assets |
Commercial Paper | 41.1% |
Variable Rate Instruments | 18.1% |
Other Repurchase Agreements and Repurchase Agreements | 15.2% |
Bank Instruments | 13.2% |
U.S. Treasury | 12.2% |
Municipal Bonds | 0.2% |
Asset-Backed Securities2 | 0.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days5 | 35.6% |
8-30 Days | 21.4% |
31-90 Days | 28.0% |
91-180 Days | 12.0% |
181 Days or more | 3.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | Represents less than 0.1%. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
5 | Overnight securities comprised 15.8% of the Fund’s portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITY—0.0% | |||
Finance - Equipment—0.0% | |||
$4,932,273 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 (IDENTIFIED COST $4,932,273) | $4,938,518 | |
CERTIFICATES OF DEPOSIT—9.0% | |||
Finance - Banking—9.0% | |||
50,000,000 | BMO Harris Bank, N.A., 0.250%, 10/5/2020 | 50,012,095 | |
275,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | 275,001,372 | |
100,000,000 | Bank of Montreal, 1.450%, 2/26/2021 | 100,693,356 | |
300,000,000 | Canadian Imperial Bank of Commerce, 0.430% - 0.600%, 5/4/2021 - 5/28/2021 | 300,506,860 | |
125,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 0.240%, 8/17/2020 | 125,000,000 | |
100,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.675%, 8/21/2020 | 99,991,251 | |
740,000,000 | Mizuho Bank Ltd., 0.200% - 0.220%, 8/3/2020 - 8/28/2020 | 740,000,000 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.200%, 9/1/2020 - 9/2/2020 | 150,000,000 | |
225,000,000 | Toronto Dominion Bank, 0.450% - 0.600%, 5/4/2021 - 6/9/2021 | 225,388,126 | |
70,000,000 | Wells Fargo Bank International, 1.720% - 1.780%, 8/14/2020 - 9/4/2020 | 70,067,055 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $2,134,907,726) | 2,136,660,115 | ||
1 | COMMERCIAL PAPER—41.1% | ||
Aerospace/Auto—3.4% | |||
130,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.258% - 1.305%, 8/26/2020 - 11/16/2020 | 129,927,480 | |
50,000,000 | Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.531%, 11/2/2020 | 49,971,670 | |
165,000,000 | Toyota Finance Australia Ltd., (Toyota Motor Corp. Support Agreement), 0.380%, 12/16/2020 | 164,831,754 | |
415,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.511% - 1.735%, 10/26/2020 - 11/6/2020 | 414,776,970 | |
50,000,000 | Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 0.350%, 9/14/2020 | 49,978,611 | |
TOTAL | 809,486,485 | ||
Finance - Banking—7.2% | |||
96,750,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.240% - 0.250%, 9/2/2020 - 11/10/2020 | 96,705,216 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$225,000,000 | DNB Bank ASA, 0.190%, 10/27/2020 | $224,907,599 | |
50,000,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 0.220%, 9/4/2020 | 49,989,611 | |
25,800,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 0.210%, 8/7/2020 | 25,799,097 | |
245,361,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 0.160% - 0.210%, 9/2/2020 - 9/4/2020 | 245,318,137 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 0.220%, 8/10/2020 | 99,994,500 | |
89,000,000 | NRW.Bank, 0.185%, 10/30/2020 | 88,959,505 | |
432,400,000 | Nationwide Building Society, 0.190% - 0.205%, 8/6/2020 - 8/24/2020 | 432,370,249 | |
100,000,000 | Nordea Bank Abp, 0.190%, 10/27/2020 | 99,954,778 | |
350,000,000 | Toronto Dominion Bank, 0.120%, 8/5/2020 | 349,995,335 | |
TOTAL | 1,713,994,027 | ||
Finance - Commercial—4.6% | |||
40,000,000 | CAFCO, LLC, 0.954%, 10/20/2020 | 39,984,610 | |
285,000,000 | CHARTA, LLC, 0.230% - 0.371%, 8/7/2020 - 11/16/2020 | 284,915,959 | |
215,000,000 | CRC Funding, LLC, 0.200% - 1.258%, 10/1/2020 - 11/4/2020 | 214,903,591 | |
540,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.200% - 0.250%, 8/14/2020 - 9/22/2020 | 539,876,149 | |
TOTAL | 1,079,680,309 | ||
Finance - Retail—8.3% | |||
197,850,000 | Barton Capital S.A., 0.120% - 0.170%, 8/3/2020 - 8/26/2020 | 197,843,351 | |
615,700,000 | Chariot Funding LLC, 0.190% - 0.300%, 9/11/2020 - 11/30/2020 | 615,392,088 | |
190,000,000 | Fairway Finance Co. LLC, 0.250% - 1.258%, 8/13/2020 - 11/18/2020 | 189,916,136 | |
445,033,000 | Old Line Funding, LLC, 0.250% - 1.390%, 8/17/2020 - 11/10/2020 | 444,828,752 | |
50,000,000 | Old Line Funding, LLC, 0.360%, 2/24/2021 | 49,901,778 | |
413,000,000 | Sheffield Receivables Company LLC, 0.290% - 1.356%, 8/7/2020 - 11/3/2020 | 412,890,673 | |
70,000,000 | Thunder Bay Funding, LLC, 0.270% - 0.280%, 10/22/2020 | 69,973,371 | |
TOTAL | 1,980,746,149 | ||
Finance - Securities—8.0% | |||
445,000,000 | Anglesea Funding LLC, 0.381% - 1.306%, 8/14/2020 - 11/2/2020 | 444,835,469 | |
185,000,000 | Chesham Finance LLC Series III, 0.120%, 8/4/2020 - 8/5/2020 | 184,997,700 | |
177,500,000 | Chesham Finance LLC Series VII, 0.120% - 0.270%, 8/3/2020 - 9/15/2020 | 177,493,313 | |
250,000,000 | Collateralized Commercial Paper FLEX Co., LLC, 0.331% - 0.933%, 8/4/2020 - 12/28/2020 | 249,831,698 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Securities—continued | |||
$640,500,000 | Collateralized Commercial Paper V Co. LLC, 0.290% - 0.933%, 8/4/2020 - 1/20/2021 | $640,114,477 | |
100,000,000 | Longship Funding LLC, (Nordea Bank Abp COL), 0.210%, 8/10/2020 | 99,994,750 | |
95,000,000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), 0.130%, 8/3/2020 | 94,999,314 | |
TOTAL | 1,892,266,721 | ||
Insurance—0.1% | |||
20,000,000 | PRICOA Short Term Funding, LLC, 0.451%, 2/5/2021 | 19,978,685 | |
10,000,000 | UnitedHealth Group, Inc., 0.130%, 8/5/2020 | 9,999,855 | |
TOTAL | 29,978,540 | ||
Municipal—0.2% | |||
44,059,000 | Kaiser Foundation Hospital, (GTD by Kaiser Permanente), 0.350%, 9/9/2020 | 44,042,294 | |
Sovereign—9.3% | |||
518,600,000 | Caisse des Depots et Consignations (CDC), 0.210% - 0.300%, 8/3/2020 - 11/16/2020 | 518,499,639 | |
369,500,000 | Erste Abwicklungsanstalt, 0.230% - 0.240%, 9/21/2020 - 10/6/2020 | 369,384,554 | |
210,000,000 | FMS Wertmanagement AoR, 0.230% - 0.240%, 11/9/2020 - 11/12/2020 | 209,898,883 | |
950,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 0.240% - 0.280%, 8/15/2020 - 10/25/2020 | 949,751,855 | |
155,000,000 | Nederlandse Waterschapsbank NV, 0.120%, 8/6/2020 | 154,997,416 | |
TOTAL | 2,202,532,347 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $9,748,516,216) | 9,752,726,872 | ||
2 | NOTES - VARIABLE—18.1% | ||
Finance - Banking—15.9% | |||
120,000,000 | Bank of Montreal, 0.404% (1-month USLIBOR +0.240%), 8/6/2020 | 120,000,000 | |
100,000,000 | Bank of Montreal, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 100,033,577 | |
100,000,000 | Bank of Montreal, 0.470% (Effective Fed Funds +0.370%), 8/3/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 0.516% (3-month USLIBOR +0.130%), 8/17/2020 | 100,036,807 | |
123,000,000 | Bank of Montreal, 0.535% (3-month USLIBOR +0.100%), 8/12/2020 | 123,019,242 | |
100,000,000 | Bank of Montreal, 0.574% (3-month USLIBOR +0.140%), 8/13/2020 | 100,038,472 | |
40,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | 40,006,331 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | $50,007,914 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.388% (1-month USLIBOR +0.210%), 8/11/2020 | 100,007,939 | |
125,000,000 | Bank of Nova Scotia, Toronto, 0.408% (3-month USLIBOR +0.140%), 10/30/2020 | 125,048,303 | |
55,000,000 | Bank of Nova Scotia, Toronto, 0.421% (3-month USLIBOR +0.150%), 10/21/2020 | 55,020,244 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
65,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 65,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 50,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.300% (Effective Fed Funds +0.200%), 8/3/2020 | 65,026,101 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.405% (3-month USLIBOR +0.150%), 10/23/2020 | 60,022,651 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.406% (3-month USLIBOR +0.100%), 9/28/2020 | 50,014,081 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.429% (3-month USLIBOR +0.130%), 9/17/2020 | 54,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.480% (3-month USLIBOR +0.130%), 8/28/2020 | 65,020,924 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.487% (3-month USLIBOR +0.190%), 9/25/2020 | 30,000,000 | |
59,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2004K) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.190%, 8/5/2020 | 59,000,000 | |
50,000,000 | Canadian Imperial Bank of Commerce, 0.310% (Effective Fed Funds +0.210%), 8/3/2020 | 49,989,955 | |
250,000,000 | Canadian Imperial Bank of Commerce, 0.414% (1-month USLIBOR +0.250%), 8/4/2020 | 250,192,977 | |
98,500,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 98,500,000 | |
25,000,000 | Canadian Imperial Bank of Commerce, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 25,008,394 | |
150,000,000 | Canadian Imperial Bank of Commerce, 0.681% (3-month USLIBOR +0.140%), 8/5/2020 | 150,053,049 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 0.210%, 8/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 0.150%, 8/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 7,595,000 | |
14,425,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 14,425,000 | |
30,000,000 | J.P. Morgan Securities LLC, 0.386% (3-month USLIBOR +0.080%), 9/29/2020 | 29,988,843 | |
14,500,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.200%, 8/5/2020 | 14,500,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,000,000 | |
21,000,000 | Michigan State Housing Development Authority, (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 8/5/2020 | 21,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,780,000 | |
25,000,000 | National Australia Bank Ltd., Melbourne, 0.405% (3-month USLIBOR +0.090%), 9/11/2020 | 24,991,255 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 0.490% (3-month USLIBOR +0.130%), 8/25/2020 | 100,015,949 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 0.658% (1-month USLIBOR +0.480%), 8/13/2020 | 25,003,373 | |
4,385,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 0.270%, 8/6/2020 | 4,385,000 | |
45,000,000 | Royal Bank of Canada, 0.350% (Secured Overnight Financing Rate +0.250%), 8/3/2020 | 45,010,473 | |
50,000,000 | Royal Bank of Canada, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 50,000,000 | |
50,000,000 | Royal Bank of Canada, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 50,000,000 | |
100,000,000 | Royal Bank of Canada, 0.650% (Secured Overnight Financing Rate +0.550%), 8/3/2020 | 100,199,180 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 0.220%, 8/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 0.220%, 8/6/2020 | 20,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | $18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.550%, 8/6/2020 | 720,000 | |
205,000,000 | Toronto Dominion Bank, 0.420% (Effective Fed Funds +0.320%), 8/3/2020 | 205,072,299 | |
75,000,000 | Toronto Dominion Bank, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 75,000,000 | |
150,000,000 | Toronto Dominion Bank, 0.494% (3-month USLIBOR +0.190%), 10/5/2020 | 150,054,208 | |
75,000,000 | Toronto Dominion Bank, 0.498% (3-month USLIBOR +0.190%), 9/30/2020 | 75,028,481 | |
25,000,000 | Toronto Dominion Bank, 0.545% (3-month USLIBOR +0.300%), 10/27/2020 | 25,047,598 | |
40,000,000 | Toronto Dominion Bank, 0.573% (3-month USLIBOR +0.140%), 8/13/2020 | 40,015,389 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 8/6/2020 | 68,300,000 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 5,000,000 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.468% (3-month USLIBOR +0.150%), 9/8/2020 | 130,067,648 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 0.230%, 8/6/2020 | 6,485,000 | |
TOTAL | 3,775,702,401 | ||
Finance - Retail—0.4% | |||
75,000,000 | Old Line Funding, LLC, 0.413% (1-month USLIBOR +0.250%), 8/7/2020 | 75,039,563 | |
25,000,000 | Old Line Funding, LLC, 0.511% (3-month USLIBOR +0.130%), 8/19/2020 | 25,003,443 | |
TOTAL | 100,043,006 | ||
Finance - Securities—0.8% | |||
42,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.421% (1-month USLIBOR +0.250%), 8/3/2020 | 42,000,000 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.366% (1-month USLIBOR +0.200%), 8/3/2020 | 50,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Securities—continued | |||
$43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.565% (3-month USLIBOR +0.130%), 8/12/2020 | $43,509,465 | |
10,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 10,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 40,000,000 | |
TOTAL | 185,509,465 | ||
Government Agency—1.0% | |||
9,015,000 | Austen Children’s Gift Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 9,015,000 | |
2,250,000 | BWF Forge TL Properties Owner LLC, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 2,250,000 | |
6,830,000 | Baker Life Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/5/2020 | 6,830,000 | |
5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 0.220%, 8/6/2020 | 5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 16,000,000 | |
5,710,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 0.220%, 8/6/2020 | 5,710,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 19,640,000 | |
805,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 805,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | $5,010,000 | |
6,980,000 | RK Trust, (FHLB of Dallas LOC), 0.220%, 8/5/2020 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 6,255,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,975,000 | |
TOTAL | 224,760,000 | ||
TOTAL NOTES—VARIABLE (IDENTIFIED COST $4,284,800,098) | 4,286,014,872 | ||
U.S. TREASURY—12.2% | |||
3 | U.S. Treasury Bills—12.2% | ||
250,000,000 | United States Treasury Bills, 0.125%, 8/13/2020 | 249,989,445 | |
250,000,000 | United States Treasury Bills, 0.130%, 11/3/2020 | 249,939,305 | |
1,500,000,000 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,499,904,375 | |
900,000,000 | United States Treasury Bills, 0.135%, 9/1/2020 | 899,895,375 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $2,899,704,334) | 2,899,728,500 | ||
TIME DEPOSITS—4.2% | |||
Finance - Banking—4.2% | |||
600,000,000 | ABN Amro Bank NV, 0.130%, 8/3/2020 | 600,000,000 | |
400,000,000 | Australia & New Zealand Banking Group, Melbourne, 0.120%, 8/5/2020 | 400,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,000,000,000) | 1,000,000,000 | ||
MUNICIPAL BONDS—0.2% | |||
Municipal—0.2% | |||
21,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 22,185,805 | |
27,000,000 | Texas State, (Series 2019) TRANs, 4.000%, 8/27/2020 | 27,068,440 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $49,202,079) | 49,254,245 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—8.5% | |||
Finance - Banking—8.5% | |||
$125,000,000 | BMO Capital Markets Corp., 0.20%, dated 7/31/2020, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,002,917 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $178,411,964 have been received as collateral and held with BNY Mellon as tri-party agent. | $125,000,000 | |
100,000,000 | BNP Paribas SA, 0.22%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,833 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and sovereign debt with a market value of $102,001,870 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
125,000,000 | Merrill Lynch, Pierce, Fenner and Smith, 0.71%, dated 6/16/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,433,889 on 10/30/2020, in which American depositary receipts, corporate bonds, medium-term notes and unit investment trust with a market value of $255,165,825 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 0.59%, dated 7/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,001,967 on 8/3/2020, in which medium-term notes, treasury bonds and treasury notes with a market value of $40,802,006 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 0.70%, dated 5/21/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,297,075 on 11/17/2020, in which certificate of deposit, corporate bonds, medium-term notes and sovereign debt with a market value of $86,765,362 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
95,000,000 | Citigroup Global Markets, Inc., 0.75%, dated 5/21/2020, interest in a $165,000,000 collateralized loan agreement will repurchase securities provided as collateral for $165,617,925 on 11/17/2020, in which asset-backed securities, collateralized mortgage obligations and medium-term notes with a market value of $168,433,062 have been received as collateral and held with BNY Mellon as tri-party agent. | 95,000,000 | |
75,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/22/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,039,875 on 8/24/2020, in which sovereign debt with a market value of $153,014,791 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$50,000,000 | Credit Suisse Securities (USA) LLC, 0.60%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,150,000 on 10/21/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and municipal bonds with a market value of $102,018,735 have been received as collateral and held with BNY Mellon as tri-party agent. | $50,000,000 | |
75,000,000 | J.P. Morgan Securities LLC, 0.34%, dated 7/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,089,722 on 8/24/2020, in which corporate bonds and medium-term notes with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 0.21%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,750 on 8/3/2020, in which corporate bonds, medium-term notes, municipal bonds, treasury bonds and treasury notes with a market value of $102,002,232 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
75,000,000 | MUFG Securities Americas, Inc., 0.24%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,001,500 on 8/3/2020, in which American depositary receipts, corporate bonds and unit investment trust with a market value of $76,501,530 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
20,000,000 | Mizuho Securities USA, Inc., 0.50%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,125 on 8/3/2020, in which treasury notes with a market value of $76,503,274 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
115,000,000 | Mizuho Securities USA, Inc., 0.83%, dated 5/8/2020, interest in a $335,000,000 collateralized loan agreement will repurchase securities provided as collateral for $335,447,969 on 9/4/2020, in which corporate bonds and municipal bonds with a market value of $341,904,830 have been received as collateral and held with BNY Mellon as tri-party agent. | 115,000,000 | |
100,000,000 | Pershing LLC., 0.34%, dated 6/5/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,013,222 on 8/10/2020, in which asset-backed securities, exchange traded funds, certificate of deposit, collateralized mortgage obligations, commercial paper, common stocks, convertible bonds, corporate bonds, medium-term notes, municipal bonds and sovereign debt with a market value of $204,005,788 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$200,000,000 | Societe Generale, Paris, 0.20%, dated 7/31/2020, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,008,333 on 8/3/2020, in which asset-backed securities, corporate bonds, medium-term notes, sovereign and treasury notes with a market value of $510,008,500 have been received as collateral and held with BNY Mellon as tri-party agent. | $200,000,000 | |
315,000,000 | Societe Generale, Paris, 0.30%, dated 7/31/2020, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,016,250 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt with a market value of $663,016,939 have been received as collateral and held with BNY Mellon as tri-party agent. | 315,000,000 | |
50,000,000 | Standard Chartered Bank, 0.18%, dated 7/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,002,250 on 8/3/2020, in which treasury notes with a market value of $153,002,295 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.66%, dated 5/20/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,000 on 10/16/2020, in which convertible bonds with a market value of $153,039,270 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 0.66%, dated 6/1/2020, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,198,000 on 10/27/2020, in which convertible bonds with a market value of $122,411,220 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 0.67%, dated 6/8/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,167,500 on 10/6/2020, in which convertible bonds with a market value of $102,049,357 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,003,400,000) | 2,003,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—6.7% | |||
Finance - Banking—6.7% | |||
$750,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $750,006,250 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/25/2044 and the market value of those underlying securities was $765,042,364. | $750,000,000 | |
260,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | 260,000,000 | |
575,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,004,792 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/25/2059 and the market value of those underlying securities was $589,542,921. | 575,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $1,585,000,000) | 1,585,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $23,710,462,726)4 | 23,717,723,122 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%5 | 1,012,042 | ||
TOTAL NET ASSETS—100% | $23,718,735,164 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Discount rate at time of purchase. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TRANs | —Tax and Revenue Anticipation Notes |
VRDNs | —Variable Rate Demand Notes |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0136 | 0.0239 | 0.0156 | 0.0063 | 0.003 |
Net realized gain | 0.0003 | 0.0001 | 0.00001 | 0.0011 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0139 | 0.0240 | 0.0156 | 0.0074 | 0.004 |
Less Distributions: | |||||
Distributions from net investment income | (0.0136) | (0.0239) | (0.0156) | (0.0063) | (0.003) |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0136) | (0.0239) | (0.0156) | (0.0071) | (0.004) |
Net Asset Value, End of Period | $1.0007 | $1.0004 | $1.0003 | $1.0003 | $1.00 |
Total Return2 | 1.39% | 2.43% | 1.57% | 0.66% | 0.26% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.15% | 0.15% | 0.17% | 0.20% | 0.21% |
Net investment income | 1.37% | 2.41% | 1.62% | 0.40% | 0.26% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,611,390 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $3,588,400,000 | |
Investment in securities | 20,129,323,122 | |
Investment in securities, at value (identified cost $23,710,462,726) | $23,717,723,122 | |
Income receivable | 5,993,702 | |
TOTAL ASSETS | 23,723,716,824 | |
Liabilities: | ||
Bank overdraft | $7,709 | |
Income distribution payable | 4,123,805 | |
Payable for Directors’/Trustees’ fees (Note 5) | 420 | |
Payable for investment adviser fee (Note 5) | 39,998 | |
Payable for administrative fee (Note 5) | 50,482 | |
Payable for custodian fees | 286,690 | |
Payable for share registration costs | 349,517 | |
Accrued expenses (Note 5) | 123,039 | |
TOTAL LIABILITIES | 4,981,660 | |
Net assets for 23,702,099,311 shares outstanding | $23,718,735,164 | |
Net Assets Consist of: | ||
Paid-in capital | $23,713,038,713 | |
Total distributable earnings | 5,696,451 | |
TOTAL NET ASSETS | $23,718,735,164 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$23,611,390,432 ÷ 23,594,827,722 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Service Shares: | ||
$83,818,097 ÷ 83,763,241 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Capital Shares: | ||
$23,526,635 ÷ 23,508,348 shares outstanding, no par value, unlimited shares authorized | $1.0008 |
Federated Institutional Prime Obligations Fund
Investment Income: | |||
Interest | $357,969,830 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $46,858,734 | ||
Administrative fee (Note 5) | 18,389,446 | ||
Custodian fees | 903,635 | ||
Transfer agent fee | 227,226 | ||
Directors’/Trustees’ fees (Note 5) | 116,682 | ||
Auditing fees | 25,110 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 262,906 | ||
Other service fees (Notes 2 and 5) | 288,041 | ||
Share registration costs | 448,624 | ||
Printing and postage | 25,976 | ||
Miscellaneous (Note 5) | 108,438 | ||
TOTAL EXPENSES | 67,662,529 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(31,082,399) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (501) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (31,082,900) | ||
Net expenses | 36,579,629 | ||
Net investment income | 321,390,201 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments | (1,568,343) | ||
Net change in unrealized appreciation of investments | 3,688,255 | ||
Change in net assets resulting from operations | $323,510,113 |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $321,390,201 | $372,519,522 |
Net realized gain (loss) | (1,568,343) | 55,250 |
Net change in unrealized appreciation/depreciation | 3,688,255 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 323,510,113 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (319,807,042) | (370,570,446) |
Service Shares | (1,400,428) | (1,436,015) |
Capital Shares | (233,170) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (321,440,640) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 63,468,243,391 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 53,575,799 | 78,813,357 |
Cost of shares redeemed | (61,060,281,709) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,461,537,481 | 10,237,851,652 |
Change in net assets | 2,463,606,954 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $23,718,735,164 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each |
time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $278,191 | $(48) | $(453) |
Capital Shares | $9,850 | $— | $— |
TOTAL | $288,041 | $(48) | $(453) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares1: | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 62,747,078,555 | $62,773,370,088 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 52,072,038 | 52,091,304 | 76,894,192 | 76,916,497 |
Shares redeemed | (60,342,756,540) | (60,362,871,020) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,456,394,053 | $2,462,590,372 | 10,200,041,071 | $10,203,091,670 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 275,734,832 | $275,819,555 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,251,498 | 1,251,881 | 1,401,043 | 1,401,450 |
Shares redeemed | (287,168,204) | (287,257,442) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (10,181,874) | $(10,186,006) | 46,138,848 | $46,149,459 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 418,856,851 | $419,053,748 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 232,523 | 232,614 | 487,051 | 487,169 |
Shares redeemed | (409,949,325) | (410,153,247) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 9,140,049 | $9,133,115 | (10,833,164) | $(10,836,104) |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares2: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,455,352,228 | $2,461,537,481 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
2020 | 2019 | |
Ordinary income1 | $321,440,640 | $372,544,757 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $4,398 |
Net unrealized appreciation | $7,260,396 |
Capital loss carryforwards | $(1,568,343) |
Short-Term | Long-Term | Total |
$1,568,343 | $— | $1,568,343 |
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 |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,004.10 | $0.752 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,024.12 | $0.752 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.00 and $1.01, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: July 1991 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since July 1991. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | POIXX | Service | PRSXX | Capital | POPXX |
Donahue
Security Type | Percentage of Total Net Assets |
Commercial Paper | 41.1% |
Variable Rate Instruments | 18.1% |
Other Repurchase Agreements and Repurchase Agreements | 15.2% |
Bank Instruments | 13.2% |
U.S. Treasury | 12.2% |
Municipal Bonds | 0.2% |
Asset-Backed Securities2 | 0.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days5 | 35.6% |
8-30 Days | 21.4% |
31-90 Days | 28.0% |
91-180 Days | 12.0% |
181 Days or more | 3.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | Represents less than 0.1%. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
5 | Overnight securities comprised 15.8% of the Fund’s portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITY—0.0% | |||
Finance - Equipment—0.0% | |||
$4,932,273 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 (IDENTIFIED COST $4,932,273) | $4,938,518 | |
CERTIFICATES OF DEPOSIT—9.0% | |||
Finance - Banking—9.0% | |||
50,000,000 | BMO Harris Bank, N.A., 0.250%, 10/5/2020 | 50,012,095 | |
275,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | 275,001,372 | |
100,000,000 | Bank of Montreal, 1.450%, 2/26/2021 | 100,693,356 | |
300,000,000 | Canadian Imperial Bank of Commerce, 0.430% - 0.600%, 5/4/2021 - 5/28/2021 | 300,506,860 | |
125,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 0.240%, 8/17/2020 | 125,000,000 | |
100,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.675%, 8/21/2020 | 99,991,251 | |
740,000,000 | Mizuho Bank Ltd., 0.200% - 0.220%, 8/3/2020 - 8/28/2020 | 740,000,000 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.200%, 9/1/2020 - 9/2/2020 | 150,000,000 | |
225,000,000 | Toronto Dominion Bank, 0.450% - 0.600%, 5/4/2021 - 6/9/2021 | 225,388,126 | |
70,000,000 | Wells Fargo Bank International, 1.720% - 1.780%, 8/14/2020 - 9/4/2020 | 70,067,055 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $2,134,907,726) | 2,136,660,115 | ||
1 | COMMERCIAL PAPER—41.1% | ||
Aerospace/Auto—3.4% | |||
130,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.258% - 1.305%, 8/26/2020 - 11/16/2020 | 129,927,480 | |
50,000,000 | Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.531%, 11/2/2020 | 49,971,670 | |
165,000,000 | Toyota Finance Australia Ltd., (Toyota Motor Corp. Support Agreement), 0.380%, 12/16/2020 | 164,831,754 | |
415,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.511% - 1.735%, 10/26/2020 - 11/6/2020 | 414,776,970 | |
50,000,000 | Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 0.350%, 9/14/2020 | 49,978,611 | |
TOTAL | 809,486,485 | ||
Finance - Banking—7.2% | |||
96,750,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.240% - 0.250%, 9/2/2020 - 11/10/2020 | 96,705,216 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$225,000,000 | DNB Bank ASA, 0.190%, 10/27/2020 | $224,907,599 | |
50,000,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 0.220%, 9/4/2020 | 49,989,611 | |
25,800,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 0.210%, 8/7/2020 | 25,799,097 | |
245,361,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 0.160% - 0.210%, 9/2/2020 - 9/4/2020 | 245,318,137 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 0.220%, 8/10/2020 | 99,994,500 | |
89,000,000 | NRW.Bank, 0.185%, 10/30/2020 | 88,959,505 | |
432,400,000 | Nationwide Building Society, 0.190% - 0.205%, 8/6/2020 - 8/24/2020 | 432,370,249 | |
100,000,000 | Nordea Bank Abp, 0.190%, 10/27/2020 | 99,954,778 | |
350,000,000 | Toronto Dominion Bank, 0.120%, 8/5/2020 | 349,995,335 | |
TOTAL | 1,713,994,027 | ||
Finance - Commercial—4.6% | |||
40,000,000 | CAFCO, LLC, 0.954%, 10/20/2020 | 39,984,610 | |
285,000,000 | CHARTA, LLC, 0.230% - 0.371%, 8/7/2020 - 11/16/2020 | 284,915,959 | |
215,000,000 | CRC Funding, LLC, 0.200% - 1.258%, 10/1/2020 - 11/4/2020 | 214,903,591 | |
540,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.200% - 0.250%, 8/14/2020 - 9/22/2020 | 539,876,149 | |
TOTAL | 1,079,680,309 | ||
Finance - Retail—8.3% | |||
197,850,000 | Barton Capital S.A., 0.120% - 0.170%, 8/3/2020 - 8/26/2020 | 197,843,351 | |
615,700,000 | Chariot Funding LLC, 0.190% - 0.300%, 9/11/2020 - 11/30/2020 | 615,392,088 | |
190,000,000 | Fairway Finance Co. LLC, 0.250% - 1.258%, 8/13/2020 - 11/18/2020 | 189,916,136 | |
445,033,000 | Old Line Funding, LLC, 0.250% - 1.390%, 8/17/2020 - 11/10/2020 | 444,828,752 | |
50,000,000 | Old Line Funding, LLC, 0.360%, 2/24/2021 | 49,901,778 | |
413,000,000 | Sheffield Receivables Company LLC, 0.290% - 1.356%, 8/7/2020 - 11/3/2020 | 412,890,673 | |
70,000,000 | Thunder Bay Funding, LLC, 0.270% - 0.280%, 10/22/2020 | 69,973,371 | |
TOTAL | 1,980,746,149 | ||
Finance - Securities—8.0% | |||
445,000,000 | Anglesea Funding LLC, 0.381% - 1.306%, 8/14/2020 - 11/2/2020 | 444,835,469 | |
185,000,000 | Chesham Finance LLC Series III, 0.120%, 8/4/2020 - 8/5/2020 | 184,997,700 | |
177,500,000 | Chesham Finance LLC Series VII, 0.120% - 0.270%, 8/3/2020 - 9/15/2020 | 177,493,313 | |
250,000,000 | Collateralized Commercial Paper FLEX Co., LLC, 0.331% - 0.933%, 8/4/2020 - 12/28/2020 | 249,831,698 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Securities—continued | |||
$640,500,000 | Collateralized Commercial Paper V Co. LLC, 0.290% - 0.933%, 8/4/2020 - 1/20/2021 | $640,114,477 | |
100,000,000 | Longship Funding LLC, (Nordea Bank Abp COL), 0.210%, 8/10/2020 | 99,994,750 | |
95,000,000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), 0.130%, 8/3/2020 | 94,999,314 | |
TOTAL | 1,892,266,721 | ||
Insurance—0.1% | |||
20,000,000 | PRICOA Short Term Funding, LLC, 0.451%, 2/5/2021 | 19,978,685 | |
10,000,000 | UnitedHealth Group, Inc., 0.130%, 8/5/2020 | 9,999,855 | |
TOTAL | 29,978,540 | ||
Municipal—0.2% | |||
44,059,000 | Kaiser Foundation Hospital, (GTD by Kaiser Permanente), 0.350%, 9/9/2020 | 44,042,294 | |
Sovereign—9.3% | |||
518,600,000 | Caisse des Depots et Consignations (CDC), 0.210% - 0.300%, 8/3/2020 - 11/16/2020 | 518,499,639 | |
369,500,000 | Erste Abwicklungsanstalt, 0.230% - 0.240%, 9/21/2020 - 10/6/2020 | 369,384,554 | |
210,000,000 | FMS Wertmanagement AoR, 0.230% - 0.240%, 11/9/2020 - 11/12/2020 | 209,898,883 | |
950,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 0.240% - 0.280%, 8/15/2020 - 10/25/2020 | 949,751,855 | |
155,000,000 | Nederlandse Waterschapsbank NV, 0.120%, 8/6/2020 | 154,997,416 | |
TOTAL | 2,202,532,347 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $9,748,516,216) | 9,752,726,872 | ||
2 | NOTES - VARIABLE—18.1% | ||
Finance - Banking—15.9% | |||
120,000,000 | Bank of Montreal, 0.404% (1-month USLIBOR +0.240%), 8/6/2020 | 120,000,000 | |
100,000,000 | Bank of Montreal, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 100,033,577 | |
100,000,000 | Bank of Montreal, 0.470% (Effective Fed Funds +0.370%), 8/3/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 0.516% (3-month USLIBOR +0.130%), 8/17/2020 | 100,036,807 | |
123,000,000 | Bank of Montreal, 0.535% (3-month USLIBOR +0.100%), 8/12/2020 | 123,019,242 | |
100,000,000 | Bank of Montreal, 0.574% (3-month USLIBOR +0.140%), 8/13/2020 | 100,038,472 | |
40,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | 40,006,331 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | $50,007,914 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.388% (1-month USLIBOR +0.210%), 8/11/2020 | 100,007,939 | |
125,000,000 | Bank of Nova Scotia, Toronto, 0.408% (3-month USLIBOR +0.140%), 10/30/2020 | 125,048,303 | |
55,000,000 | Bank of Nova Scotia, Toronto, 0.421% (3-month USLIBOR +0.150%), 10/21/2020 | 55,020,244 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
65,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 65,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 50,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.300% (Effective Fed Funds +0.200%), 8/3/2020 | 65,026,101 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.405% (3-month USLIBOR +0.150%), 10/23/2020 | 60,022,651 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.406% (3-month USLIBOR +0.100%), 9/28/2020 | 50,014,081 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.429% (3-month USLIBOR +0.130%), 9/17/2020 | 54,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.480% (3-month USLIBOR +0.130%), 8/28/2020 | 65,020,924 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.487% (3-month USLIBOR +0.190%), 9/25/2020 | 30,000,000 | |
59,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2004K) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.190%, 8/5/2020 | 59,000,000 | |
50,000,000 | Canadian Imperial Bank of Commerce, 0.310% (Effective Fed Funds +0.210%), 8/3/2020 | 49,989,955 | |
250,000,000 | Canadian Imperial Bank of Commerce, 0.414% (1-month USLIBOR +0.250%), 8/4/2020 | 250,192,977 | |
98,500,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 98,500,000 | |
25,000,000 | Canadian Imperial Bank of Commerce, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 25,008,394 | |
150,000,000 | Canadian Imperial Bank of Commerce, 0.681% (3-month USLIBOR +0.140%), 8/5/2020 | 150,053,049 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 0.210%, 8/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 0.150%, 8/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 7,595,000 | |
14,425,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 14,425,000 | |
30,000,000 | J.P. Morgan Securities LLC, 0.386% (3-month USLIBOR +0.080%), 9/29/2020 | 29,988,843 | |
14,500,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.200%, 8/5/2020 | 14,500,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,000,000 | |
21,000,000 | Michigan State Housing Development Authority, (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 8/5/2020 | 21,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,780,000 | |
25,000,000 | National Australia Bank Ltd., Melbourne, 0.405% (3-month USLIBOR +0.090%), 9/11/2020 | 24,991,255 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 0.490% (3-month USLIBOR +0.130%), 8/25/2020 | 100,015,949 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 0.658% (1-month USLIBOR +0.480%), 8/13/2020 | 25,003,373 | |
4,385,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 0.270%, 8/6/2020 | 4,385,000 | |
45,000,000 | Royal Bank of Canada, 0.350% (Secured Overnight Financing Rate +0.250%), 8/3/2020 | 45,010,473 | |
50,000,000 | Royal Bank of Canada, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 50,000,000 | |
50,000,000 | Royal Bank of Canada, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 50,000,000 | |
100,000,000 | Royal Bank of Canada, 0.650% (Secured Overnight Financing Rate +0.550%), 8/3/2020 | 100,199,180 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 0.220%, 8/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 0.220%, 8/6/2020 | 20,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | $18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.550%, 8/6/2020 | 720,000 | |
205,000,000 | Toronto Dominion Bank, 0.420% (Effective Fed Funds +0.320%), 8/3/2020 | 205,072,299 | |
75,000,000 | Toronto Dominion Bank, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 75,000,000 | |
150,000,000 | Toronto Dominion Bank, 0.494% (3-month USLIBOR +0.190%), 10/5/2020 | 150,054,208 | |
75,000,000 | Toronto Dominion Bank, 0.498% (3-month USLIBOR +0.190%), 9/30/2020 | 75,028,481 | |
25,000,000 | Toronto Dominion Bank, 0.545% (3-month USLIBOR +0.300%), 10/27/2020 | 25,047,598 | |
40,000,000 | Toronto Dominion Bank, 0.573% (3-month USLIBOR +0.140%), 8/13/2020 | 40,015,389 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 8/6/2020 | 68,300,000 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 5,000,000 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.468% (3-month USLIBOR +0.150%), 9/8/2020 | 130,067,648 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 0.230%, 8/6/2020 | 6,485,000 | |
TOTAL | 3,775,702,401 | ||
Finance - Retail—0.4% | |||
75,000,000 | Old Line Funding, LLC, 0.413% (1-month USLIBOR +0.250%), 8/7/2020 | 75,039,563 | |
25,000,000 | Old Line Funding, LLC, 0.511% (3-month USLIBOR +0.130%), 8/19/2020 | 25,003,443 | |
TOTAL | 100,043,006 | ||
Finance - Securities—0.8% | |||
42,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.421% (1-month USLIBOR +0.250%), 8/3/2020 | 42,000,000 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.366% (1-month USLIBOR +0.200%), 8/3/2020 | 50,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Securities—continued | |||
$43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.565% (3-month USLIBOR +0.130%), 8/12/2020 | $43,509,465 | |
10,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 10,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 40,000,000 | |
TOTAL | 185,509,465 | ||
Government Agency—1.0% | |||
9,015,000 | Austen Children’s Gift Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 9,015,000 | |
2,250,000 | BWF Forge TL Properties Owner LLC, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 2,250,000 | |
6,830,000 | Baker Life Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/5/2020 | 6,830,000 | |
5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 0.220%, 8/6/2020 | 5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 16,000,000 | |
5,710,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 0.220%, 8/6/2020 | 5,710,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 19,640,000 | |
805,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 805,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | $5,010,000 | |
6,980,000 | RK Trust, (FHLB of Dallas LOC), 0.220%, 8/5/2020 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 6,255,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,975,000 | |
TOTAL | 224,760,000 | ||
TOTAL NOTES—VARIABLE (IDENTIFIED COST $4,284,800,098) | 4,286,014,872 | ||
U.S. TREASURY—12.2% | |||
3 | U.S. Treasury Bills—12.2% | ||
250,000,000 | United States Treasury Bills, 0.125%, 8/13/2020 | 249,989,445 | |
250,000,000 | United States Treasury Bills, 0.130%, 11/3/2020 | 249,939,305 | |
1,500,000,000 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,499,904,375 | |
900,000,000 | United States Treasury Bills, 0.135%, 9/1/2020 | 899,895,375 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $2,899,704,334) | 2,899,728,500 | ||
TIME DEPOSITS—4.2% | |||
Finance - Banking—4.2% | |||
600,000,000 | ABN Amro Bank NV, 0.130%, 8/3/2020 | 600,000,000 | |
400,000,000 | Australia & New Zealand Banking Group, Melbourne, 0.120%, 8/5/2020 | 400,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,000,000,000) | 1,000,000,000 | ||
MUNICIPAL BONDS—0.2% | |||
Municipal—0.2% | |||
21,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 22,185,805 | |
27,000,000 | Texas State, (Series 2019) TRANs, 4.000%, 8/27/2020 | 27,068,440 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $49,202,079) | 49,254,245 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—8.5% | |||
Finance - Banking—8.5% | |||
$125,000,000 | BMO Capital Markets Corp., 0.20%, dated 7/31/2020, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,002,917 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $178,411,964 have been received as collateral and held with BNY Mellon as tri-party agent. | $125,000,000 | |
100,000,000 | BNP Paribas SA, 0.22%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,833 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and sovereign debt with a market value of $102,001,870 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
125,000,000 | Merrill Lynch, Pierce, Fenner and Smith, 0.71%, dated 6/16/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,433,889 on 10/30/2020, in which American depositary receipts, corporate bonds, medium-term notes and unit investment trust with a market value of $255,165,825 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 0.59%, dated 7/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,001,967 on 8/3/2020, in which medium-term notes, treasury bonds and treasury notes with a market value of $40,802,006 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 0.70%, dated 5/21/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,297,075 on 11/17/2020, in which certificate of deposit, corporate bonds, medium-term notes and sovereign debt with a market value of $86,765,362 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
95,000,000 | Citigroup Global Markets, Inc., 0.75%, dated 5/21/2020, interest in a $165,000,000 collateralized loan agreement will repurchase securities provided as collateral for $165,617,925 on 11/17/2020, in which asset-backed securities, collateralized mortgage obligations and medium-term notes with a market value of $168,433,062 have been received as collateral and held with BNY Mellon as tri-party agent. | 95,000,000 | |
75,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/22/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,039,875 on 8/24/2020, in which sovereign debt with a market value of $153,014,791 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$50,000,000 | Credit Suisse Securities (USA) LLC, 0.60%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,150,000 on 10/21/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and municipal bonds with a market value of $102,018,735 have been received as collateral and held with BNY Mellon as tri-party agent. | $50,000,000 | |
75,000,000 | J.P. Morgan Securities LLC, 0.34%, dated 7/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,089,722 on 8/24/2020, in which corporate bonds and medium-term notes with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 0.21%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,750 on 8/3/2020, in which corporate bonds, medium-term notes, municipal bonds, treasury bonds and treasury notes with a market value of $102,002,232 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
75,000,000 | MUFG Securities Americas, Inc., 0.24%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,001,500 on 8/3/2020, in which American depositary receipts, corporate bonds and unit investment trust with a market value of $76,501,530 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
20,000,000 | Mizuho Securities USA, Inc., 0.50%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,125 on 8/3/2020, in which treasury notes with a market value of $76,503,274 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
115,000,000 | Mizuho Securities USA, Inc., 0.83%, dated 5/8/2020, interest in a $335,000,000 collateralized loan agreement will repurchase securities provided as collateral for $335,447,969 on 9/4/2020, in which corporate bonds and municipal bonds with a market value of $341,904,830 have been received as collateral and held with BNY Mellon as tri-party agent. | 115,000,000 | |
100,000,000 | Pershing LLC., 0.34%, dated 6/5/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,013,222 on 8/10/2020, in which asset-backed securities, exchange traded funds, certificate of deposit, collateralized mortgage obligations, commercial paper, common stocks, convertible bonds, corporate bonds, medium-term notes, municipal bonds and sovereign debt with a market value of $204,005,788 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$200,000,000 | Societe Generale, Paris, 0.20%, dated 7/31/2020, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,008,333 on 8/3/2020, in which asset-backed securities, corporate bonds, medium-term notes, sovereign and treasury notes with a market value of $510,008,500 have been received as collateral and held with BNY Mellon as tri-party agent. | $200,000,000 | |
315,000,000 | Societe Generale, Paris, 0.30%, dated 7/31/2020, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,016,250 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt with a market value of $663,016,939 have been received as collateral and held with BNY Mellon as tri-party agent. | 315,000,000 | |
50,000,000 | Standard Chartered Bank, 0.18%, dated 7/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,002,250 on 8/3/2020, in which treasury notes with a market value of $153,002,295 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.66%, dated 5/20/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,000 on 10/16/2020, in which convertible bonds with a market value of $153,039,270 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 0.66%, dated 6/1/2020, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,198,000 on 10/27/2020, in which convertible bonds with a market value of $122,411,220 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 0.67%, dated 6/8/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,167,500 on 10/6/2020, in which convertible bonds with a market value of $102,049,357 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,003,400,000) | 2,003,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—6.7% | |||
Finance - Banking—6.7% | |||
$750,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $750,006,250 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/25/2044 and the market value of those underlying securities was $765,042,364. | $750,000,000 | |
260,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | 260,000,000 | |
575,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,004,792 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/25/2059 and the market value of those underlying securities was $589,542,921. | 575,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $1,585,000,000) | 1,585,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $23,710,462,726)4 | 23,717,723,122 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%5 | 1,012,042 | ||
TOTAL NET ASSETS—100% | $23,718,735,164 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Discount rate at time of purchase. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TRANs | —Tax and Revenue Anticipation Notes |
VRDNs | —Variable Rate Demand Notes |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0136 | 0.0239 | 0.0156 | 0.0063 | 0.003 |
Net realized gain | 0.0003 | 0.0001 | 0.00001 | 0.0011 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0139 | 0.0240 | 0.0156 | 0.0074 | 0.004 |
Less Distributions: | |||||
Distributions from net investment income | (0.0136) | (0.0239) | (0.0156) | (0.0063) | (0.003) |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0136) | (0.0239) | (0.0156) | (0.0071) | (0.004) |
Net Asset Value, End of Period | $1.0007 | $1.0004 | $1.0003 | $1.0003 | $1.00 |
Total Return2 | 1.39% | 2.43% | 1.57% | 0.66% | 0.26% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.15% | 0.15% | 0.17% | 0.20% | 0.21% |
Net investment income | 1.37% | 2.41% | 1.62% | 0.40% | 0.26% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,611,390 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0003 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0112 | 0.0218 | 0.0134 | 0.0040 | 0.001 |
Net realized gain | 0.0003 | 0.0002 | 0.00001 | 0.0012 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0115 | 0.0220 | 0.0134 | 0.0052 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.0112) | (0.0218) | (0.0135) | (0.0040) | (0.001) |
Distributions from paid in surplus | — | — | — | (0.0009) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0112) | (0.0218) | (0.0135) | (0.0049) | (0.002) |
Net Asset Value, End of Period | $1.0007 | $1.0004 | $1.0002 | $1.0003 | $1.00 |
Total Return2 | 1.15% | 2.22% | 1.35% | 0.43% | 0.07% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.40% | 0.37% | 0.39% | 0.45% | 0.39% |
Net investment income | 1.22% | 2.21% | 1.33% | 0.13% | 0.07% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $83,818 | $93,979 | $47,817 | $37,873 | $1,841,641 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0002 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0131 | 0.0234 | 0.0151 | 0.0058 | 0.002 |
Net realized gain | 0.0004 | 0.0002 | 0.00001 | 0.0010 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0135 | 0.0236 | 0.0151 | 0.0068 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.0131) | (0.0234) | (0.0151) | (0.0058) | (0.002) |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0131) | (0.0234) | (0.0151) | (0.0066) | (0.003) |
Net Asset Value, End of Period | $1.0008 | $1.0004 | $1.0002 | $1.0002 | $1.00 |
Total Return2 | 1.35% | 2.39% | 1.52% | 0.60% | 0.21% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.20% | 0.23% | 0.25% | 0.26% |
Net investment income | 1.19% | 2.31% | 1.52% | 0.34% | 0.22% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,527 | $14,374 | $25,206 | $14,549 | $526,605 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $3,588,400,000 | |
Investment in securities | 20,129,323,122 | |
Investment in securities, at value (identified cost $23,710,462,726) | $23,717,723,122 | |
Income receivable | 5,993,702 | |
TOTAL ASSETS | 23,723,716,824 | |
Liabilities: | ||
Bank overdraft | $7,709 | |
Income distribution payable | 4,123,805 | |
Payable for Directors’/Trustees’ fees (Note 5) | 420 | |
Payable for investment adviser fee (Note 5) | 39,998 | |
Payable for administrative fee (Note 5) | 50,482 | |
Payable for custodian fees | 286,690 | |
Payable for share registration costs | 349,517 | |
Accrued expenses (Note 5) | 123,039 | |
TOTAL LIABILITIES | 4,981,660 | |
Net assets for 23,702,099,311 shares outstanding | $23,718,735,164 | |
Net Assets Consist of: | ||
Paid-in capital | $23,713,038,713 | |
Total distributable earnings | 5,696,451 | |
TOTAL NET ASSETS | $23,718,735,164 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$23,611,390,432 ÷ 23,594,827,722 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Service Shares: | ||
$83,818,097 ÷ 83,763,241 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Capital Shares: | ||
$23,526,635 ÷ 23,508,348 shares outstanding, no par value, unlimited shares authorized | $1.0008 |
Federated Institutional Prime Obligations Fund
Investment Income: | |||
Interest | $357,969,830 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $46,858,734 | ||
Administrative fee (Note 5) | 18,389,446 | ||
Custodian fees | 903,635 | ||
Transfer agent fee | 227,226 | ||
Directors’/Trustees’ fees (Note 5) | 116,682 | ||
Auditing fees | 25,110 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 262,906 | ||
Other service fees (Notes 2 and 5) | 288,041 | ||
Share registration costs | 448,624 | ||
Printing and postage | 25,976 | ||
Miscellaneous (Note 5) | 108,438 | ||
TOTAL EXPENSES | 67,662,529 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(31,082,399) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (501) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (31,082,900) | ||
Net expenses | 36,579,629 | ||
Net investment income | 321,390,201 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments | (1,568,343) | ||
Net change in unrealized appreciation of investments | 3,688,255 | ||
Change in net assets resulting from operations | $323,510,113 |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $321,390,201 | $372,519,522 |
Net realized gain (loss) | (1,568,343) | 55,250 |
Net change in unrealized appreciation/depreciation | 3,688,255 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 323,510,113 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (319,807,042) | (370,570,446) |
Service Shares | (1,400,428) | (1,436,015) |
Capital Shares | (233,170) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (321,440,640) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 63,468,243,391 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 53,575,799 | 78,813,357 |
Cost of shares redeemed | (61,060,281,709) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,461,537,481 | 10,237,851,652 |
Change in net assets | 2,463,606,954 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $23,718,735,164 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
Federated Institutional Prime Obligations Fund
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only |
use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $278,191 | $(48) | $(453) |
Capital Shares | $9,850 | $— | $— |
TOTAL | $288,041 | $(48) | $(453) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares1: | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 62,747,078,555 | $62,773,370,088 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 52,072,038 | 52,091,304 | 76,894,192 | 76,916,497 |
Shares redeemed | (60,342,756,540) | (60,362,871,020) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,456,394,053 | $2,462,590,372 | 10,200,041,071 | $10,203,091,670 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 275,734,832 | $275,819,555 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,251,498 | 1,251,881 | 1,401,043 | 1,401,450 |
Shares redeemed | (287,168,204) | (287,257,442) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (10,181,874) | $(10,186,006) | 46,138,848 | $46,149,459 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 418,856,851 | $419,053,748 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 232,523 | 232,614 | 487,051 | 487,169 |
Shares redeemed | (409,949,325) | (410,153,247) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 9,140,049 | $9,133,115 | (10,833,164) | $(10,836,104) |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares2: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,455,352,228 | $2,461,537,481 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
2020 | 2019 | |
Ordinary income1 | $321,440,640 | $372,544,757 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $4,398 |
Net unrealized appreciation | $7,260,396 |
Capital loss carryforwards | $(1,568,343) |
Short-Term | Long-Term | Total |
$1,568,343 | $— | $1,568,343 |
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 |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,004.10 | $0.752 |
Service Shares | $1,000 | $1,002.90 | $1.943 |
Capital Shares | $1,000 | $1,003.90 | $1.004 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.12 | $0.752 |
Service Shares | $1,000 | $1,022.92 | $1.963 |
Capital Shares | $1,000 | $1,023.87 | $1.014 |
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 | 0.15% |
Service Shares | 0.39% |
Capital Shares | 0.20% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.00 and $1.01, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.24 and $2.26, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.25% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.25 and $1.26, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 CHIEF INVESTMENT OFFICER Officer since: May 2004 Portfolio Manager since: July 1991 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since July 1991. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N708
CUSIP 608919767
Share Class | Ticker | Institutional | PVOXX |
Donahue
Security Type | Percentage of Total Net Assets2 |
Commercial Paper | 40.8% |
Variable Rate Instruments | 17.9% |
Other Repurchase Agreements and Repurchase Agreements | 15.4% |
Bank Instruments | 13.1% |
U.S. Treasury | 12.1% |
Municipal Bonds | 0.2% |
Asset-Backed Securities3 | 0.0% |
Other Assets and Liabilities—Net4 | 0.5% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | As of the date specified above, the Fund owned shares of an affiliated investment company. For purposes of this table, the affiliated investment company is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | Represents less than 0.1%. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amounts | Value | ||
INVESTMENT COMPANY—99.2% | |||
17,493,858,191 | Federated Hermes Institutional Prime Obligations Fund, Institutional Shares, 0.21%1 (IDENTIFIED COST $17,501,600,419) | $17,506,103,892 | |
OTHER REPURCHASE AGREEMENT—0.3% | |||
Finance - Banking—0.3% | |||
$50,000,000 | BMO Capital Markets Corp. 0.20%, dated 7/31/2020, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,002,917 on 8/3/2020 in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $178,411,964 have been received as collateral and held with BNY Mellon as tri-party agent. (IDENTIFIED COST $50,000,000) | 50,000,000 | |
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $17,551,600,419)2 | 17,556,103,892 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%3 | 88,297,176 | ||
TOTAL NET ASSETS—100% | $17,644,401,068 |
Federated Hermes Institutional Prime Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2019 | 14,610,947,700 |
Purchases/Additions | 17,305,000,000 |
Sales/Reductions | (14,422,089,509) |
Balance of Shares Held 7/31/2020 | 17,493,858,191 |
Value | $17,506,103,892 |
Change in Unrealized Appreciation/Depreciation | $2,599,630 |
Net Realized Gain/(Loss) | $(127,117) |
Dividend Income | $221,461,675 |
1 | 7-day net yield. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Other Repurchase Agreement | $— | $50,000,000 | $— | $50,000,000 |
Investment Company | 17,506,103,892 | — | — | 17,506,103,892 |
TOTAL SECURITIES | $17,506,103,892 | $50,000,000 | $— | $17,556,103,892 |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0136 | 0.0239 | 0.0156 | 0.0075 | 0.003 |
Net realized and unrealized gain (loss) | 0.0003 | 0.0001 | (0.0000)1 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0139 | 0.0240 | 0.0156 | 0.0077 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.0136) | (0.0239) | (0.0156) | (0.0075) | (0.003) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0136) | (0.0239) | (0.0156) | (0.0075) | (0.003) |
Net Asset Value, End of Period | $1.0006 | $1.0003 | $1.0002 | $1.0002 | $1.00 |
Total Return3 | 1.39% | 2.43% | 1.57% | 0.78% | 0.31% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.00%5 | — | 0.00%5 | 0.20% | 0.21% |
Net investment income | 1.36% | 2.41% | 1.59% | 0.77% | 0.31% |
Expense waiver/reimbursement6 | 0.29% | 0.29% | 0.29% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $15,937,441 | $13,599,422 | $6,992,551 | $4,454,446 | $4,639,018 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Represents less than 0.01%. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in securities, at value including $17,506,103,892 of investment in an affiliated holding* (identified cost $17,551,600,419) | $17,556,103,892 | |
Cash | 15,639 | |
Income receivable | 278 | |
Income receivable from an affiliated holding* | 3,630,579 | |
Receivable for shares sold | 106,524,490 | |
TOTAL ASSETS | 17,666,274,878 | |
Liabilities: | ||
Payable for shares redeemed | $18,666,776 | |
Income distribution payable | 2,239,781 | |
Payable for administrative fee (Note 5) | 37,365 | |
Payable for other service fees (Notes 2 and 5) | 315,253 | |
Accrued expenses (Note 5) | 614,635 | |
TOTAL LIABILITIES | 21,873,810 | |
Net assets for 17,633,661,624 shares outstanding | $17,644,401,068 | |
Net Assets Consist of: | ||
Paid-in capital | $17,640,065,381 | |
Total distributable earnings | 4,335,687 | |
TOTAL NET ASSETS | $17,644,401,068 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$15,937,440,860 ÷ 15,927,728,490 shares outstanding, no par value, unlimited shares authorized | $1.0006 | |
Service Shares: | ||
$1,687,886,489 ÷ 1,686,870,808 shares outstanding, no par value, unlimited shares authorized | $1.0006 | |
Capital Shares: | ||
$19,073,719 ÷ 19,062,326 shares outstanding, no par value, unlimited shares authorized | $1.0006 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |||
Dividends received from an affiliated holding* | $221,461,675 | ||
Interest | 816,411 | ||
TOTAL INCOME | 222,278,086 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $32,890,392 | ||
Administrative fee (Note 5) | 12,905,119 | ||
Custodian fees | 474,682 | ||
Transfer agent fee | 184,633 | ||
Directors’/Trustees’ fees (Note 5) | 82,097 | ||
Auditing fees | 25,110 | ||
Legal fees | 7,712 | ||
Portfolio accounting fees | 219,298 | ||
Other service fees (Notes 2 and 5) | 4,181,908 | ||
Share registration costs | 633,686 | ||
Printing and postage | 56,264 | ||
Miscellaneous (Note 5) | 118,270 | ||
TOTAL EXPENSES | 51,779,171 | ||
Waivers and Reimbursements (Notes 2 and 5): | |||
Waiver/reimbursement of investment adviser fee | $(32,890,392) | ||
Waiver and reimbursement of other operating expenses | (14,737,332) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (47,627,724) | ||
Net expenses | 4,151,447 | ||
Net investment income | 218,126,639 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments in an affiliated holding* | (127,117) | ||
Net change in unrealized appreciation of investments in an affiliated holding* | 2,599,630 | ||
Net realized and unrealized gain on investments | 2,472,513 | ||
Change in net assets resulting from operations | $220,599,152 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $218,126,639 | $242,045,436 |
Net realized gain (loss) | (127,117) | 1,004,735 |
Net change in unrealized appreciation/depreciation | 2,599,630 | 615,529 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 220,599,152 | 243,665,700 |
Distributions to Shareholders: | ||
Institutional Shares | (200,644,148) | (227,746,997) |
Service Shares | (17,315,051) | (13,713,304) |
Capital Shares | (265,606) | (591,746) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (218,224,805) | (242,052,047) |
Share Transactions: | ||
Proceeds from sale of shares | 60,672,429,597 | 42,460,937,874 |
Net asset value of shares issued to shareholders in payment of distributions declared | 80,647,515 | 78,067,066 |
Cost of shares redeemed | (57,782,476,083) | (35,060,572,125) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,970,601,029 | 7,478,432,815 |
Change in net assets | 2,972,975,376 | 7,480,046,468 |
Net Assets: | ||
Beginning of period | 14,671,425,692 | 7,191,379,224 |
End of period | $17,644,401,068 | $14,671,425,692 |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $4,160,503 | $(33) | $(30,428) |
Capital Shares | $21,405 | $— | $— |
TOTAL | $4,181,908 | $(33) | $(30,428) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 56,448,762,017 | $56,465,904,443 | 40,036,951,004 | $40,044,526,153 |
Shares issued to shareholders in payment of distributions declared | 63,133,165 | 63,148,887 | 64,134,982 | 64,147,966 |
Shares redeemed | (54,179,307,394) | (54,193,037,585) | (33,497,018,461) | (33,503,278,796) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,332,587,788 | $2,336,015,745 | 6,604,067,525 | $6,605,395,323 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,188,939,910 | $4,189,946,990 | 2,358,625,106 | $2,359,060,772 |
Shares issued to shareholders in payment of distributions declared | 17,229,215 | 17,233,068 | 13,325,579 | 13,328,378 |
Shares redeemed | (3,574,412,272) | (3,575,099,581) | (1,503,443,981) | (1,503,733,301) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 631,756,853 | $632,080,477 | 868,506,704 | $868,655,849 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 16,573,453 | $16,578,164 | 57,337,012 | $57,350,949 |
Shares issued to shareholders in payment of distributions declared | 265,498 | 265,560 | 590,617 | 590,722 |
Shares redeemed | (14,337,106) | (14,338,917) | (53,549,494) | (53,560,028) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 2,501,845 | $2,504,807 | 4,378,135 | $4,381,643 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,966,846,486 | $2,970,601,029 | 7,476,952,364 | $7,478,432,815 |
2020 | 2019 | |
Ordinary income | $218,173,184 | $242,052,047 |
Long-term capital gains | $51,621 | $— |
Distributions payable | $(40,669) |
Net unrealized appreciation | $4,503,473 |
Capital loss carryforward | $(127,117) |
Short-Term | Long-Term | Total |
$— | $127,117 | $127,117 |
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 |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,004.10 | $0.002,3 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,024.90 | $0.002,3 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.00%4, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
2 | Represents less than $0.01. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.00 and $1.01, respectively. |
4 | Represents less than 0.01%. |
Security Type | Percentage of Total Net Assets |
Commercial Paper | 41.1% |
Variable Rate Instruments | 18.1% |
Other Repurchase Agreements and Repurchase Agreements | 15.2% |
Bank Instruments | 13.2% |
U.S. Treasury | 12.2% |
Municipal Bonds | 0.2% |
Asset-Backed Securities2 | 0.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days5 | 35.6% |
8-30 Days | 21.4% |
31-90 Days | 28.0% |
91-180 Days | 12.0% |
181 Days or more | 3.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | Represents less than 0.1%. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
5 | Overnight securities comprised 15.8% of the Fund’s portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITY—0.0% | |||
Finance - Equipment—0.0% | |||
$4,932,273 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 (IDENTIFIED COST $4,932,273) | $4,938,518 | |
CERTIFICATES OF DEPOSIT—9.0% | |||
Finance - Banking—9.0% | |||
50,000,000 | BMO Harris Bank, N.A., 0.250%, 10/5/2020 | 50,012,095 | |
275,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | 275,001,372 | |
100,000,000 | Bank of Montreal, 1.450%, 2/26/2021 | 100,693,356 | |
300,000,000 | Canadian Imperial Bank of Commerce, 0.430% - 0.600%, 5/4/2021 - 5/28/2021 | 300,506,860 | |
125,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 0.240%, 8/17/2020 | 125,000,000 | |
100,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.675%, 8/21/2020 | 99,991,251 | |
740,000,000 | Mizuho Bank Ltd., 0.200% - 0.220%, 8/3/2020 - 8/28/2020 | 740,000,000 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.200%, 9/1/2020 - 9/2/2020 | 150,000,000 | |
225,000,000 | Toronto Dominion Bank, 0.450% - 0.600%, 5/4/2021 - 6/9/2021 | 225,388,126 | |
70,000,000 | Wells Fargo Bank International, 1.720% - 1.780%, 8/14/2020 - 9/4/2020 | 70,067,055 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $2,134,907,726) | 2,136,660,115 | ||
1 | COMMERCIAL PAPER—41.1% | ||
Aerospace/Auto—3.4% | |||
130,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.258% - 1.305%, 8/26/2020 - 11/16/2020 | 129,927,480 | |
50,000,000 | Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.531%, 11/2/2020 | 49,971,670 | |
165,000,000 | Toyota Finance Australia Ltd., (Toyota Motor Corp. Support Agreement), 0.380%, 12/16/2020 | 164,831,754 | |
415,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.511% - 1.735%, 10/26/2020 - 11/6/2020 | 414,776,970 | |
50,000,000 | Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 0.350%, 9/14/2020 | 49,978,611 | |
TOTAL | 809,486,485 | ||
Finance - Banking—7.2% | |||
96,750,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.240% - 0.250%, 9/2/2020 - 11/10/2020 | 96,705,216 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$225,000,000 | DNB Bank ASA, 0.190%, 10/27/2020 | $224,907,599 | |
50,000,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 0.220%, 9/4/2020 | 49,989,611 | |
25,800,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 0.210%, 8/7/2020 | 25,799,097 | |
245,361,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 0.160% - 0.210%, 9/2/2020 - 9/4/2020 | 245,318,137 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 0.220%, 8/10/2020 | 99,994,500 | |
89,000,000 | NRW.Bank, 0.185%, 10/30/2020 | 88,959,505 | |
432,400,000 | Nationwide Building Society, 0.190% - 0.205%, 8/6/2020 - 8/24/2020 | 432,370,249 | |
100,000,000 | Nordea Bank Abp, 0.190%, 10/27/2020 | 99,954,778 | |
350,000,000 | Toronto Dominion Bank, 0.120%, 8/5/2020 | 349,995,335 | |
TOTAL | 1,713,994,027 | ||
Finance - Commercial—4.6% | |||
40,000,000 | CAFCO, LLC, 0.954%, 10/20/2020 | 39,984,610 | |
285,000,000 | CHARTA, LLC, 0.230% - 0.371%, 8/7/2020 - 11/16/2020 | 284,915,959 | |
215,000,000 | CRC Funding, LLC, 0.200% - 1.258%, 10/1/2020 - 11/4/2020 | 214,903,591 | |
540,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.200% - 0.250%, 8/14/2020 - 9/22/2020 | 539,876,149 | |
TOTAL | 1,079,680,309 | ||
Finance - Retail—8.3% | |||
197,850,000 | Barton Capital S.A., 0.120% - 0.170%, 8/3/2020 - 8/26/2020 | 197,843,351 | |
615,700,000 | Chariot Funding LLC, 0.190% - 0.300%, 9/11/2020 - 11/30/2020 | 615,392,088 | |
190,000,000 | Fairway Finance Co. LLC, 0.250% - 1.258%, 8/13/2020 - 11/18/2020 | 189,916,136 | |
445,033,000 | Old Line Funding, LLC, 0.250% - 1.390%, 8/17/2020 - 11/10/2020 | 444,828,752 | |
50,000,000 | Old Line Funding, LLC, 0.360%, 2/24/2021 | 49,901,778 | |
413,000,000 | Sheffield Receivables Company LLC, 0.290% - 1.356%, 8/7/2020 - 11/3/2020 | 412,890,673 | |
70,000,000 | Thunder Bay Funding, LLC, 0.270% - 0.280%, 10/22/2020 | 69,973,371 | |
TOTAL | 1,980,746,149 | ||
Finance - Securities—8.0% | |||
445,000,000 | Anglesea Funding LLC, 0.381% - 1.306%, 8/14/2020 - 11/2/2020 | 444,835,469 | |
185,000,000 | Chesham Finance LLC Series III, 0.120%, 8/4/2020 - 8/5/2020 | 184,997,700 | |
177,500,000 | Chesham Finance LLC Series VII, 0.120% - 0.270%, 8/3/2020 - 9/15/2020 | 177,493,313 | |
250,000,000 | Collateralized Commercial Paper FLEX Co., LLC, 0.331% - 0.933%, 8/4/2020 - 12/28/2020 | 249,831,698 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Securities—continued | |||
$640,500,000 | Collateralized Commercial Paper V Co. LLC, 0.290% - 0.933%, 8/4/2020 - 1/20/2021 | $640,114,477 | |
100,000,000 | Longship Funding LLC, (Nordea Bank Abp COL), 0.210%, 8/10/2020 | 99,994,750 | |
95,000,000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), 0.130%, 8/3/2020 | 94,999,314 | |
TOTAL | 1,892,266,721 | ||
Insurance—0.1% | |||
20,000,000 | PRICOA Short Term Funding, LLC, 0.451%, 2/5/2021 | 19,978,685 | |
10,000,000 | UnitedHealth Group, Inc., 0.130%, 8/5/2020 | 9,999,855 | |
TOTAL | 29,978,540 | ||
Municipal—0.2% | |||
44,059,000 | Kaiser Foundation Hospital, (GTD by Kaiser Permanente), 0.350%, 9/9/2020 | 44,042,294 | |
Sovereign—9.3% | |||
518,600,000 | Caisse des Depots et Consignations (CDC), 0.210% - 0.300%, 8/3/2020 - 11/16/2020 | 518,499,639 | |
369,500,000 | Erste Abwicklungsanstalt, 0.230% - 0.240%, 9/21/2020 - 10/6/2020 | 369,384,554 | |
210,000,000 | FMS Wertmanagement AoR, 0.230% - 0.240%, 11/9/2020 - 11/12/2020 | 209,898,883 | |
950,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 0.240% - 0.280%, 8/15/2020 - 10/25/2020 | 949,751,855 | |
155,000,000 | Nederlandse Waterschapsbank NV, 0.120%, 8/6/2020 | 154,997,416 | |
TOTAL | 2,202,532,347 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $9,748,516,216) | 9,752,726,872 | ||
2 | NOTES - VARIABLE—18.1% | ||
Finance - Banking—15.9% | |||
120,000,000 | Bank of Montreal, 0.404% (1-month USLIBOR +0.240%), 8/6/2020 | 120,000,000 | |
100,000,000 | Bank of Montreal, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 100,033,577 | |
100,000,000 | Bank of Montreal, 0.470% (Effective Fed Funds +0.370%), 8/3/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 0.516% (3-month USLIBOR +0.130%), 8/17/2020 | 100,036,807 | |
123,000,000 | Bank of Montreal, 0.535% (3-month USLIBOR +0.100%), 8/12/2020 | 123,019,242 | |
100,000,000 | Bank of Montreal, 0.574% (3-month USLIBOR +0.140%), 8/13/2020 | 100,038,472 | |
40,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | 40,006,331 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | $50,007,914 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.388% (1-month USLIBOR +0.210%), 8/11/2020 | 100,007,939 | |
125,000,000 | Bank of Nova Scotia, Toronto, 0.408% (3-month USLIBOR +0.140%), 10/30/2020 | 125,048,303 | |
55,000,000 | Bank of Nova Scotia, Toronto, 0.421% (3-month USLIBOR +0.150%), 10/21/2020 | 55,020,244 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
65,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 65,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 50,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.300% (Effective Fed Funds +0.200%), 8/3/2020 | 65,026,101 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.405% (3-month USLIBOR +0.150%), 10/23/2020 | 60,022,651 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.406% (3-month USLIBOR +0.100%), 9/28/2020 | 50,014,081 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.429% (3-month USLIBOR +0.130%), 9/17/2020 | 54,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.480% (3-month USLIBOR +0.130%), 8/28/2020 | 65,020,924 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.487% (3-month USLIBOR +0.190%), 9/25/2020 | 30,000,000 | |
59,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2004K) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.190%, 8/5/2020 | 59,000,000 | |
50,000,000 | Canadian Imperial Bank of Commerce, 0.310% (Effective Fed Funds +0.210%), 8/3/2020 | 49,989,955 | |
250,000,000 | Canadian Imperial Bank of Commerce, 0.414% (1-month USLIBOR +0.250%), 8/4/2020 | 250,192,977 | |
98,500,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 98,500,000 | |
25,000,000 | Canadian Imperial Bank of Commerce, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 25,008,394 | |
150,000,000 | Canadian Imperial Bank of Commerce, 0.681% (3-month USLIBOR +0.140%), 8/5/2020 | 150,053,049 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 0.210%, 8/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 0.150%, 8/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 7,595,000 | |
14,425,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 14,425,000 | |
30,000,000 | J.P. Morgan Securities LLC, 0.386% (3-month USLIBOR +0.080%), 9/29/2020 | 29,988,843 | |
14,500,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.200%, 8/5/2020 | 14,500,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,000,000 | |
21,000,000 | Michigan State Housing Development Authority, (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 8/5/2020 | 21,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,780,000 | |
25,000,000 | National Australia Bank Ltd., Melbourne, 0.405% (3-month USLIBOR +0.090%), 9/11/2020 | 24,991,255 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 0.490% (3-month USLIBOR +0.130%), 8/25/2020 | 100,015,949 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 0.658% (1-month USLIBOR +0.480%), 8/13/2020 | 25,003,373 | |
4,385,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 0.270%, 8/6/2020 | 4,385,000 | |
45,000,000 | Royal Bank of Canada, 0.350% (Secured Overnight Financing Rate +0.250%), 8/3/2020 | 45,010,473 | |
50,000,000 | Royal Bank of Canada, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 50,000,000 | |
50,000,000 | Royal Bank of Canada, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 50,000,000 | |
100,000,000 | Royal Bank of Canada, 0.650% (Secured Overnight Financing Rate +0.550%), 8/3/2020 | 100,199,180 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 0.220%, 8/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 0.220%, 8/6/2020 | 20,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | $18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.550%, 8/6/2020 | 720,000 | |
205,000,000 | Toronto Dominion Bank, 0.420% (Effective Fed Funds +0.320%), 8/3/2020 | 205,072,299 | |
75,000,000 | Toronto Dominion Bank, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 75,000,000 | |
150,000,000 | Toronto Dominion Bank, 0.494% (3-month USLIBOR +0.190%), 10/5/2020 | 150,054,208 | |
75,000,000 | Toronto Dominion Bank, 0.498% (3-month USLIBOR +0.190%), 9/30/2020 | 75,028,481 | |
25,000,000 | Toronto Dominion Bank, 0.545% (3-month USLIBOR +0.300%), 10/27/2020 | 25,047,598 | |
40,000,000 | Toronto Dominion Bank, 0.573% (3-month USLIBOR +0.140%), 8/13/2020 | 40,015,389 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 8/6/2020 | 68,300,000 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 5,000,000 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.468% (3-month USLIBOR +0.150%), 9/8/2020 | 130,067,648 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 0.230%, 8/6/2020 | 6,485,000 | |
TOTAL | 3,775,702,401 | ||
Finance - Retail—0.4% | |||
75,000,000 | Old Line Funding, LLC, 0.413% (1-month USLIBOR +0.250%), 8/7/2020 | 75,039,563 | |
25,000,000 | Old Line Funding, LLC, 0.511% (3-month USLIBOR +0.130%), 8/19/2020 | 25,003,443 | |
TOTAL | 100,043,006 | ||
Finance - Securities—0.8% | |||
42,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.421% (1-month USLIBOR +0.250%), 8/3/2020 | 42,000,000 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.366% (1-month USLIBOR +0.200%), 8/3/2020 | 50,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Securities—continued | |||
$43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.565% (3-month USLIBOR +0.130%), 8/12/2020 | $43,509,465 | |
10,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 10,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 40,000,000 | |
TOTAL | 185,509,465 | ||
Government Agency—1.0% | |||
9,015,000 | Austen Children’s Gift Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 9,015,000 | |
2,250,000 | BWF Forge TL Properties Owner LLC, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 2,250,000 | |
6,830,000 | Baker Life Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/5/2020 | 6,830,000 | |
5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 0.220%, 8/6/2020 | 5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 16,000,000 | |
5,710,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 0.220%, 8/6/2020 | 5,710,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 19,640,000 | |
805,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 805,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | $5,010,000 | |
6,980,000 | RK Trust, (FHLB of Dallas LOC), 0.220%, 8/5/2020 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 6,255,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,975,000 | |
TOTAL | 224,760,000 | ||
TOTAL NOTES—VARIABLE (IDENTIFIED COST $4,284,800,098) | 4,286,014,872 | ||
U.S. TREASURY—12.2% | |||
3 | U.S. Treasury Bills—12.2% | ||
250,000,000 | United States Treasury Bills, 0.125%, 8/13/2020 | 249,989,445 | |
250,000,000 | United States Treasury Bills, 0.130%, 11/3/2020 | 249,939,305 | |
1,500,000,000 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,499,904,375 | |
900,000,000 | United States Treasury Bills, 0.135%, 9/1/2020 | 899,895,375 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $2,899,704,334) | 2,899,728,500 | ||
TIME DEPOSITS—4.2% | |||
Finance - Banking—4.2% | |||
600,000,000 | ABN Amro Bank NV, 0.130%, 8/3/2020 | 600,000,000 | |
400,000,000 | Australia & New Zealand Banking Group, Melbourne, 0.120%, 8/5/2020 | 400,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,000,000,000) | 1,000,000,000 | ||
MUNICIPAL BONDS—0.2% | |||
Municipal—0.2% | |||
21,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 22,185,805 | |
27,000,000 | Texas State, (Series 2019) TRANs, 4.000%, 8/27/2020 | 27,068,440 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $49,202,079) | 49,254,245 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—8.5% | |||
Finance - Banking—8.5% | |||
$125,000,000 | BMO Capital Markets Corp., 0.20%, dated 7/31/2020, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,002,917 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $178,411,964 have been received as collateral and held with BNY Mellon as tri-party agent. | $125,000,000 | |
100,000,000 | BNP Paribas SA, 0.22%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,833 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and sovereign debt with a market value of $102,001,870 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
125,000,000 | Merrill Lynch, Pierce, Fenner and Smith, 0.71%, dated 6/16/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,433,889 on 10/30/2020, in which American depositary receipts, corporate bonds, medium-term notes and unit investment trust with a market value of $255,165,825 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 0.59%, dated 7/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,001,967 on 8/3/2020, in which medium-term notes, treasury bonds and treasury notes with a market value of $40,802,006 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 0.70%, dated 5/21/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,297,075 on 11/17/2020, in which certificate of deposit, corporate bonds, medium-term notes and sovereign debt with a market value of $86,765,362 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
95,000,000 | Citigroup Global Markets, Inc., 0.75%, dated 5/21/2020, interest in a $165,000,000 collateralized loan agreement will repurchase securities provided as collateral for $165,617,925 on 11/17/2020, in which asset-backed securities, collateralized mortgage obligations and medium-term notes with a market value of $168,433,062 have been received as collateral and held with BNY Mellon as tri-party agent. | 95,000,000 | |
75,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/22/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,039,875 on 8/24/2020, in which sovereign debt with a market value of $153,014,791 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$50,000,000 | Credit Suisse Securities (USA) LLC, 0.60%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,150,000 on 10/21/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and municipal bonds with a market value of $102,018,735 have been received as collateral and held with BNY Mellon as tri-party agent. | $50,000,000 | |
75,000,000 | J.P. Morgan Securities LLC, 0.34%, dated 7/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,089,722 on 8/24/2020, in which corporate bonds and medium-term notes with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 0.21%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,750 on 8/3/2020, in which corporate bonds, medium-term notes, municipal bonds, treasury bonds and treasury notes with a market value of $102,002,232 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
75,000,000 | MUFG Securities Americas, Inc., 0.24%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,001,500 on 8/3/2020, in which American depositary receipts, corporate bonds and unit investment trust with a market value of $76,501,530 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
20,000,000 | Mizuho Securities USA, Inc., 0.50%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,125 on 8/3/2020, in which treasury notes with a market value of $76,503,274 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
115,000,000 | Mizuho Securities USA, Inc., 0.83%, dated 5/8/2020, interest in a $335,000,000 collateralized loan agreement will repurchase securities provided as collateral for $335,447,969 on 9/4/2020, in which corporate bonds and municipal bonds with a market value of $341,904,830 have been received as collateral and held with BNY Mellon as tri-party agent. | 115,000,000 | |
100,000,000 | Pershing LLC., 0.34%, dated 6/5/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,013,222 on 8/10/2020, in which asset-backed securities, exchange traded funds, certificate of deposit, collateralized mortgage obligations, commercial paper, common stocks, convertible bonds, corporate bonds, medium-term notes, municipal bonds and sovereign debt with a market value of $204,005,788 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$200,000,000 | Societe Generale, Paris, 0.20%, dated 7/31/2020, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,008,333 on 8/3/2020, in which asset-backed securities, corporate bonds, medium-term notes, sovereign and treasury notes with a market value of $510,008,500 have been received as collateral and held with BNY Mellon as tri-party agent. | $200,000,000 | |
315,000,000 | Societe Generale, Paris, 0.30%, dated 7/31/2020, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,016,250 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt with a market value of $663,016,939 have been received as collateral and held with BNY Mellon as tri-party agent. | 315,000,000 | |
50,000,000 | Standard Chartered Bank, 0.18%, dated 7/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,002,250 on 8/3/2020, in which treasury notes with a market value of $153,002,295 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.66%, dated 5/20/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,000 on 10/16/2020, in which convertible bonds with a market value of $153,039,270 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 0.66%, dated 6/1/2020, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,198,000 on 10/27/2020, in which convertible bonds with a market value of $122,411,220 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 0.67%, dated 6/8/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,167,500 on 10/6/2020, in which convertible bonds with a market value of $102,049,357 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,003,400,000) | 2,003,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—6.7% | |||
Finance - Banking—6.7% | |||
$750,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $750,006,250 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/25/2044 and the market value of those underlying securities was $765,042,364. | $750,000,000 | |
260,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | 260,000,000 | |
575,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,004,792 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/25/2059 and the market value of those underlying securities was $589,542,921. | 575,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $1,585,000,000) | 1,585,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $23,710,462,726)4 | 23,717,723,122 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%5 | 1,012,042 | ||
TOTAL NET ASSETS—100% | $23,718,735,164 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Discount rate at time of purchase. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TRANs | —Tax and Revenue Anticipation Notes |
VRDNs | —Variable Rate Demand Notes |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0136 | 0.0239 | 0.0156 | 0.0063 | 0.003 |
Net realized gain | 0.0003 | 0.0001 | 0.00001 | 0.0011 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0139 | 0.0240 | 0.0156 | 0.0074 | 0.004 |
Less Distributions: | |||||
Distributions from net investment income | (0.0136) | (0.0239) | (0.0156) | (0.0063) | (0.003) |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0136) | (0.0239) | (0.0156) | (0.0071) | (0.004) |
Net Asset Value, End of Period | $1.0007 | $1.0004 | $1.0003 | $1.0003 | $1.00 |
Total Return2 | 1.39% | 2.43% | 1.57% | 0.66% | 0.26% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.15% | 0.15% | 0.17% | 0.20% | 0.21% |
Net investment income | 1.37% | 2.41% | 1.62% | 0.40% | 0.26% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,611,390 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $3,588,400,000 | |
Investment in securities | 20,129,323,122 | |
Investment in securities, at value (identified cost $23,710,462,726) | $23,717,723,122 | |
Income receivable | 5,993,702 | |
TOTAL ASSETS | 23,723,716,824 | |
Liabilities: | ||
Bank overdraft | $7,709 | |
Income distribution payable | 4,123,805 | |
Payable for Directors’/Trustees’ fees (Note 5) | 420 | |
Payable for investment adviser fee (Note 5) | 39,998 | |
Payable for administrative fee (Note 5) | 50,482 | |
Payable for custodian fees | 286,690 | |
Payable for share registration costs | 349,517 | |
Accrued expenses (Note 5) | 123,039 | |
TOTAL LIABILITIES | 4,981,660 | |
Net assets for 23,702,099,311 shares outstanding | $23,718,735,164 | |
Net Assets Consist of: | ||
Paid-in capital | $23,713,038,713 | |
Total distributable earnings | 5,696,451 | |
TOTAL NET ASSETS | $23,718,735,164 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$23,611,390,432 ÷ 23,594,827,722 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Service Shares: | ||
$83,818,097 ÷ 83,763,241 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Capital Shares: | ||
$23,526,635 ÷ 23,508,348 shares outstanding, no par value, unlimited shares authorized | $1.0008 |
Federated Institutional Prime Obligations Fund
Investment Income: | |||
Interest | $357,969,830 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $46,858,734 | ||
Administrative fee (Note 5) | 18,389,446 | ||
Custodian fees | 903,635 | ||
Transfer agent fee | 227,226 | ||
Directors’/Trustees’ fees (Note 5) | 116,682 | ||
Auditing fees | 25,110 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 262,906 | ||
Other service fees (Notes 2 and 5) | 288,041 | ||
Share registration costs | 448,624 | ||
Printing and postage | 25,976 | ||
Miscellaneous (Note 5) | 108,438 | ||
TOTAL EXPENSES | 67,662,529 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(31,082,399) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (501) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (31,082,900) | ||
Net expenses | 36,579,629 | ||
Net investment income | 321,390,201 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments | (1,568,343) | ||
Net change in unrealized appreciation of investments | 3,688,255 | ||
Change in net assets resulting from operations | $323,510,113 |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $321,390,201 | $372,519,522 |
Net realized gain (loss) | (1,568,343) | 55,250 |
Net change in unrealized appreciation/depreciation | 3,688,255 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 323,510,113 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (319,807,042) | (370,570,446) |
Service Shares | (1,400,428) | (1,436,015) |
Capital Shares | (233,170) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (321,440,640) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 63,468,243,391 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 53,575,799 | 78,813,357 |
Cost of shares redeemed | (61,060,281,709) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,461,537,481 | 10,237,851,652 |
Change in net assets | 2,463,606,954 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $23,718,735,164 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each |
time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $278,191 | $(48) | $(453) |
Capital Shares | $9,850 | $— | $— |
TOTAL | $288,041 | $(48) | $(453) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares1: | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 62,747,078,555 | $62,773,370,088 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 52,072,038 | 52,091,304 | 76,894,192 | 76,916,497 |
Shares redeemed | (60,342,756,540) | (60,362,871,020) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,456,394,053 | $2,462,590,372 | 10,200,041,071 | $10,203,091,670 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 275,734,832 | $275,819,555 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,251,498 | 1,251,881 | 1,401,043 | 1,401,450 |
Shares redeemed | (287,168,204) | (287,257,442) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (10,181,874) | $(10,186,006) | 46,138,848 | $46,149,459 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 418,856,851 | $419,053,748 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 232,523 | 232,614 | 487,051 | 487,169 |
Shares redeemed | (409,949,325) | (410,153,247) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 9,140,049 | $9,133,115 | (10,833,164) | $(10,836,104) |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares2: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,455,352,228 | $2,461,537,481 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
2020 | 2019 | |
Ordinary income1 | $321,440,640 | $372,544,757 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $4,398 |
Net unrealized appreciation | $7,260,396 |
Capital loss carryforwards | $(1,568,343) |
Short-Term | Long-Term | Total |
$1,568,343 | $— | $1,568,343 |
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 |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,004.10 | $0.752 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,024.12 | $0.752 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.00 and $1.01, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | PVOXX | Service | PVSXX | Capital | PVCXX |
Donahue
Security Type | Percentage of Total Net Assets2 |
Commercial Paper | 40.8% |
Variable Rate Instruments | 17.9% |
Other Repurchase Agreements and Repurchase Agreements | 15.4% |
Bank Instruments | 13.1% |
U.S. Treasury | 12.1% |
Municipal Bonds | 0.2% |
Asset-Backed Securities3 | 0.0% |
Other Assets and Liabilities—Net4 | 0.5% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | As of the date specified above, the Fund owned shares of an affiliated investment company. For purposes of this table, the affiliated investment company is not treated as a single portfolio security, but rather the Fund is treated as owning a pro rata portion of each security and each other asset and liability owned by the affiliated investment company. Accordingly, the percentages of total net assets shown in the table will differ from those presented on the Portfolio of Investments. |
3 | Represents less than 0.1%. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Shares or Principal Amounts | Value | ||
INVESTMENT COMPANY—99.2% | |||
17,493,858,191 | Federated Hermes Institutional Prime Obligations Fund, Institutional Shares, 0.21%1 (IDENTIFIED COST $17,501,600,419) | $17,506,103,892 | |
OTHER REPURCHASE AGREEMENT—0.3% | |||
Finance - Banking—0.3% | |||
$50,000,000 | BMO Capital Markets Corp. 0.20%, dated 7/31/2020, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,002,917 on 8/3/2020 in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $178,411,964 have been received as collateral and held with BNY Mellon as tri-party agent. (IDENTIFIED COST $50,000,000) | 50,000,000 | |
TOTAL INVESTMENT IN SECURITIES—99.5% (IDENTIFIED COST $17,551,600,419)2 | 17,556,103,892 | ||
OTHER ASSETS AND LIABILITIES - NET—0.5%3 | 88,297,176 | ||
TOTAL NET ASSETS—100% | $17,644,401,068 |
Federated Hermes Institutional Prime Obligations Fund, Institutional Shares | |
Balance of Shares Held 7/31/2019 | 14,610,947,700 |
Purchases/Additions | 17,305,000,000 |
Sales/Reductions | (14,422,089,509) |
Balance of Shares Held 7/31/2020 | 17,493,858,191 |
Value | $17,506,103,892 |
Change in Unrealized Appreciation/Depreciation | $2,599,630 |
Net Realized Gain/(Loss) | $(127,117) |
Dividend Income | $221,461,675 |
1 | 7-day net yield. |
2 | Also represents cost for federal tax purposes. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Debt Securities: | ||||
Other Repurchase Agreement | $— | $50,000,000 | $— | $50,000,000 |
Investment Company | 17,506,103,892 | — | — | 17,506,103,892 |
TOTAL SECURITIES | $17,506,103,892 | $50,000,000 | $— | $17,556,103,892 |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0136 | 0.0239 | 0.0156 | 0.0075 | 0.003 |
Net realized and unrealized gain (loss) | 0.0003 | 0.0001 | (0.0000)1 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0139 | 0.0240 | 0.0156 | 0.0077 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.0136) | (0.0239) | (0.0156) | (0.0075) | (0.003) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0136) | (0.0239) | (0.0156) | (0.0075) | (0.003) |
Net Asset Value, End of Period | $1.0006 | $1.0003 | $1.0002 | $1.0002 | $1.00 |
Total Return3 | 1.39% | 2.43% | 1.57% | 0.78% | 0.31% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.00%5 | — | 0.00%5 | 0.20% | 0.21% |
Net investment income | 1.36% | 2.41% | 1.59% | 0.77% | 0.31% |
Expense waiver/reimbursement6 | 0.29% | 0.29% | 0.29% | 0.09% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $15,937,441 | $13,599,422 | $6,992,551 | $4,454,446 | $4,639,018 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | Represents less than 0.01%. |
6 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0111 | 0.0214 | 0.0131 | 0.0050 | 0.001 |
Net realized and unrealized gain (loss) | 0.0003 | 0.0001 | (0.0000)1 | 0.0002 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0114 | 0.0215 | 0.0131 | 0.0052 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.0111) | (0.0214) | (0.0131) | (0.0050) | (0.001) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0111) | (0.0214) | (0.0131) | (0.0050) | (0.001) |
Net Asset Value, End of Period | $1.0006 | $1.0003 | $1.0002 | $1.0002 | $1.00 |
Total Return3 | 1.14% | 2.18% | 1.31% | 0.53% | 0.10% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.25% | 0.25% | 0.25% | 0.45% | 0.41% |
Net investment income | 1.04% | 2.20% | 1.26% | 0.34% | 0.09% |
Expense waiver/reimbursement5 | 0.29% | 0.29% | 0.29% | 0.09% | 0.13% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,687,886 | $1,055,438 | $186,643 | $129,412 | $1,229,801 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0003 | $1.0002 | $1.0002 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0126 | 0.0230 | 0.0146 | 0.0064 | 0.002 |
Net realized and unrealized gain (loss) | 0.0003 | (0.0000)1 | (0.0000)1 | 0.0003 | 0.0002 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0129 | 0.0230 | 0.0146 | 0.0067 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.0126) | (0.0229) | (0.0146) | (0.0065) | (0.002) |
Distributions from net realized gain | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.0000)1 | (0.000)2 |
TOTAL DISTRIBUTIONS | (0.0126) | (0.0229) | (0.0146) | (0.0065) | (0.002) |
Net Asset Value, End of Period | $1.0006 | $1.0003 | $1.0002 | $1.0002 | $1.00 |
Total Return3 | 1.29% | 2.33% | 1.47% | 0.68% | 0.21% |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.10% | 0.10% | 0.10% | 0.30% | 0.31% |
Net investment income | 1.24% | 2.31% | 1.40% | 0.34% | 0.21% |
Expense waiver/reimbursement5 | 0.29% | 0.29% | 0.29% | 0.10% | 0.09% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $19,074 | $16,566 | $12,185 | $20,587 | $627,753 |
1 | Represents less than $0.0001. |
2 | Represents less than $0.001. |
3 | Based on net asset value. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in securities, at value including $17,506,103,892 of investment in an affiliated holding* (identified cost $17,551,600,419) | $17,556,103,892 | |
Cash | 15,639 | |
Income receivable | 278 | |
Income receivable from an affiliated holding* | 3,630,579 | |
Receivable for shares sold | 106,524,490 | |
TOTAL ASSETS | 17,666,274,878 | |
Liabilities: | ||
Payable for shares redeemed | $18,666,776 | |
Income distribution payable | 2,239,781 | |
Payable for administrative fee (Note 5) | 37,365 | |
Payable for other service fees (Notes 2 and 5) | 315,253 | |
Accrued expenses (Note 5) | 614,635 | |
TOTAL LIABILITIES | 21,873,810 | |
Net assets for 17,633,661,624 shares outstanding | $17,644,401,068 | |
Net Assets Consist of: | ||
Paid-in capital | $17,640,065,381 | |
Total distributable earnings | 4,335,687 | |
TOTAL NET ASSETS | $17,644,401,068 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$15,937,440,860 ÷ 15,927,728,490 shares outstanding, no par value, unlimited shares authorized | $1.0006 | |
Service Shares: | ||
$1,687,886,489 ÷ 1,686,870,808 shares outstanding, no par value, unlimited shares authorized | $1.0006 | |
Capital Shares: | ||
$19,073,719 ÷ 19,062,326 shares outstanding, no par value, unlimited shares authorized | $1.0006 |
* | See information listed after the Fund’s Portfolio of Investments. |
Investment Income: | |||
Dividends received from an affiliated holding* | $221,461,675 | ||
Interest | 816,411 | ||
TOTAL INCOME | 222,278,086 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $32,890,392 | ||
Administrative fee (Note 5) | 12,905,119 | ||
Custodian fees | 474,682 | ||
Transfer agent fee | 184,633 | ||
Directors’/Trustees’ fees (Note 5) | 82,097 | ||
Auditing fees | 25,110 | ||
Legal fees | 7,712 | ||
Portfolio accounting fees | 219,298 | ||
Other service fees (Notes 2 and 5) | 4,181,908 | ||
Share registration costs | 633,686 | ||
Printing and postage | 56,264 | ||
Miscellaneous (Note 5) | 118,270 | ||
TOTAL EXPENSES | 51,779,171 | ||
Waivers and Reimbursements (Notes 2 and 5): | |||
Waiver/reimbursement of investment adviser fee | $(32,890,392) | ||
Waiver and reimbursement of other operating expenses | (14,737,332) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (47,627,724) | ||
Net expenses | 4,151,447 | ||
Net investment income | 218,126,639 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments in an affiliated holding* | (127,117) | ||
Net change in unrealized appreciation of investments in an affiliated holding* | 2,599,630 | ||
Net realized and unrealized gain on investments | 2,472,513 | ||
Change in net assets resulting from operations | $220,599,152 |
* | See information listed after the Fund’s Portfolio of Investments. |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $218,126,639 | $242,045,436 |
Net realized gain (loss) | (127,117) | 1,004,735 |
Net change in unrealized appreciation/depreciation | 2,599,630 | 615,529 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 220,599,152 | 243,665,700 |
Distributions to Shareholders: | ||
Institutional Shares | (200,644,148) | (227,746,997) |
Service Shares | (17,315,051) | (13,713,304) |
Capital Shares | (265,606) | (591,746) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (218,224,805) | (242,052,047) |
Share Transactions: | ||
Proceeds from sale of shares | 60,672,429,597 | 42,460,937,874 |
Net asset value of shares issued to shareholders in payment of distributions declared | 80,647,515 | 78,067,066 |
Cost of shares redeemed | (57,782,476,083) | (35,060,572,125) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,970,601,029 | 7,478,432,815 |
Change in net assets | 2,972,975,376 | 7,480,046,468 |
Net Assets: | ||
Beginning of period | 14,671,425,692 | 7,191,379,224 |
End of period | $17,644,401,068 | $14,671,425,692 |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $4,160,503 | $(33) | $(30,428) |
Capital Shares | $21,405 | $— | $— |
TOTAL | $4,181,908 | $(33) | $(30,428) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 56,448,762,017 | $56,465,904,443 | 40,036,951,004 | $40,044,526,153 |
Shares issued to shareholders in payment of distributions declared | 63,133,165 | 63,148,887 | 64,134,982 | 64,147,966 |
Shares redeemed | (54,179,307,394) | (54,193,037,585) | (33,497,018,461) | (33,503,278,796) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,332,587,788 | $2,336,015,745 | 6,604,067,525 | $6,605,395,323 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,188,939,910 | $4,189,946,990 | 2,358,625,106 | $2,359,060,772 |
Shares issued to shareholders in payment of distributions declared | 17,229,215 | 17,233,068 | 13,325,579 | 13,328,378 |
Shares redeemed | (3,574,412,272) | (3,575,099,581) | (1,503,443,981) | (1,503,733,301) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 631,756,853 | $632,080,477 | 868,506,704 | $868,655,849 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 16,573,453 | $16,578,164 | 57,337,012 | $57,350,949 |
Shares issued to shareholders in payment of distributions declared | 265,498 | 265,560 | 590,617 | 590,722 |
Shares redeemed | (14,337,106) | (14,338,917) | (53,549,494) | (53,560,028) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 2,501,845 | $2,504,807 | 4,378,135 | $4,381,643 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,966,846,486 | $2,970,601,029 | 7,476,952,364 | $7,478,432,815 |
2020 | 2019 | |
Ordinary income | $218,173,184 | $242,052,047 |
Long-term capital gains | $51,621 | $— |
Distributions payable | $(40,669) |
Net unrealized appreciation | $4,503,473 |
Capital loss carryforward | $(127,117) |
Short-Term | Long-Term | Total |
$— | $127,117 | $127,117 |
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 |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,004.10 | $0.002,3 |
Service Shares | $1,000 | $1,002.90 | $1.244 |
Capital Shares | $1,000 | $1,003.60 | $0.505 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,024.90 | $0.002,3 |
Service Shares | $1,000 | $1,023.60 | $1.264 |
Capital Shares | $1,000 | $1,024.40 | $0.505 |
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 | 0.00%6 |
Service Shares | 0.25% |
Capital Shares | 0.10% |
2 | Represents less than $0.01. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.00 and $1.01, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.24 and $2.26, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Capital Shares current Fee Limit of 0.30% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.49 and $1.51, respectively. |
6 | Represents less than 0.01%. |
Security Type | Percentage of Total Net Assets |
Commercial Paper | 41.1% |
Variable Rate Instruments | 18.1% |
Other Repurchase Agreements and Repurchase Agreements | 15.2% |
Bank Instruments | 13.2% |
U.S. Treasury | 12.2% |
Municipal Bonds | 0.2% |
Asset-Backed Securities2 | 0.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days5 | 35.6% |
8-30 Days | 21.4% |
31-90 Days | 28.0% |
91-180 Days | 12.0% |
181 Days or more | 3.0% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for more complete information regarding these security types. |
2 | Represents less than 0.1%. |
3 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
5 | Overnight securities comprised 15.8% of the Fund’s portfolio. |
Principal Amount | Value | ||
ASSET-BACKED SECURITY—0.0% | |||
Finance - Equipment—0.0% | |||
$4,932,273 | Ascentium Equipment Receivables 2019-2 Trust, Class A1, 2.150%, 11/10/2020 (IDENTIFIED COST $4,932,273) | $4,938,518 | |
CERTIFICATES OF DEPOSIT—9.0% | |||
Finance - Banking—9.0% | |||
50,000,000 | BMO Harris Bank, N.A., 0.250%, 10/5/2020 | 50,012,095 | |
275,000,000 | Bank of Montreal, 0.220%, 10/29/2020 | 275,001,372 | |
100,000,000 | Bank of Montreal, 1.450%, 2/26/2021 | 100,693,356 | |
300,000,000 | Canadian Imperial Bank of Commerce, 0.430% - 0.600%, 5/4/2021 - 5/28/2021 | 300,506,860 | |
125,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 0.240%, 8/17/2020 | 125,000,000 | |
100,000,000 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 1.675%, 8/21/2020 | 99,991,251 | |
740,000,000 | Mizuho Bank Ltd., 0.200% - 0.220%, 8/3/2020 - 8/28/2020 | 740,000,000 | |
150,000,000 | Sumitomo Mitsui Trust Bank Ltd., 0.200%, 9/1/2020 - 9/2/2020 | 150,000,000 | |
225,000,000 | Toronto Dominion Bank, 0.450% - 0.600%, 5/4/2021 - 6/9/2021 | 225,388,126 | |
70,000,000 | Wells Fargo Bank International, 1.720% - 1.780%, 8/14/2020 - 9/4/2020 | 70,067,055 | |
TOTAL CERTIFICATES OF DEPOSIT (IDENTIFIED COST $2,134,907,726) | 2,136,660,115 | ||
1 | COMMERCIAL PAPER—41.1% | ||
Aerospace/Auto—3.4% | |||
130,000,000 | Toyota Credit Canada, Inc., (Toyota Motor Corp. Support Agreement), 1.258% - 1.305%, 8/26/2020 - 11/16/2020 | 129,927,480 | |
50,000,000 | Toyota Credit De Puerto Rico Corp., (Toyota Motor Corp. Support Agreement), 1.531%, 11/2/2020 | 49,971,670 | |
165,000,000 | Toyota Finance Australia Ltd., (Toyota Motor Corp. Support Agreement), 0.380%, 12/16/2020 | 164,831,754 | |
415,000,000 | Toyota Motor Credit Corp., (Toyota Motor Corp. Support Agreement), 1.511% - 1.735%, 10/26/2020 - 11/6/2020 | 414,776,970 | |
50,000,000 | Toyota Motor Finance (Netherlands) B.V., (Toyota Motor Corp. Support Agreement), 0.350%, 9/14/2020 | 49,978,611 | |
TOTAL | 809,486,485 | ||
Finance - Banking—7.2% | |||
96,750,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.240% - 0.250%, 9/2/2020 - 11/10/2020 | 96,705,216 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Banking—continued | |||
$225,000,000 | DNB Bank ASA, 0.190%, 10/27/2020 | $224,907,599 | |
50,000,000 | Gotham Funding Corp., (MUFG Bank Ltd. LIQ), 0.220%, 9/4/2020 | 49,989,611 | |
25,800,000 | LMA-Americas LLC, (Credit Agricole Corporate and Investment Bank LIQ), 0.210%, 8/7/2020 | 25,799,097 | |
245,361,000 | Manhattan Asset Funding Company LLC, (Sumitomo Mitsui Banking Corp. LIQ), 0.160% - 0.210%, 9/2/2020 - 9/4/2020 | 245,318,137 | |
100,000,000 | Matchpoint Finance PLC, (BNP Paribas SA LIQ), 0.220%, 8/10/2020 | 99,994,500 | |
89,000,000 | NRW.Bank, 0.185%, 10/30/2020 | 88,959,505 | |
432,400,000 | Nationwide Building Society, 0.190% - 0.205%, 8/6/2020 - 8/24/2020 | 432,370,249 | |
100,000,000 | Nordea Bank Abp, 0.190%, 10/27/2020 | 99,954,778 | |
350,000,000 | Toronto Dominion Bank, 0.120%, 8/5/2020 | 349,995,335 | |
TOTAL | 1,713,994,027 | ||
Finance - Commercial—4.6% | |||
40,000,000 | CAFCO, LLC, 0.954%, 10/20/2020 | 39,984,610 | |
285,000,000 | CHARTA, LLC, 0.230% - 0.371%, 8/7/2020 - 11/16/2020 | 284,915,959 | |
215,000,000 | CRC Funding, LLC, 0.200% - 1.258%, 10/1/2020 - 11/4/2020 | 214,903,591 | |
540,000,000 | Crown Point Capital Co., LLC, (Credit Suisse AG LIQ), 0.200% - 0.250%, 8/14/2020 - 9/22/2020 | 539,876,149 | |
TOTAL | 1,079,680,309 | ||
Finance - Retail—8.3% | |||
197,850,000 | Barton Capital S.A., 0.120% - 0.170%, 8/3/2020 - 8/26/2020 | 197,843,351 | |
615,700,000 | Chariot Funding LLC, 0.190% - 0.300%, 9/11/2020 - 11/30/2020 | 615,392,088 | |
190,000,000 | Fairway Finance Co. LLC, 0.250% - 1.258%, 8/13/2020 - 11/18/2020 | 189,916,136 | |
445,033,000 | Old Line Funding, LLC, 0.250% - 1.390%, 8/17/2020 - 11/10/2020 | 444,828,752 | |
50,000,000 | Old Line Funding, LLC, 0.360%, 2/24/2021 | 49,901,778 | |
413,000,000 | Sheffield Receivables Company LLC, 0.290% - 1.356%, 8/7/2020 - 11/3/2020 | 412,890,673 | |
70,000,000 | Thunder Bay Funding, LLC, 0.270% - 0.280%, 10/22/2020 | 69,973,371 | |
TOTAL | 1,980,746,149 | ||
Finance - Securities—8.0% | |||
445,000,000 | Anglesea Funding LLC, 0.381% - 1.306%, 8/14/2020 - 11/2/2020 | 444,835,469 | |
185,000,000 | Chesham Finance LLC Series III, 0.120%, 8/4/2020 - 8/5/2020 | 184,997,700 | |
177,500,000 | Chesham Finance LLC Series VII, 0.120% - 0.270%, 8/3/2020 - 9/15/2020 | 177,493,313 | |
250,000,000 | Collateralized Commercial Paper FLEX Co., LLC, 0.331% - 0.933%, 8/4/2020 - 12/28/2020 | 249,831,698 |
Principal Amount | Value | ||
1 | COMMERCIAL PAPER—continued | ||
Finance - Securities—continued | |||
$640,500,000 | Collateralized Commercial Paper V Co. LLC, 0.290% - 0.933%, 8/4/2020 - 1/20/2021 | $640,114,477 | |
100,000,000 | Longship Funding LLC, (Nordea Bank Abp COL), 0.210%, 8/10/2020 | 99,994,750 | |
95,000,000 | Ridgefield Funding Company, LLC Series A, (BNP Paribas SA COL), 0.130%, 8/3/2020 | 94,999,314 | |
TOTAL | 1,892,266,721 | ||
Insurance—0.1% | |||
20,000,000 | PRICOA Short Term Funding, LLC, 0.451%, 2/5/2021 | 19,978,685 | |
10,000,000 | UnitedHealth Group, Inc., 0.130%, 8/5/2020 | 9,999,855 | |
TOTAL | 29,978,540 | ||
Municipal—0.2% | |||
44,059,000 | Kaiser Foundation Hospital, (GTD by Kaiser Permanente), 0.350%, 9/9/2020 | 44,042,294 | |
Sovereign—9.3% | |||
518,600,000 | Caisse des Depots et Consignations (CDC), 0.210% - 0.300%, 8/3/2020 - 11/16/2020 | 518,499,639 | |
369,500,000 | Erste Abwicklungsanstalt, 0.230% - 0.240%, 9/21/2020 - 10/6/2020 | 369,384,554 | |
210,000,000 | FMS Wertmanagement AoR, 0.230% - 0.240%, 11/9/2020 - 11/12/2020 | 209,898,883 | |
950,000,000 | Kells Funding, LLC, (FMS Wertmanagement AoR LIQ), 0.240% - 0.280%, 8/15/2020 - 10/25/2020 | 949,751,855 | |
155,000,000 | Nederlandse Waterschapsbank NV, 0.120%, 8/6/2020 | 154,997,416 | |
TOTAL | 2,202,532,347 | ||
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $9,748,516,216) | 9,752,726,872 | ||
2 | NOTES - VARIABLE—18.1% | ||
Finance - Banking—15.9% | |||
120,000,000 | Bank of Montreal, 0.404% (1-month USLIBOR +0.240%), 8/6/2020 | 120,000,000 | |
100,000,000 | Bank of Montreal, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 100,033,577 | |
100,000,000 | Bank of Montreal, 0.470% (Effective Fed Funds +0.370%), 8/3/2020 | 100,000,000 | |
100,000,000 | Bank of Montreal, 0.516% (3-month USLIBOR +0.130%), 8/17/2020 | 100,036,807 | |
123,000,000 | Bank of Montreal, 0.535% (3-month USLIBOR +0.100%), 8/12/2020 | 123,019,242 | |
100,000,000 | Bank of Montreal, 0.574% (3-month USLIBOR +0.140%), 8/13/2020 | 100,038,472 | |
40,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | 40,006,331 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$50,000,000 | Bank of Nova Scotia, Toronto, 0.386% (1-month USLIBOR +0.220%), 8/10/2020 | $50,007,914 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.388% (1-month USLIBOR +0.210%), 8/11/2020 | 100,007,939 | |
125,000,000 | Bank of Nova Scotia, Toronto, 0.408% (3-month USLIBOR +0.140%), 10/30/2020 | 125,048,303 | |
55,000,000 | Bank of Nova Scotia, Toronto, 0.421% (3-month USLIBOR +0.150%), 10/21/2020 | 55,020,244 | |
100,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 100,000,000 | |
65,000,000 | Bank of Nova Scotia, Toronto, 0.460% (Effective Fed Funds +0.360%), 8/3/2020 | 65,000,000 | |
50,000,000 | Bank of Nova Scotia, Toronto, 0.500% (Effective Fed Funds +0.400%), 8/3/2020 | 50,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.300% (Effective Fed Funds +0.200%), 8/3/2020 | 65,026,101 | |
60,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.405% (3-month USLIBOR +0.150%), 10/23/2020 | 60,022,651 | |
50,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.406% (3-month USLIBOR +0.100%), 9/28/2020 | 50,014,081 | |
54,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.429% (3-month USLIBOR +0.130%), 9/17/2020 | 54,000,000 | |
65,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.480% (3-month USLIBOR +0.130%), 8/28/2020 | 65,020,924 | |
30,000,000 | Bedford Row Funding Corp., (GTD by Royal Bank of Canada), 0.487% (3-month USLIBOR +0.190%), 9/25/2020 | 30,000,000 | |
59,000,000 | California Health Facilities Financing Authority (Dignity Health (Catholic Healthcare West)), (Series 2004K) Weekly VRDNs, (Mizuho Bank Ltd. LOC), 0.190%, 8/5/2020 | 59,000,000 | |
50,000,000 | Canadian Imperial Bank of Commerce, 0.310% (Effective Fed Funds +0.210%), 8/3/2020 | 49,989,955 | |
250,000,000 | Canadian Imperial Bank of Commerce, 0.414% (1-month USLIBOR +0.250%), 8/4/2020 | 250,192,977 | |
98,500,000 | Canadian Imperial Bank of Commerce, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 98,500,000 | |
25,000,000 | Canadian Imperial Bank of Commerce, 0.451% (3-month USLIBOR +0.120%), 9/4/2020 | 25,008,394 | |
150,000,000 | Canadian Imperial Bank of Commerce, 0.681% (3-month USLIBOR +0.140%), 8/5/2020 | 150,053,049 | |
5,635,000 | Centra State Medical Arts Building LLC, (TD Bank, N.A. LOC), 0.210%, 8/6/2020 | 5,635,000 | |
16,700,000 | Greene County Development Authority, Reynolds Lodge, LLC Series 2000B, (U.S. Bank, N.A. LOC), 0.150%, 8/5/2020 | 16,700,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$3,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project 2013A, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | $3,000,000 | |
7,000,000 | Griffin-Spalding County, GA Development Authority, Norcom, Inc. Project, (Bank of America N.A. LOC), 0.220%, 8/6/2020 | 7,000,000 | |
7,595,000 | Gulf Gate Apartments LLC, Series 2003, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 7,595,000 | |
14,425,000 | Hamilton Station Park and Ride, Series 2005, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | 14,425,000 | |
30,000,000 | J.P. Morgan Securities LLC, 0.386% (3-month USLIBOR +0.080%), 9/29/2020 | 29,988,843 | |
14,500,000 | JEA, FL Electric System, (Series Three 2008B-2: Senior Revenue Bonds) Weekly VRDNs, (Royal Bank of Canada LIQ), 0.200%, 8/5/2020 | 14,500,000 | |
17,570,000 | Los Angeles County Fair Association, (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 17,570,000 | |
9,000,000 | Michael Dennis Sullivan Irrevocable Trust, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,000,000 | |
21,000,000 | Michigan State Housing Development Authority, (Series C) Weekly VRDNs, (Bank of America N.A. LOC), 0.200%, 8/5/2020 | 21,000,000 | |
9,780,000 | Mike P. Sturdivant, Sr. Family Trust, Series 2016, (Wells Fargo Bank, N.A. LOC), 0.220%, 8/6/2020 | 9,780,000 | |
25,000,000 | National Australia Bank Ltd., Melbourne, 0.405% (3-month USLIBOR +0.090%), 9/11/2020 | 24,991,255 | |
100,000,000 | National Australia Bank Ltd., Melbourne, 0.490% (3-month USLIBOR +0.130%), 8/25/2020 | 100,015,949 | |
25,000,000 | Pepper I-Prime 2018-2 Trust, Class A1U2, (GTD by National Australia Bank Ltd., Melbourne), 0.658% (1-month USLIBOR +0.480%), 8/13/2020 | 25,003,373 | |
4,385,000 | Public Building Corp. Springfield, MO, Jordan Valley Ice Park, Series 2003, (U.S. Bank, N.A. LOC), 0.270%, 8/6/2020 | 4,385,000 | |
45,000,000 | Royal Bank of Canada, 0.350% (Secured Overnight Financing Rate +0.250%), 8/3/2020 | 45,010,473 | |
50,000,000 | Royal Bank of Canada, 0.420% (Secured Overnight Financing Rate +0.320%), 8/3/2020 | 50,000,000 | |
50,000,000 | Royal Bank of Canada, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 50,000,000 | |
100,000,000 | Royal Bank of Canada, 0.650% (Secured Overnight Financing Rate +0.550%), 8/3/2020 | 100,199,180 | |
15,000,000 | SSAB AB (publ), Series 2014-B, (Credit Agricole Corporate and Investment Bank LOC), 0.220%, 8/6/2020 | 15,000,000 | |
20,000,000 | SSAB AB (publ), Series 2015-B, (Nordea Bank Abp LOC), 0.220%, 8/6/2020 | 20,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Banking—continued | |||
$18,965,000 | Salem Green, LLP, Salem Green Apartments Project, Series 2010, (Wells Fargo Bank, N.A. LOC), 0.200%, 8/6/2020 | $18,965,000 | |
720,000 | St. Andrew United Methodist Church, Series 2004, (Wells Fargo Bank, N.A. LOC), 0.550%, 8/6/2020 | 720,000 | |
205,000,000 | Toronto Dominion Bank, 0.420% (Effective Fed Funds +0.320%), 8/3/2020 | 205,072,299 | |
75,000,000 | Toronto Dominion Bank, 0.450% (Effective Fed Funds +0.350%), 8/3/2020 | 75,000,000 | |
150,000,000 | Toronto Dominion Bank, 0.494% (3-month USLIBOR +0.190%), 10/5/2020 | 150,054,208 | |
75,000,000 | Toronto Dominion Bank, 0.498% (3-month USLIBOR +0.190%), 9/30/2020 | 75,028,481 | |
25,000,000 | Toronto Dominion Bank, 0.545% (3-month USLIBOR +0.300%), 10/27/2020 | 25,047,598 | |
40,000,000 | Toronto Dominion Bank, 0.573% (3-month USLIBOR +0.140%), 8/13/2020 | 40,015,389 | |
68,300,000 | Triborough Bridge & Tunnel Authority, NY, (Taxable Series E) Weekly VRDNs, (Bank of America N.A. LOC), 0.180%, 8/6/2020 | 68,300,000 | |
5,000,000 | Village Green Finance Co. LLC, (Series 1997), (Wells Fargo Bank, N.A. LOC), 0.210%, 8/5/2020 | 5,000,000 | |
130,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.468% (3-month USLIBOR +0.150%), 9/8/2020 | 130,067,648 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
100,000,000 | Westpac Banking Corp. Ltd., Sydney, 0.481% (3-month USLIBOR +0.150%), 9/4/2020 | 100,050,372 | |
6,485,000 | Yeshivas Novominsk, Series 2008, (TD Bank, N.A. LOC), 0.230%, 8/6/2020 | 6,485,000 | |
TOTAL | 3,775,702,401 | ||
Finance - Retail—0.4% | |||
75,000,000 | Old Line Funding, LLC, 0.413% (1-month USLIBOR +0.250%), 8/7/2020 | 75,039,563 | |
25,000,000 | Old Line Funding, LLC, 0.511% (3-month USLIBOR +0.130%), 8/19/2020 | 25,003,443 | |
TOTAL | 100,043,006 | ||
Finance - Securities—0.8% | |||
42,000,000 | Anglesea Funding LLC, (Citigroup Global Markets, Inc. COL)/(HSBC Bank PLC COL)/(Societe Generale, Paris COL), 0.421% (1-month USLIBOR +0.250%), 8/3/2020 | 42,000,000 | |
50,000,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.366% (1-month USLIBOR +0.200%), 8/3/2020 | 50,000,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Finance - Securities—continued | |||
$43,500,000 | Collateralized Commercial Paper FLEX Co., LLC, (J.P. Morgan Securities LLC COL), 0.565% (3-month USLIBOR +0.130%), 8/12/2020 | $43,509,465 | |
10,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 10,000,000 | |
40,000,000 | Glencove Funding LLC, (JPMorgan Chase Bank, N.A. COL), 0.542% (3-month USLIBOR +0.150%), 8/17/2020 | 40,000,000 | |
TOTAL | 185,509,465 | ||
Government Agency—1.0% | |||
9,015,000 | Austen Children’s Gift Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 9,015,000 | |
2,250,000 | BWF Forge TL Properties Owner LLC, (FHLB of Des Moines LOC)/(FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 2,250,000 | |
6,830,000 | Baker Life Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/5/2020 | 6,830,000 | |
5,445,000 | Design Center LLC, (FHLB of Pittsburgh LOC), 0.220%, 8/6/2020 | 5,445,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-A Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
27,100,000 | Fiddyment Ranch Apartments LP, Series 2017-B Fiddyment Ranch Apartments, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 27,100,000 | |
32,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 32,000,000 | |
16,000,000 | HW Hellman Building, L.P., HW Hellman Building Apartments Project Series 2015-B, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 16,000,000 | |
5,710,000 | Herman & Kittle Capital, LLC, Canterbury House Apartments-Lebanon Project Series 2005, (FHLB of Cincinnati LOC), 0.220%, 8/6/2020 | 5,710,000 | |
4,270,000 | Jim Brooks Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 4,270,000 | |
11,570,000 | Joseph L. Goggins Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 11,570,000 | |
3,655,000 | Karyn Brooks Descendants Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 3,655,000 | |
6,380,000 | MHF DKF Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 6,380,000 | |
17,030,000 | Mohr Green Associates L.P., 2012-A, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 17,030,000 | |
19,640,000 | OSL Santa Rosa Fountaingrove LLC, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 19,640,000 | |
805,000 | Park Stanton Place LP, (FHLB of San Francisco LOC), 0.220%, 8/6/2020 | 805,000 |
Principal Amount | Value | ||
2 | NOTES - VARIABLE—continued | ||
Government Agency—continued | |||
$5,010,000 | R.J. Brooks Jr. Irrevocable Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | $5,010,000 | |
6,980,000 | RK Trust, (FHLB of Dallas LOC), 0.220%, 8/5/2020 | 6,980,000 | |
6,255,000 | Sibley Family Irrevocable Insurance Trust, (FHLB of Des Moines LOC), 0.220%, 8/6/2020 | 6,255,000 | |
5,740,000 | The Leopold Family Insurance Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,740,000 | |
5,975,000 | The Thompson 2018 Family Trust, (FHLB of Dallas LOC), 0.220%, 8/6/2020 | 5,975,000 | |
TOTAL | 224,760,000 | ||
TOTAL NOTES—VARIABLE (IDENTIFIED COST $4,284,800,098) | 4,286,014,872 | ||
U.S. TREASURY—12.2% | |||
3 | U.S. Treasury Bills—12.2% | ||
250,000,000 | United States Treasury Bills, 0.125%, 8/13/2020 | 249,989,445 | |
250,000,000 | United States Treasury Bills, 0.130%, 11/3/2020 | 249,939,305 | |
1,500,000,000 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,499,904,375 | |
900,000,000 | United States Treasury Bills, 0.135%, 9/1/2020 | 899,895,375 | |
TOTAL U.S. TREASURY (IDENTIFIED COST $2,899,704,334) | 2,899,728,500 | ||
TIME DEPOSITS—4.2% | |||
Finance - Banking—4.2% | |||
600,000,000 | ABN Amro Bank NV, 0.130%, 8/3/2020 | 600,000,000 | |
400,000,000 | Australia & New Zealand Banking Group, Melbourne, 0.120%, 8/5/2020 | 400,000,000 | |
TOTAL TIME DEPOSITS (IDENTIFIED COST $1,000,000,000) | 1,000,000,000 | ||
MUNICIPAL BONDS—0.2% | |||
Municipal—0.2% | |||
21,500,000 | New York State Dormitory Authority State Personal Income Tax Revenue, (Series B), 5.000%, 3/31/2021 | 22,185,805 | |
27,000,000 | Texas State, (Series 2019) TRANs, 4.000%, 8/27/2020 | 27,068,440 | |
TOTAL MUNICIPAL BONDS (IDENTIFIED COST $49,202,079) | 49,254,245 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—8.5% | |||
Finance - Banking—8.5% | |||
$125,000,000 | BMO Capital Markets Corp., 0.20%, dated 7/31/2020, interest in a $175,000,000 collateralized loan agreement will repurchase securities provided as collateral for $175,002,917 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and medium-term notes with a market value of $178,411,964 have been received as collateral and held with BNY Mellon as tri-party agent. | $125,000,000 | |
100,000,000 | BNP Paribas SA, 0.22%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,833 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds and sovereign debt with a market value of $102,001,870 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
125,000,000 | Merrill Lynch, Pierce, Fenner and Smith, 0.71%, dated 6/16/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,433,889 on 10/30/2020, in which American depositary receipts, corporate bonds, medium-term notes and unit investment trust with a market value of $255,165,825 have been received as collateral and held with BNY Mellon as tri-party agent. | 125,000,000 | |
38,400,000 | Citigroup Global Markets, Inc., 0.59%, dated 7/31/2020, interest in a $40,000,000 collateralized loan agreement will repurchase securities provided as collateral for $40,001,967 on 8/3/2020, in which medium-term notes, treasury bonds and treasury notes with a market value of $40,802,006 have been received as collateral and held with BNY Mellon as tri-party agent. | 38,400,000 | |
25,000,000 | Citigroup Global Markets, Inc., 0.70%, dated 5/21/2020, interest in a $85,000,000 collateralized loan agreement will repurchase securities provided as collateral for $85,297,075 on 11/17/2020, in which certificate of deposit, corporate bonds, medium-term notes and sovereign debt with a market value of $86,765,362 have been received as collateral and held with BNY Mellon as tri-party agent. | 25,000,000 | |
95,000,000 | Citigroup Global Markets, Inc., 0.75%, dated 5/21/2020, interest in a $165,000,000 collateralized loan agreement will repurchase securities provided as collateral for $165,617,925 on 11/17/2020, in which asset-backed securities, collateralized mortgage obligations and medium-term notes with a market value of $168,433,062 have been received as collateral and held with BNY Mellon as tri-party agent. | 95,000,000 | |
75,000,000 | Credit Agricole CIB Paris, 0.29%, dated 7/22/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,039,875 on 8/24/2020, in which sovereign debt with a market value of $153,014,791 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$50,000,000 | Credit Suisse Securities (USA) LLC, 0.60%, dated 7/23/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,150,000 on 10/21/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and municipal bonds with a market value of $102,018,735 have been received as collateral and held with BNY Mellon as tri-party agent. | $50,000,000 | |
75,000,000 | J.P. Morgan Securities LLC, 0.34%, dated 7/17/2020, interest in a $250,000,000 collateralized loan agreement will repurchase securities provided as collateral for $250,089,722 on 8/24/2020, in which corporate bonds and medium-term notes with a market value of $255,000,000 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
50,000,000 | MUFG Securities Americas, Inc., 0.21%, dated 7/31/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,001,750 on 8/3/2020, in which corporate bonds, medium-term notes, municipal bonds, treasury bonds and treasury notes with a market value of $102,002,232 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
75,000,000 | MUFG Securities Americas, Inc., 0.24%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,001,500 on 8/3/2020, in which American depositary receipts, corporate bonds and unit investment trust with a market value of $76,501,530 have been received as collateral and held with BNY Mellon as tri-party agent. | 75,000,000 | |
20,000,000 | Mizuho Securities USA, Inc., 0.50%, dated 7/31/2020, interest in a $75,000,000 collateralized loan agreement will repurchase securities provided as collateral for $75,003,125 on 8/3/2020, in which treasury notes with a market value of $76,503,274 have been received as collateral and held with BNY Mellon as tri-party agent. | 20,000,000 | |
115,000,000 | Mizuho Securities USA, Inc., 0.83%, dated 5/8/2020, interest in a $335,000,000 collateralized loan agreement will repurchase securities provided as collateral for $335,447,969 on 9/4/2020, in which corporate bonds and municipal bonds with a market value of $341,904,830 have been received as collateral and held with BNY Mellon as tri-party agent. | 115,000,000 | |
100,000,000 | Pershing LLC., 0.34%, dated 6/5/2020, interest in a $200,000,000 collateralized loan agreement will repurchase securities provided as collateral for $200,013,222 on 8/10/2020, in which asset-backed securities, exchange traded funds, certificate of deposit, collateralized mortgage obligations, commercial paper, common stocks, convertible bonds, corporate bonds, medium-term notes, municipal bonds and sovereign debt with a market value of $204,005,788 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 |
Principal Amount | Value | ||
OTHER REPURCHASE AGREEMENTS—continued | |||
Finance - Banking—continued | |||
$200,000,000 | Societe Generale, Paris, 0.20%, dated 7/31/2020, interest in a $500,000,000 collateralized loan agreement will repurchase securities provided as collateral for $500,008,333 on 8/3/2020, in which asset-backed securities, corporate bonds, medium-term notes, sovereign and treasury notes with a market value of $510,008,500 have been received as collateral and held with BNY Mellon as tri-party agent. | $200,000,000 | |
315,000,000 | Societe Generale, Paris, 0.30%, dated 7/31/2020, interest in a $650,000,000 collateralized loan agreement will repurchase securities provided as collateral for $650,016,250 on 8/3/2020, in which asset-backed securities, collateralized mortgage obligations, corporate bonds, medium-term notes and sovereign debt with a market value of $663,016,939 have been received as collateral and held with BNY Mellon as tri-party agent. | 315,000,000 | |
50,000,000 | Standard Chartered Bank, 0.18%, dated 7/31/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,002,250 on 8/3/2020, in which treasury notes with a market value of $153,002,295 have been received as collateral and held with BNY Mellon as tri-party agent. | 50,000,000 | |
150,000,000 | Wells Fargo Securities LLC, 0.66%, dated 5/20/2020, interest in a $150,000,000 collateralized loan agreement will repurchase securities provided as collateral for $150,242,000 on 10/16/2020, in which convertible bonds with a market value of $153,039,270 have been received as collateral and held with BNY Mellon as tri-party agent. | 150,000,000 | |
120,000,000 | Wells Fargo Securities LLC, 0.66%, dated 6/1/2020, interest in a $120,000,000 collateralized loan agreement will repurchase securities provided as collateral for $120,198,000 on 10/27/2020, in which convertible bonds with a market value of $122,411,220 have been received as collateral and held with BNY Mellon as tri-party agent. | 120,000,000 | |
100,000,000 | Wells Fargo Securities LLC, 0.67%, dated 6/8/2020, interest in a $100,000,000 collateralized loan agreement will repurchase securities provided as collateral for $100,167,500 on 10/6/2020, in which convertible bonds with a market value of $102,049,357 have been received as collateral and held with BNY Mellon as tri-party agent. | 100,000,000 | |
TOTAL OTHER REPURCHASE AGREEMENTS (IDENTIFIED COST $2,003,400,000) | 2,003,400,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—6.7% | |||
Finance - Banking—6.7% | |||
$750,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $750,006,250 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency and U.S. Treasury securities with various maturities to 10/25/2044 and the market value of those underlying securities was $765,042,364. | $750,000,000 | |
260,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,025,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 6/1/2050 and the market value of those underlying securities was $3,070,097,364. | 260,000,000 | |
575,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which TD Securities (USA), LLC will repurchase securities provided as collateral for $575,004,792 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to 8/25/2059 and the market value of those underlying securities was $589,542,921. | 575,000,000 | |
TOTAL REPURCHASE AGREEMENTS (IDENTIFIED COST $1,585,000,000) | 1,585,000,000 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $23,710,462,726)4 | 23,717,723,122 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%5 | 1,012,042 | ||
TOTAL NET ASSETS—100% | $23,718,735,164 |
1 | Discount rate at time of purchase for discount issues, or the coupon for interest-bearing issues. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
3 | Discount rate at time of purchase. |
4 | Also represents cost for federal tax purposes. |
5 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
COL | —Collateralized |
FHLB | —Federal Home Loan Bank |
GTD | —Guaranteed |
LIBOR | —London Interbank Offered Rate |
LIQ | —Liquidity Agreement |
LOC | —Letter of Credit |
TRANs | —Tax and Revenue Anticipation Notes |
VRDNs | —Variable Rate Demand Notes |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0003 | $1.0003 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0136 | 0.0239 | 0.0156 | 0.0063 | 0.003 |
Net realized gain | 0.0003 | 0.0001 | 0.00001 | 0.0011 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0139 | 0.0240 | 0.0156 | 0.0074 | 0.004 |
Less Distributions: | |||||
Distributions from net investment income | (0.0136) | (0.0239) | (0.0156) | (0.0063) | (0.003) |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0136) | (0.0239) | (0.0156) | (0.0071) | (0.004) |
Net Asset Value, End of Period | $1.0007 | $1.0004 | $1.0003 | $1.0003 | $1.00 |
Total Return2 | 1.39% | 2.43% | 1.57% | 0.66% | 0.26% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.15% | 0.15% | 0.17% | 0.20% | 0.21% |
Net investment income | 1.37% | 2.41% | 1.62% | 0.40% | 0.26% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,611,390 | $21,146,776 | $10,941,508 | $787,309 | $21,921,916 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0003 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0112 | 0.0218 | 0.0134 | 0.0040 | 0.001 |
Net realized gain | 0.0003 | 0.0002 | 0.00001 | 0.0012 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0115 | 0.0220 | 0.0134 | 0.0052 | 0.002 |
Less Distributions: | |||||
Distributions from net investment income | (0.0112) | (0.0218) | (0.0135) | (0.0040) | (0.001) |
Distributions from paid in surplus | — | — | — | (0.0009) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0112) | (0.0218) | (0.0135) | (0.0049) | (0.002) |
Net Asset Value, End of Period | $1.0007 | $1.0004 | $1.0002 | $1.0003 | $1.00 |
Total Return2 | 1.15% | 2.22% | 1.35% | 0.43% | 0.07% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.40% | 0.37% | 0.39% | 0.45% | 0.39% |
Net investment income | 1.22% | 2.21% | 1.33% | 0.13% | 0.07% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $83,818 | $93,979 | $47,817 | $37,873 | $1,841,641 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.0004 | $1.0002 | $1.0002 | $1.0000 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.0131 | 0.0234 | 0.0151 | 0.0058 | 0.002 |
Net realized gain | 0.0004 | 0.0002 | 0.00001 | 0.0010 | 0.001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.0135 | 0.0236 | 0.0151 | 0.0068 | 0.003 |
Less Distributions: | |||||
Distributions from net investment income | (0.0131) | (0.0234) | (0.0151) | (0.0058) | (0.002) |
Distributions from paid in surplus | — | — | — | (0.0008) | (0.001) |
TOTAL DISTRIBUTIONS | (0.0131) | (0.0234) | (0.0151) | (0.0066) | (0.003) |
Net Asset Value, End of Period | $1.0008 | $1.0004 | $1.0002 | $1.0002 | $1.00 |
Total Return2 | 1.35% | 2.39% | 1.52% | 0.60% | 0.21% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.20% | 0.23% | 0.25% | 0.26% |
Net investment income | 1.19% | 2.31% | 1.52% | 0.34% | 0.22% |
Expense waiver/reimbursement4 | 0.13% | 0.13% | 0.12% | 0.10% | 0.08% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $23,527 | $14,374 | $25,206 | $14,549 | $526,605 |
1 | Represents less than $0.0001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Federated Institutional Prime Obligations Fund
Assets: | ||
Investment in other repurchase agreements and repurchase agreements | $3,588,400,000 | |
Investment in securities | 20,129,323,122 | |
Investment in securities, at value (identified cost $23,710,462,726) | $23,717,723,122 | |
Income receivable | 5,993,702 | |
TOTAL ASSETS | 23,723,716,824 | |
Liabilities: | ||
Bank overdraft | $7,709 | |
Income distribution payable | 4,123,805 | |
Payable for Directors’/Trustees’ fees (Note 5) | 420 | |
Payable for investment adviser fee (Note 5) | 39,998 | |
Payable for administrative fee (Note 5) | 50,482 | |
Payable for custodian fees | 286,690 | |
Payable for share registration costs | 349,517 | |
Accrued expenses (Note 5) | 123,039 | |
TOTAL LIABILITIES | 4,981,660 | |
Net assets for 23,702,099,311 shares outstanding | $23,718,735,164 | |
Net Assets Consist of: | ||
Paid-in capital | $23,713,038,713 | |
Total distributable earnings | 5,696,451 | |
TOTAL NET ASSETS | $23,718,735,164 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$23,611,390,432 ÷ 23,594,827,722 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Service Shares: | ||
$83,818,097 ÷ 83,763,241 shares outstanding, no par value, unlimited shares authorized | $1.0007 | |
Capital Shares: | ||
$23,526,635 ÷ 23,508,348 shares outstanding, no par value, unlimited shares authorized | $1.0008 |
Federated Institutional Prime Obligations Fund
Investment Income: | |||
Interest | $357,969,830 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $46,858,734 | ||
Administrative fee (Note 5) | 18,389,446 | ||
Custodian fees | 903,635 | ||
Transfer agent fee | 227,226 | ||
Directors’/Trustees’ fees (Note 5) | 116,682 | ||
Auditing fees | 25,110 | ||
Legal fees | 7,711 | ||
Portfolio accounting fees | 262,906 | ||
Other service fees (Notes 2 and 5) | 288,041 | ||
Share registration costs | 448,624 | ||
Printing and postage | 25,976 | ||
Miscellaneous (Note 5) | 108,438 | ||
TOTAL EXPENSES | 67,662,529 | ||
Waivers and Reimbursement: | |||
Waiver of investment adviser fee (Note 5) | $(31,082,399) | ||
Waiver/reimbursement of other operating expenses (Notes 2 and 5) | (501) | ||
TOTAL WAIVERS AND REIMBURSEMENT | (31,082,900) | ||
Net expenses | 36,579,629 | ||
Net investment income | 321,390,201 | ||
Realized and Unrealized Gain (Loss) on Investments: | |||
Net realized gain (loss) on investments | (1,568,343) | ||
Net change in unrealized appreciation of investments | 3,688,255 | ||
Change in net assets resulting from operations | $323,510,113 |
Federated Institutional Prime Obligations Fund
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $321,390,201 | $372,519,522 |
Net realized gain (loss) | (1,568,343) | 55,250 |
Net change in unrealized appreciation/depreciation | 3,688,255 | 2,163,260 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 323,510,113 | 374,738,032 |
Distributions to Shareholders: | ||
Automated Shares1 | — | (2) |
Institutional Shares | (319,807,042) | (370,570,446) |
Service Shares | (1,400,428) | (1,436,015) |
Capital Shares | (233,170) | (528,383) |
Trust Shares2 | — | (9,911) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (321,440,640) | (372,544,757) |
Share Transactions: | ||
Proceeds from sale of shares | 63,468,243,391 | 49,590,631,644 |
Net asset value of shares issued to shareholders in payment of distributions declared | 53,575,799 | 78,813,357 |
Cost of shares redeemed | (61,060,281,709) | (39,431,593,349) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 2,461,537,481 | 10,237,851,652 |
Change in net assets | 2,463,606,954 | 10,240,044,927 |
Net Assets: | ||
Beginning of period | 21,255,128,210 | 11,015,083,283 |
End of period | $23,718,735,164 | $21,255,128,210 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
■ | Fixed-income securities with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Trustees. |
■ | Fixed-income securities with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium), unless the issuer’s creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment’s fair value, in which case it would be valued in the same manner as a longer-term security. The Fund may only use this method to value a portfolio security when it can reasonably conclude, at each |
time it makes a valuation determination, that the amortized cost price of the portfolio security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation. | |
■ | Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs. |
■ | For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions. |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Service Shares | $278,191 | $(48) | $(453) |
Capital Shares | $9,850 | $— | $— |
TOTAL | $288,041 | $(48) | $(453) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares1: | Shares | Amount | Shares | Amount |
Shares redeemed | — | $— | (100) | $(100) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | — | $— | (100) | $(100) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 62,747,078,555 | $62,773,370,088 | 48,952,533,604 | $48,966,707,463 |
Shares issued to shareholders in payment of distributions declared | 52,072,038 | 52,091,304 | 76,894,192 | 76,916,497 |
Shares redeemed | (60,342,756,540) | (60,362,871,020) | (38,829,386,725) | (38,840,532,290) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 2,456,394,053 | $2,462,590,372 | 10,200,041,071 | $10,203,091,670 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 275,734,832 | $275,819,555 | 230,564,297 | $230,622,399 |
Shares issued to shareholders in payment of distributions declared | 1,251,498 | 1,251,881 | 1,401,043 | 1,401,450 |
Shares redeemed | (287,168,204) | (287,257,442) | (185,826,492) | (185,874,390) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | (10,181,874) | $(10,186,006) | 46,138,848 | $46,149,459 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 418,856,851 | $419,053,748 | 393,206,796 | $393,299,582 |
Shares issued to shareholders in payment of distributions declared | 232,523 | 232,614 | 487,051 | 487,169 |
Shares redeemed | (409,949,325) | (410,153,247) | (404,527,011) | (404,622,855) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 9,140,049 | $9,133,115 | (10,833,164) | $(10,836,104) |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares2: | Shares | Amount | Shares | Amount |
Shares sold | — | $— | 2,199 | $2,200 |
Shares issued to shareholders in payment of distributions declared | — | — | 8,239 | 8,241 |
Shares redeemed | — | — | (563,492) | (563,714) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | — | $— | (553,054) | $(553,273) |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 2,455,352,228 | $2,461,537,481 | 10,234,793,601 | $10,237,851,652 |
1 | On May 17, 2019, Automated Shares were liquidated. |
2 | On July 30, 2019, Trust Shares were liquidated. |
2020 | 2019 | |
Ordinary income1 | $321,440,640 | $372,544,757 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income | $4,398 |
Net unrealized appreciation | $7,260,396 |
Capital loss carryforwards | $(1,568,343) |
Short-Term | Long-Term | Total |
$1,568,343 | $— | $1,568,343 |
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 |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,004.10 | $0.752 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,024.12 | $0.752 |
1 | Expenses are equal to the Fund’s Institutional Shares annualized net expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half-year period). |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.00 and $1.01, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: November 1996 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since November 1996. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N575
CUSIP 60934N567
Share Class | Ticker | Automated | TOAXX | Institutional | TOIXX | Service | TOSXX |
Capital | TOCXX | Trust | TOTXX |
Donahue
Security Type | Percentage of Total Net Assets |
U.S. Treasury Securities | 53.5% |
Repurchase Agreements | 42.4% |
Other Assets and Liabilities—Net2 | 4.1% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 55.5% |
8-30 Days | 5.2% |
31-90 Days | 19.5% |
91-180 Days | 11.0% |
181 Days or more | 4.7% |
Other Assets and Liabilities—Net2 | 4.1% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—42.4% | |||
$450,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $450,003,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2042 and the market value of those underlying securities was $459,003,146. | $450,000,000 | |
2,000,000,000 | Interest in $3,430,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $3,430,022,867 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,498,623,349. | 2,000,000,000 | |
950,000,000 | Interest in $2,000,000,000 joint repurchase agreement 0.12%, dated 7/23/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $2,000,213,333 on 8/24/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $2,040,074,803. | 950,000,000 | |
175,000,000 | Repurchase agreement 0.07%, dated 7/31/2020 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $175,001,021 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2046 and the market value of those underlying securities was $178,501,065. | 175,000,000 | |
74,956,000 | Repurchase agreement 0.07%, dated 7/31/2020 under which Merrill Lynch, Pierce, Fenner and Smith will repurchase securities provided as collateral for $74,956,437 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2024 and the market value of those underlying securities was $76,455,659. | 74,956,000 | |
600,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Bank of Montreal will repurchase securities provided as collateral for $600,004,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2045 and the market value of those underlying securities was $612,004,189. | 600,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$325,000,000 | Interest in $375,000,000 joint repurchase agreement 0.13%, dated 6/29/2020 under which Bank of Montreal will repurchase securities provided as collateral for $375,047,396 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $382,548,400. | $325,000,000 | |
150,000,000 | Interest in $500,000,000 joint repurchase agreement 0.13%, dated 6/30/2020 under which Bank of Montreal will repurchase securities provided as collateral for $500,081,250 on 8/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2028 and the market value of those underlying securities was $510,062,672. | 150,000,000 | |
500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Bank of Nova Scotia will repurchase securities provided as collateral for $500,003,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $510,003,487. | 500,000,000 | |
400,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Barclays Bank PLC will repurchase securities provided as collateral for $400,002,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2044 and the market value of those underlying securities was $408,002,837. | 400,000,000 | |
25,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $25,000,167 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 5/31/2024 and the market value of those underlying securities was $25,500,200. | 25,000,000 | |
5,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Barclays Capital, Inc. will repurchase securities provided as collateral for $5,000,033 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities maturing on 5/31/2024 and the market value of those underlying securities was $5,100,104. | 5,000,000 | |
200,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which CIBC World Markets Corp. will repurchase securities provided as collateral for $200,001,333 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 12/31/2023 and the market value of those underlying securities was $204,103,287. | 200,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$250,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Citibank, N.A. will repurchase securities provided as collateral for $250,001,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2046 and the market value of those underlying securities was $255,001,702. | $250,000,000 | |
675,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $675,004,500 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2030 and the market value of those underlying securities was $688,504,621. | 675,000,000 | |
465,000,000 | Interest in $500,000,000 joint repurchase agreement 0.08%, dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,007,778 on 8/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $510,003,926. | 465,000,000 | |
950,000,000 | Interest in $1,000,000,000 joint repurchase agreement 0.12%, dated 7/22/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,000,100,000 on 8/21/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $1,020,040,927. | 950,000,000 | |
775,000,000 | Interest in $1,500,000,000 joint repurchase agreement 0.13%, dated 7/17/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,500,167,917 on 8/20/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2042 and the market value of those underlying securities was $1,530,077,356. | 775,000,000 | |
950,000,000 | Interest in $1,000,000,000 joint repurchase agreement 0.12%, dated 7/22/2020 under which Credit Agricole CIB, Paris will repurchase securities provided as collateral for $1,000,100,000 on 8/21/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $1,020,034,041. | 950,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$500,000,000 | Interest in $1,000,000,000 joint repurchase agreement 0.12%, dated 7/23/2020 under which Credit Agricole CIB Paris will repurchase securities provided as collateral for $1,000,103,333 on 8/24/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 12/31/2026 and the market value of those underlying securities was $1,020,040,846. | $500,000,000 | |
1,000,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which DNB Bank ASA will repurchase securities provided as collateral for $1,000,006,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 7/15/2028 and the market value of those underlying securities was $1,020,000,009. | 1,000,000,000 | |
500,000,000 | Repurchase agreement 0.10%, dated 7/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $500,004,167 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 1/31/2027 and the market value of those underlying securities was $511,541,299. | 500,000,000 | |
500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $500,003,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/28/2025 and the market value of those underlying securities was $510,000,057. | 500,000,000 | |
2,500,000,476 | Repurchase agreement 0.10%, dated 7/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $2,500,021,309 on 8/3/2020. The securities provided as collateral at the end of the period held with JPMorgan Chase were U.S. Treasury securities with various maturities to 8/15/2028 and the market value of those underlying securities was $2,553,446,897. | 2,500,000,476 | |
400,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which ING Financial Markets LLC will repurchase securities provided as collateral for $400,002,667 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2045 and the market value of those underlying securities was $408,002,809. | 400,000,000 | |
500,000,000 | Interest in $2,000,000,000 joint repurchase agreement 0.10%, dated 7/31/2020 under which J.P. Morgan Securities LLC will repurchase securities provided as collateral for $2,000,038,889 on 8/7/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/31/2025 and the market value of those underlying securities was $2,040,000,051. | 500,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$750,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which MUFG Securities Americas, Inc. will repurchase securities provided as collateral for $750,005,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2047 and the market value of those underlying securities was $765,005,146. | $750,000,000 | |
450,001,775 | Repurchase agreement 0.08%, dated 7/31/2020 under which Metropolitan Life Insurance Co. will repurchase securities provided as collateral for $450,004,775 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 5/15/2046 and the market value of those underlying securities was $460,159,499. | 450,001,775 | |
1,500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which National Australia Bank Ltd., Melbourne will repurchase securities provided as collateral for $1,500,010,000 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2027 and the market value of those underlying securities was $1,531,371,770. | 1,500,000,000 | |
2,000,000,000 | Interest in $3,300,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which Natixis Financial Products LLC will repurchase securities provided as collateral for $3,300,022,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,366,022,443. | 2,000,000,000 | |
500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Natwest Markets Securities, Inc. will repurchase securities provided as collateral for $500,003,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 8/15/2044 and the market value of those underlying securities was $510,000,076. | 500,000,000 | |
750,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Nomura Securities International, Inc. will repurchase securities provided as collateral for $750,005,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 5/15/2049 and the market value of those underlying securities was $765,000,004. | 750,000,000 | |
808,938,500 | Repurchase agreement 0.10%, dated 7/31/2020 under which Prudential Insurance Co. of America will repurchase securities provided as collateral for $808,945,241 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $825,134,151. | 808,938,500 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$75,036,250 | Repurchase agreement 0.10%, dated 7/31/2020 under which Prudential Legacy Insurance Co. of NJ will repurchase securities provided as collateral for $75,036,875 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 8/15/2045 and the market value of those underlying securities was $76,755,149. | $75,036,250 | |
500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Royal Bank of Canada, New York Branch will repurchase securities provided as collateral for $500,003,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $510,003,516. | 500,000,000 | |
500,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Societe Generale, New York will repurchase securities provided as collateral for $500,003,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2048 and the market value of those underlying securities was $510,003,424. | 500,000,000 | |
1,000,000,000 | Interest in $2,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which Standard Chartered Bank will repurchase securities provided as collateral for $2,000,013,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $2,040,013,654. | 1,000,000,000 | |
250,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp. will repurchase securities provided as collateral for $3,000,020,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,062,824,333. | 250,000,000 | |
33,801,500 | Repurchase agreement 0.10%, dated 7/31/2020 under which United of Omaha Life Insurance Co. will repurchase securities provided as collateral for $33,801,782 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $34,518,204. | 33,801,500 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$800,000,000 | Repurchase agreement 0.08%, dated 7/31/2020 under which Wells Fargo Securities LLC will repurchase securities provided as collateral for $800,005,333 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/30/2024 and the market value of those underlying securities was $816,005,531. | $800,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 25,737,734,501 | ||
U.S. TREASURIES—53.5% | |||
1,635,000,000 | 1 | United States Treasury Bills, 0.100%—0.150%, 9/3/2020 | 1,634,804,289 |
418,000,000 | 1 | United States Treasury Bills, 0.120%, 11/10/2020 | 417,859,273 |
1,350,000,000 | 1 | United States Treasury Bills, 0.125%—1.800%, 8/13/2020 | 1,349,804,167 |
675,000,000 | 1 | United States Treasury Bills, 0.130%—0.135%, 12/29/2020 | 674,623,958 |
300,000,000 | 1 | United States Treasury Bills, 0.130%, 1/21/2021 | 299,812,584 |
970,000,000 | 1 | United States Treasury Bills, 0.130%, 1/28/2021 | 969,369,502 |
215,000,000 | 1 | United States Treasury Bills, 0.130%, 8/20/2020 | 214,985,249 |
1,300,000,000 | 1 | United States Treasury Bills, 0.135%, 8/18/2020 | 1,299,917,125 |
860,000,000 | 1 | United States Treasury Bills, 0.140%—0.300%, 9/17/2020 | 859,746,722 |
500,000,000 | 1 | United States Treasury Bills, 0.140%, 9/1/2020 | 499,939,722 |
450,000,000 | 1 | United States Treasury Bills, 0.140%, 9/8/2020 | 449,933,500 |
1,125,000,000 | 1 | United States Treasury Bills, 0.145%—1.740%, 9/10/2020 | 1,124,411,111 |
758,400,000 | 1 | United States Treasury Bills, 0.148%—0.150%, 10/13/2020 | 758,169,827 |
600,000,000 | 1 | United States Treasury Bills, 0.150%, 10/27/2020 | 599,782,500 |
650,000,000 | 1 | United States Treasury Bills, 0.150%, 11/19/2020 | 649,702,085 |
1,275,000,000 | 1 | United States Treasury Bills, 0.155%, 11/12/2020 | 1,274,434,574 |
300,000,000 | 1 | United States Treasury Bills, 0.160%, 11/27/2020 | 299,842,667 |
1,450,000,000 | 1 | United States Treasury Bills, 0.165%—0.250%, 9/15/2020 | 1,449,674,375 |
205,000,000 | 1 | United States Treasury Bills, 0.165%, 10/1/2020 | 204,942,685 |
1,000,000,000 | 1 | United States Treasury Bills, 0.170%, 9/22/2020 | 999,754,444 |
1,237,000,000 | 1 | United States Treasury Bills, 0.175%—0.290%, 10/15/2020 | 1,236,381,303 |
400,000,000 | 1 | United States Treasury Bills, 0.180%, 9/29/2020 | 399,882,000 |
1,100,000,000 | 1 | United States Treasury Bills, 0.185%, 11/24/2020 | 1,099,349,931 |
400,000,000 | 1 | United States Treasury Bills, 0.185%, 12/10/2020 | 399,730,722 |
232,000,000 | 1 | United States Treasury Bills, 0.260%, 3/25/2021 | 231,604,569 |
305,000,000 | 1 | United States Treasury Bills, 1.440%, 8/27/2020 | 304,682,800 |
1,052,500,000 | 2 | United States Treasury Floating Rate Notes, 0.150% (91-day T-Bill +0.045%), 8/4/2020 | 1,052,324,260 |
565,000,000 | 2 | United States Treasury Floating Rate Notes, 0.160% (91-day T-Bill +0.055%), 8/4/2020 | 565,000,000 |
1,217,700,000 | 2 | United States Treasury Floating Rate Notes, 0.219% (91-day T-Bill +0.114%), 8/4/2020 | 1,218,067,620 |
Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$1,953,000,000 | 2 | United States Treasury Floating Rate Notes, 0.220% (91-day T-Bill +0.115%), 8/4/2020 | $1,952,755,076 |
471,000,000 | 2 | United States Treasury Floating Rate Notes, 0.244% (91-day T-Bill +0.139%), 8/4/2020 | 470,972,183 |
1,025,000,000 | 2 | United States Treasury Floating Rate Notes, 0.259% (91-day T-Bill +0.154%), 8/4/2020 | 1,024,870,367 |
656,000,000 | 2 | United States Treasury Floating Rate Notes, 0.325% (91-day T-Bill +0.220%), 8/4/2020 | 655,913,504 |
1,016,175,000 | 2 | United States Treasury Floating Rate Notes, 0.405% (91-day T-Bill +0.300%), 8/4/2020 | 1,016,734,335 |
435,500,000 | United States Treasury Notes, 1.125%—2.500%, 2/28/2021 | 437,300,718 | |
1,000,000,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 1,000,912,779 | |
420,000,000 | United States Treasury Notes, 1.375%—2.875%, 10/31/2020 | 421,673,157 | |
430,000,000 | United States Treasury Notes, 1.625%—2.750%, 11/30/2020 | 431,467,865 | |
559,000,000 | United States Treasury Notes, 1.750%—2.625%, 11/15/2020 | 559,825,715 | |
53,000,000 | United States Treasury Notes, 1.875%, 12/15/2020 | 53,091,939 | |
116,000,000 | United States Treasury Notes, 2.000%, 1/15/2021 | 116,637,874 | |
94,000,000 | United States Treasury Notes, 2.125%, 5/31/2021 | 95,497,433 | |
177,500,000 | United States Treasury Notes, 2.250%, 2/15/2021 | 178,783,553 | |
229,000,000 | United States Treasury Notes, 2.250%, 3/31/2021 | 231,683,205 | |
44,000,000 | United States Treasury Notes, 2.375%, 3/15/2021 | 44,312,336 | |
400,000,000 | United States Treasury Notes, 2.375%, 4/15/2021 | 405,540,399 | |
230,000,000 | United States Treasury Notes, 2.500%, 1/31/2021 | 232,354,572 | |
577,000,000 | United States Treasury Notes, 2.750%, 9/30/2020 | 577,976,581 | |
TOTAL U.S. TREASURIES | 32,446,837,155 | ||
TOTAL INVESTMENT IN SECURITIES—95.9% (AT AMORTIZED COST)3 | 58,184,571,656 | ||
OTHER ASSETS AND LIABILITIES - NET—4.1%4 | 2,519,156,108 | ||
TOTAL NET ASSETS—100% | $60,703,727,764 |
1 | Discount rate at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.008 | 0.019 | 0.010 | 0.002 | 0.0001 |
Net realized gain | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.008 | 0.019 | 0.010 | 0.002 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.008) | (0.019) | (0.010) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.008) | (0.019) | (0.010) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.84% | 1.88% | 1.03% | 0.17% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.43% | 0.48% | 0.42% | 0.46% | 0.28% |
Net investment income | 0.82% | 1.87% | 1.02% | 0.16% | 0.01% |
Expense waiver/reimbursement4 | 0.18% | 0.11% | 0.10% | 0.15% | 0.36% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,076,883 | $2,138,942 | $2,059,409 | $1,435,990 | $2,196,515 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.022 | 0.013 | 0.004 | 0.001 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.022 | 0.013 | 0.004 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.022) | (0.013) | (0.004) | (0.001) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.022) | (0.013) | (0.004) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.09% | 2.18% | 1.25% | 0.44% | 0.11% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.19% | 0.18% | 0.19% | 0.20% | 0.18% |
Net investment income | 0.99% | 2.17% | 1.24% | 0.43% | 0.11% |
Expense waiver/reimbursement4 | 0.10% | 0.11% | 0.10% | 0.08% | 0.11% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $49,615,082 | $33,350,766 | $25,992,845 | $24,203,284 | $23,141,953 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.009 | 0.019 | 0.010 | 0.002 | 0.0001 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.009 | 0.019 | 0.010 | 0.002 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.009) | (0.019) | (0.010) | (0.002) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.009) | (0.019) | (0.010) | (0.002) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.88% | 1.93% | 1.00% | 0.21% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.39% | 0.43% | 0.44% | 0.43% | 0.27% |
Net investment income | 0.84% | 1.92% | 0.96% | 0.22% | 0.01% |
Expense waiver/reimbursement4 | 0.15% | 0.11% | 0.10% | 0.10% | 0.27% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $5,512,396 | $4,672,058 | $3,584,885 | $5,208,323 | $3,864,431 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.010 | 0.021 | 0.012 | 0.003 | 0.0001 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.010 | 0.021 | 0.012 | 0.003 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.010) | (0.021) | (0.012) | (0.003) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.010) | (0.021) | (0.012) | (0.003) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.99% | 2.08% | 1.15% | 0.34% | 0.05% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.28% | 0.28% | 0.29% | 0.30% | 0.24% |
Net investment income | 0.90% | 2.07% | 1.12% | 0.35% | 0.05% |
Expense waiver/reimbursement4 | 0.11% | 0.11% | 0.10% | 0.08% | 0.15% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,119,651 | $1,250,599 | $1,114,276 | $1,857,588 | $802,172 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.007 | 0.017 | 0.008 | 0.001 | 0.0001 |
Net realized gain (loss) | (0.000)1 | 0.0001 | (0.000)1 | (0.000)1 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.007 | 0.017 | 0.008 | 0.001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.007) | (0.017) | (0.008) | (0.001) | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.007) | (0.017) | (0.008) | (0.001) | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.72% | 1.67% | 0.75% | 0.08% | 0.01% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.54% | 0.68% | 0.69% | 0.57% | 0.27% |
Net investment income | 0.66% | 1.67% | 0.77% | 0.09% | 0.01% |
Expense waiver/reimbursement4 | 0.25% | 0.11% | 0.10% | 0.22% | 0.51% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $1,379,716 | $860,830 | $512,289 | $909,570 | $642,129 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in repurchase agreements | $25,737,734,501 | |
Investment in securities | 32,446,837,155 | |
Investment in securities, at amortized cost and fair value | $58,184,571,656 | |
Cash | 2,604,008,425 | |
Income receivable | 32,889,139 | |
Receivable for shares sold | 36,343,027 | |
TOTAL ASSETS | 60,857,812,247 | |
Liabilities: | ||
Payable for shares redeemed | $142,823,668 | |
Payable for investments purchased | 5,335,294 | |
Income distribution payable | 2,164,531 | |
Payable for investment adviser fee (Note 5) | 101,278 | |
Payable for administrative fees (Note 5) | 129,426 | |
Payable for distribution services fee (Note 5) | 99,129 | |
Payable for other service fees (Notes 2 and 5) | 454,756 | |
Accrued expenses (Note 5) | 2,976,401 | |
TOTAL LIABILITIES | 154,084,483 | |
Net assets for 60,703,445,931 shares outstanding | $60,703,727,764 | |
Net Assets Consist of: | ||
Paid-in capital | $60,703,609,306 | |
Total distributable earnings (loss) | 118,458 | |
TOTAL NET ASSETS | $60,703,727,764 |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Automated Shares: | ||
$2,076,883,290 ÷ 2,076,873,675 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Institutional Shares: | ||
$49,615,082,201 ÷ 49,614,851,786 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Service Shares: | ||
$5,512,395,767 ÷ 5,512,370,198 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Capital Shares: | ||
$2,119,650,605 ÷ 2,119,640,784 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Trust Shares: | ||
$1,379,715,901 ÷ 1,379,709,488 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $566,621,838 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $95,206,334 | ||
Administrative fee (Note 5) | 37,344,274 | ||
Custodian fees | 1,881,913 | ||
Transfer agent fee (Note 2) | 2,189,780 | ||
Directors’/Trustees’ fees (Note 5) | 241,461 | ||
Auditing fees | 25,110 | ||
Legal fees | 9,211 | ||
Portfolio accounting fees | 251,027 | ||
Distribution services fee (Note 5) | 3,081,422 | ||
Other service fees (Notes 2 and 5) | 22,913,902 | ||
Share registration costs | 2,245,167 | ||
Printing and postage | 206,370 | ||
Miscellaneous (Note 5) | 222,147 | ||
TOTAL EXPENSES | 165,818,118 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(49,002,292) | ||
Waivers/reimbursement of other operating expenses (Notes 2 and 5) | (5,994,238) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (54,996,530) | ||
Net expenses | 110,821,588 | ||
Net investment income | 455,800,250 | ||
Net realized loss on investments | (305) | ||
Change in net assets resulting from operations | $455,799,945 |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $455,800,250 | $788,678,479 |
Net realized gain (loss) | (305) | 8,675 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 455,799,945 | 788,687,154 |
Distributions to Shareholders: | ||
Automated Shares | (15,935,062) | (40,804,074) |
Institutional Shares | (371,823,448) | (632,084,254) |
Service Shares | (46,290,313) | (81,714,700) |
Capital Shares | (13,540,706) | (24,546,725) |
Trust Shares | (8,098,718) | (9,666,515) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (455,688,247) | (788,816,268) |
Share Transactions: | ||
Proceeds from sale of shares | 359,154,323,444 | 281,119,584,422 |
Proceeds from shares issued in connection with the tax-free transfer of assets from PNC Treasury Plus Money Market Fund | 310,115,826 | — |
Net asset value of shares issued to shareholders in payment of distributions declared | 178,774,648 | 301,149,970 |
Cost of shares redeemed | (341,212,791,234) | (272,411,116,009) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 18,430,422,684 | 9,009,618,383 |
Change in net assets | 18,430,534,382 | 9,009,489,269 |
Net Assets: | ||
Beginning of period | 42,273,193,382 | 33,263,704,113 |
End of period | $60,703,727,764 | $42,273,193,382 |
Shares of the Fund Issued | Acquired Fund’s Net Assets Received | Net Assets of the Fund Immediately Prior to Combination | Net Assets of the Fund Immediately After Combination |
310,115,826 | $310,115,826 | $45,100,232,014 | $45,410,347,840 |
Net investment income | $457,858,254 |
Net realized gain on investments | 6,394 |
Net increase in net assets resulting from operations | $457,864,648 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Automated Shares | $1,867,146 | $(27,887) |
Institutional Shares | 263,650 | — |
Service Shares | 39,523 | (2) |
Capital Shares | 10,651 | — |
Trust Shares | 8,810 | (6) |
TOTAL | $2,189,780 | $(27,895) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Automated Shares | $4,528,705 | $(133,758) | $(1,419,235) |
Service Shares | $13,803,533 | $(117,992) | $(2,450,239) |
Capital Shares | $1,500,242 | $(462) | $(33,976) |
Trust Shares | $3,081,422 | $(10,935) | $(1,205,238) |
TOTAL | $22,913,902 | $(263,147) | $(5,108,688) |
Year Ended July 31 | 2020 | 2019 | ||
Automated Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,366,610,734 | $3,366,611,347 | 4,167,109,353 | $4,167,109,353 |
Shares issued to shareholders in payment of distributions declared | 15,138,139 | 15,138,139 | 39,964,481 | 39,964,481 |
Shares redeemed | (3,443,808,266) | (3,443,808,266) | (4,127,531,647) | (4,127,531,647) |
NET CHANGE RESULTING FROM AUTOMATED SHARE TRANSACTIONS | (62,059,393) | $(62,058,780) | 79,542,187 | $79,542,187 |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 325,052,165,209 | $325,052,176,566 | 255,255,336,119 | $255,255,336,119 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 309,932,776 | 309,932,776 | — | — |
Shares issued to shareholders in payment of distributions declared | 130,824,039 | 130,824,039 | 216,137,448 | 216,137,448 |
Shares redeemed | (309,228,703,473) | (309,228,703,473) | (248,113,453,703) | (248,113,453,703) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 16,264,218,551 | $16,264,229,908 | 7,358,019,864 | $7,358,019,864 |
Year Ended July 31 | 2020 | 2019 | ||
Service Shares: | Shares | Amount | Shares | Amount |
Shares sold | 20,854,916,848 | $20,854,916,848 | 15,479,859,002 | $15,479,859,002 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 10 | 10 | — | — |
Shares issued to shareholders in payment of distributions declared | 19,803,819 | 19,803,819 | 29,470,223 | 29,470,223 |
Shares redeemed | (20,034,389,688) | (20,034,408,256) | (14,422,142,610) | (14,422,142,610) |
NET CHANGE RESULTING FROM SERVICE SHARE TRANSACTIONS | 840,330,989 | $840,312,421 | 1,087,186,615 | $1,087,186,615 |
Year Ended July 31 | 2020 | 2019 | ||
Capital Shares: | Shares | Amount | Shares | Amount |
Shares sold | 6,315,658,552 | $6,315,663,515 | 4,229,607,483 | $4,229,607,483 |
Proceeds from shares issued in connection with the tax-free transfer of assets from the Acquired Fund | 183,040 | 183,040 | — | — |
Shares issued to shareholders in payment of distributions declared | 7,849,804 | 7,849,804 | 11,183,268 | 11,183,268 |
Shares redeemed | (5,454,644,344) | (5,454,644,344) | (4,104,463,154) | (4,104,463,154) |
NET CHANGE RESULTING FROM CAPITAL SHARE TRANSACTIONS | 869,047,052 | $869,052,015 | 136,327,597 | $136,327,597 |
Year Ended July 31 | 2020 | 2019 | ||
Trust Shares: | Shares | Amount | Shares | Amount |
Shares sold | 3,564,951,260 | $3,564,955,168 | 1,987,672,465 | $1,987,672,465 |
Shares issued to shareholders in payment of distributions declared | 5,158,847 | 5,158,847 | 4,394,550 | 4,394,550 |
Shares redeemed | (3,051,226,895) | (3,051,226,895) | (1,643,524,895) | (1,643,524,895) |
NET CHANGE RESULTING FROM TRUST SHARE TRANSACTIONS | 518,883,212 | $518,887,120 | 348,542,120 | $348,542,120 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 18,430,420,411 | $18,430,422,684 | 9,009,618,383 | $9,009,618,383 |
2020 | 2019 | |
Ordinary income1 | $455,688,247 | $788,816,268 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $118,763 |
Capital loss carryforwards | $(305) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Short-Term | Long-Term | Total |
$— | $305 | $305 |
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 | |
Trust Shares | $3,081,422 | $(594,508) |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Automated Shares | $1,000 | $1,001.30 | $1.842 |
Institutional Shares | $1,000 | $1,002.30 | $0.903 |
Service Shares | $1,000 | $1,001.50 | $1.694 |
Capital Shares | $1,000 | $1,001.80 | $1.39 |
Trust Shares | $1,000 | $1,001.10 | $2.045 |
Hypothetical (assuming a 5% return before expenses): | |||
Automated Shares | $1,000 | $1,023.00 | $1.862 |
Institutional Shares | $1,000 | $1,024.00 | $0.913 |
Service Shares | $1,000 | $1,023.20 | $1.714 |
Capital Shares | $1,000 | $1,023.50 | $1.41 |
Trust Shares | $1,000 | $1,022.80 | $2.065 |
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: |
Automated Shares | 0.37% |
Institutional Shares | 0.18% |
Service Shares | 0.34% |
Capital Shares | 0.28% |
Trust Shares | 0.41% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Automated Shares current Fee Limit of 0.55% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.74 and $2.77, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Institutional Shares current Fee Limit of 0.20% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $1.00 and $1.01, respectively. |
4 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Service Shares current Fee Limit of 0.45% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $2.24 and $2.26, respectively. |
5 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Trust Shares current Fee Limit of 0.70% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $3.48 and $3.52, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: October 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: January 1994 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 60934N500
CUSIP 60934N872
CUSIP 60934N823
CUSIP 60934N120
Share Class | Ticker | Institutional | TTOXX | Cash II | TTIXX | Cash Series | TCSXX |
Donahue
Security Type | Percentage of Total Net Assets |
Repurchase Agreements | 42.9% |
U.S. Treasury Securities | 57.1% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
Securities With an Effective Maturity of: | Percentage of Total Net Assets |
1-7 Days | 55.8% |
8 to 30 Days | 5.7% |
31 to 90 Days | 22.0% |
91 to 180 Days | 12.0% |
181 Days or more | 4.5% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100.0% |
1 | See the Fund’s Prospectus and Statement of Additional Information for a description of the types of securities in which the Fund invests. |
2 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
3 | Represents less than 0.1%. |
4 | Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, which regulates money market mutual funds. |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—42.9% | |||
$369,000,000 | Interest in $3,430,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $3,430,022,867 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2050 and the market value of those underlying securities was $3,498,623,349. | $369,000,000 | |
50,000,000 | Interest in $2,000,000,000 joint repurchase agreement 0.12%, dated 7/23/2020 under which BNP Paribas S.A. will repurchase securities provided as collateral for $2,000,213,333 on 8/24/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2049 and the market value of those underlying securities was $2,040,074,803. | 50,000,000 | |
50,000,000 | Interest in $375,000,000 joint repurchase agreement 0.13%, dated 6/29/2020 under which Bank of Montreal will repurchase securities provided as collateral for $375,047,396 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $382,548,400. | 50,000,000 | |
25,000,000 | Interest in $500,000,000 joint repurchase agreement 0.13%, dated 6/30/2020 under which Bank of Montreal will repurchase securities provided as collateral for $500,081,250 on 8/14/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 1/15/2028 and the market value of those underlying securities was $510,062,672. | 25,000,000 | |
35,000,000 | Interest in $500,000,000 joint repurchase agreement 0.08%, dated 1/7/2020 under which Citigroup Global Markets, Inc. will repurchase securities provided as collateral for $500,007,778 on 8/10/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2042 and the market value of those underlying securities was $510,003,926. | 35,000,000 | |
50,000,000 | Interest in $1,000,000,000 joint repurchase agreement 0.12%, dated 7/22/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,000,100,000 on 8/21/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $1,020,040,927. | 50,000,000 |
Principal Amount | Value | ||
REPURCHASE AGREEMENTS—continued | |||
$25,000,000 | Interest in $1,500,000,000 joint repurchase agreement 0.13%, dated 7/17/2020 under which Credit Agricole CIB New York will repurchase securities provided as collateral for $1,500,167,917 on 8/20/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2042 and the market value of those underlying securities was $1,530,077,356. | $25,000,000 | |
50,000,000 | Interest in $1,000,000,000 joint repurchase agreement 0.12%, dated 7/22/2020 under which Credit Agricole CIB Paris will repurchase securities provided as collateral for $1,000,100,000 on 8/21/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 11/15/2049 and the market value of those underlying securities was $1,020,034,041. | 50,000,000 | |
300,000,569 | Repurchase agreement 0.10%, dated 7/31/2020 under which Fixed Income Clearing Corp. will repurchase securities provided as collateral for $300,003,069 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 11/15/2048 and the market value of those underlying securities was $307,400,368. | 300,000,569 | |
350,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which ING Financial Markets LLC will repurchase securities provided as collateral for $3,000,020,000 on 8/3/2020. The securities provided as collateral at the end of the period held with State Street Bank & Trust Co. were U.S. Treasury securities with various maturities to 2/15/2047 and the market value of those underlying securities was $3,063,781,223. | 350,000,000 | |
300,000,000 | Interest in $3,000,000,000 joint repurchase agreement 0.08%, dated 7/31/2020 under which Sumitomo Mitsui Banking Corp will repurchase securities provided as collateral for $3,000,020,000 on 8/3/2020. The securities provided as collateral at the end of the period held with BNY Mellon as tri-party agent, were U.S. Treasury securities with various maturities to 2/15/2027 and the market value of those underlying securities was $3,062,824,333. | 300,000,000 | |
TOTAL REPURCHASE AGREEMENTS | 1,604,000,569 | ||
U.S. TREASURIES—57.1% | |||
28,000,000 | 1 | United States Treasury Bills, 0.120%, 11/10/2020 | 27,990,573 |
95,000,000 | 1 | United States Treasury Bills, 0.125%—1.800%, 8/13/2020 | 94,987,667 |
16,000,000 | 1 | United States Treasury Bills, 0.130%, 8/20/2020 | 15,998,902 |
10,000,000 | 1 | United States Treasury Bills, 0.130%, 12/29/2020 | 9,994,583 |
30,000,000 | 1 | United States Treasury Bills, 0.130%, 1/28/2021 | 29,980,500 |
76,000,000 | 1 | United States Treasury Bills, 0.135%, 8/18/2020 | 75,995,155 |
70,000,000 | 1 | United States Treasury Bills, 0.140%—0.300%, 9/17/2020 | 69,978,850 |
Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$36,000,000 | 1 | United States Treasury Bills, 0.140%, 9/1/2020 | $35,995,660 |
50,000,000 | 1 | United States Treasury Bills, 0.140%, 9/8/2020 | 49,992,611 |
82,000,000 | 1 | United States Treasury Bills, 0.145%—1.740%, 9/10/2020 | 81,958,022 |
65,000,000 | 1 | United States Treasury Bills, 0.150%, 9/3/2020 | 64,991,062 |
50,000,000 | 1 | United States Treasury Bills, 0.150%, 10/13/2020 | 49,984,792 |
45,000,000 | 1 | United States Treasury Bills, 0.150%, 10/27/2020 | 44,983,688 |
50,000,000 | 1 | United States Treasury Bills, 0.150%, 11/19/2020 | 49,977,084 |
95,000,000 | 1 | United States Treasury Bills, 0.155%, 11/12/2020 | 94,957,870 |
10,000,000 | 1 | United States Treasury Bills, 0.160%, 11/27/2020 | 9,994,756 |
102,000,000 | 1 | United States Treasury Bills, 0.165%—0.250%, 9/15/2020 | 101,977,156 |
15,000,000 | 1 | United States Treasury Bills, 0.165%, 10/1/2020 | 14,995,806 |
72,000,000 | 1 | United States Treasury Bills, 0.170%, 9/22/2020 | 71,982,320 |
88,000,000 | 1 | United States Treasury Bills, 0.175%—0.290%, 10/15/2020 | 87,955,938 |
30,000,000 | 1 | United States Treasury Bills, 0.180%, 9/29/2020 | 29,991,150 |
80,000,000 | 1 | United States Treasury Bills, 0.185%, 11/24/2020 | 79,952,722 |
30,000,000 | 1 | United States Treasury Bills, 0.185%, 12/10/2020 | 29,979,804 |
18,000,000 | 1 | United States Treasury Bills, 0.260%, 3/25/2021 | 17,969,320 |
25,000,000 | 1 | United States Treasury Bills, 1.440%, 8/27/2020 | 24,974,000 |
52,090,000 | 2 | United States Treasury Floating Rate Notes, 0.150% (91-day T-Bill +0.045%), 8/4/2020 | 52,080,837 |
35,000,000 | 2 | United States Treasury Floating Rate Notes, 0.160% (91-day T-Bill +0.055%), 8/4/2020 | 35,000,000 |
68,000,000 | 2 | United States Treasury Floating Rate Notes, 0.219% (91-day T-Bill +0.114%), 8/4/2020 | 68,015,141 |
104,500,000 | 2 | United States Treasury Floating Rate Notes, 0.220% (91-day T-Bill +0.115%), 8/4/2020 | 104,485,212 |
28,000,000 | 2 | United States Treasury Floating Rate Notes, 0.244% (91-day T-Bill +0.139%), 8/4/2020 | 27,997,605 |
81,000,000 | 2 | United States Treasury Floating Rate Notes, 0.259% (91-day T-Bill +0.154%), 8/4/2020 | 80,989,761 |
44,000,000 | 2 | United States Treasury Floating Rate Notes, 0.325% (91-day T-Bill +0.220%), 8/4/2020 | 43,987,181 |
68,500,000 | 2 | United States Treasury Floating Rate Notes, 0.405% (91-day T-Bill +0.300%), 8/4/2020 | 68,536,615 |
29,000,000 | United States Treasury Notes, 1.125%, 2/28/2021 | 29,100,021 | |
74,500,000 | United States Treasury Notes, 1.375%—2.625%, 8/31/2020 | 74,569,304 | |
32,000,000 | United States Treasury Notes, 1.375%—2.875%, 10/31/2020 | 32,123,338 | |
39,500,000 | United States Treasury Notes, 1.625%—2.750%, 11/30/2020 | 39,638,416 | |
38,925,000 | United States Treasury Notes, 1.750%—2.625%, 11/15/2020 | 38,991,396 | |
5,000,000 | United States Treasury Notes, 1.875%, 12/15/2020 | 5,008,674 | |
10,000,000 | United States Treasury Notes, 2.000%, 1/15/2021 | 10,054,823 |
Principal Amount | Value | ||
U.S. TREASURIES—continued | |||
$6,000,000 | United States Treasury Notes, 2.125%, 5/31/2021 | $6,095,581 | |
7,000,000 | United States Treasury Notes, 2.250%, 2/15/2021 | 7,072,256 | |
19,000,000 | United States Treasury Notes, 2.250%, 3/31/2021 | 19,222,624 | |
4,000,000 | United States Treasury Notes, 2.375%, 3/15/2021 | 4,028,394 | |
34,000,000 | United States Treasury Notes, 2.375%, 4/15/2021 | 34,470,674 | |
20,000,000 | United States Treasury Notes, 2.500%, 12/31/2020 | 20,089,829 | |
20,000,000 | United States Treasury Notes, 2.500%, 1/31/2021 | 20,204,745 | |
43,000,000 | United States Treasury Notes, 2.750%, 9/30/2020 | 43,072,968 | |
TOTAL U.S. TREASURIES | 2,132,375,386 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (AT AMORTIZED COST)3 | 3,736,375,955 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%4 | 1,627,607 | ||
TOTAL NET ASSETS—100% | $3,738,003,562 |
1 | Discount rate(s) at time of purchase. |
2 | Floating/variable note with current rate and current maturity or next reset date shown. |
3 | Also represents cost of investments for federal tax purposes. |
4 | Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.011 | 0.021 | 0.012 | 0.004 | 0.001 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | (0.000)1 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.011 | 0.021 | 0.012 | 0.004 | 0.001 |
Less Distributions: | |||||
Distributions from net investment income | (0.011) | (0.021) | (0.012) | (0.004) | (0.001) |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.011) | (0.021) | (0.012) | (0.004) | (0.001) |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 1.07% | 2.16% | 1.25% | 0.44% | 0.11% |
Ratios to Average Net Assets: | |||||
Net expenses3 | 0.20% | 0.20% | 0.20% | 0.20% | 0.18% |
Net investment income | 0.94% | 2.18% | 1.23% | 0.47% | 0.12% |
Expense waiver/reimbursement4 | 0.11% | 0.11% | 0.13% | 0.13% | 0.17% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $2,334,139 | $1,344,393 | $360,889 | $288,652 | $167,690 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
4 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.006 | 0.014 | 0.005 | 0.0001 | 0.003 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | (0.003) |
TOTAL FROM INVESTMENT OPERATIONS | 0.006 | 0.014 | 0.005 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.006) | (0.014) | (0.005) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.006) | (0.014) | (0.005) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.58% | 1.45% | 0.54% | 0.02% | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.67% | 0.90% | 0.90% | 0.62% | 0.38% |
Net investment income | 0.53% | 1.44% | 0.53% | 0.02% | 0.00%3 |
Expense waiver/reimbursement5 | 0.34% | 0.11% | 0.13% | 0.41% | 0.65% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $750,118 | $591,844 | $635,165 | $751,234 | $617,216 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Year Ended July 31 | 2020 | 2019 | 2018 | 2017 | 2016 |
Net Asset Value, Beginning of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income From Investment Operations: | |||||
Net investment income | 0.005 | 0.013 | 0.004 | 0.0001 | 0.0001 |
Net realized gain (loss) | (0.000)1 | 0.0001 | 0.0001 | 0.0001 | 0.0001 |
TOTAL FROM INVESTMENT OPERATIONS | 0.005 | 0.013 | 0.004 | 0.0001 | 0.0001 |
Less Distributions: | |||||
Distributions from net investment income | (0.005) | (0.013) | (0.004) | (0.000)1 | (0.000)1 |
Distributions from net realized gain | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 | (0.000)1 |
TOTAL DISTRIBUTIONS | (0.005) | (0.013) | (0.004) | (0.000)1 | (0.000)1 |
Net Asset Value, End of Period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total Return2 | 0.50% | 1.31% | 0.40% | 0.00%3 | 0.00%3 |
Ratios to Average Net Assets: | |||||
Net expenses4 | 0.76% | 1.04% | 1.05% | 0.64% | 0.32% |
Net investment income | 0.47% | 1.32% | 0.30% | 0.00%3 | 0.00%3 |
Expense waiver/reimbursement5 | 0.48% | 0.21% | 0.23% | 0.64% | 0.97% |
Supplemental Data: | |||||
Net assets, end of period (000 omitted) | $653,747 | $496,252 | $341,124 | $660,717 | $666,074 |
1 | Represents less than $0.001. |
2 | Based on net asset value. |
3 | Represents less than 0.01%. |
4 | Amount does not reflect net expenses incurred by investment companies in which the Fund may invest. |
5 | This expense decrease is reflected in both the net expense and the net investment income ratios shown above. Amount does not reflect expense waiver/reimbursement recorded by investment companies in which the Fund may invest. |
Assets: | ||
Investment in repurchase agreements | $1,604,000,569 | |
Investment in securities | 2,132,375,386 | |
Investment in securities, at amortized cost and fair value | $3,736,375,955 | |
Cash | 428,406 | |
Income receivable | 2,447,934 | |
Receivable for shares sold | 1,819,418 | |
TOTAL ASSETS | 3,741,071,713 | |
Liabilities: | ||
Payable for shares redeemed | $2,445,959 | |
Income distribution payable | 76,771 | |
Payable for investment adviser fee (Note 5) | 7,732 | |
Payable for administrative fees (Note 5) | 7,957 | |
Payable for transfer agent fee | 116,144 | |
Payable for share registration costs | 265,461 | |
Accrued expenses (Note 5) | 148,127 | |
TOTAL LIABILITIES | 3,068,151 | |
Net assets for 3,738,000,742 shares outstanding | $3,738,003,562 | |
Net Assets Consist of: | ||
Paid-in capital | $3,738,000,772 | |
Total distributable earnings (loss) | 2,790 | |
TOTAL NET ASSETS | $3,738,003,562 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share | ||
Institutional Shares: | ||
$2,334,139,269 ÷ 2,334,137,508 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash II Shares: | ||
$750,117,676 ÷ 750,117,110 shares outstanding, no par value, unlimited shares authorized | $1.00 | |
Cash Series Shares: | ||
$653,746,617 ÷ 653,746,124 shares outstanding, no par value, unlimited shares authorized | $1.00 |
Investment Income: | |||
Interest | $39,318,822 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $6,694,206 | ||
Administrative fee (Note 5) | 2,626,055 | ||
Custodian fees | 138,588 | ||
Transfer agent fee (Note 2) | 1,210,260 | ||
Directors’/Trustees’ fees (Note 5) | 15,628 | ||
Auditing fees | 21,400 | ||
Legal fees | 8,210 | ||
Portfolio accounting fees | 217,850 | ||
Distribution services fee (Note 5) | 6,090,353 | ||
Other service fees (Notes 2 and 5) | 3,232,932 | ||
Share registration costs | 505,333 | ||
Printing and postage | 37,366 | ||
Miscellaneous (Note 5) | 62,500 | ||
TOTAL EXPENSES | 20,860,681 | ||
Waivers and Reimbursements: | |||
Waiver of investment adviser fee (Note 5) | $(3,514,270) | ||
Waivers/reimbursements of other operating expenses (Notes 2 and 5) | (3,938,356) | ||
TOTAL WAIVERS AND REIMBURSEMENTS | (7,452,626) | ||
Net expenses | 13,408,055 | ||
Net investment income | 25,910,767 | ||
Net realized loss on investments | (83) | ||
Change in net assets resulting from operations | $25,910,684 |
Year Ended July 31 | 2020 | 2019 |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $25,910,767 | $30,467,657 |
Net realized gain (loss) | (83) | 673 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 25,910,684 | 30,468,330 |
Distributions to Shareholders: | ||
Institutional Shares | (19,382,104) | (15,458,216) |
Cash II Shares | (3,570,879) | (8,722,922) |
Cash Series Shares | (2,961,708) | (6,279,423) |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | (25,914,691) | (30,460,561) |
Share Transactions: | ||
Proceeds from sale of shares | 8,228,831,024 | 5,582,353,472 |
Net asset value of shares issued to shareholders in payment of distributions declared | 17,986,513 | 19,965,332 |
Cost of shares redeemed | (6,941,299,302) | (4,507,015,472) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,305,518,235 | 1,095,303,332 |
Change in net assets | 1,305,514,228 | 1,095,311,101 |
Net Assets: | ||
Beginning of period | 2,432,489,334 | 1,337,178,233 |
End of period | $3,738,003,562 | $2,432,489,334 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Institutional Shares | $27,737 | $— |
Cash II Shares | 668,215 | (40,571) |
Cash Series Shares | 514,308 | (11,366) |
TOTAL | $1,210,260 | $(51,937) |
Other Service Fees Incurred | Other Service Fees Reimbursed | Other Service Fees Waived by Unaffiliated Third Parties | |
Cash II Shares | $1,670,969 | $(1,579) | $(719,235) |
Cash Series Shares | 1,561,963 | (1,874) | (664,112) |
TOTAL | $3,232,932 | $(3,453) | $(1,383,347) |
Year Ended July 31 | 2020 | 2019 | ||
Institutional Shares: | Shares | Amount | Shares | Amount |
Shares sold | 4,914,376,100 | $4,914,376,100 | 2,980,811,990 | $2,980,811,990 |
Shares issued to shareholders in payment of distributions declared | 11,558,717 | 11,558,717 | 5,281,091 | 5,281,091 |
Shares redeemed | (3,936,187,018) | (3,936,187,018) | (2,002,592,842) | (2,002,592,842) |
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS | 989,747,799 | $989,747,799 | 983,500,239 | $983,500,239 |
Year Ended July 31 | 2020 | 2019 | ||
Cash II Shares: | Shares | Amount | Shares | Amount |
Shares sold | 928,282,811 | $928,282,811 | 861,257,848 | $861,257,848 |
Shares issued to shareholders in payment of distributions declared | 3,500,102 | 3,500,102 | 8,536,185 | 8,536,185 |
Shares redeemed | (773,508,199) | (773,508,199) | (913,117,076) | (913,117,076) |
NET CHANGE RESULTING FROM CLASS II SHARE TRANSACTIONS | 158,274,714 | $158,274,714 | (43,323,043) | $(43,323,043) |
Year Ended July 31 | 2020 | 2019 | ||
Cash Series Shares: | Shares | Amount | Shares | Amount |
Shares sold | 2,386,172,113 | $2,386,172,113 | 1,740,283,634 | $1,740,283,634 |
Shares issued to shareholders in payment of distributions declared | 2,927,694 | 2,927,694 | 6,148,056 | 6,148,056 |
Shares redeemed | (2,231,604,085) | (2,231,604,085) | (1,591,305,554) | (1,591,305,554) |
NET CHANGE RESULTING FROM CASH SERIES SHARE TRANSACTIONS | 157,495,722 | $157,495,722 | 155,126,136 | $155,126,136 |
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS | 1,305,518,235 | $1,305,518,235 | 1,095,303,332 | $1,095,303,332 |
2020 | 2019 | |
Ordinary income1 | $25,914,691 | $30,460,561 |
1 | For tax purposes, short-term capital gain distributions are considered ordinary income distributions. |
Undistributed ordinary income2 | $2,873 |
Capital loss carryforwards | $(83) |
2 | For tax purposes, short-term capital gains are considered ordinary income in determining distributable earnings. |
Short-Term | Long-Term | Total |
$— | $83 | $83 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Percentage of Average Daily Net Assets of Class | |
Cash II Shares | 0.35% |
Cash Series Shares | 0.60% |
Distribution Services Fees Incurred | Distribution Services Fees Waived | |
Cash II Shares | $2,341,642 | $(822,020) |
Cash Series Shares | 3,748,711 | (1,677,599) |
TOTAL | $6,090,353 | $(2,499,619) |
September 22, 2020
Beginning Account Value 2/1/2020 | Ending Account Value 7/31/2020 | Expenses Paid During Period1 | |
Actual: | |||
Institutional Shares | $1,000 | $1,002.20 | $1.00 |
Cash II Shares | $1,000 | $1,000.80 | $2.292 |
Cash Series Shares | $1,000 | $1,000.60 | $2.543 |
Hypothetical (assuming a 5% return before expenses): | |||
Institutional Shares | $1,000 | $1,023.90 | $1.01 |
Cash II Shares | $1,000 | $1,022.60 | $2.312 |
Cash Series Shares | $1,000 | $1,022.30 | $2.563 |
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% |
Cash II Shares | 0.46% |
Cash Series Shares | 0.51% |
2 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash II Shares current Fee Limit of 0.90% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $4.48 and $4.52, respectively. |
3 | Actual and Hypothetical expenses paid during the period utilizing the Fund’s Cash Series Shares current Fee Limit of 1.05% (as reflected in the Notes to Financial Statements, Note 5 under Expense Limitation), multiplied by the average account value over the period, multiplied by 182/366 (to reflect expenses paid as if they had been in effect throughout the most recent one-half-year period) would be $5.22 and $5.27, respectively. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
J. Christopher Donahue* Birth Date: April 11, 1949 President and Trustee Indefinite Term Began serving: April 1989 | Principal Occupations: Principal Executive Officer and President of certain of the Funds in the Federated Hermes Fund Family; Director or Trustee of the Funds in the Federated Hermes Fund Family; President, Chief Executive Officer and Director, Federated Hermes, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman and Trustee, Federated Equity Management Company of Pennsylvania; Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd; Chairman, Passport Research, Ltd. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas R. Donahue* Birth Date: October 20, 1958 Trustee Indefinite Term Began serving: May 2016 | Principal Occupations: Director or Trustee of certain of the funds in the Federated Hermes Fund Family; Chief Financial Officer, Treasurer, Vice President and Assistant Secretary, Federated Hermes, Inc.; Chairman and Trustee, Federated Administrative Services; Chairman and Director, Federated Administrative Services, Inc.; Trustee and Treasurer, Federated Advisory Services Company; Director or Trustee and Treasurer, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, and Federated Investment Management Company; Director, MDTA LLC; Director, Executive Vice President and Assistant Secretary, Federated Securities Corp.; Director or Trustee and Chairman, Federated Services Company and Federated Shareholder Services Company; and Director and President, FII Holdings, Inc. Previous Positions: Director, Federated Hermes, Inc.; Assistant Secretary, Federated Investment Management Company, Federated Global Investment Management Company and Passport Research, LTD; Treasurer, Passport Research, LTD; Executive Vice President, Federated Securities Corp.; and Treasurer, FII Holdings, Inc. |
* | Family relationships and reasons for “interested” status: J. Christopher Donahue and Thomas R. Donahue are brothers. Both are “interested” due to their beneficial ownership of shares of Federated Hermes, Inc. and the positions they hold with Federated Hermes, Inc. and its subsidiaries. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John T. Collins Birth Date: January 24, 1947 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; formerly, Chairman and CEO, The Collins Group, Inc. (a private equity firm) (Retired). Other Directorships Held: Chairman of the Board of Directors, Director, and Chairman of the Compensation Committee, KLX Energy Services Holdings, Inc. (oilfield services); former Director of KLX Corp. (aerospace). Qualifications: Mr. Collins has served in several business and financial management roles and directorship positions throughout his career. Mr. Collins previously served as Chairman and CEO of The Collins Group, Inc. (a private equity firm) and as a Director of KLX Corp. Mr. Collins serves as Chairman Emeriti, Bentley University. Mr. Collins previously served as Director and Audit Committee Member, Bank of America Corp.; Director, FleetBoston Financial Corp.; and Director, Beth Israel Deaconess Medical Center (Harvard University Affiliate Hospital). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
G. Thomas Hough Birth Date: February 28, 1955 Trustee Indefinite Term Began serving: August 2015 | Principal Occupations: Director or Trustee, Chair of the Audit Committee of the Federated Hermes Fund Family; formerly, Vice Chair, Ernst & Young LLP (public accounting firm) (Retired). Other Directorships Held: Director, Chair of the Audit Committee, Equifax, Inc.; Director, Member of the Audit Committee, Haverty Furniture Companies, Inc.; formerly, Director, Member of Governance and Compensation Committees, Publix Super Markets, Inc. Qualifications: Mr. Hough has served in accounting, business management and directorship positions throughout his career. Mr. Hough most recently held the position of Americas Vice Chair of Assurance with Ernst & Young LLP (public accounting firm). Mr. Hough serves on the President’s Cabinet and Business School Board of Visitors for the University of Alabama. Mr. Hough previously served on the Business School Board of Visitors for Wake Forest University, and he previously served as an Executive Committee member of the United States Golf Association. |
Maureen Lally-Green Birth Date: July 5, 1949 Trustee Indefinite Term Began serving: August 2009 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Adjunct Professor of Law, Duquesne University School of Law; formerly, Dean of the Duquesne University School of Law and Professor of Law and Interim Dean of the Duquesne University School of Law; formerly, Associate General Secretary and Director, Office of Church Relations, Diocese of Pittsburgh. Other Directorships Held: Director, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Qualifications: Judge Lally-Green has served in various legal and business roles and directorship positions throughout her career. Judge Lally-Green previously held the position of Dean of the School of Law of Duquesne University (as well as Interim Dean). Judge Lally-Green previously served as a member of the Superior Court of Pennsylvania and as a Professor of Law, Duquesne University School of Law. Judge Lally-Green was appointed by the Supreme Court of Pennsylvania to serve on the Supreme Court’s Board of Continuing Judicial Education and the Supreme Court’s Appellate Court Procedural Rules Committee. Judge Lally-Green also currently holds the positions on not for profit or for profit boards of directors as follows: Director and Chair, UPMC Mercy Hospital; Director and Vice Chair, Our Campaign for the Church Alive!, Inc.; Regent, Saint Vincent Seminary; Member, Pennsylvania State Board of Education (public); Director, Catholic Charities, Pittsburgh; and Director CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Judge Lally-Green has held the positions of: Director, Auberle; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Ireland Institute of Pittsburgh; Director, Saint Thomas More Society; Director and Chair, Catholic High Schools of the Diocese of Pittsburgh, Inc.; Director, Pennsylvania Bar Institute; Director, St. Vincent College; and Director and Chair, North Catholic High School, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant and Author. Other Directorships Held: None. Qualifications: Mr. Mansfield has served as a Marine Corps officer and in several banking, business management, educational roles and directorship positions throughout his long career. He remains active as a Management Consultant and Author. |
Thomas M. O’Neill Birth Date: June 14, 1951 Trustee Indefinite Term Began serving: August 2006 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Sole Proprietor, Navigator Management Company (investment and strategic consulting). Other Directorships Held: None. Qualifications: Mr. O’Neill has served in several business, mutual fund and financial management roles and directorship positions throughout his career. Mr. O’Neill serves as Director, Medicines for Humanity and Director, The Golisano Children’s Museum of Naples, Florida. Mr. O’Neill previously served as Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); and Director, Midway Pacific (lumber). |
P. Jerome Richey Birth Date: February 23, 1949 Trustee Indefinite Term Began serving: September 2013 | Principal Occupations: Director or Trustee of the Federated Hermes Fund Family; Management Consultant; Retired; formerly, Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh and Executive Vice President and Chief Legal Officer, CNX Resources Corporation (formerly known as CONSOL Energy Inc.). Other Directorships Held: None. Qualifications: Mr. Richey has served in several business and legal management roles and directorship positions throughout his career. Mr. Richey most recently held the positions of Senior Vice Chancellor and Chief Legal Officer, University of Pittsburgh. Mr. Richey previously served as Chairman of the Board, Epilepsy Foundation of Western Pennsylvania and Chairman of the Board, World Affairs Council of Pittsburgh. Mr. Richey previously served as Chief Legal Officer and Executive Vice President, CNX Resources Corporation (formerly known as CONSOL Energy Inc.); and Board Member, Ethics Counsel and Shareholder, Buchanan Ingersoll & Rooney PC (a law firm). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years, Other Directorships Held, Previous Position(s) and Qualifications |
John S. Walsh Birth Date: November 28, 1957 Trustee Indefinite Term Began serving: January 1999 | Principal Occupations: Director or Trustee, and Chair of the Board of Directors or Trustees, of the Federated Hermes Fund Family; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Other Directorships Held: None. Qualifications: Mr. Walsh has served in several business management roles and directorship positions throughout his career. Mr. Walsh previously served as Vice President, Walsh & Kelly, Inc. (paving contractors). |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Lori A. Hensler Birth Date: January 6, 1967 TREASURER Officer since: April 2013 | Principal Occupations: Principal Financial Officer and Treasurer of the Federated Hermes Fund Family; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp. and Edgewood Services, Inc.; and Assistant Treasurer, Federated Investors Trust Company. Ms. Hensler has received the Certified Public Accountant designation. Previous Positions: Controller of Federated Hermes, Inc.; Senior Vice President and Assistant Treasurer, Federated Investors Management Company; Treasurer, Federated Investors Trust Company; Assistant Treasurer, Federated Administrative Services, Federated Administrative Services, Inc., Federated Securities Corp., Edgewood Services, Inc., Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company, Passport Research, Ltd., and Federated MDTA, LLC; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. |
Name Birth Date Positions Held with Trust Date Service Began | Principal Occupation(s) for Past Five Years and Previous Position(s) |
Peter J. Germain Birth Date: September 3, 1959 CHIEF LEGAL OFFICER, SECRETARY and EXECUTIVE VICE PRESIDENT Officer since: January 2005 | Principal Occupations: Mr. Germain is Chief Legal Officer, Secretary and Executive Vice President of the Federated Hermes Fund Family. He is General Counsel, Chief Legal Officer, Secretary and Executive Vice President, Federated Hermes, Inc.; Trustee and Senior Vice President, Federated Investors Management Company; Trustee and President, Federated Administrative Services; Director and President, Federated Administrative Services, Inc.; Director and Vice President, Federated Securities Corp.; Director and Secretary, Federated Private Asset Management, Inc.; Secretary, Federated Shareholder Services Company; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated Hermes in 1984 and is a member of the Pennsylvania Bar Association. Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Hermes, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Hermes, Inc. |
Stephen Van Meter Birth Date: June 5, 1975 CHIEF COMPLIANCE OFFICER AND SENIOR VICE PRESIDENT Officer since: July 2015 | Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Hermes Fund Family; Vice President and Chief Compliance Officer of Federated Hermes, Inc. and Chief Compliance Officer of certain of its subsidiaries. Mr. Van Meter joined Federated Hermes, Inc. in October 2011. He holds FINRA licenses under Series 3, 7, 24 and 66. Previous Positions: Mr. Van Meter previously held the position of Compliance Operating Officer, Federated Hermes, Inc. Prior to joining Federated Hermes, Inc., Mr. Van Meter served at the United States Securities and Exchange Commission in the positions of Senior Counsel, Office of Chief Counsel, Division of Investment Management and Senior Counsel, Division of Enforcement. |
Deborah A. Cunningham Birth Date: September 15, 1959 Chief Investment Officer Officer since: May 2004 Portfolio Manager since: January 1994 | Principal Occupations: Deborah A. Cunningham has been the Fund’s Portfolio Manager since January 1994. Ms. Cunningham was named Chief Investment Officer of Federated Hermes’ money market products in 2004. She joined Federated Hermes in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund’s Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. |
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
CUSIP 608919551
CUSIP 608919569
Item 2. | Code of Ethics |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer.
(c) There was no amendment to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(d) There was no waiver granted, either actual or implicit, from a provision to the registrant’s code of ethics described in Item 2(a) above during the period covered by the report.
(e) Not Applicable
(f)(3) The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.
Item 3. Audit Committee Financial Expert
The registrant's Board has determined that each of the following members of the Board's Audit Committee is an “audit committee financial expert,” and is "independent," for purposes of this Item: John T. Collins, G. Thomas Hough and Thomas M. O'Neill.
Item 4. | Principal Accountant Fees and Services |
(a) Audit Fees billed to the registrant for the two most recent fiscal periods:
Fiscal year ended 2020 - $447,560
Fiscal year ended 2019 - $454,580
(b) Audit-Related Fees billed to the registrant for the two most recent fiscal periods:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $8,935 and $0 respectively. Fiscal year ended 2020- Audit consent fees for N-14 merger document.
(c) Tax Fees billed to the registrant for the two most recent fiscal periods:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(d) All Other Fees billed to the registrant for the two most recent fiscal periods:
Fiscal year ended 2020 - $0
Fiscal year ended 2019 - $0
Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.
(e)(1) Audit Committee Policies regarding Pre-approval of Services.
The Audit Committee is required to pre-approve audit and non-audit services performed by the independent auditor in order to assure that the provision of such services do not impair the auditor’s independence. Unless a type of service to be provided by the independent auditor has received general pre-approval, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.
Certain services have the general pre-approval of the Audit Committee. The term of the general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee and may grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate to management its responsibilities to pre-approve services performed by the independent auditor.
The Audit Committee has delegated pre-approval authority to its Chairman for services that do not exceed a specified dollar threshold. The Chairman or Chief Audit Executive will report any such pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.
AUDIT SERVICES
The annual Audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company (RIC) structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other Audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain Audit services; with limited exception, all other audit services must be specifically pre-approved by the Audit Committee.
AUDIT-RELATED SERVICES
Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the RIC’s financial statements or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services; all other audit-related services must be specifically pre-approved by the Audit Committee.
TAX SERVICES
The Audit Committee believes that the independent auditor can provide Tax services to the RIC such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee has pre-approved certain Tax services; with limited exception, all tax services involving large and complex transactions must be specifically pre-approved by the Audit Committee.
ALL OTHER SERVICES
With respect to the provision of permissible services other than audit, review or attest services the pre-approval requirement is waived if:
(1) | With respect to such services rendered to the Funds, the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid by the audit client to its accountant during the fiscal year in which the services are provided; and, |
(2) | With respect to such services rendered to the Fund’s investment adviser and any entity controlling, controlled by to under common control with the investment adviser such as affiliated non-U.S. and U.S. funds not under the Audit Committee’s purview and which do not fall within a category of service which has been determined by the Audit Committee not to have a direct impact on the operations or financial reporting of the RIC, the aggregate amount of all services provided constitutes no more than five percent of the total amount of revenues paid to the RIC’s auditor by the RIC, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser during the fiscal year in which the services are provided; and |
(3) | Such services were not recognized by the issuer or RIC at the time of the engagement to be non-audit services; and |
(4) | Such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee who are members of the Board of Directors to whom authority to grant such approvals has been delegated by the Audit Committee. |
The Audit Committee may grant general pre-approval to those permissible non-audit services which qualify for pre-approval and which it believes are routine and recurring services, and would not impair the independence of the auditor.
The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these services and applicability of exceptions to certain of the prohibitions.
PRE-APPROVAL FEE LEVELS
Pre-approval fee levels for all services to be provided by the independent auditor will be established annually by the Audit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.
PROCEDURES
Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by the Fund’s Principal Accounting Officer and/or the Chief Audit Executive of Federated Hermes, Inc., only after those individuals have determined that the request or application is consistent with the SEC’s rules on auditor independence.
(e)(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:
4(b)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 - 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(c)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
4(d)
Fiscal year ended 2020 – 0%
Fiscal year ended 2019 – 0%
Percentage of services provided to the registrants investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.
(f) | NA |
(g) | Non-Audit Fees billed to the registrant, the registrant’s investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: |
Fiscal year ended 2020 - $171,372
Fiscal year ended 2019 - $628,494
(h) | The registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
The registrant’s management and Audit Committee continue to believe that the registrant’s registered public accounting firms, Ernst & Young LLP (“EY”) and KPMG LLP (“KPMG”) (as applicable, “EY/KPMG”), have the ability to exercise objective and impartial judgment on all issues encompassed within their audit services. EY/KPMG is required to make a determination that it satisfies certain independence requirements under the federal securities laws. Like other registrants, there is a risk that activities or relationships of EY/KPMG, or its partners or employees, can prevent a determination from being made that it satisfies such independence requirements with respect to the registrant, which could render it ineligible to serve as the registrant’s independent public accountant.
In their respective required communications to the Audit Committee of the registrant’s Board, EY/KPMG informed the Audit Committee that EY/KPMG and/or covered person professionals within EY/KPMG maintain lending relationships with certain owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X, which are affiliates of the registrant. EY/KPMG has advised the Audit Committee that these lending relationships implicate Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits an independent public accountant, or covered person professionals at such firm, from having a financial relationship (such as a loan) with a lender that is a record or beneficial owner of more than 10% of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the registrant, as well as all registered investment companies advised by advisory subsidiaries of Federated Hermes, Inc., the Adviser (for which EY serves as independent public accountant), and their respective affiliates (collectively, the “Federated Hermes Fund Complex”).
EY/KPMG informed the Audit Committee that EY/KPMG believes that these lending relationships described above do not and will not impair EY/KPMG’s ability to exercise objective and impartial judgment in connection with financial statement audits of their respective funds of the registrant and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY/KPMG has been and is capable of objective and impartial judgment on all issues encompassed within EY/KPMG’s audits.
On June 20, 2016, the Division of Investment Management of the Securities and Exchange Commission (“SEC”) issued a no-action letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule matters as those described above (the “Letter”). In the Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an independent public accountant where the Loan Rule was implicated in certain specified circumstances provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the Loan Rule is implicated because of lending relationships; and (3) notwithstanding such lending relationships that implicate the Loan Rule, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The circumstances described in the Letter are substantially similar to the circumstances that implicated the Loan Rule with respect to EY/KPMG and the registrant. On September 22, 2017, the SEC extended the expiration of the Letter until the effectiveness of any amendments to the Loan Rule designed to address the concerns in the Letter. On June 18, 2019, the SEC adopted amendments (effective October 3, 2019) to the Loan Rule, which, refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period.
If it were to be determined that, with respect to the Loan Rule, the relief available under the Letter was improperly relied upon, or that the independence requirements under the federal securities laws were not complied with regarding the registrant, for certain periods, and/or given the implication of the Investment Rule for certain periods, any of the registrant’s filings with the SEC which contain financial statements of the registrant for such periods may be determined not to be consistent with or comply with applicable federal securities laws, the registrant’s ability to offer shares under its current registration statement may be impacted, and certain financial reporting and/or other covenants with, and representations and warranties to, the registrant’s lender under its committed line of credit may be impacted. Such events could have a material adverse effect on the registrant and the Federated Hermes Fund Complex.
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Money Market Obligations Trust
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date September 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
Date September 22, 2020
By /S/ Lori A. Hensler
Lori A. Hensler, Principal Financial Officer
Date September 22, 2020